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|Trustees||C Lowther|OBE||(Chairperson)|
|---|---|---|---|---|---|
|||G Jackson||||
|||D Bradfield||||
|||FAmfitheatrof||||
|Charity number||1153464||||
|Principal address||22 Hertford|Road|||
|||London||||
|||N1 5SH||||
|Auditor||TC Group||||
|||76 New Cavendish||Street||
|||London||||
|||W1G 9TB||||
|Solicitors||Baker McKenzie LLP||||
|||100 New Bridge Street||||
|||London||||
|Bankers||C Hoare 8|Co|||
|||37 Fleet Street||||
|||London||||
|||EC4P 4DQ||||
|Investment|Advisors|MJ Hudson||||
|||1 Frederick's Place||||
|||London||||
|||EC2R 8AE||||
|Investment|Custodians|Canaccord|Genuity|Wealth|Management|
|||88Wood Street||||
|||London||||
|||EC2V 7QR||||





## 

|||Page|
|---|---|---|
|Trustees'<br>report||1-18|
|Independent<br>auditor's|report|19-22|
|Statement offinancial|activities|23|
|Statement offinancial|position|24-25|
|Statement ofcash flows||26|
|Notes to the financial|statements|27-45|





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|Consolidated<br>SOFA||||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|2021|2020|
||||Notes|||||
|Income and endowments||from||||||
|Donations,<br>legacies and sponsorships||||1,514,169||1,514,169|1,363,226|
|Product sales||||90,023||90,023|102,876|
|Income from fundraising|and events|||104,862||104,862||
|Investments||||40,659||40,659|22,418|
|Other income||||71,125||71,125|54,691|
|Total income and endowments||||1,820,838||1,820,838|1,543,211|
|Ex enditure on:||||||||
|Fundraising<br>and event costs||||15,517||15,517|2,550|
|Non - charitable<br>trading costs||||96,110||96,110|88,945|
|Cost of product sales||||21,337||21,337|74,187|
|||||132,964||132,964|165,682|
|Charitable<br>activities||||515,862||515,862|417,442|
|Total expenditure||||648,826||648,826|583,124|
|Net gains on investments|||14|963,859||963,859|530,047|
|Net income for the year/||||||||
|Net movement<br>in funds||||2,135,871||2,135,871|1,490,134|
|Fund balances at 1 January||2021||13,410,207|10|13,410,217|11,920,083|
|Fund balances at 31 December 2021||||15,546,078|10|15,546,088|13,410,217|





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||||||2021|2020|
|---|---|---|---|---|---|---|
|||||Notes|||
|CONSOLIDATED|||||||
|Fixed assets|||||||
|Intangible<br>assets||||15|244|1,455|
|Tangible assets||||16|2,449,409|2,457,870|
|Investments||||17|11,801,785|9,840,526|
||||||14,251,438|12,299,851|
|Current assets|||||||
|Stocks||||19|30,000|9,906|
|Debtors||||20|46,391|64,763|
|Cash at bank and|in|hand|||1,530,950|1,253,796|
||||||1,607,341|1,328,465|
|Creditors: amounts||falling|due within|21|||
|one year|||||(312,691)|(218,099)|
|Net current assets|||||1,294,650|1,110,366|
|Total assets less|current liabilities||||15,546,088|13,410,217|
|Capital funds|||||||
|Endowment<br>funds|-|general||23|10|10|
|Income funds|||||||
|Unrestricted<br>funds||||24|15,546,078|13,410,207|
||||||15,546,088|13,410,217|
|The accounts were||approved|by the Trustees on||...........................||
|G Ja|||||D Bradfield||
|Trustee|||||Trustee||





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||||||2021|2020|
|---|---|---|---|---|---|---|
|||||Notes|||
|COMPANY ONLY|||||||
|Fixed assets|||||||
|Intangible<br>assets||||15|76|1,243|
|Tangible assets||||16|2,449,409|2,457,870|
|Investments||||17|11,801,787|9,840,528|
||||||14,251,272|12,299,641|
|Current assets|||||||
|Stocks||||19|||
|Debtors||||20|678,108|375,724|
|Cash at bank and|in|hand|||754,594|893,203|
||||||1,432,702|1,268,927|
|Creditors: amounts||falling|due within|21|||
|one year|||||(127,542)|(146,516)|
|Net current assets|||||1,305,160|1,122,411|
|Total assets less|current liabilities||||15,556,432|13,422,052|
|Capital funds|||||||
|Endowment<br>funds|-|general||23|10|10|
|Income funds|||||||
|Unrestricted<br>funds||||24|15,556,422|13,422,042|
||||||15,556,432|13,422,052|
|The accounts were||approved|by the Trustees on||.&&....O.?....2OZ2||
|G Jackson|||||D Bradtield||
|Trustee|||||Trustee||





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|||||2021|2020|
|---|---|---|---|---|---|
||||Notes|f|f|
|Cash flows from operating||activities||||
|Cash generated<br>from operations|||29|2,203,380|1,513,302|
|Investing|activities|||||
|Purchase|of intangible<br>assets||||(220)|
|Purchase|oftangible<br>fixed assets|||(5,626)|(5,843)|
|Investments<br>- net movement||||(1,961,259)|(5,751,283)|
|Investment|income|||40,659|22,418|
|Net cash|used in investing|activities||(1,926,226)|(5,734,928)|
|Net cash|used in financing|activities||||
|Net increase/(decrease)<br>in||cash and|cash|||
|equivalents||||277,154|(4,221,626)|
|Cash and|cash equivalents|at beginning|ofyear|1,253,796|5,475,422|
|Cash and|cash equivalents|at end of|year|1,530,950|1,253,796|





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|Donations,<br>legacies and sponsorships|||
|---|---|---|
||2021|2020|
|Donations|300,453|221,226|
|Legacies receivable|1,105,316|1,000,000|
|Sponsorship|108,400|142,000|
||1,514,169|1,363,226|



## 

|||2021|2020|
|---|---|---|---|
|||E|F|
|Product|sales|90,023|102,876|
|||90,023|102,876|





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|||||2021|2020|
|---|---|---|---|---|---|
||Other events|||3,722||
||Fundraising|event||101,140||
|||||104,862||
|6|Investment|income||||
|||||2021|2020|
||||||F|
||Interest and|other investment|income|40,659|22,418|
|7|Other Income|||||
|||||2021|2020|
||Advertising|||47,410|30,490|
||Rental income|||20,715|16,635|
||Other income|||3,000|7,566|
|||||71,125|54,691|





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|Other costs|||||
|---|---|---|---|---|
||||2021|2020|
|Fundraising|costs||13,659||
|Event costs|||1,858|2,550|
|Fundraising|and|event costs|15,517|2,550|
|Non - charitable||trading costs|96,110|88,945|
|Cost of product||sales|21,337|74,187|
||||132,964|165,682|





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||||Scholarships|Subsidised|Events and|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Studios|Workshops|2021|2020|
|Support costs||||||||
|Staff costs|||22,206|88,826|111,031|222,063|109,090|
|Depreciation|||764|7,626|6,864|15,254|25,962|
|Premises expenses|||3,757|60,121|11,272|75,150|56,333|
|Accounting<br>and professional||fees|27,590|27,590|13,795|68,975|135,274|
|Office running|costs|||11,105|4,760|15,865|21,435|
|Travel and events|||2,331||2,331|4,662|6,951|
|Bank charges and exchange||movement|769|769|769|2,307|(2,140)|
||||57,417|196,037|150,822|404,276|352,905|
|Grant funding|ofactivities (see note 10)||111,586|||111,586|64,537|
||||169,003|196,037|150,822|515,862|417,442|
|Analysed<br>by|fund|||||||
|Unrestricted|funds||169,003|196,037|150,822|515,862||
||||169,003|196,037|150,822|515,862||
|For the year|ended 31 December 2020|||||||
|Unrestricted|funds||136,018|174,241|107,183||417,442|
||||136,018|174,241|107,183||417,442|





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||2021|2020f|
|---|---|---|
|Grants to institutions:|||
|Central Saint Martins|63,765|65,355|
|Northumbria<br>University||(818)|
|Slade School of Fine Art|41,821||
||105,586|64,537|
|Awards to individuals|6,000||
||111,586|64,537|



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|13|Employees|Employees|Employees|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||Number ofemployees|||||||||||
||The average|monthly|number||ofemployees||during the year|was:||||
|||||||||||2021|2020|
|||||||||||Number|Number|
||Administration|||||||||||
||Employment|costs||||||||2021f|2020f|
||Wages and salaries|||||||||231,059|117,567|
||Social security costs|||||||||23,694|8,800|
||Other pension|costs||||||||6,496|1,974|
|||||||||||261,249|128,341|
||The number|of employees|||whose|annual|remuneration|was|F60,000 or|||
||more were:|||||||||||
|||||||||||2021|2020|
|||||||||||Number|Number|
||f140,000 - 6150,000|||||||||1||
|14|Net gains/(losses)||on|investments||||||||
||||||||||Total||Total|
||||||||||2021||2020|
||||||||||||F|
||Unrealised<br>gains on||investments||||||889,917||561,883|
||Realised gains/(losses)|||on investments|||||73,942||(31,836)|
||||||||||963,859||530,047|





## 

## 

|15|Intangible<br>fixed assets||
|---|---|---|
||Group|Trademarks|
||Cost||
||At 1 January 2021 and 31 December 2021|20,292|
||Amortisation<br>and impairment||
||At 1 January 2021|18,837|
||Amortisation<br>charged for the year|1,211|
||At 31 December 2021|20,048|
||Carrying<br>amount||
||At 31 December 2021|244|
||At 31 December 2020|1,455|
||Intangible<br>fixed assets||
||Parent|Trademarks|
||Cost||
||At 1 January 2020 and 31 December 2020|20,072|
||Amortisation<br>and impairment||
||At 1 January 2021|18,829|
||Amortisation<br>charged for the year|1,167|
||At 31 December 2021|19,996|
||Carrying<br>amount||
||At 31 December 2021|76|
||At 31 December 2020|1,243|





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|16|Tangible fixed assets||||||
|---|---|---|---|---|---|---|
||Group and Parent||Land and<br>buildings|Plant and<br>machinery|Fixtures,<br>fittings<br>&|Total|
||||||equipment||
||Cost||||||
||At 1 January 2021||2,494,406|18,681|167,232|2,680,319|
||Additions||||5,626|5,626|
||At 31 December 2021||2,494,406|18,681|172,858|2,685,945|
||Depreciation<br>and impairment||||||
||At 1 January 2021||52,376|16,391|153,682|222,449|
||Depreciation<br>charged|in the year|9,978|1,047|3,062|14,087|
||At 31 December 2021||62,354|17,438|156,744|236,536|
||Carrying<br>amount||||||
||At 31 December 2021||2,432,052|1,243|16,114|2,449,409|
||At 31 December 2020||2,442,030|2,290|13,550|2,457,870|





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|Fixed asset investments<br>Group and Parent|||||
|---|---|---|---|---|
||Listed|Unlisted|Cash in|Total|
||investments<br>f|investments<br>f|portfoliof||
|Cost or valuation|||||
|At 1 January 2021|8,078,705|1,008,583|753,240|9,840,528|
|Additions|2,631,672|||2,631,672|
|Disposals|(1,493,454)|||(1,493,454)|
|Gains on disposal|73,942|||73,942|
|Unrealised<br>gains|889,917|||889,917|
|Other movements|36,666||(177,486)|(140,820)|
|At 31 December 2021|10,217,448|1,008,583|575,754|11,801,785|
|Carrying<br>amount|||||
|At 31 December 2021|10,217,448|1,008,583|575,754|11,801,785|
|At 31 December 2020|8,078,705|1,008,583|753,240|9,840,528|



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|Details ofthe Charitable<br>Inco|Details ofthe Charitable<br>Inco|Details ofthe Charitable<br>Inco|rporated<br>Organisatio|rporated<br>Organisatio|n's<br>sub|sidiaries<br>at 31 D|ecember 2021 are a|s follows:|
|---|---|---|---|---|---|---|---|---|
|Name of undertaking|||Registered||Nature|ofbusiness|Class of|% Held|
||||office||||shares held|Direct|
|Suture Inc|Limited||United|Kingdom|Trading|Company|Ordinary|100.00|
|Sarabande|Trading|Limited|United|Kingdom|Trading|Company|Ordinary|100.00|



||Name of undertaking|Name of undertaking|Name of undertaking|Profit/(Loss)|Capital and|||
|---|---|---|---|---|---|---|---|
||||||Reserves|||
|||||E||||
||Suture Inc|Limited||1,493|(10,342)|||
||Sarabande|Trading|Limited||1|||
|19|Stocks|||||||
||Group|||||2021|2020|
||Finished goods and goods for resale|||||30,000|9,906|
||Stocks|||||||
||Parent|||||2021|2020|
||Finished goods and goods for resale|||||||
|20|Debtors|||||||
|||||||2021|2020|
||Group|||||||
||Amounts|falling due within one||year:||||
||Trade debtors|||||16,050|44,044|
||Other debtors and||accrued income|||17,701|16,847|
||Prepayments|||||12,640|3,872|
|||||||46,391|64,763|





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||||||
|---|---|---|---|---|
|20|Debtors|||(Continued)|
||||2021|2020|
||Parent||||
||Amounts<br>falling due within|one year:|||
||Trade debtors|||18,000|
||Amounts<br>due from subsidiary|undertakings|648,167|337,005|
||Other debtors and accrued income||17,301|16,847|
||Prepayments||12,640|3,872|
||||678,108|375,724|
|21|Creditors: amounts<br>falling|due within one year|||
||Group||2021|2020|
||||F|F|
||Other taxation and social security||85,002|86,896|
||Trade creditors||30,952|9,910|
||Other creditors and deferred|income|140,332|58,416|
||Accruals||56,405|62,877|
||||312,691|218,099|
||Parent||2021|2020|
||Other taxation and social security||63,349|71,518|
||Trade creditors||24,271|3,301|
||Other creditors and deferred|income|4,938|30,531|
||Accruals||34,984|41,166|
||||127,542|146,516|



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|||||Movement|in funds||
|---|---|---|---|---|---|---|
||||Balance at 1|Incoming|Resources|Balance at 31|
||||January|resources|expended|December|
||||2021|||2021|
|Permanent||endowments|||||
|Original|settlement||10|||10|
||||10|||10|





## 

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|24|Analysis ofnet assets between funds|||||
|---|---|---|---|---|---|
||Group||Unrestricted|Endowment|Total|
||||funds|funds||
||Fund balances at 31 December 2021 are represented|by:||||
||Intangible<br>fixed assets||244||244|
||Tangible assets||2,449,409||2,449,409|
||Investments||11,801,785||11,801,785|
||Current assets/(liabilities)||1,294,640|10|1,294,650|
||||15,546,078|10|15,546,088|
||Group||Unrestricted|Endowment|Total|
||||funds|funds||
||Fund balances at 31 December 2020 are represented|by:||||
||Intangible<br>fixed assets||1,455||1,455|
||Tangible assets||2,457,870||2,457,870|
||Investments||9,840,526||9,840,526|
||Current assets/(liabilities)||1,110,356|10|1,110,366|
||||13,410,207|10|13,410,217|
||Parent||Unrestricted|Endowment|Total|
||||funds|funds||
||Fund balances at 31 December 2021 are represented|by:||||
||Intangible<br>fixed assets||76||76|
||Tangible assets||2,449,409||2,449,409|
||Investments||11,801,787||11,801,787|
||Current assets/(liabilities)||1,305,160|10|1,305,170|
||||15,556,432|10|15,556,442|
||Parent||Unrestricted|Endowment|Total|
||||funds|funds||
||Fund balances at 31 December 2020 are represented|by:||||
||Intangible<br>fixed assets||1,243||1,243|
||Tangible assets||2,457,870||2,457,870|
||Investments||9,840,528||9,840,528|
||Current assets/(liabilities)||1,122,401|10|1,122,411|
||||13,422,042|10|13,422,052|





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|29|Cash generated<br>from|operations||||2021|2020|
|---|---|---|---|---|---|---|---|
||Surplus for the year|||||2,135,871|1,490,134|
||Adjustments<br>for:|||||||
||Investment<br>income recognised<br>in statement|||offinancial|activities|(40,659)|(22,418)|
||Amortisation<br>and impairment<br>of intangible|||assets||1,211|2,986|
||Depreciation<br>and impairment<br>oftangible||fixed assets|||14,087|22,984|
||Movements<br>in working|capital:||||||
||(Increase)<br>in stocks|||||(20,094)|(696)|
||Decrease<br>in debtors|||||18,372|28,800|
||Increase/(decrease)<br>in|creditors||||94,592|(8,488)|
||Cash generated<br>from|operations||||2,203,380|1,513,302|
|30|Analysis ofchanges|in net funds||||||
||The Charitable<br>Incorporated<br>Organisation|||had no debt|during the year.|||