COI¥IP,thTr' NL TrIBER: 59.1%575 MODF.RTh ART PRF.SS A COMPANY LIMITED BY GL.41L4NTEF. REPORT A￿D 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 TrY￿e¢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 m￿ll 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 ACCOLNT￿NTs 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 retc￿Ld 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- Rrioinii￿ndpect of my examindlion ol}'our charity's accounts a5 carried out under seclion 145 of ihe Charities Acr :Q I I I'the ?01 l Ait'l. In C41rrytng out my examinatioll I have follo￿.¢d the Direclions gii'en by ihe C"han"Ly Commission under section 145151 Ib) of Ihc 2011 Act. Independcnt examlner's s14tement I hai¥ Lornpleted my examinaTIOTi. I conhrni that no matters hai'e coine to my attention in co[￿eCtI()I? ￿'1th the examinarion ing me caube io b¢li¢v¢'. a¢counting recoriL4 w.ere not kept in respecl of ihe companv &s required by seciton i86 of ihe 2006 Act. or thc accoun[% do noi accord ￿'1(h thoK records. or thc accounts do not comply with the accowiiing requiremenis of Kclion 196 of the 2006 Act oth¢r than anv iequircnicnt Lhai the accounts gil'e a true and lair view. whith is nol a matter considered as part of an indcpcnden¢ eAamination' ur the aeeounts have noi l)een prepared in aecordance H'tih the methods and principles of the Statement of RLiomiiiLmded Prdclicc fur accounring alld rLP)ning b!" chariiic5 appliLable tv ihariti￿ prepariiig their accounty in accordance %ty'ith the Financial Reporting S￿ndard applicable in the UK and Republi¢ of IrLldnd IFRS 101 I ha￿.¢ no concerns and hai'e come across no oiber maitcrs in connection M ith thc cxaminaiion 10 ￿"hICh attention should b¢ drawn in ihi5 l¢POrt in order lo ¢nable 3 proper und¢r5tanding of ihe a¢¢vuDtS to be reach¢d. Philllp Roberts. FCA RobLrtb & Co., Chartered Ac¢owitants. 136 Kensington Church Str¢cL London. W8 413H. 16th January. 70?? MC)DEILY ART PRESS STATF.N1F.NT nF FINA￿cIAL ACTII'ITIES .10TH SEPTEMBEIL 2021 2021 2020 Ilnresirfcted Re51ricted f•nds funds Total Income Voluntary inLome InvLslment intome Incominb* resourL¢5 from lhari￿ble 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 ex￿nd]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 sEPTE￿IBER, 2021 2021 2020 Gross in¢oThe for the vear unre￿triCt¢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 Fl￿Ds £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 gi￿C 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 L￿d¢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 FIN￿NCl.￿L STATE%IENTS 30TH SF,PTF.MBF.R. 2021 ACCODI%TIP*G POI.ICIF.S B*sis 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 fU￿re. 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 fi￿dIng 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 b￿L 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 ad￿lse 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￿ attrIbU￿bIl 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 Cr￿ltorS are iniiially rccognibcd al Iransaclion valut and subsequently mcasured at thcir sC(dcmenL I"aluc. Debiors Trade and othei deErtors are recogni5ed ai the settle￿ent 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 reCo￿lsed 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 *