REGISTERED CHARITY NUMBER: 1102468 Report olihe Tru$tee$ and Vnaudlted Flnanclal Statements for ihe Year Ended 31st March 2024 for The de Laszlo Ar¢hl¥e Tru# The de Laszlo Archlve Trust Contents of the Flnantlal Statements for the Year Ended 31st March 2024 Pa8e Chalrm•n's Report Report of the Trustees Independent Examlner's Report Statement of Flnantlal A¢tSvltle$ ilance Sheet Notes to th¢ Flnin¢l•l Stst•ments 7 to 10 Detalled St•tement of FIn#￿I•l A¢tl¥ltles 11 to 12 The de Laszlo Ar¢hlve Trust Chalrman's Report forthe Year Ended 31st March 2024 The actlvlty in the year centred around the opening of the hugely successftjl de Laszlo exhlbition, Master of Elegance, at Galnsborough's House In Sudbury In Marth 2024. Some press coverage Initiated by Galnsborough's House, an excellent soclal medla campal8n Iparticularly on Instagram from the Catalogue Ralsonné officel and the superb accompanying catalo8ue, together wlth a hu8e effort from the Archlve Trust team all contrlbuted to the exhibition'5 popularlty. The exhlbltlon ¢10sed In June, havlng run for three months, In terms of visltor numbers Master of Elegance was the second hlghest attended exhlbltlon slnce the relaunch of Galnsborough's House wlth Its new Ballery and the atalo8ue the top Seller, Progress wlth updatlng and addlng to the on-llne Illustrated plcture catalogue has progressed at a Slower pace this year due to the focus on the exhlbltlon, but the number of onllne portralt entrles had stlll Increased to 2,120 by 31 March 2024, There has been added focus to upload the forty-slx sketchbooks and four drawlng I￿0k5 Ilsted In the artlst's studlo Inventory onto the trust's database as well as publlshln8 de Laszlo's ¢orrespondence, such that there are now 1,752 translated letters avallable online. The onllne Informatlon, includlng the fllm ar¢hive whlch went Ilve on our webslte In mld-2023 Is free to access for all users at.. www.delaszlocatalogueralsonne.¢om. rht work on edltln8 and IIIustratln8 Volume11 of the artlst's wlfe Lucy's dlarles Is targeted lor completlon by the end of 2024. The photO8raphy of de Laszlo's work has contlnued apace In the year, Including flndln8 professlonal art photographers In qulte remote lo¢atlons In Ar8entlna, USA and a¢ro$s Europe. The total expendlture of the Archlve Trust Increased to £232,000 In the year ended 31 March 2024 from £207,000 In the prlor year, due malnly to the Galnsborough's House exhSbltlon costs. The trustees are grateful for the contlnued support from The de Laszlo Foundatlon and Its donors. l am dell8hted to announce that Or Emlly Burns has lolned as a trustee In Aprll 2024. Emlly Is the Curator of Collectlons and Interlors for Engllsh Herlta8e (West London), A5 ever I thank my Edltor5, Asslstant5 3nd volunteers for all thelr dlll8en¢e and hard work In th15 extremely demandln8 year. Katherlne Fleld In her role as Senlor Edltor remalns extremely effectlve leadlng the team In every respect. Sarbdra de Laszlo (The Hon. Mr51 Chalrman, The de Laszlo Ar¢hlve Trust Date: Page I The de Laszlo Archlve Trust Report of the Trustees for the Year Ended 31st March 2024 The trustees present their report wlth the financlal statements of the charlty for the year ended 31st March 2024. The trustees have adopted the provlslons of Accounting and Reporting by Charltles; Statement of Recommended Practlce appllcable to charltles preparlng thelr accounts in actordance wlth the Flnanclal Reportlng Standard appllcable Sn the UK and Republlc of Ireland IFRS 1021 leffectlve l Januafy 20191. OBJECTIVES AND ACTIVITIES Oblectlves and alms The oblerts of the Trust are the advancement and promotlon of educatlon and Interest ln the vlsual arts, wlth speclal referentes to the works of contemporary palnter5 and In partlcular those of the late Phlllp de Lasilo. The obleclives of the Trust are achleved through full tlme and part tlme staff In the UK, Austrla, Hungary arld North Amerlca resear¢hin8 and ¢atalo8uin8 de Laszlo palntlngs. The work produced by the team Is freely avallable on the Trust's webslte www.delaszlocatalo8ueralsonne.com. Sl8nlflcant volunteer tbme Is also spent by the Trustees whlch cannot be readlly quantlfied ènd valued. Major rlsks have been revlewed and systemslprocedufes have been establlshed to mana8e those rlsks. Publ1¢ benefit In shapln8 our oblectlves for the year and plannln8 our actlvltles, the Trustees have consldered the Charlty Commlsslon guldance on publlc beneflt. The TNst provldes free onllne ac¢ess to the Catalo8ue ftasSonné through Its web51te. ACHIEVEMENT AND PERFORMANCE The alms and a¢hlevements of the Trust ar¢ covered Sn the chalrman's report on pa8e l. FINANCIAL REVIEW Prln¢lp•l fvndln8 sour¢e$ The Trust Is flnan¢ed prlntlpally by The de Las210 Foundatlon, a UK charlty. The Trust also seeks sponsorshlp and donatlons from thlrd partles. Investment powers and rlsk strateglos The Trustees have the power to Invest excess funds as they thlnk flt Includln8 the power to delegate the management of Investments to a flnanclal expert. Investment performance must be revlewed regularly ond the investment pollcv revlewed ot least once a year. The Trust has not bullt LIP any slgnlflcant flnanclal resources durlng the perlod and does not ontlclpate holdln8 any funds for the loreseeable future. Reser4tes pollry The Trust's pollcy Is to generate sufficlent funds and investment Income to cover eXpendI￿re each year. FUTURE PLANS The Trust expects to contlnue In Ilne wlth Its current stafflng and actlvrty leve15 for the comlng yeor. Research Informatlon has been provlded on the webslte on an on-8oln8 basls slnce October 2006. STrUCTURE, GOVERNANCE AND MANAGEMENT Governln8 document The charlty Is controlled by Its governln8 document, the Declaratlon of Trust dated 10th February 2004 and con5tltutes an unln¢orporated charlty. Page 2 The de Laszlo Archlve Trust Report of the Trustees for the Year Ended 31st March 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Rtcrultment and appolntment of new trustee5 The number of Trustees shall not be less than three. Damon de Laszlo, as founder has the power to appolnt and remove Trustees durlng h15 Ilfe. After hls death these powers vest In su¢h person as he nomlnates by deed or wlll. 8rfef Terms ofthe TNst The Irust fund Is held to apply the whole or any part as the Trustees In thelr absolute discretlon think fit In order to fulfll the obletts of the Trust. The Trustees have the power to ¢ollert, store, maintaln and catalogue archive materlal and works of the late Phillp de Las210 and other contemporary palnters. REFERENCE AND ADMINISTrATIVE DETAILS Roglstered Charlty number 1102468 Prlnclpal address S Albany Courtyard Plccadllly London WIJ OHF Trustees Sandra de Las210 Howard Mighell Lucy de Laszlo Martln Postle Emlly Burn$ lappolnted 16.4,24 Independe￿ Examln¢r D A Sanders FCA Sheen 5tlckland Chartered Actountants 2 Orlel Court Omega Park Alton Hampshlre GU34 2 Advlsers Katherlne Fleld (Senlor Edltorl Susan de Laszlo Beata Somfalvl Approved by order of the board of trustees on . signed on its behalf by.. Sandra de Laszlo- Trustee Page 3 Independent Examlner's Report to the Trustees of The de Laszlo Archlve Trust Independent examlnerfs report to the trustees of The de Laszlo Archlve Trust I report to the charity trustees on my examinatlon of the accounts of The de Laszlo Archive Trust Ithe Trust) for the vear ended 31st March 2024. Rg4>Mslbllltles and basls of report As the charlty trustees of the Trust you are responslble for the preparatlon of the accounts In accordan￿ with the requirements of the Charlties Act 20111.the ACVI. I report In respect of my examlnatlon of the Trust's accounts carrled out under Sectlon 145 of the Act and carrying out my examlnatlon I have followed all applicable Dlrectlons 8lven by the Charlty Commlsslon Ltnder Sectlon 1451511bl of the Act. Independent vxamlntrfs statement Slnce your charlty's gross Income exceeded £250,000 your examlner must be a member of a Ilsted body. I can confirm that l am quallfled to undertake the examinatlon because l am a member of the Instltute of Chartered Accountants In England and Wales, whlch Is one of the Ilsted bodles. I have completed my examlnatlon. I conflrm that no materlal matters have come to my attentlon In tonnectlon wlth the examlnatlon 8lvln8 me cause to believe that In any materlal respert.. a¢countlng records were not kept In respert of the Trust as requlred by Sectlon 130 of the Act; or the accounts do not accord wlth those records: or the Jccount5 do not comply wlth the applS¢able requlrements ¢on¢ernln8 the form and content of accounts set out In the Charltles (Accounts and Reports) Re8ulatlon$ 2008 other than any fequlrement that the accounts 81ve a true and falr vlew whlch Is not a matter con51dered as part ol an Independent examlnatlon. I have no concerns and have come across no other mattor5 In connectlon wSth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a prpper understandln8 of the accounts to be reached. D A Sandefs FCA The Institute of Chartefed Accountants In En8land and Wales Sheen Stickland Chartered Accountants 2 Orlel Court Omega Park Alton Hampshlre GU34 2Yr Date.. Page 4 The de Lasilo Archlve Trust Statement of Flnanclal Actlvltles for the Year Ended 31st March 2024 2024 2023 Unrestricted Unrestricted funds funds Notes INCOME AND ENDOWMENTS FROM Donatlons and legacies 245,1(h) 190,125 Charltable actlvltles Charltable Actlvltles 508 1,993 Other income 5,850 30 Total 251,458 192,148 EXPENDITURE ON Ralsln8 funds 2,805 Charlt4blè •rtlvltl Charltable Actlvltles 229,163 204,986 Totpl 231,968 207,494 NET INCOMEIIEXPENOITUREI 19,490 115,3461 RECONCILIATION OF FUNDS Total funds brought forward 12,0351 13,311 TOTAL FUNDS CARRIED FORWARD 12,0351 The notes form part of these financlal statements Page 5 The de Laszlo Archlve Trust Balance Sheet 31st March 2024 2024 2023 Unrestricted Unrestricted funds funds Notes FIXED ASSETS Tan8lble assets 1,634 CURRENT ASSETS Debtors Cash at bank 8,208 19,021 8,208 4,479 27,229 12,687 CREDITORS Amounts fallln8 due wlthln one year 111,4081 114,7221 NET CURRENT ASSETSIILIABILITIESI 15,821 TOTAL ASSETS LESS CURRENT IIABILITIES 17,455 12,0351 NET ASSETSIILIA8IUTIESI 17,455 2,0351 FUNDS Unrestrl¢ted fvnds 17,455 2,035 TOTAL FUNOS 17,455 12,0351 The flnanclal statements were approved by the Board of Trustees and authorlsed for Issue on 5.￿QK￿￿￿..+.W... and were $18ned on its behalf by.. sondra de La5zlo- Trustee The notes form part of these flnanclal statements Page 6 The de Laszlo Archlve Trust Notes to the Flnanclal Statements for the Year Ended 31st March 2024 STATEMENT OF COMPLIANCE The de Laszlo Archive Trust Is an unlncorporated charlty reglstered in England, charity number 1102468. The registered offlce15 5 Albany Courtyard, Plccadillyi London, WIJ OHF. The flnanclal statement5 a￿ presented In sterllng whlch Is the functional currency of the charlty and rounded to the nearest pound. The reportlng perlod Is for the year ended 31st March 2024. ACCOUNTING POUCIES 8•sls of preparln8 the flnanclal statements The flnènclal statements of the charity, whlch Is a public beneflt entlty under FRS 102, have been prepared Sn accordance wlth the Charltles SORP IFRS 1021 'Accountlng and Reportlng by Charltles: Statement of Recommended Practlte appllcable to charltles preparln8 thelr accounts In accordance wlth the Flnanclal Reportln8 Standard appllcable In the UK and Republ1¢ of Ireland IFRS 1021 leffectlve I january 20191,, Flnanclal Reportln8 Standard 102 'The Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland, and the Charltles Act 2011. The flnanclal statements have been prepared under the hlstorlcal cost conventlon and on the golng concern ba$ls as The de Lasilo Foundatlon, a related party. has conflrmed Its contlnued flnanclal support of the charltv. Income All Income Is re¢ogn15ed In the Statement of FlnancSal Actlvltles once the charSty ha5 entitlement to the funds, It Is probable that the Income wlll be recelved and the amount can be measured rellably. Income from charltable actlvltles Is recognlsed when the artlvlty takes pl8ee. All donatlon$ and other forms of voluntary Income are accounted for when received. Where Income tax Is reclalmable, such Income Is Included at the gross amount. Expendltur• Llabllltles ore recognlsed as expendlture as soon as there Is a le841 or construrtfve obllgatlon commlttln8 the charlty to that expendlture, It Is probable that a transfer of economlc benefits wlll be requlred In settlement and the amount of the obllgatlon can be measyred rellably. Expendlture is accounted for on an accruals bas15 and has been classlfled under headln8S that a8gregate all cost related to the category. Where costs cannot be dlrectly attrlbuted to partlcular headln8S they have been allocated t9 actlvltles on a basls conslstent wlth the use of resources. Charltable •¢tlvltle$ Cost5 of charltable actlvltles Include costs a5s0¢1ated wlth archlvln& ￿searChIng and photographlni the work of Phlllp de Laszlo. They also Include tho cost of launchlng and updatlng the charlty's webslte. Support costs Support costs are those functlons that asslst the work of the charlty but do not dlrectly undertake charitable ctbvlties. Support costs Include back office costs, flnance, payroll and governance costs which support the Trusts artistlc programmes and octlvitles. These costs have been allocated as charitable activitles. The breakdown of support costsls set out In note 3. Allocatl¢)n and apportlonment of costs The malorlty of costs are dlrectly attributable to specific activities and are allocated on thls basis. Overheads are apportloned to direct and other expenditure on a basls almed to ieflert use. Page 7 contlnued... The de Laszlo Archlve Trust Notes to the Flnanclal Statements - contlnued for the Year Ended 31st March 2024 ACCOUNTING POLICIES- conllnu¢d Tanglble fIX￿ a$sets Depreclatlon Is provlded at the followlng annual rates In order to wrtte off each asset over its estlmated useful lrfe. Plant and mJchlnerv Webslte 20% on cost 25% on Cost Tan8lble assets are depreclated over thelr useful Ilves takln8 Into account resldual values, where approprlate. The useful Ilves of these assets are e5tlmated based on hlstorlc experlence and future conslderations and these are re4ssessed annually. Any 8aln or loss arlslng on the dlsposal of an asset Is determlned by the dlfference between sale proceeds and carryln8 value of the asset, and Is credbted or ¢har8ed to the profit or loss T•xatlon The charSty Is exempt from tax on its chafltable actlvltles. Fund accountlng Unrestrlcted funds can be used In ac¢ordan¢e wlth the chafltable oblectlves at the dlscretlon of the Irustees. Penslon cort5 and other po$l-retlremen¢ bmeflts The charlty operates a deflned contrlbutlon penslon scheme. Contrlbutlons payable to the charlty's penslon scheme are charged to the Statement of Flnanclal Actlvltles In the perSod to whl¢h they relate and are alltxated to the unrestrlcted fund, Flnand•l Instium*nt$ The charlty only has financlal assets and financlal Iiabllltles of a klnd that quallfy a5 baslc flnanclal Instruments. Baslc Ilnanclal Instruments are Inltlally recognlsed at transartlon value and subsequently measured at thelr settlement value. CHARITABLE ACTIVITIES COSTS. SVPPORT COSTS 2024 2023 Wa8e5 and sala¥les ExhlbltlL)ns and resear¢h PhotO8raphy and publlshln8 Informatlon technology Conservatlon Independent Examlnatlon lees Accountancy Consultancy fees Other 119,751 18,841 6,609 26,671 1,861 3,675 1,575 45,933 4.247 106,173 I,(Q6 4,489 17,848 3,700 3,500 1,500 62.804 3,966 229,163 204,986 Pa8e 8 contlnued... The de Las210 Archlve Trust Notes to the Flnandal Statements- contlnued for the Year Ended 31st March 2024 TRU5TEES' REMVNERATION AND BENEFITS In the year ended 31st March 2024 a salary of £12.60012023: £12,300) was paid to Sandra de La5zlo, a tnjstee of the charlty. The Salary payment hès been agreed by the Charltles Commission on the basls that Sandra de Lasilo Is Involved wlth the day to day management ol the trust's actlvlties which Is dlstinct from her role as trustee. No other remuneration or other beneflt5 were pald to any trustees for the year ended 31st March 2024 nor for the perlod ended 31st Mareh 2023. Trustees, expenses There were no trustees, expenses pald for the year ended 31stM8r¢h2024 nor for the year ended 315t March 2023. STAFF COST5 2024 2023 Wa8es and salarles Social securlty costs Other penslon costs 110,742 5,086 3,923 98,744 3,974 3,455 119,751 106,173 The average monthly number of employees durln8 the year was as follows.. 2024 2023 Charltable artlvltles No employees re¢elved emoluments In excess of £60.000. TAN618LE FIXEO ASSETS Plant and machlnery Website Totals COST At 1st Aprll 2023 Addltlons 6,130 1,857 36,120 42,250 1,857 At 31st March 2024 7,987 36,120 44,107 OEPRECIATIQN At 1st April 2023 Charge for year 6.130 223 36,120 42,250 223 At 31st March 2024 6,3S3 36,120 42,473 NET BOOK VALUE At 31st March 2024 1,634 1.634 At 31st Marth 2023 Page 9 contlnued... The de Laszlo Archlve Trust Notes to the Flnanclal Statements - contlnued for the Year Ended 31st March 2024 DEBTORS: AMOUNTS FALLING DUE WITrIIN ONE YEAR 2024 2023 Prepayments and accrued Income 8,208 8,208 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Soclal 5e¢urlty and other taxes Other credltors Accruals and deferred Income 2,260 793 8,355 2,022 298 12,402 11,408 14,722 MOVEMENT IN FUNDS At 1.4.23 Incomln8 Resources R•sour