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#
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|Trustees|||C Lowther OBE|C Lowther OBE|C Lowther OBE|||(Chairperson)|(Chairperson)|
|---|---|---|---|---|---|---|---|---|---|
||||D Bradfield|||||||
||||FAmfitheatrof|||||||
||||S Needham|||||(Appointed|- 12June 2023)|
||||BJ Hooper|||||(Appointed|- 17July 2023)|
|Charity|number||1153464|||||||
|Principal|address||22 Herfford|Road||||||
||||London|||||||
||||N1 5SH|||||||
|Auditor|||TC Group|||||||
||||6th Floor|||||||
||||Kings House|||||||
||||9-10Haymarket|||||||
||||London|||||||
||||SW1Y4BP|||||||
|Bankers|||C Hoare 8|Co||||||
||||37 Fleet Street|||||||
||||London|||||||
||||EC4P 4DQ|||||||
|Investment||Advisors|Apex Investment|||Advisors|Limited|||
||||6th Floor|||||||
||||125, London||Wall|||||
||||London|||||||
||||EC2Y5AS|||||||
|Investment||Custodians|Canaccord|Genuity Wealth|||Management|||
||||88Wood Street|||||||
||||London|||||||
||||EC2V 7QR|||||||
##
|||Page|
|---|---|---|
|Trustees'
report||1-17|
|Independent
auditor's|report|18-20|
|Statement offinancial|activities|21|
|Statement offinancial|position|22-23|
|Statement ofcash flows||24|
|Notes to the financial|statements|25-42|
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|Consolidated
SOFA||||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|2023|2022|
||||Notes||F|f||
|Income and endowments||from:||||||
|Donations,
legacies and|sponsorships|||878,154||878,154|648,206|
|Product sales||||40,103||40,103|42,388|
|Income from fundraising|and events|||121,598||121,598|52,674|
|Investments||||168,577||168,577|77,814|
|Other income||||126,544||126,544|117,567|
|Total income and endowments||||1,334,976||1,334,976|938,649|
|Ex enditure on:||||||||
|Fundraising
and event costs||||49,795||49,795|53,376|
|Non - charitable
trading costs||||154,082||154,082|135,132|
|Cost of product sales||||12,487||12,487|11,855|
|||||216,364||216,364|200,363|
|Charitable
activities||||652,590||652,590|623,303|
|Total expenditure||||868,954||868,954|823,666|
|Net gains/(losses)
on investments|||14|327,596||327,596|(855,758)|
|Net income/(expenditure)||for the year/||||||
|Net movement
in funds||||793,618||793,618|(740,775)|
|Fund balances at 1 January||2023||14,805,303|10|14,805,313|15,546,088|
|Fund balances at 31 December 2023||||15,598,921|10|15,598,931|14,805,313|
##
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||||||2023|2022|
|---|---|---|---|---|---|---|
|||||Notes|f.|f|
|CONSOLIDATED|||||||
|Fixed assets|||||||
|Intangible
assets||||16|80|124|
|Tangible assets||||17|2,435,424|2,435,343|
|Investments||||18|12,073,623|10,946,027|
||||||14,509,127|13,381,494|
|Current assets|||||||
|Stocks||||20|27,621|22,399|
|Debtors||||21|120,186|74,148|
|Cash at bank and|in|hand|||1,130,785|1,743,140|
||||||1,278,592|1,839,687|
|Creditors: amounts||falling due within||22|||
|one year|||||(188,788)|(415,868)|
|Net current assets|||||1,089,804|1,423,819|
|Total assets less|current||liabilities||15,598,931|14,805,313|
|Capital funds|||||||
|Endowment
funds|—general|||23|10|10|
|Income funds|||||||
|Unrestricted
funds||||24|15,598,921|14,805,303|
||||||15,598,931|14,805,313|
##
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||||||2023|2022|
|---|---|---|---|---|---|---|
|||||Notes|||
|COMPANY ONLY|||||||
|Fixed assets|||||||
|Intangible
assets||||16|||
|Tangible assets||||17|2,435,424|2,435,343|
|Investments||||18|12,073,625|10,946,029|
||||||14,509,049|13,381,372|
|Current assets|||||||
|Stocks||||20|||
|Debtors||||21|878,512|1,044,358|
|Cash at bank and|in|hand|||363,411|525,210|
||||||1,241,923|1,569,568|
|Creditors: amounts||falling due within||22|||
|one year|||||(152,041)|(138,160)|
|Net current assets|||||1,089,882|1,431,408|
|Total assets less|current||liabilities||15,598,931|14,812,780|
|Capital funds|||||||
|Endowment
funds|-|general||23|10|10|
|Income funds|||||||
|Unrestricted
funds||||24|15,598,921|14,812,770|
||||||15,598,931|14,812,780|
##
||||2023||2022||
|---|---|---|---|---|---|---|
|||Notes|f||f.||
|Cash flows from operating|activities||||||
|Cash generated
from/(absorbed
by)||31|||||
|operations||||361,578||(720,946)|
|Investing
activities|||||||
|Purchase oftangible
fixed assets|||(14,914)||(436)||
|Investments
- net movement|||(1,127,596)||855,758||
|Investment
income|||168,577||77,814||
|Net cash (used in)/generated|from||||||
|investing
activities||||(973,933)||933,136|
|Net cash used in financing|activities||||||
|Net (decrease)/increase
in|cash and|cash|||||
|equivalents||||(612,355)||212,190|
|Cash and cash equivalents
at beginning||ofyear||1,743,140||1,530,950|
|Cash and cash equivalents|at end of|year||1,130,785||1,743,140|
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|3|Donations,|legacies and|sponsorships|||
|---|---|---|---|---|---|
|||||2023|2022|
||Donations|||572,586|301,606|
||Sponsorship|||305,568|346,600|
|||||878,154|648,206|
|4|Product sales|||||
|||||2023|2022|
||||||E|
||Product sales|||40,103|42,388|
|||||40,103|42,388|
|5|Income from fundraising||and events|||
|||||2023|2022|
||Fundraising|and other events||121,598|52,674|
|||||121,598|52,674|
##
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##
||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E|E|
||Interest and|other investment||income|168,577|77,814|
|7|Other Income||||||
||||||2023|2022|
||Advertising||||48,500|55,003|
||Rental income||||40,260|24,699|
||Royalty income||||34,716|35,963|
||Other income||||3,068|1,902|
||||||126,544|117,567|
|8|Other costs||||||
||||||2023|2022|
||Fundraising|costs|||44,922|33,032|
||Event costs||||4,873|20,344|
||Fundraising|and|event costs||49,795|53,376|
||Non - charitable||trading costs||154,082|135,132|
||Cost of product||sales||12,487|11,855|
||||||216,364|200,363|
##
##
||||Scholarships|Subsidised|Events and|Total|Total|
|---|---|---|---|---|---|---|---|
|Support costs||||Studios
f|Workshops|2023f|2022f|
|Staff costs|||23,892|95,572|119,465|238,929|195,530|
|Directors remuneration|||2,318|9,270|11,587|23,175|23,172|
|Depreciation|||742|7,417|6,675|14,834|14,578|
|Premises expenses|||5,855|93,673|17,563|117,091|110,319|
|Accounting
and professional||fees|34,976|34,976|17,489|87,441|99,984|
|Office running|costs|||20,660|8,854|29,514|17,503|
|Travel and events|||5,291||5,291|10,582|6,586|
|Bank charges and exchange||movement|412|412|412|1,236|1,380|
||||73,486|261,980|187,336|522,802|469,052|
|Grant funding|of activities (see note 10)||129,788|||129,788|154,251|
||||203,274|261,980|187,336|652,590|623,303|
|Analysed
by|fund|||||||
|Unrestricted|funds||203,274|261,980|187,336|652,590||
||||203,274|261,980|187,336|652,590||
|For the year|ended 31 December 2022|||||||
|Unrestricted|funds||226,113|235,732|161,458||623,303|
||||226,113|235,732|161,458||623,303|
##
##
##
||2023|2022|
|---|---|---|
||F|F|
|Grants to institutions:|||
|UAL Central St Martins|75,188|80,891|
|UCL Slade School of Fine Art|43,400|65,960|
||118,588|146,851|
|Awards to individuals|11,200|7,400|
||129,788|154,251|
##
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##
|13|Employees||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||Number of|employees|||||||||
||The average
monthly||number ofemployees||||during the|year was:|||
||||||||||2023|2022|
||||||||||Number|Number|
||Administration||||||||||
||Employment
costs||||||||2023|2022|
||Wages and|salaries|||||||276,883|227,926|
||Social security costs||||||||24,502|22,354|
||Other pension costs||||||||6,973|6,440|
||||||||||308,358|256,720|
||The number|of employees|||whose annual|remuneration||was f60,000 or more|||
||were:||||||||||
||||||||||2023|2022|
||||||||||Number|Number|
||2140,000 -|F150,000|||||||1|1|
|14|Net gains/(losses)||on investments||||||||
|||||||||Total||Total|
|||||||||2023||2022|
||Unrealised|gains/(losses)||on investments||||327,596||(768,557)|
||Realised (losses)/gains|||on|investments|||||(87,201)|
|||||||||327,596||(855,758)|
|15|Taxation||||||||||
##
##
|16|Intangible
fixed assets|Intangible
fixed assets||
|---|---|---|---|
||Group||Trademarks|
||Cost|||
||At 1 January 2023 and 31 December 2023||20,292|
||Amortisation
and impairment|||
||At 1 January 2023||20,168|
||Amortisation
charged|for the year|44|
||At 31 December 2023||20,212|
||Carrying
amount|||
||At 31 December 2023||80|
||At 31 December 2022||124|
||Intangible
fixed assets|||
||Parent||Trademarks|
||Cost|||
||At 1 January 2022 and 31 December 2022||20,072|
||Amortisation
and impairment|||
||At 1 January 2023||20,072|
||Amortisation
charged|for the year||
||At 31 December 2023||20,072|
||Carrying
amount|||
||At 31 December 2023|||
||At 31 December 2022|||
##
##
|17|Tangible fixed assets||||||
|---|---|---|---|---|---|---|
||Group and Parent||Land and
buildings|Plant and
machinery|Fixtures,
fittings 8|Total|
||||||equipmentf||
||Cost||||||
||At 1 January 2023||2,494,406|18,681|117,933|2,631,020|
||Additions|||560|14,354|14,914|
||At 31 December 2023||2,494,406|19,241|132,287|2,645,934|
||Depreciation
and impairment||||||
||At 1 January 2023||72,332|18,153|105,192|195,677|
||Depreciation
charged|in the year|9,977|804|4,052|14,833|
||At 31 December 2023||82,309|18,957|109,244|210,510|
||Carrying
amount||||||
||At 31 December 2023||2,412,097|284|23,043|2,435,424|
||At 31 December 2022||2,422,074|528|12,741|2,435,343|
##
##
|Fixed asset investments
Group and Parent|||||
|---|---|---|---|---|
||Listed|Unlisted|Cash in|Total|
||investments
f|investments
E|portfolio
F||
|Cost or valuation|||||
|At 1 January 2023|9,454,077|1,008,583|483,367|10,946,027|
|Additions|||800,000|800,000|
|Unrealised
gains|327,596|||327,596|
|Other movements|14,799||(14,799)||
|At 31 December 2023|9,796,472|1,008,583|1,268,568|12,073,623|
|Carrying
amount|||||
|At 31 December 2023|9,796,472|1,008,583|1,268,568|12,073,623|
|At 31 December 2022|9,454,077|1,008,583|483,367|10,946,027|
##
|Cost|
|---|
|At 1 January 2023|
|Movement|
|Carrying
amount|
|At 31 December 2023|
|At 31 December 2022|
##
|Name of undertaking|Name of undertaking|Name of undertaking|Registered|Registered|Nature|of business|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
as follows:|The aggregate
capital and reserves
as follows:|and the result f|or the year of subsidiarie|s
included
in the conso|lidation
we|
|---|---|---|---|---|---|---|
||Name of undertaking||Profit/(Loss)|Capital and|||
|||||Reserves|||
||Suture Inc|Limited|7,468||||
||Sarabande|Trading
Limited|||||
|20|Stocks||||||
||Group||||2023|2022|
||||||F|F|
||Finished goods and goods for resale||||27,621|22,399|
||Stocks||||||
||Parent||||2023|2022|
||||||F||
||Finished goods and goods for resale||||||
|21|Debtors||||||
||||||2023|2022|
||Group||||||
||Amounts|falling due within one year:|||||
||Trade debtors||||45,109|17,646|
||Other debtors and accrued income||||38,031|41,115|
||Prepayments||||37,046|15,387|
||||||120,186|74,148|
##
##
|21|Debtors||||(Continued)|
|---|---|---|---|---|---|
|||||2023|2022|
||Parent|||||
||Amounts
falling due within||one year:|||
||Trade debtors|||20,093||
||Amounts
due from subsidiary||undertakings|790,479|1,007,939|
||Other debtors|and accrued income||30,894|23,553|
||Prepayments|||37,046|12,866|
|||||878,512|1,044,358|
|22|Creditors: amounts
falling||due within one year|||
||Group|||2023|2022|
|||||F|F|
||Other taxation|and social security||66,161|120,937|
||Trade creditors|||15,659|5,781|
||Other creditors|and deferred|income|21,903|211,310|
||Accruals|||85,065|77,840|
|||||188,788|415,868|
||Parent|||2023|2022|
|||||F||
||Other taxation|and social security||62,559|75,575|
||Trade creditors|||13,059|5,781|
||Other creditors|and deferred|income|3,458|1,202|
||Accruals|||72,965|55,602|
|||||152,041|138,160|
##
##
##
##
||||Movement|in funds||
|---|---|---|---|---|---|
|||Balance at 1|Incoming|Resources|Balance at 31|
|||January|resources|expended|December 2023|
|||2023||||
|Permanent|endowments|||||
|Original settlement||10|||10|
|||10|||10|
##
|25|Analysis|of net assets between funds|||||
|---|---|---|---|---|---|---|
||Group|||Unrestricted|Endowment|Total|
|||||funds|funds||
|||||F|F||
||Fund balances at 31 December 2023 are represented||by:||||
||Intangible|fixed assets||80||80|
||Tangible|assets||2,435,424||2,435,424|
||Investments|||12,073,623||12,073,623|
||Current assets/(liabilities)|||1,089,794|10|1,089,804|
|||||15,598,921|10|15,598,931|
||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|14,805,313|
||Parent|||Unrestricted|Endowment|Total|
|||||funds|funds||
|||||F|F||
||Fund balances at 31 December 2023 are represented||by:||||
||Intangible|fixed assets|||||
||Tangible|assets||2,435,424||2,435,424|
||Investments|||12,073,625||12,073,625|
||Current assets/(liabilities)|||1,089,872|10|1,089,882|
|||||15,598,921|10|15,598,931|
||Parent|||Unrestricted|Endowment|Total|
|||||funds|funds||
|||||E|||
||Fund balances at 31 December 2022 are represented||by:||||
||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|
##
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||The Charitable
Incorporated
Organisation|The Charitable
Incorporated
Organisation|The Charitable
Incorporated
Organisation||had no material|had no material|debt during the year.|||
|---|---|---|---|---|---|---|---|---|---|
|31|Cash generated
from operations|||||||2023|2022|
|||||||||F|F|
||Surplus/(deficit)
for the year|||||||793,618|(740,775)|
||Adjustments
for:|||||||||
||Investment
income recognised|in|statement||offinancial|activities||(168,577)|(77,814)|
||Amortisation
and impairment
of|intangible|||assets|||44|120|
||Depreciation
and impairment
oftangible|||fixed assets||||14,833|14,502|
||Movements
in working
capital:|||||||||
||(Increase)/decrease
in stocks|||||||(5,222)|7,601|
||(Increase)
in debtors|||||||(46,038)|(27,757)|
||(Decrease)/increase
in creditors|||||||(227,080)|103,177|
||Cash generated
from/(absorbed||by) operations|||||361,578|(720,946)|