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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|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||||||||||
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|||||||||For t|he y|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|
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##
##
||||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|
##
|6|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|
##
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##
##
##
|14|Analysis|of Net asset between|funds|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|