Charlty Reglstrallon No. 1153464 SARABANDE ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 SARABANDE LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Lowther OBE D Bradfield F Amfitheatrof S Needham B J Hooper R Shamia {Chairperson) (Appointed - 27 August 20241 Charity number 1153464 Principal address 22 Hertford Road London Uniled Kingdom N1 SSH Auditor TC Group The Courtyard Shoreham Road Steyning West Sussex BN44 3TN Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ SARABANDE CONTENTS Page Trustees, report Independent audilols report 18-20 statement of financial activities 21 Statement of financial position 22-23 Statement of cash flows 24 Notes to the financial statements 25-42 SARABANDE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Truslees present their report and consolidated accounts for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with Ihe Charitable Incorporated Organisalion's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). About Sarabande Sarabande Foundation l°Sarabande' or.the Foundation.) is a leading Arts and Cultural organisation and creative business accelerator. It was established by the late designer Lee Alexander McQueen to support exceplional creative talent through the provision of subsidised studios for the advan￿ment of the arts, grant-making for the relief of financial strain. and the progression of education for the general public through an accessible programme of lalks and workshops that develop essential creative and business skills over multiple creative disciplines. Its four main strands of support are: Grant-giving to cover living costs and study fees to eX￿ptIOnal London universities - these are given lo those who would struggle financially without the support. Sarabande also awards final year bursaries to creatively focused endeavours.. grants are given to students via Central St Martins, University of the Arts London and Slade School of Fine Art, University College London. The provision of high-quality affordable artist studios to London's global creative community, offered with bespoke business and career mentoring. A pioneering and financially a￿ssIble public programme of educational on-site talks and skills workshops for the general public and an online educational programme that is avaialble to the worldwide community through digital plaffomis. The support offered by Sarabande is not limited by art fom, medium or discipline, but ￿ntre$ around the founding principles of uniqueness of vision. craft. quality. creativty, and passion. The Foundalion fulfills a pressing need for financial and business support for art and design entrepreneurs from all over the world and from any economic background. This is what builds our diverse community,. to date, Sarabande has supported creatives from 40 different nationalities. and 224 different individuals. The Sarabande buildings and alumni reflect the multicultural and diverse backbone of the UK.. although 50 °k of the artists supported to dale are British bom, they hail from a diverse range of cullural and economic backgrounds bringing a vasl degree of eXperIen￿S and approaches to their art. Financial review Net surplus of the Charity and ils trading subsidiaries in the year ended 31 De￿mber 2024 was £904,211 12023.. £793,618). Income included, inter alia. donations of £641.265 {2023'. £572.586), sponsorship income of £84.543 (2023= £305,568). product sales of £68,652 12023.. £40.103), income from fundraising and events of £18,881 12023.. £121,598), inveslment income of £250,627 {2023- £168,577) and sundry other income of £105,08712023.' £126.544). Sundry other income included advertising income of £26,500 {2023= £48,500), rentsl income of £52.133 (2023.. £40,260), royalty income of £21,454 (2023-. £34.7161 and miscellaneous other income of £5,000 (2023.. £3,068). All trading income, including product sales. advertising income. event income and rental income, is generally earned by the subsidiary companies. Activities of the Charity itself are generally confined to charitable activities. All income is unrestricted. Investment gains Irealised and unrealised gains combined) in the year amounted to £702.972 (2023= £327.596). SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Total expendilure of the Charity and subsidiary companies during the year was £967,816 (2023= £868,594), including expenditure on charitable activities of £728.78512023'. £652.590). Expenditure on charitable activities included grants of £105,500 12023.. £129,788) made to institutions. generally UAL Central St Martins and UCL Slade School of Fine Art, and occasionally to individual students at those institutions. Net increase in funds for the year was £904,211 (2023: £793,618), all of which is unrestricted. The Trustees consider the financial position of the Charity as at 31 December 2024, and since then. to be satisfactory, particulady in view of the level of both unrestricted and free reserves being many times cu￿ent and forecast annual expenditures. Reserrfes policy The Trustees have formally adopted a rese￿eS policy. This recognises that income does not arise evenly year on year and to enable the Charity lo plan ils aclivities il is prudent to hold reserves. The policy also recognises that the restricted funds of the Charity are not freely available and are thus to be distinguished from unrestricted and free reserves. It is the policy of the Charity that restricted reseNes should be held at a minimum level. At 31 December 2024 restricted reserves, being limited lo the original capital endowment. were £10 (2023.. £101. Unrestricted reserves as at the balance sheet date amounted to £16.503,13212023= £15.598,921) and it is the intention of the Trustees to ensure Ihal these reserves are for the continuance of the Charity's operations in the future. Free reserves, being the total of unrestricted reserves less the carrying value of tangible and intangible fixed assets, amounted to £14,077,849 at 31 December 2024 {2023.' £13,163.417). The level of reserves is reviewed annually by the Board of Trustees and considered when preparing the annual budget. Objectives and activities Sarabande provides a network of support and opporbjnty for thousands of people in the creative industries. This is done by enabling a¢￿$$ to education, fostering connections and networks, and by providing professional opportunities to presenl creative work and initiate paid commercial relationships. Structuro. governance and management The Charitable Incorporated Organisation was established by a charitable trust deed on 4 June 2013 and was registered at the Charity Commission on 19 August 2013. The charity is led from its goveming documents. stating the aims and objectives. The Trustees who served during the year andlor subsequendy were: C Lowther OBE D Bradfield F Amfitheatrof S Needham B J Hooper R Sharma Appointed 27 August 2024 SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The appointment of Trustees is govemed by the Trust Deed. which requires that all new appointments be made by a resolution of the Trustees passed at a Trustees, meeting. The Board of Trustees has the power to appoint new Trustees and to make and hold investments using the funds of the Charity. Truslees shall nomally hold office for a period of three years, exiendable once only for a further period of three years. The day lo day management of the Charity is carried OLrt by the Chief Executive Officer, Trino Verkade, and her team. The Trustees meet at least three times a year lo discuss mid- and long-temi funding strategies and the aims and objectives of the Foundation. They also monitor best practi￿$ and guidelines as set out by the Charity Commission. Quarterly Reports are distributed on the Foundation's activities throughout the year. The Trustees ensure compliance with the Charity Commission and have a range of skills that benefit the Foundation. Sarabande and its Trustees are aware of Ihe Charity Govemance Code and aim lo have a diverse Board of Trustees that better reflects the demographic of those supported by the Foundation, as well as having the professional skill sets Io supt)ort the Chief Executive Offi￿r and her team. We believe that this will be in the best interests of the Charity as well as being consistent with C￿￿ent best practs'ce. To this end, one or more Trustee appointments are likely over the coming months. Impact Sarabande has directly and financially supported 224 artists of 40 nationalities since its genesis to the end of 2024, through giving scholarships to those financially in need. or through the provision of heavily subsidised studio workspa￿. All those supported are free to make use of benefits such as bespoke mentoring, affiliated facilities. and Sarabande's event spaces for exhibitions. presentstions. or any activity that is ne￿SSary to support their professional, creative. or business development. In addition to this, a wider network of over 35.000 has been supported via subsidised in-person access to our business and creatively led talks and education programmes since 2017. These talks are held in our gallery space and encourage a community spirit lo come together with shared experiences and gain advice and insight into skills over a range of topics. Over 3.500 of these individuals attended the Foundation in 2024. For the fourth year running. we ran What Now? _ a series of workshops and talks aimed at bridging the gap between college and industry for creative graduates. 2024 also marked the pilot 'What Now?, event in New Yot1( Cily. Scholarships Sarabande has been providing university scholarships. living subsistence. and covering fees since 2012 this programme evidences one of the core principles of the Foundation's work. The grants specifically provide access to educalion and relief from poverty based on need and merit. Lee Alexander McQueen was only able lo attend Central St Martins university due to financial support from his aunt, and it was his direct wish that others from financially disadvanlaged backgrounds should also have access to education and opportunity through generous grants of money. Sarabande's current partner universilies are Central Saint Marlins at UAL and Slade School of Fine Art at UCL, both of which have an exceptional reputation for a high standard of arts education and attract an international and broad sludent base. Potential scholars are assessed intemally for financial need and then shortlisted by the universities. To ensure scholarships are allocated to a diverse range of applicants. recipients are chosen by a different guest judge each year. The judges are highly respected and accomplished experts in their creative field and may only select one year of university intake. Guest judges have included Sarah Burton OBE. Andrew Bolton. Nick Knight OBE, Chris Ofili CBE, gallerists Sadie Coles, Maureen Paley and Hannah Bary, Tate's Maria Balshaw, co-founder of Frieze Art Fair Matthew Slotover plus artists Matthew Stone, Talk Art's Russell Tovey. Jake Chapman and Hugo Wilson. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Additional experts from fashion include stylist Katy England and designers Daniel Rosebery, Craig Green, Thom Browne. Nadège Vanhee, Kim Jones. Simone Rocha, Giles Deacon, Todd Lynn and journalist Tim Blanks. As of 2024, Sarabande has awarded £1.35 million across 85 scholarships. The scholarships are open to applicants from all countries, regardless of age or culture, fostering a diverse and multicultural environment. For all scholarship recipients, access to fvrther education would have been financially impossible without the grant. The Sarabande CSM Scholarship for MA Fashion Design provides full relief from cosl of domestic fees and a living grant to help with the cost of living in London a total of £27.500 for the 15-month course. This was the course that Lee Alexander McQueen studied and was a key part of his entry into the fashion industry. Sarabande also supports the BA Fashion Design at CSM. which is currently the only existing annual scholarship supporting Ihree to four years of study. Each student receives an annual living stipend of £8,000 whilst in study which totals a maximum of £32.000 across three to four years depending on the chosen length of their course. If a scholar is unable lo get a paid placement, Sarabande will offer financial support for an unpaid placemenl. The Central Saint Martin's 2024 BA scholarship was chosen by Francesca Amfitheatrof, previously Creative Direclor of Watches and Jewellery for Louis Vuitton. The Central Saint Martin's 2024 MA fashion scholarship was chosen by Editor-in-chief of 10 Magazine, Sophia Neophitou. Having seen how access to subsidised higher education is vital for those from lower-income backgrounds, Sarabande has committed to support a BA student for all four years oftheir degree since 2020. We hold a budget for up lo two recipienls if we feel that both are in equal need. although in 2024 the opinion of the guest judge Francesca Amfitheatrof was that the limiting selection of applicants made it difficult to justify tsvo applicants and so we offered the four year scholarship lo only one application. Sarabande held a meeling with the college lo discuss our concems on the selection presented to us, and we are happy that going forwards the college will oversee a list to ensure it has a varied selection of recipienis from different backgrounds. The final course supported by Sarabande is the Fine Art Masters at Slade School of Fine Art. University College London a course that Lee had planned to study. The Slade Scholarship was chosen this year by leading gallerist Maureen Paley. Each student awarded this scholarship re￿IVeS financial relief currently set at £39,150 10 cover the higher fees set by this course and includes the same living stipend as our CSM students. Smaller final year bursaries are also made to both colleges. This is in addition to our full-term scholarships and the intention is to enable scholars to execute their final year in line with their vision without financial inhibition to execution. These bursaries are open via an online application prO￿sS outlining the need for Ihe funds. The final decision for BA Fashion is made in consultation with the course leaders who know first-hand the recipients and their final year needs. In 2024, we supported two BA Fashion students- Liliana Mccue and Lewis Payne. The MFA final year awards at Slade, which enable several smaller awards of £500 or £1000, are decided by the Sarabande executive team and are applied for via online applications. This year we awarded six bursaries, as we felt they were equally strong in their visions which would only be possible with financial aid. Al these payments are made directly to the students. Case Study l." Neil Zhao Neil Zhao is a Sarabande scholar sludying BA Fashion at Central Sainl Marlins. He was chosen by the then Artistic Director of Watches and Jewellery for Louis Vuitton. Francesca Amfitheatrof. and is being supported with financial relief for his living costs for the three year duration of his degree. Without the Sarabande scholarship, Neil would fa￿ a signfficant barrier to study in London.. particulady as an inlernational student, Ihe high living cosls would exempl him from being able to focus on his degree. From here, Sarabande built a strong relationship with Neil - providing feedback on his collections and regularfy checking in on his progress. In this way, Neil became a close parl of the Sarabande community - attending talks, meeting with other Sarabande artists and growing his network. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Sarabande were delighted to offer Neil our gallery space to present his debut collection. This was an opportunity for Neil to showcase his work to industry whilst practicing the experience of putting together a show and leading a team.. production. invitations, communicalions. 109iStics and more. Sarabande assisted Neil on this process, with practical guidance and the pro-bono space. "Sarabande's financial support is everything - it means that I can dedicate more time to my studies because I don t have the pressure of working to make ends meet. It definitely helps with alleviating a lot of stress off of my shoulders. Also just being a part of Sarabande as an organisation is a very great experience - I get to go to the talks and meet the other artists - it s a great community to be a part of. The foundation has a prestige that just makes things easier sometimes to be associated with a reputable organization. I was also lucky enough to hold a fashion show in the gallery space which went very well and I wouldn t have been able to do it without the support from the Foundation and everyone that works there. It gave me an opportunity to do something that was challenging and fun and I developed a lot through doing that show. I received coverage and a great response, none of which would have been possible without the Foundation." Neil Zhao, BA Fashion Scholar, CSM Value Beyond Finance Sarabande has a reputation for continued extended support.. students are invited into our HQ to meet the CEO and the team once they accept the scholarship and we are in regular touch with all the scholars during their course. Scholars are encouraged to utilise the Sarabande facilities and we provide additional help throughout their course with finding internships. sourcing material sponsorships, emotional and practical mentoring, and assisling where we can with connections. The scholarship programme is continuously reviewed and discussed to ensure that the money awarded continues to have maximum impact al the most essential stage of a student's creative development. The following scholarship sludents graduated in 2024- Inga Praskevcuite.. MA CSM, scholarship chosen by Simone Rocha Hannah Dixey.. BA CSM. scholarship chosen by Daniel Roseberry Timisol8 Shasanya.. BA CSM. scholarship chosen by Daniel Rosebery Nalalya Falconer.. MA Slade. scholarship chosen by Russell Tovey Liliana Mccue.. BA Fashion. Final YearAward chosen in house Lewis Payne.. BA Fashion, Final Year Award chosen in house Ya Luo.. MA Slade Final YearAward chosen in house Chloe Beddow.. MA Slade Final Year Award chosen in house Shona Waldron.. MA Slade Final YearAward chosen in house Anna Howard.. MA Slade Final Year Award chosen in house Bowen Zhang .' MA Slade Final Year Award chosen in house 'Th8nk you ft>r your unwavering support and mentorship. l am immensely grateful for the opportunities the Sarabande Foundation provides. and I look ftirward to continuing this joumey together., Yodea Marquel Williams The impacl of Ihe scholarships can be measured both by the skills and experience that chosen scholars can use for a career in the creative industries. It is important lo allow access to higher education for those from disadvantaged financial backgrounds, and this is integral to Sarabande's support pillars. Not only this, but Sarabande welcomes and encourages alumni's. continued involvement in the Foundation. using il for support and mentoring at pivotal stages throughout their career. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 'Sarabande has changed many aspects of my creative practice. Instead of the process being one of tension and 8ngst from 18ck of space and equipment, I can actually enjoy realising my vision. This leaves me with work l am not only proud of but a true reflection of myself and what I want to say. Without Sarabande I wouldn t have been able to finance working abroad in the first place so I wanted to thank you for the support." Sam Crabbe. CSM BA Student Studios Since doubling its footprint with the addition of the Tottenham studio complex in 2023, Sarabande studios currently house 32 artists across the two sites. Both buildings are in the heart of creative communities.. our Haggerston HQ (a Grade 11 listed 9.000 sq. ft converted victorian stable blockl in the established creative hub of De Beauvoir, Hackney, and our sister site (an additional 9,000 sq. ft in Iwo Grade 11 listed townhouses) in Tottenham - an area undergoing significant development and popular amongst young creatives. Both locations are easily accessible via numerous Transport for London links. Resident artists have access to their studios 24 hours a day, as well as to both sites. gallery spaces, where they are supported to realise solo or group shows throughout their residency. As part of Sarabande's charitable objectives, the studios are heavily subsidised in response to the desperale need for accessible creative spaces in London. This affordable "rent" assists in the advancement of the high-level production of art. design, traditional and contemporary craft. Sarabande's studios are amongst the cheapest in London. They cost £1 per sq. ft. wilh studios ranging from the smallest at 56 sq. ft. which costs £56 per monlh, lo the largest at 414.5 sq. ft, which costs £415 per month. This cost is to indicate the commercial value of studios and encourage artists lo maximise use of their space. The rent has remained the same since 2015. In the case that artists, cash flow is intermittently unable to accommodate their rent. the Foundation may delay and. in some cases, may waive- payment. 1000/0 of former residents consider the studios as exceptional value for money. In addition to the subsidised rent. the studios are heated and well maintained with free access to Wi-Fi. There are no additional charges for rates, utilities, toiletries. or the professional bi-weekly cleaning seNice. The Sarabande team is on sile 9.30am-6pm daily lo offer in person support lo any artist who needs it. Sarabande studios is an accelerator programme for those who wish to take a step to the next level of their practice and are in a position to make the mosl of every opportunity provided by the Foundation. The studio intake is curated to house a combination of creative disciplines at any one time - forming a diverse community who are exceptional in Iheir oulpul and focused on an individual goal. The extensive opportunities offered through the studio residency programme include a vast amount of 'money can't buy, support which is detailed below. We estimate that the value of financial relief and in-house support as well as use of shared spaces available to each creative is approximately £35,000 - £40,000 per year per person. Artists who wish to be considered for the studio residency do so by responding to an open call and completing an application form online. All applications are reviewed and then a seleclion is invited to be inlerviewed by two of the Sarabande team. Suc￿sSful artists will have a unique vision and dedication to their craft. usually with some experience working in their industry and a clear understanding of the exact support they need from Sarabande lin addition to subsidised rent). It is nol ne￿SSary lo have a formal education as a range of different paths and backgrounds are welcome.. dedication to their craft- be that traditional or new technologies - and a unique vision are more important. Sarabande's artist studios house a plethora of art, fashion, craft, and digital disciplines, and foster an environment that breaks down the elitism of the art world. Many of our artists, work reflects this sentiment, with investigation of social issues in their work. Studio residencies typically last one year - deliberately focused to achieve a particular goal in their professional or creative development. This lime frame also enables the Foundation to continue to support as many people as possible. The support at Sarabande is specific and is most beneficial at early pivotal points in career development when we can offer the most assistan￿. Therefore, creatives may apply or three times before SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 they are accepted onto the programme. Extensions beyond one year are allowed rf it is clear it would make a positive and significant impact to a small business or individual's practi￿. Studio Residents 2024 welcomed 15 new crealives to the Haggerston studios including a multidisciplinary artist whose interpretations of everyday objects are rich with symbolism and cultural significance- a jeweller who distils centuries of storytelling into miniature.. a digital artist whose semi autobiographical characters exist in manipulaled realities and a lextile artist who uses hair as a tool lo examine the connection between the body s memory and identity. A former architect tumed painter's figurative work is infomied both by visual fragments from growing up in Ghana as well as their current life in the UK, another artist's process of layering and scraping away pigment blurs the line between dream and reality whilst a third examines convenlions of human form using graphite and charcoal. Haggerston is home to fashion designers. one whose second year at the Foundation is allowing space for Iheir contemporary take on luxury fabrics and tailoring lo flourish and anolher who has just completed their first collection with a signature sideways look at British silhouettes. Also in residence at Haggerslon is a ceramicist who uses innovative glazing techniques to create unpredictable end results, a photographer who turns the camera on herself in beautifully staged surreal scenarios, a multidisciplinary artist whose work centres around performance and sensory experience" a woodcaNer whose work builds on contemporary interprelations of historical themes- a designer combining hand built ￿raMicS with their 3D-printed aller egos and an artist who engages with themes of grotesque theatricality infomied by the customs and traditions of Iheir nalive Sicily. In our second complex on Tottenham High Road we have welcomed back four artists from 2024 - 8 Brazilian designer who uses smocking techniques to rework football jerseys and deadslock malerial., a sculptor creating acid hued works from baling twine. a jeweller whose materials and forms draw on the cultural legacy of eady civilisations and a fine artist exploring Ihe unexpected language of British everyday objects. Tottenham also houses a ceramicist who sits at the intersection of sensuality. connection, and self-expression sharing a studio with an artist whose work connects the smallest, poetic actions of plants with precarious issues facing humanity. A painler whose pastel coloured dual images speak of codes and history of queer cullure, along with markers of selfhood and Northern identity., an artist who collaborates with other life fomis in her exploration of art and science- a multi disciplinary artist whose painting, perfomance and installation challenges convenlional constructs of masculinity within patriarchal societies.. an artist and contortionist whose confronting work is a tender exploration of the body as medium and a photographer whose camera-less image making is bound closely with nalure and natural cycles. One textile artist's woven sculpture is guided by binary code while another mines old family portraits to create dysfunctional woven or sewn objects and a sculptor constructs organic hand stitched foms in leather with Ihe addition of metalwork, horsehair and vellum. In the final studio is a sculptor and printmaker making portraits of people and objects she knows intimately. For those artisls offered a second year of their residency. the decision acknowledges the facl Ihal Ihe artists are in pivotal stages of growing their business and without this support the business could be at risk of collapse. Case Study 11.. Electric Adam Electric Adam is a performance and sculpture artist whose praclice involves using latex to create cast and living sculplures. Adam began their residency in our High Road Studios in 2023 as part of our first cohort there. In 2024, Sarabande extended their residency= this was a pivotal time for Adam's career and Sarabande felt it was importanl to support them through this gear change. When Adam joined Sarab8nde, they were in the earfy stages of fomialising their work as an art practice. During their time at Sarabande Ihey solidified their work to be strongly recognised in the arts landscape. Sarabande has commissioned Adam to perform as part of an event with Dom Perignon, and intrOdU￿d them to Bistrotheque for a seasonal installalion. The latter presented an exciting development in Adam's practice, allowing them lo explore with casting. They have exhibited as part of Sarabande's summer group show. which led to features with SHOWstudio amongst others. Sarabande promotes a multi-cultural and multi-disciplinary environment. one that allows ideas to flow and be supported. The community of creatives that are chosen for residency complement each other in both their practice and their working hours. By housing multiple disciplines alongside one anolher, individuals can build networks of peer-to-peer support and harbour inspiration that will remain with them for a lifetime. This active SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 network of artists helps to merge ideas, encourage growth and problem solve via skill-sharing. Sharing a building with a range of practitioners is a further benefit to residents as it allows artists to avoid unnecessary costs by drawing on the pool of knowledge within the studios rather than looking further afield. 950/0 of studio residents say they have made life-long fn'ends through Sarabande. often collaborating with another studio artist either during their tenancy or afterwards, and as we continue our contacl wilh Sarabande artists after their residencies have ended, we witness the strong and enduring relationships fostered by the studios. Many Sarabande artists move on to share studios with each other and continue to attend each other's openings and events as well as support each other Ihrough their social media. Exhibition Space With the addition of our Tottenham site, resident and past artists now have 2417 aC￿sS and use of two multipurpose gallery spaces. In High Road, the gallery space is 1.200 sq.ft. whilst in Hertford Road, the Main Space is 2,000 sq. ft. Sarabande's Main Spa￿s are considered a vital part of the support offered by the Foundation and an antidote to the severe lack of affordable physical space for artists in London. These spaces can be exclusively booked for a maximum period of five days via a shared calendar, and represent a saving of £1,500 - £3,000 per day at the industry standard venue hire rate. Activities held in Sarabande's Main Spaces include public exhibitions and fashion presenlations, workshops. pholography for artwork documentation, product shoots, castings, large scale experiments, dance rehearsals. talks. meetings or even short-temi warehousing for the brands who are rotating slock to clients. The majority of artists will use a Main Space at least once during or after their residency period. and il's not uncommon for the room to be used by multiple artists at the same time {at which point the division of space is infomially agreed between them). In total the gallery spaces across both sites were booked out for 345 days in 2024, a value of over £775,000 in average rental costs, demonstrating the demand from artists and designers for space. For more intimate meetings, the artists also have the free use of four meeting rooms across the two sites. In 2024, S8rabande hosted 13 8rtist-led exhibitions across the two sites, made up of 9 solo exhibitions, fashion shows and the group Summer and Intemalional Women's Day shows. These showcases are supported by Sarabande's outreach to press and industry professionals, in addition to the Foundation sourcing sponsorships, commercial partners, curatorial consultancy and production. Co-produced and curated by the artists, the Sarabande Summer Group show is a collective exhibition open to all artists in residen￿ and a brilliant opportunity for emerging artists to present their works lo the public. This is ofien artists, first opportunity to Co-curate a show. developing key skills that will benefit their career in the long tem). Marketing and a proportion of production costs are covered by the Foundation, meaning artists can realise their vision without restraint. In order to accommodate artisls from LK)th siles. 2024's exhibition was split inlo two.. part 1 Can l Just.... And part 2 Stay Longer. The show welcomed 270 guests lo the opening paty and a steady flow of visitors throughout both parts including guests from Dom Pérignon, Burberry, the British Museum and Dazed. Admission to the summer group show is free and we welcomed visitors from all socio*conomic groups as well as encouraging engagement with local residents. Over the course of Can l Just...stay Longer, there were several well attended live PerforMan￿S and artisl takeovers. demonstraling the hugely diverse range of lalent on show In 2024. the High Road site participated in London Open House. with 125 visitors to the studios over the day. This was a way of bringing new audiences to the artists, work as well as introducing the building and the work of the Foundation more broadly to visitors to the local area. On 12th May, A level studenls from London Academy of Excellence in Tottenham ILAET} used the High Road main space to exhibit their final year work. LAET Art lead Cada Honness said of the experien￿ - Having the opportunity to exhibit ourA-Level students. work in the beautiful Sarabande Foundation space was immeasurably powerful. The students pride in their work was tangible as the Spa￿ helped to elevate their finished pieces and they could all be heard speaking with greater self-esteem to their peers and family members. LAET will be returning for Iheir A level exhibition in June 2025. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Case Study 111." Stephen Akpo Stephen Akpo is a British oil painter who explores melancholy and optimism through rich compositions applied directly to canvas with his fingers- a Choi￿ infomied by his partial sight. When Stephen joined Sarabande, he was established in his career but had yet lo secure significant recognition and gallery representation, which he sorely wanted. In his time al Sarabande, Stephen used our gallery space lo stage an impressive solo show, has participated in group shows. bolstered his professional network and boosted his confidence as an artist. Through this, Stephen was approached by Hauser & Wirth the beginning of an exciting conversation. As a self laught artist, Stephen hadn't graduated art school with a pre-fomied arlistic community. Sarabande was a place for Stephen to find this community and is a brilliant example of how the artists work lo support each other. In many cases, Stephen became a mentor figure to his younger peers, as well as drawing inspiration from them. 'My time at the Sarabande Foundation has been transfomiative for my creativty, especially my sculpture practice. The foundation s support has given me the fr8edom to exp8riment with new materials and processes. pushing the physic81 and conceptual limits of my wo￿. Being part of 8 dynamic creative community deepened my commitment to storytelling through sculpture. allowing me to explore more ambitious and challenging forms.. - Stephen Akpo Industry Connections After opening the studios in 2015, Sarabande quickly gained a reputation for welcoming creative ideas from all over Ihe wodd our support has benefitted artists from 40 different nalionalities. As a resull of this, we see a huge interest in visiting the London-based studios to hear about the Foundats'on and meet those currently in- residence. The studio tour can take up to hours and is led by someone from the Sarabande team, who supports the artists in the presenlation of their work and is able to discuss and represent the practi￿ of any artist who is absent on the day. However, we generally see a strong level of engagement with artists for studio visits. These visits lead lo collaboralions, press features, sales, commissions, represenlation and general network building for resident artists. This is a focus on individual support for drfferent creator5 to really offer the best start in their career. House Of Bandits Sarabande's commercial gallery House of Bandits is a fundamental part of the Tottenham site and offers a physical space (as well as an online selling platfomi} in which artists can exhibit their work, taking 65 /D of sale proceeds with the remainder direclly benefiting the Foundation. In 2024, House of Bandits had pop ups at Soho House White City (for Intemational Women's Day in March) and Mayfair's 5 Cados Place (to coincide with Frieze week in October). Case Study IV.. Darcey Fleming Darcey Fleming is a self-taught artist who creates colourful woven sculptures and wall hangings from discarded baling twine - for Darcey her prO￿$S is a self soothing exercise that answers a compulsive need to make. Darcey joined Sar8bande at our Hertford Road studios in 2023. Sarabande organised visits to her colourful studio led lo many fruitful collaborations.. Soho House cornmissioned Dar￿Y for the Intemalional Women's Day Porsche installation and later a huge 10 metre installation at Soho Famihouse - her largest work to date. Other relationships facilitated by Sarabande included an introduction to Unil Gallery where she exhibited as part of a group show, panel talks with Spinnochia Fruend and SkyArt's Kate Bryan, a solo show at Alice Black Gallery in 2025 and participated in several Sarabande group exhibitions. Sarabande extended Darcey's residency in 2024, accommodaling her in our High Road Studios to continue building her career at a sustainable rate - more steadily than the excited industry was asking of her. A young artist. being under the wing of the foundation has given Darcey an important level of protection as she builds her confidence and detemiines the lens through which she wants her work to be seen. Mentoring has SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 been invaluable in helping Dar￿Y take her praclice to the nexl level establishing her creative business. gistering as a sole trader and This residen￿ has been invaluable to my development as an artist. Before Sarabande. I was producing work in my bedroom,. I had no artist community and felt very much isolated. Sarabande has grown me both as an artist and as a social being,. I now have a community of fellow artists, something I have never had before. I can't quite put into words what Sarabande has done for my work and me.. the studio walk throughs have led to such 8m8zing opportunities for my WO￿ (large commissions, sales, exhibifions and panel discussions on my practice), and have given me the chance to connect with some of the biggest names in the world of art and design. I will be endlessly thankful to Sarabande.- Darcey Fleming Cultural Collaborations Throughout the year, Sarabande synchronised with the global calendar to strengthen its cultural touchpoints and promote Ihe work of its alumni lo a wider audience. as well as support them in their personalised career paths. Sarabande supports a plethora of artists whose work problematise and destabilise conlemporary societal, political and economic issues. Amongst olher cOn￿ms. our artists, practices advocate for equality. diversity and protecting the planet's resources. To support these initiatives. Sarabande offers the space and opportunity for our artists to discuss these essential but complex issues wilh Ihe wider public.. offering a plaffomi for their work ensures a greater impact that is beneficial to both the artists as individuals and to advan￿ progressive societal conversations. 11 is Sarabande's professional ne￿Ork and Lee's legacy that enables us to partner with exceptional organisations and amplify our alumni's work across the worfd. This exposure is vital in the advancement of a creative practi￿ to achieve a solid business structure. These events are often artist-led. but under the eye of C￿rdinatIon and management of Sarabande, such as Mount street Neighbourhood Arts Festival. The freedom to use the main Spa￿ is invaluable for artists who do not want lo rely upon galleries to show their works. inslead empowering them lo take conlrol of Iheir own exhibition and sales. In October 2024, we invited all of the jewellers Sarabande has supported to take part in Mount Street Neighbourhood Arts Festival, and with a 100/0 Uptake, all 15 showed at the 5 Carlos Place townhouse. welcoming visitors from buyers, press and clients. This was an invaluable experience in bolstering their commercial ne￿ork, providing them access to contacts beyond their own professional address book. Commissions Commissions are important in progressing an artisls, career.. they fund a particular vision and give a reason for an artist to bring a body of work into the world. In the past years. Sarabande has put an emphasis on this programme to enable artists to execute a creative project to a professional level that signals a significant shift in their praclice. Dom Pérignon -A Night of Creative Assemblage- Sarabande is proud to have supported three artists with fijnded commissions for a partnership with Dom Pérignon. This event Was an opportunity to expand their practices, explore altemative material application and play with scale. Commissions are important in progressing an artisls. career,. they fund a particular vision and give a reason for an artist to bring a body of work into the worfd. Electric Adam's main contribution to the evening was a durational perfomance in his signature style as guests arrived for welcome drinks. His perfOMan￿ was a contemporary take on the idea of a seance popular during the Viclorian era as inspired by The Roof Garden's period architecture. Almudena Romero was tasked wilh a living artwork profiling her grandparents who were organic farmers. These portraits would celebrate the deep connection be￿een people and the earth. highlighting their dedication. pride in their labour, and Ihe legacy of care they have nurtured for other species and the land. Paolo Carzana designed and hand-dyed Ihe tabletop in his signature romanlic design philosophy. Using a blend of antique tablecloths from Portobello Market, leave silk voile, bamboo silk. antique Japanese silk chiffon and eucalyptus fibre, Paolo recreated a Renaissance tabletop spilling over with colour. The palette was made using logwood, indigo, madder and sappanwood- the essential oils were rose, eucalyptus and lavender. Each napkin, 10- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 also sourced from Portobello Market. were dyed the colours of the rainbow and monogrammed. Guests were invited to tske their napkin as their gift for the evening. Business Skills Development Provision of business skills and practical advice is a fundamental component of Sarabande's support. This aid includes, but is not limited to. daily advi￿ on all business-related matters, helping wilh range plans. public relations advice, pricing guidance, overseeing contracts and agreements, and helping artists to navigate commercial agreements. The Foundation's mentoring programme is there to directly connect arlists with experts across a range of industries and has gone from strength to strength Sin￿ it was put into practice in 2022. This initiative bolsters artists, commercial skills, builds their professional ne￿Ork and eliminates workload on the core team. One-to-one sessions are available to artists past or present on accountancy and bookkeeping., fashion production, distribution, branding and pitching- art and fashion in the digital cyberspace- gallery curation,. press and marketing,. navigating contracts,. and e-commerce. Sarabande also organises roundtable group mentoring in small groups, fostering peer leaming amongst our artists. New mentors Mimi Hoppen, Aex Munroe, Alice Black. Lily Waterton and Louisa Pacifico joined in 2024, bringing the roster of mentors to 14 mentors giving seven hours a week of individual mentorship and offering expertise in luxury retail. jewellery, craft and contemporary art. Each Sarabande artist is encouraged to schedule 1-1 meelings with our press consultant and our CEO to ensure they have focused their goals for the year and are making the most of their kn'me in the studios. Sarabande Events Sarabande's aid reaches beyond our artists, scholars and alumni. The educational and inspirational events programmes remain an essential part of Ihe Foundalion's charitable objectives. This ensures that Sarabande extends support for business skills and education to the general public, as well as individual opportunities to its resident artists and scholars. Our Inspiration Series has an emphasis on leaming new skills through hearing the joumeys of Suc￿$$fUl 8rtists, designers, curators, photographers. and jewellers. As part of this series in the pasl, Sarabande has orcheslrated talks with a wide range of leading thinkers and creators from around the worfd including artists Gilbert and George, Nadège Vanhee of Hemès, renowned costume designer Sandy Powell OBE, Andrew Bolton OBE, Daniel Roseberry from Schiaparelli, Sam Taylor-Johnson OBE. photographer Solve Sundsbo, the wodd's first ullra-realistic robot artist Ai-Da inteNiewed by rim Madow OBE, Sarabande's ambassador Andrew Bolton, and artists Yinka Ilori. Grayson Perry CBE. Martin Parr and Juno Calypso. Speakers for the Inspiration Series are invited for being at the top of their game and famous worfd-wide for their creative practice their advice is unparalleled. Tickels for all Sarabande events are no more than £10, wilh guests receiving a complimentary refreshment upon a￿1val. Sarabande is responsive lo the needs of ils alumni network. We deliberately programme talks that directly support artists with business related problems and stay alert lo wider creative industries to keep the Foundation's advice relevanl to real-time issues that our artists face. Speakers are asked to lalk frankly and without agenda lo ensure that genuine, tangible advice can be put into practice and advance artists, careers. The business talks and crealive workshops leach the key skills in building a successful business model. These programmes include advice on fundraising. hidden production costs. building an e-commerce site, trademarking, and employmenl contracts, amongst other counsel. All Sarab8nde events are publidy available through Eventbrite with tickets for the practical talks priced at £4. This cosl is subsidised to ensure equality of opportunity lo a￿sS vital information for people from any socio- economic background. Sarabande also offers free tickets lo students on specific university courses that the Foundation believes would benefil from the talk. Each panel is curated by Sarabande with a variety of business representation in mind. This ensures that 11 SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 information imparted is not biased by one company and holds no agenda. All presentations with relevant links and take away information are circulated via email to attendees afler the talks. General practical topics include.. How To Set Up a Business Practical= Directing Still Lives Wholesale for Fashion & Jewellery The Art of Framing A to Z of Clientèling Practical= AR for Creative Businesses Building A Standout Visual ID Jewellery Practical: Going From Commission to Collection Acing Your Social Media Strategy This year, we saw a steady appetite for and attendance. consistent with 2023 which increased dramatically after COVID-19 precautions were completely lifted in 2022. Our newsletter audience has also increased, mirroring an eagemess to engage with creative communities. For the fourth year running. Sarabande conlinued ils very Su￿ssful and valuable What Now? programme for recent graduates from art, fashion and jewellery courses feeling daunted by the prospects of their future after graduation. To help navigate this, Wh8t Now? includes a tr40-day series of workshops and talks that provide both emotional support and practical advice lo those pursuing a creative career. Key partners attended from Ihe Alexander McQueen brand across all departments, along with specialists from Burbery. Stella Mccartney, Craig Green, Tamsin Blanchard, Bold Tendencies, Draw Recruitment, Art Rabbit, and a selection of Sarabande alumni and external partners sharing the expectations versus realities of fomiing a career path. The event was communicated via press and the colleges to share with graduating students. 882 g￿dUateS joined the sessions from across the UK, a 30 /0 increase from Ihe previous year. The su￿sS of What Now? evidences the need for guidance and shared experience from peers. We intend to continue to offer Sarabande as a place lo address the feeling of frustralion and confusion to recent graduates who need furlher advice on their next steps. "Very constructive and insightful for someone who has just graduated and trying to get into the industrf Giacomo Carpinelli "Inspirational, amazing time that I spent at Sarabande. Thank you guys, you're amazing. Constantine Kiriazev 'This event demystified the application process for art department roles ￿"thin fashion houses and has given me lots to consider. Thank youl- Tom Hemingway In 2023, Sarabande introduced artist "crits.. These are intimate sessions for groups of 8-15 artists from the wider communily where each artist can gain feedback from their peers. This was a response lo hearing artists. concerns that there are not enough publicly accessible spaces where artists can come together to constructively discuss their works and build a stronger community. Sarabande held 37 events in 2024 with a collective attendan￿ of over 3.500. Fundraising Sarabande was initially dependent on the financial legacy of its founder Lee Alexander McQueen. Since the estate's closing. however, this source is no longer available lo support the Foundation. We remain in a difficull economic situation for our main sponsors, and this has had some impact on fundraising. 12- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Fortunately our main sponsor, the Alexander McQueen brand, retained its support. We held a small dinner in New York City to support our efforts through ourAmerican Friends of Sarabande- this is a way to diversify our fundraising activities, grow the profile of the foundation and so nol deplete the resources and generosity of our London network. American Friends of Sarabande. Inc la sister organisalionl is a 501 {c}131 non-profit entity- Its American Friends of Sarabande's mission is to raise awareness for the activities and program of the Sarabande Foundation in the U.S. and overseas to enhance the Foundation's support for emerging creatives across the globe. Sarabande successfully applied for a grant from American Friends of Sarabande to support our 2024 scholarship bursaries. To activate the event. we inviled Sarabande artist George Richardson to install the tabletop at The Standard, East Village. Sarabande fronted all production costs for our artists. including transport fees of w0￿S and travell accommodalion costs. This was a great OPt)ortunity for George to build Iheir Careers and for exposure lo a new network. The Foundation works on a target of 30°A or less of costs to fundraising evenls and is pleased to stay below that amount. This maximises the value to the patrons and supporters of the Foundation. We did not hold a London fundraiser in 2024 as we felt this would be too soon after our 2023 fundraiser and would exhaust our audience. Our London fvndraiser will retum in 2025. Our objective is to cover Sarabande's annual costs and operations through various fundraising activities and revenue streams. To date, this has been achieved through a combination of commercial activities, corporale sponsorships, investment dividends and private donors. This revenue stream has been facilitated by alternating small and annual fundraising events allowing us to nurtu￿ a wider supt)orting network without exhausting the support of our existing 'Friends of the Foundalion.. It has also given us a broad fundraising stream across different sectors, giving Sarabande an element of Independen￿ and the chance to react to changes in economic siluations. Although inftation has continued to increase annual operating costs, we have kept Ihe studio rents at £1 per sq ft to protect our artists from such inflationary issues. This is because we believe it is important to ensure these costs are not passed on to the creatives we wish to support. Particularfy during a financially stressful time, Sarabande wanls to alleviale concern more so than ever. The Foundation endures this subsidy on behalf of our artists. Sarabande Manifesto The Sarabande Manifesto IS an annual catalogue that commemorates and champions the work of the charity over the previous year. The publication also ￿lebrateS our artists. works and is launched lo coincide wilh. and promote, the annual Sarabande Group Summer Show. Interspersed with our outlining of the Foundation's work, the development material component of the Manifesto enabled us to connect with a plethora of luxury companies to bolster interest in supporting Sarabande and they were then offered the chance to advertise. This support has helped bring a continuous revenue stream into the Foundation. The Sarabande Manifesto was first printed in 2020- 2024 marks our fifth edition of the publication. Staffing Sarabande has traditionally employed a small core full-time team. Keeping both our focus and costs tight, we have been supported on many projects by the wider creative community. This lighl and passionate team structure has enabled us to use our limited funds on the work of the foundation. However the addition of managing a second site, doubling both our studios and our financial outgoing and responsibilities has challenged our requirements both with site management and the additional fundraising. The foundation identified new roles that can contribute to the financial needs of Sarabande. adding required trained personnel on site but with the focus on commercial aclivilies Ihal will run alongside the operations of the foundation. This has added a further two full time hires to the existing five full time staff. ensuring the responsibilities and operations can be shared, creating a better working environment in both sites and reducing risk of hires leaving without any cover. 13- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Foundation allocates a budget for experienced freelancers and consultants in specialist departments. These help to ensure that all skills, expertise, and relevant industry contacts required by the Foundation's multi- disciplinary activities are accessible. In 2024 we hired a consultant to assist on fundraising and partnerships, and as always part timers are employed on an ad hoc basis to dovetail with Sarabande's permanenl team. To support our regular aclivities, Sarabande is also reliant on intems and volunteers - a combination of supt)ort that allows us to bring scholars and recent graduates into our busy digilal team. This arrangement allows young people lo experience and learn from a fast-paced creative environment. and highly bolsters their employment rale following internships at the Foundation. Volunteers are typically eXperien￿d professionals from the fashion or arts industries who are involved on a project-focused basis or for a short period during a career break, enabling them to remain aclive in their industry via the Foundation. Sarabande is fortunate enough also to have access to a volunteer bookkeeper, and a long-temi finance and accounting volunteer who also assists on operating roles. And finally we outsource key roles such as HR and communications. Investment Policy The Foundation currently holds investments valued at approximately £11.8 million (in addition to monies in regular bank accounts). The investments are for the most part readily realisable. and include an element of cash and money market funds held within the porttolio. The investment policy and strategy statement, adopted in De￿mber 2019, remained in for￿ throughout the year. Our aim is to produce Ihe best financial retum consistent with an acceptable level of risk,. specifically, the objective is one of long-term capital preservation and moderate growth, with a risk lolerance categorised as Moderate. Funds will be well diversified over several assel classes, typically including equities, bonds, cash and probably others the latter category including hedge funds, credit funds and property funds. A few of these investments may have limited liquidity but a key objective will always be to cover annual outgoings and investment required for the Foundation's growth. to be provided in part by dividend and interest income from the invested funds. A key element of the policy relates to environmental, social and govemance ('ESG") factors, coupled with the best approach lo ethical investing and long-temi sustainability considerations. The Trustees believe that ESG factors may have a material impacl on investment risk and retum outcomes. The Trustees also recognise that long-lerm sustainability issues. such as climate change. present risk and opportunities that increasingly may require explicit consideration. The Trustees have not set any fomial investment restrictions on the appointed investment managers in relation lo particular products or activilies, but conlinue lo emphasise ESG in its evaluation of investmenls and managers. The Trustees have given the appointed investment managers full discretion when evaluating ESG issues and in exercising voting righls and stewardship obligations attached to the Foundation's investments in accordance wilh its own corporate governance policies and current best practice. including the UK Corporate Governance Code and UK Stewardship Code. Relying on advice from their Investment Consultants. the Trustees consider how ESG is integrated within inveslment and risk managemenl processes in appointing new investment managers and monitoring existing investment managers. Monitoring is undertaken on a regular basis. Over Ihe last year. many of the investment managers in the portfolio have increased their focus and made material progress in integrating ESG and sustainability into their investment activities. The Trustees conlinue lo emphasise ESG and suslainabilty in its evaluations of investmenl managers, and will explore the possibility of including more focused impact investments and also of further switching to more explicitly ESG-aligned funds in the portfolio in future. Risk Management The Trustees are responsible for monitoring the Foundation's ongoing activilies. Sarabande's aim is lo provide support across multiple creative disciplines - this requires a wide range of expert skill sets for mentoring. advice and support. Sarabande continues lo support its artists after their scholarship or studio residency has finished. It is important that Sarabande is a place Ihat any alumnus can retum to at any stage in their career lo benefit from menloring or facilities. As the Foundation ages and accrues beneficiaries. an ever-increasing level of support is required from our network. 14- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 It is via our existing network and our growing repulation both as a charity, and within creative education that the Foundation attracts industry professionals.. we are constantly expanding our networks to allow the support and mentoring to meet growing demand. We have started a risk register to identify all possible risks across the charity. and will continue to monitor the strongesl risks that will have the most negative impact. The main risks are around senior staffing, reputational risk and to a smaller exlent the ability to raise funds to cover the annual operational costs. With such a small team, the Foundation is left exposed when employees leave, especially when Ihose employees have taken on multiple roles and have many years of valuable experience in the foundation. Sarabande has hired an external HR company to ensure we are ¢x)mplying with best praclices, and so that career objectives can be discussed and met over time. Training of junior and part-time staff will afford us a pool of employees who can cover and fill positions. We have created new roles and commercial opportunities in the organisalion Ihal will allow us lo support new staff hires. giving Sarabande more stsffing security- The acquisition of Ihe High Road sile, which is not under Sarabande's fvll control, broughl many issues wilh security and operations., not least. unexpected financial costs to bring the operation of the site up lo the Sarabande standard. We have worked through them, and feel that these a￿ now resolved, although the managemenl of two sites has been difficult for a small team to reach the expectations of all artisls. The continuation of the residency beyond a year to some artists has enabled better integration of artists into the communily. The High Road site has also enabled us to support practi￿$ in need of larger Spa￿$, or those artists who need more than one year of support, and are able to move into our second site which will facilitale their growth trajectory. Finally the new space has allowed a physical home for our House of Bandits. a retail space offering Sarabande artists a possible revenue stream and visibility. Whilst the financial benefits are small for such an endeavour, HOB is another opportunily to talk about the artists and Foundation lo a wider pool. and allows Sarabande lo participate in commercial endeavours that share the world of the foundation. Sarabande has successfully been part of our lottery funded capital application. in partnership with our landlord Paxton17, on a longer term building project for a second building, which was granted in 2023. Currently the High Road Spa￿ is on a temporary lease until the lotlery funded building is completed. Expansion into a further property has satisfied our growlh requ1￿Ments but puts pressure on fundraising lo finance this expansion. As we continue our WOTk. the posilive impact of the Foundation is recognised further. and we are looking at a wider range of support options for patrons to help fijnd this growth. The following key risks pose potential inhibition to our reaching fundraising goals.. Economic situation negalively affecting corporate and patron budgels Insufficient investment retums such retums may be dependent on the economy andlor the performance of individual funds Cost of fundraising activilies increasing making fundraising in USA uneconomical Key staff in Sarabande partnerships moving on to new pastures. changing priorities Sarabande relies financially on its partnerships with major corporate companies. Whilst this benefits the Foundation by bringing expertise and exposure, it also subjects us to the ramifications of company changes of direction and personnel. This can have potential negative impacts on the timeline of projects. We have seen a large drop in the revenue from luxury brands due lo economic faclors. and to combat this we continue to look at diversifying our fundraising activities and building various revenue streams. We hired a fundraising consullant lo expand our network and introduce new companies and brands to the foundation. but there is more work to be done in expanding our networks and support. We are also aware that the artists supported by the Foundation feel the same negalive economic implications. Sarabande has conlinued lo grow the reputation of the Foundation in this time,. we have expanded our range of supported disciplines by undertaking creative and digital innovation. 15- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans For The Future London is horne to a dynamic, wodd-leading creative community - it is a magnet that attracts a plethora of leaders and visionaries from the creative arts. Sarabande plans to remain responsive to their needs and focus directly on industry demands. To do this. we will conlinue lo promise unparalleled support to global creatives in whatever capacity is necessary- be it financially. emotionally. or practically. Sarabande has been keen to create a truly multidisciplinary world of support for creatives,. we enjoy more freedom than art schools to consider diversity in all its fomis in our alumni. and without considering the traditional backgrounds of an education in the UK arts landscape we can benefit from a creative mind that has endured a personal joumey. We feel that we have successfully shared the values of a multidisciplinary wodd of Sarabande in our activities and expressed our shared community values, however as the foundation has grown and the directly supported artists exceed 280, we wanl to offer a wider Choi￿ of opportunities that will substantially support and elevate the careers of our alumni {growing at about 40 artists a yearl. We want to align ourselves with existing established organisalions that will aid in promoting those creatives intemationally beyond what Sarabande can do alone. This means associating ourselves with other adjacent leading organisations. The introduction of the House of Bandits (a commercial offering from Sarabande that supports sales of the artists work) has enabled a wider choice of global opportunities and partnerships that will both promote the work of Sarabande and our artists to a wider network. This includes partnerships over Frieze, and in the future opportunities to participale in International art fairs and organisations with a greater footprint allowing us to open our counsel to the international art and design scene. These are objectives that we strive to address year on year. Our successful launch of Sarabande High Road has allowed us to add both breadth and width to our supporl. It will give us a pemanent home to connect with a creative community somewhat starved of local creative facilities- we aim to become a local hub for all artists and a physical point of reference for local artists. This will enable us to offer beneficial longer-term residencies over the two siles and offer opportunities to Ihe local geographical community that has a challenging socio-economic makeup. With the success of our joint lottery application with Paxton17 lo refurbish 810-812 High Road. N17 we look forward to starting work on our second location increasing the long-temi supt)ort in an area designated as a Creative Enterprise zone. We have also buill on Ihe su￿sS of What Now? in New York City. where we demonslrated how we want lo support the global community and are willing to go the extra mile to do so. We pursue collaborations with intemational companies that will open new aUdIen￿S to Sarabande's network. Our events held in the USA and positive press about the Foundation's activities will aid this endeavour, offering support and sharing Sarabande's mission with new partner5. By providing creative spaces - both physically and digitally- we hope to bring industry led opportunities for our artists, scholars and alumni to amplify their voices. With our additional space, we inlend to give free access to altemalive artistic expression for the public through our gallery space and to expand our education program. Sarabande's wish is to continue to provide an environment lo creatives where all disciplines from a diversity of backgrounds can fom) a community and be inspired. The Truslees are at all limes extremely conscious of Ihe challenges and Importan￿ of rnanaging the Foundation's finances and in particular its investment portfolio, currently valued at around £11.8 million. To that end, Ihey have in recent months been actively reviewing all aspects of the management of the portfolio,. decisions and new commitments can be anticipated in the second half of 2025. And finally. we intend to increase our mentors across different disciplines and the hours of menlorship from 28 hours a month to 40 hours a month. 16- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities The Trustees 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). The law applicable lo charities in England and Wales reqUI￿S the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charitable Incorporated Organisation and of the incoming resources and application of resources of the Charitable Incorporaled Organisation for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP- - make judgements and eslimates that are reasonable and prudent" stsle whelher applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts- and prepare the accounts on the going concem basis unless it is inappropriate to p￿sume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Incorporated Organisation and enable them to ensure that the accounts comply with the Charities Acl 2011, the Charity {Accounts and Reports} Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. The Truslees, report was approved by the Board of Truslees. B Hooper Trustee Dated.. 151712025 17- SARABANDE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SARABANDE Oplnlon We have audited the consolidated and parenvs financial statements of Sarabande (the 'Charitable Incorporated Organisalion'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Posilion, Ihe Statement of Cash Flows and the notes to the financial slatements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial RetX)rting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a Irue and fair view of the slate of the group's and of the parent company's affairs as at 31 December 2024 and of the group's incoming resources and application of resources. for the year then ended- have been properly prepared in accordance wilh United Kingdom Generally A￿pted Accounling Practice., and have been prepared in accordance with the Charities Act 2011. Basls for opinion We conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Incorporaled Organisation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statemenls, we have concluded that the TTUStees' use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfo￿ed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Charitable Incorporated Organisation's ability lo continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial stalements and our auditols report thereon. The Trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statemenls does not cover the other infom)alion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconslstencies or apparent material misstatements. we are required to delemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing lo report in this regard. 18- SARABANDE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SARABANDE Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: the information given in the financial ststements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records,. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees. Responsibilities. the Trustees are responsible for the preparation of the financial stalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is ne￿SSary to enable the preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Charitable Incorporated Organisalion's ability to conlinue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations. or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audilor under seclion 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. induding fraud. is detailed below. 19- SARABANDE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SARABANDE Extent to whlch the audlt was considered capable of detecling Irregularlties. Including fraud The objectives of our audit, in respect to fraud, are.. to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatemenl due to fraud, through designing and implementing appropriate responses,. and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of the entity and its management. Our approach was as follows: We identified areas of laws and regulations that could reasonably be expected to have a material effect on Ihe financial statements from our general commercial and sector experience, and through discussion with the Iruslees and other management (as required by auditing standards). and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regul8tions', We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework {FRS 102 and the Charities Act 20111 and the relevant tax compliance regulations in the UK- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneralion.. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit- We considered the procedures and controls that the charity has established to address risks identified, or Ihal otherwise prevent, deler and detect fraud., and how senior management monitors those procedures and controls. Based on this understanding we designed our audit procedures lo identify non-compliance with such laws and regulations. Where the risk was considered to be higher. we perfomied audit procedures to address each identified fraud risk. These procedures included.. testing manual joumals- reviewing the financial slatement disclosures and testing to supporting documentation,. Perfo￿1ng analytical procedures- and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatemenls in the financial stalements, even though we have propedy planned and performed our audit in accordance with auditing standards. For example, the further removed non-complian￿ with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial stalements, the less likely the inherently limited procedures required by auditing standards would idenlify il. The rrsk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlation. We are not rest)onsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. ￿htt s 11 www.frc.or .uklOur-WorklAudiUAudit-and-assurancelStandards-and- uidancelsiandards-and uidance-for- auditorslAuditors-res onsibiities-for-audiVDescri tion-of-auditors-res onsibililes-for-audit.as This description forms part of our auditor's report. Use of our report This report is made solely to the charity's Trustees. as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo Ihe charily's Trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the fullesl extenl pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity s Trustees as a body. for our audit work. for this report. or for the opinions we have fomied. TC Group Statutory Audilor Office: Steyning, West Sussex Date= 21 July 2025 TC Group is eligible for appointment as auditor of the Charitable Incorporated Organisation by virtue of its eligibility for appointment as auditor ofa company under section 1212 of the CompaniesAct 2006. -20- SARABANDE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Consolidated SOFA Unrestricted Endowment Total Total funds funds 2024 2023 Note$ Income and endowments from: Donations, legacies and sponsorships Product sales Income from fundraising and events Inveslments Other income 725.808 68.652 18.881 250.627 105.087 725,808 68.652 18,881 250.627 105,087 878,154 40,103 121,598 168.577 126.544 Total income and endowments 1.169.055 1,169,055 1,334.976 Ex enditure on: Fundraising and event cosls Non - charitable trading costs Cost of product sales 22.972 158.663 57,396 22.972 158.663 57,396 49,795 154.082 12,487 239,031 239,031 216,364 Charitable activities 728.785 728.785 652.590 Total expendlture 967,816 967,816 868,954 Net gainslllossesl on investrnents 14 702,972 702,972 327,596 Net income for Ihe yearl Net movement in funds 904.211 904.211 793.618 Fund balances at 1 January 2024 15.598.921 10 15,598.931 14,805.313 Fund balances at 31 December 2024 16.503.132 10 16,503.142 15,598.931 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. 21 SARABANDE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes CONSOLIDATED Fixed assets Intangible assets Tangible assets Investments 16 17 18 302 2.424,981 12.776,595 80 2,435,424 12,073,623 15.201,878 14,509,127 Current assets Slocks Debtors Cash at bank and in hand 20 21 22,211 74.810 1,484,472 27,621 120.186 1,130,785 1,581,493 1,278,592 Creditors: amounts falling due within one year 22 {280,229) {188,788) Net current assets 1,301,264 1,089,804 Total assets less current liabilities 16,503,142 15,598,931 Capital funds Endowment funds- general Income funds Unrestricted funds 23 10 10 24 16.503,132 15,598,921 16.503,142 15,598,931 151712025 The accounts were approved by the Trustees on ......................... B Hooper Trustee C Lowlher OBE Trustee S Needha Trustee -22- SARABANDE STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 2024 2023 Notes COMPANY ONLY Fixed assets Intangible assets Tangible assets Investments 16 17 18 266 2,424,981 12.776,597 2,435,424 12,073,625 15,201,844 14,509,049 Current assets Debtors Cash at bank and in hand 21 554,326 960,709 878,512 363,411 1,515,035 1,241,923 Creditors: amounts falling due within one year 22 (213,737) (152,041) Net current assets 1,301,298 1,089,882 Total assets less current liabilities 16,503,142 15,598,931 Capital funds Endowment funds - general 23 10 10 Income funds Unrestricted funds 24 16,503.132 15,598,921 16,503.142 15,598,931 151712025 The a¢¢ounts were approved by the Trustees on ......................... B Hooper Trustee C Lowther OBE Trustee S Needham Trustee -23- SARABANDE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 31 812,366 361,578 Investing activities Purchase of intangible assets Purchase of tangible fixed assets Inveslments- nel movement Investment income (270) {6.064) (702.972) 250.627 114.914) (1,127.596) 168.577 Net cash used in investing activities (458,679) 1973,9331 Net increaselldecrease) in cash and cash equivalents 353,687 1612,3551 Cash and cash equivalents at beginning of year 1,130.785 1,743,140 Cash and cash equivalents at end of year 1,484.472 1,130,785 -24- SARABANDE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charily infomiation Sarabande is a Charitable Incorporated Organisation registered in England and Wales. The registered address is 22 Hertford Road, Haggerston, London. N1 SSH. 1.1 Accounting convention The accounls have been prepared in accordance with the Charitable Incorporaled Organisation's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)- (effective 1 January 2019). The Charitable Incorporated Organisation is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the Charitable Incorporated Organisation. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving Ihe financial slatements, the Trustees have a reasonable expectalion that the Charitable Incorporated Organisation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going COn￿M basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the Trustees in furtherance of their charilable objectives. Endowment funds are subject to specific conditions by donors that the capital must be mainlained by the Charitable Incorporated Organisation. 1.4 Incomlng resources Income is recognised when the Charitable Incorp)rated Organisation is legally entiled to it after any perfomance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Legacies are recognised on receipt or otherwise if the Charitable Incorporated Organisation has been nolified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. -25- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Resources expended Expenditure is recognised once there is a legal or construclive obligation to Iransfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivity. Direcl costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. Resources expended are recognised in the period in which they are incurred and accounted for on an accruals basis. Governan￿ costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. including legal. audit fees and the costs of board meetings. Where possible costs are allocated directly to the activities to which they relate. Support costs are allocated between charitsble activities based on the apportionment of direct costs. Grant expenditure is recognised when committed. 1.6 Intangible fixed assets otherthan goodwill Inlangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Inlangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably- Ihe intangible asset arises from contractual or other legal rights- and the intangible asset is separable from the enkn'ty. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Trademarks 20Yo Straight line basis 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecialion and any impairment losses. Tangible fixed assets are stated at cosl less depreciation. Depreciation is provided at rates calculated to write off Ihe cosl less estimated residual value of each asset over its expected useful life. Land and buildings Plant and machinery Fixtures. fittings & equipment 250 years straight line over the temi of the lease 25.10 Straight line basis 25 /0 Straight line basis The gain or loss arising on the disposal of an asset is delemiined as the difference between the sale pro￿edS and the carrying value of the asset. and is recognised in the statement of financial activities. -26- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.8 Fixed asset investments Fixed assel investmenls are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the Charitable Incorporated Organisation. Conlrol is the power lo govern the financial and operating policies of the entity so as to obtain benefits from its activities. Fixed asset investments are stated at markel value. 1.9 Impairnient of fixed assets Al each reporting end date, Ihe Charitable Incorporated Organisation reviews the carying amounts of ils tangible and intangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount ot the asset is estimated in order lo determine the exienl of Ihe impairmenl loss (rf any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated fulure cash flows are discounted to their present value using a pre-tax discount rate thal re11ecls current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carying amount, the carrying amount of the assel is reduced to its recoverable amount. An impairment loss is recognised immediately in incomel lexpenditurel for the year, unless the relevant asset is carried at a revalued amount. in which case the impaim)ent loss is treated as a revaluation decrease. Recognised impaimient losses are reversed if. and only if. the reasons for the impaimient loss have ceased to apply. Where an impairrnent loss subsequently reverses, the carying amount of the assel is increased lo the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been detemined had no impaiment loss been recognised for the asset in prior years. A reversal of an impaimient loss is recognised immedialely. unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impaiment loss is treated as a revaluation increase. 1.10 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and Ihose overheads that have been incurred in bringing the stocks to their present localion and condition. Items held for distribution al no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling Pri￿ less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. -27- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.12 Financial instruments The Charilable Incorporaled Organisation has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial inslrumenls are recognised in the Charitable Incorporated Organisation's balan￿ sheet when the Charitable Incorporated Organisation becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the assel and settle the liability simullaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenlly carried at amortised cost using the effective interest method unless the arrangemenl constitutes a financing transaction. where the Iransaclion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assels classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangemenl constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or ServI￿S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, Ihey a￿ presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charitable Incorporated Organisation's contractual obligations expire or are discharged or can￿lled. 1.13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Charitable Incorporated Organisalion is demonslrably committed to terminate the employment of an ernployee or to provide temiination benefits. 1.14 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.15 Basls of consolldatlon The financial statements consolidate the results of Sarabande and its wholly-owned subsidiaries Suture Inc Limited and Sarabande Trading Limited on a line by line basis. A separate statement of the financial activities and Income and Expenditure accounts are not presented for the charily ilself following the exemptions pem)itted by paragraph 397 of Ihe SORP. The tolal incoming resources for the charity for the year ended 31 December 2024 was £1.080.368 {2023'. £1,140.008) with positive movements in funds being £904,210 {2023'. £786,151). -28- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accounllng esllmates and Judgements In the application of the Charitable Incorporated Organisation's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabililies that are not readily apparent from other sources. The estimates and associaled assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estirnates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In the opinion of the Trustees there are no significant judgements or areas of estimation uncertainty. Donations. legacies and sponsorships 2024 2023 Donations Sponsorship 641,265 84,543 572,586 305,568 725,808 878,154 Product sales 2024 2023 Producl sales 68,652 40,103 68,652 40,103 Income from fundralslng and events 2024 2023 Fundraising and other events 18.881 121,598 18.881 121,598 -29- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Income 2024 2023 Interest and other investment income 250,627 168,577 Other Income 2024 2023 Advertising Rental income Royalty income Other income 26,500 52,133 21,454 5,000 48,500 40,260 34,716 3,068 105,087 126,544 Other costs 2024 2023 Fundraising costs Event costs 1,853 21,119 44,922 4,873 Fundraising and event costs 22.972 49,795 Non - charitable trading costs Cost of product sales 158,663 57,396 154,082 12,487 239,031 216,364 -30- SARABANDE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltable actlvltles Scholarshlps Subsldlsed Events and Studios Workshops Total 2024 Total 2023 Support costs Staff costs Directors remuneration Depreciation Premises expenses Accounting and professional fees Office running costs Travel and events Bank charges and exchange movement 26,053 2,318 826 6,514 62,285 104,215 9.270 8,256 104,218 62,285 18,153 130,270 11,587 7,430 19,541 31,144 7,780 5,644 1661 260,538 23.175 16,512 130,273 155,714 25,933 11,288 11981 238,929 23,175 14,834 117,091 87,441 29,514 10,582 1,236 5,644 1661 1661 103,574 306,331 213,330 623,235 522,802 Grant funding of activities (see note 10} 105,550 105,550 129,788 209,124 306,331 213,330 728,785 652,590 Analysed by fund Unrestricted funds 209,124 306,331 213,330 728,785 209,124 306,331 213,330 728,785 For the year ended 31 December 2023 Unrestricted funds 203,274 261,980 187,336 652,590 203,274 261,980 187,336 652,590 31 SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Grants payable 2024 2023 Grants lo instilutions= UAL Central St Martins UCL Slade School of Fine Art 49,600 45,700 75,188 43,400 95,300 10,250 118,588 11,200 Awards lo individuals 105,550 129,788 11 Auditor's remuneration In the year ended 31 De￿mber 2024 the auditors fees were £9.630 (2023: £9.660). 12 Trustees None of the Trustees have been paid any remuneration or re￿iVed any other benefils from an employment with the charity or a related entity. In respect of payments to related parties. please see Note 27. During Ihe year expenses were reimbursed to the Trustees amounting lo £nil (2023= £nil). -32- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Administralion In addtion. two unpaid volunteers provide finance and accounting services (2023= ￿01. Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 297.920 28,549 7,312 276,883 24,502 6,973 333.781 308,358 The number of employees whose annual remuneration was £60.000 or more were.. 2024 Number 2023 Number £140.000- £150.000 14 Net gainsl{losses) on investments Total Total 2024 2023 Unrealised gainsl(losses) on investments Realised Ilossesygains on investments 562,749 140.223 327,596 702.972 327,596 15 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. -33- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Intanglble fixed assets Group Trad•marks Cost Al 1 January 2024 Additions 20,292 270 At 31 December 2024 20,562 Amortisation and impairment Al 1 January 2024 Amortisation charged for the year 20,212 48 At 31 December 2024 20,260 Carrying amount Al 31 December 2024 302 Al 31 December 2023 80 Intangible fixed assets Parent Trademarks Cost At 1 January 2024 Additions 20,072 270 Al 31 December 2024 20,342 Amortisation and impairment At 1 January 2024 Amortisalion charged for the year 20,072 Al 31 December 2024 20,076 Carrying arnount At 31 December 2024 266 At 31 December 2023 SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Tanglble fixed assets Group and Parent Land and buildings Plant and machin•ry Flxturès, fittings & •quipment Total Cost Al 1 January 2024 Additions 2,494,406 19,241 2.190 132,287 3.874 2,645,934 6,064 At 31 December 2024 2.494.406 21.431 136.161 2.651,998 Depreciation and impairment Al 1 January 2024 Depreciation charged in the year 82,309 9.978 18,957 688 109,244 5.841 210,510 16,507 At 31 December 2024 92.287 19.645 115.085 227,017 Carrying amount Al 31 December 2024 2,402,119 1,786 21,076 2,424,981 Al 31 December 2023 2,412,097 23,043 2,435,424 -35- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Fixed asset Investments Group and Parent Listed Unlisted investments investments Cash In portfolio Total Cost or valuation At 1 January 2023 Additions Disposals Realised gains Unrealised gains Other movements 9,796,472 3.698,906 (3,749,933) 140,223 562,749 11.615 1.008,583 1,268,568 51,027 12,073,623 3.749,933 {3,749,9331 140,223 562,749 (11,615) Al 31 December 2024 10.460.032 1.008.583 1.307,980 12.776,595 Carrying amount At 31 December 2024 10.460,032 1.008.583 1,307,980 12,776,595 At 31 December 2023 9.796,472 1,008.583 1,268,568 12,073,623 Olher movemenls lof cash) represent cash used to invest in securities. Parent Investment in subsidiaries Cost Al 1 January 2023 Movement Carrying amount Al 31 December 2024 Al 31 December 2023 -36- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Subsldlarles The company holds more than 20.kn of the share capital of the following companies: Detsils of the Charitable Incorporated Organisation's subsidiaries at 31 December 2024 are as follows: Name of undertaking Registered office Nature of business Class of shares held Held Direcl Suture Inc Limited Sarabande Trading Limited United Kingdom Trading Company United Kingdom Trading Company Ordinary Ordinary 100.00 100.00 The aggregate capital and resetves and the result for the year of subsidiaries included in the consolidation were as follows.. Name of undertaking Profftl(Loss) Capital and Reserves Suture Inc Limited Sarabande Trading Limited 20 Stocks Group 2024 2023 Finished goods and goods for resale 22,211 27,621 Stocks Parent 2024 2023 Finished goods and goods for resale 21 Debtors 2024 2023 Group Amounts falling due within one year: Trade debtors Other debtors and accrued income Prepayments 28,218 21,925 24,667 45,109 38,031 37,046 74,810 120,186 -37- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Debtors (Continued) 2024 2023 Parent Amounts falling due within one year: Trade debtors Amounts due from subsidiary undertakings Olher debtors and accrued income Prepayments 1,212 491,637 36,810 24,667 20,093 790,479 30,894 37,046 554,326 878,512 22 Credilors: amounts falling due within one year Group 2024 2023 Other taxation and social security Trade credilors Other creditors and deferred income Accruals 72,554 6,017 71,562 130,096 66,161 15,659 21,903 85,065 280,229 188,788 Parent 2024 2023 Other taxation and social security Trade creditors Olher creditors and deferred income Accruals 85,966 5,059 1,486 121,226 62,559 13,059 3,458 72,965 213,737 152,041 23 Rètirement benefit schemes Defined contribution schemes The Charitable Incorporated Organisation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitsble Incorporated Organisation in an independently administered fund. The charge lo profit or loss in respect of defined conlribution schemes was £7.312 (2023= £6.973). -38- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Endowment funds Endowment funds represent assets which must be held pemanently by the Charitable Incorporated Organisation. Income arising on the endowment funds can be used in accordan￿ wilh the objects of the Charitable Incorporated Organisation and is included as unrestricted income. Any capital gains or losses arising on Ihe assets form part of the fund. Movement In funds Balance at 1 Incoming Resources Balance at 31 January resources expended December 2024 2024 Pemianenl endowments Original settlement 10 10 10 10 -39- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysls of net assets between funds Group Unrestricted Endowment funds funds Total Fund balances at 31 December 2024 are represented by.. Intangible fixed assets Tangible assets Investments Current assetsl{liabilities) 302 2,424,981 12.776,595 1,301,254 302 2,424,981 12.776,595 1,301,264 10 16,503,132 10 16,503,142 Group Unrestricted Endowment funds funds Total Fund balances at 31 December 2023 are represented by.. Intangible fixed assets Tangible assels Investments Currenl assetsl(liabililies) 80 2,435,424 12.073,623 1,089,794 80 2,435,424 12.073,623 1,089,804 10 15,598,921 10 15,598,931 Parent Unrestrf¢ted Endowment funds funds Total Fund balan￿S at 31 December 2024 are represented by.. Intangible fixed assets Tangible assets Investments Current assetsl{liabililies) 266 2.424,981 12,776,597 1.238,395 266 2.424,981 12,776,597 1.238,405 10 16.440,239 10 16.440,249 Parent Unrestricted Endowment funds funds Total Fund balances at 31 December 2023 are represented by.. Tangible assels Investments Currenl assetsl(liabililies) 2,435,424 12.073,625 1,089,872 2,435,424 12,073,625 1,089,882 10 15,598,921 10 15,598,931 26 Control There is no ultimate controlling party- -40- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Related party transactlons At 31 December 2024 a balance of £nil {2023: £18,991) was due from the Lee Alexander McQueen Heathfield Trust ("The Trust'l. Interest is charged at a variable rale of 2 /0 above base rale. Al the tirne the loan was made, Sarabande and the Trust had certain tnjstees in common. Subsequently the trustees of the Trusl resigned in favour of Suture Inc Limited, a wholly owned subsidiary of Sarabande. The loan is repayable on the sale of a property. It was repaid in full during the year. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 150,000 150,000 28 Commitments Al the year end the Charity had committed {eilher contractually or by promises} lo fund scholarships lotalling £290,828 {2023= £234,839}. Both amounts reflect an increased willingness lo commit for longer periods than had been the case prior to 2020. The indicated timing of Ihese scholarships commitments is as follows: within one year £135,122 one to years £93.706 Iwo to five years £62,000 over five years £ nil These timings may nonetheless be varied by mutual consent. There are no other material commitments. 29 Contingent liabilitieslassets In 2018 the Charity submitted a claim to HMRC for repayment of net amounts of VAT largely relating lo the acquisition and subsequent building work on the Charity's premises at 22 Hertford Road, London, N1 SSH. The initial amount of the claim was £341.487. subject to certain later revisions. This claim was not initially accepted by HMRC and was then the subject of ongoing discussions for several years. In January 2024 the case went to First Tier Tribunal. One year later. on 30 January 2025, a decision was released, in favour of the Charity. HMRC have nol appealed against the decision. Financial settlement of the claim was made by HMRC on 17 June 2025, in the amount of £390,909. A final reconciliation of Ihis amount has yel to be achieved. No recovery has been recognised in the financial statements for the year ended 31 December 2024. but will be so recognised in the financial statements for the year ended 31 December 2025. It is expected that most of the recovery will Ihen be set against the carying value of the Charity's investment in the 22 Hertford Road property. The position related to recovery of related costs. and certain other minor amounls of VAT that in Ihe opinion of the Trustees are also due from HMRC to the Charity. cannot currently be predicted with any certainty. 41 SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 30 Analysls of changes In net funds The Charitable Incorporated Organisation had no material debt during the year. 31 Cash generated from operations 2024 2023 Surplus for the year 904,211 793,618 Adjustments for.. Inveslment income recognised in statement of financial activities Amortisation and impaimient of intangible assets Deprecialion and impaim)ent of tangible fixed assets 1250,627) 48 16,507 1168,5771 14,833 Movements in working capitsl: Decreasellincrease) in stocks Decreasellincreasel in debtors Increasel{decrease) in creditors 5.410 45,376 91.441 15,2221 {46,0381 1227,0801 Cash generated from operations 812.366 361,578 -42-