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← Modern Art Press

2025-09-30-accounts

Charity registration number 1117563

Company registration number 05938575 (England and Wales)

MODERN ART PRESS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

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MODERN ART PRESS

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES

J Nicoll B Allen R Mason T Knox T Sanderson AL Rose A Sutch (Appointed 1 December 2024)

CHARITY REGISTRATION NUMBER 1117563

COMPANY NUMBER 05938575

REGISTERED OFFICE Second Floor 23 Bedford Row London England WCIR 4EB

INDEPENDENT EXAMINER AND Oliver Warne FCA, ACCOUNTANT The Accounting Collective Studio 8, 229 Shoreditch High Street, London, El 6PJ. BANKERS Barclays Bank Pic 10 Market Street Bradford West Yorkshire BDI IEG

SOLICITORS Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD

MODERN ART PRESS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

CONTENTS

Page
Reportofthe trustees i-3
Statement oftrustees responsibilities 4
Independent Examiners's Report 5
StatementofFinancial Activities 6
Balance Sheet 7
NotestotheAccounts 8-14

MODERN ART PRESS

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees present their annual report and financial statements for the year ended 30 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in note | to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (effective 1 January 2019).

PRINCIPAL OBJECTIVES AND ACTIVITIES

The principal activity of the charity continues to be the advancement of education by commissioning and publishing 'Catalogue Raisonnes' of modern artists, not yet adequately covered by published material. It is envisaged that the cost of commissioning writers and publishing costs will be covered by grants received and, in due course, revenues from the publication of the catalogue.

Whilst the charity's principal focus remains on catalogues raisonnes, it also extends the remit to educational books about art and its history more generally.

The Trustees confirm when reviewing the Trustees’ report, aims, objectives and activities that they have complied with the duty in Section 17 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission including public benefit.

ACHIEVMENTS AND PERFORMANCE

The benefits of the charity are the promotion of artistic appreciation and the furtherance of education about art.

The charity published four books in 2025

Catherine Lampert and Toby Treves, Lucien Freud: Catalogue Raisonné ofthe Oil Paintings Andrew Lambirth, The Uglow Papers The Earl of Rosslyn, The Art ofRoyal Travel Jonathan Marsden, European Sculpture in the Collection ofHis Majesty The King

FINANCIAL REVIEW

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least one year's unrestricted expenditure. In 2025 the balance of unrestricted funds was above (2024 - below) the level required. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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MODERN ART PRESS

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2025

PLANS FOR FUTURE PERIODS

In 2026 and 2027 the charity will publish:

Christopher Lloyd, Michael Andrews

Fiona Bradley, Paula Rego's Women

Andrew Dempsey, Andrea Rose and Andy Warrington, Leon Kossoff: Catalogue Raisonné of the Prints Christopher White, Rembrandt A to Z

Other publications in production are:

Jeannie Chappell and Desmond Shawe-Taylor, Tudor and Stuart Paintings in the Collection ofHis Majesty The King

Jeannie Chappell and Desmond Shawe-Taylor, Georgian Paintings in the Collection ofHis Majesty The Rachel Smith, Ben Nicholson: Catalogue Raisonné ofthe Oil Paintings

Alan Bowness, Sophie Bowness, Jenna Lundin Aral, Barbara Hepworth: Catalogue Raisonné ofthe Paintings, Drawings and Prints Sophie Bowness, Barbara Hepworth Catalogue Raisonné ofthe Sculptures

The direct costs of these books are funded by various individuals and foundations.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Modern Art Press is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. The charity was registered on the 12th January, 2007 under the number 1117563 and was incorporated on the 18th September, 2006 under the number 05938575.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J Nicoll B Allen R Mason T Knox T Sanderson AL Rose A Sutch (Appointed | December 2024)

The charity structure is that of a board of non-executives (at least 3) who are also members of the company and charity Trustees. The Trustees are governed by the company's memorandum and articles of association. The board has powers to appoint an advisory panel if necessary. Terms of office are not to exceed 5 years, but Trustees can be reappointed for a further term not to exceed 3 years.

MODERN ART PRESS

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2025

RISK POLICY

The Trustees are responsible for the management of the risks faced by the charity. Risks are identified and assessed and controls are established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis.

The key controls used by the charity include formal agendas and minutes for all Trustee meetings, comprehensive planning, budgeting and accounting and clear authorisation and approval levels of all grants and other expenditure. Controls over operation of the charity's bank account are considered to be adequately managed.

Through the risk management processes established, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The major risks to which the charity is exposed as identified by the Trustees have been reviewed and systems have been established to mitigate those risks.

APPROVAL

This report was approved by the Trustees on 25 March 2026 and signed on their behalf by

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R Mason Trustee

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MODERN ART PRESS

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees, who are also the directors of Modern Art Press for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities,

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MODERN ART PRESS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MODERN ART PRESS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

I report to the Trustees on my examination of the financial statements of Modern Art Press (the charity) for the year ended 30 September 2025.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements Oliver Warne FCA Cay’AR 25 March 2026

The Accounting Collective

Studio 8, 229 Shoreditch High Street, London,

El 6PJ.

MODERN ART PRESS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Unrestricted|Restricted| |funds|funds|Total|funds|funds|Total| |2025|2025|2025|2024|2024|2024| |Notes|£|£|£|£|>a|=| |INCOME|AND|EXPENDITURE| |Income|from:| |Voluntary|income|3|-|-|-|21,338|-|21,338| |Charitable|activities| |Incoming|resources| |from|charitable|activities|=|582,436|136,976|719,412|176,629|98,465|275,094| |Investments|5|6,937|-|6,937|11,899|-|11,899| |589,373|136,976|726,349|209,866|98.465|308,331| |Expenditure|on:|6| |Direct|charitable| |Expenditure|7|286,078|433,185|719,263|195,249|352,014|547,263| |ease|cm Sauna|aS|aac ldn| |Governance|costs|10|4,816|-|4,816|4,756|-|4,756| |I|i|ag|cepa| |Total|expenditure|290,894|433,185|724,079|200,005|352,014|552,019| |ilgiliable cebu|isi|agp|ante| |Net|income|for|the|year/| |Net movement|in|funds|298,479|(296,209)|2,270|9,861|(253,549)|(243,688)| |Fund|balances|at|1|October| |2024|103,241|582,784|686,025|93,380|836,333|929,713| |ee| |Fund|balances|at|30| |September 2025|401,720|286,575|688,295|103,241|582,784|686,025| |ner|nnn|rrr eet|ea|en|re|Te|

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The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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The notes on pages 8 to 14 form an integral part of these accounts.

MODERN ART PRESS

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

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Notes 2025 2024
£ £ £ £
Current assets
Debtors 13 137,284 50,371
Cash at bank and in hand 555,571 643,846
692,855 694,217
Creditors: amounts falling due within
one year 14 6£ 4,560 £ 8,192
Net current assets 688,295 686,025
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The funds of the charity
Unrestricted funds 16 401,720 103,241
Restricted income funds 15 286,575 582,784
688,295 686,025
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The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 March 2026

R Mason Trustee

The notes on pages 8 to 14 form an integral part of these accounts.

MODERN ART PRESS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Charity information Modern Art Press is a private company limited by guarantee incorporated in England and Wales. The registered office is Second Floor, 23 Bedford Row, London, England, WCIR 4EB.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MODERN ART PRESS | NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 1. ACCOUNTING POLICIES (continued)

1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of | resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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MODERN ART PRESS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 1, ACCOUNTING POLICIES (continued)

1.7 Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

3 Donations and legacies
Unrestricted funds
2025 2024
£ £
Funded expenditure - 13,949
Donated services - 7,389
- 21,338
4 Charitable activities
2025 2024
£ £
Book (catalogue) sales and royalties 155,853 50,504
Grants and fees 563,559 224,590
719,412 275,094
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Analysis by fund		 ee
Unrestricted funds $82,436 176,629
Restricted funds 136,976 98,465
719,412 275,094
SS

MODERN ART PRESS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5 Income from investments

5 Income from investments
Unrestricted funds
2025 2024
£ £
Interest receivable 6,937 11,899
6 Donatedservices

As detailed in note 3 above the charity had a secondment arrangement in place with a corporate supporter, which ceased on 30 November 2023. The donated service measured in the year ending 30 September 2024 was £7,389 and was included in incoming resources as voluntary income and resources expended as direct charitable expenditure.

In addition certain costs have been funded measured at nil (2024- £13,949) by a corporate supporter and these have been included in incoming resources as voluntary income and resources expended as direct charitable expenditure.

Charitable activities
2025 2024
£ £
Salaries, national insurance and pension contributions 29,725 14,389
Book Production Costs 657,214 $13,081
Rentand other office expenses 32,324 19,793
719,263 547,263
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Analysis by fund
Unrestricted funds 286,078 195,249
Restricted funds 433,185 352,014
719,263 $47,263
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8 Trustees

No Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

MODERN ART PRESS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The average monthly number of employees during the year was:

2025 2024
Number Number
8 8
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eee
Employment costs
2025 2024
£ £
Wages and salaries 29,725 14,389
_————
ee

The Executive staff of the company had been seconded from a corporate supporter being a UK company based in London. The arrangement ceased on 30 November 2023 The following secondment arrangements were in place:

The charity also employed one member of staff during the year at a cost of £29,725 (2024- £7,000).

None of the Trustees received any remuneration in respect of their services during the year (2024 - none)

No employees had annual remuneration which was more than £60,000.

10 Governance Costs

Governance Costs
2025 2024
£ £
Accountancy
Bank charges		 4,560
256		 4,560
196
4,816 4,756

MODERN ART PRESS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11 Value of charity's catalogue

The charity continues to adopt a policy of writing off costs directly attributable to the work undertaken on the preparation of the catalogue each year and thus no recognition has been taken in the financial statements for the value of any stock of unsold books held by the charity at the end of its financial year. The Trustees consider this treatment to be consistent with past accounting practice and avoids any element of understating directly attributable costs. The Trustees estimate that the amount that would otherwise be receivable from commercial distributors in respect of such stock would be £226,691 (2024£270,594).

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Debtors
2025 2024
£ £
Amounts falling due within one year
Other debtors 137,284 50,371
$$$
14 Creditors: amounts fallingdue within one year
2025 2024
£ £
Other creditors 4,560 8,192
ne

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 30
At 1 October Incoming Resources September
Currentyear 2024 resources expended 2025
£ £ £ £
582,784 136,976 (433,185) 286,575
At30
At 1 October Incoming Resources September
Prioryear 2023 resources expended 2024
£ £ £ £
836,333 98,465 (352,014) 582,784
ooo SESE

14,

MODERN ART PRESS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes,

At30
At 1 October Incoming Resources September
Current year 2024 resources expended 2025
£ £ £ £
General funds 103,241 589,373 (290,894) 401,720
eee
—EyE”Ee
At 30
At 1 October Incoming Resources September
Previousyear 2023 resources expended 2024
£ £ £ 3
General funds 93,380 209,866 (200,005) 103,241
I
17 Analysis ofnet assets between funds
Unrestricted Restricted
funds funds Total
2025 2025 2025
£ £ £
Fund balances at 30 September 2025 are represented
by:
Current assets/(liabilities) 401,720 286,575 688,295
_—————————
Unrestricted Restricted
funds funds Total
2024 2024 2024
Fund balance at 30September 2024 are represented
by:
Current assets/(liabilities) 103,241 582,784 686,025
——————
eee
18 Relatedpartytransactions

There were no disclosable related party transactions during the year (2024 - none).