| LeqalandadminietEtive into | rmation |
|---|---|
| Name | Booker Prize Foundation |
| Company Regiatration Number |
U21ffi7(companylimitedbyguarantee) |
| Registered Charity Numbar |
1090049 |
| Truste€B | Thetrustees(who arethe company law direclors) throughout theyearandup to thedate |
| of signingthisreportwere: | |
| -Mark DamazerCBE(chair, appointed1June 2020) | |
| -AnthonyDamerACA (treasurer, appointed8July 2021) | |
| -Nicholas Badey | |
| -Baroness Helena Kennedy QC(retired29 February 2020) | |
| -Carol Lake | |
| -BidishaSKMamata | |
| -Alexander James Naughtie (retired11February2021| | |
| -BenOkri | |
| -MaryTeresa Rainey OBE (appointed18November2020) -ProfessorLoliseRichardson(actingchairIDec€mber2019to 31May2020) |
|
| -Katherine Nicole Sheard (appointed18November 2020) | |
| -TheRtHon LordDavidWletts | |
| ComparrySecretary | Evelyn Smith |
| RegletaredOfficc | First Floor,10Queen Street Place |
| London EC4R 1BE | |
| Auditors | Moore Kingston Smith LLP |
| Devonshire House | |
| 60 Goswell Road | |
| LondonECIM7AD | |
| BanketE | |
| The Peak,333Vauxhall BridgeRoad | |
| Victolia, LondonSw1V1EJ | |
| SolicitoG | BatesWells&BraithwaiteLLP |
| 10Queen Street Place | |
| London EO4R1BE |
| During2020 (andinto2021) the committee mem | bers were: |
|---|---|
| GabyWood(Chair) | -Literary Direclorofthe Foundation |
| (fromApril202'1,hertiuebecomeDirec'toroftheFoundation) | |
| Nic Bottomley (appointed July 2020) | -Bookseller (co-founderMrB's EmporiumofReadingDelights) |
| JamieByng | -Publisher, Canongate Books |
| Jonty Claypole(retiredApril 2021) Lamia Dabbusy (appointed April2021) James Daunt |
-Exea{iveEditor,BBCArts -BBCHead ofAIts -Bookseller (ManagingDirector\rvaterstones) |
| Jonathan Douglas | -CEO, NationalLiteracyTrust |
| Adam Freudenheim | -Publisher, Pushkin Press |
| Daniel Hahn | -Witer&translator |
| Peter Kemp | -Chief Fiction Reviewer, The Sunday Times |
| Sharmaine Lovegrove Emma Paterson(appointedJuly2020) |
-Publisher, Dialogue Books (Hachette UK) -Agent, Aitken Alexander Associates |
| Fiammetta Rocco | -Culture Conespondent, The Economist&1843,lntemational |
| Michal Shavit (retired September2020) | BookerPrizeAdministrator -Publisher, Jonathan Cape (Penguin RandomHouse) |
| EvelynSmith | -Secretary, Booker Prize Foundation |
| BoydTonkin | -Vffier&critic |
| Helen\Mlliamg | -Senior Counsel, Booker Group |
| KeyRisks | ilanag€ment |
|---|---|
| Lack ofdireclionandstrategy | Startingwithadedicatedskategymeeunginoctober |
| 2019,the trusteesare developingstBtegicobjectivesin | |
| keyareas. Most notably digital stEtegyisapriority; elementsinprogressincludepreparatorywork bythe executiveteam andiherecruitrnentoftrusteeswith |
|
| specific expertise | |
| Dependency onkeypersonnel/$ofessionalservice | Responsibilitiesofconsultantsare setoutincontracts but |
| oroviders | these arein needofreMew &updatingi collegiate |
| executive working enables knowledge/nelworkstobe | |
| shared and/or understood althoughpersonalcontacts | |
| and experience are essential; the significant resources | |
| availableMa FourCulture for administration&operations | |
| areanadvantage wllich would not necessarilybe | |
| available to BPF/BPTL(or mightcost more) ifittook | |
| direcl responsibilityforthesebutthereisrecognition by | |
| allconcerned (BPF/BPTUFour Culture) that reviewofthe | |
| anangementsisneeded. | |
| ExclusiveCranksiartFoundationtunding(risksassociated | Crankstart isa strongfinancial covenant-independent |
| bothwith modeloftunding and identityoftunder) | due diligence was undertaken byKrollfor BPF/BPTL |
| priorto enteringintofunding agreementsonMlich | |
| independentlegaladvicewasalso taken; the Secretary is | |
| awareof keyprovisions& briefsandliaiseswithothersto | |
| ensure comdiance; thereisawarenessof impactof | |
| cappedannualfunding&VAT onbudgets;the board& | |
| the executive are responsible forensuringthereis | |
| independent decision making(thisacknowledgedin | |
| fundingagreement);insuranc€inplaceto includeNorth | |
| American claims (Crankstart isa USentity);inextreme | |
| cirormstancesBPF/BPTLmayterminate funding | |
| agreementifCrankstart brings BPF orprizesinto | |
| disrepute and BPFhasa significant reserve(equivalent | |
| tooneyeartundingatcunent level) | |
| Judges&judging-various risks associatedwith: | |
| a)diversity (orlack) ofpanel | a)recent(past5years)panelshave demonstrable |
| diversitybutneedto maintain this | |
| b) failurelofollow rules | b)lessons from 2019 BookerPrize- emphasis in rules |
| thatjudgesmustfollow direclion/guidanceastoprocess- | |
| governance (board) responsibilitytounderpinthis | |
| c)harm causedbyassociationwithjudgesviews& | c)ongoing care&attention to choiceofjudgesand their |
| activitjes notrelated tojudging process | profile |
| d)exposureofjudgesto criticism and campaigns | d)cunent closeliaison withjudgesby Literary Direclori |
| (particularly via social media) | lntemational Administratoriskey |
29 October 2021
| Note | Unr€strictedUnrcEtricted Funds Funds 2020 2019 Ef |
Unr€strictedUnrcEtricted Funds Funds 2020 2019 Ef |
|
|---|---|---|---|
| lncome | |||
| lncome from Trading Ac{ivities | 1 | 687,000 | |
| lnclmefrom Donations & Legacies | 4 | I,500,000 | 1,500,000 |
| lncome from investments | 6 | 2.410 | 7,001 |
| Total income | 1,502,110 | 2,191,001 | |
| Expenditurc | |||
| ExpenditureonTrading Activities | 4't5,566 | ||
| Expenditure on Charitable Activities: | |||
| Booker Prize | 3 | 7,774 | 55r,985 |
| lnternational BookerPrize/ManBooker lntemational Prize |
3 | 496,813 | 445,957 |
| Expenditureonother charitable activities | 3 | 225,333 | 215,780 |
| Total expenditurE | 1,178,920 | '1,629,288 | |
| Netincome fortheyear | 25,490 | 56,+,713 | |
| Fund balance brought fonradatl6tJanuary | 2,OE2,nO | t,517,557 | |
| Fund balance cardedfoiwardat31Decembel | ____ztts!---_2,9322!9 |
| Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|
| ote | 2020 € |
20r9 I |
2020 € |
2019 f |
||
| Fixedassets | ||||||
| lnveslments | ||||||
| Current Assets | ||||||
| Debtors | t0 | 530 | 36,530 | 325,303 | 791,665 | |
| Cashat bank andinhand | 2J48,250 | 2,090,248 | 1,820,056 | 1,308,040 | ||
| 2,158,780 | 2,126,778 | 2,1,15,359 | 2,099,705 | |||
| Creditors: amounts falling due | ||||||
| oneyear | 11 | (61,020) | (44,508) | (42,600) | (22,435) | |
| l{etCun€ntAssetB | 2,107,t60 | 2,082,270 | 2,102,759 | 2,077,270 | ||
| TotaletAssets | 2.107.760 | 2.082.270 | 2.102.760 | 29zg!1 | ||
| UnrcstrictBdfunds | ||||||
| Unrestricted funds-charitable funds | 2,102,760 | 2,077,270 | 2,102,760 | 2,077,271 | ||
| Non Charitable-trading funds | 5,000 | 5,000 | ||||
| 2.10f.760 | 2.042.270 | 2.102.760 | 2.077.271 |
| Note | 2020 f |
2019 € |
||
|---|---|---|---|---|
| Cashflowsfrom operatingactivities | ||||
| Cashgenerated from operations | 15 | 75,592 | 1,21',t,449 | |
| Netcash providedbyoperEtingactivities | 75,592 | 1,211,49 | ||
| Cashflows from invssting actiyities | ||||
| lnterest received | 2,410 | 7,001 | ||
| Netcash proyided by investingactVities | 2,410 | 7,OO1 | ||
| Changein cash andcashequivalents during tlreyear | 78,002 | 1,218,450 | ||
| Cash andcash equivalentsatbeginningofyear | 2,090,248 | 871,798 | ||
| Cashandca6hequivalentsatendofyear | ____a-ggtgg_ | ___399948_ | ||
| Analysis of cashandGashequivalenb | ||||
| 2020 | 2019 | |||
| € | € | |||
| Cashaibankandinhand | 1,568,250 | 'l,490,248 | ||
| Deposits | 600,000 | 600,000 | ||
| Total cashandcash equivalents | 2,168,250 | 2,090,218 | ||
| Analysis of changes innetdebt | 0lJan-20 €€ |
Cash Flows | 3t-Dec-20f | |
| cash | 2,490,24878,002 | 2,.t68,250 | ||
| Loansfallingduewithin one year | ||||
| Loansfallingdueaftermorethanoneyear | ||||
| Total | 2,O90,218 | 78,002 | 2,168,250 |
| A!3[Eid-Er@d!!E | |||||||
|---|---|---|---|---|---|---|---|
| oomtions--. Litera,yaw.'ds"1-t!l;f5*TH"" (l{ote7) |
"*lfri | 2o2o rotr |
2ol9 rotar |
||||
| EE€E€E | |||||||
| Expenditure on Raisingfunds CostofTradingAc{ivities |
- | 415,566 | |||||
| Total Expenditureonrai3ingfund6 | 4{5,566 | ||||||
| Expenditure on chadtabloactivities | |||||||
| Bookerprize | 564,963 | 18S,81'1 | 79,774 | 551,985 | |||
| lntemational BookerPrize/ Man Booker tntemationatprize |
371'874 | 124'939 | {95'813 | 445'957 | |||
| Other charitableaca,ities | - | 153,037 15,629 56,667 | 225,333 | 215,780 | |||
| TottExpendlture on charitablg acrivitios |
936,837 | 15:t,037 | 15,629 371,117 |
1,,t76,920 | 1,213,722 | ||
| Total Expendlture2020 | 936,E37 | t53,037 | 15,629 3?1,417 | 1,476,920 | 1,529,288 | ||
| Total Expenditure2019 | 971,722 | 118,423 | +A52 | 501,291 | 1,629,288 | ||
| Analysis of Expsnditure201I | |||||||
| -1"1:'-:1t-otherDirec.t -renary'warcs"'Iiffff costs |
support "o"t"(r") |
2ole Totar |
|||||
| €E€E€ | |||||||
| Expenditure on Raiaing fuhd$ | |||||||
| CostofTEdingAdivities | 2E3,822 | - | 3,885 | 127,859 |
415,566 | ||
| StalExpenditure onr.isingtunds | 283,822 |
- |
3,885 12?,ASg | 415,566 |
|||
| Expendituro on charitableaclivitles | |||||||
| Man Booker prize Man Booker Prize lntemational |
382,153 308,747 |
163,832 137,210 |
551,985 ,t45,957 |
||||
| 50thAnniversary Olherdrariteble advities |
148,423 | 967 | 66,390 |
215,780 | |||
| Total Expenditure oncha.ltabl€ activities _ |
890,900 | Ma,123 | 967 | 373,132 |
1,213,722 | ||
| Total Expondlture2019 | 914,722 | 118,121 | /a,852501,291 | 1,629,244 |
| 3aSupport Costg | 2020 | 2019 |
|---|---|---|
| € | e | |
| KeyManagement Personnel | 212,713 | 166,293 |
| Adminstration expenses | 72,OO2 | 83,236 |
| lnformation technology | 25,5',t5 | 32,270 |
| Marketing costs | 3,013 | 36,546 |
| lnsurance | 11,969 | 10,192 |
| Bank charges | 1,216 | 1,087 |
| lnterest payable | ||
| lnecoverable VAT | 94.200 | |
| Govemance Costs(3b) | 44,569 | 77,467 |
| x71,117 | 5O1,291 | |
| Governancecosts | ||
| Trustees Expenses(note5) | 463 | 1,224 |
| Audit fees (3c) | 12,850 | 16,230 |
| Accountancy fees | 12,000 | 10,083 |
| Legal& professional fees | 3,956 | 29,480 |
| Govemsnce consulatncy | 15,300 | 20,450 |
| 44,569 | 77,467 | |
| Auditors'remuneration | ||
| Audit fees-Cunent year | 13,920 | 14,642 |
| Audit fees -prioryear(over)/ under accrual | (2,000) | 688 |
| -Non-audit services | 930 | 900 |
| 12"850 | ,t6,230 |
| 2020 f |
2019t | ||
|---|---|---|---|
| Donation lncome | 1,500,000 | 1,500,000 | |
| Sponsorship lncome | 650,000 | ||
| Other lncome | 37,000 | ||
| Tumover | 1,500,000 | 2,187,000 | |
| Directcosts | (788,847|(844,030) | ||
| Grossprofit | 711,153 | 't,342,970 | |
| Administration costs | (155,433) | (2m,6r4 | |
| lnterest received | 251 | 1,968 | |
| lnlerest payable | |||
| Profit on ordinary activities fortheyear | + | 555.971 | lpglE3l |
| Shareholders'fundbroughtfotward | 5,001 | 5,001 | |
| Profit forthefinancialyear | 555,97r | 1,061,321 | |
| Charitable distribution toparentundertaking | (55s,971) | (1,061,321) | |
| SharEholdeE fundcardedfoiward | 5,001 | 5,001 | |
| Theassets, liabilitiesandfundsofthe subsidiary were: | |||
| Assets Liabilities |
348,194818,208 (343,193)(E13,207) |
||
| Capitl,ndregerves | _5.09L | 5.991 |
| lntercst lrceivableandsimilarincome | ||
|---|---|---|
| 2020 | 2019 | |
| €f | ||
| lnterest onbankdeposits | 2,410 | 7,001 |
| Donations | ||
| 2020 €e |
2019 | |
| Designerbookbinders | 11,087 | 10,875 |
| EnglishPEN | 5,000 | |
| Libraries Proiect | 37,200 | 30,000 |
| NationalLiteracyTrust | 50,000 | 50,000 |
| Royal National lnstitute of Blind People | 23,500 | 23,500 |
| Universityof EastAnglia(Scholarship) | 18,750 | 6,250 |
| Univelsities lnitiative | 16,100 | |
| Cheltenham Literature Festival | 5,000 | |
| EdinburghBookFestival | 5,000 | 5,000 |
| OtherCharitable/festivals | 2,500 | 1,698 |
| l-t! z___J48,4x |
| Debtors | ||
|---|---|---|
Amountduefrom subsidiary Otherdebtors |
Group 2020 2019 Et€€ undertaking 530 36,530 |
Charity 2020 2019 324,773791,135 530 530 |
| _I19_____-lg!39_ | 925,!9!__Zer,ggI |
| Grcup 2020 2019 Ef |
Charity 2020 CC |
2019 | ||
|---|---|---|---|---|
| Trade credilors Accruals |
6,250 4,500 54,770 34,008 |
6,250 36,350 |
4,500 17,935 |
|
| VAT payable | - 6,000 |
|||
| _91J:9__lt!!!_ | _l3fg9n,$! | |||
| '12 | Financiallnsbllment3 | fe Gruup 2020 20,t9 |
€f Charity 2020 |
2019 |
| Carrying amountoffinancial as3ets Debt instruments measuredatamortised costl3ilqq __426,7]3_ |
__1p?gEqq___L999.!29_ | |||
| Carrying amountoffinancialliabilities | ||||
| Measuredatamortised cost | 61,020 38,508 |
42,600 |
22,435 |
| Thefeespaidtokey adviserswhomay besaid follows: |
tobethe equivalent of key mana | gementper | |
|---|---|---|---|
| 2020 | 2019 | ||
| €€ | |||
| Aggregate compensation | 212,713 | 166,293 | |
| '15 | Cashgeneratedfromoperations | 2020 €€ |
2019 |
| Netincomefortheyear | 25/90 | 5M,713 | |
| Adiusunentsfor: | |||
| lnterest received Decreaseindebtors lncrease/(Decrease)increditors |
(2,410) 36,000 16,512 |
(7,001) 870,730 (216,993) |
|
| cashgenerated from , (used in) | __25,5 __J41.44s |
| Yearended31December2020 | Balancs brf | lncome | Expenditure | Othergaina | Balancec/f |
|---|---|---|---|---|---|
| &Tranafera | |||||
| E | t | f | € | ||
| Charitable funds | 2,077,270 | 't,502,410 | (1,476,920) | 2,102,760 | |
| Trading funds | 5,000 | 5,000 | |||
| TotellhreatrictedFunds | 2.O82.270 | 1-il2A,to | fi176-9201 | 2.107.?60 | |
| Yearended3lD.cember2019 | Balance brf | lncome | Expenditure | Othsrgairs &Transfers |
Balancec/f |
| f, | € | € | f, | f | |
| Charitable tunds | 1,512,557 | 1,507,001 | (1,213,722) | 271,4U | 2,077,270 |
| TIading tunds | 5,000 | 687,000 | (415,566) | (271,43r'.) | 5,000 |
| Total LJnreskicted Fsnds | ___IE1ZE5Z | 2-lga-00t | ,t_62e-284t | ______2,8ruo |
| Comparativeintormation:Consolidatsd Statementof | FinancialAciiv | iti$YearEnded3lDece | mber20rg |
|---|---|---|---|
| Note | Unrestricted Funds |
unrostricted Funds |
|
| 2019t | 2014 € |
||
| lncome | |||
| lncome from TradingAclivities lncome from Donations & Legacies lncome from investments |
,r 4 6 |
687,000 1,500,000 7,001 |
1,575,525 7,117 |
| Total income | 2,19/t,00'l | 1,582,U2 | |
| Expenditure | |||
| Expenditure onGeneratingfunds | 415,566 | 744,920 | |
| Expenditure on Charitable Activities: | |||
| Booker Prize (Man Booker Prize 2018) | 3 | 551,985 | 265,172 |
| Man Booker Prize lniernational | 3 | 445,957 | 184,638 |
| Expenditure on Other charitable Activities | 3 | 215,780 | 661,116 |
| Total expenditur€ | t,529,288 | ,,895,8,17 | |
| Netincome/(expendiurc)tortheyeal | 564,713 | (3r3,205) | |
| Fund balance broughtfolx,ardatlstJanuary | 1,517,557 | 1,830,762 | |
| Fund balancecaredforwardat3lDecember | 2,0A2,270 | 1,517,557 |