Print Quarterly Publications Annual Report and Financial Statements Year ended 31 December 2022 Company Limited by Guarantee Registration Number 02677762 (England Walssl Charity Registration NumÈer 1007928
Contents Reports Reference and administrative infomalion 1 Directors, report Independent auditorfs report Financial Statements Statement of f inancial aclwilies Balance sheet 12 Principal accounting policies 13 Notes to the accounts 16 The following pages do not form part of the slalutory accounts.. Detailed income & expenditure 21 Detailed expenditure analysis Ftve period statements of f inancial Activities 23 Print Quarterfy Publications
Reference and administrative infomiatlon Dlr8Ctors D Alexander N Barker D Bindman A Griffilhs D Landau J Martineau SKrgtary and Edltor R Eilel-Porter R•glst•rgd offic 10 Chester Row London SW1W 9JH Company registration numbfjr 2677762 (England and Wales) Charity reglstration number 1007928 Auditor Buzzacoll LLP 130 Wood Street London EC2V 6DL 8anker8 Lloyds Bank PIC Paddinglon Branch 167- 169 Edgware Road London W2 1EY Sollcltors Payne Hi¢ks Beach 10 New Square Lincoln's Inn London WC2A 3QG Constitution Print auarterfy Publications is a company limited by guarantee and 1$ r8gister8d under the Companies Act 2006. Print Quarterfy Publications I
Dlractors, report Year ended 31 December 2022 The directors present theiT Statutory report together with the finaneial statements of Print Quartet1y Publications for the year ended 31 December 2022. This report also represents the trustees, report and has been prepared in accordance wth Part Vlll of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 13 to 15 of the attached financial statements and comply with the charitable company's memorandum and articles of a$socialion, applicable law$, and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP 2019 FRS 1021. structure. Governance and Managgment Inlmdudion The charity is a company limited by guarantee incorporydted in England and Wales Iregislered number 26777621 and is govemad by its Memorandum and Articles of Association dated 15 January 1992. It is also registered with the Charity Commission, Charity r¢gistr*ion number 1007928. In the event of the company being wound up the members would ea¢h be required, if necessary, lo contribute lo the assets of the company a sum not exce&Jing £1. Koy management PeOnnel The directors considerthal th8 Board of DIlor8, and an employee whose principal role is as Editor of the Print Quarterty Mag8zine, comprise the key management personnel in charge of directing and controlling. running and operating the charity on a day lo day basis. The directo received no remunefalion. Changes to pay and benefits are determined by the Board of Diwtors. The directors constitute trustees of the charity for the purposes of chanly legislation. The following persons shall be enlilled lo be direclorslmembers.. Not more than six Members nominat4 by the Subscribe. Any Member formally proposed, seconded and listed in the notice convening the first Annu81 General Meeting or any subsequent General Meeting of the Company and who shall be duly elected. The following members seNed throughout the financial period and lo the date of this report. where.. Director D Alexander N Barker D Bindman A Griffith$ D Landau J M8rbne8U Print Quarterfy Publications 2
Dlre¢tor$' rgport Year ended 31 December 2022 structuro, Govemance and Management {conlinuedl Directots (continued) No director received any remuneration. reimbursed expenses or had any beneficial interest in any ¢onlra¢l with the charity during the year. Statement of directors, responslbllltlos The directors (who are also trustees of Print Quartedy Publications for the purposes cl charity lawl are responsible for preparing the directors. report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the directors lo prepare f inancial statements for each f inancial year which give a true and fair view of the slate of affairs of the charilabie 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 musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affair6 of the charitabl& Company and of the incoming resources and application of 0rceS, 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 aocordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (Charities SORP 2019 FRS 1021., make judgments and estimates that are reasonable and prudent., stale whether applicable United Kingdom Accounting Standards have been follow&J, subjgcl to any material departures disclosed and explained in the f inancial statements., and Prepare the f inan¢ial slalements on the going concern basis unless it is inappropriate to presume that the charitable company wll continue in operation. The directors are responsible for keeping proper accounting records that disclose with reasonable aceuracy al any lime the financial position of the charitable company and enable them lo ensure that the finanGial slalements comply with the Companies Act 20. They are also responsible for safeguarding the assets ol the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the directors confimis that.. so far as the director is aware, there is no relevant audit information of which the charitable company's auditors are unawaro.. and Print Quartedy Publications 3
Dlroctors. report Year ended 31 December 2022 Stru¢turg, Govemance and Management Icontinuedl Statement of dlre¢tors' rwionsibilities (continued) the director has taken all the steps that helshe ought to have taken as a director in order to make himse1h9r$01f aware of any relevant audit infomiion and lo establish that the charitable company's auditors are awar8 of that infomalion. This confimialion is given and should be interpreted in accordance with the provisiorE of s418 of the Companies Act 20C6. The direclois are responsible for the maintenance and integrity of finatKial information included on thg charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of f inancial statements may differf rom legislation in other jurisdictions. Risk management The directors have assess&J the major risks to which the charity is exposed, in particular those relating lo the specific operational areas of the charitable company and ils f inances. In view of the $Ee of the charitable ¢ornpany and 118 operations, they have established effeelive systems lo mitigate those risks. Th& directors considerthal financial sustainability is the principal risk faced by the charitable company. In OTder lo mitigate this risk the direclots recognise that most publications arg struggling f inancially because of decreasing advertising fevenue and $ub5criber numbers. However, both advertising revenue and subscriber numbers have been relatively stable for the Joumal. The directors keep a close eye on these key financial indicators and, should the need arise, will reasse55 cheaper production models, including printing on demand, offeriYJ an online version behind a paywall, or being an online Open Access joumal. The charity relies heavily on donations and nJs lo ensure that they will continue. The directors have weived a reassurance f rom the charitable company's main donorlhat he will cover any shortfalls in 118 finances and eventLtally endow tho charity lo ensure its financial stability. Oblgctlvos and Actlvitl68 Public benefit The directors confimi that they have referred lo the Charity Commission's guidance on public benef it en reviewing the charitable company's objectives and aims and in planning future activities lor the year. In fuKilling the main clauses of the Charitable Company's Memorandum of Association and ils role in providing a public benefit. Print Quarterfy has continued lo strive to advance the understanding and enjoyment of arts, Culture and education in the history and appreciation of prints and printmaking. prtn¢lpal aims •ndactiviti The purpose of the charitable company is the advancement, promotion and encouragement of education atKI search in the f ield 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 achioved throuoh the publication of the Print Quarterty magazine. Print Quarterfy Publications 4
Dlre¢tors' report Year etKled 31 Decembgr 2022 ObleGtive¥ and Activities (continued) Achievements and porfom7anco 2022 was the first full year with the two new part-time administrators and the charity rnn smoothly. The Editorvisiled the newly created Paris Print Fair, which although small, featured serious dealers of old master prints. as well as Japanese and modem prints. Income f rom Subscript*nS went down by about £1,000, advertising revenue by about £1.500, so has not bounced back to pre-covid levels. Subscriber numbers for the 2022 volume are similar lo that forthe previous volume. Production and distribution costs have Increas by about £1,000. Staff costs decreased by about £12,500. There was no significant expenditure for the Curating Prints seminar in this fiscal year because the first iteration had been postponed lo 2023. Flnancial Rgview Reseryes policy and finan¢ial position Although the aim in every financial period is lo generate sufficient income to cover ils expenditure on both trading and charitable activities, the charity is dependent on donalior6 to achieve this aim. In the 2022 year. donations increased lo £213,089 f rom £57,5C6 and as result the net income fortheyear, excluding restricted funds, was £121,897 an improvement on the deficit of £41,740 Incur in the previous financial period. There wa3 only £797 expenditure from the restricted in the year due to activitie$ on the Curating Prints Project being deferred until intemalional Covid restrictions are removed. The balance sheet show5 total f unds of £174,920 12021 £53,820), which is represented by unrestricted general funds of £33,020 {2021'. deficit balance of £88.8771. an endowment futKI of £13,856 12021 - £13,856} and restricted f unds solely relating lo the Curating Prints Projed of £128,04412021 4128,841). The income from the permanent endowment f unds may be used for general purposes of the charitable company and is therefore included as part of unreslricled funds. However, the endowment fund balances themselves are 'c8Pltal' and must be invested and held indefinitely by the charitable company. The restricted funds represent a grant f rom the Getty Foundation received in June 2019 19 support a series of travelling seminars, originally from 2QO onwards but due to COVKI restrictions, the seminars are not likely to take place until 2023. Tho unr88trictad general fund represents the eharitable company'g Yraa reserves." The charity ope1&$ wthout setting a target for free reserves du8 lo a donorfs commitment to provide funds, as ng¢ded, lo allow the charity lo ¢onlinue to meet any immediate financial requirements and conlinue its core activity of publishiThJ the Print Quarterfy Joumal. Inv•stsnent policy The endowment funds are held risk free in cash in a premier interest account, so as to generate Some interest and to hav8 the money readily available if required. Print Quartedy Publications 5
D5rectors' report Year ended 31 December 2022 Post balance $hegt events. future plans and going concorn Print Quarterty intends lo continue the successful publication of the Joumal and continues to receive and publish excellent articles. informative notes. obituaries, and reviews of current books and exhibition catalogues. Inflation in 2022 was more than eleven percent and is currently still close to seven percent. With a slight delay in prices, this is likely to signif icanlly impact the finances for 2023. Print Quartedy purchased a new laptop in 2023. Having received a used computer from a board member, we don't foresee needing a new computer for the administrators in 2023 after all. We may need lo purchase new conferencing equipmènt to improvelhe sound quality of hybrij meetings. Small company exemptlon 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 beha of the Board.. Director A Griffiths Approved by the Board on.. eil L L.L L2S Print Quarterfy Publications 6
Independent audltor's report Year ended 31 December 2022 Independent auditovs roport to the membèrs of Prlnt Quartorly Publications Opinion We have audited the financial statements of Print Quarterfy Publications (the 'charitable company'l for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the principal accounling policies and the notes to the f inancial statements. The financial Teporting f ramework that h8s 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 A¢counling Practice). In our opinion, the f inancial statements- give a true and fair view of the stale of the charitable company's affairs as at 31 December 2022 and of its income and expenditurg for the year then ended., have b&n propefly prepared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in a¢¢ordance wth the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further describ8J in the audilorfs responsibilities forthe 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 lo our audit of the f inancial statements in the UK, includirg 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 hav& obtaina is sufficient and apprcspriate lo provKle a basis for ouropinion. Conclusion8 relating to going concem In auditing the financial statements, we have concluded that the diwlors, use of the going concem basi$ gf accounting in Ihepreparation of Ihefinancial statements is appropriate. Based on the WO we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubton the charitable company's ability to continue as a going concem for a period of al least twelve months from when the f inancial statements are authorised for issue. Our re8pon8ibilitiès and the responsibilities of the directors wth rèspect to going concem are described in the relevant sections of this report. Other Inforniotlon The other infomiation comprisgs the inforniation included in the annual report and f inancial slalements, other than tho financial statements and our audilorfs report thereon. The diwtors are responsible for the other infomialion contained within the annual report arKI financial stalemenls. Our opinion on the financial slalernenls does not cover the other infomi*ion and, except to the extent olhewise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Print Quarterty Publications 7
Indepgndont audltor's report Year ended 31 December 2022 Other inforniation (continued) Our responsibility is to read the other infomalion and, in doing so, consider whether the other Infomialn is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. we identify such material incon8islencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misslalemenl in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstslemenl of thi$ other infomalion, we are required lo report that fact. We have nothing lo port in this regard. Opinions on other matt8rs prg8crib8d by the Companios Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation 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 wlh the f inanci81 sl8lemenls', and the d1Clor8. report. which is also the trustees, report for the pulposes of charity law. has bgen ppared in accordance with applicable legal requirements. MatterB on whl¢h we are requlred to rnport by exceptlon In the light of the knowledge and undery61anding of the charitable company and ils environment obtained in the course of Iheaudit, we have not idenlifiad material misslalem$nts in the directors, report. We have nothing to Teport in resp1 of the following mallers in relation to which the Companies Act 20C6 requires us to report lo you if, in our opinion.. adequate accounting records have not bn kept,. or the f inancial statements are not in agreement with the xcounling records and relums., ertain disclosures of directors, remunèration specifi&J by law are not made", or we hav8 not received all the infomation and explanations we require for our audit,. or the directors were not gntillgd to prepare the f inancial statements in accordance with the smaS1 companies regime and take advantage of the small companies, exemptions in preparing the directors, report and f rom the requirement to prepare a strategic report. Responsibiliti08 of dir¢ctorn As explained more fulty in the directors, responsibilities statement, the diwlors (who are also the Iruslees of the charitable company for the purposes of charity lawl are responsib forthe preparation of the f inancial statements and forbeing satisf led that they give a true and fair view, and forsuch intemal control as the directors delemiine is necessary to enable the preparation of f inancial statements that are free f rom material misstatement, whether due to fraud or error. Print Quarterfy Publications
Indepondont audltorfs report Year ended 31 December 2022 Responsibilitie8 of directorn (continued) In preparing the financial statements, the directors are rgsponsible for assessing the charitable company's ability lo continue as a going concem, disclosing, as applicabk, matters related lo going concem and using the going concem basis of accounting unless the directors either intend to liquidate the charitable company or lo Cease operations, or have no realistic alternative bul to do so. Auditor's respon8ibilltias for tho audit of the flnancial 8tatemgnts Our objectives are to obtain reasonable assurance at)out whether the financial stalem8nls as a whole are freef rom material misstatement, whdher due to fraud or error. lo issue an auditorfs report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement when it exists. Misstatements can arise f rom fraud or error and are considered material if, individu8lly or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalernenls. Irregularities. including fraud, are instances of non<ompliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delect material misstatements in respect of irregularities. including f raud. The extent lo which our procedures are capable of detecting irregularities, including f raud is detailed below.. We obtained an understanding of Ihelegal and regulatory framewoths that are applicab lo the charitable company and detellIned that the most significant are the Companies Act 2006, the Charities SORP FRS 102, the Charities Act 2011 and those in relation lo copyright, specifically the Copyright, Designs and Patents Act 1988, as amended by the Copyright and Related Rights Regulations 2003. We undetstood how the charitable Company is complying with those legal and regulatory f ramewort(s by making inquiries to management and those sponSible for lega5, compliance and govemance procedures. We corroborated our inquiries through our ieview of trustee meetings and papers provided to the directors. We assessed the susceptibility of the charitable company's f inancial statements to material misslalemenls, including how fraud might occur. Audit procedures perfomi& by the engagement team included.. O Identifying and assessing the design and implementation of controls in place tr) prevent and detecl fraud., O Challenging assumptions and judgrngnts made by management and the directors in its significant accounting eslimes'. 4 Identifying and testing journal entries, in particular adjustments made at the yeaTnd for f inancial statement preparation., and Q Assessing the extent of compliance with relevant laws and regulations by reviewing coThespondence with regulators and legal advisors,. Print Quarterfy Publications
Indop•nd•nt audltorfs roport Year ended 31 December 2022 Audltor's responsibilities for the audit of th8 financlal statomonts (continued} A f urther description of our responsibilities for the audit of the arcounls 18 located on the Financial Reporting Council's website al www This description fomis part of our auditorfs report. UBO of this roport This report is made solely to the charitable company's members, as a body, in e0rdance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charitsble eompany's members those mallers we are required to slate lo them in an auditorfs report and for no other purpose. To the fullest extent pemiilted by law, we do not accept or assume responsibility lo anyone other than the haritable company and the charitable company's membors as a body, for our audit work, for this report, or for the opinions we have forned. Shachi Blakemore Isenior Slalutory Audilorl For and on behaff of Buzzacott LLP, Slalutory Auditor 130 Wood Street London EC2V 6DL Dale.. 26 September 2023 Print Quarterty Publications 10
Statement of financial activitios Year ended 31 December 2022 Ilncluding Income and Expenditure AcGount} Unrestriettd 31 unrestrl8j 31 g8nerdl endowffthl Restrf¢tsd Do¢ember general Ertdovmt Restrictsd December fund fund fund 2022 fund fund fund 2021 Not85 Income from: Donations Trading activitiès Olh8r incom• Interest Total incorne 213.089 100,385 592 17 314,083 213.089 100.385 592 17 314,083 57,506 104,436 570 57.506 104,436 570 182.515 162.515 Exp•ndliure on: Charitsble aclivitl8S Trading activib-es Totsl exp8nditurg 142,802 797 143.500 155,888 48 387 204,255 155.888 192,186 T97 192.983 204,255 Natlncomo lexp•n4lWrel for thoyear and net movemertii funds 121.897 797 121,100 41,740 41.740 Fund balan¢esbroughtfoMord at 1 January 2022 188.87n 11856 128.841 53.820 147,13n 13,856 128,841 ,560 Fund b•lances carrièd foTh¥ard at 31 Do¢ember 2022 33.020 11856 1U044 174.920 88.877 13.856 128.841 ,820 l activiliès are derived from continuing operations. I regniSed gains and losses are included in the 8tstement of linanaal a¢b"vib"es. Print Quarterfy Publications 11
Balance sheet 31 December 2022 31 31 De¢emb•r 2022 31 31 December December December 2022 2021 2021 Current wse18 Stock8 Debtors Cash at bank and in hand 805 26,812 212.072 239.689 815 35.865 62,950 99,630 Creditorn.. amounts falling dye wthin one year 64,769 45,810 Net cuTrnt U80ts 174,920 53,820 Net a•t* 174,920 53,820 Repre6•nt by: Fund$ and rn8orye8 Endowment fund$ Restricted funds 13,856 128.044 13,856 128,841 141,900 142.697 Unre5trict8d funds General funds 33,020 188,8771 174,920 53,820 Signed on behalf of the Board of directors by-. Director fv G21ffi7y 11 A Griffiths Approved by the Board on.. L,4_&, L2J. Print Quartedy Publications Company Rgjistralion Number. 2677762 {England and Wales) Print Quarterfy Publications 12
Principal accountlng policlgs Year end&J 31 December 2022 The principal accounting policies adopted. judgements and key sources of eslimalion ncertainly in the preparation of the f inancial statements are laid out below. Bas1$ of preparation These f inancial statements have been prepared for the year ended 31 December 2022. 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 1021 (Charities SORP 2019 FRS 1021, the Charities Act 2011 and the Companies Act 2006. The f inancial slalements have been prepafftl under the historical cost convention except for the modificati)n to 8 fair value basis as specified in the accounting policies below. The charity conslilutes a public benef it entity as def ined by FRS 102. All financial infomialion is presented in British Pounds Slerfing 1£), the charity's f unctional currency, and has been round to the nearest pound {£}. Critical accountlng ostimate8 and area8 of ludgomont The preparation of financial statements requires the use of certain critical accounting eslimales and judgements. K 81s0 requires the directors, to exercise judgement in the process of applying accounting policies. Estimaes and judgernents a continually evaluated and are based on historical experience and other ftorS, including an expectation of future events that are believed lo be reasonable under the ¢ium$1ances. Although these estimates are based on the directors, best kno¥edge of the amount, event or actions, actual results may drffer from those estimates. The dirt013 do not consider that there are any sources of estimation uncertainly or key judgements made in the preparation of the f inancial statements. Asse88ment of golnll concem The directors of the charity have not idéntif led any material uncertainties relating to events or conditions that may $1 significant doubt on the ability of the charity to continue as a goiffJ concem. Included in the directors, assessment was a consideration of the commitment received from the charity's main donorthat donations will continue to be made lo the charity and at a level to provide sufficient cash reserve$ to allow the charity to meet ils op eralional expenditure and f inancial commilmenls. Th8 directors have made this assessment in respect to a p8riod of one yearfrom the dae of approval of these f inancial slatemenls. Print Quartedy Publications 13
Princlpal accounting poli¢i8s Year ended 31 Dember 2022 In¢omo Income from donations is recognised in the period in which the charity becomes entitled lo the donation and where receipt is probable and ils amount can be measured reliably. Donations include gifts of services provided lo the charity free of charge. These are measured at fair value using the estimated market value of the seNices received. Trading income includes magaane subscriptions and 1VertIsIng income. Subs¢ripli)n and advertising income 1$ deferred when received in advance. Expendltur• Expenditure is recognised once there is 8 legal or constructive obligation lo make a payment lo a third party, il is probable that settlement wll be required and the amount of the obligation can be measured reliably. 11 includes VATwhich cannot be recovered. Expendlture on lrnding actlvllles Expenditure on trading activities include5 the directly attributable costs of producing the charity's magaine and includes distribution costs. Expendi(ure on charitable activities Expenditure on charitable activities comprises project costs, support costs. administration expenses and goveman¢e costs. Project Costs include all expenditure related lo the GutIng Prinls project. Support costs include staff and off ice costs directly attributable to charitable activities. In order lo carry out the primary purposes of the charity, il is necessary lo provide support in the fomi of financial procedures, provision of Offi services and equipment and a suitable working environment. Govemance costs are those which are directly attributable to the management of the charity's assets and the rkecessary legal procedures for compliance with slalutory requ1Ments. Stock Stock, representing b&k issues of the magaane, is valued al the lower of cost and net realisable value. after making due allowance for slow moving items. Flnanclal Instruments The company only holds basic financial instruments as defined in FRS 102. The financial assets and f inancial liabilities and their measurement basis are as follows.. Financial assets $ub$criplions and advertising income and ac¢nd income are bas f inancial instruments and are debt instruments measured at amortised cost as detailed in note 6. Prepayments are not financial instruments. Cash at bank- is classified as 8 basic f inancial inslrnment and is measured al face value. Print Quarterfy Publications 14
Principal accountlng polici05 Year ended 31 December 2022 Flnanclal Instrumonts (continued} Financial liabilities accruals. trade and other creditors are f inancial instruments and are measured at amortised cost as detailed in note 7. VAT and other taxes and social secunly liabilities are not financial instrument$. Deferred income 1$ 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. Debtord Other debtors are initially recognised at their settlement amount and Subsequently al amortl8ed cost OT their recoverable amount. Impainnonl 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 al the amount prepaid. Cash at bank and in hand Cash al bank and in hond 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 prov181ons Creditors and provisions are recognised when there is an obligation al the balance sheet date as a result of 8 past event, it is probable that a transfer of economic benef it will be required in settlement, and the amount of the settlement can be measured or eslimatod reliably. Creditors and provisions are initially recognised at fair value. being the amount the charity anticipates it will pay to sellle the debt, and subsequently at amortised cost. Fund accounting The endowment f unds comprise monies which will be held indef initely as capital. General funds represent those monies which are freely available for application towards achieviThJ any Charitable purposg that falls within the charity's charitable objects. The restricted fund preSentS grant income received from The Getty Foundation for t Curating Prints Proj&t. Forgign curroncies Transactions undertaken in foreign curren¢y during the period are translated into slerfing al the spot rate of exchange on the day of the tran8action. Exchonge drfferences are taken the statement of financial activities. Print Quarterty Publications 15
Notes to the a¢counts Year ended 31 December 2022 Incomg from tradlng actlvltle8 31 RestrKled DeCemr funds 2022 Unrastrictsd funds Current magazine sales lsub$¢riplionsl Sale of back issues and individual issues JSTOR income Advertising revenLse 2022 Total 68,857 1,255 3.206 27,087 100,385 68,857 1,265 3,206 27,067 100.38S 31 December 2021 UnrestiFCt6d funds ResthGled funds Cunvntmagazine sales (subscriptions) S8le of b&ckissues and indivAdualissues JSTOR Income Sale of slipcases Oiherincome Advef*sing tsvènu 2021 Total 70,169 2,062 2,864 743 32 28,566 104,436 70,169 2,062 2,864 743 32 28,566 104,436 2 Expondlturg 31 P£stristed De¢ernber lunds 2022 Unrestricted funds Expendf(ur? on tradlng actlye8 MagaJne production costs Postage and packing Advertising 33,047 18212 125 49,384 33,047 16,212 125 49.384 Exp8ndltur• on charilabl8 actlvltles Staff costs offi costs Accounting costs and b8d debts Governance costs Project costs- Curating Prints 2022 Total 104,545 29.357 3,050 5.850 104,545 29,357 3,050 5.850 797 143.599 797 797 142,802 Govemance costs consist of audit fees. Print Quarterfy Publications 16
Notes to the accounts Year ended 31 December 2022 2 Expondlturo Icontinuedl 31 Restiicled December 2021 UnresfyFCted fvnds Expenditu on trAding activitia$ M898zine produclion costs Postage andp8cking AdSIng 32,634 15,394 339 48,36f 32,634 15,394 339 48,367 Expenditure on charitable adivllles Staff costs Office costs AGGounb"no costs and bad debts Govemance costs (note 3J 2021 Tol81 117,171 31,367 2.100 5,250 155,888 117,171 31,367 2.100 5.250 155.888 3 Net Income for the year This is stated after charging.. 31 December 2022 31 December 2021 Auditorf5 remuneration . Audit services . Other services.. p8yroll. accountancy anil tsx Foreign currenry tr8nslab"on108se8 5,850 2,100 225 5,250 2,100 2,377 4 Stsff ¢osts including directors. remunèratlon and key management pernonnel 31 December 2022 31 Dgcember 2021 Wages and salaries Social security o)sts Other pension costs Agency 8tsff Costs for temporary administrator 95,033 4.749 4,763 101,968 7.328 5,826 2,049 117.171 104,545 The average monthly number of employees during the period was three {2021 - two). One employee e3med between £60,000 and £70,000 during the period 12021 - one). The directors received no remuneration 12021 - £nill and no expenses were reimbursed k) them {2021 £nil}. Print Quarterfy Publications 17
Notes to the accounts Year erKled 31 December 2022 4 Staff c08ts Including directors, remunfrratlon and key management Porsonnel {conlinuedl Key management PsOnnel Key management petBonnel 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 lo key management personnel lincluding employers, pension contributions and employers, National Insurance) ds £78,316 in the year to 31 December 2022 12021.. £72,889>. T8xatlon Print Quarterly Publications is a registered charity and therefore is not liable to income tax or corporation lax on income derived f rom ils charitable aclivilies, as it falls within the various exemptions availablg lo registered charities. Debtorn 31 Decembèr 2022 31 Dè(xmber 2021 Subsulptions and advertl8ing receivable Prep8yrnents Gift8i¢J rèc6ivabl8 Accrued income VAT receivable 8,188 5,527 9,400 3.281 416 26,812 7,886 3,908 19,050 3.747 1.294 35.865 7 Credltor8: amounts falling due within one year 31 31 D•¢grnber December 2022 2021 Trade creditors Social sècurity and other taxes Accruals Deferred ino)me Other creditors 11.862 3.393 10.350 38.536 628 64,769 2.478 7.350 35,371 592 45,810 Delerred income represents subscriptions received for the 2023 calendar year of £37,252 12021 -£31,177> and advertising income £1,284 forfulure magazine issues12021 - of £4, 194}. Print Quarterfy Publications 18
Notes to the accounts Year ended 31 December 2022 Funds At31 Decemb•r 2022 January 2022 Income Expèrnllture Endowment funds Restricted funds- Gelty Foundation General unrestrcted funds Totsl funds 13.856 128,841 188,8771 53.820 13,856 128.0414 33.020 174.920 17971 1192,1861 1192,9831 314,083 314,083 Ati J8nuAry 2021 At31 December 2021 Incom& ExpendAlur Endowmentfunds Resbycted fvnds- Gety Foundation Generdl unrestsFCted funds Total funds 13,856 128,841 147, 137) 95,560 13,856 128,841 (88.877) 53,820 162,515 162,515 (204,255J (204,255J The restricted fund represents a grant from the Getty Foundation to support a senes cl travelling seminar5. originally f rom 2020 onwards but, due to covid, delayed until 2023. Analys58 of net as8et8 boiweon funds neral Endowmènt Restrictsd fund fund fund Total Fund balances at 31 Dg¢•mber 2022 are represerrted by.. stocks Debtors Cash at bank and in hand Creditors.. amounts falling due within ong year 805 26.812 70,172 80S 26,812 212,072 I35& 128,044 164,7691 33.020 164,7691 174.920 13056 128,044 Gen8r81 Endown7enl Restsicted fvnd fund nd Totèl fvnds Fund balances al 31 DeG8mber 2027 are presented by.. Stocks Debtots Cash atbank 8nd in hand credito.. amounts f811ing due M"thin on8 y8ar 815 35,865 (79,747) 815 35,865 62,950 13,856 q28,841 (45.810) (88,877) (45,810) 53,820 73,856 128,841 Print Quarterfy Publications 19
Notss to the accounts Year ended 31 December 2022 10. Llablllty of member8 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 Quarterfy entered into the following transactions with D Landau, a director of the charity.. received a gift of services in respect of office space and utilities which have been measured al a fair value of 22,35312021.. £20,321). and received cash donations amounting lo £200,38612021.. £29,400). Print Quarterfy Publications 20