##
##
##
|Trustees||C Lowther|OBE|OBE|||(Chairperson)|(Chairperson)|
|---|---|---|---|---|---|---|---|---|
|||G Jackson|||||||
|||D Bradfield.|||||||
|||FAmfitheatrof|||||||
|||S Needham|||||(Appointed|- 12June 2023)|
|||BJ Hooper|||||(Appointed|-17July 2023)|
|Charity number||1153464|||||||
|Principal|address|22 Hertford||Road|||||
|||London|||||||
|||N1 5SH|||||||
|Auditor||TC Group|||||||
|||6th Floor|||||||
|||Kings House|||||||
|||9-10Haymarket|||||||
|||London|||||||
|||SW1Y4BP|||||||
|Solicitors||Baker McKenzie|||LLP||||
|||100New Bridge Street|||||||
|||London|||||||
|Bankers||C Hoare 8|Co||||||
|||37Fleet Street|||||||
|||London|||||||
|||EC4P. 4DQ|||||||
|Investment|Advisors|MJ Hudson|||||||
|||, 1 Frederick's||Place|||||
|||London|||||||
|||EC2R SAE|||||||
|Investment|Custodians|Canaccord|Genuity Wealth|||Management|||
|||88Wood Street|||||||
|||London|||||||
|||EC2V 7QR|||||||
##
##
||||Page|
|---|---|---|---|
|Trustees'|report||1-17|
|Independent
auditor's||report|18-20|
|Statement|of financial|activities|21|
|Statement|of financial|position|22-23|
|Statement|ofcash flows|||
|Notes to the financial||statements|25-43|
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|Consolidated
SOFA|||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|2022|2021|
|||Notes||E|E||
|nco
e and endowmen|fr m||||||
|Donations,
legacies and|sponsorships||648,206||648,206|1,514,169|
|Product sales|||42,368||42,388|90,023|
|Income from fundraising|and events||52,674||52,674|104,862|
|Investments|||77,814||77,814|40,659|
|Other income|||117,567||117,567|71,125|
|Total income and endowments|||938,649||938,649|1,820,838|
|Fundraising
and event costs|||53,376||53,376|15,517|
|Non - charitable
trading|costs||135,132||135,132|96,110|
|Cost ofproduct sales|||11,855||11,855|21,337|
||||200,363||200,363|132,964|
|Charitable
activities|||623,303||623,303|515,862|
|Total expenditure|||823,666||823,666|648,826|
|Net gains/(losses)
on investments||14|(855,758)||(855,758)|963,859|
|Net (expenditure)/income|for the year/||||||
|Net movement
in funds|||(740,775)||(740,775)|2,135,871|
|Fund balances at 1 January 2022|||15,546,078|10|15,546,088|13,410,217|
|Fund balances at 31 December 2022|||14,805,303|10|14,805,313|15,546,088|
##
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##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|||
|' CONSOLIDATED||||||||||
|Fixed assets||||||||||
|Intangible|assets||||||. 15|124|244|
|Tangible assets|||||||16|2,435,343|2,449,409|
|Investments|||||||17|10,946,027|11,801,785|
|||||||||13,381,494|14,251,438|
|Current assets||||||||||
|Stocks|||||||19|22,399|30,000|
|Debtors|||||||20|74,148|46,391|
|Cash at bank and||in|hand|||||1,743,140|1,530,950|
|||||||||1,839,687|1,607,341|
|Creditors:|amounts||falling||due within||21|||
|one year||||||||(415,868)|(312,691)|
|Net current|assets|||||||1,423,819|1,294,650|
|Total assets less||current||liabilities||||.14,805,313|15,546,088|
|Capital funds||||||||||
|Endowment|funds|-|general||||23|'10|10|
|Income funds||||||||||
|Unrestricted|funds||||||24|14,805,303|15,546,078|
|||||||||14,805,313|15,546,088|
|The accounts were||approved|||by t|Trustees|on .........................|||
|ckson||||||||adfield||
|Trust|||||||Trustee|||
|owther|||||||FAmfitheatrof|||
|Trustee|||||||Trustee|||
##
##
|||||||||2022||2021|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|E|||
|COMPANY|ONLY||||||||||
|Fixed assets|||||||||||
|Intangible|assets||||||15|||76|
|Tangible assets|||||||16|2,435,343||2,449,409|
|Investments|||||||17|10,946,029||11,801,787|
|||||||||13,381,372||14,251,272|
|Current assets|||||||||||
|Stocks|||||||19||||
|Debtors|||||||20|1,044,358|678,108||
|Cash at bank and||in|hand|||||525,210|754,594||
|||||||||1,569,568|1,432,702||
|Creditors:|amounts||falling||due within||21||||
|one year||||||||(138,160)|(127,542)||
|Net current|assets|||||||1,431,408||1,305,160|
|Total assets less||current||liabilities||||14,812,780||15,556,432|
|Capital funds|||||||||||
|Endowment|funds|-|general||||23|10||10|
|Income funds|||||||||||
|Unrestricted|funds||||||24|14,812,770||15,556,422|
|||||||||14,812,?80||15,556,432|
|The a counts were||approved|||by th|Trustees on ......!**.**.!**.**......|||||
|||||||||radfield|||
|Trustee||||||||Trustee|||
|Lowther||||||||FArnfitheatrof|||
|Trustee||||||||Trustee|||
##
##
##
||||||2022||2021|
|---|---|---|---|---|---|---|---|
|||||Notes|||E|
|Cash flows from operating|activities|||||||
|Cash (absorbed
by)/generated||from||29||||
|operations||||||(720,946)|2,203,380|
|Investing
activities||||||||
|Purchase oftangible
fixed assets|||||(436)||(5,626)|
|Investments
- net movement|||||855,758||(1,961,259)|
|Investment
income|||||77,814||40,659|
|Net cash generated
from/(used|||in)|||||
|investing
activities||||||933,136|(1,926,226)|
|Net cash used in financing|activities|||||||
|Net, increase
in cash and cash|||equivalents|||212,190|277,154|
|Cash and cash equivalents|at beginning|||ofyear||1,530,950|1,253,796|
|Cash and cash equivalents|at|end of||year||1,743,140|1,530,950|
##
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##
|||||2022|2021|
|---|---|---|---|---|---|
||Donations|||301,606|300,453|
||Legacies receivable||||1,105,316|
||Sponsorship|||346,600|108,400|
|||||648,206|1,514,169|
|4|Product sales|||||
|||||2022|2021|
||||||E|
||Product sales|||42,388|90,023|
|||||42,388|90,023|
|5|Income from fundraising||and events|||
|||||2022|2021|
||Other events||||3,722|
||Fundraising|event||52,674|101,140|
|||||52,674|104,862|
##
##
|6|Investment|income||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||f|f|
||Interest and|other investment|income|77,814|40,659|
|7|Other Income|||||
|||||2022|2021|
||Advertising|||55,003|47,410|
||Rental income|||24,699|20,715|
||Royalty income|||35,963||
||Other income|||1,902|3,000|
|||||117,567|71,125|
##
##
|Fundraising|costs|
|---|---|
|Event costs||
|Fundraising|and event costs|
|2022|2021|
|---|---|
|33,032|13,659|
|20,344|1,858|
|53,376|15,517|
|135,132|96,110|
|11,855|21,337|
|200,363|132,964|
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##
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##
##
||2022|2021|
|---|---|---|
|||f,|
|Grants to institutions:|||
|UAL Central St Martins|80,891|63,765|
|UCL Slade School of Fine Art|65,960|41,821|
||146,851|. 105,586|
|Awards to individuals|7,400|6,000|
||154,251|111,586|
##
##
##
##
##
##
##
|The average
|monthly
number ofemployees
during th|e year was:||
|---|---|---|---|
|||2022|2021|
|||Number|Number|
|Administration||||
|Employment|costs|2022f|2021f|
|Wages and salaries||227,926|231,059|
|Social security|costs|22,354|23,694|
|Other pension|costs|6,440|6,496|
|||256,720|261,249|
|The numbe
were:|r
of em|ploye|es
whose annual
remuneration|was f60,000 or more|||
|---|---|---|---|---|---|---|
||||||2022|2021|
||||||Number|Number|
|f140,000- f150,000||||||1|
|Net gains/(losses)||on investments|||||
|||||Total||Total|
|||||2022
f||2021f|
|Unrealised|(losses)/gains||on investrhents|(768,557)||889,917|
|Realised (losses)/gains|||on investments|(87,201)||73,942|
|||||(855,758)||963,859|
##
##
##
|15|intangible
fixed assets||
|---|---|---|
||Group|Trademarks|
||Cost||
||At 1 January 2022 and 31 December 2022|20,292|
||Amortisation
and impairment||
||At 1 January 2022|20,048|
||Amortisation
charged for the year|120|
||At 31 December 2022|20,168|
||Carrying
amount||
||At 31 December 2022|124|
||At 31 December 2021|244|
||Intangible
fixed assets||
||Parent|Trademarks|
||Cost||
||At 1 January 2022 and 31 December 2022|20,072|
||Amortisation
and impairment||
||At 1 January 2022|19,996|
||Amortisation
charged for the year|76|
||At 31 December 2022|20,072|
||Carrying
amount||
||At 31 December 2022||
||At 31 December 2021|76|
##
##
##
|16|Tangible fixed assets||||||
|---|---|---|---|---|---|---|
||Group and Parent||Land and
buildings|Plant and
machinery|Fixtures,
fittings 8|Total|
||||||equipment||
||Cost||||||
||At 1 Januar'y 2022||2,494,406|18,681|172,858|2,685,945|
||Additions||||437|437|
||Disposals||||(55,362)|(55,362)|
||At 31 December 2022||2,494,406|18,681|'l17,933|2,631,020|
||Depreciation
and impairment||||||
||At 1 January 2022||62,354|17,438|156,744|236,536|
||Depreciation
charged|in the year|9,978|715|3,810|14,503|
||Eliminated
in respect ofdisposals||||(55,362)|(55,362)|
||At 31 December 2022||72,332|18,153|105,192|195,677|
||Carrying
amount||||||
||At 31 December 2022||2,422,074|528|12,741|2,435,343|
||At 31 December 2021||2,432,052|1,243|16,114|2,449,409|
##
##
|17|Fixed asset investments||||||
|---|---|---|---|---|---|---|
||Group and Parent||||||
|||Listed|Unlisted|Cash in||Total|
|||investments|investments|portfolio|||
||||P.||||
||Cost or valuation||||||
||At 1 January 2022|10,217,448|1,008,583|575,754||11,801,785|
||Additions|720,400||(720,400)|||
||Disposals|(641,072)||641,072|||
||Losses on disposal|(87,201)||||(87,201)|
||Unreallsed
losses|(768,557)||||(768,557)|
||Other movements|13,059||(1'3,059)|||
||||||'||
||At 31 December 2022|9,454,077|1,008,583|483,367||10,946,027|
||Carrying
amount||||||
||At 31 December 2022|9,454,077|1,008,583|483,367||10,946;027|
||At 31 December 2021|10,217,448|1,008,583|575,754||11,801,785|
##
##
##
##
##
|Name of undertaking|Name of undertaking|Name of undertaking|Registered|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|
||The aggregate
capital and reserves|The aggregate
capital and reserves|and the result|for the year of subsidiaries|included|in the|consolidation
were|
|---|---|---|---|---|---|---|---|
||as follows:|||||||
||Name of undertaking||Profit/(Loss)|Capital and||||
|||||Reserves||||
||Suture Inc Limited||2,875|(7,467)||||
||Sarabande
Trading|Limited||'1||||
|19|Stocks|||||||
||Group|||||2022|2021|
||Finished goods and goods for resale|||||22,399|30,000|
||Stocks|||||||
||Parent|||||2022|2021|
||Finished goods and goods for resale|||||||
|20|Debtors|||||||
|||||||2022|2021|
||Group|||||||
||Amounts
falling due within one year:|||||||
||Trade debtors|||||17,646|16,050|
||Other debtors and accrued income|||||41,115|17,701|
||Prepayments|||||15,387|12,640|
|||||||74,148|46,391|
##
##
|20|Debtors|||(Continued)|
|---|---|---|---|---|
||||2022|2021|
||Parent||||
||Amounts
falling due within|one year:|||
||Amounts
due from subsidiary|undertakings|1,007,939|648,167|
||Other debtors and accrued income||23,553|17,301|
||Prepayments||12,866|12,640|
||||1,044,358|678,108|
|21|Creditors: amounts
falling|due within one year|||
||Group||2022|2021|
||||E|E|
||Other taxation and social security||120,937|85,002|
||Trade creditors||5,781|30,952|
||Other creditors and deferred|income|211,310|140,332|
||Accruals||77,840|56,405|
||||415,868|312,691|
||Parent||2022|2021|
|||||E|
||Other taxation and social security||75,575|63,349|
||Trade creditors||5,781|24,271|
||Other creditors and deferred|income|1,202|4,938|
||Accruals||55,602|34,984|
||||138,160|127,542|
##
##
##
##
|||||Movement|in funds||
|---|---|---|---|---|---|---|
||||Balance at 1|Incoming|Resources|Balance at 31|
||||January|resources|expended|December 2022|
||||2022||||
|Permanent||endowments'|||||
|Original|settlement||10|||10|
||||10|||10|
##
##
|24|Analysis|Analysis|ofnet assets between funds|||||
|---|---|---|---|---|---|---|---|
||Group||||Unrestricted|Endowment|Total|
||||||funds|funds||
||||||E|||
||Fund balances at 31 December 2022 are represented|||by:||||
||Intangible||fixed assets||124||124|
||Tangible||assets||2,435,343||2,435,343|
||Investments||||10,946,027||10,946,027|
||Current|assets/(liabilities)|||1,423,809|10|1,423,819|
||||||14,805,303|10|1'4,805,313-|
||Group||||Unrestricted|Endowment|Total|
||||||funds|funds||
||||||E|||
||Fund balances at 31 December 2021 are represented.|||by:||||
||Intangible||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|
||Parent||||Unrestricted|Endowment|Total|
||||||funds|funds||
||||||E|E||
||Fund balances at 31 December 2022 are represented|||by:||||
||Intangible||fixed assets|||||
||Tangible||assets||2,435,343||2,435,343|
||Investments||||.10,946,029||10,946,029|
||Current|assets/(liabilities)|||1,431,398|10|1,431,408|
||||||14,812,770|10|14,812,780|
||Parent||||Unrestricted|Endowment|Total|
||||||funds|funds||
|||||||E||
||Fund balances at 31 December 2021 are represented|||by:||||
||Intangible||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|
##
##
##
##
##
##
##
##
##
##
|29|Cash generated
from|operations|operations|operations|||2022|2021|
|---|---|---|---|---|---|---|---|---|
||(Deficit)/surpus
for the|year|||||(740,775)|2,135,871|
||Adjustments
for:||||||||
||Investment
income recognised|||in statement|offinancial|activities|(77,814)|(40,659)|
||Amortisation
and impairment||of|intangible|assets||120|1,211|
||Depreciation
and impairment||oftangible fixed assets||||14,502|14,087|
||Movements
in working|capital:|||||||
||Decrease/(increase)
in|stocks|||||7,601|(20,094)|
||(Increase)/decrease
in|debtors|||||(27,757)|18,372|
||Increase
in creditors||||||103,177|94,592|
||Cash (absorbed
by)/generated|||from operations|||(720,946)|2,203,380|