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 Pe￿Onnel The directors considerthal th8 Board of DI￿lor8, 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 nominat￿4 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 ￿0￿rceS, 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 himse￿1h9r$01f aware of any relevant audit infomi*ion 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 n*Js 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 ope￿1&$ 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 Infomial￿n 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 d1￿Clor8. report. which is also the trustees, report for the pulposes of charity law. has bgen p￿pared 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 resp￿1 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 b￿n 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. 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 I3￿5& 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