Cbirfty reEi4tTrittr•nnwbtr 1117563 Compth•y TtE￿I￿￿•￿ nutsbt￿oS93js75 (Eilts￿d&udw￿eSl MODEKN, ART PRESS ANNUAL REPORT ANT) ALDITED FINANCIAL STATEMENTS FOR THE YL4R ENDED 30 SEPTEIIBER 21J24 MODERN.4RT PRESS LEGAL AND ADM1liISTIL4TITr￿ IYFOILMATIO TRL'STEES J Nicoll B Allen R M&son T Knox T Sandcrson AL Rose A Suich {ApTKJintrd 20 0¢￿ber 2023) (Appoint¢d l December 20241 CHAIUTY REGISTRATIOY f*LTrIBER 1117563 CONIPANY NUMBER 05938575 REGISTERED OFFICE Second FlI￿r 23 Bedford Ro ndon England WCIR4EB INDEPENDEiYf EXAMINER AND Ro&s Stokes FCA. ACCOUNfAY( Thc Accounting Collectiv¢ Siudio 8, 229 Shoreditch High Streei ndon. El 6PJ. BANKERS Bar¢lays Bank PIC 10 Matht Street Bradford Wesi Yorkshire BDI IEG SOLICITORS Charles RU￿11 Speechtys LLP 5 Fleet Plac¢ tA)ndon EC4M 7RD MODERN ART PRESS AliNtTAL REPORT AND UNAiiDITED FTh.4NCIAL STATEMENTS FOR THE YEAR ENDED 30 SEVtE%fBER 2024 CONTENrs Page ReFNJrt of the trus*es Statement of trustres r¢sponsibilities Independertt Examiners's R¢N)rt Statemcnt of Financial Activities Balantr Sheet Notes to th¢ Accounts 8-14 MODERN ART PRESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTE%IBER 2024 The Trnstees present their annual retK)rt and financial ststements for the year ended 30 September 2024. The financial statements have been prepared in acconlance iiith the accounting PK)licies set out in note i to the financial statements and ¢omply M'ith the chariiy's [goN'erning documcnil, thc Companies Act 2006 and 'Accounting and Rewjrting by Charities: Statement of Recommended Pr￿lICe applicable to charities preparing their accounts in acuirdance ￿7th the Financial Rep)rting Stsndard applicable in the UK and Republic of Ircland (FRS102)" (effective l January 2019). PRINCIPAL OR1EC￿vEs AND ACTIVITIES The principal activity of the charity continues ￿ be the adi'ancement of tducation ty wmmissioning and publishing'calalogue Raisonnes, of modern artists. not yet adequately" covered by published material. It is envisaged that the cost of commissioning ￿TIterS and publishing costs ￿111 be coi'ered b) grants received and, in due course, revenues from the publicauon of the catalogue. Whilst the charity s principal focus remains on catslogues rnisonnes. it also extends the remii ￿ educational EK)oks about art and its hiS￿ry more gencrall).. The Trustees ¢onfimi when re>'ithi'ing the TrUS￿e5, rewrL aims. objcctii'es and actii'ities that the￿ hai'e ompiled ￿'1th the duty in Section 17 of the 2011 Charili&s Act to hav¢ due regard ￿ guidan¢¢ published by the Ch3riry Commission including public ben¢fil. ACHIEVMEIITS .4ND PERFORMANCE The benefits of the Charity are the promotion of anistic appreciation and the furtherance of education about The charity published No IKK)ks in 2024 Todd tAingstaffe-Gowan. The Losi Gardenf of London Christopher White, The.4(h'eniures oJL7n.4rt Hisiorian FINANCIAL REVIEW li is the wlicy of thc charity that unrcstricted funds which have not btcn designated for a spe¢ific use should be maintained ai a level equil'aicni ￿ at lelst onc yearfs expenditure. The Tr￿Sle¢S consider that rcserves at this level will ensure thaL in the ￿ent of a significant drop in funding. they ￿rIll b¢ able to coniinue the charity's Cur￿nt actiN'itics while considcration is gii'en to ways in which addilional funds ma). b¢ raised. This level of r&8ern'es has been mainthined throughoui the Jvdr. MODERN ART PRESS REPORT OF THE TRI:.STEFS FOR THE YEAR E￿DED 30 SEPTEMBER 21124 PLANS FOR FUTURE PERIODS In 2025 and 2026 the charity will publish Catherine Lampert and Toby Treves, Lucian Freud: Catalogue Raisonne of the Oil Paintings AndreTh Lambirth, The Uglow Papers Jonathan Marsden, European Sculpture in the Coll¢ction of His Maj¢sty' The King The Earl of Rosslyn. Theresa-mary Morgan and Helen Rosslyn, The Ari ofRoyal Travel.. Journeys wilh ihe King Christopher Lloyd, Micha¢l Andrews Other publications in production are: Oliver Millar and Jeannie Chappell. Tudor and Stuart Paintings in the Colleclion of His Majesty Thc King Oliver Millar and Jeannie Chappell, Georgian Paintings in the Collection olHis Majesty The King Fiona Brddleyy Paual Rego'5 Women Rachel Smith, Ben Nicholson.. Cathlogue Raisonne of the Oil Paintings Alan Bowiess, Sophte BoNvness, Jenna Lundin Aral, Barbara H¢p￿Orth. Calalogue Raisonne of the Painting& Drawings and Prints Sophie Bowne55. Barbara Hepworth Cathlogue Raisonne of the Sculptures The direct costs of these IK(*ks are fundcd by various indiTr'iduals and foundations. STRUCTURE GOVERNANCE MANAGEmE￿T Modern Art Press is a company limi￿d by guardntre and a registered chariry governed b). its memordndum and articl¢s of &550ciation. The Lharity w&s rcgislered on the 12th Januar)., 2007 under the numbcr 1117563 and ivas inwrwrated on the 18th Septernber, 2C￿kn under the number 0593857). The Truslees, who are also the directors for the purwse of compan). law. and ￿'hO servcd during the year and up ￿ the date of signaiure of the financial stht¢ments were.. J Nicoll B Allen R Ma50n T Knox T Sanderson AL Rose A Sutch (ApFM)inted 20 OctoE¢r 2023) IApFK)int¢d l Decemtr*r 2024> The charity structure is that is a board of non-execulives (at least 31 ￿th0 are also mcmbers of the company and charity Trustees. The Truste¢s are governed b). the compan> s mcmorandum and articlcs of &s%)ciation. Thc lard has p)wers to appoin¢ an advisory pancl if necessaTr. Tcmts of office are not to exceed 5 years. but Trustees can be reaprM)inted for a further terni noi to excecd 3 years. MODER￿, ART PRESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEVTEMBER 2024 RISK POLICY The Trustees are reswnsible for the management of the risks faced by the charity. Risks are ideniified and assessed and controls are established throughout the vear. A formal of the charity's risk management process is undertaken on an annual b&8is. The key controls used by the charity include fomial agendas and minutes for all Trustce meetings, comprehensive planning, budgeling and accounting and clear authori5ation and approi'al leN'els of all grants and other expendiiure. Controls over operdtion of the charity's bank accouni are wnsidered to be adequately managed. Through th¢ risk management proccsses esublished, the Trustees arc sa(isfi¢d the major risks identified have been adequately mitiga￿d where necessary. It is rewgnised that Sy5￿M5 can only provide reasonable but not absolute assurance thai major risks havc been adequatel). managed. The major risks to w'hich the charity is exposed as identified by the Trustees haNe been rcN'ie￿'ed and s)strms have been esLablished to mitigat those risks. APPROVAL This rewrt was approved by the Trustees on and signed on thcir behalf by R Ma50n MODERN ART PRESS REPORT OF THE TRL,STEES FOR THE YEAR ENDED 30 SEYtEMBER 2024 STATEMENT OF TRLfsTEES' RESPOliSIBILITIES The Tntsiees, who are also the directors of Modern Art Press for the purtK)se of company law, are rcsponsible for preparing the Trustees Report and the financial S￿teMents in accordance ￿7th applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly ACcep￿d Aecounling Practice). Company Law requires the Trustees ts) preFArt financial statrmenrs for each financial year which give a true and fair view of the Sta￿ of affairs of thc charitv and of thc incoming resources and appIl￿tion of resources, including the income and cxpenditure. of the charitable company for thai )'ear. In preparin8 these financial sthtem¢nL% the Trustres are required ￿. select suitable accounting tx)licies and apply them consistenily- observe the methods and principles of the Charitie5 SORP. make judgements and accounting estimates that are r￿￿rtable and prudent. stale whether applicable UK Accounting Sthndards have been followed, subjcci to any material departures disclosed and explained in the financial stal£menis' prepare the financial s￿ements on the going concern basis unless it is inappropriate to presutne that the Charhty will continu¢ in operation. The Trustees are restKinsible for keeping adequa* accouniing recor(L5 thai disclose ivith reasonable accuracy at any time the financial position of the charit). and enable them ￿ ensure that the financial statements comply with the Companies Art 2(Th. They are also resw)nsible for safeguarding the assets of the charity and hence for taking re&sonabl¢ steps for thc prevenuon and detection of fraud and other irregulariti&8. MODERN ART PRESS IVDEPEh￿ENr EXAMINTR'S REPORT TO THE TRLSTEES OF MODERN ART PRESS FOR THE YEAR ENDED 30 SEFTEMBER 2024 I rerKJrt to the Tru5t¢es on my examination of the financial ststements of Modern Art Press (the charity) for the year ended 30 September 2024. Responsibilities #nd bui8 ofrepDrt As the Trustees of the charity (and also its directOTS for the purposes of company la￿) you are resp)nsible for the preparation of the financial sthiements in accordance thith the requiremen￿ of the Companics Aa 2006 (the 2006 Act). Having satisfied myself that the financial sla*ments of the charity are not required ￿ be auditrd under Part 16 of the 2006 Act and ar¢ eligible for independent examination, I reFX)rt in respec¢ of my examination of the charity's financial slatements carried out under sertion 145 of thc Charities A￿ 2011 (the 201 l Aci). In carrying out my examination I have followed all the applicablc Direaions giN'cn by th¢ Charity Commission under section 145(5)(b) of the 2011 Act. Independent tlallllDer's Sta¢em¢Dt Since the charity's gross income exceeded £250.000 your examiner must be a memlKr of a bod). listed in section 145 of the 2011 ACL I confim) that J am qualified ￿ undet1ake the eL3mination because l am a member of ICAEW, which is one of the li51¢d tKydies. I have completed my examinalion. I confirni that no material matters haN'e come to my attcnlion in connection with the examination giving me cause (o believe that in any material respect: accounting records were not kept in respeci of the chariry as required by section 386 of the 2006 Act; or the financial statements do not accord Mith those records; or the financial Sta￿Ments do no( comply with the applicable rcquirements of section 396 of the 2006 Act other than any requirement the ac(x>unts give a trne and fair view ￿'hiCh is nol a mattcr considered &s part of an independent examination. or thc financial S￿￿ments hai'e noi been prepared in accordance ￿1th the methods and principles of the Statement of Rccommcndcd Practic¢ for ac¢ouniing and rep)rting bN charities applicable to charitics prcparing their accounts in accordance ￿'1[h the Finan¢iai Rewjning Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and haN'e come across no other matters in connection the examination to ￿h]Ch attention should be drawTr in this retKIrt in ordcr to cnablc a proper undersN2nding of the financial Sta￿ments ￿ be reachcd. Ros5 Stok¢J FCA kg Datt 5th March 2025 The Accouniing Collective Studio 8, 229 Shorrdit¢h HÉgh Stre Londo El 6PJ. MODERN ART PRESS STATEMEliT OF FINAiICI.4L ACTIVITIES INCLuDI￿G LNCOME AND EXPE￿D[rLRE ACCOITh FOR THE YEAR ENDED 30 SEvfENIBER 2024 ITnr¢strieted Rtstrici fund5 fvDd5 2024 2024 ITDrniriCted Re5trirted fund5 fund5 2023 2023 TDt*l 2024 Tot*1 2023 INCOME AND EXPENDITURE Income from: Volunwy income Charitable activities Incoming resources from ¢h*itable activities Invesknents 21,338 21.338 103.122 103,122 176,629 11.899 98,465 275.094 11.899 74.969 5.979 368,786 443.755 5.979 209,866 98,465 308.331 184.070 368.786 552,856 Expenditure ott: Direci charithbl¢ Exp¢nditure 195.249 352,014 547.263 163.342 143.013 306,355 Governance costs ID 4.756 4.756 4.735 4.735 Tot*1 expenditure 200,005 352.014 552.019 168,077 143.013 311,090 Ntt iTreome for the y¢4rl 'ei movement fuDdJ 9.861 1253,549) (243,688) 15.993 225.773 241,766 Fund balances at l Octob¢r 2023 93,380 836,333 929.713 77.387 610.560 687,947 Fund b•l8Trces xt 30 Stpttmber 2024 103241 582.784 686.025 93J80 836.333 929,713 The ststhent of fU￿ncIal ￿1vin¢S includcs all gains and lo&w in th¢ y¢4r. The stswnen( of fm8ncial a£tiTritics in¢lud&% a]l8all￿ and lossts rwwised in the year. All income and ￿p¢￿dIt￿re duive from continuing adi•*lues. The statfflncnt of financial a¢ts'Nryii¢s als) cornpli&s with the requiranents for an In￿￿e and expendiDJre accowit und¢¥ the Companies Act 2006. The notes on pages 8 to 14 forni an intrgral part of th¢se accounts. MODERN ART PRESS BALANCE SHEET AS AT 3D SEvfEMBER 21124 Notes 2024 2023 CurT¢Dt assets Dcbtors Cash #i bank and in hand 13 50.371 643,846 3.213 936,971 694.217 940,184 Creditors: falling dut within one year 14 £ 8,192 10.471 Net currcnt &ssets 686,025 929,713 The of the eh*rity unrestrlc￿d fimds R¢5tric*d income funds 15 16 103.241 582.784 93.380 836.333 686.025 929.713 The Ce￿panY is elltsued to the exemption frC￿ the audbt requirement contsined in seCt￿n 477 of the Companies Act 2006, for the year ended 30 September 2024. The directors acknowwge their responsibilities for eomptying with the requirements of the Companies Act 2W6 with respect to accounb.ng records and the preparab.on of financial stslements. The member5 have not required the company to obtain an audr( of its financial Statements for the year in question in accordanee with section 476. These financial statements have been prepared in accordance wth the provisions applicabk to compan*s subject to the small wnpanies regime. The fin c¢al statements were approved by the Trustees on Lc.3.20 R Ma50n Tru$t¢e The not¢s on pa8es 8 ￿ 14 forni an inte￿￿ part of these aw)unts. MODERN ART PRE&S NOTFS TO THE Accouiirs FOR THE YEAR ENDED30SEpfEMBER 2024 ACCOu￿1NG POLICIES ChArity thformalloll M￿ern Art Prcs5 Is a private ¢(Knpany limite4J by gua¥artiet inCLYptyated in Effj8land aThJ Waics The rwstrr offi¢¢ is SeC￿d FI￿. 23 Bedford Row. LA>tyJon. Enwand. WCI R 4EB 1.1 Accounting toAv¢Dtio The fLrwJ¢ig1 stawncnts have been prcpartsl in accordance with th¢ ¢haritys Igov¢min8 docwnefftl, the Companics Ad 21K)6. FRS 102 'Tr Finanriai Rerthing Standard appli¢able in the UK and Rq>ublic of Ircland" I'FRS 102.1 and the Charrti¢s SORP"Ar¢ouniing ar￿ b). chan.iies Sthknkeni of Recomrnended Practicc appljcable io charities prcpanng their accounts In aCt￿danCe with the FiThan¢Lal Reportlng Standard applicable irt ¢he UK and Republic of Irejand (FRS 1021" {effeai%'e l January 20191 The chanty is a Public Benefit Entsty ￿ deflned b). FRS 102 The charty h85 taken adwtage ofthe ryovisiims in the SORP for dwlies not ￿ prcpare o ofC&th The r]nancI￿ statcrnents are prepared in 5trdin& whlch 15 the furtctKmJ curraKy of the charity. Mooewy amounts in these fLnancd 5tatcrnthts are rnunded to the t)eartst £ The fllwicial stakntt¢nts have been prcpaTrd undes the his[on￿l ¢<& convul11￿, Imodifièj to IT￿LUde the rvaiuatson of fTr¢hold propertles and ro Jnclude thvesuntnl pr(wts¢s and certain financi￿ instnlmcnts at fair valuel. Th¢ princird acc(XJTrtm8 kKAicies adqrted are sd oui ￿￿ow. ij Going conrer At the time of approvjng th¢ financJaL stswnents. th¢ Tnjstets have a rea%onabie exPC¢ts¢]￿ the charty has adequa* r&8ourccs to continue in operdiional ￿151￿¢¢ foT the fortseeable future. Thus the TnLStrts conunue to adopt the 8oing c￿c¢M b&sis of x¢(rtmiinB m prcrAnng the financial Ya￿)ents IJ Cb4ritsbk ftyllds UnrÈ5tric(ed fund5 arc aYdilabl¢ fty w¢ • the d1scrctLI￿ of the Tnjs1￿ in f￿th￿￿ of thejr chan"table Obj￿IlveS R¢sth¢ted fuTh￿s are subj￿1 to 5pccific by drff￿ or 8rdn￿ a5 to how th¢y maj, be ￿t￿. The pUr￿S¢S and uses of the r¢strLCted fi￿(L5 arr sci in the notrs io the fmancial AatanenL%. Endowment funds are subject to sp￿l[le conditirrt% fy dor￿ that thc capithi musl be maEnraincd by the chanty. 1.4 Intome It)come ks reCo￿lS¢d who th¢ ¢harity is le8a]ty entitld io it aft¥ any pttformance coThJiihon5 hav¢ be¢n m the Amounts can be measured r¢liabty. and li is probable that inc(Kne wll be rettivtsl C&sh don*ions are T￿08Th15ed ots receipt. Other donaiion5 are recoBnistyJ onct the chanty has bEen notified of the donaijon, unless FtrfortJ]2nce conditio￿8 require def￿￿ of the amounL Income lax r￿0verable in rd8(￿n to donau0￿ received undeT Glft Aid . diffcr from these ¢stin]atcs. The estimates and undcrljing assumptions are rcvicwcd on an ongoing basis. Revisions io accounting estimates arc rccognised in th¢ period in which thc Csiimate is revised wherc thc revision affects only that pcriod, or in the period of the revision and future periods where the revision affects both curreni and future periods. Donations and legacies UDr¢$trieted funds 2024 2023 Funded expenditure Donatrd services 13.949 7.389 103.122 21.338 103.122 Charit•ble Activities 2024 2023 Book {cat&logu¢) salcs and royalti¢s Grants and fces 50.504 224.590 74,969 368,786 275,094 443.755 Analysi5 by fund Unrcstriried fwids R¢stri¢ted funds 176,629 98.465 74.969 368.786 275.094 443.755 MODERL¥ ART PRESS NOTES TO THE AccouNrs FOR THE YEAR E￿￿ED 30 SEPTEIIBER 2024 5 Income from knvtstments Unrtstrieted funds 2024 2023 Interest receivable 1.899 5.979 6 Donated services As detailed in note 3 aEoN"e the charity had a secondmcnt arrangement in place Mith a corporate supporter, which C￿ed on 30 November 2023. Thc donated sm'ice measured at £7,389 (2023- £103.1221 is included in incoming resources as Yoluntary income and resources expended as direct charitsblc expenditure. In addition cenain costs have been funded measured ￿ £13,949 {20?3- nil) b!, a corporate supwrter and these have been included in incoming resources as ¥olunw)' income and rcsources expended as direct charitable cxpendiiure. 7 Charitable activities 2024 2023 Salaries, n￿lOnal insurdnce and pension contributions Book Production Cos Rent and other offlce expenses 14.389 513,081 19,793 105.484 200,871 547,263 306,355 Analysis by fund Unrestricted funds Restricted funds 195.249 352,014 163.342 143,013 547,263 306,355 8 Trustees John Nicoll received nil in the ycar (2023 - £10.000) for prop'iding specific experLise in publishing and related services. None of the other Trus*es lor any persons connected ￿1th them) receiK'ed an). remunerntion or bcnefits from the ch3rity during the )'ear. 12. MODERN ART PRESS NOTES TO THE ACCOIINTS FOR THE YEAR ENDED 30 SEvfEMBER 2024 9 Employees The averdge monthly number of employees durin8 the year was: 2024 NuJDber 2023 Number Employment Costs 2024 2023 Wages and salaries 14.389 105,484 The Executive staff of the company had been seconded from a corwrdte supwrter being a UK company b3sed in London. The arrangement ce&sed on 30 November 2023 The following secondment arrangements were tn place: Hours per week: rninimum of 7 Charity wryll refund all relevant expenses incurred by the secondee in connection with pursuing the chariry's objectives. The corporth SUPWTrrtcr w&$ resw>nsible for remunernting the individual through its 0￿1 payroll. The chari(y also employed one member of stsff during the yw ai a ￿st of £7.000 {2023- £2.363). No staff mernbers12023 - One $￿ff member) of the corP)r￿e supw)ner seconded ￿ the charity received a salary in the band £90.(K)O - £IOO.000 p.a. None of the Trustees received any remune￿i0n in respeci of their servic&s during the year12023 - £10,000) The number of employees whose annual remuneraiion was more than £60.000 is as follows: 2024 2023 Number Nurnber £90.￿0 ts) £lOO,O 10 GovtrnaDee Costs 2024 2023 Accountancy Bank charges 4,560 196 4,560 175 4.756 4.735 13. MODERN ART PRESS NOTES TO THE ACCOLwrs FOR THE YEAR EryDED 30 SEPTE￿IBER 2D24 I I Value of chartty's eatalogut The charity continues to adopt a w)licy of wriiing off costs directly attributhble to the work undertaken on the preparation of the catalogue each year and thus no recognition h&s bcen taken in the financial statements for the value of anv stock of unsold IxKJks held by thc charit>. at the end of its financial vear. The Trnstccs consider this treatsneni to k consis￿nI w'ith past accounting praaice and avoids any element of understating directly auributable costs. The T￿sleeS esiimate that the anK)unt thai would othcrwi be receivable from commercial distribuwrs in respec( of such s￿ck ￿0vId be £270,594 12023- £286.284). 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purtxjses. 13 Debtors 2024 2023 Amounts fxlling due within ODe year Other debtors 50,371 3.213 14 Cr¢ditor5: IIIIIOIIDts f•Uing due within one year 2024 2023 Other creditors 8.192 10,471 IS Restrirted funds The restricted funts of the charity comprise the Unex￿nded balances of donations and grants hcld on trust subject to specific conditions ty donors as to how they may be used. At30 September At l October 2023 Incoming resources Resources expended Current year 2024 836.333 98.465 {352.014) 582,784 At30 Seplejnber 2023 At l Ortober 2022 Incotning resources Resources expended Prior ytar 610,560 368,786 (143.013) 836,333 14. MODERN ART PRESS NOTES TO THE AccouKrs FOR THE YEAR ENDED 30 SEvfEMBER 2024 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and granLs iihich are nol subjeci ￿ spceific Conditions by donors and grantor5 &5 ￿ holi they maj be used. These include designated funds which have been sei aside OUL of unrestr1c￿d funds by the trustres for specific purposes. At30 September 2024 At l October 2023 Incoming resourc Resources e5peDded Current year Generdl funds 93,380 209,866 1200,005) 103.241 At30 September 2023 At l October 2022 Incoming resources R¢sourc eipended Previous year Generdl funds 77.i87 184.070 {168,077) 93.380 17 AD•lysis of Det Asstts bttwten fund5 Unrestricted Restricted funds funds 2024 Tolal 2024 2024 Fund balanccs at 30 Sep¢ember 2024 are repr￿ented by: Current a&seLs/(liabilities) 103,241 582.784 686,025 Unrestricted Restricted funds funds 2023 2023 Total 2023 Fund balance at 30 Septembtr 2023 are represented by: Curreni assetsl(liabilities) 93.380 836.333 929,713 18 Rtl*ted party transgctions There were no disclosable related party transa￿lOnS during the year (2023 - none).