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|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|
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|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|
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|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|
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29 October 2021
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||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_||
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|||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|
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|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|
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|||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_|
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|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_||
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|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!!!_|____l3fg9____n,$!_||
|'12|Financiallnsbllment3|fe
Gruup
2020
20,t9|€f
Charity
2020|2019|
||Carrying amountoffinancial as3ets
Debt instruments measuredatamortised costl3ilqq
__426,7]3_||__1p?gEqq___L999.!29_||
||Carrying amountoffinancialliabilities||||
||Measuredatamortised cost|61,020
38,508|
42,600|22,435|
##
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||Thefeespaidtokey adviserswhomay besaid
follows:|tobethe equivalent of key mana|gementper|
|---|---|---|---|
|||2020|2019|
|||€€||
||Aggregate compensation|212,713|166,293|
|'15|Cashgeneratedfromoperations|2020
€€|2019|
||Netincomefortheyear|25/90|5M,713|
||Adiusunentsfor:|||
||lnterest received
Decreaseindebtors
lncrease/(Decrease)increditors|(2,410)
36,000
16,512|(7,001)
870,730
(216,993)|
||cashgenerated from , (used in)|__25,5
__J41.44s||
##
|Yearended31December2020|Balancs brf|lncome|Expenditure|Othergaina|Balancec/f|
|---|---|---|---|---|---|
|||||&Tranafera||
||E|t|f||€|
|Charitable funds|2,077,270|'t,502,410|(1,476,920)||2,102,760|
|Trading funds|5,000||||5,000|
|TotellhreatrictedFunds|2.O82.270|1-il2A,to|fi176-9201||2.107.?60|
|Yearended3lD.cember2019|Balance brf|lncome|Expenditure|Othsrgairs
&Transfers|Balancec/f|
||f,|€|€|f,|f|
|Charitable tunds|1,512,557|1,507,001|(1,213,722)|271,4U|2,077,270|
|TIading tunds|5,000|687,000|(415,566)|(271,43r'.)|5,000|
|Total LJnreskicted Fsnds|___IE1ZE5Z|2-lga-00t|,t_62e-284t||______2,8ruo|
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|Comparativeintormation:Consolidatsd Statementof|FinancialAciiv|iti$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|