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2024-12-31-accounts

Print Quarterly Publications

Annual Report and Financial Statements

Year ended 31 December 2024

Company Limited by Guarantee Registration Number 02677762 (England and Wales) Charity Registration Number 1007928

Contents

Reports

Reference and administrative information 1 Reference and administrative information 1
Directors’ report 2
Independent examiner’s report 7
Financial Statements
Statement of financial activities 9
Balance sheet 10
Principal accounting policies 11
Notes to the accounts 14
The following pages do not form part of the
statutory accounts:
Detailed income & expenditure 19
Detailed expenditure analysis 20
Five period statements of financial
Activities 21

Print Quarterly Publications

Reference and administrative information

Directors D Alexander
N Barker
H Chapman
A Griffiths
D Landau
J Martineau
E von Baeyer
Secretary and Editor R Eitel-Porter
Registered office 10 Chester Row
London
SW1W 9JH
Company registration number 2677762 (England and Wales)
Charity registration number 1007928
Independent Examiner Nicholas Weller FCCA
Simmons Gainsford Professional Services Ltd
14thFloor, 33 Cavendish Square
London
W1G 0PW
Accountant The PHLT Group
6 Genesis Business Centre, Redkiln Way
Horsham
RH13 5QH
Bankers Lloyds Bank Plc Paddington Branch
167 - 169 Edgware Road
London
W2 1EY
Solicitors Payne Hicks Beach
10 New Square
Lincoln’s Inn
London
WC2A 3QG
Constitution Print Quarterly Publications is a company
limited by guarantee and is registered under
the Companies Act 2006.

Print Quarterly Publications 1

Directors’ report Year ended 31 December 2024

The directors present their statutory report together with the financial statements of Print Quarterly Publications for the year ended 31 December 2024.

This report also represents the trustees’ report and has been prepared in accordance with Part VIII of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 13 of the attached financial statements and comply with the charitable company’s memorandum and articles of association, applicable laws, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP 2019 FRS 102).

Structure, Governance and Management

Introduction

The charity is a company limited by guarantee incorporated in England and Wales (registered number 2677762) and is governed by its Memorandum and Articles of Association dated 15 January 1992. It is also registered with the Charity Commission, charity registration number 1007928. In the event of the company being wound up the members would each be required, if necessary, to contribute to the assets of the company a sum not exceeding £1.

Key management personnel

The directors consider that the Board of Directors, and an employee whose principal role is as Editor of the Print Quarterly Magazine, comprise the key management personnel in charge of directing and controlling, running and operating the charity on a day to day basis.

The directors received no remuneration.

Changes to pay and benefits are determined by the Board of Directors.

Directors

The directors constitute trustees of the charity for the purposes of charity legislation. The following persons shall be entitled to be directors/members:

The following members served throughout the financial period and to the date of this report, where:

Director D Alexander A Griffiths N Barker D Landau D Bindman (deceased 29/05/2025) J Martineau H Chapman (appointed 15/07/2025) E von Baeyer (appointed 15/07/2025)

Print Quarterly Publications 2

Directors’ report Year ended 31 December 2024

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’ responsibilities

The directors (who are also trustees of Print Quarterly Publications for the purposes of charity law) are responsible for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period.

In preparing these financial statements, the directors are required to:

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:

Print Quarterly Publications 3

Directors’ report Year ended 31 December 2024

Structure, Governance and Management (continued)

Statement of directors’ responsibilities (continued)

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The directors are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Risk management

The directors have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charitable company and its finances. In view of the size of the charitable company and its operations, they have established effective systems to mitigate those risks.

The directors consider that financial sustainability is the principal risk faced by the charitable company. In order to mitigate this risk the directors recognise that most publications are struggling financially because of decreasing advertising revenue and subscriber numbers. However, both advertising revenue and subscriber numbers have been relatively stable for the Journal. The directors keep a close eye on these key financial indicators and, should the need arise, will reassess cheaper production models, including printing on demand, offering an online version behind a paywall, or being an online Open Access journal.

The charity relies heavily on donations and needs to ensure that they will continue. The directors have received a reassurance from the charitable company's main donor that he will cover any shortfalls in its finances and eventually endow the charity to ensure its financial stability.

Objectives and Activities

Public benefit

The directors confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charitable company’s objectives and aims and in planning future activities for the year. In fulfilling the main clauses of the Charitable Company’s Memorandum of Association and its role in providing a public benefit, Print Quarterly has continued to strive to advance the understanding and enjoyment of arts, culture and education in the history and appreciation of prints and printmaking.

Principal aims and activities

The purpose of the charitable company is the advancement, promotion and encouragement of education and research in the field of art history and the contemporary arts, in particular in the medium of prints. The dissemination of the results of such research will primarily be achieved through the publication of the Print Quarterly magazine.

Print Quarterly Publications 4

Directors’ report Year ended 31 December 2024

Objectives and Activities (continued)

Achievements and performance

The charity continued to operate smoothly with two part-time administrators and the editor.

Total income from trading activities increased by nearly £4,415 with nearly £1,400 attributed to higher subscription income and around £1,800 to increased advertising revenue. However, production and distribution costs rose by approximately £5,700. Expenditure on charitable activities decreased by around £7,000. Excluding the costs associated with the Curating Prints seminars, the decrease in expenditure on charitable activities was around £10,500, largely due to reduced staff costs, and governance costs savings through the use of new accountants from June 2024 and an independent examiner, instead of an audit.

Excluding donations and gifts, total income amounted to £110,494. Total expenditure, excluding the Curating Prints seminar, was £203,435, resulting in a shortfall of £92,941, which was offset by ongoing donations.

Following the first Curating Prints seminar in 2023, Print Quarterly successfully organized another seminar in 2024, generously funded by the Getty Foundation Paper Project. The seminar took place in London from 17 March to 23 March 2024, with ten participants. By the end of the 2024 fiscal year, £78,166 of the grant had been spent on programme activities, £34,430 of which was expended during the 2024 fiscal year.

A new microphone was tested at the January 2024 Editorial Board meeting. Although the specs for the microphone noted a range of only 40cm, those on zoom found the sound quality excellent, in fact better than all previous attempts. After years of trying dif ferent systems, including Owl and Logitech, the audio problem was finally solved.

Financial Review

Reserves policy and financial position

Although the aim in every financial period is to generate sufficient income to cover its expenditure on both trading and charitable activities, the charity is dependent on donations to achieve this aim. In the 2024 year, donations were received of £76,397 (2023 - £86,228) which supplemented income from the Journal of £108,290 (2023 - £103,875). Overall, an operating deficit of £15,044 was incurred after expenditure of £203,435 (2023 - £208,306).

Seminar costs relating to the Curating Prints Project increased slightly within the year and expenditure for the year was £32,930 (2023 - £29,280), covered by the restricted funds originally provided by the Getty Foundation in 2019.

The balance sheet shows total funds of £79,989 (2023 - £129,463), which is represented by unrestricted general funds of £3,299 (2023: £18,343), an endowment fund of £13,856 (2023 - £13,856) and restricted funds solely relating to the Curating Prints Project of £62,834 (2023 - £97,264).

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

Print Quarterly Publications 5

Directors’ report Year ended 31 December 2024

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 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.

Investment policy

The endowment funds are held risk free in cash in a premier interest account, so as to generate some interest and to have the money readily available if required.

Post balance sheet events, 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.

For 2025, the third Curating Prints seminar funded by the Getty Foundation Paper Project, was planned for London and Paris. One Director, Professor David Bindman, sadly passed away. Two new Directors, Mr Hugo Chapman and Mr Emanuel von Baeyer, have since been elected.

Small company exemption

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Signed on behalf of the Board:

Director Antony Griffiths

Approved by the Board on: 23/09/2025

Print Quarterly Publications 6

Independent examiner’s report Year ended 31 December 2024

Independent examiner's report to the Trustees of Print Quarterly Publications ('the Charity')

I report to the charity Trustees (who are also Directors for the purpose of company law) on my examination of the accounts of the Charity for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

Responsibilities and basis of report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

Print Quarterly Publications 7

Independent examiner’s report Year ended 31 December 2024

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this rep ort and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed

Signed: Nicholas Weller Dated: 24/09/2025

Nicholas Weller FCCA Simmons Gainsford Professional Services Limited

Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW

Print Quarterly Publications 8

Statement of financial activities Year ended 31 December 2024 (Including Income and Expenditure Account)

Notes Unrestricted
general
fund
£		 Endowment
fund
£
Restricted
fund
£		 31
December
2024
£		 Unrestricted
general
fund
£


Endowment
fund
£		 Restricted
fund
£
—
—
—
—
—
29,280
—
29,280
(1,500)
(30,780)
128,044

97,264		 31
December
2023
£
Income from:
Donations
Trading activities
1
Other income
Interest
Total income
Expenditure on:
Charitable activities
2
Trading activities
2
Total expenditure
Transfers between funds
8
Net (expenditure) income for
the year and net movement in
funds
3
Fund balances brought forward
at 1 January 2024
Fund balances carried
forward at 31 December 2024		 76,397

108,290
925
1,279		 —
—

—
—		 —
—
—
—

76,397
108,290

925

1,279		 86,228
103,875
855
1171
—

—

—

—		 86,228
103,875
855
1,171
186,891 — — 186,891 192,129
—		 192,129

142,768

60,667		 —
—		 32,930
—


175,698

60,667		 153,352
54,954
—

—
182,632
54,954
203,435 — 32,930
236,365		 208,306
—
237,586

1,500
—		 (1,500)

—		 1,500 — —
(15,044)
—		 (34,430)
**(49,474) **		 (14,677)
—		 (45,457)
18,343 13,856 97,264
129,463
 33,020
13,856
174,920
3,299
13,856
62,834
79,989		 18,343
13,856
129,463

All activities are derived from continuing operations.

All recognised gains and losses are included in the statement of financial activities.

Print Quarterly Publications 9

Balance sheet 31 December 2024

31 31 31 31
December December December December
2024 2024 2023 2023
£ £ £ £
Current assets
Stocks 686 630
Debtors 6 15,260 17,498
Cash at bank and in hand 115,319 169,650
131,265 187,778
Creditors:amounts falling due within
one year 7 (51,276) (58,315)
Net current assets 79,989 129,463
Net assets 79,989 129,463
Represented by:
Funds and reserves
Endowment funds 8 13,856 13,856
Restricted funds 8 62,834 97,264
76,690 111,120
Unrestricted funds
. General funds 8 3,299 18,343
79,989 129,463

Signed on behalf of the Board of directors by:

Director Antony Griffiths

Approved by the Board on: 23/09/2025

Print Quarterly Publications

Company Registration Number: 2677762 (England and Wales)

Print Quarterly Publications 10

Principal accounting policies Year ended 31 December 2024

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 2024.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP 2019 FRS 102), 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 (£).

Critical accounting estimates and areas of judgement

The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the directors’ to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the directors’ best knowledge of the amount, event or actions, actual results may differ from those estimates.

The directors do not consider that there are any sources of estimation uncertainty or key judgements made in the preparation of the financial statements.

Assessment of going concern

The directors of the charity have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

Included in the directors’ assessment was a consideration of the commitment received from the charity’s main donor that donations will continue to be made to the charity and at a level to provide sufficient cash reserves to allow the charity to meet its operational expenditure and financial commitments.

The directors have made this assessment in respect to a period of one year from the date of approval of these financial statements.

Print Quarterly Publications 11

Principal accounting policies Year ended 31 December 2024

Income

Income from donations is recognised in the period in which the charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably. Donations include gifts of services provided to the charity free of charge. These are measured at fair value using the estimated market value of the services received.

Trading income includes magazine subscriptions and advertising income. Subscription and advertising income is deferred when received in advance.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It includes VAT which cannot be recovered.

Expenditure on trading activities

Expenditure on trading activities includes the directly attributable costs of producing the charity’s magazine and includes distribution costs.

Expenditure on charitable activities

Expenditure on charitable activities comprises project costs, support costs, administration expenses and governance costs.

Project costs include all expenditure related to the Curating Prints project.

Support costs include staff and office costs directly attributable to charitable activities. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs are those which are directly attributable to the management of the charity’s assets and the necessary legal procedures for compliance with statutory requirements.

Stock

Stock, representing back issues of the magazine, is valued at the lower of cost and net realisable value, after making due allowance for slow moving items.

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 12

Principal accounting policies Year ended 31 December 2024

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 counterparty or default or a significant delay in payment, that the charity will be unable to collect all of the amounts due.

Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the balance sheet date.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated reliably.

Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently at amortised cost.

Fund accounting

The endowment funds comprise monies which will be held indefinitely as capital.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

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 13

Notes to the accounts Year ended 31 December 2024

1 Income from trading activities

Income from trading activities
Unrestricted
funds
£		 Restricted
funds
£
31
December
2024
£
Current magazine sales (subscriptions)
Sale of back issues and individual issues
JSTOR income
Slipcase
Advertising revenue
2024 Total		 70,704
2,479
3,257
440
31,410		 —
—

—
—
—		 70,704
2,479

3,257
440
31,410
108,290 — 108,290
Unrestricted
funds
£		 Restricted
funds
£		 31
December
2023
£
69,331
1,543
3,043
385
29,573
103,875
Current magazine sales (subscriptions)
Sale of back issues and individual issues
JSTOR income
Slipcase
Advertising revenue
2023 Total		 69,331
1,543
3,043
385
29,573		 —
—
—
—
—
103,875 —

2 Expenditure

Expenditure
Unrestricted
funds
£		 Restricted
funds
£		 31
December
2024
£
Expenditure on trading activities
Magazine production costs
Postage and packing
Advertising
Expenditure on charitable activities
Staff costs
Office costs
Accounting costs
Governance costs
Project costs – Curating Prints
2024 Total		 41,561
19,106
—		 —
—
—		 41,561
19,106
—
60,667 — 60,667
108,453
31,089
1,726
1,500
—		 —
—
—
—
32,930		 108,453
31,089
3,350
7,650
32,930
142,768 32,930 175,698

Governance costs consist of independent examiner fees.

Print Quarterly Publications 14

Notes to the accounts Year ended 31 December 2024

2 Expenditure(continued) Unrestricted
funds
£		 Restricted
funds
£		 31
December
2023
£
Expenditure on trading activities
Magazine production costs
Postage and packing
Advertising
Expenditure on charitable activities
Staff costs
Office costs
Accounting costs
Governance costs
Project costs – Curating Prints
2023 Total		 36,740
18,214
—		 —
—
—		 36,740
18,214
—
54,954 — 54,954
113,369
28,983
3,350
7,650
—		 —
—
—
—
29,280		 113,369
28,983
3,350
7,650
29,280
153,352 29,280 182,632

3 Net income for the year This is stated after charging:

31
December
2024
£
—
—
504		 31
December
2023
£
7,500
2,250
(236)
Auditor’s remuneration
. Audit services
. Other services: payroll, accountancy and tax
Foreign currency translation (gains) / losses
31
December
2024
£		 31
December
2023
£
Wages and salaries
Social security costs
Other pension costs		 98,638
4,866
4,949		 102,694
5,525
5,150
108,453 113,369

The average monthly number of employees during the period was three (2023 – three). One employee earned over £60,000 during the period (2023 – one), being between £60,000 and £70,000.

The directors received no remuneration (2023 - £nil) and no expenses were reimbursed to them (2023 - £nil).

Print Quarterly Publications 15

Notes to the accounts Year ended 31 December 2024

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the charity and are represented by the directors and Editor. The total benefits paid to key management personnel (including employers’ pension contributions and employers’ National Insurance) was £77,549 in the year to 31 December 2024 (2023: £84,278).

5 Taxation

Print Quarterly Publications is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

6 Debtors

Debtors
31
December
2024
£		 31
December
2023
£
Subscriptions and advertising receivable
Prepayments
Gift aid receivable
Accrued income
VAT receivable		 8,268
—
—
3,399
**3,593 **		 8,632
5,156
—
3,710
—
15,260 17,498
Creditors: amounts falling due within one year
31
December
2024
£		 31
December
2023
£
Trade creditors
Social security and other taxes
Accruals
Deferred income
Other creditors		 2,455
1,531
3,226
43,505
559
53
3,437

11,300

42,834
691
51,276
58,315

Deferred income represents subscriptions received for the 2024 calendar year of £38,417 (2023 - £37,956) and advertising income £5,088 for future magazine issues (2023 - £4,878).

Print Quarterly Publications 16

Notes to the accounts Year ended 31 December 2024

8. Funds

Funds
At 1
January
2024
£
Income
£

Expenditure
£
—
(32,930)

(203,435)

(236,365)
Transfers
£
At 31
December
2024
£
—
13,856
(1,500)
62,834
1,500
3,299
Endowment funds
Restricted funds – Getty Foundation
General unrestricted funds
Total funds		 13,856
97,264
18,343
—

—

186,891
129,463
186,891		 —
79,989
At 1
January
2023
£
13,856
128,044
33,020
174,920		 Income
£
—
—
192,129
192,129		 Expenditure
£
—
(29,280)
(208,306)
(237,586)		 Transfers
£
At 31
December
2023
£
—
13,856
(1,500)
97,264
1,500
18,343
Endowment funds
Restricted funds – Getty
Foundation
General unrestricted funds
Total funds
—
129,463

The restricted fund represents a grant from the Getty Foundation to support a series of travelling seminars, originally to 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 retained on restricted funds and the transfer in the year ended 31 December 2024 represents the charity’s reimbursement for costs it has incurred.

9. Analysis of net assets between funds

Analysis of net assets between funds
General
fund
£		 Endowment
fund
£		 Restricted
fund
£		 Total
funds
£
Fund balances at 31 December 2024 are
represented by:
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
year		 686
15,260
38,629
(51,276)		 —
—
13,856
—		 —
—
62,834
—		 686
15,260
115,319
(51,276)
3,299 13,856 62,834 79,989
General
fund
£		 Endowment
fund
£		 Restricted
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
(58,315)		 —
—
13,856
—		 —
—
97,264
—		 630
17,498
169,650
(58,315)
18,343 13,856 97,264 129,463

Print Quarterly Publications 17

Notes to the accounts Year ended 31 December 2024

10. Liability of members

The charity is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

11. Related party transactions

During the year Print Quarterly entered into the following transactions with D Landau, a director of the charity:

Print Quarterly Publications 18

Detailed income and expenditure account Year ended 31 December 2024

This page does not form part of the statutory accounts.

31
December
2024
£		 31
December
2024
£		 31
December
2023
£		 31
December
2023
£
Income
Current magazine sales (subscriptions)
Advertising revenue
Back issue sales
JSTOR income
Slipcase sales
Bank interest receivable
Donations
Other income
Charitable expenditure
Stock at 1 January 2024
Printing and production costs
Author fees
Editing of proofs
Image fees
Slipcases
Less: stock at 31 December 2024
Postage, delivery and packing
Advertising
Contribution
Expenditure on theCurating Prints
project
Support costs allocated to activities
Governance costs
Surplus(deficit) foryear		 70,704
31,410
2,479
3,257
440
1,279
76,397
925		 186,891

(60,667)		 69,331
29,573
1,543
3,043
385
1,171
86,228
855		 192,129
(54,954)
630
29,572
4,985
6,608
—
452
(686)		 805
29,347
5,458
1,265
69
426
(630)
41,561
19,106
—		 36,740
18,214
—
126,224
(32,930)
(141,268)
(1,500)		 137,175
(29,280)
(145,702)
(7,650)
(49,474) (45,457)

Print Quarterly Publications 19

Five period statements of financial activities Periods to 31 December 2023

This page does not form part of the statutory accounts.

Support
costs
£		 Restricted
funds
£		 Governance
costs
£		 31
December
2024
£		 Support
costs
£		 Restricted
funds
£		 Governance
costs
£		 31 December
2023
£
Expenditure
Salaries and wages
Social security costs
Other pension costs
Temporary staff wages
_Curating Prints_project
Bank charges
Exchange (gain) / loss
Paypal charges
Office costs
Marketing
Storage
Travel, hotels &
reimbursements
Rent
Light, heat and power
Postage, delivery &
stationery
IT support
Legal
Recruitment fees
Other
Accountancy and other
services
Allocated to governance
costs
Audit/Independent
Examiner
31 December 2023		 98,638
4,866
4,949
—		 —
—
—
—		 —
—
—
—		 98,638
4,866
4,949
—		 102,694
5,525
5,150
—
—

—

—
—		 —
—
—
—		 102,694
5,525
5,150
—
108,453 — — 108,453 113,369 — — 113,369
— 32,930 — 32,930 — 29,280 — 29,280
— 32,930 — 32,930 — 29,280 — 29,280
172
504
1,011
3,154
94
1,008
377
22,580
1,595
—
594
—
—
—		 —
—
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
—
—
—
—
—
—
—
—
—
—
—
—		 172
504
1,011
3,154
94
1,008
377
22,580
1,595
21
594
—
—
—		 342
(236)
1,109
3,134
97
—
—
21,922
1,549
21
1,045
—
—
—
—
—

—

—

—

—
—

—

—
—

—
—
—
—		 —
—
—
—
—
—
—
—
—
—
—
—
—
—		 342
(236)
1,109
3,134
97
—
—
21,922
1,549
21
1,045
—
—
—
31,089 — — 31,110 28,983 — — 28,983
1,726 — — 1,726 3,350 — — 3,350
1,726 — — 1,726 3,350 — — 3,350
— — 1,500 1,500 — — 7,650 7,650
141,268 32,930 1,500 175,698 145,702
29,280		 7,650 182,632

Print Quarterly Publications 20

Five period statements of financial activities Periods to 31 December 2023

This page does not form part of the statutory accounts.

Year ended
31
December
2024
£		 Year ended
31
December
2023
£
69,331
1,543
3,043
385
—
29,573		 Year ended
31
December
2022
£		 Year ended
31
December
2021
£		 Year ended
31
December
2020
£		 Year ended
31 December
2019
£
Income and expenditure
Incoming resources
Current magazine sales
(subscriptions)
Back issue sales
JSTOR income
Slipcase sales
Other income
Advertising revenue
Donations and gifts
Grant for the_Curating Prints_project
Other interest
Other income
Total incoming resources
Resources expended
. Expenditure on the_Curating Prints_
project
. Magazine production and
distribution
. Support costs allocated to
activities
Governance costs
Total resources expended
(Deficit)/Surplus for the year		 70,704
2,479
3,257
440
—
31,410		 68,857
1,255
3,206
—
—
27,067		 70,169
2,062
2,864
743
32
28,566		 69,443
96
2,870
153
—
25,781		 68,759
2,531
2,996
409
166
30,588
108,290
76,397
—
1,279
925		 103,875
86,228
—
1,171
855		 100,385
213,089
—
17
592		 104,436
57,506
—
3
570		 98,343
19,908
—
12
32		 105,449
77,917
141,000
17
27
186,891 192,129 314,083 162,515 118,295 324,410
32,930
60,667
141,268		 29,280
54,954
145,702		 797
49,384
136,952		 —
48,367
150,638		 1,687
46,912
141,711		 10,472
44,804
139,800
234,865
1,500		 229,936
7,650		 184,083
5,850		 198,231
5,250		 190,310
5,000		 195,076
4,560
236,365 237,586 192,983 204,255 195,310 199,636
(49,474) (45,457)
121,100
(41,740)		 (77,015) 124,774

Print Quarterly Publications 21