COI¥IP,thTr' NL TrIBER: 59.1%575 MODF.RTh ART PRF.SS A COMPANY LIMITED BY GL.41L4NTEF. REPORT AD FIN.4NCI.41. ST.4TF.MF.NTS 30TH SEPTEIIBER. 2021
MI)DEILN .4RT PRESS REPORT AIND FIII.LNCIAL STATEMENTS 30TH sF.PTF.IBF.R. 2021 COI%TEI%T5 Page Company InfomLq(ion Report ofihe TrYe¢s Indep¢ndent Examiner's Rcport SiateTnenl ot FinanLial .4dii'iti¢s Summary Income and Expcndiwrc .4ccount Balance Sheet Notes to the F'inancial Statements l(k15
MODEIiN .IRT PRESS C()MPAI%I INFORK.ITlnT DIRECTORS.4ND TRLISTEES John Nicoll RiLhard mll Brian Allen RF.GISTERED OFFICF. 37 Bury Street. London. SWIY6AU. COMPAhl' NUI¥IBER 5938575 SOLICITOILS Charlvs RU]] Speechlys LLP. 5 Fleet Place. London, EC4M 7RD. BAf*KERS Barclayg Bank PLC. l O Markei Street. Rradford. We41 Yorkshire. BDI IEG ACCOLNTNTs Roberts & C"0.. (".hJrt£rcd Accountants. 136 Kensington Church SLreeL Loiidon. W8 4BH. II%DEPEliDF.YT EXAMINER Phillip Roberts. Roberts & Co., 136 K¢nsin8tOsk ChurL'h Streei. London, W¥ 4BH. REGASI'kRED CHARITI, .%UI¥IBER 1117563
MI)DERN ART PRES REPORT OF TIIE TRUSTEES The directors of the charitablc compan}. I"'thc cbatity'l are its Trustee5 for th¢ purpos¢ of il13riiJ la. ai)d throughout this report are colle¢tt&'Lly retcLd to as its Trusiees. The Trustees pr¢s¢nt iheir report tO¥Lth¥r with the financial statemeiiis for ihe year ended l(hh Sq)iert]ber. ?021. The financial srateinei?ts Lomply with th¢ Chariti¢s .4Lt ?01 I, the SiateIn¢nl vl- Rrioiniind<d PraLiice tor Charities ISORP 201 s} ISeLund Ediiion. ¢ff¢itii"¢ IstJanuary, 20191 and th¢ Financial Rewrting S(andard appli¢abl¢ in th¢ UK iuid RwubliL vt Ii¢lJnd {FRS 1021. LEG,iL AI%D ADNIANISTIi.ITInN Modern Art Press is a company limiied bv wrdnt¢e and a rL'¥451ereil ih8rits' ¥oN'erned by its memorandum and anicles vrdN5iat7On. The charit% r¥LVlSt¢i¢d on ihi I:(h Janu(, 21K)7 under number 111756) 8nd was in¢oTrM)ratcd on the 18th September. ?IK)6 under number 059311575. STRLCTURE, GOI"EILYANCE AND lANAGE,ENT Th¢ iharitN' siruLlure is that thcr¢ is a board ofnon*xeLUtives idt l¢&%131 who arc also mcinbers of the Lompany and charity Trustees. The Trnstccs are qoi"erned bv the coinpanl s memordndum and anicles ofa&sL)ciaiion. The b04rd has powers to appoint an adi'i50ry pancl if nLcessary. Tem)5 oforri¢¢ ar¥ noi 10 CXCLcd 5 ycars. bui Trusttts can k rvdppoinied for a further Tcrm nor to cxceed 3 years. PR1CIPAL OWECTtIES ,INI) ACTII"ITIES The prinLipal artiN"it) ot. the charilv coniinu¢s to be ihe adi'aniemcnl ot cducation by Lommi5sionin¥ dnd publishing 'Catalngue Raisonnes. of modern ani5ts. not l.et 3dcquatcl)' coi.ered b). published materi31. Thc ch41rity has procured ihL ¥m"ices of a writer w.ho 'Ork( on the chty.5 initial proj¢d. It IS CllV15aged that the Lost of commissioningv th¢ wThter and publishing kosT5 B'ill be LON'ered by grants rcli.ed and. iii due course, rei"enu¢s from ihe publicaiivn o(IhL Lathlogue. Whil%t thc charii J s principal focu% remains on eaialogues raisonnes. it also exiertd4 the remit to edkjcalional books about an and its hisrory more generally. Th¢ Trustees Loiitimi wheii rel.ie.ln¥ th¢ Trusiees report. dims. objeitiie5 and aLiivili¢s that they have compiled with ihc dutv in Seliion 17 of ihe ?01 I Chariiics Aci io have due regard to guidance publish¢d by the Charity Commi&sion iT2¢1udiiig publiL benefit. ACHIEI'EMEfiTS AD PERFORMANCE The bentfils ot rhe chan.ty ar¢ the promoiioD of artisiic appreLiation alld the furtherance ot"education about The charity continues io rcceive the donated seTrices Iby seLthidin¢ntl of an individual who acts a6 Chief ExeLUtIV¢ dnd is resp)nsible for rhe da!, tu day runniiig of the b51¢$5. In addition. lh¢ individual's role is extend¢d to inLlude assistingT and overseeing th¢ chariij s publicaLaun5.
M()DEILN ART PRES5 REPORT OF THE TRLSTEE.S .4CHIF.I'EMF.I%TS PF.RFORMANC'F. {continuedl D¢spit¢ the ongoing the Covid-19 pandemR¢. charit). published four bwks in 2021= Susan Sloman. Guiiishorough in Londo Christopher White, Van Th'ck the Ari ol"Poriroilure Margaret GarLake. Anisis.VuA'iiig Lartd¥cape5 in Posi-iiar Briiain Andr¢a Rosc (Ld.). Leoii Kossnll... cafalole RaIs0e ol'ihe Oil Painting. FINANCIAL REN'IEM. Th¢ clkirity has achieved 2 surplus t"5 }'ear of £77.154 1 ?020- £144,533). Thc Trustees anticipate Lhat in the luture the clwity will conlinue io be in a position to lund all of ILS acliviiies fn)m sales revenucs at]d nts receiv¢d and use any exce&% iiicoming rviources to nd funlid. wojecis. RESERN'ES POLICI" Th¢ charity's reserves p)li¢y is tu accumulare unrestriLied funds" iuffiiient to 5UStain all the aciiviti¢¥ (Trf the charity for ar leasr a year du¢ lo th¢ long rerni commitm¢nt rcquired by The charit) S 41ltllyity diid th¢ ever prcscni uncenainry ol continued sponsorship. Frcc reserves retained for usc by the cban.ty are deemed to bc those that are readily realisable. Icss funds who users are restrict¢d or dcsignat¢d for particular purpos. The chdriry's fr¢¢ rcsL'rves ai ihe y¢yr-cnd amounted to £%6.804 1?020 - £62.053). reprttseniing retaincd unrestricted inrvTne reseryes. The charity's r¢stricted reser¥'es ai the year-end any)unted 10 £5?6.015170)O- L443,6?7I, rcprcsenLing retained re¥tricted income reserK"e&. RISK POLICI. The Trustees ar¢ r¢sponsible for th¢ managemeni of ihe faced by the Lbarity. Risks are idenrified and assesscd and c()ntrols arc esiablished throughoui the year. A forn1 rei'ieu. of ihe ¢harity's risk management process is undcrtakcn on an annua] btL%iS. The key Lonti015 used by ihe ihdrity include fumjal ageiidas and mTrnut¢s for all Trnsie¥ In¢¢tin¥s, comprehensive planning. budgeting and acLounting and clear authori%ation and apprui'al levels of all grants and oih¢r L%ndine. Controls over operarion uf Ihc Lhariry's banL- account are consid¥red io bL adLquately mana¥ed. Through the risk managcmcni processeg cstablished. the Trustees arc satisfied thai th¢ major risks idrntificd haN'e been adequately mitigated where Decessarv IT Is Iccoenised that sVStcn can onlv piovidc reasonable bur noi libsolute assuranLe ihat major risks" hdV¢ been ade4Udtely tnan8ged. The m41jvr ri.sk% to which The hariiy is exposed as identified by thc Trusitts hai"¢ becll reK'iew"ed and si'llcms hai.'e been e*tablishcd to miti¥ate those risks.
MODEILN ART PRESS REPORT OF TIIE TRUSTEES GOING CONCEILY Th¢ Trustees are of(he opinion that ihe chariiy has ad¢quaiL r¥sources to continue in operational ¢Xibl¢ncc for the foreseeable future and there are no material unicrlainties rL'garding the chariry. s ability to do so. PLAfiS FOR THE FUTLIRE In 2022 the charits- will publish: Tob) Treves. Li111 Freud_. cala10le Rai50nNE ofilie Prinls Chribtupher Lloyd. .Vulisse dnd ihe Joi. ofDruM'iiig Oiher publieations if2 produc(ion are-. Simon Sebag Monlefiore led.). Seven Portrrtits.- Siin'ii'ing ihe Holoca1 Jonathan MarsdLn. Seulplure in ihe Roial Coll&'iion Iw'tsrkiiTr¥ titl¢l Jon whIleY. Fi'vncli .Vineieenih-Cenitirv Paiiiiings iii ilie Ashmoleuii,vFeurn Alan Rowness. Sophie BowTh¢55. Jenna Lundin Atal. Barbara Hepmorth.. coldlole Roisonne ofihe Painfings d DraM'IttiRS Sophie Bowness, Barbra Hepis'orth.. (Qialole Rdisonne of the Siulprures Judy Collins, Eduardo Paol01." Cnlalogue Raisonne ofihe.Veiol &ulpmres Daniel Hemnann, Edudrdo Puolozzr.. Caialogue Rai5011ne ofihe Pn"nL Catherine Lampert &-I'oby Trei"es. Lueian FiYud.- Caialogtse Rdlsollrte of ihe Oil Puinlings Marla Price. Howard HéOgkin.' Caialoguv RaisoNiie ofrlie Painrings Guy Robenson. Hoitrai.d Hodgkin." Caiulogue Raisonne ofihe Prini.s RachLI Smith, Beli hicliolsoii.. Coialogue Raisoniie ofilie Oil Painiings The dect costs of these books" ar¢ fun(kd by i'arious irmjividuals and foUndln$. DJRF.CTORS .4.YD TRLSTF.F.S Th¢ TrustCL'S. who served throughout the y¢ar. ¢xccpi as ststed b¢low, wcre as fvllow's... John Nicoll Richard M&qon Brian All¢n John Morton Morris {dppointed I st February. 2021= resigned 14th April. ?0? I I 'I'he Hon. James Holland-Hibherr lapp)inied 1st Febry. .0? l.. resigned 14ih April. ?0" l )
MQDEILN ART PRESS REPORT OF TIIE TRUSTEES TRUSTEES, RESPONSIBILITIF.S IN REL.4TION TO THF. FINANCIAI. STATF.)IF.NTS Company law requires the Truslccs lo prepare f1¢la1 sthiements that give a vue and fair vie. ofthe sthtc of affaits vl- the chariry ai ihe ¢nd vl- th¢ fillancidl periixl and ot- its financial position at the end of thar year. In pr¢parin8 those fin2noiai sraicments the Trnsi¢L% are rcquired ro: sclcct suitable aLLOUtiiing policies and appl th¢m CODSiStendy.' observ¢ th¢ methods and priniipl¢s in th¢ Charifirs SORP". make judgements and estimates that arc re&8onable and PTudeni: sratL whithcr applicable L'K a¢countin¥ %landards and siatement (If r¢i()mniind¥ praL%icL hai'e been f(Trllowe¢L subject lu anv material depamires disil0s¢d and explained in the fiiianiial st41terneiitS- diid PT¢Pdrc the linanLial sta(em¢ni5 a going ioncem unl¢ss it Is inappropriaie to presume that the charitsble ¢ompany will CODtiDue in op¢rdiion. The Trustees are respon5ibl¢ for maintaining prop¢r accounting records Which dis¢lose with reasonable acvuracy at any titne the finanLial positiun of th¢ iharii). and enables ihem tv ¢n%urc thai ihe financial .%tatcmcnts complv m.ith the Companies .4ct !(X)6 and Chariiies .4cL ?01 l. Th¢ TtU51¢¢5 ari also responsible for safLgjraing ihc assLiS of ihe ¢hatilv and hence for kIng1 ri.onble steps for the prevention and (Icicciion of fraud and other irregularities. The Trustves 3r¢ r¢5pK)nsible toi the maintujance and intrgtiry of Ihe corporate and finanLial IntomlI0 includcd on ihe charitabl¢ companv s IN'eb%it¢_ LLeislaiion in ihe Lnit¢d Kingdom goijerning ihe pr¢paration and disscminatiun ol finan¥ial stai¥m¢rLlS ll¥)" difflr trom legis13ti4)ll in othcr jurisdiLtions. In so far as thc Trustees are aware: th¢re is no relevani inforniation ofwhich ihe charitsble company's indcpcndenl examiner is unaw'arc: and the Truslccs hal'e tsken all stcps ihai the!" ought to hawe tsken to mak"c ihernselies aware of any r¢lci dnt infL)rtnation and io esiablish that ihe ind¥Fnd¥nl eX]ner is aw?rc of ihai inforn)ation. APPROVAL Thi5 report was approved by the Board of dir¢¢iors and Trustees on 26th January. 2022 and sagned on iheir bchal[ Richard fvlason Trust¢¢
MODEILN ART PRESS
INDEPEIIDENT EmINER'S REPnRT TO THE MEMI BERS QF
MODERJ ART PRF.SS
I report lo the chariN T1¢¢5 on m! examination of the accounts of the company for th¢ year elided .30th
September, 7021.
Respon5ibilitie5 and basis of report
As ihe eh2rily's TruslLes of the cnmpan). (and 21sA) its directors for the purposL'S of companv lawl you arc
r¢spunsiblc for (he pr¢paration of the accounts in accordanLeThith ihe requir¢m¢niS of thc CompaniLS.4ci 2006
I'the 2006 Acl. l.
HaIng Satisfied myself that the accounts ofihe COTnpanv are noi required to be audited undcr Pan l 6 of the
?006 Act and are eligible for independent examindtion. I r
MC)DEILY ART PRESS STATF.N1F.NT nF FINAcIAL ACTII'ITIES .10TH SEPTEMBEIL 2021 2021 2020 Ilnresirfcted Re51ricted f•nds funds Total Income Voluntary inLome InvLslment intome Incominb* resourL¢5 from lharible actii'iiies 193.019 193.019 53.783 87? 278,487 $2.77! 738,145 290,917 Total incotne 24i.843 38.14) 4113.9118 333.142 Expenditure (Jovernan¢¢ cosis Direct chariLable exnd]lure 7.340 243.751 .-140 399.4Y4 4.532 I S4,077 155.742 Total expendiiure 251.Q97 155.742 406,814 188.( F.T INCOME 8?.403 77,1$4 144,533 FLND BALAYCE BROIGHT FORWARD AT 30TH sF.PTF.1IBE 2020 6?,U43 443.622 505,675 361.142 FLND BALANCE C.4RRIED FORII'.4RD AT 30TH SF.PTF.i¥IBE]L 2021 £$6.8IH £526.025 LS8? 829 £505.675 The btalcment of financial actii'iiies includes all gains dnd lo&ses recognised in ihe y¢ai. All incoming resources and resources Cxpcnded derii"e from coniinuing acti¥ities. The company hL8 no Tccognised gains or lok%es other than the surplus for th¢ y&v. The ac¢otnpanying noies fomi on intcgral part of these financial sialemenis.
MC)DEILN ART PRESS SUMMARY I.NCOl%IE.lD EXPENDITL,RE ACCOL.YT JOTH sEPTEIBER, 2021 2021 2020 Gross in¢oThe for the vear unretriCt¢d income Restricted income 245.841 ?38.145 82.226 ?50.916 483.988 731.142 Expenditure for ihe l'ear 1406.¥34) (1118.609) Yet income b¢iDg net surplus ftsr the !-ear L77.154 £144.533 The accompan*ing notc5 forni an inl¢gral pan of thes¢ financial siat¢ment5.
COIIP..KNry NLThIBER: 591¥574 MOLILILN AR'I YKESS BALAfiCE SHEET-.IOTH SEIryEIIBEIL 2091 2021 2020 CL.RRENT ASSETS tkbtor5 Cash ai bank and in band 4.-177 589.63X 1.6_1_1 5111,258 594.015 519.8YI CREDITORS: 4NIOLNTS FALLING DLF. II'ITFIIN ONE I"F..4R 10 {11.186) 114.2161 I%ET ASSETS £i82,879 £S05.675 FLIYD BALAf*CE Llnr¥'striitL'd fuiids RLSIriLied lunds- 56.804 4?6.0?5 443.622 TOTAL CH.41UTY FlDs £q82,829 £$05.675 Tht directors con%id¢r thar ihc company is entitl¢d to cxcmption from thL requirem¢nr to havc an audit undLr th¢ provisions of seLiion 477 of th¢ Companies ..ILt IIK)6 1"th¢ .4it-'} and meinbers have nol requir¢d th¢ Lompany to obthin an audii of its accounts for thc year in accordanLe wilh scclion 476 of thc Companies Act 2006. Th¢ direLfors aEkrtou-ledg¢ Iheir rrsponsibilities ensurinu ihai rhe Lompans. keepg acci)unring records N-hiLh comply with section i¥0 ol Ihe .4ci and for priparing financial siaiemcnts which giC a irue and fair i"ieH of rhe statL ot. aftairs of the company at 30th Sepiember. 201 l and of the result for the year thLn Ld¢d in aLLorddn¢e w.ith rhe re4uirem¢nts of 5eciion .)94 and _195 of the Act ai)d whiLh utherwis¢ comply with the requir¢inints ol Ihe coMpdni ?006 relaiin&i io thl financial slaienk'nts so Idt applicablc lo ihc companv. The financial siaiement.q have been prepared in accordance Hith Ihe special proi'isions relating io companie subject to e small companies regim¢ ii"itbin Pan 15 ot-the Companics Act 2006. Approi'ed aiid auihorised tor issuc by thc Trust¢c4 of KlodLrn Art Prcs5 and ¥i¥ed on thLir bLhalf on ?6ib January, 2022. Rithard M4son - TtUsle¢ The accotnpanving nvt¢5 form an inlegrdl pan of thcsl financial siatements.
10. MODEILY ART PRESS I%C)TES TO THE FINNCl.L STATE%IENTS 30TH SF,PTF.MBF.R. 2021 ACCODI%TIPG POI.ICIF.S Bsis of preparation of *¢counts The fillaniial siatLments hai'< b¢¢n prcpared in aecordani¢ iviih Ihc Sthterneni ofRecommended PidLticc for Charilies ISORP ?015) Iseeond Eth"iion. effeciii'e l%1 JJnuarn". 019). Ihe Financial Reporting Siandard applicahlc in ihe UK and Republic of Ireland IFRS 10.1 and thc C-ompanies Acl 2006. -rhe orgallisalion meets ihe definition of a public benefit cntity under FRS 10? Assets and liobilitie% ar¢ initi&llv r¢¥ognised at hislorical cost or trdn5action value unle55 oihcTh4se 5raied in ihL relei'ani accounting policy notes. In addition these financial sta(emeuls hai"e been prepared under the historical cost coni'ersion. Go5ng coneern In assessing the chariTh s ubility Io Lontinu¢ as a guin¥ conLCrn, the Trn%re¢s hav¢ coniidcred the liquidity position r¢¥ iewed aniiLipaied fundsng commimienis for ih¢ forcs¢cable fUre. The Trnstees b¢li¢v¢ that the Lhdrily is adiquaiLl%' pla¢ed Io manage its business riskN successfully and meei ils liabililie.4 ihc!, fall due. bor this r¢a50n. the-l-tlLSTee5 htsi"c continued io adopt the going conccrn basis in preparing the financial statemettib. Incomt Income is reeognised in the penod ID %'hicb ihe charity is entiiled to receipt and when ihe amount can be measured wilh reasonable certainly. Voluntay. income The charit}, receives dollaiions by M-ay of donaled sen".ices and fillmled exp¢ndiiure lo ciiable initial fidIng ol the M'ork required to produce a caialogui in accordance ii.ith ihc chariiy s principal aetivily. Incom¢ from rhese donation5 are included in incoming resources .en rhese are re£eivable. Interest Bank int¥resr receii'able is credited io thL Statement ot- Finaniial .4ciii'iiits wh¢n it is received by th¢ Lharity. Income generated b!. chgritable aclii"ities Th¢ LhaTity receives incotlle from buih thc sale of publishcd b(K)ks IcaialvgLl¥sTr and from rLicived for specifiL projeets. Income from bL Icatslogue) sales and grants are included in incominup resources when thes¢ are receivable.
ii. MC)DEILN ,IRT PRESS ()TES T() TRIE FIN.INCI.4L.%TATEIIE.NTS JOTH SEPTEMBEIL 2021 ACCOUI%TINC POI.ICIF.S Iconlinued) Expenditure Ixpenditur¢ is included in the Sthiem¢nt of financial aLtiviti¢5 illCUTred and exclude VAT. Dfirect charitable txpendityre Direct charitable expendin]re comprises those costs directly attrihuiable lo m.ork undenaken on the Prcparation of the ¢atslogve. -41$0 includid are donaied 5cTr"ic¢s from a corporaie Supporter M ho is proi'iding IK)th the sm'ices of an indii"idual to oi"ersee and adlse oll spccific projecis and is coi'ering some charilable expenditure on behallof the chartty. Direct charitable expenditure is rccogllised in the ycar to which il is aitiibutable. Goi'ernanee eosts GovLrnance costs inLlude Lllbts which are direc11 attrIbUbIl to the day to day running ol'ih¥ Lharity and procedures Tr¢s58ry for complian¢¢ with sraruroo, requirernent5. Funds ljnrestricted funds comprise those funds u'trLicb the Trusitts arL. free lo use in aeeordan¢¢ with the charity's objvcts. RestfiLted tunds represent income and expendinwe on sp¢¢itic projrcts. Estimates and judgements Estinidics and judgements. arc con¢inually evaluatcd and are based on historical experience and oihcr facloTS. nclijding èxpeciqiians of future events that are believed to be reasonable under the circumstances. Although (hese e81inMtcs are based on ihc TTUSILYS. best kno.1eJge of the amouni. cvcnis or aciions. actual results ultiindi¥ly differ from ih¢sL' C5timate5. ThL Trustli do not Lvnsidlr ihL'rL' io be any t¢[la1 estiniates and judgemenis. Finaneial instruments Thc charity only ha5 financial assets and finaniidl lidbilitics of a kind thai qualify" as basiL financial instruments. Basic finaneial instruments. including Irade and i)thcr debiors and CrltorS are iniiially rccognibcd al Iransaclion valut and subsequently mcasured at thcir sC(dcmenL I"aluc. Debiors Trade and othei deErtors are recogni5ed ai the settleent amount due after any trade discouiit offere& Prcpayments are valucd ai the amount prepaid nei of anv trdde discounis d.
MI)DEILN ART PRESS tlnTES T() THE FIry.%)CI.4L.STATEI¥IE.NTS 30TH SEPTEMBEIL 2021 ACCOUI%TING POI.ICIES Icontinued) Cash #i bank and in hand Cash at bank and ta%h in hand includes c&sh and_shori Lcrm hI]y IiquAd inveslnients w.iih a short malurity or Ihree month8 or less from the date of acqtsisition or opening of thc deposit or Similar a¢couni. Creditors and proTr'islOIIS Creditors aiid pn)i"i%ions are reColsed M'here the charity. has a pi'e5ent obligation reslilring from d past eveiit thal w.ill probabl). result in the trdnsfir of fvnds io a ihird pTh and thL aniount duL to selllL thL obligiation Lan be measLLr¢d or eslunaied reliably. CreditOf5 and provisions are nom)ally recogmiscd at thcir scttlement dmvunt aftcr allowing for any (rade disLoullis due. INI'ESTME.y'r INCOiiE The Lbariry s ini'eslment income atises from fimds held in an interesT bearing bank d¢posit accouiiL 2021 2020 Voluntar) income DonatLd serkices (s¢¢ondment- noie 71 Funded expenditure 161.91? 31.107 10.000 41.711.3 £193.1)141 £fj1.781 Generated bv charitable *<iiVitieJ Granis and fccs Bonk-s {catdlO&e) sales and myalties ?38.145 250,916 £?(KJ.917 L•714.487
13. MODEILN ART PRESS ()TES T() TIIE FII*.4NCI.4L sTATEIE.T5 30TH SEPTE1BElL 2021 F.XPF.YDITI'RE 2021 2020 Cov¢rnan¢e costs Accountanci- tres Legal tees Bank charges 4.560 4.410 280 122 7..14 4.5.12 Direct charitable expenditure Book pr(KILLCtion cost Rent and othcr 01¢< expenses ,Salaries, national insurance and petLsion contriilIonS {noie 51 ?07.!05 54 189.515 146.182 958 36.9.17 399.4Y4 184,077 Totsl exp¢ndiftirc £406.834 £188,609 SI'.4& F COSTS Thc F.x¢YutivL ststT uf the Lumpanv hai'e been beionded froin a lOryrate supp)rter t.]¥ a UK cotnpany based in l.ondon. The folloii'lllg bccondmL"ni arrangem¢nts arc in place.. HOLWS per w¢¢k: minimum of7 Charity .11[ refund all rclevant expenses In¢wr by ihe secondee in connection w'ith pursuing the chdritj" s objeciii'ci. The cortM)r21e supp)n¢r is responsible for remuncrdring the indiN"idual through ils own payroll. The charity also employed one mcmber of sialTduring thc ycar a cosl of L27,623 {211?0- £?6.Y371. One m¢mber of staff uf th¢ corporate supponer $¢Cond to the ihariry r¢L¢i%'¢d & salary in the band £90,000- LIOO.000 p.a. TRUSTEES, REMLryEIL4TIO.N None of the TTUStees received any remunerdtion in res[ of their seniLes durin¥ the year (- ?020- nil).
14. MODEILN AK'I PKLSS riO'rLs'ro THL FINXNCIAL STATEI¥IENTS 30TH sEPTE.lBEfjL 20?1 DON.KTED SERI:ICES As delailed in note 5 aljoi'e the chariN has 2 secondmeni arrdngemeni in plaLe a corp()iaie .4upport¥r. The donated seTh'ice (measured ai £161.91 ? ?0?0 - £10.0) is inLludcd in incoming resourLes as ioluntary. inLome and resuurL*S expended as direci charithble ewdimre. In addilion certain costs have been funded (measured at £i1.107. ?020- £43,71431 by ¥ corpordte supporter and these have been included in incoming resourcts as i-olunrary income and rcsour1¥5 ¥xFKYid¢d as direct chariiable expenditure. I"ALUE OF CHARITI:'S C.4T.4LOGLfE The Lharity iQTitinu<s Io 41dopi a poliiv ofwrilin4 orrLOSls direLily attributable io rhe i¥'ork' undcnakcn on Ihc prlpardtion of lh¢ ¢atslvbwL ¥aLh !'¢ar and thus no r¢¥ugnition has been takLn in (he financial starcinLnts for thi valuc of an!. st(Kk ol unsold books hild by thi. ihariTh? at thi ¥nd ol- ils tinan¢i21 y¢ar. The TrustLes Lonsider rhis tr¢'aimeni to be con515rent with pasi ac¢oulliing praLtice and avoids ali) eletnenl ot. widerslating direLily attribuiable Lusts. The TNsiees tIMate thai the amount thar would oihetivise be reLeivable fro LommerLial distributors in respeit of SULh si(Kk would be £?8¥.529 1•020- £104.g)i). DEBTORS 2021 2020 alue added tax Tradc debtors 2.U¥7 2.790 1,633 £4.377 £1.633 10. CREDITORS: AMOUNTS FALLINC DL,E I1111 ITAR 2021 2020 Value added tax Oth¢r crcdilo 6.525 7.691 11.186 £11.186 £14.216
15. MODERN ART PRESS PIOTES ro 'i'HE Tr-I1%NCI.IL STATE.IIENTS IDTH sEp-fL]E1< 2U?I 11. FUP*DS Lnresfricled Restricted funds futtds Total At 30th September. 20?0 Nct income for rhe y¢ 62.Oi3 5,2491 44j.6?7 8?.403 505.675 77.154 At 10th September. 2021 £i6.804 £526,02i £582.829 Resiricted funds comprise amounts- re¢¢ivid and expended on specific charitable aciii.iiies '11h rcgard lo ihc publiLation of spccific books whiLh are in ihc pr(xcss of publication. 12. COIIP.4NY ST.4TL'S The company is a privaf¢ company limited by gu3rantcc and ions¢quimrl!' docs noi hai."L shdfL Ldpltal. F.aGh metnber is li4ibl¢ tu Lontribuie ali am()unt not exceedii)o £1 iowards the assers of the LumpaiiN' iii the eveiit of liquidation. 13. ANALI'SIS ()F NET ASSETS BETII"EEY FLNDS 2021 2020 L'llrestricted Resiritled funds f•nds Total Total Current &<sets Curr¥nt liabilities 67.990 111.1861 i26.075 594.al 5 519.891 114.2161 £56.804 £526.0? j £ j8? 829 £505.675