EXHIBITION ROAD CULTURAL GROUP (A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Trading as Discover South Kensington Company No. 05983125 Charity No. 1123758
EXHIBITION ROAD CULTURAL GROUP REFERENCE AND ADMINISTRATIVE DAlLs FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Reference and administrative details Trustees, report 3-16 Independent examiners report 17 Statement of financial activities 18 Balance sheet 19 Notes to the financial statements 20-28
EXHIBITION ROAD CULTURAL GROUP REFERENCE AND ADMINISTRATIVE DETAILS FOR THEYEAR ENDED 31 MARCH 2023 status The organisation is a charitable company limited by guarantee, incorporated on 31 October 2006 and registered as a charity on 18 April 2009 Governing Document The company was established under Memorandum and Articles which established the objects and powers of the charilable company. Trustees Craig Has5all- (Co-chair until 7 Dember 20221 Professor Maggie Dallman (Co-chair from 7 December 2022) Tim Reeve - (Co-chair) Dr Alex Burch Dr Julia Knights Dan Freeman (from 7 December 20221 Ali Khanbhai John Lavery (from 17 May 2022) Emma Will Nigel Williams (until 17 May 2022) Dr Katharina von Ruckteschell-Katte Jessica Toale (from 7 December 20221 Paul Swaddle (until 5 July 2022) Honorary Officers Nasim Jetha, Treasurer Peter Dickinson. Chair of ERCG Communications Group Company Secretary Susan Gent Director Sarah Berresford {Acting Director) from 8 March 2023 Sally Noonan12 January-8 March 2022) Emily Candler (until 2 January 20231 Registered address Natural History Museum Cromwell Road South Kensington London SW7 5BD Independent Examiner5 Richard Weaver, Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers Natwest Bank Natwest Busiriess Banking PO Box 16204 Birmingham B2 2WP Solicitors Farrer and Co. 66 Lincoln's Inn Fields London WC2A 3LH Charity number Company number 1123758 05983125
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 INTRODUCTION The Exhibition Road Cultural Group IERCGI is a partnership of 22 world-leading science and arts institutions. We are the world's original cultural district. founded on an audacious idea= to gather the greatest achievements of art and science and bend them to the service of human progress. Today, Ihe ERCG'S members continue to bring together creativity and expertise in science, design and the arts lo lead, innovate and inspire. Our vision is that London's original cultural district is thriving, welcoming and enjoyable for all who visit, work, live and study. It is a crucible for change, that uses its combined creativity and expertise in science and arts to inspire, innovate and create change. Addressing the most pressing issue of our day, SoLrth Kensington's institutions work together to become a global exemplar of carbon zero, nature positive neighbourhood. In 2022, the Great Exhibition Road Festival, our major collaborative public event, returried as a large-scale outdoor event for the first time Sin 2019. The Festival, led by Imperial College London included talks. workshops and perfomance from most of the cultural and educational organisations in South Kensington. Our public-facing programme also included Kaleidescopic Minds, an installation by Azarra Amoy in partnership wilh Kensington + Chelsea Art Trail and Imperial College London,. and a 2-day event exhibiting a replica space rocket in Exhibition Road, in partnership with UK Space Agency. We have continued to grow our programme of events for staff and neighbours. building awareness of the work of our member institutions and strengthening relationships. Our marketing and communications work this year also included new digital content and joint social media campaigns to promote the cultural venues in South Kensington. We were very sorry to say farewell to Emily Candler in January, after riine years as Executive Director. Collaboration beeen the leading science and arts institutions in South Kensington has gone from strength to strength under Emily's leadership. She leaves us with a clear vision to work ever closer together to meet the great challenges of our lime, whilst ensuring that London's original and pioneering cultural district continues lo thrive as a great place to visit, study, work and live. Ambitious public events such as the Great Exhibition Road Festival, and the development of our Discover South Kensington channels have raised awareness of the extraordinary things that happen in our neighbourhood, strengthening DLtr relationship with our local Communities. Behind the scenes collaboration is also flourishing on everything from sustainability to business resilience, galvanised by a real sense of shared purpose, curiosity and trust. Sally Noonan was appointed Director in January bul left quickly to become Executive Director of Melbourne Arts Theatre in Australia. We are currently in the prOsS of recruiting a new Director to lead this cultural district into its next phase. Meanwhile, the Board are very grateful to Sarah Berresford who has stepped up to be Acting Director. leading the organisation and keeping up momentum at this exciting time as we begin a Ihree-year progr8mme to accelerate our response to climate change, utilising the skills and expertise we have here to become an exemplar zero emissions. nature positive neighbourhood.
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees of the Exhibition Road Cultural Group. who are also directors of the charity for the purposes of the Companies Act 2006, have pleasure in submitting the annual report and audited financial statements for the year ended 31 March 2023. OBJECTIVES AND ACTIVITIES The charitable object of The Exhibition Road Cultural Group is to promote education in particular by enhancing collaboration beeen the artistic, scientific and cultural institutions in and around Exhibition Road and South Kensington. The trustees have had regard to the guidance from the Charity Commission Dn public benefit in producing this report and when reviewing Dur aims and objectives and planning future actNlties. The Board have an ongoing strategy to meet these aims and objectives. 1. Accelerate South Kensington as an exemplarzero emission, nature posltlve urban neighbourhood. Playing our role in tackling the planetary emergency and using our collective voice and reach to inspire change far beyond South Kensington. 2. Create a welcoming, vibrant destination, providing an excellent experience for people who visit. work, study and live here. Improving welcome, ease of visit and access to great amenities, pleasant surrounds and safe environments. Establish financially and environmentally sustainable activities bringing science and 8rts out into Exhibition Road, with Great Exhibition Road Festival as the flagship collaborative event. 3. Promote this cultural district to diverse audiences and build local engagement. Helping to rebuild visitor numbers, using our combined reach and profile to promote what's on offer here. Developing destination identity th8t SonateS with target audiences online and in the public realm. Creating new opportunities for local stakeholders and staff to come together build understanding of our work and challenges. Work to deliver these objectives is described in further detail below. Discover South Kensington has been our public facing identity forjoint communication and destination marketing since 2015. In 2018, we registered this trademark and have begun using Discover South Kensington more widely. ACHIEVEMENTS AND PERFORMANCE South Kensington ZEN+ Leading Positive Change South Ken ZEN+ is our collective response to the climate and biodiversity crisis, working together towards being an exemplar as a zero emissions IZEI and nature positive IN+) district. At the start of 2022, the ERCG'S leaders set out a grand and Ljrgent challenge.. to combine their unique resources to accelerate aclion and show real12adership in the face of this global threat. The programme provides huge opportunities. An opportunity for sustainable transformation of this unique neighbourhood. An opportunity to create a glabal example lo inspire positive change around the world. And an opportunity for all the organisations in the ERCG to play their part in keeping the critical 1.5 °C degrees COP larget within reach.
EXHIBrrioN ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE Y&4R ENDED 31 MARCH 2023 Individual ERCG members already have strategies to reduce their carbon footprint and to become more sustainable. Across the group, there are many examples of excellence and innovation, but also significant gaps in commitments. knowledge and action. By working together, the aim is to address problems that are beyond the scope of individual organisalions, tap into new and different resources including funding, and create efficiencies. SpecrFically, South Ken ZEN+ aims to expand and amplify the good work that is already happening in three ways.. 1. Collective understanding". Sharing knowledge, research and training to aClerate progress 2. Collective action: Developing joinl plans to create substantial neighbourhood impact 3. Collective Vol.. Co-creating transformative policies and projects, using the members, shared profile and reach to trailblaze and inspire. The ideas for South Ken ZEN+ are the culmination of an inspiring process, drawing on the expertise of over 60 of the besl sustainability brains from ERCG members, ably supported by leading sustainability consultants 3ADAPT. The Royal Commission for the Exhibition of 1851 generously supported this work with tsjo Commissioners, Professor Chris Wise and Dame Alison Nimmo chairing the process and working with Ihe ERCG team. The Royal Commission provided a grant for project development, situational analysis and development of an action plan in 2022. Following completion of this initia5 work, the Royal Commission have agreed lo fund the programme for three years, enabling us to recruit a programme manager and begin to implement the action plan. Brin in Science and Arts out into Exhibition Road Great Exhibition Road Festival The Great Exhibition Road Festtval returned on 18-19 June as a large-scale Outdoor event for the first time since 2019. It was wonderful seeing Exhibition Road filled with people enjoying the festival spirit again. This year's event was attended by nearly 40,000 people and the festival was buzzing with interesting questlDns and shrills of excitement, the road became outdoor art studios, Imperi81 College's lawns became dance floors, and crowds of people were proudly wearing animal masks, crowns, and carrying a range of recently crafted scilart activilies. Talks, workshops, performances and activities in medicine, art, technology, design, chemistry drew on the lalesl research and expertise from the College, museums and cultural institutions. The programme included cutting- edge virtual reality experiences to insight into forgotten histories, untold stories and latest scientific breakthroughs. The theme of 'trailblazers' was plad at the heart of the summer festival, celebrating those shaping our future with their research and combining the imagination and world-leading expertise of the cultural organisations in and around South Kensington. The festival celebrated the trailblazers who have made the area a rich and vibrant ntre of science and art. Sir Mo Farah was a guest al the evenl with his family and spoke passionately about the importance of fun learning opportunilies for young people and the importance of 'exercising the mind,. The Festival is led by Imperial College London, with Science Museum, Natural History Museum, V&A and Royal College of Music, as well as the Goelhe-lnstitut, Royal College of Art, Royal Parks and the Royal GeographiGal Society working iogether to co-ordinate and deliver a unique programme of events. It is Ihe culmination of intense collaborative work Ihroughout the year on
EXHIBrrioN ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 programme. operations and communications. After this year's successful event, planning work began almost immediately for 2023, and the festival will return on 17-18 June 2023. Kaleidoscopic Minds by Azarra Amoy Building on the success of the 2021 South Ken Green Trail architectural installations, we are continuing to implement the Exhibition Road Events Strategy bringing the work of the arts and science institutions out into the public realm. In 2022. we worked with Imperial College and Kensingtori & Chelsea Art Week commission KaleidosGOPiC Minds, by local artist Azarra Amoy. The artwork told the story of people working in the Exhibition Road communtty who identify as neurodiverse. Artists, scientists and colleagues from Imperial College London. the Science Museum, the Royal College of Art, the Natural History Museum, the Royal College of Music and the V&A featured in the work. Inspired by the idea of neurodiversity as a spectrum, Amoy celebrated one individual in each design using motifs from their life and work. Every person had a unique colour, and the kaleidoscope effect was designed to show how images can change and create new and beautiful patterns when they are reflected in different ways. Kaleidoscopic Minds stretch along the length of Exhibition Road, and were installed to coincide with the Grèat Exhibition Road Festival and Kensington + Chelsea Art We8k in June, remaining in place until the end of the year. The evaluation found 900/tr of people surveyed agreed or strongly agreed the installations made Exhibition Road a more welcoming and enjoyable place to be. Comments included: "The art works work fits the area, it's bright and colourful. it makes a sense of place. It shows you're in a cultural area." They are nice. I like seeing them wh&n I comg here for lectures. I like that they've got info about real people on them." UK Space Agency Launcherone Rocket on Exhibition Road We were delighted to have the opportunity to work with the UK Space Agency again. to bring a full size 72fi replica of the Launcherone rocket tD Exhibition Road on 15-16 October. The event aimed to promote understanding of space science ahead of the planned launch of Launcherone from Sp8ceport Cornwall later in the year. The installation was accompanied by a programme of activity from ERCG member institutions highlighting the space science research that happens here. Science Museum, Natural History Museum, Imperial College London ran including the chance to get hands on with some examples of the kinds of animals that have been on space missions, find out how Museum scientists are helping to look for life on Mars and a chance to hold a real meteorite. Royal College of Music students perfornied for the VIP opening event, which was attended by the Minister, local Councillors and MP. On the Sunday moming ERCG organisèd an exclusive event for local residents with a guided tour by Matt Archer, Director of Commercial Space at the UK Space Agency, which was well attended and received very positive feedback. We are grateful to the Royal Borough of Kensington and Chelsea for their help with Ihis event.
EXHIBITION ROAD CULTURAL GROUP TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The evaluation found 970/D of participants suNeyed said they agree or strongly agree that the event made Exhibition Road a more welcoming and enjoyable place to be. 100 /0 of those surveyed agreed that seeing this in Exhibition Road makes them more likely to visit South Kensington again. The evaluation noted a noticeable shift in perceptions of the area with visitors to the rocket event more likely to descrTbe the area as interesting, fun. inspiring and exciting. compared to our 2019 visitor research on the area. Comments included.. "I loved seeing such a range of exciting and inspiring STEM activities. There is a nice feel to it here, with people and families from lots of different backgrounds." .1 feel inspired. My daughter has been talking to some students froffl Imperial about their work and how often do you have that opportunty?" Im rovin welcome ease of visit and access South Kensington $tstion ERCG has been working with TfL for many years to encourage them to brTng forward plans for much-needed step-free access at South Kensington station. In summer 2022, TfL and their development partners, Native Land, launched an appealed against the refvsal of planning permission for their station development scheme, which includes step-free access. ERCG Board Member, John Lavery gave evidence al the Planning Inquiry in January 2023 on need for step-free access al this station, which is the gateway to the cultural and educational institutions. The outcome of the Planning Inquiry is expected in Spring 2023. We will continue lo work with Transport for London, RBKC and local stskeholders to achieve step-free access al this important gateway to this cultural district. We have continued to liaise with TfL regarding engineering works and service Closure at South Kensington Station. The work to replace the escalators to the Piccadilly Line was completed in Spring 2022 and the Piccadilly Line reopened to passengers on 1 June ahead of the Platinum Jubilee Bank Holiday weekend. Promoting walking routes We have partnered with Footways London to create and launch an interactive map of quiet and scenic walking routes around ERCG member locations in South Kensington, linking main line stations, tube stations and the Design Museum to Exhibition Road. The map highlights points of interest along the route, and features our website as well as being promoted by Footways London. The map also supports the Mayor's Transport strategy to encourage London residents 20+ to achieve at least 20 minutes of active travel a day. Sustairiable. integrated and enjoyable transport supports our ambition to become a zero emissions and nature positive neighbourhood. Welcome and wayfinding The Team London Ambassadors returned to Exhibition Road over the summer holidays on Thursdays lo Sundays. We supported the training sessions with a guide to what's on in South Kensington a5 well as infomation on the Kaleidoscopic Minds installation.
ExHIBloN ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Promotin the cultural district Throughout the year we have supported our Member's efforts lo rebuild visitor numbers after the pandemic. Digital channels remain our priority to highlight what is on in the area 8nd to help visitors plan a great day out. Our fortnightly Discover South Kensington newsletter continues to grow in popularity and our Members have reported an increase in referrals and sales when their events are featured. Growing our subscriber database the newsletter, remains a focus with an 8Qlo increase this year. Over the last 12 months, subscribers who live. work, study and visit the area has increased by Competitions, sign ups via the Great Exhibition Road Festival website, our stakeholder event invitations and cross promotion in our memberfs newsletters continue to be our main source of growth. In the summer, Christmas and for the first time. Easter. we ran a joint Facebook Gampaign with the Science Museum, Natural History Museum, V&A and the Royal Albert Hall linking to our trai15 highlighling what's on in their venues and across the district. All three campaigns led to over 2.3 million impressions resulting in over 40.500 clicks to our website and generating up to 25-30 /0 of our website traffic during the campaigns. During 2022-23 we have also developed our website, implementing findings from a usèr experience study. We have made improvements to event filters to make it easier to find out what's on, improved navigation and introduce a 'favourite' function enabling users to create their own itineraries for a visil to South Kensington which they can share. With the increased number of larger scale Facebook campaign5 linking to our routes, we have improved the navigation for our routes. We welcomed new students lo the area with a Discover South Kensington stand at the Imperial College London Welcome Fairs. Members provided exhibition tickets, discounts and other prizes for competitions to encourage sign LJP to our fortnightly newsletter. Developing digitsl platfomis BLtilding on the user experience testing we carried out in the previous year, we have continued to make improvements to the user experience. The website has developed into a comprehensive 'go to, platform to find out what's on in the area with over 450 events listed at any time. To improve the visitor experience, we have crealed event filters which segment events by type, location, audience and s?asons. Descriptions have also been added to our Irails. We have also made improvements to our newsletter sign-up function to make il more visible. As our newsletter continues to grow, we have made improvements to the design, with increased links to sorlle of our popular pages including what's on and places to eat. During the year, we have run 13 competitions with our members, local restaurants and hotels offering a great day in South Kensington with prizes ranging from afternoon tea, tickets to exhibitions, premieres and music events. Over the last year we have been focusing on increasing our blog content to share some of the stories, gallery openings, events and seasonal listings. There has also been considerable back-end work completed to help the small team manage content creation more efficiently. Continuing with our stralegy to target younger audiences via our social m8dia channels, particulady Instagram, we recruiled another Imperial Science Communication student as an intern to generate appealing video content. Al the same time, we have continued to work with John Bader- last year's Imperial intem to ensure we develop oui audiences - over the last 12 months our followers on Instagram have increased by 23 %. We have been collaborating with Dur members where possible,
EXHIBoN ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 which has had a significant impact on our reach. Local en emenl Discover South Kensington stakeholder events We continued the programme of Discover South Kensington Neighbours events, bringing together people who live and work in the area, raise awareness of this group of organisations, and build understanding of the work that happens within the institutions here. The Natural History Museum hosted an event for local residents and community groups on 15 July. Dr Alex Burch, ERCG Board member and Director of Public Programmes at the Natural History Museum spoke about ERCG'S work and the collaboration belween organisations in South Kensington inspired by a shared mission. The event was well attended and had good feedback. We also invited residents to private views at the V&A, the Great Exhibition Road Festival, the Ismaili Centre Open House and we hosted a guided tour of the Launcherone replica rockel on Exhibition Road in October which was hosted by the UK Space Agency. Our programme of events for staff and volunteers at Member institutions has continued to grow. These events help strengthen the sense of community between our Member institutions, crealing opportunities for staff to gel to know each other and the work of neighbouring organisations. During the year we have worked with our members to hold Discover South Kensington events for colleagues at Ismaili Centre, Kensington Palace, Leighton House, Japan House London. Royal Geographical Society (with IBG), Leighton House Museum. Design Museum, Royal College of Music, Cromwell Place, Serpentine, Science Museum and the V&A. Kensington + Chelsea Culture Conversation We have continued to work with RBKC and Kensington + Chelsea Art Week to bring together people working in cultural and creative sector across our local borough through the Kensington + Chelsea Culture Conversation events. Three conversation events look place during the year at the Chelsea Old Town Hall, at the Museum of Brands in North Kensington and Chelsea Theatre on the World's End Estate. Death of Queen Elizabeth11 Following the sad death of Queen Elizabeth 11 on Thursday 8 September, we enacted our standing plans for Operation London Bridge. We facilitated several meetings bebNeen our Members. local authorities and Metropolitan Police to assist in preparations for road closures and crowds around the ceremonial events. and lo enable Members to discuss changes to their operations during the mourning period. Exhibition Road was the venue for the Royal Borough of Kensington and Chelse8's ceremony for the proclamation of King Charles 111 on Sunday 11 September. The event was hosted by the Victoria & Albert Museum. The ERCG team assisted RBKC and V&A in preparations for the event. The event went well and was attended by visitors and residents as well as local dignitaries and representatives of the cumural and educational institutions. The South Kensington Business Resilience Forum continued to meet throughout the year to share informatlDn about current operations and risks.
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Knightsbridge Neighbourhood Forum John Lavery. ERCG Board Member and Secretary ofthe Royal Commission forthe Exhibition of 1851 replaced Emily Candler as Vice-chair of the Knightsbridge Neighbourhc)od Forum in December 2022. The Forum brings together residents, businesses and institutions to shape planning policy for the Knightsbridge Neighbourhood Area, which includes th8 half of the cultural district which sits within Westminster. Hotels & Restaurants We have been rebuilding our partnerships with local hotels and restaurants in South Kensington and identifying opportunities lo partner and collaborate from competitions, meetings with concierge teams, providing our branded postcards for hotel guests and social media content. There is much appetite to expand our relationships and joint promotions in the next financial year. THE FUTURE Plans for 2023.24 Our aim is lo ensure South Kensington continues to be a great place to visit, study, work and live. with an environment that enables world-class cultural and edLJcational organisations to thrive for the benefit of all. The Board will contir)ue to meet regularly to review our strategy and develop our activity to respond to current circumstances. A new Director will be appointed in Spring 2023. Our major focus this year is beginning implementation of the SoLSth Ken ZEN programme. The programme manager took up post in April 2023 and is already working with Members to implement the work plan. The Great Exhibition Road Festival returns on 17-18 June and attention will then turn to planning the event in 2024. We will continu2 to work with Transport for London, local authorities and local stakeholders to promote accessible, sustainable travel to this cultural district, including slep-free access at Sout Kensington ststion. STRUCTURE AND ORGANISATION OF THE EXHIBITION ROAD CULTURAL GROUP Exhibition Road Cultural Group is a charitable company limited by guarantee, incorporated on 31 October 2006. It is an independent charity eslablished with its main object. as stated above, to promote education - in particular by enhancing collaboration betsmeen the artistic, scientrfic and cultural institutions in and around Exhibition Road and South Kensington. Charitable status was conferred on 18 April 2009. It is govemed by a Memorandum and Articles of Association. ERCG Members Goethe-lnstilut. Institut franfjais, Imperial College London. The Ismaili Centre, Natural History Museum. K&nsinglon Palace, Royal Albert Hall. Royal College of Art, Royal College of Music, Royal Commission for the Exhibition of 1851, Royal Geographical Society (with IBGI, the Scien 10
EXHIBITION ROAD CULTURAL GROUP TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Museum, Serpentine Galleries, The Royal Parks, Royal Borough of Kensington & Chelsea, Westminster City Council and the Victoria and Albert Museum. ERCG Associate Members The Design Museum, Cromwell Place, South Kensington Estatss, Royal Society of Sculptors, Japan House London. Membership is open to cultural and educational organisations '1th well-developed nalional or international remiy, within the geographical boundary of the original 1851 Eslate. Associate membership of the ERCG is open to representatives of both commercial and non-profit organisations and institutions located in close proximity to Exhibition Road and South Kensington that have an alignment with our charitable objects, make a contribution lo South Kensinglon's reputation as the home of science and art. and demonstrate a commitment to workirig together and supporting ERCG in delivering its aims and objectives. Associate Members participate in our activities and have the same benefits as other Members but cannot vole at the AGM or be nominated to join the Board. The Board can however invite Associate Members to participate in Board meetings. The Board welcomes the opportunty to work with a range of partners to achiève our objectives and will continue to encourage other world-class cuttural and educational organisalions within this area to become rnembers. Appointment of Trustees Inslitution members are invited to nominate a member of senior staff to become a Trustee and individual members lin Ihe case where the institution cannot be the member) are invited to nominate themsefves as Trustees. A list of nominated individuals is circulated to the full membership in advance of the Annual General Meeting (AGM). A ballot takes place at the Annual General Meeting. There can be no more than 12 Trustees. The Board can also co-opt additional Bciard members during the year, up to the maximum of 12. Nigel Williams stepped down from the Board in May, when he retired as Secretary of the Royal Commission for the Exhibition of 1851, after seNing as a Trustee for 9 years. John Lavery. the incoming Secret8ry of the Royal Commission. was co-opted by the Board in May and reappointed at Ihe AGM. The Members elected Professor Maggie Dallman, Imperial College London as Co-chair in December, working alongside Tim Reeve. Maggie replaces Craig Hassall who Stepped down as Board member and Co-chair in December, when he left the RDyal Albert Hall to lake up a new role in Cleveland, Ohio. The Board co-opted Dan Freeman, Acting CEO of the Royal Albert Hall to join the Board in December. Following the local govemment elections, Cllr Paul Swaddle stepped down. The new Leader of Westminster City Council proposed Cllr Jessica Toale, and she was elected by members at the AGM. The Board is very grateful to all these fonner Trustees for their work to support collaboration beeen the cultural and educational organisalions within ERCG. New trustees are inducled into the practical work of the charity when they are appointed and are kept infomied about their duties and responsibilities as appropriate. 11
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2023 Company Secretary Susan Gent. Company Secretary forlhe Royal Albèrt Hall has continued lo serve as Company Secretary and supported the Board with appointment of new trustees and staff. Board of Trustees Co-chairs.. Maggie Dallman (Imperial College London) and Tim Reeve (Victoria and Albert Museum) Other Trustees.. Dr Alex Burch (Natural History Museum), Dan Freeman (Royal Aibert Hall), Ali Khanbhai (Ismaili Centrel, Dr Julia Knights (Science Museum), Katharina von Ruckteschell-Katte IGoethe-Institut), Jessica Toale {Westminster City Council), Emm8 Will (Royal Borough of Kensington and Chelsea), John Lavery (Royal Commission for the Exhibition of 18511. Officers: Company Secretary: Treasurer.. Chair of Communications Group: Susan Gent Nasim Jelha Peter Dickinson STAFF ERCG has a srnall staff team- all ofwhom work part-time. Together this was equivalent to 2 full- time posts in 2022-23. This year has seen signrficant change within the ERCG'S team and we have operated wtthout fijll staff capacity throughout the year. Emily Candler, who had led ERCG for 9 years advised the Board in May that she wanted to step down. Afler juggling cancer treatrllent and work for the past few years, she decided she wanted to focus on her health and family. Emily worked reduced hours from May-December 2022. During this period Sarah Berresford stepped up. taking on extra responsibility and maintaining momentum on our major projects, assisted by colleagues from our Member Drganisations. Sally Noonan was appointed as Director and joined in January 2023, but left in March afler being offered a high-profile post back in Australia. Sarah Berresford was appointed Acting Director in March until a new Director is appointed. Sara-Jane Allen stepped down as Office Coordinator in May after five years with ERCG. Bea Tozer joined the team as Marketing Assistant in September 2022, taking on digital content development and office management. John Hanna Bader has continued to create digital content for us this year in a freelance capacity. and Bria Jukes joined the team as a placement during her Masters in Science Communication at Imperial College London. Tiva Montalbano joined ERCG as Programme Manager for the South Ken ZEN+ programme in April 2023. Director (vacant) Sarah Berresft)rd, Acting Director and Head of Marketing & Communication Tiv2 Montalbano, South Ken ZEN+ Programme Manager Bea Tozer. Marketing Assistant The Director and Head of Marketing & Communication Manager posts are the Char[tS senior management. 12
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 VOLUNTEERS The Exhibition Road Cultural Group and Discover South Kensington is a truly joint endeavour and we could not achieve what we do without all the contributions from colleagues across our partner organisations who have given their time. energy and expertise to this collective effort. The Board is extremely grateful for the support from all our volunteers over the past year. Our Treasurer, Nasim Jetha has continued to give her time generously this year to manage expenditure on our major project, manage cashflow and changing incorlle levels. Peter Dickinson, as Chair of Communications Group has continued to Champion and galvanise collective action across the Discover South Kensington partnership. RISK MANAGEMENT The Exhibition Road Cultural Group has a formal risk management process through which the Board identifies the major risks to which the organisation may be expoged and has ranked these by likelihood and impact. The Board of Trustees regularly reviews the principal risks and uncertainties facing the charity, together with plans and strategy for managing those risks. All significant risks, together wlth current mitigation actions, are reviewed regularly throughout the year by the Trustees. The Trustees are satisfied that systems have been developed and are in place to mitigate idenlrfied risks to an acceptable level. The principal risks are.. Economic and behaviour changes resulting from the coronavirus pandemic and steep inflation, have a lasting impact on the ability of the cultural and educational organisations in South Kensington to operate effedively for a prolonged period. This risk is mitigated by facilitating the sharing of relevant expertise and experience bebNeen local organisations, and working together to promote this area. We are unable to reduce carbon emissions and negative environmental impact with sufficient speed required by the planetary emergency. This risk is managed by all organisations working together to accelerate work to becoming a carbon zero, nature positive neighbourhood. A major incident that would have a significant impact on people and organisations in this area. This risk is managed by facilitating cooperation belween local organisations to strengthen prevention, preparedness and resilience. The transport infrastructure is unable to meet the needs of current and future visitors, staff and students. This risk is managed by working with TfL and local stakeholders to encourage bringing foard plans that will improve the experience for our users and make our venues accessible to all by public transport. The public realm SLJrrounding Ihe cuttural and educational organisations does not provide a sufficiently welcoming. safe and accessible environment to SUPPDrt local organisalions. efforts to attract and retain visitors, staff and students. This risk is managed by the Board and staff team working with local stakeholders to identfy opportunities for improvement to the public realm and processes to deliver this. In the long temi, this district falls behind other areas with access to greater investment in infrastructure and flexibility to develop facilities to meel future needs. This risk is managed by working together to understand and implements steps to futureproDf London's original cultural district. 13
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2023 PAY POLICY The trustees consider the board of trustees and the senior management team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee received remuneration in the year. Details of trustees. expenses are disclosed in note 7 to the accounts. The pay of the Executive Director and all other staff is reviewed annually and normally adjusted each year in line with changes in the cost of living. In view of the nature of the charity, the Trustees benchmark against pay levels in other charities. ERCG contributes to defined contribution pension schemes for all employees. HEALTH AND SAFETY The Board considers managing health and safety and well-being of our staff, volunteers and suppliers a high priority. The Board is ultimately responsible for compliance with health and safety legislation. The day-to-day responsibility is delegated to the Executive Director, who is responsible for compliance, policy development and performance. This year, ERCG has provided equipment for staff to work safely from home. During the course of the year Ihere were no significant incidenls involving members of staff. FUNDRAISING The charity does not solicit fijnds via phone. email. direct mail or by using third paty commercial fundraisers and does not fundraise via a general call for support. Funds are instead raised via private donations and events held with partners in relevant years, bul mainly from subscriptions from our members. The charity is committed to being accountable and responsible. and if ils fundraising approach changes in the future, the charity will register with the UK fundraising regulator. The charity did not recewe any complaints about fundraising activity during 2022-23 FINANCIAL SUMMARY The financial accounts for 2022123 show total expenditure of £335,28712022'. £275,112). Of this £204,730 was unrestricted expenditure12022= £191,355} and there was £130,557 expendf(ure from restricted funds12022: 83,7571. Total income was £462,088 (2022.. £308,320) of which ££246,500 was restricted funds12022= £90.999). Income was principally through membership subscriptions, which amounted to £194,025 (2022.. £188.6951. grants for projects £246,500 (2022- £90,999). The accounts show a donation in kind valued at £2,700 for soknare from Microsoft (2022.. £2,700). Apart from administration costs, expenditure has been used to fund the projects described above. RESERVES The current funds position shows unrestricted funds of £148,257 {2022.. 137,3991. The Trustees have reviewed the reserves policy during the year and agreed maintaining a minimum of £45,000 in reserves. 14
EXHIBtTION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 THE TRUSTEES, ASSESSMENT OF WHETHER THE CHARITABLE COMPANY IS A GOING CONCERN The Trustees consider there are no material uncertainties about the Charivs ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concem for the foreseeable future. Trustees have continued to make an assessment of whether the charity remains a going concern through the year. This has included cash-flow models and balance sheet tests for different scenarios to inform all major financial decÉsions. The Board sets the subscription level for the year in Consultation with Members. Most ERCG members faced considerable financial pressure during 2022123 due to the on-going impact of pandemic and sharp inflation in core costs, including energy. In light of this, the Board decided not to raise Members subscriptions for the year ending 31 March 23. At no point have our assets and foreseeable income been less than liabilities and expected expenditure. We maintain reserves suff ci8nt to cover liabilities and have not drawn on these in the year. We have the ability to scale back activity and expenditure in-year rf required. The modelling indi(xtes that the charty would continue to be able to employ all of its staff and maintain a reserve of at least £45,000 forthe next 12 months. In light of the modelling the Trustees We satisfied that the accounts for 2022123 had been prepared on a going concern basis. STATEMENT OF THE BOARD OF TRUSTEES. RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Trustees, who are also directors of Exhibition Road Cultural Group for the purpose of company law. are responsible for preparing the Trustees, Report and the accounts 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 and not to approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources. including income and expenditure. for the year then ended. In preparing those financial statements which give a true and fair view, the Trustees should follow best practi and.. select suitable accounting policies and then apply them consistenliy., ObSee the methods and principles of the Charities SORP. make judgements and estimates that are reasonable and prudent-, state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. and 15
EXHIBITION ROAD CULTURAL GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 prepare the financial statements on the going concem basis unless it is inapprDpriate to assume that the charitable company will continue on that basis The Trustees are responsible for keeping accounting records which disclose WTth reasonable accuracy at any lime the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Company's website. Legislation in the Uniled Kingdom governing the preparation and dissemination of Financial Statements may drtfer from legislation in other jurisdictions. The Report of the Trustees has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the Truslees on 5° July 2023 and signed on their behalf by: Tim Reeve Co-chair Maggie Dallman Co-chair 16
INDEPENDENT EXAMINER'S REPORTTO THE TRSUTEES OF EXHIBtTION ROAD CULTURAL GROUP YEAR ENDED 31 MARCH 2023 I report lo the Trustees on my examination of the accounts of Exhibition Road Cultura5 Group for the year ended 31 March 2023 which are set out on pages 18-28. RespÈctive responsibilities of trustees and examiner The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 2006 Act°}. The Trustees are satisfied that an audit is not required for this year under section 144{21 of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the charitable company 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 charitable company's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under sectiorl 145(5)Ibl of the 2011 Act. Independent examinerfs Statement I can confirm that l am qualified to undertake the examination because l am a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect= accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do not accord wilh those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other Ihan any requirement Ihat the accounts give a 'true and fair view which is not a matter considered as part of an indeperident examination- or 4. the accounts have not been prepared in accordance with th8 methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. 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 accounts to be reached. Richard Weavor FCA Haysmacintyre LLP. 10 Queen Street Place London EC4R IAG Date= 11 JLJIY 2023 17
EXHIBITION ROAD CULTURAL GROUP Company No. 05983125 STATEMENT OF FINANCIAL ACTIVITIES Ilncluding income and expenditure account) AT 31 MARCH 2023 Unrèstri¢tsd Fund5 Restricted Funds Total 2023 Total 2022 Notes INCOME FROM: Donations and legacies 12,700 12,700 2.700 Charitable activities Members Subscription 194,025 246,500 440,525 297,194 HMRC JRS Grant 6,912 Miscellanetsus Income Investment Income 8,000 863 8,000 1.50fJ 14 Total income 215,588 246,500 462,088 308,320 EXPENDITURE ON.. Charitable activitie5 Collaborative Events and Activities Improving Access & Visrf£or Experien Promotion of South Kensington arèa 112,050 29,626 63,054 130,557 242,607 29,626 63,054 185,274 19,983 69,855 Total expenditure 204,730 130,557 335.287 275.112 EXPENDITURE: Net income 10,858 115,943 126,801 33.208 Transfers bètween funds Net movement in funds 10,858 115,943 126,801 33,208 Funds brought foNard 137,399 10,J42 147.441 114,233 Funds at 31 March 2023 148,257 125,985 274,242 147,441 The notes on pages 20 to 28 forn part of these financial slalèments The slalement of financial activities includes all gains and losses r?cognised in the year. All amounts derive from continuing a¢tNities. 18
EXHIBITION ROAD CULTURAL GROUP Company No. 05983125 BALANCE SHEET AT 31 MARCH 2023 Notss 2023 2022 FIXED ASSETS Tangible assets 858 2,112 CURRENT ASss Debtors Short temi deposits and cash in hand 51,400 245,840 21,318 155,110 297,240 176,428 CURRENT LIABILITIES CREDITORS- amounts falling dua within one year {23,8561 131.0991 NET CURRENT ASSErs 273,384 145,329 NET ASSETS 274,242 147,441 FUNDS Unrestricted funds General funds 12 148,257 137,399 Restricted funds 13 125,985 10.042 TOTAL FUNDS 274,242 147,441 For the financial year in question, the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. Thesè accounts have been prepared in accordance wrf(h the provision applicable to companies subject to the small companies, regime. Approved by the Trustees and authorised for their issue on by.. 2023 and signed on their behalf Chair of Trustees The notes on pages 20 to 28 form part of these financial slalements 19
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as ftsllows= Basis of preparation The financial ststements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recomm&nded Practice applicable lo charities preparing their a¢¢ounts in accordance with the Financial Reporting Stand2rd applicable in the UK and Republic of Ireland IFRS 1021 Second Edrfcion- Icharrties SORP IFRS 1021 Second Edition). the Financial Reporting Standard applicable in the UK and Republic of Ir&land IFRS 1021 Second Edition and the Companies Act 2006. Exhibition Road Cultural Group meets the definition of a public benefft entty under FRS 102. Assets and liabilities are initially recognised at historical cost ortransaction value unless otherwise stated in the relevant accounting policy nolelsl. Preparation of accounts on a going ¢on¢ern basis The trustees consider there are no material uncertainties about the Charitys abilty lo continue as a going concern. The review of our financial position, reserves levels and future plans gwes Trustees CDnfiden¢2 the charity remains a going concem for the foreseeable future. Trustees have continued to make an assessment of whether the charity remains a going conc&m through the year. This has included cash-flow models and balance sheet tests for drfferent scenarios to inform all rnajor finanaal decisions. Most ERCG members faced reduction in their income during 2022123 due to the post pandemic. With ongoing uncerL9inty and national Teslriclions in place at the stsrt of the financial year, the Board decided to maintain the subscriptions at the same level as 2021-22 with no increase. At no point have our assets and foreseeable income been less than liabilities and exped expenditure. We maintain reserves sufficient to cover liabilities and have not drawn on these in the year. We have the abilty to scale back activity and expenditure in-year if required. The modelling indicates that the d)arity would continue to be able lo employ all the of its staff and maintain reserve of at least £45,000 for the next 12 months. In light of the modelling the Trustees were satisfied that the accounts for 2022123 had been prepared on a going concern basis. In¢ome recognition All income is recognised On the charity has entitlement to income. it is probable that income will be received. and the amount of income receivable can be measured reliabty. Donations and legacies Donations and gifts and are included in full in the Statement of Financial Activff£ies when there is enlitlemenl, probability of receipt and the amount of income receivable can be measured reliably. Gifts in kind Gffts in kind represent assets donated for use by the charity. Assets givèn for use by the charity are recognised when receivable. Gifts in kind are valued al the amount actually realised from the disposal of the assets or al the price the charity would olhenvise hav2 paid for the assets. 20
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCIAL STATEMENTS Icontinuèdl FOR THE YEAR ENDED 31 MARCH 2023 Grants Grants are recogni5ed in full in the slal&ment of financial activities in the year in which the charity has entitlement lo the income, the amount of InMe rec&iv£ble can be measured reliably and th&re is probability of receipt. Income from charitable activities Income trorn charitable activities is recognised as earnèd as the related services are provided. Investment income Investment Income is recognised on a receivable basis once the amounts can be measured reliably. HMRC JRS Grant Incom& from thè Govemmenys Coronavirus Job Retention Schemè Grant is recognised on the aru81S basis and in line with the staff costs that it rèlates to. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to 8 third party, il is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activty headings.. Expenditure on charitsble activities comprises Collaborative public projects. Other expènditure represents promotion of the Exhibition Road area. Irrecoverable VAT is charged as a cost against the activity for which the expendtturè was incurred Expenditure allocated to the particular actwty where the cost relates directly lo that activity. However, the cost of overall direction and administration of each activity, ¢omptTsing the salary and overhead costs of the central function, i5 apportioned based on proporbon of the direct expenditure incurred for each activity. Allocation of Costs Staff costs are allocated beeen direct charitable expenditure and support costs allocated in the same proportion as the time spent for each charitsbl& activty. Fixed assets Fixed assets are staled at cost Dr deerned cost Idonaled valuation at estimated fair value) less accumulated depreciation and impairment losses. Assets costing more than £250 are capilalised. Depreciation is calculated lo write off the wsls of the fixed asset by equal inslalments as follows, all straight line.. Computer equipment 3 years straight line Debtors Trade and other debtors are recognised at the sèttlement amount due. Prepayments are v31ued al the amount prepaid nel of any trade di$Unts due. 21
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCIAL STATEMENTS l¢ontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Cash at bank and in hand Cash at bank and cash in hand includes cash and short tertn highly liquid investments with a short maturity of three months or less from the date of acqutsition or opening of the deposit or similar a¢nI. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation rgsulling from a past event that will probably result in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions a normally recognised al their settlpment amount after allowing for any trade discounts due. stock Stocks are valued at the lower of cost and net r&alisable. Funds Unrestricted funds are donations and other incoming resourcès receivable or gènerated for the objects of the charity. Designated funds arè unrestricted ftjnds earmarked by the trustees for particular purposes. Restricted funds are those funds which are lo be used in accordance with specific instnJ¢tions imposed by the donor or Injst deed. Employee benefts Short term benefits Short term beneffts including holiday pay ar? recognised as an expense in the period in which the service 15 received. Employee termination benefrts Temiinalion benefrts are awunted for on an accrual basi% and in line wth FRS 102. Pension scheme The pensions costs charged in the financial slalernents represent the Contributions payable during the year. 22
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 MARCH 2023 DONATiONS AND LEGACIES 2023 Total 2022 Total Donation in Kind Other Incorne 2.700 10.000 2,700 12,700 2,700 INCOME FROM CHAR ABLE ACTNtriES Members Subscription Exhibition Road Events 194,025 246,500 188,695 108,499 440,525 297,194 ANALYSIS OF EXPENDrruRE Dio¢t C05t5 - staff Direct Costs- Other Grant Funding Support Costs 2023 Total Collaborative Events and Aclivrf£ies 60,275 43,964 130,557 7,811 242,607 Improving Access and Visitor Experience 26,227 3,399 29.626 Promotion of South Kensington Area 38,018 20,109 4.927 63,054 124.520 64,073 130,557 16.137 335,287 4b. COMPARATIVE ANALYSIS OF EXPENDITURE12022)'. Dirè¢t Costs - staff Direct Costs - Other Grant Funding Support Costs 2022 Total 23
EXHIBITION ROAD CULTUIiAL GROUP NOTES TO THE FINcIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 MARCH 2023 Collaborative Evènts and Actwities 55,156 41,455 83,757 4.906 185.274 Improving Access and Visitor Experien 18,351 1,632 19.983 Promotion Df South Kensington Area 48,485 17,058 4,312 69,855 121,992 58,513 83,757 10,850 275,112 ANALYSIS OF SUPPORT COSTS 2023 Totsl Management Finance Resour¢es Governance Collaborative Events and Activities 6,642 1,169 7,811 Improving Access and Visitor Experience 2,890 509 3,399 Promotion of the South Kensington Area 4,190 737 4,927 13,722 2,415 16,137 5b. COMPARATIVE ANALYSIS OF SUPPORT COSTS120221: 2022 Totsl Management Finance Resources Govemance Collaborative Events and Actwihes 3,957 949 4,906 Improving A$$ and Visitor Experien 1,316 316 1,632 Promotion of the South Kensington Area 3,477 835 4,312 8,750 2,100 10,850 24
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCtAL STATEMENTS Icontinuedl FOR THEYEAR ENDED 31 MARCH 2023 GOVERNANCE COSTS INCLUDE: 2023 2022 Independent examinerfs remuneration.. Independent examination 2.415 2,100 NET INCOME FOR THE YEAR 2023 2022 Thrs is stated after charging Indepenclent Examiner's remuneration.. Independent Examination (see note 61 Expenses reimbursed lo Trustees 2,415 2.100 No Trustee was reimbursed for any expenses in the current year {2022= £nill. No Trustee received remuneration in the current or prior year. STAFF COSTS AND NUMBERS 2023 2022 Staff costs were as follows: Salaries and wages Social security costs Pension contributions 103,825 12,492 8.2Q12 102,077 10,652 9,263 124,519 121,992 No employees received emoluments of more than £60,000. Thè total employee beneffts of the key management personnel of the charity were £114,952 12022.. £107,725). The key management personnel of the charity are considered lo be the Executive Director and Marketing and CDmmunicalion manager. 2023 Number 2022 Number The average number of employ88s during the year was as follows: Charitsble activities The full lime equiva19nt aver8ge number of stsff in each peNod was 2. 25
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCEAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 FIXED ASss Furniture, fittings & equipment Total Cost Al 1 April 2022 Additions 7,884 5,308 2,576 Balance at 31 March 2023 7,884 7.884 Accumulated depreciation At 1 April 2022 Charge for the year 5,772 1.254 4,386 1.386 Balance at 31 March 2023 7,026 5.772 Net Btsok Value Carried forward at 31 March 858 2,112 Brought forward at 1 April 2,112 922 10. DEBTORS:amounts falling due within one yèar 2023 2022 Trade debtors Other debtors VAT 39,900 1,767 9,733 17,381 1,554 2.383 21 11. CREDITORS: amounts falling due withiri one year 2023 2022 Other creditors Other taxation and social security Accruals 12,993 2,455 8,408 9,886 3.653 17,560 23.856 31,099 26
EXH181TION ROAD CULTURAL GROUP NOTES TO THE FINANCIAL STATEMENTS l¢ontinued) FOR THE YEAR ENDED 31 MARCH 2023 12a. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Restricted Funds General Funds Total Funds Fixed assets Current asset Current liabilities 858 171,255 123.8561 858 297,240 123,8561 125,985 Nel assets at 31 March 2023 125,985 148,257 274,242 12b. COIIJPARATIVE ANALYSIS OF GROUP NEr ASSETS BETWEEN FUNDS {20221: Restricted Funds General Funds Total Funds Fixed assets Current asset Current liabilities 2,112 166,386 131,0991 2,112 176,428 131,0991 10,042 Net assets at 31 March 2022 10,042 137,399 147,441 13a. ANALYSIS OF RESTRICTED FUNDS Balance 1 April 2022 Balance 31 March 2023 Income Expenditure Transfers Step Free Access Project 2.800 2,800 Exhib(tion Rd Science & 25,000 125.0001 South Ken Zen Project South Ken Zen Delwery Future Observatory Research 7242 89,000 95.OOU 37,500 180,1991 16.043 95,000 12,142 125.3581 Totsl 10,042 246,500 1130,5571 125,985 27
EXHIBITION ROAD CULTURAL GROUP NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 13b. COMPARAnVE ANALYSIS OF RESTRICTED FUNDS120221: Balance 1 April 2021 8a13nce 31 March 2022 Income Exppnditure Tran5fer5 Step Free Ac$ Project South Ken Green Trial Project South Ken Zen Project 2,800 2.800 79,999 179.9991 11,000 13,7581 7.242 Total 2,800 90,999 183,7571 10,042 Step-Free Access - funding provided by individual ERCG members in 2012 to raise awareness of the need for slep-free a¢$S al SDulh Kensington Slalion. This project is on-going, and we anlicipale that these funds will be used in 2023-24. South Ken Zen Project - fvnding provided by special award from Royal Commission for Exhibrf(ion of 1851. The members of ERCG and Royal Commission are working together to accelerate becoming a carbon zero. nature positive neighbourhood. The project IS Dn-going. South Ken Zèn Project Action Plan Delivery - Seed funding provided by special award from Royal Commission for Exhibition of 1851. The members of ERCG and Royal Commission are working together to kick-stsrt delivery of action plan, enabling the programme lo build momentum and demonstrate impact. The grant is over three years and the project is on-going. Future Observatory Research Fellowship- ftjnding providecl by grant from Design Museum. The funding is for the delivery of the research and Policy paper for Devgloping Cultural policy for the Green Transition. The project is on-going. 14. TAXATION The charty is exempl from corporation tsx as all tts income is charitable and is applied for charitable purpose. 15. RELATED PARTY TrANSACTIONS There were no related paty balances as at 31$1 hAarch 202312022.. £nill- 28