2022-12-31-accounts - Booker Prize Foundation

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				For the year ended 31 D	For the year ended 31 D	ec	ember 202	ember 202	ember 202	2	2	2
The trustees present			their	report and the financial statements			for the year			ended 31"December 2022.			These
have been	prepared		in accordance with the Charities Statement of					Recommended			Practice	(FRS102)	issued
on 22 May 2014, taken advantage		current of the		legislation and the articles and memorandum simplified disclosures available to smaller					of association. The trustees companies through Part 15				have of the
Companies	Act 2006, including				exemption from preparing a Strategic Report.
Le al and	administrative			information
Name					Booker Prize Foundation
Company	Registration
Number					04213467 (company limited	by	guarantee)
Registered	Charity
Number					1090049
Trustees					The trustees (who are the company			law directors)			throughout	the year	and
					up to the date of signing this	report		were:
					Mark Damazer CBE(Chair)
					Anthony Darner ACA (treasurer)
					Nicholas Barley
					Carol Lake OBE
					Bidisha SK Mamata (retired		2 March 2022)
					Sir Ben Okri OBE
					Mary Teresa Rainey OBE
					Professor Dame Louise Richardson
					Katherine Nicole Sheard
					The Rt Hon Lord David Willetts
Company	Secretary				Anthony Darner
Registered	Office				Somerset House
					Strand
					London WC2R 1LA
Auditors					Moore Kingston Smith LLP
					9Appold Street
					London EC2A 2AP
Bankers					HSBC
					The Peak, 333Vauxhall Bridge Road
					Victoria, London SW1V 1EJ
Solicitors					Bates Wells &Braithwaite LLP
					10Queen Street Place
					London EC4R

				For t	ear en	ded 31 December 2022
Key Risks						Management
Lack of		direction and strategy				Starting with a dedicated strategy meeting in October 2019,the trustees are developing strategic objectives in key areas. Most notably digital strategy has been a priority; and 2022 saw the development and ongoing implementation of a new strategy aimed at ensuring that BPF, and most of all the
						books associated with the Booker prizes, are celebrated across the widest networks.
Amended		structure	ofBPFnot yet	established.		2022 was the last full year ofthe contract with Four
						Culture which had formed the cornerstone of
						Booker prize administration, PR and event hosting for many years. A tender process was begun in Aug 22 which culminated in the award ofthe PR
						and events contract to Premier in December 22.
						This, along with the appointment of a director of
						prize management and special projects, completed the restructure ofprize administration.
						Responsibilities ofthe Chief Executive, employed staff and key consultants are set out in contracts
						with collegiate executive working enabling
						knowledge/networks to be shared and/or
						understood although personal contacts and
						experience are essential. BPF. As at May 23a Director of Finance &Operations has begun working at BPFand the last planned appointment to the team, an EA, has also been made.
Exclusive associated offunder)		Crankstart both with	Foundation funding model of funding and		(nsks identity	Crankstart is a strong financial covenant- independent due diligence was undertaken by Kroll for BPF/BPTL
						prior to entering into 2019core funding agreements on which independent legal advice was also taken; the Secretary is aware of key provisions & briefs and liaises with others to ensure compliance; there is awareness of impact ofcapped annual funding 8 VAT on budgets; the board 8 the executive are
						responsible for ensuring there is independent decision making (this acknowledged in funding agreement); insurance in place to include North
						American claims (Crankstart is a US entity); in extreme circumstances BPF/BPTL may terminate funding agreement ifCrankstart brings BPFor prizes into disrepute and BPFhas a significant
						reserve (equivalent to one year funding at current
						level)
						The additional funding for online digital
						development from the same source, Crankstart,
						underlines this dependency on a single source, but the new digital strategy contemplates partnerships with other third parties.
Scale and expansion ofthe scale	ambition of digital initiative, including of payroll and anticipated transformation ofthe Foundation's operations Recognition ofthe need for organisational development and growth needed to underpin the digital initiative. Ongoing engagement ofthe executive and board to seek to ensure the
					challenges and scale oforganisational


Key Risks		Management
		development/underpinning keeps up with the pace ofonline/digital activity.
Judges &judging —various risks associated	with:
a) diversity (or lack) ofpanel		a) recent (past 5years) panels have demonstrable
b) failure to follow rules		diversity but need to maintain this b) lessons from 2019Booker Prize - emphasis in rules that judges must follow direction/guidance as
c)harm caused by association with judges' views & activities not related to judging process d) exposure ofjudges to criticism and campaigns (particularly via social media)		to process - governance (board) responsibility to underpin this c)ongoing care &attention to choose ofjudges and their profile d) current close liaison with judges by Chief Executive/
		International Administrator is key

			Unrestricted	Restricted	Total	Total
		Note	Funds	Funds	Funds	Funds
			2022 F	2022f	2022f	2021
Income
Income from	Donations &	Legacies	1,500,000	1,152,000	2,652,000	2,652,000
Income from Income from	Trading Activities investments		27,215		27,215	629
Total income			1,527,215	1,152,000	2,679,215	2,652,629
Expenditure
Expenditure	on Charitable	Activities:
Booker Prize			740,773		740,773	568,255
International	Booker Prize		543,546		543,546	451,809
Other charitable activities			340,735	1,015,842	1,356,577	775,360
Total expenditure			1,625,054	1,015,842	2,640,896	1,795,424
Net income	/(expenditure)	for the year	(97,839)	136,158	38,319	857,205
Fund balance brought forward at 1stJanuary			2,080,562	884,403	2,964,965	2,107,760
Fund balance carried forward at 31 December			1,982,723	1,020,561	3,003,284	2,964,965

				Group		Charity
			Note	2022f	2021f	2022f	2021f
Fixed assets
Investments
Current Assets
Debtors			10	11,445	17,711	1,778,413	1,783,104
Cash at bank	and in	hand		3,353,842	3,003,494	1,309,283	1,214,853
				3,365,287	3,021,205	3,087,696	2,997,957
Creditors: amounts		falling due within
one year							37,993
Net Current	Assets			3,003,284	2,964,965	2,998,283	2,959,964
Total Net Assets				3003284	2 964965	2998284	2959965
Funds
Restricted Funds			13	1,020,561	884,403
Unrestricted	funds		13	1,982,723	2,080,562	2,998,284	2,959,965
Total Funds				3,003,284	2,964,965	2,998,284	2,959,965

				Note	2022	2021
Cash flows from operating		activities
Net cash provided by operating activities				14	323,133	834,615
Net cash provided by operating activities					323,133	834,615
Cash flows from investing		activities
Interest received					27,215	629
Net cash provided by investing activities					27,215	629
Change in cash and cash		equivalents	during the year		350,348	835,244
Cash and cash equivalents	at beginning		of year		3,003,494	2,168,250
Cash and cash equivalents		at end ofyear			3,353,842	3,003,494
Analysis ofcash and cash		equivalents
					2022	2021
Cash at bank and in hand					603,842	703,494
Deposits					2,750,000	2,300,000
Total cash and cash equivalents					3,353,842	3,003,494
Analysis ofchanges in net		debt
				01Jan-22	Cash Flows	31-Dec-22
Cash				3,003,494	350,348	3,353,842
Loans falling due within one	year
Loans falling due after more	than one year
Total				3,003,494	350,348	3,353,842

							2022f	2021 F
	Donation Income						2,652,000	2,652,000
	Turnover						2,652,000	2,652,000
	Direct costs						~989,124	~652,536
	Gross profit						1,662,876	1,999,464
	Administration costs						(120,199)	(103,101)
	Interest received						17,210	29
	Interest payable
	Profit on ordinary	activities for the year					1,559,887	1,896,392
	Shareholders' fund	brought		forward			5,001	5,001
	Profit for the financial year						1,559,887	1,896,392
	Charitable distribution		to parent		undertaking		(1,559,887)	(1,896,392)
	Shareholders' fund		carried forward				5,001	5,001
	The assets, liabilities		and funds		ofthe subsidiary	were:
	Assets Liabilities						2,044,559 ~2,039,558	1,788,642 ~1.783,641
	Capital and reserves						5 001	5001
4	Interest receivable		and similar		income
							2022	2021
	Interest on bank deposits						27,215	629

Anal is ofEx enditure
		Literary awards	Donations and Grants (Note 7)	Other Direct Costs	Support costs (5a)	2022 Total	2021 Total
Expenditure on charitable	activities
Booker prize		465,431		148,000	127,342	740,773	568,255
International Booker Prize		319,709		130,400	93,437	543,546	451,809
Other charitable actvities			107,535	1,015,842	233,200	1,356,577	775,360
Total Expenditure on charitable activities		785,140	107,535	1,294,242	453,979	2,640,896	1,795,424
Total Expenditure 2022		785,140	107,535	1,294,242	453,979	2,640,896	1,795,424
Total Expenditure 2021		503,451	157,755	795,197	339,021	1,795,424

		Literary awards	Donations and Grants (Note 7)	Other Direct Costs f	Support costs (5a)	2021 Total
Expenditure on charitable	activities
Booker prize		265,355		195,600	107,300	568,255
International Booker Prize I Man Booker International Prize		238,096		128,400	85,313	451,809
Other charitable actvities			157,755	471,197	146,408	775,360
Total Expenditure on charitable activities		503,451	157,755	795,197	339,021	1,795,424
Total Expenditure 2021		503,451	157,755	795,197	339,021	1,795,424

5a	Support Costs			2022f	2021
	Staff costs (note 6)			111,484	81,426
	Other Key Management		Personnel	106,878	122,603
	Adminstration expenses			135,522	64,192
	Information technology				29,696
	Marketing costs			10,271
	Insurance			22,265	5,727
	Bank charges			4,519	1,594
	Governance Costs	(5b)		63,040	33,783
				453,979	339,021
5b	Governance costs
	Trustees Expenses	(note	6)		125
	Audit fees (5c)			31,052	18,042
	Accountancy fees			15,500	12,000
	Legal & professional	fees		16,488	3,278
	Governance consulatncy				338
				63,040	33,783
5c	Auditors' remuneration
	Audit fees - Current	year		25,110	13,205
	- prior year (over) / under accrual			4,592	3,661
	Non-audit services -	current year		1,350	990
		- prior	year (over) / under accrual		186
				31,052	18,042

Staff costs												2022 F			2021f
Wages and	salaries											178,371		75,000
Social security costs												18,236			5,435
Pension contributions												2,605			991
												199,212		81,426
Staff Costs	have been allocated to			charitable			activities as		follows:
												2022			2021f
Other Charitable activities												87,728
Support costs												111,484		81,426
												199,212		81,426
The number	of higher paid	employees			who's		emoluments		exceeded F60,000were:
												2022			2021
	F100,000 - F109,999 f70,000 -f79,999
The pension	contributions	payable		in respect			of this individual				amounted	tof1,321	(2021:f991)
Staff numbers
												2022			2021
The average	number of employees			during		the year		was:
Key management personnel			include the Trustees, Company							Secretary,		the Literary	Director and		the
International	Booker Prize	Administrator.				Amounts		remunerated			to key	management	personnel	amounted		to
F226,731 (2021:F204,029).

reimbursed f125	).
Donations		2022f	2021f
Designer bookbinders		12,375	12,375
English PEN		5,000	2,000
International PEN			2,500
Libraries Project		13,970	16,380
National Literacy	Trust	50,000	50,000
National Literacy	Trust - Booker Squad Project		50,000
Royal National Institute of Blind People		6,000	7,000
University of East Anglia (Scholarship)		12,500	12,500
Edinburgh Book	Festival	5,000	5,000
Other Charitable	/ festivals	2,690
		107,535	157,755

Debtors
				Group		Charity
				2022	2021	2022	2021
Amount	due from subsidiary		undertaking			1,766,968	1,765,393
Prepayments				10,915	17,181	10,915	17,181
Other debtors				530	530	530	530
				11,445	17,711	1,778,413	1,783,104
Creditors: amounts		falling	due within one year
				Group		Charity
				2022	2021	2022	2021
Trade creditors					3,930		3,930
Accruals				362,003	52,310	89,413	34,063
				362,003	56,240	89,413	37,993

~Grus Funds		Balance b/f	Income	Expenditure	Transfers	Balance
		f.		f
Restricted Funds
Booker 365 Project fund		884,403	1,152,000	(1,015,842)		1,020,561
Total Restricted	Funds	884,403	1,152,000	(1,015,842)		1,020,561
Unrestricted Funds
Charitable funds		2,075,562	1,527,215	(1,625,054)		1,977,723
Trading funds		5,000				5,000
Total Unrestricted	Funds	2,080,562	1,527,215	(1,625,054)		1,982,723
Total Funds		2,964,965	2,679,215	(2,640,896)		3,003,284
Chari Funds
		Balance b/f	Incomef	Expenditure	Transfers f	Balance f
Unrestricted Funds
Charitable funds		2,959,965	1,676,973	(1,638,654)		2,998,284
Total Unrestricted	Funds	2,959,965	1,676,973	1,638,654)		2,998,284
Total Funds		2,959,965	1,676,973	(1,638,654)		2,998,284

Analysis	of Net asset between	Unrestricted Funds	Restricted Funds	Total Funds	Total Funds
		2022	2022f	2022	2021
Current	assets	2,202,941	1,162,346	3,365,287	3,021,205
Current	liabilities	(220,218)	(141,785)	(362,003)	(56,240)
		1,982,723	1,020,561	3,003,284	2,964,965

Reconciliation ofn	et	income / (expenditure	) to net cash provided	by operating activities
				2022 F	2021f
Net income for the year				38,319	857,205
Adjustments for:
Interest received				(27,215)	(629)
Decrease / (increase)		in debtors		6,266	(17,181)
Increase /(decrease)		in creditors		305,763	(4,780)
Net cash provided	by / (used in) operating		activities	323,133	834,615

Comparative	information:	Con	solidated Statement	ofFinancial Activitie	s Year Ended 31	December 2	021
				Unrestricted	Restricted	Total	Total
			Note	Funds	Funds	Funds	Funds
				2021	2021f	2021	2020f
Income
Income from	Trading Activities
Income from	Donations 8	Legacies		1,500,000	1,152,000	2,652,000	1,500,000
Income from	investments
				629		629	2,410
Total income				1 500629	1,152000	2,652 629	1 502,410
Expenditure
Expenditure The Booker	on Charitable Prize	Activities:		568,255		568,255	754,774
The Booker	Prize International			451,809		451,809	496,813
Expenditure	on Other charitable		Activi	507,763	267,597	775,360	225,333
Total expenditure				1,527,827	267,597	1,795,424	1,476,920
Net income	for the year
Fund balance brought forward			at 1stJanuary	(27,198)	884,403	857,205	25,490
Fund balance carried forward			at 31 December	2,107,760		2,107,760	2,082,270
Fund balance carried forward			at 31 December	2080 562	884403	2964965	2107760