Print Quarterly Publications Annual Report and Financial Statements Year ended 31 December 2023 Company Limited by Guarantee Registration Number 02677762 (England 8nd Wale81 Charity Registration Number 1007928
Contents Reports Reference and administrative information 1 Directors, report Independent auditorfs report Financial Statements Statement of financial activities Balance sheet 12 Principal accounting policies 13 Notes to the accounts 16 The following pages do not form part of the statutory accounts.. Detailed income & expenditure 21 Detailed expenditure analysis 22 Five period statements of financial Activities 23 Print Quarterly Publications
Reference and administrative Information Directors D Alexander N Barker D Bindman A Griffiths D Landau J Martineau Secretary and Edltor R Eitel-Porter Reglster•d offlce 10 Chester Row London SW1W9JH Company registratlon number 2677762 (England and Wales) Charlty reglstratlon number 1007928 Audltor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Lloyds Bank PIC Paddington Branch 167- 169 Edgware Road London W21EY Solicltors Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Constltution 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 2023 The directors present their statutory report together with the financial statements of Print Quarterly Publications for the year ended 31 December 2023. This report also represents the trustees, report and has been prepared in accordance with Part Vlll of the Charities Act 2011. The financial statements have been prepared in accordan 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 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 1021. Structure, Governance and Management Intmductlon The charity is a company limited by guarantee incorporated in England and Wales (registered number 26777621 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. Keymanagementpersonnel 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. Dlrectors The directors constitute trustees of the charity for the purposes of charity legislation. The following persons shall be entitled to be directorslmembers.. 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. The following members served throughout the financial period and to the date of this report, where.. Director D Alexander N Barker D Bindman A Griffiths D Landau J Martineau Print Quarterly Publications 2
Dlrectors, report Year ended 31 December 2023 Structure, Governance and Management (continued) Directors (continued) No director received any remuneration, reimbursed expenses or had any beneficial interest in any contract with the charity during the year. Statement of directors, rnsponsibilities The directors (who are also trustees of Print Quarterly Publications for the purposes of charity lawl 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 forthat 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)., makejudgments 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 ststements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 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 Print Quarterly Publications 3
Directors. report Year ended 31 December 2023 Structure, Governance and Management {continued) Statement of directors, responslbllltles (Continued) the director has tsken all the steps that helshe ought to h8ve taken as a director in order to make himselflherself aware of any relevant audit information and to establish that the charitable company's auditors are aware ofthat 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. Rlsk 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 sustsinability 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 8nd 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 stsbility. Objectlves and Activlties Publlc beneflt 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 Charitsble 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. Prlnclpal alms 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. Print Quarterly Publications 4
Directors, report Year ended 31 December 2023 Objectives and Activities (continued) Achievements andperformance The charity continued to operate smoothly with Iwo part-time administrators and the editor. Totsl income from trading activities increased by nearly £3,500 with £500 attributed to higher subscription income and £2,500 to increased advertising revenue. However, production and distribution costs rose by approximately £5,500, and expenditure on charitable activities increased by £39,000. Excluding the costs associated with the Curating Prints seminars, the increase in expenditure on charitable activities was £10,500, driven primarily by an increase in staff costs of nearly £9,000 and an additional £1,800 in governance costs. Excluding donations and gifts, total income amounted to £105,901. Total expenditure, excluding the Curating Prints seminar, was £208,306, resulting in a shortfall of £102,405, which was offset by ongoing donations. Print Quarterly successfully organized the first Curating Prints seminar, generously funded by the Getty Foundation Paper Project. The seminar took place in London from 26 March to 1 April 2023, with ten participants. By the end of the 2023 fiscal year, £47,550 of the grant had been spent on programme activities, £29,280 of which was expended during the 2023 fiscal year. Financial Review Reserves policy and financialposition 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 2023 year, donations were received of £86,228 (2022 - £213,089) which supplemented income from the Journal of £103,875 (2022 £100,385). Overall, an operating deficit of £14,677 was incurred after expenditure of £208,306 (2022 - £192,186). Seminar costs relating to the Curating Prints Project increased significantly following the removal of international Covid restrictions and expenditure for the year was £29,280 (2022 £797), covered by the restricted funds originally provided by the Getty Foundation in 2019. The balance sheet shows total funds of £129,463 {2022 - £174,920), which is represented by unrestricted general funds of £18,343 (2022.. £33,020), an endowment fund of £13,856 (2022 £13,856) and restricted funds solely relating to the Curating Prints Project of £97,264 (2022 -£128,044) 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 to support a series of travelling seminars. 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 Print Quarterly Publications 5
Directors, report Year ended 31 December 2023 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. Investmentpollcy 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. Post balance sheet evènts, future plans and going concern Print Quarterly remains committed to the successful publication of the journal, continuing to deliver high-quality articles, informative notes, obituaries, and reviews of current books and exhibition catalogues. Despite trying several types of conferencing equipment for the quarterly Editorial Board meetings, none have met our satisfaction, leading to the return of the equipment without incurring any costs. Moving forward, we will trial a commercial venue for these meetings, which would introduce additional expenses if adopted as our new standard practice. The Editor will be on sabbatical for the final four months of 2024, during which an interim editor has been appointed. The Editols salary will be adjusted accordingly to accommodate the costs of the interim editor. 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- Antony GrifFiths Director Approved by the Board on.. 6 September 2024 Print Quarterly Publications
Independent auditor's report Year ended 31 December 2023 Independent audltor's report to the members of Print Quarterly Publlcatlons Oplnlon We have audited the financial statements of Print Quarterly Publications (the 'charitable company'l for the year ended 31 December 2023 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 Stsndards, including Financial Reporting Stsndard 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 2023 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 h8ve been prepared in accordance with th8 requirements of the Companies Act 2006. Basls for oplnlon 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 ststements 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation ofthe 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 e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, including the directors, report, 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. Print Quarterly Publications 7
Independent auditor's report Year ended 31 December 2023 Otherinformation {continued> 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 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other mattars prescrlbed by the Companie8 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 d1CtOrS, report, which is also the trustees, report for the purposes of charity law, has been prepared in accordance with applicable legal requirements. Matter8 on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtsined in the course ofthe 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 the financial statements are not in agreement with the accounting records., 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 ststements 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. Responsibilitles 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 lawl 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 neSSary to enable the preparation of financial statements that are fe from material misstatement, whether due to fraud or error. Print Quarterly Publications
Independent auditor's report Year ended 31 December 2023 Responsibilities of dlrectors (continued) 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 forthe 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 assuran 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 instsnces 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 protsdures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding ofthe 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 governan 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.. o Identifying and assessing the design and implementation of controls in place to prevent and detect fraud; & Identifying and testing joumal 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., Print Quarterly Publications
Independent auditor's report Year ended 31 Dember 2023 Audltor's responsibilities forthe audit of the financial statements (continued) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misststements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Use of thls 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 auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not aCpt 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 Date". 23 September 2024 Print Quarterly Publications 10
Statement of financial activities Year ended 31 December 2023 (Including Income and Expenditure Account) Unrnstrl¢t¢d 31 general Endovmi•nt Ro8trl¢tod DeceMr fund fund fund 2023 Unfeslricted 31 general Endowment Restricted December fund fund fund 2022 Notes Incomg from: Donations Trading activities Other income Inlère5t Total Income 86,228 103,875 855 1,171 192.129 86.228 103,875 855 1,171 192,129 213,089 100,385 592 213,089 100,385 S92 17 314,083 314,083 Exp•ndlture on: Charitable actlvlti88 Trading activities Total oxwndltura 153.352 54,954 208,308 29,280 182,632 64.964 237,686 142,802 49,384 192,186 797 143,599 49,384 1S2,983 29,280 797 Transfers bfrtw•on fund¥ 1,500 11.5001 Nèt lèxpendlturel Incomo for the year and net movement In funds 114,6771 130.T80} 146.467) 121,897 17971 121,100 Fund balances brought foMard 811 January 2023 33,020 13.856 128.044 174,920 188.8771 13,886 128,841 53,820 Fund balan¢•• ¢arrfod fop•vard at 31 Decèmb8r 2023 18,343 13.866 97.264 129.463 33,020 13,856 128,044 174,920 All activities are derived from continuing operations. All cOgnIsed gains and losses are included in the slatement of financial a¢tlvities. Print Quarterly Publications 11
Balance sheet 31 December2023 31 December 2023 31 Decèmber 2023 31 Dec2mber 2022 31 December 2022 Current assets Stocks Debtors Cash at bank and in hand 630 17.498 169,650 187,778 805 26,812 212,072 239,689 Creditors- amounts falling due within one year {58,3151 164,7691 Net current assots 129.463 174.920 Net assets 129,463 174,920 R&presented by: Funds and rnservas Endowment funds Reslricled funds 13,856 97,264 13,856 128,044 111.120 141,900 Unrestricted fun¢Js General funds 18,343 33,020 129,463 174,920 Signed on behalf of the Board of directors by: Antony GrifFiths Director Approved by the Board on: 6 %aLfr Print Quartedy Publications Company Registration Numb8r.' 2677762 (England and Wales) Print Quarterly Publications 12
Principal accounting policies Year ended 31 December 2023 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 2023. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) {Charities SORP 2019 FRS 102), the Charities Act 2011 and the Companies Act 2006. 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 1£). Critical accountlng estimates and areas of judgement The preparation of financial ststements requires the use of certain critical accounting estimates and judgements. It also requires the d1ctOrS, 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 SoUrS 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 UnrtaIntieS 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 ststements. Print Quarterly Publications 13
Principal accounting policies Year ended 31 December 2023 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 seNices 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 inwme. 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 activitios Expenditure on trading activities includes the directly attributsble costs of producing the charity's magazine and includes distribution costs. Expenditure on charitable activities Expenditure on charitable activities Gomprises project costs, support costs, administration expenses and governance costs. Project costs include all expenditure related to the Curating Prints project. Support costs include stsff 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 leg21 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. 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 advertising income and accrued income are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank- is classified as a basic financial instrument and is measured at face value. Print Quarterly Publications 14
Principal accounting policies Year ended 31 December 2023 Financial instruments (continued) Financial liabilities - accruals, trade and other creditors are basic financial instruments and are measured at amortised cost. 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 counterpaty 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. 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 15
Notes to the accounts Year ended 31 December 2023 1 Income from trading activities 31 Restricted December funds Unrestricted funds 2023 Current magazine sales (subscriptions) Sale of back issues and individual issues JSTOR income Slipcase Advertising revenue 2023 Total 89,331 1,543 3.043 385 29,573 103,875 69.331 1.543 3,043 385 29,573 103.875 31 December 2022 Unrestricted R8Strict6d funds funds Current magazine sales (subscriptions) Sale of back issues and individual issues JSTOR income Advertising revenue 2022 Total 68,857 1,255 3,206 27,067 100.385 68,857 1,255 3.206 27.067 100.385 2 Expenditure 31 Restricted December fvnds 2023 Unrestricted funds Expenditure on trading activitles Magazine production costs Postage and packing Advertising 36,740 18,214 36.740 18,214 54,954 54.954 Expenditure on charitable activities Staff costs Office costs Accounting costs and bad debts Governan costs Project costs- Curating Prints 2023 Total 113,369 28,983 3,350 7,650 113,369 28.983 3,350 7.650 29.280 182.632 2g,280 29,280 153,352 Govemance costs consist of audit fees. Print Quarterly Publications 16
Notes to the accounts Year ended 31 December 2023 2 Expenditure (continued) 31 Unrestricted fvnds Restricted funds December 2022 Expenditu on trdding acfrviti8s Magazine pnxluction costs Postage andpacking Advertising 33.047 16.212 125 49,384 33,047 16.212 125 49.384 Expenditure on charitable activities Staff costs Office costs Accounting costs and bad debts Govemance costs Project costs- Curating Prints 2022 Total 104,545 29,357 3,050 5,850 104,545 29,357 3,050 5,850 797 797 797 142,802 143.599 3 Net income for the year This is stated after charging.. 31 December 2023 31 December 2022 Auditorfs remuneration Audit services . Other seNices: payroll, accountancy and tax Foreign currency translalion (gains) I losses 7,500 2.250 1236} 5,850 2,100 225 4 Staff costs including directors, remuneration and key management personnel 31 Dec8mber 2023 31 December 2022 Wages and salaries Social security costs Other pension costs 102,694 5,525 5.150 113.369 95.033 4.749 4,763 104,545 The average monthly number of employees during the period was three (2022 three). One employee earned over £60,000 during the period (2022- one), being beeen £70,000 and £80,000. The directors reiVed no remuneration {2022 - £nil) and no expenses were reimbursed to them (2022- £nil). Print Quarterly Publications 17
Notes to the accounts Year ended 31 December 2023 4 Staff costs Including dlrector8' remuneration and key management personnel {continued) Keymanagementpersonnel 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 employers, National Insurance) was £84,278 in the year to 31 December 2023 (2022.. £78,316). S Taxatlon 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. 6 Debtors 31 Docomber 2023 31 December 2022 Subscriptions and advertising receivable Prepayments Gift aid receivable Accrued income VAT receivable 8,632 5,156 8,188 5,527 9,400 3,281 416 26,812 3,710 17,498 7 Credltors: amounts falling due wlthin one year 31 December 2023 31 December 2022 Trade creditors Socsal security and other taxes Accruals Deferred income Other creditors 53 3,437 11.300 42.834 691 58,315 11,862 3,393 10,350 38,536 628 64,769 Deferred income represents subscriptions received for the 2023 calendar year of £37,956 12022 - £37,252) and advertising income £4,878 for future magazine issues (2022 - of £1,284). Print Quarterly Publications 18
Notes to the accounts Year ended 31 December 2023 Funds At1 January 2023 At31 December Income Expenditure Transfers 2023 Endowment funds Restricted funds- Getty Foundation General unrestricted funds Total funds 13.856 128.044 33,020 174.920 13,856 97.264 18,343 129,463 {29,280) 192,129 1208,306) 192,129 1237,586) {1,500} 1,500 At1 January 2022 At31 December 2022 Income Expenditure Endowment lunds Restrictad funds- Gety Foundation General unrpstricted funds Total funds 13,856 128,841 188,877) 53,820 13,856 128,044 33,020 174,920 (797) (192,186) 1192,983) 314,083 314,083 The restricted fund represents a grant from the Getty Foundation to support a series of travelling seminars, originally lo take place from 2020 onwards but, due to covid, delayed until 2023 onwards. The original grant was made in June 2019 for a total of £141,000, of which £1,500 represented an honorarium to reimburse the charity for preparation costs in supporting the seminars. The honorarium was retsined on restricted funds and the tTrnsfer in the year ended 31 December 2023 represents the charity's reimbursement for costs it has incurred. 9. Analysis of net assets between funds General Endowment Restricted fund fund fund Total funds Fund balances at 31 December 2023 are represented by: Stocks Debtors Cash at bank and in hand Creditors.. amounts falling due within one year 630 17,498 58,530 630 17,498 169,650 13.856 97.264 {58.3151 18.343 (58,3151 129,463 13,856 97,264 General Endowment Restricted fund fund fund Total funds Fund balances at 31 December 2022 are represented by.. Stocks Dgbto Cash at bank and in hand Creditors.. amounts falling due within on8 year 805 26,812 70,172 805 26,812 212.072 13,856 128,044 (64,769) 33.020 {64,769) 174,920 13,856 128,044 Print Quarterly Publications 19
Notes to the accounts Year ended 31 December 2023 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, director of the charity.. received a gift of services in respect of office space and utilities which have been measured at a fair value of £23,47112022'. £22,353)., and received cash donations amounting to £50,400 {2022'. £200,386). Print Quarterly Publications 20
Detailed income and expenditure account Year ended 31 Dernber 2023 This page does not form part of the statutory accounts. 31 December 2023 31 December 2023 31 December 2022 31 December 2022 Income Current magazine sales (subscriptions} Advertising revenue Back issue sales JSTOR income Slipcase sales Bank interest receivable Donations Other incomè 69,331 29,573 1,543 3.043 385 1.171 86,228 855 68,857 27,067 1,255 3,206 17 213,089 592 192,129 314.083 Charitable expenditure Stock at 1 January 2023 Printing and produclion costs Author fees Editing of Proofs Image fees Slipcases Less.. stock at 31 Dember 2023 805 29,347 5.458 1,265 69 426 16301 36,740 18,214 815 26,483 4,951 1,208 13 392 {805) 33.047 16.212 125 Postage, delivery and pad(ing Advertising (54,954) 134,132 {49,384) 264,699 Contribution Expenditure on the Curating Prints project Support costs allocated to activities Governance costs 129,280) 1145,7021 (7,6501 (797) (136,952> (5,850) Surplus (deficit) for year (45.457) 121,100 Print Quarterly Publications 21
Five period statements of financial activities Periods to 31 December 2023 This page does not form part of the statutory accounts. 31 December 2023 Support costs Restricted Governance funds costs Support costs Restricted Governance 31 December funds costs 2022 Expendlture Salaries and wages Social securty costs Other pension costs Temporary staff wages 101,194 4,749 4,783 101,194 4,749 4,763 95,033 4,749 4,763 95,033 4,749 4,763 113,369 113369 Cur81ing Prints project 29,280 29,280 797 797 797 797 Bank char9es Exchange Igainl I loss Paypal charges Office costs Marketing Storage Travel, hotels & reimbursements Rent Light, heat and power Postage, delivery & stationery IT support Legal Recruitment fees Other 342 12361 1.109 2,602 97 342 12361 1.109 2.602 97 317 225 1.269 1,812 98 504 317 225 1,269 1.812 98 504 498 20,878 1,475 498 20,878 1,475 21,922 1,549 21,922 1.s49 21 1,045 21 1,045 248 1,524 248 1,524 93 93 28,983 28.983 Accountsncy and other servie£s 3,350 3,350 3,050 3,050 3.050 3,050 Allocated to govemance costs Audit 31 December 2023 7.650 7,650 7,650 1B2,632 5,850 141,252 145.702 29,280 136,952 797 5,850 Print Quarterly Publications 22
Flve period statements of financial activities Periods to 31 December 2023 This page does not form part of the ststutory accounts. Year endod Y•4r onded Year ended 31 31 31 Decembgr DoGgmber December 2023 2022 2021 Year ended 31 December 2020 Year ended 31 Decèmber 2019 Year ended 31 December 2018 Income and oxpendltu Incomlng rosourc8s Current magazine sales 18ubscriptionsl Back issue sales JSTOR income SIIpc8s¥ $81•$ Other income Advortising revonuo 09,331 1,543 3.043 386 68.857 1.2SS 3,206 70.169 2.062 2.864 743 32 28,566 104.436 69,443 68.759 2.531 2,996 409 168 30,588 105,449 67.216 1.044 4.858 398 11671 32.703 106,052 2.870 153 29,573 103,875 27.067 100.385 25,781 98,343 Donations and gifts Grant for the Curating Prints projo¢t Other intere81 Other Sncome Total InGomlng r•sour¢e• 86,228 213,089 57,506 19,908 77,917 141,000 26,255 1,171 855 192,129 17 592 314,083 12 32 118,295 17 440 132,764 570 162,515 27 324,410 ResourGes expondod Expgn¢Jiluro on the Curating Prints Project . Magazlne production And dlslribution . Support CO8t$ allocated to activf(ies 29,280 797 1,687 10,472 64,954 49,384 48,367 46,912 44,804 44,857 145.702 229,936 7.650 136.952 184.083 5.850 1 $0,638 198.231 5,250 141,711 190,310 5,000 139,800 195,076 4.560 132,321 177,178 4,450 Governance costs Totsl rnsource• expend•d 237,586 192,983 204,255 195,310 199,638 181,628 IDeflcltllSurplus for tho yo¥r 145,4S71 121,100 141,7401 177,0151 124,774 148,8641 Print Quarterly Publications 23