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2023-03-31-accounts

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

Company number 3194071 Charity number 1055262

The Showroom Gallery Limited

(Limited by Guarantee)

Report and Financial Statements

for the year ended 31 March 2023

Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 8
Independent Examiner's Report 9
Statement of Financial Activities (including Income and Expenditure Account) 10 - 13
Balance Sheet 14
Notes to the Financial Statements 15 - 25

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Reference and Administrative Details

Constitution

The company is a private company limited by guarantee registered in EW - England and Wales, company number 3194071 incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1055262.

Directors and trustees

The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.

The trustees throughout the year and since the year end, were :

Alan Higgs appointed 12 May 2023 Dr Alia Al-Senussi Andrew Renton - Chair Edward Francis appointed 12 May 2023 Francis Outred resigned 7 December 2023 Mark Bell Mercedes Vilardell Neil Casey resigned 6 December 2022 Oliver Evans appointed 12 May 2023 Roland Fejfar resigned 21 November 2022 Samallie Kiyingi resigned 7 December 2023 Sophie Da Gama Campos resigned 7 December 2023 Sophie Lachowsky Zain Mahmood appointed 12 May 2023

Chief executive/day to day management

Director, Gabriela Salgado (took up position July 2022) Managing Director, Seema Manchanda (until March 2023)

Independent Examiners

Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH.

Bankers

Lloyds Bank, 32 Oxford Street, London W1A 2LD.

Registered office and operation address

63 Penfold Street, London NW8 8PQ.

1

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

The trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2023 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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 UK and Republic of Ireland (FRS 102).

Principal activity

The principal activity of the company continued to be that of advancing public education by the provision and maintenance of an art gallery for exhibition to the public of modern art.

Governance

The Showroom Gallery Limited is a registered charity and a company limited by guarantee. It is regulated by its Memorandum and Articles of Association.

The Trustees of the charitable company are responsible for its management and compliance. The organisational structure of the charity is open and transparent, with Trustees and staff communicating regularly. The Board of Trustees meets quarterly and holds one Annual General Meeting per year.

The Showroom periodically reviews its Board of Directors to ensure that the specialist skills required by the organisation are being addressed and provided by the Board. When necessary to meet the requirements of the organisation, a new Trustee would be recruited. New Trustees are given an induction to the gallery by the Chair of the Board, who briefs them on their legal obligations under charity law and the content of the Memorandum and Articles of Association.

The Showroom is core funded by Arts Council England as one of its National Portfolio Organisations and reports quarterly and annually on all financial, organisational and artistic matters.

The Board of Directors conducts an annual risk analysis to identify the major risks to which the charitable company is exposed.

Objectives and Activities for the Public Benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

The Showroom’s objectives are as follows:

2

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

Objectives set for the period of 2022/ 2023 included:

Achievements 2022-23

The recruitment process to fill the Director role began in 2022 with Trustees working with staff, in a process of organisational review, which included a Governance review and Stakeholder Analysis process to assess appropriate leadership for The Showroom at a significant moment of change towards the next phase of its history. The recruitment process, which was held at the start of the 2022/23 financial year was successful and Gabriela Salgado was appointed Director and took up her position in July 2022. The Director’s proposed vision, under the title ‘Restore’ will encompass exhibitions, public programmes, screenings, workshops and publications. The programme's remit is to continue being locally rooted, nationally relevant, and internationally connected.

The Showroom Mural Commission

The Showroom Mural Commission is a unique project for artists to activate the building's emblematic facade. Simnikiwe Buhlungu’s mural commission came to an end in June 2022 using text, textile and interactive sound installations to communicate ideas of gathering through a call and response with local communities.

This was followed by a mural by Adam Shield (20 July 2022 - 9 July 2023) supported by the Abbey Harris Mural Fund, in addition to his exhibition Amp Envelope , which for the first time used the gallery space and outer building as a total installation, incorporating a cycle of public workshops.

Exhibitions at The Showroom

Amp Envelope by Adam Shield (20 July - 17 September 2022) extended from The Showroom facade to the interior walls and surfaces of the exhibition space; incorporating entry points for public and collaborative processes of production which unfolded over the exhibition months. A series of hanging textile banners demarcated the thresholds and a publication production zone

for workshops housed a Risograph printer, ink-drums, photocopier and scanner as an in-situ print studio for public use. The grid, a recurring motif for Shield, wove in and out of the various spaces and timeframes of the show, creating a pattern of energies and tempos; a rhythmic network within which the distinct yet interconnected elements of the exhibition were situated.

As a site and generator for critical reflection and creative exchange, the space was equipped with tables and work-spaces for workshop contributors, storage for print materials and a display structure for a selection of handmade zines and publications produced by Long Distance Press.

3

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

A series of free creative drawing and print-making workshops ran throughout July-September 2022; the outcomes from which were selected, assembled and blown up to be installed as blue-back posters on the building’s facade.

We No Longer Prefer Mountains by Inas Halabi (26 October - 17 December 2022)

This was the first solo exhibition in the UK by Inas Halabi and was a major new installation in which she reflected upon the particular political and social condition of the Druze community living in occupied Palestine, taking individual and personal stories as a point of departure. The film, We No Longer Prefer Mountains , began with an ascent of Mount Carmel upon which the Druze towns of Dalyet el Carmel and Isfiya are located, drawing the viewer into a world of geographic isolation and a locale shaped by coercion and control. Living mostly in mountainous areas in Lebanon, Syria, Jordan and Palestine/Israel, as well as in diaspora globally, the Druze maintain close-knit social and religious ties as a minority within and across national borders.

Weaving together intimate engagements with members of the community in shared domestic spaces and outdoor environments, the exhibition explored how the inner politics of the Palestinian Druze have been reshaped as a result of the establishment of Israel in 1948; whilst opening up possibilities for imagining alternative futures. We No Longer Prefer Mountains carried forward Halabi’s long-term and ongoing research into how historical and national narratives are constructed; and the impacts that overlooked and suppressed histories have on contemporary life.

Editorial Tables : Reciprocal Hospitalities (25 January - 18 March 2023)

Editorial Tables was an exhibition and public programme bringing together the publishing practices of Ruth Beale, Sezgin Boynik (Rab-Rab Press), Minna Haukka & Kristin Luke (The Mobile Feminist Library), Minna Henriksson, Rose Nordin, and Elham Rahmati & Vidha Saumya (NO NIIN magazine).

Editorial Tables celebrated the production and dissemination of knowledge through the act of independent, experimental and artist-led publishing, with a focus on intersecting feminist and decolonial perspectives. The project involved a range of publishing, archiving, print and distribution practices by artists, curators and art workers; bringing these into relation and dialogue in the lead-up to the realisation of the exhibition at The Showroom. There were opportunities to connect, correspond and collaborate during the public programme and over the eight-week duration of the show. Events included The Hundred Club at The Showroom - make a newspaper in a day A free family workshop for 6-12 year olds and their siblings, parents and carers, Zinemaking and riso printing sessions, lino-cut workshops and reading groups.

This was a collaborative project between The Showroom and Frame Contemporary Art Finland, building upon a long-term process of curatorial exchange following the inaugural Gathering for Rehearsing Hospitalities 2019, convened by Frame in Helsinki, Finland; and leading to the establishment of a new partnership with the Finnish Institute in the UK and Ireland. The exhibition and public programme are co-curated by Lily Hall at The Showroom and Yvonne Billimore & Jussi Koitela at Frame. The collaboration formed part of the core exhibition and public programme at

The Showroom in 2023; Rehearsing Hospitalities, Frame Contemporary Art Finland’s public programme for 2019–2023; and Together Again, a programme by the Finnish Academic and Cultural Institutes, towards which artist Minna Henriksson with The Showroom curator Lily Hall further contributed in 2023.

Offsite:

The Rotational Tanner Lane Wall for Great Western Developments (2021 - 26)

The Showroom’s partnership with LACUNA to develop artwork on the rotational Tanner Lane Wall for Great Western Developments and Sellar who are developing the new Paddington Square scheme continued. Each year a selected artist will work with communities to deliver a temporary, year-long mural for the Tanner Lane

4

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

Wall site. The first Tanner Lane wall commission is with Kathrin Böhm who worked with the community to consider the question ‘Why do we care about art?’ . The launch of this commission has now been programmed for 2024.

The Showroom at Cromwell Place (11-16 October 2022)

The Showroom presented works by Adam Shield: Resonance State, 2022 and Navine G. Dossos: TINA I-XXX, 2020 at Cromwell Place, a membership and temporary exhibition organisation in South West London. The display took place during Frieze week and included a selection of the works commissioned by The Showroom for the exhibition Amp Envelope , Shield’s first solo show in London, which ran at The Showroom from 19 July to 17 September 2022. Navine G. Dossos' series of gouaches, made using a set of unique stencils, were originally created by the artist for the production of her solo exhibition There Is No Alternative at The Showroom in 2019.

Partnerships

Partnerships continue to play a key role in organisational development, both through opening up new opportunities for funding, as well as networks and knowledge.

Organisational partnerships are key to expanding the potential of our work, and we collaborate with a broad network of organisations both in the UK and abroad, including: MRes Art: Exhibition Studies at Central St Martins; Afterall, University of the Arts London (UAL); Goldsmiths; Mophradat 2020-2022; Common Practice (small scale London contemporary visual arts institutions partnership), Groundwork (partnership of peer organisations regionally Arts Catalyst, Sheffield; Primary, Nottingham; Newbridge Project, Newcastle) FRAME Finland; Finnish Cultural Institute and Tate Plus. The Showroom also continued or renewed partnerships with, Church Street Neighbourhood Forum, MEWSo: Middle Eastern Women and Society Organisation, The Feminist Library and Resonance FM.

Financial review / 2022-2023

Income for the year was £293,447.

Reserves policy

At the end of the financial year the unrestricted reserves available to carry forward were £222,696,

of which £109,000 have been designated as a reserve fund, which includes £35,000 for dilapidations as required by the lease; £35,000 have been designated for special development; £24,391 in a property fund towards lease negotiation/moving costs, and £23,051 of designated project funds.

The policy for the reserve fund is to maintain levels required to meet the cost of one exhibition, three months of running costs; the cost of reinstating the building on expiry of the lease is set at £35,000.

5

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

Future plans and activities in 2023/2024

The Showroom's programme will continue its unique approach of commissioning new projects that operate across the intersections of art, research and participation.

The Showroom’s priorities for 2023-24 are as follows:

Our future programme for 2023 – 2024 will include:

Oliver Ressler: Barricading the Ice Sheets 19 April-24 June 2023

An exhibition by artist Oliver Ressler in the context of his eponymous research focused on climate justice movements. Barricading the Ice Sheets at The Showroom investigates climate breakdown, climate justice and activist movements; and the relation of the latter to the arts. A public programme will accompany the exhibition, connecting with key London-based voices including those active in the climate movement; as well as with activist networks contributing to public demonstrations in the city over the duration of the exhibition, and with local constituents in The Showroom neighbourhood.

Barricading the Ice Sheets is a research endeavour by Oliver Ressler, supported by the Austrian Science Fund (FWF: AR 526) and Camera Austria, Graz, the research institution where the first exhibition of the cycle was presented (4 September – 21 November 2021). The exhibition at The Showroom is supported by Phileas: The Austrian Office for Contemporary Art and BMKOES: The Austrian Ministry of the Arts, Culture, the Civil Service and Sport.

Further configurations of the research have taken place as exhibitions at the Museum of Contemporary Art Zagreb, Croatia (30 November 2021 – 6 February 2022), Neuer Berliner Kunstverein (n.b.k.), Berlin, Germany (4 June – 31 July 2022), Tallinn Art Hall, Tallinn, Estonia (27 August – 6 November 2022), LABoral Centro de Arte y Creación Industrial, Gijón, Spain, (28 January – 9 September 2023) and finally The Showroom, London, UK (18 April – 24 June 2023).

6

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

Mural Commission (July 2023-24): Be Creative Remain Resilient will be artist Kay Abude's first presentation in the UK and the fourth annual Showroom Mural Commission. The commission is a unique project for artists to activate the building's emblematic facade, and is indicative of The Showroom's long-standing commitment to engaging community groups and individuals in our neighbourhood and beyond to work in collaboration with contemporary artists. Be Creative Remain Resilient will encompass a process of research, development and production by Kay in collaboration with a group of eight women with connections to The Showroom neighbourhood and further afield in London, opening up a broad inquiry into the nature of work and labour, exploring the politics of making, the economics associated with artistic practice, and the difficulties and precarities associated with creative careers, specifically among migrant communities.

Together Again Festival, London & Helsinki (Jan-March 2023; September 2023)

The Showroom’s curator Lily Hall continues the partnerships, dialogue and exchange which began at The Showroom in 2022 with Editorial Tables: Reciprocal Hospitalities and will visit Helsinki to deliver the project with artist Minna Henriksson .Together Again takes place throughout 2023 and culminates in a one-day festival held in Helsinki Central Library Oodi, Finland on 8 September 2023. This is expansive art project fostering gatherings, workshops, intercultural dialogues and socially engaged art, organised by the Finnish Cultural and Academic Institutes across the world in partnership with The Showroom, Bienal ‘23 Fotografia do Porto and the Vera List Center for Art and Politics, New York. Together Again presents six community-based works to audiences in Amsterdam, Helsinki, London, Madrid, New York, Oslo, Paris, and Porto, as well as online.

A Kiila Feminist Archive 'Reading Circle' will be held on Sunday 3 September at Oodi Central Library, Helsinki with a gathering of peers who share a focus in their work across literary studies, literature and/or visual art practice; each deeply embedded in the intersections of feminism and leftism. An intervention into the shelves of two public libraries in Helsinki will take place: Oodi Library and Rikhardinkatu Library, with newly printed booklets designed by Kaisa Lassinaro holding translations in English and original Finnish texts of excerpts from short stories, novels and poems by Tyyne Maija Salminen, Elvi Sinervo, Iris Uurto and Katri Vala that have been largely erased from international literary history. At Rikhardinkatu Library there will be an installation of new linocut print illustrations for these works of fiction, by Minna Henriksson. There will be a live contribution to the festival by members of the Reading Circle and a panel discussion chaired by Lily Hall; streamed online for international audiences.

40th anniversary fundraiser, 5 October 2023

A fundraising dinner and auction celebrating 40 years of The Showroom, activation of The Showroom archive and introduction to future programmes. An opportunity to raise funds for the programme and develop relationships with donors and patrons.

Marianne Keating: An Ciúnas / The Silence 13 October 2023 - 13 January 2024

As an immersive, three-channel film installation, the exhibition will bring together complex intersecting narratives addressing overlooked aspects of Irish migration during Ireland's colonial rule by Britain, and their enduring legacies in the present. Building upon the breadth of Keating’s research over the past decade, this new film traces multiple trajectories of migration from Ireland before and after the Great Famine of 1845-52. The work takes as a starting point the histories of the recruitment of Irish indentured labourers to work on plantations as a new labour force in post-abolition Jamaica. Whilst examining the resulting impact of the Irish diaspora in contemporary Jamaican politics, the film focuses in parallel on Irish migration to Britain due to successive eras of economic crisis; concentrating on the generations 'lost' since Irish Independence and continuing to the recent exodus in the 2010s. Keating re-examines and documents these histories through Irish and Jamaican anti-colonial ties.

7

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Trustees’ report

Tetine music performance: Music for Breathing February 2024

Musicians/artists Eliete Mejorado, Bruno Verner and cellist Yoko Afi from Brazilian experimental trio Tetine present Music For Breathing at the Showroom – an audio-visual performance featuring their unusual blend of atmospheric electronica, mutant DIY chamber pop and spoken-word, based on their most recent albums Music for Breathing and After the Future, out on Slum Dunk Music in 2023. Music For Breathing was born as a respiratory, meditative, and improvisatory piece of DIY tropical-mutant-punk-funk chamber music written for cello, voice, piano, organ, electronics and video, responding to our planetary ecosphere in erosion, and to the disorientation experienced in relation to various polluted environments in political, social and philosophical transitions.

The performance is an ode to Earth’s ancestral future as the only possible future.

Small company exemptions

This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.

This report was approved by the Board of Trustees on 16 January 2024 and signed on its behalf by

Andrew Renton

Chair of the Board of Trustees

8

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

Independent Examiner's Report to the Trustees of The Showroom Gallery Limited

I report on the accounts of the charity for the year ended 31 March 2023, which are set out on pages 10 to 25.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

ꞏ examine the accounts under section 145 of the 2011 Act;

ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and

ꞏ state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and

ꞏ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants

49 South Molton Street London W1K 5LH

16 January 2024

9

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
Income and endowments from:
2
Donations and legacies - page 11
131,174
Charitable activities:
Gallery Income - page 11
97,896
63,865
Investments
512
-
Total
229,582
63,865
Expenditure on:
Charitable activities:
Gallery costs - page 12
303,339
69,492
Total
303,339
69,492
Net income / (expenditure)
3
)
(73,757
)
(5,627
Reconciliation of funds:
Total funds brought forward
296,453
18,000
Total funds carried forward
13, 14
222,696
12,373		 2023
Unrestricted
Restricted
Total
funds
funds
£
£
£
131,174
217,074
-
161,761
135,523
27,161
512
24
-
293,447
352,621
27,161
372,831
268,538
48,370
372,831
268,538
48,370
)
(79,384
84,083
)
(21,209
314,453
212,370
39,209
235,069
296,453
18,000		 2022
Total
£
217,074
162,684
24
379,782
316,908
316,908
62,874
251,579
314,453

The notes on pages 15 to 25 form an integral part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

10

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Year ended 31 March 2023

Income from donations and legacies
Grants
Arts Council England (ACE) - NPO
Arts Council England - CRF3 Funding
HMRC Job Retention Scheme
Donations
Donations
Donations in kind
Income from charitable activities
Gallery income
Directors' Circle
Gallery hire
Galleries Circle
Patrons/founding Patrons
Benefactors
Corporate supporters
Friends/members/associates
Services/reimbursed expenditure
Paid admission/publication sales/fees
Fees for exhibition making
Other income
Insurance proceeds
Project specific funding
Grants/Donations
City of Westminster
Arts Council England - CRF 3 Funding
Postcode Society Trust
The Abbey Harris Mural Fund
Heritage Lottery Fund
Mondriaan Fund
The Embassy of the Kingdom of the Netherlands
Finnish Institute in the UK and Ireland
FRAME Contemporary Art Finland		 2023
£
130,247
-
-
177
750
131,174
3,000
200
1,500
11,000
5,000
5,000
300
-
1,276
50,000
35
20,585
97,896
-
-
-
3,000
7,880
11,571
8,548
22,139
10,727
63,865		 2022
£
130,247
70,000
9,696
6,381
750
217,074
2,000
240
-
-
8,599
-
-
11,880
2,240
110,564
-
-
135,523
2,000
7,161
18,000
-
-
-
-
-
-
27,161

11

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Year ended 31 March 2023

Expenditure on charitable activities
Gallery costs
Opening stock
Salaries - core staff
Salaries - gallery assistants/invigilators
Social security costs
Staff pension scheme costs
Artists' fees and other honoraria
Management/artists/other travel expenses
Sundry project costs
Installation/production costs
Labour/technical assistants and support
Hire of equipment
Publicity/advertising
Hospitality/opening costs
Other gallery/invigilation support
Closing Stock
Support costs - page 13
Governance costs - page 13		 2023
£
6,057
129,755
11,922
8,803
2,542
32,177
9,796
2,441
25,378
26,784
-
1,201
1,268
1,780
259,904
)
(5,523
254,381
102,591
15,859
372,831		 2022
£
3,887
110,979
16,213
7,158
2,555
33,005
5,318
1,063
20,543
22,158
477
966
929
-
225,251
)
(6,057
219,194
87,174
10,540
316,908

12

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Year ended 31 March 2023

Support and governance costs
Support costs
Office overheads
Rent
Rates
Light/heat/water
Telephone/email/web/alarm
Insurance
Insurance in kind
Repairs/renewals/maintenance/security
IT/website/software/equipment expenses
Cleaning/refuse
Amortisation of short leasehold property
Depreciation of website
Depreciation of fixtures/fittings/equipment
Administration costs
Travel/transport
Printing/postage/stationery/storage
Marketing/advertising
Subscriptions/magazines
Sundries
Professional/financial
Consultancy fees
Bank charges
Bad debts
Deficit on exchange
Governance costs
Legal/professional
Accountancy fees
Bookkeeping		 2023
£
52,900
3,379
5,340
2,259
2,243
750
3,726
10,428
4,497
-
523
2,727
964
980
2,741
795
1,629
6,125
124
-
461
5,623
4,300
5,936		 £
88,772
7,109
6,710
102,591
15,859
118,450		 2022
£
42,917
-
3,893
1,629
2,351
750
4,376
4,323
4,157
4,286
449
1,573
159
1,711
2,737
484
696
6,458
162
2,500
1,563
-
4,700
5,840		 £
70,704
5,787
10,683
87,174
10,540
97,714

13

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Balance Sheet 31 March 2023

Notes
Fixed assets
Tangible assets
8
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling
due within one year
11
Net current assets
Total assets less current liabilities
The funds of the charity:
General fund
Designated funds
Unrestricted funds
13
Restricted income funds
14
Total charity funds		 2023
£
5,523
36,527
227,911
269,961
)
(46,733		 £
11,841
223,228
235,069
13,537
209,159
222,696
12,373
235,069		 2022
£
6,057
66,998
249,762
322,817
)
(14,896		 £
6,532
307,921
314,453
36,140
260,313
296,453
18,000
314,453

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

ꞏ The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

ꞏ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 16 January 2024 and signed on its behalf by

Andrew Renton - Chair Trustee

Zain Mahmood Trustee

The notes on pages 15 to 25 form an integral part of these financial statements.

14

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

1. Accounting policies

1.1. Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (issued October 2019) 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) - (Charities SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

1.2. Incoming resources

All incoming resources are included in the Statement of Financial Activities when:

- Donations and legacies

Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:

- Charitable activities

Gallery income is included in incoming resources in the period in which the relevant activity takes place.

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

15

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

- Donated services and facilities

Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

- Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.3. Expenditure

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:

- Charitable activities

Gallery costs - costs incurred in running the gallery.

- Support costs

The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to gallery costs.

- Governance costs

Costs associated with the constitutional and statutory requirements of the charity.

1.4. Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

1.5. Leasing

Rentals payable under operating leases are charged to the income and expenditure account on a straight line basis over the lease term.

16

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

1.6. Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.7. Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

1.8. Stock

Stock is valued at the lower of cost and net realisable value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

1.10. Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12. Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.

1.13. Significant Accounting Estimates and Judgements

In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually. Further information about key assumptions concerning the future, and other key sources of estimation of uncertainty, are set out in the notes.

17

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

1.14. Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at the date of the transactions. All gains and losses on exchange are written off in the Income and Expenditure account.

2. Incoming resources

The total incoming resources for the year have been derived from the principal activity. The proportion of incoming resources derived from outside the UK amounted to 12% (2022 - 30%).

3. Net income/(expenditure) for the year is 2023 2022
stated after charging: £ £
Depreciation of tangible fixed assets 3,250 6,308
Deficit on foreign exchange 461 1,563
Independent Examiners' remuneration
- independent examination 3,300 3,300
- other services 200 200

4. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year (2022 - £ nil).

No expenditure was reimbursed to trustees during the year (2022 - £ nil).

18

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

5.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs		 2023
£
141,677
8,803
2,542
153,022		 2022
£
127,192
7,158
2,555
136,905

No employee earned £60,000 or more during the year (2022 - nil).

The key management personnel of the charity comprise the trustees and the senior management team. The total employee benefits of the key management personnel of the charity were £71,169 (2022: £93,961).

Staff numbers

The average numbers of full-time equivalent employees (including casual and part time staff) during the year was made up as follows:


Core staff
Gallery assistants		 2023
Number

4
1
5		 2022
Number
4
1
5

6. Pension costs

The company operates a defined contribution pension scheme in respect of its employee. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £2,542 (2022 - £2,555).

7. Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

19

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

8.
Fixed assets - tangible assets
Short
Website
Fixtures/
leasehold
fittings/
property
equipment
£
£
£
Cost
1 April 2022
130,791
15,061
26,913
31 March 2023
130,791
15,061
35,472
Depreciation
1 April 2022
130,791
13,477
21,965
Charge for year
-
523
2,727
31 March 2023
130,791
14,000
24,692
Net book values
31 March 2023
-
1,061
10,780
31 March 2022
-
1,584
4,948
9.
Stocks
2023
£
Stocks
5,523
10.
Debtors
2023
£
Trade debtors
-
Prepayments/accrued income
36,527
36,527		 Total
£
172,765
181,324
166,233
3,250
169,483
11,841
6,532
2022
£
6,057
2022
£
33,779
33,219
66,998

20

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

11.
Creditors: amounts falling due
within one year
Trade creditors
Other creditors
Accruals		 2023
£
19,714
4,749
22,270
46,733		 2022
£
2,560
5,830
6,506
14,896

12. Limited by guarantee

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 March 2023 there were 8 members.

21

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

13. Unrestricted funds Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
General fund 36,140 229,582 )
(303,339		 51,154 13,537
Designated funds:
Fixed assets/stocks 12,104 - - 5,613 17,717
Reserve fund 109,000 - - - 109,000
Special Development 35,000 - - - 35,000
Property Fund 30,000 - - )
(5,609		 24,391
IT Fund 8,000 - - )
(8,000		 -
For Arts Sake 2,000 - - )
(2,000		 -
Tanner Lane 11,375 - - 11,676 23,051
The Enablers 2,834 - - )
(2,834		 -
Programme Fund 50,000 - - )
(50,000		 -
296,453 229,582 )
(303,339		 - 222,696

Fixed assets/stocks

Funds invested in fixed assets and stock, predominately the refurbishment of the rented gallery space. It is assumed that the fixed asset fund will be written down to zero over the time of the lease. Liquidation value of the fixed asset fund is assumed to be zero as well.

Reserve fund

The reserves fund contains an equity reserve of £74,000 equal to a minimum of three months of operating costs in cash to ensure going concern. It also contains the sum required to make redundancy payments to staff who have worked here for more than two years. Furthermore, it includes a reinstatement reserve of £35,000 for the amendments made to the rented gallery space as required by the landlord. These funds are not available for operations.

Special Development

Funds of £35,000 are maintained. These unrestricted reserves have been designated for special development purposes, including website development, organisational development, increase in staffing capacity and the underwriting of the programme. A 40th anniversary fundraiser is planned in 2023/24 and funds from the development fund will go towards the cost of this.

Property Fund

£30,000 was allocated to cover any costs related to renewing the building lease or moving to a new location. The Showroom has renewed the lease at Penfold Street and this fund is being used to cover all associated legal and other costs. The balance will be carried forward to cover any further costs related to the property.

IT Fund

22

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

Was used in 2022/23 to purchase new computer hardware for the organisation.

For Arts Sake

The remaining £2,000 was donated to ongoing programming.

Tanner Lane

In 2021/22 The Showroom secured a 3 year partnership with LACUNA to develop artwork on the rotational Tanner Lane Wall with Great Western Developments and Sellar. Each year a selected artist will work with communities to deliver a temporary, year-long mural for the Tanner Lane Wall. Project delays have been caused by the slower development of the infrastructure in Paddington. This project will continue into 2024.

The Enablers

There was no further activity on this project, so the designated funds have been released.

Programme Fund

The £50,000 provision brought forward was used in 2022/23 on programming and exhibition costs in the year.

23

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

14. Restricted funds Brought Brought Incoming Outgoing Carried
forward resources resources forward
£ £ £ £
AMP Envelope - 3,000 )
(3,000		 -
Westminster Church Street - 7,880 )
(7,880		 -
Inas Halabi - 20,119 )
(20,119		 -
Website 18,000 - )
(5,627		 12,373
Editorial Tables - 32,866 )
(32,866		 -
18,000 63,865 )
(69,492		 12,373

AMP Envelope

The Abbey Harris Mural Fund contributed £3,000 to support artist Adam Shield's AMP Envelope mural commission as part of the exhibition of the same name.

Westminster Church Street

A Heritage Lottery Fund grant of £7,880 was awarded to artist Boris Stout and administered by The Showroom to support Site A - Gyonamdong - Facing Church Street - Blackwater, a project capturing memories and documenting life on Church Street.

Inas Halabi

We No Longer Prefer Mountains was generously supported by Mondriaan Fund and the The Embassy of the Kingdom of the Netherlands. The exhibition was a major new installation in which Halabi reflected upon the particular political and social condition of the Druze community living in occupied Palestine, taking individual and personal stories as a point of departure.

Website

£18,000 funding from Postcode Lottery Trust was granted for the development of a new website which should have been completed by July 2022. However, our provider was forced to closed down due to covid and other issues. We were able to recoup the first instalment paid to them have now retendered the work, which will continue into 2023/24. Postcode Lottery Trust have been informed of the issue and have been supportive of us continuing the project.

Editorial Tables

£22,139 was granted from the Finnish Cultural Foundation and £10,727 from FRAME Finland. Editorial Tables - Reciprocal Hospitalities was an eight-week show in early 2023, including a two-day programme of talks, workshops and performative interventions, bringing together the publishing practices of eight artists.

24

DocuSign Envelope ID: E6275CE9-CAF4-49EC-84C2-4A422FFD9846

The Showroom Gallery Limited

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

15. Analysis of net assets between funds

Analysis of net assets between funds
General
Designated
Restricted
funds
funds
funds
£
£
£
Fund balances at 31 March 2023
are represented by:
Tangible fixed assets
11,841
-
-
Net current assets
1,696
209,159
12,373
13,537
209,159
12,373		 Total
£
11,841
223,228
235,069

16. Financial commitments

At 31 March 2023 the company had total future commitments under non-cancellable operating leases as follows:

Due date:
Within one year
Between one and five years		 2023
£
62,000
310,000
372,000		 2022
£
52,900
26,450
79,350

17. Related party transactions

Samallie Kiyingi donated £3,000 on 6 December 2022. Sophie Lachowsky donated £250 on 8 April 2022. Sophie Campos donated £50 on 12 April 2022.

Sophie Lachowsky purchased an Edition artwork £340 on 3 March 2023.

25