**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