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 d1￿CtOrS, 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 ne￿SSary to enable the
preparation of financial statements that are f￿e 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 De￿mber 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 aC￿pt 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 DeceM￿r
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 d1￿ctOrS, 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 SoUr￿S 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 Un￿rtaIntieS 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 be￿een £70,000
and £80,000.
The directors re￿iVed 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 De￿rnber 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 De￿mber 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