REGISTERED COMPANY NUMBER: 02743893 (England and Wales) REGISTERED CHARITY NUMBER: 1014275
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 November 2022
for
The John Kobal Foundation
CWF & Partners Ltd Chartered Accountants 67 Westow Street Upper Norwood London SE19 3RW
The John Kobal Foundation
Contents of the Financial Statements for the Year Ended 30 November 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | to | 5 |
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
The John Kobal Foundation
for the Year Ended 30 November 2022
Report of the Trustees
The John Kobal Foundation is a company limited by guarantee. It is a registered charity (Charity no. 1014275)
OBJECTIVES AND ACTIVITIES
Objectives and aims
The John Kobal Foundation is a charity organisation established in 1991. Our aim is to encourage and promote public interest in fine art photography and support emerging photographers by providing financial support.
Chair’s Report
After the hiatus caused by the Covid pandemic, we are very pleased to report that this year we were able to move forward, with the full support of our trustees, with our plans to launch a new John Kobal Foundation Fellowship to be awarded every two years to an artist of any age or nationality, working in a lens-based medium.
This has been possible thanks to the income received by the Foundation from the sale of our print and document archive to the Hood Museum at Dartmouth College in the US.
In addition to the Fellowship, we have agreed a partnership with Tate for a John Kobal Fellowship lecture to be given annually at Tate Modern.
in November 2021, we engaged the services of Alex Anthony, as the Fellowship Administrator, and she has provided invaluable support in the organisation of both the Fellowship and the annual lecture and attendant activities.
In March 2022, as part of the acquisition agreement with the Hood Museum of Art, Dartmouth, the museum hosted the first of a series of annual John Kobal Foundation lectures. The inaugural lecture was given by the Academy Award-winning film maker and film historian Kevin Brownlow, in conjunction with the exhibition Photographs from Hollywood's Golden Era: The John Kobal Foundation Collection.
As of November 2022, our plans for the Fellowship and the lecture were well advanced, and we looked forward to welcoming the first John Kobal Foundation Fellow to give the first John Kobal Fellowship lecture at Tate Modern in early 2023.
Liz Jobey & Michael Mack Co-Chairs
FINANCIAL REVIEW
Reserves policy
The trustees believe that the charity should hold reserves in order to allow it to be managed efficiently and to provide a buffer for uninterrupted management.
Total funds
The balance sheet shows total funds amounting to £386,930. The completion of the sale of the print and document archive to the Hood Museum has returned the charity to a positive financial position which enables the charity to be managed efficiently in providing charitable support to fine art photography.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisation
The charity's base is Studio E, Ground Floor, Emperor House, Dragonfly Place, London SE4 2FL.It has no full-time employee.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02743893 (England and Wales)
Registered Charity number
1014275
Page 1
The John Kobal Foundation
Report of the Trustees
for the Year Ended 30 November 2022
Registered office
67 Westow Street Upper Norwood London SE19 3RW
Trustees
S Crocker Film Producer R Dance Art Dealer R C Grey Solicitor M S Hoppen Gallery Owner Ms E Jobey Writer & Editor (Co Chair) Dr M A Mack Publisher (Co-Chair) T A Pepper Museum Curator A J J J Sullivan CEO & Founder, Verbatim Photo Agency N Arthur Curator, British Film Institute Ms E L Bowkett Director of Photography, Curator D G L Campany Curator/Writer Ms S M Mavlian Director
Company Secretary
S Crocker
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 August 2023 and signed on its behalf by:
Dr M A Mack - Trustee
Page 2
The John Kobal Foundation
Statement of Financial Activities for the Year Ended 30 November 2022
| 30.11.22 | 30.11.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 15,435 | 411,029 | |
| Investment income | 2 | 21 | 4 |
| Total | 15,456 | 411,033 | |
| EXPENDITURE ON | |||
| Other | (21,646) | 35,746 | |
| NET INCOME | 37,102 | 375,287 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 349,828 | (25,459) | |
| TOTAL FUNDS CARRIED FORWARD | 386,930 | 349,828 |
The notes form part of these financial statements
Page 3
The John Kobal Foundation
Balance Sheet
30 November 2022
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
30.11.22 Total funds £ 2,308 361 388,045 388,406 (3,784) 384,622 386,930 386,930 386,930 386,930 |
30.11.21 Total funds £ 2,063 415 386,151 386,566 (38,801) 347,765 349,828 349,828 349,828 349,828 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 4
The John Kobal Foundation
Balance Sheet - continued
30 November 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 August 2023 and were signed on its behalf by:
E Jobey - Trustee
M A Mack - Trustee
The notes form part of these financial statements
Page 5
The John Kobal Foundation
Notes to the Financial Statements for the Year Ended 30 November 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance Computer equipment - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
At present, the charity holds no restricted funds.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 30.11.22 | 30.11.21 | |
| £ | £ | |
| Bank interest | 21 | 4 |
Page 6
continued...
The John Kobal Foundation
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.11.22 | 30.11.21 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 151 | 25 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Trustees' expenses
There were no trustee's expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020.
Trustees' remuneration
The were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 411,029 |
| Investment income | 4 |
| Total | 411,033 |
| EXPENDITURE ON | |
| Other | 35,746 |
| NET INCOME | 375,287 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | (25,459) |
| TOTAL FUNDS CARRIED FORWARD | 349,828 |
continued...
Page 7
The John Kobal Foundation
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
6. TANGIBLE FIXED ASSETS
| 6. TANGIBLE FIXED ASSETS |
||
|---|---|---|
| Fixtures Vintage and prints fittings £ £ COST At 1 December 2021 1,987 7,846 Additions - - At 30 November 2022 1,987 7,846 DEPRECIATION At 1 December 2021 - 7,770 Charge for year - 19 At 30 November 2022 - 7,789 NET BOOK VALUE At 30 November 2022 1,987 57 At 30 November 2021 1,987 76 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR VAT 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals and deferred income 9. MOVEMENT IN FUNDS At 1.12.21 £ Unrestricted funds General fund 349,828 TOTAL FUNDS 349,828 |
Computer equipment £ 1,610 396 2,006 1,610 132 1,742 264 - 30.11.22 £ 361 30.11.22 £ 1,544 240 2,000 3,784 Net movement in funds £ 37,102 37,102 |
Totals £ 11,443 396 11,839 9,380 151 9,531 2,308 2,063 30.11.21 £ 415 30.11.21 £ 36,901 - 1,900 38,801 At 30.11.22 £ 386,930 |
| 386,930 |
continued...
Page 8
The John Kobal Foundation
Notes to the Financial Statements - continued for the Year Ended 30 November 2022
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 15,456 | 21,646 | 37,102 |
| TOTAL FUNDS | 15,456 | 21,646 | 37,102 |
Comparatives for movement in funds
| At 1.12.20 £ Unrestricted funds General fund (25,459) TOTAL FUNDS (25,459) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 411,033 TOTAL FUNDS 411,033 |
Net movement At in funds 30.11.21 £ £ 375,287 349,828 375,287 349,828 Resources Movement expended in funds £ £ (35,746) 375,287 (35,746) 375,287 |
At 30.11.21 £ 349,828 |
|---|---|---|
| 349,828 | ||
| 375,287 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2022.
Page 9
The John Kobal Foundation
Detailed Statement of Financial Activities for the Year Ended 30 November 2022
| Detailed Statement of Financial Activities for the Year Ended 30 November 2022 |
||
|---|---|---|
| 30.11.22 | 30.11.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Sales of duplicates and sundry fees | 15,435 | 411,029 |
| Investment income | ||
| Bank interest | 21 | 4 |
| Total incoming resources | 15,456 | 411,033 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Royalty payable | 3,439 | 34,473 |
| Sundries | 13 | 13 |
| Rent | 2,100 | - |
| Travelling for Archive exhibitions and | ||
| promotion | 413 | - |
| Computer support, internet | 1,034 | 1,015 |
| Prints and processing | 1,353 | - |
| Archive storage rent | 321 | - |
| Subscriptions | 148 | 151 |
| Fixtures and fittings | 19 | 25 |
| Computer equipment | 132 | - |
| 8,972 | 35,677 | |
| Finance | ||
| Bank charges | 103 | 42 |
| Foreign exchange gain | (40,220) | (2,148) |
| (40,117) | (2,106) | |
| Governance costs | ||
| Accountancy | 2,000 | 1,900 |
| Legal fees | 3,204 | - |
| Company secretarial fees | 4,295 | 275 |
| 9,499 | 2,175 | |
| Total resources expended | (21,646) | 35,746 |
| Net income | 37,102 | 375,287 |
This page does not form part of the statutory financial statements
Page 10