## **Print Quarterly Publications**
## **Annual Report and Financial Statements**
Year ended 31 December 2021
Company Limited by Guarantee Registration Number 02677762 (England and Wales) Charity Registration Number 1007928
## **Contents**
|**Reports**||
|---|---|
|Reference and administrative information|1|
|Directors’ report|2|
|Independent auditor’s report|8|
|**Financial Statements**||
|Statement of financial activities|12|
|Balance sheet|13|
|Principal accounting policies|14|
|Notes to the accounts|18|
|The following pages do not form||
|part of the statutory accounts:||
|Detailed income & expenditure|23|
|Detailed expenditure analysis|24|
|Five period statements of financial||
|activities|25|
Print Quarterly Publications
## **Reference and administrative information**
|**Directors**|D Alexander|
|---|---|
||N Barker|
||D Bindman|
||A Griffiths|
||D Landau|
||J Martineau|
|**Secretary and Editor**|R Eitel-Porter|
|**Registered office**|10 Chester Row|
||London|
||SW1W 9JH|
|**Company registration number**|2677762 (England and Wales)|
|**Charity registration number**|1007928|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|Lloyds Bank Plc|
||Paddington Branch|
||167 - 169 Edgware Road|
||London|
||W2 1EY|
|**Solicitors**|Payne Hicks Beach|
||10 New Square|
||Lincoln’s Inn|
||London|
||WC2A 3QG|
|**Constitution**|Print Quarterly Publications is a company|
||limited by guarantee and is registered|
||under the Companies Act 2006.|
Print Quarterly Publications
**1**
**Directors’ report** Year ended 31 December 2021
The directors present their statutory report together with the financial statements of Print Quarterly Publications for the year ended 31 December 2021.
This report also represents the trustees’ report and has been prepared in accordance with Part VIII of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 14 to 17 of the attached financial statements and comply with the charitable company’s memorandum and articles of association, applicable laws, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP 2019 FRS 102).
## **Structure, Governance and Management**
## _**Introduction**_
The charity is a company limited by guarantee incorporated in England and Wales (registered number 2677762) and is governed by its Memorandum and Articles of Association dated 15 January 1992. It is also registered with the Charity Commission, charity registration number 1007928. In the event of the company being wound up the members would each be required, if necessary, to contribute to the assets of the company a sum not exceeding £1.
## _**Key management personnel**_
The directors consider that the Board of Directors, and an employee whose principal role is as Editor of the Print Quarterly Magazine, comprise the key management personnel in charge of directing and controlling, running and operating the charity on a day to day basis.
The directors received no remuneration.
Changes to pay and benefits are determined by the Board of Directors.
## _**Directors**_
The directors constitute trustees of the charity for the purposes of charity legislation.
The following persons shall be entitled to be directors/members:
Not more than six Members nominated by the Subscribers.
- Any Member formally proposed, seconded and listed in the notice convening the first Annual General Meeting or any subsequent General Meeting of the Company and who shall be duly elected.
Print Quarterly Publications
**2**
**Directors’ report** Year ended 31 December 2021
## **Structure, Governance and Management** (continued)
## _**Directors** (continued)_
The following members served throughout the financial period and to the date of this report, except where shown:
## **Director**
D Alexander N Barker D Bindman A Griffiths D Landau J Martineau
No director received any remuneration, reimbursed expenses or had any beneficial interest in any contract with the charity during the year.
## _**Statement of directors’ responsibilities**_
The directors (who are also trustees of Print Quarterly Publications for the purposes of charity law) are responsible for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (Charities SORP 2019 FRS 102);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
Print Quarterly Publications
**3**
**Directors’ report** Year ended 31 December 2021
## **Structure, Governance and Management** (continued)
## _**Statement of directors’ responsibilities** (continued)_
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the directors confirms that:
- so far as the director is aware, there is no relevant audit information of which the charitable company’s auditors are unaware; and
- the director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The directors are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## _**Risk management**_
The directors have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charitable company and its finances. In view of the size of the charitable company and its operations, they have established effective systems to mitigate those risks.
The directors consider that financial sustainability is the principal risk faced by the charitable company. In order to mitigate this risk the directors recognise that most publications are struggling financially because of decreasing advertising revenue and subscriber numbers. However, both advertising revenue and subscriber numbers have been relatively stable for the Journal. The directors keep a close eye on these key financial indicators and, should the need arise, will reassess cheaper production models, including printing on demand, offering an online version behind a paywall, or being an online Open Access journal.
The charity relies heavily on donations and needs to ensure that they will continue. The directors have received a reassurance from the charitable company's main donor that he will cover any shortfalls in its finances and eventually endow the charity to ensure its financial stability.
Print Quarterly Publications
**4**
**Directors’ report** Year ended 31 December 2021
## **Objectives and Activities**
## _**Public benefit**_
The directors confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charitable company’s objectives and aims and in planning future activities for the year. In fulfilling the main clauses of the Charitable Company’s Memorandum of Association and its role in providing a public benefit, Print Quarterly has continued to strive to advance the understanding and enjoyment of arts, culture and education in the history and appreciation of prints and printmaking.
## _**Principal aims and activities**_
The purpose of the charitable company is the advancement, promotion and encouragement of education and research in the field of art history and the contemporary arts, in particular in the medium of prints. The dissemination of the results of such research will primarily be achieved through the publication of the Print Quarterly magazine.
## _**Achievements and performance**_
As in the previous year, much of 2021 continued to be dominated by Covid-19, with a third national lockdown imposed from 6 January to 19 July. For _Print Quarterly_ this meant that the Editor and Administrator worked primarily from home until late July. The Administrator, who had resigned in late 2020, worked until September 2021. After an intensive search led by a recruitment agency, _Print Quarterly_ was able to hire two outstanding part-time candidates to share the role. Elizabeth Mengoli arrived with high-level accounting, database management and IT skills and had once co-owned an art gallery. She works three days a week. Within a short time, she had found several ways to significantly reduce _Print Quarterly_ ’s costs. For all foreign payments (predominantly author fees) we now use WISE transfer which has decreased our bank charges. Previously we were paying fees of £30 per transaction for foreign payments. The cost now varies according to the amount paid, but usually ranges between £0.50 and £3. We have added another payment option for subscribers, GOCARDLESS, which charges a lower fee than PayPal. Also, funds held in the PayPal account are now showing on Quickbooks, giving us a more accurate overview of balances at any given time. Nigel Ip, a visual arts writer and art historian with an MA from the Courtauld Institute who had previously interned with _Print Quarterly_ , works two days a week. He is keenly interested in new print publications and exhibitions and is always scouring the art market as well as museums and publishers for potential advertisers. He too is very experienced in IT and the administrators are largely able to cover for each other if need be.
Considering the potential impact of the pandemic, _Print Quarterly’_ s finances have remained relatively stable, despite the loss of a significant number of subscribers during 2021, as happened in the previous year. Due to a slight increase in price for 2021, income from subscriptions increased by several hundred pounds. Unusually, in 2021 we had extra costs for temporary administrative staff (£2,000). The major items leading to an increase of almost £9,000 listed under ‘office costs’ comprise exchange losses (£2,300), recruitment agency fees (£3,300) and IT support (£1,600). On a positive note, advertising revenue for 2021 increased by almost £3,000.
Print Quarterly Publications
**5**
## **Directors’ report** Year ended 31 December 2021
## _**Achievements and performance** (continued)_
As to the magazine’s content, in 2021 we continued to receive many more articles than we can publish. The range is truly global, with submissions received and accepted on printmaking in Malaysia, a Peruvian engraver, the illustrations of a liturgical book printed in Stratyn, Ukraine, and an eighteenth-century printmaker active in Kyiv. Despite a predominance of American and British authors, and a certain number from Germany, Italy and the Netherlands, we also have authors from Australia, Belgium, Czech Republic, France, Poland and Ukraine. Not all are art or book historians. Recent authors have included art dealers, artists, a fellow at the Scott Polar Research Institute, a Reader in Art and Marxism at a UK university and a retired professor of psychology, suggesting that we are successful in reaching a wide and diverse audience.
## **Financial Review**
## _**Reserves policy and financial position**_
Although the aim in every financial period is to generate sufficient income to cover its expenditure on both trading and charitable activities, the charity is dependent on donations to achieve this aim. In the 2021 year donations increased to £57,506 from £19,908 and as a result the net expenditure for the year, excluding restricted funds, was £41,740 an improvement on the deficit of £75,328 incurred in the previous financial period.
There was no expenditure from the restricted fund in the year due to activities on the _Curating Prints_ Project being deferred until international Covid restrictions are removed.
The balance sheet shows total funds of £53,820 (2020 - £95,560), which is represented by a deficit on unrestricted general funds of £88,877 (2020: £47,137), an endowment fund of £13,856 (2020 - £13,856) and restricted funds solely relating to the _Curating Prints_ Project of £128,841
The income from the permanent endowment funds may be used for general purposes of the charitable company and is therefore included as part of unrestricted funds. However, the endowment fund balances themselves are ‘capital’ and must be invested and held indefinitely by the charitable company.
The restricted funds represent a grant from the Getty Foundation received in June 2019 to support a series of travelling seminars, originally from 2020 onwards but due to covid restrictions, the seminars are not likely to take place until 2023.
The unrestricted general fund represents the charitable company’s “free reserves.” The charity operates without setting a target for free reserves due to a donor’s commitment to provide funds, as needed, to allow the charity to continue to meet any immediate financial requirements and continue its core activity of publishing the Print Quarterly Journal. _The donor provided a commitment to make regular monthly donations from May 2021 in order to improve the charity’s free reserves._
## _**Investment policy**_
The endowment funds are held risk free in cash in a premier interest account, so as to generate some interest and to have the money readily available if required.
Print Quarterly Publications
**6**
**Directors’ report** Year ended 31 December 2021
## **Post balance sheet events, future plans and going concern**
_Print Quarterly_ intends to continue the successful publication of the Journal. So far in 2022 there have been extra expenses for a new photocopier and increases for printing and posting. We foresee needing new computers in 2022 or 2023 and increased expenses due to inflation which currently is nearly ten per cent. We hope that some of that will be offset by the benefit of the contribution of the new administrators. We do not foresee other major changes or events. We will re-examine the programming for a four-day Curating Prints seminar, which had to be postponed to 2023 because of Covid-19 restrictions and may need to be adjusted slightly. We are considering a visit to the IFPDA in New York for 2022 or 2023.
## **Small company exemption**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Signed on behalf of the Board:
Director Approved by the Board on:
Print Quarterly Publications
**7**
**Independent auditor’s report** Year ended 31 December 2021
## **Independent auditor’s report to the members of Print Quarterly Publications**
## **Opinion**
We have audited the financial statements of Print Quarterly Publications (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Print Quarterly Publications
**8**
**Independent auditor’s report** Year ended 31 December 2021
## **Other information**
The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors’ report, which is also the trustees’ report for the purposes of charity law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report, which is also the trustees’ report for the purposes of charity law, has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Print Quarterly Publications
**9**
**Independent auditor’s report** Year ended 31 December 2021
## **Responsibilities of directors**
As explained more fully in the directors’ responsibilities statement, the directors (who are also the trustees of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Companies Act 2006, the Charities SORP FRS 102, the Charities Act 2011 and those in relation to copyright, specifically the Copyright, Designs and Patents Act 1988, as amended by the Copyright and Related Rights Regulations 2003.
- We understood how the charitable company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal, compliance and governance procedures. We corroborated our inquiries through our review of trustee meetings and papers provided to the directors.
- We assessed the susceptibility of the charitable company’s financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design and implementation of controls in place to prevent and detect fraud;
- Challenging assumptions and judgments made by management and the directors in its significant accounting estimates;
Print Quarterly Publications
**10**
**Independent auditor’s report** Year ended 31 December 2021
## **Auditor’s responsibilities for the audit of the financial statements** (continued)
Identifying and testing journal entries, in particular adjustments made at the year-end for financial statement preparation; and
Assessing the extent of compliance with relevant laws and regulations by reviewing correspondence with regulators and legal advisors;
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of this report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Shachi Blakemore (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL
Print Quarterly Publications **11**
## **Statement of financial activities** Year ended 31 December 2021 **(Including Income and Expenditure Account)**
|**Income from:**
Donations
Trading activities
Other income
Interest
**Total income**
**Expenditure on:**
Charitable activities
Trading activities
**Total expenditure**
**Net expenditure for the year**
**and net movement in funds**
**Balances brought forward**
**at 1 January 2021**
**Balances carried forward**
**at 31 December 2021**|Notes|Notes|**Unrestricted**
**General**
**fund**
**£**
**Endowment**
**fund**
**£**
**Restricted**
**fund**
**£**
**31**
**December**
**2021**
**£**
**57,506**
**—**
**—**
**57,506**
**104,436**
**—**
**—**
**104,436**
**570**
**—**
**—**
**570**
**3**
**—**
**—**
**3**|Unrestricted
General
fund
£|Endowment
fund
£|Restricted
fund
£
31
December
2020
£
—
19,908
—
98,343
—
32
—
12|
|---|---|---|---|---|---|---|
||1
2
2
3|||19,908
98,343
32
12|—
—
—
—||
||||**162,515**
**—**
**—**
**162,515**|118,295|
—|—
118,295|
||||**155,888**
**—**
**—**
**155,888**
**48,367**
**—**
**—**
**48,367**|146,711
46,912|—
—|1,687
148,398
—
46,912|
||||**204,255**
**—**
**—**
**204,255**|193,623|
—|1,687
195,310|
||||**(41,740)**
**—**
**—**
**(41,740)**
**(47,137)**
**13,856**
**128,841**
**95,560**|(75,328)
28,191|—
13,856|(1,687)
(77,015)
130,528
172,575|
||||**(88,877)**
**13,856**
**128,841**
**53,820**|(47,137)|13,856|128,841
95,560|
All activities are derived from continuing operations.
All recognised gains and losses are included in the statement of financial activities.
Print Quarterly Publications
**12**
**Balance sheet** 31 December 2021
|Notes|
**31**
**December**
**2021**
**£**
**31**
**December**
**2021**
**£**|31
December
2020
£
31
December
2020
£|31
December
2020
£
31
December
2020
£|
|---|---|---|---|
|**Current assets**
Stocks
Debtors
6
Cash at bank and in hand
**Creditors**: amounts falling due
within one year
7
**Net current assets**
**Net assets**
**Represented by:**
**Funds and reserves**
Endowment funds
8
Restricted funds
8
Unrestricted funds
. General
8|**815**
1,589
**35,865**
25,127
**62,950**
110,805
**99,630**
137,521
**(45,810)**
(41,961)
**53,820**
95,560
**53,820**
95,560
**13,856**
13,856
**128,841**
128,841
**(88,877)**
(47,137)
**(88,877)**
(47,137)
**53,820**
95,560|||
|||||
||||95,560|
Signed on behalf of the Board of directors by:
Director
Approved by the Board on:
Print Quarterly Publications
Company Registration Number: 2677762 (England and Wales)
Print Quarterly Publications **13**
**Principal accounting policies** Year ended 31 December 2021
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.
## **Basis of preparation**
These financial statements have been prepared for the year ended 31 December 2021.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP 2019 FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis as specified in the accounting policies below.
The charity constitutes a public benefit entity as defined by FRS 102.
All financial information is presented in British Pounds Sterling (£), the charity’s functional currency, and has been rounded to the nearest pound (£).
## **Critical accounting estimates and areas of judgement**
The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the directors’ to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the directors’ best knowledge of the amount, event or actions, actual results may differ from those estimates.
The directors do not consider that there are any sources of estimation uncertainty or key judgements made in the preparation of the financial statements.
## **Assessment of going concern**
The directors of the charity have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.
Included in the directors’ assessment was a consideration of the commitment received from the charity’s main donor that donations will continue to be made to the charity and at a level to provide sufficient cash reserves to allow the charity to meet its operational expenditure and financial commitments.
The directors have made this assessment in respect to a period of one year from the date of approval of these financial statements.
Print Quarterly Publications
**14**
**Principal accounting policies** Year ended 31 December 2021
## **Income**
Income from donations is recognised in the period in which the charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably. Donations include gifts of services provided to the charity free of charge. These are measured at fair value using the estimated market value of the services received.
Trading income includes magazine subscriptions and advertising income. Subscription and advertising income is deferred when received in advance.
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It includes VAT which cannot be recovered.
## _**Expenditure on trading activities**_
Expenditure on trading activities includes the directly attributable costs of producing the charity’s magazine and includes distribution costs.
## _**Expenditure on charitable activities**_
Expenditure on charitable activities comprises project costs, support costs, administration expenses and governance costs.
Project costs include all expenditure related to the _Curating Prints_ project.
Support costs include staff and office costs directly attributable to charitable activities. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs are those which are directly attributable to the management of the charity’s assets and the necessary legal procedures for compliance with statutory requirements.
## **Stock**
Stock, representing back issues of the magazine, is valued at the lower of cost and net realisable value, after making due allowance for slow moving items.
Print Quarterly Publications **15**
## **Principal accounting policies** Year ended 31 December 2021
## **Financial instruments**
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities and their measurement basis are as follows:
_Financial assets_ – subscriptions and accrued income are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 7. Prepayments are not financial instruments.
_Cash at bank_ – is classified as a basic financial instrument and is measured at face value.
_Financial liabilities_ – accruals and other creditors are financial instruments and are measured at amortised cost as detailed in note 8. VAT and other taxes and social security liabilities are not financial instruments. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
## **Debtors**
Other debtors are initially recognised at their settlement amount and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence, such as significant financial difficulties on the part of the counterparty or default or a significant delay in payment, that the charity will be unable to collect all of the amounts due.
Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the balance sheet date.
## **Creditors and provisions**
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated reliably.
Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently at amortised cost.
## **Fund accounting**
The endowment funds comprise monies which will be held indefinitely as capital.
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.
Print Quarterly Publications
**16**
## **Principal accounting policies** Year ended 31 December 2021
## **Fund accounting** (continued)
The restricted fund represents grant income received from The Getty Foundation for the Curating Prints Project.
## **Foreign currencies**
Transactions undertaken in foreign currency during the period are translated into sterling at the spot rate of exchange on the day of the transaction. Exchange differences are taken to the statement of financial activities.
Print Quarterly Publications
**17**
**Notes to the accounts** Year ended 31 December 2021
## **1 Income from trading activities**
||Unrestricted
funds
£
Restricted
funds
_£_
**31**
**December**
**2021**
**£**|
|---|---|
|Current magazine sales (subscriptions)
Sale of back issues and individual issues
JSTOR income
Sale of slipcases
Other income
Advertising revenue
**2021 Total**|70,169
—
**70,169**
2,062
—
**2,062**
2,864
—
**2,864**
743
—
**743**
32
—
**32**
28,566
—
**28,566**
104,436
—
**104,436**|
||_Unrestricted_
_funds_
_£_
_Restricted_
_funds_
_£_
_31_
_December_
_2020_
_£_|
|---|---|
|_Current magazine sales (subscriptions)_
_Sale of back issues_
_JSTOR income_
_Sale of slipcases_
_Other income_
_Advertising revenue_
_2020 Total_|_69,443_
_—_
_69,443_
_96_
_—_
_96_
_2,870_
_—_
_2,870_
_153_
_—_
_153_
_—_
_—_
_—_
_25,781_
_—_
_25,781_
_98,343_
_—_
_98,343_|
Print Quarterly Publications
**18**
**Notes to the accounts** Year ended 31 December 2021
## **2 Expenditure**
||Unrestricted
funds
£
Restricted
funds
£
**31**
**December**
**2021**
**£**|
|---|---|
|**Expenditure on trading activities**
Magazine production costs
Postage and packing
Advertising for administrators job
**Expenditure on charitable activities**
Staff costs
Office costs
Accounting costs and bad debts
Governance costs (note 3)
**2021 Total**|32,634
—
**32,634**
15,394
—
**15,394**
339
—
**339**|
||48,367
—
**48,367**|
||117,171
—
**117,171**
31,367
—
**31,367**
2,100
—
**2,100**
5,250
—
**5,250**
155,888
—
**155,888**|
Governance costs consist of audit fees.
||_Unrestricted_
_funds_
_£_
_Restricted_
_funds_
_£_
_31_
_December_
_2020_
_£_|
|---|---|
|_Expenditure on trading activities_
_Magazine production costs_
_Postage and packing_
_Expenditure on charitable activities_
_Expenditure on the Curating Prints project_
_Staff costs_
_Office costs_
_Accounting costs and bad debts_
_Governance costs (note 3)_
_2020 Total_|_33,884_
_—_
_33,884_
_13,028_
_—_
_13,028_|
||_46,912_
_—_
_46,912_|
||_—_
_1,687_
_1,687_
_117,094_
_—_
_117,094_
_22,427_
_—_
_22,427_
_2,190_
_—_
_2,190_
_5,000_
_—_
_5,000_
_146,711_
_1,687_
_148,398_|
Print Quarterly Publications
**19**
**Notes to the accounts** Year ended 31 December 2021
## **3 Net expenditure for the year**
This is stated after charging/(crediting):
|**Net expenditure for the year**
This is stated after charging/(crediting):|||
|---|---|---|
||**31**|31|
||**December**|December|
||**2021**|2020|
||**£**|£|
|Auditor’s remuneration|||
|. Audit services|**5,250**|5,000|
|. Other services: payroll, accountancy and tax|**2,100**|2,190|
|Foreign currency translation losses (gains)|**2,377**|(483)|
## **4 Staff costs including directors’ remuneration and key management personnel**
||**31**
**December**
**2021**
**£**
31
December
2020
£|
|---|---|
|Wages and salaries
Social security costs
Other pension costs
Agency staff costs for temporary administrator|**101,968**
102,919
**7,328**
7,595
**5,826**
6,096
**2,049**
484
**117,171**
117,094|
The average monthly number of employees during the period was two (2020 – two). One employee earned between £60,000 and £70,000 during the period (2020 – one).
The directors received no remuneration (2020 - £nil) and no expenses were reimbursed to them (2020 - £nil).
## _**Key management personnel**_
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the charity and are represented by the directors and Editor. The total benefits paid to key management personnel (including employers’ pension contributions and NI) was £72,889 in the year to 31 December 2021 (2020: £71,695).
## **5 Taxation**
Print Quarterly Publications is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
Print Quarterly Publications **20**
## **Notes to the accounts** Year ended 31 December 2021
## **6 Debtors**
|**Debtors**||
|---|---|
||**31**
**December**
**2021**
**£**
31
December
2020
£|
|Subscriptions and advertising receivable
Prepayments
Gift aid receivable
Accrued income
VAT receivable|**7,866**
9,959
**3,908**
_—_
**19,050**
11,700
**3,747**
2,808
**1,294**
660
**35,865**
25,127|
## **7 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**||
|---|---|
||**31**
**December**
**2021**
**£**
31
December
2020
£|
|Trade creditors
Social security and other taxes
Accruals
Deferred income
Other creditors|**19**
_—_
**2,478**
3,468
**7,350**
7,000
**35,371**
30,538
**592**
955
**45,810**
41,961|
Deferred income represents subscriptions received for the 2022 calendar year of £31,177 (2020 - £29,254) and advertising income £4,194 for future magazine issues (2020 - of £1,284).
## **8. Funds**
**----- Start of picture text -----**
At 1 At 31
January December
2021 Income Expenditure 2021
£ £ £ £
Endowment funds 13,856 — — 13,856
Restricted funds – Getty Foundation 128,841 — — 128,841
General unrestricted funds (47,137) 162,515 (204,255) (88,877)
Total funds 118,599 162,515 (204,255) 128,545
At 1 At 31
January December
2020 Income Expenditure 2020
£ £ £ £
Endowment funds 13,856 — — 13,856
Restricted funds – Getty Foundation 130,528 — (1,687) 128,841
General unrestricted funds 28,191 118,295 (193,623) (47,137)
Total funds 172,575 118,295 (195,310) 118,599
**----- End of picture text -----**
The restricted fund represents a grant from the Getty Foundation to support a series of travelling seminars, originally from 2020 onwards but, due to covid, delayed until 2023
Print Quarterly Publications
**21**
**Notes to the accounts** Year ended 31 December 2021
## **9. Analysis of net assets between funds**
||General
fund
£
Endowment
fund
£
Restricted
fund
£
**Total**
**funds**
**£**|
|---|---|
|**Fund balances at 31 December 2021**
**Are represented by:**
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year|815
—
—
**815**
35,865
—
—
**35,865**
(79,747)
13,856
128,841
**62,950**
(45,810)
—
—
**(45,810)**
(88,877)
13,856
128,841
**53,820**|
||_General_
_fund_
_£_
_Endowment_
_fund_
_£_
_Restricted_
_fund_
_£_
_Total_
_funds_
_£_|
|_Fund balances at 31 December 2020_
_Are represented by:_
_Stocks_
_Debtors_
_Cash at bank and in hand_
_Creditors: amounts falling due within one year_|_1,589_
_—_
_—_
_1,589_
_25,127_
_—_
_—_
_25,127_
_(31,892)_
_13,856_
_128,841_
_110,805_
_(41,961)_
_—_
_—_
_(41,961)_
_(47,137)_
_13,856_
_128,841_
_95,560_|
## **10. Liability of members**
The charity is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.
## **11. Related party transactions**
During the year Print Quarterly entered into the following transactions with D Landau, a director of the charity:
- a. received a gift of services in respect of office space and utilities which have been measured at a fair value of £20,321 (2020: £19,353); and
- b. received cash donations amounting to £29,400 (2020: £nil) which, after the of gift aid, amounted to £36,750 (2020: £nil).
Print Quarterly Publications **22**
## **Detailed income and expenditure account** Year ended 31 December 2021
This page does not form part of the statutory accounts.
||**31**
**December**
**2021**
**£**
**31**
**December**
**2021**
**£**|31
December
2020
£
31
December
2020
£|31
December
2020
£
31
December
2020
£|
|---|---|---|---|
|**Income**
Current magazine sales (subscriptions)
Advertising revenue
Back issue sales
JSTOR income
Slipcase sales
Other income
Bank interest receivable
Donations
Other income
**Charitable expenditure**
Stock at 1 January 2021
Printing and production costs
Author fees
Editing of proofs
Image fees
Slipcases
Less: Stock at 31 December 2021
Postage, delivery and packing
Advertising administrators job
**Contribution**
**Expenditure on the****_Curating Prints_**
**project**
**Support costs allocated to activities**
**Governance costs**
**Deficit for year**|70,169
69,443
28,566
25,781
2,062
96
2,864
2,870
743
153
32
—
3
12
57,506
19,908
570
32
162,515
118,295
1,589
1,589
26,109
26,326
4,737
6,328
564
1,230
24
—
416
—
(815)
(1,589)
32,634
33,884
15,394
13,028
339
—
(48,367)
(46,912)
114,148
71,383
—
(1,687)
(150,638)
(141,711)
(5,250)
(5,000)
(41,740)
(77,015)|||
|||||
||||71,383
(1,687)
(141,711)
(5,000)
(77,015)|
Print Quarterly Publications **23**
## **Five period statements of financial activities** Periods to 31 December 2021
## This page does not form part of the statutory accounts.
**----- Start of picture text -----**
31 31
Support Restricted Governance December Support Restricted Governance December
costs funds costs 2021 costs funds costs £ 2020
£ £ £ £ £ £ £
Expenditure
— — — —
Salaries and wages 101,968 101,968 102,919 102,919
— — — —
Social security costs 7,328 7,328 7,595 7,595
— — — —
Other pension costs 5,826 5,826 6,096 6,096
Temporary staff wages 2,049 — — 2,049 484 — — 484
117,171 — — 117,171 117,094 — — 117,094
— — — — — —
Curating Prints project 1,687 1,687
— — — — — —
1,687 1,687
Bank charges 957 — — 957 991 — — 991
— — — —
Exchange gain/loss 2,377 2,377 (483) (483)
Paypal charges 893 — — 893 694 — — 694
Office costs 353 — — 353 732 — — 732
Marketing 89 — — 89 — — — —
Storage 504 — — 504 378 — — 378
— — — — — —
Travel, hotels &
reimbursements 174 174
Rent 18,980 — — 18,980 18,076 — — 18,076
— — — —
Light, heat and power 1,341 1,341 1,277 1,277
Postage, delivery &
stationery 160 — — 160 — — — —
— — — — — —
IT support 1,559 1,559
Legal 100 — — 100 — — — —
Recruitment fees 3,300 — — 3,300 — — — —
Other 741 — — 741 588 — — 588
31,367 31,367 22,427 — — 22,427
— — — —
Accountancy and other 2,100 2,100 2,190 2,190
services
2,100 — — 2,100 2,190 — — 2,190
Allocated to
governance costs
Audit — — 5,250 5,250 — — 5,000 5,000
31 December 2021 150,638 — 5,250 155,888 141,711 1,687 5,000 148,398
**----- End of picture text -----**
Print Quarterly Publications **24**
**Five period statements of financial activities** Periods to 31 December 2021
This page does not form part of the statutory accounts.
**----- Start of picture text -----**
Year ended Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December 31 December
2021 2020 2019 2018 2017
£ £ £ £ £
Income and expenditure
Incoming resources
Current magazine sales (subscriptions) 70,169 69,443 68,759 67,216 70,455
Back issue sales
2,062 96 2,531 1,044 1,633
JSTOR income 2,864 2,870 2,996 4,858 2,250
Slipcase sales 743 153 409 398 570
Other income 32 — 166 (167) —
Advertising revenue 28,566 25,781 30,588 32,703 31,944
104,436 98,343 105,449 106,052 106,852
Donations and gifts 57,506 19,908 77,917 26,255 19,512
Grant for the Curating Prints project — — 141,000 — —
Other interest 3 12 17 17 17
Other income 570 32 27 440 174
Total incoming resources 162,515 118,295 324,410 132,764 126,555
Resources expended
. Expenditure on the Curating Prints project — 1,687 10,472 — —
. Magazine production and distribution 48,367 46,912 44,804 44,857 45,323
. Support costs allocated to activities 150,638 141,711 139,800 132,321 126,050
198,231 190,310 195,076 177,178 171,373
Governance costs 5,250 5,000 4,560 4,450 4,350
Total resources expended 204,255 195,310 199,636 181,628 175,723
Deficit / (surplus) for the year (41,740) (77,015) 124,774 (48,864) (49,168)
**----- End of picture text -----**
Print Quarterly Publications **25**