Charity number: 1169683
Company number: 10231860
(England and Wales)
Matt's Gallery Limited
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 March 2024
Matt's Gallery Limited Contents Page For the year ended 31 March 2024
| Report of the Trustees | 1 to 8 |
|---|---|
| Independent Examiner's Report to the Trustees | 9 |
| Statement of Financial Activities | 10 |
| Statement of Financial Position | 11 |
| Notes to the Financial Statements | 12 to 21 |
Matt's Gallery Limited Report of the Trustees For the year ended 31 March 2024
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 March 2024. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
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Matt's Gallery Limited Report of the Trustees Continued For the year ended 31 March 2024
OBJECTIVES AND ACTIVITIES
Objectives and aims
Purposes and Aims
Our charity's purposes as set out in the objects contained in the company's memorandum of association are:
For the public benefit, to
- Promote and advance the visual contemporary arts in particular but not exclusively by
a) Promoting and exhibiting works of artistic excellence,
b) Commissioning the creation of works of artistic merit, and
c) Providing gallery and studio space and other facilities for the creation and public display of work
- Advance education in the visual contemporary arts in particular but not exclusively by
a) Providing lectures, seminars, practical courses and publications,
b) Providing facilities and resources for artists, art historians, art critics, students and the general public, and
c) Cultivating and improving practical and theoretical literacy
For the purposes of these objects, "visual contemporary arts" includes but is not limited to sculpture, photography, painting, performance, installation, film and video.
The charity aims to provide artists with the time, space and support they need in order to take risks and produce their best work. We aim to maintain a vital and distinctive collaborative approach to working with artists, acting as an essential thinking space away from the pressures of the commercial environment. We aim to be an open and approachable space for our audiences, providing exhibitions of the highest quality and reaching out to students of the arts. Our aims fully reflect the purposes that the charity was set up to further.
Ensuring our work delivers our aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The focus of our work
The main objective for the year continued to be the commissioning and exhibition of new work and generating education programmes around those works.
The strategies we used to meet these objectives included:
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Providing access to mentoring, high quality exhibition spaces and resources to artists at key points in their careers.
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Providing residencies and access to studio space for artists.
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Creating publications, resources and educational materials around our exhibition and residency programmes.
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Hosting free and accessible introductions, talks and discussions for higher education students and the general public.
How our activities deliver public benefit
Matt's Gallery is committed to creating opportunities for artists to push the boundaries of their practice. Key to this is providing the space, support and resources required for artists at all stages in their careers to create ambitious new works. Matt's Gallery exists to significantly impact and promote visual culture within the UK and internationally. We present exhibitions of high quality visual contemporary arts in free and accessible spaces.
Alongside and during exhibitions the Gallery's Director Robin Klassnik facilitates talks and discussions for visiting Higher and
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Matt's Gallery Limited Report of the Trustees Continued For the year ended 31 March 2024
Further Education groups.
Matt's Gallery is working towards making its extensive archive accessible to the public.
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
ACHIEVEMENTS AND PERFORMANCE
Significant activities
1) Promoting and advancing the visual contemporary arts
Our year began with exhibitions by Nicola Bealing and Carolyn Thompson open at our Nine Elms space, and Mike Nelson at our former space on Webster Road, Bermondsey. The exhibition programme for the year included a special weekend of screenings from our MattFlix Programme, dinner events with the Amber Room and solo exhibitions by recent graduate Nina Davies, and Richard Grayson who has worked with the gallery for 20 years. Davies' exhibition included an ambitious performance programme that spilled out of the gallery into the nearby streets, drawing in many spectators. These projects attracted an estimated audience totalling 11,500.
Alongside this, events including our Jean Fisher Archive Reading Group series, which continues to explore the archive of the late Jean Fisher- writer, curator and educator, and artist talks with Grayson and Davies have animated the programme.
Matt's Gallery also delivered three projects through its online platform 'MattFlix', attracting around 2000 viewers over the year. Artists featured included Joe Walsh, Lawrence Lek and Graham Fagen. Lek's newly commissioned interactive online game marked the end of a period of online activity supported by the Art Fund.
With support secured from London Communities Foundation - Cockayne Foundation, the gallery continued to further develop its archive over the year, with significant progress being made towards making this resource available to the public.
2) Advancing education in the visual contemporary arts
Alongside the engaging public talks, outlined above, publishing continued to be a major part of the gallery's educational output. Two editions of the ongoing 'Q' series of artist interviews conducted by our Deputy Director were published.
The gallery's Stanley Picker Traineeship continued, giving professional development opportunities to young people seeking to build a career in the contemporary visual arts sector. Lottie Gomes completed her traineeship, with Shireen McCormack commencing hers. The traineeship continues to focus on providing opportunities to candidates from Black, Asian and ethnically diverse backgrounds, who are underrepresented in the arts.
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Matt's Gallery Limited Report of the Trustees Continued For the year ended 31 March 2024
FINANCIAL REVIEW
Significant events
The charity, with the aid of sound financial management and the support of its staff and Trustees, generated a positive financial outcome for the period. Income this year was £277,829, compared to £307,141 in 2022/23 which included the completion of our first phase of development works on our new premises in Nine Elms. The tangible fixed asset value of £577,288 reflects the amount invested in our building, depreciating year by year since in completion in the 2022/23 financial year.
The gallery continued to pay rent at £10,000 per annum over the year. This rent is reviewed every five years in line with inflation. The rent review carried out in April 2024 will bring the annual rental charge up to £13,368 in the coming year. Service charges were paid at £19,617, reflecting arrears accrued due to delayed billing by Wandsworth Borough Council. A payment plan is in place, which will the arrears paid off completely by June 2025.
Note 17 in the accounts shows £42,175 of Trade Creditors the majority of these are made up of £24,521 Service Charge Arrears (referenced above), and £9,839 in Business Rates. In April 2024 Matt's Gallery was granted full discretionary Business Rates relief by Wandsworth Borough Council, meaning this figure was cleared and no further Business Rates will be due. Other Creditors, owed £21,475, includes a personal loan of £15,000 made by the Director to the Charity to support its Richard Grayson exhibition, to be repaid over time from general income or from sales of artworks at 0% interest.
Following a stock take we have reassessed the value of our stock held in artists' prints and editions which has increased to £67,132 from £37,000 in 2022/23.
Principal Funding Sources
The principal funding sources for the charity are currently by way of grant income from Arts Council England and the Stanley Picker Trust, supplemented by income from organisations working in partnership on commissions, sales of artworks, editions and books, room hires, studio lets, and donations from individuals.
Matt's Gallery received £156,207 towards its core revenue costs as an Arts Council England National Portfolio Organisation. A grant from the Stanley Picker Trust (£9,030) was received towards our traineeship programmes, and a final instalment payment of £3,977 was received from Art Fund towards our 'MattFlix' programme. Restricted individual donations were secured towards our Nina Davies exhibition (£8,000) and towards work on our archive (£1,000).
Matt's Gallery raised additional income through rental of studio space (£33,250), sales of artworks (£30,728), sales of artistic editions (£8,517 and sales of books (£3,430).
Fundraising Statement
Fundraising at Matt's Gallery is led by Deputy Director Tim Dixon. The gallery raises funds from individuals, trust and foundations and businesses. No fundraising-related complaints were received in the period. Matt's Gallery has not engaged any external partners or fundraising agencies to carry out fundraising on its behalf during this reporting period. The Gallery has created a fundraising committee to support the Deputy Director. We do not engage in fundraising activities that would place vulnerable people at risk.
Investment Policy
Aside from retaining a prudent amount in reserves each year most of the charity's funds are to be spent in the short term.
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Matt's Gallery Limited Report of the Trustees Continued For the year ended 31 March 2024
Reserves
The Board of Trustees has examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should represent the cost of winding down the business over three months, including overhead expenditure, noticed periods and redundancy pay. On our current operational model, we have calculated this amount to be £64,500.
Over 2023/24 the gallery set aside £4,000 into its reserves, which at 31st March 2023 stood at £43,000. In April 2024 the gallery moved its reserves into a higher interest account with an annual interest rate of 2.5%. The gallery has committed to setting aside £400 per month in the year 2024/25, while also earning approximately £100 per month in interest on the sum currently held. It expects to reach its target by October 2028. This target is reviewed annually in quarter 4.
Plans for Future Periods
With income secured from the Arts Council England until 31 March 2027 the charity's survival is not under threat. The charity plans to continue the activities outlined above in the forthcoming years, subject to satisfactory funding arrangements. Plans are being developed to work on a number of schemes with artists and educational organisations. Working from the gallery's new space in Nine Elms in South West London marks a new era for the gallery, as it establishes diversified operations in a new location.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 13 June 2016 and registered as a charity on 14 October 2016. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 for each member.
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Matt's Gallery Limited Report of the Trustees Continued For the year ended 31 March 2024
Recruitment and appointment of trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles. Under the requirements of the Memorandum and Articles of Association trustees are elected to serve for a period of 3 years after which they must be re-elected at a quarterly meeting of the Board of trustees.
All trustees, other than Gallery Director Robin Klassnik, give their time voluntarily and received no benefits from the charity. Klassnik's salary and any expenses reclaimed from the charity are set out in note 12 to the accounts.
Jes Fernie retired by rotation at the quarterly trustees meeting on 16 June 2024 and was re-elected to serve a second term.
The board of trustees seeks to ensure that the needs of artists and our local communities are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of trustees, the charity regularly reviews its recruitment procedures in dialogue with the Arts Council England.
The more traditional business skills and arts expertise are well represented on the Board of Trustees. In an effort to maintain this broad skill mix, members of the Board of Trustees are requested to provide a list of their skills (and update it each year) and in the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election to the Board of Trustees.
Trustee Induction and Training
Most trustees are already familiar with the practical work of the charity having been encouraged to take up the post.
Additionally, new trustees are invited and encouraged to attend a Quarterly Board Meeting to familiarise themselves with the charity and the context within which it operates. These are led by the Chair of the board of trustees and the Director.
New trustees are issued welcome information drawn from Charity Commission publications signposted through the Commissions publication 'The Essential Trustee' and guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. This is distributed along with a copy of the Memorandum and Articles and the latest financial statements and outlines:
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The obligations of Board members.
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The main documents which set out the operational framework for the charity including the Memorandum and Articles.
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Resourcing and the current financial position as set out in the latest published accounts.
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Future plans and objectives.
Risk Management
The Board of trustees is aware of the main risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimized by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors. The continuing implementation of the procedures ensure a consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Organisational Structure
Matt's Gallery has a Board of Trustees who meet at least four times per year and are responsible for the strategic direction and policy of the charity. At present the Board has nine members from a variety of professional backgrounds relevant to the work of the charity.
A scheme of delegation is in place and day to day responsibility for the provision of the services rest with the Gallery Director along with the Deputy Director. The Gallery Director is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Deputy Director has responsibility for the day-to-day operational management of the Gallery, individual supervision of the staff team and also ensuring that the team continue to develop their skills and working practices in line with good practice.
Related Parties
In so far as it is complimentary to the charity's objects, the charity is guided by both local and national policy.
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Matt's Gallery Limited Report of the Trustees Continued For the year ended 31 March 2024
Responsibilities of the Board of Trustees
Company law requires the Board of Trustees to prepare financial statements each year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Board should follow best practice and:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent; and
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Prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis.
The Board of Trustees is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The Board of Trustees is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity Matt's Gallery Limited Charity registration number 1169683 Company registration number 10231860 Principal address Matt's Gallery 6 Charles Clowes Walk London SW11 7AN
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Miss Ashleigh Barice Mr Abdullahi Bashe Mr Gabriel Coxhead (Appointed: 05 September 2023) Mr Darryl De Prez Ms Jes Fernie Mr David Field (Resigned: 12 December 2023) Mr Robin Klassnik OBE Mrs Coline Milliard Teresa Victoria Kate Grimes (Appointed: 18 June 2024) Rosanna Mary Reed (Appointed: 18 June 2024) Ms Nayia Yiakoumaki (Resigned: 12 December 2023) Miss Chloe Carroll (Appointed: 10 September 2024)
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Matt's Gall&ry Limitod Report of the Tru8tees Contlnued For the year ended 31 March 2024 Ind•ndontttx4rninOr Andrgw M ts118 FMAAT CountsrcuKure Partn¥rshlp LLP Bank Chambers, Main Str88t Ha Noth York6hke DL8 3QL ApprOd by th? 8oard ofTrutse8 iign•J on its t4haW by rtd Kl 02 DmblI 21r24 Mr Robln KInIk OBE 8of21
Matt'g Gallery Limited Independent Examlners Report to the Trustees For the year ended 31 M•rch 2024 I r•port to the trustees On my •xinalk)n of the acLounts of th• tharitable company for the y88r 8ndad 31 March 2024. Re8ponBlbllltle8 and b•&ls of report As the charrty'5 tru5tee5 of the Company Iwho 8r• aLs0 th8 dirgdors of the cL)nyany for the purp¢)se$ of company lawl. you are responsibb for t preparab.on of arwunts in a(xordanrA with th8 r8quiremenls of th8 Comp8nk85 Act 20c6ithe 2006 Act). Having s8tL8fiad mys•W that tha aeeounls of tha Company ar• not r•quirod to b8 audit under Part 18 of the 20fX8Act and are eligl)le for indepenLlont exarninab"on, I report in respect of my examination ol your thority'$ pccounts camgd out under 8ec'on 145 of the Ch8rrties Act 2011 I'the 2011 Act'l. In carrying out ry examination I ho foll¢)w•d th& Llwti¢)n8 gl¥8n by t1 Charty Commi83ion undgr se¢Uon 145ISllbl of th8 2011 Act. Ind•p•nd•nt •xamSn•r• •t•t•m•nt Sinca the Charit8b18 company's grw Incorne eded £250,(MX), your examlner mwt be a k7Kgrnber ol a bo¢Jy li•ted In aaction 14501 th• 2011 Act. I tfI that l am quallfied to undert&ke the e¥•mination by vlrtue of my rnernÈership A8&oaation ofAccoUnng Tochnlcians, which 1$ one ol the Ilstsd bodi¢8. I havg comp18t8d my 8xarnination. I confim that no matteru have CDMD lo my nofi Sn connectlon wlth th• oxamInaOn giving mè e8us• to b•lièv• that In any mat8rtal r•$p•ct". 1. aeeounting weords not kèpt in roiF4cI olth• Conyny 48 r•qulr8d by iectkin 386 01 the 2008 Act., or 2. tha accounts do not wilh thosè r•cerd$,' or 3. the account• do not compty with the requirernents of 89clion 396 gf the 20C6 Act other Ih8n any requirement tt th• aceounts 9• a Irua and lair whlch18 not g mAtt•r conslderod as part of an indep8ndent examlnation., or 4. the accounts have not been prepar8d in accordance wllh the method$ and priThciples ol tho Stat•Thnt of Recommèndèd Practice for Bccounting and reporting by charities applicable to charithry8 preparSng Iheir 8ecount8 In accordanc• wrth the FlnancK41 R•porting Standard appllcable In the UK •nQ Repu ol Irel• IFRS 1021. I hav• no cnnc•m• and hav• eom8 8er081 no other motters In connection with the examlnatlon to whkh ¥lten'on b• dr•wn in thi8 report in order I nabKry a proper undèr8tsnding ofthe 8ccount8 to bè reatht•J. Andr M W•ll8 FMAAT Counlgrculture Partnership LLP Bank Charnb8ryd, Main Str••t Hsw88 North York&hir• DL8 3QL 11111[b 9of21
Matt's Gallery Limited
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2024
| Notes | Unrestricted | Restricted | 2024 | 2023 | |
|---|---|---|---|---|---|
| funds | funds | ||||
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Donations and legacies | 2 | 166,681 | 22,007 | 188,688 | 235,747 |
| Charitable activities | 3 | 88,267 | - | 88,267 | 71,199 |
| Investments | 4 | 874 | - | 874 | 195 |
| Total | 255,822 | 22,007 | 277,829 | 307,141 | |
| Expenditure on: | |||||
| Raising funds | 5/6 | (29,855) | - | (29,855) | (29,378) |
| Charitable activities | 7/8 | (203,519) | (82,942) | (286,461) | (427,140) |
| Total | (233,374) | (82,942) | (316,316) | (456,518) | |
| Net income/expenditure | 22,448 | (60,935) | (38,487) | (149,377) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 155,579 | 549,237 | 704,816 | 854,193 | |
| Total funds carried forward | 178,027 | 488,302 | 666,329 | 704,816 |
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Regi8t8rgJ Nurnter.. 10231860 Matt's Gallery Limited statement ol Financial Posltlon As at 31 March 2024 2024 2023 Fed a556ts Tangiblè #Jststs 14 577,2e8 577,286 632,814 032,B14 cUTnI assets StodK Debtor8 C•gh ot bank ond nd 16 18 67,132 20,687 79,528 107.347 37,OCKI 25,242 78,481 140,723 168,7211 Cr¢dl¢orn: amounto fallln9 du• wlthln om y•ar 17 178.3061 N•t curr•nt ts••t• 89,041 888.329 72.002 Total a88Ot• h•• curr•nt Il•bllltl•• 704,816 Not 688.329 704,816 Tho fund• of charNy Restrthd income funda 19 18 488,302 178.027 549,237 155.579 Unre8tricled In£otM funds TfAal lund 880,329 704.810 For the y•ar onLl•d 31 March 2024th• company wa• •nt to exemption frLYn •udrt under Section 47701 the Compani Aet 2006 relstlng to small ccfflpanl88. member8 have not reqi#red tho company to obtaln an •udrt of attounl• for tho y••r In qu•stson in 4KMrd•n with wlion 478, Tl tru8teeB othnowkndge their fespon$SbilitleB for comptylng Wrth the rwulrem8nts of Act wh rnspect to Kcounting records thg preparation of accounts. Th989 accounts ha b••n pPar•d in accordanc• with prow•lorA applicAbkn to compan1•8 8ubl•ct to th• srn&ll companh8' r•glm•. The flnand•l Statements Wfe approvod and authort4ed lorè8uo by the Board and 4lgned on It8 behalf by.. Mr Rotiln KlaB8nik 08É TrLrnI88 02 Dec•mber 2024 110121
Matt's Gallery Limited Notes to the Financial Statements For the year ended 31 March 2024
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘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)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
Matt's Gallery Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going concern
The financial statements are prepared, on a going concern basis, under the historical cost convention.
Funds
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure.
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and buildings 4.5% Straight line Plant and machinery 20% Straight line
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Irrecoverable VAT
Irrecoverable VAT is included in the Statement of Financial Activities, and is reported as expenditure.
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
2. Income from donations and legacies
| Donations received Grants received Subscriptions received Analysis of grants received Artfund Arts Council England - NPO Arts Council England Capital Grant Arts Council England Kickstarter Cockayne Foundation Elephant Trust Henocq Law Trust Stanley Picker Trust ncome from charitable activities Unrestricted funds Advancement of visual contemporary art Sales and commissions nvestment income Unrestricted funds Bank interest receivable |
Restricted funds Unrestricted funds £ £ 9,000 7,494 13,007 156,207 - 2,980 22,007 166,681 |
2024 £ 16,494 169,214 2,980 188,688 2024 £ 3,977 156,207 - - - - - 9,030 169,214 2024 £ 88,267 2024 £ 874 874 |
2023 £ 14,652 215,762 5,333 |
|---|---|---|---|
| 235,747 | |||
| 2023 £ - 156,207 20,000 12,400 15,000 2,730 1,000 8,425 |
|||
| 215,762 | |||
| 2023 £ 71,199 2023 £ 195 |
|||
| 195 |
3. Income from charitable activities
4. Investment income
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
5. Expenditure on generating donations and legacies
| Unrestricted funds Donations xpenditure on other trading activities Unrestricted funds Shop costs osts of charitable activities by fund type Advancement of visual contemporary art Support costs osts of charitable activities by activity type Support costs Advancement of visual contemporary art |
Unrestricted funds £ 9,026 194,493 203,519 Activities undertaken directly £ 40,240 |
Restricted funds £ 31,214 51,728 82,942 Support costs £ 246,221 |
2024 £ 6,157 6,157 2024 £ 23,698 23,698 2024 £ 40,240 246,221 286,461 2024 £ 286,461 |
2023 £ 7,694 |
|---|---|---|---|---|
| 7,694 | ||||
| 2023 £ 21,684 |
||||
| 21,684 | ||||
| 2023 £ 149,982 277,158 |
||||
| 427,140 | ||||
| 2023 £ 427,140 |
6. Expenditure on other trading activities
7. Costs of charitable activities by fund type
8. Costs of charitable activities by activity type
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
9. Analysis of support costs
| Advancement of visual contemporary art Management IT and website Stationery and telephone Entertainment, travel etc Bank and other charges Insurance Property costs Sundry Irrecoverable VAT Governance costs |
2024 £ 169,843 8,854 3,247 1,145 978 5,183 45,358 5,069 3,444 3,100 246,221 |
2023 £ 185,891 18,995 4,860 915 2,550 5,242 43,054 10,526 2,625 2,500 |
|---|---|---|
| 277,158 |
10. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of owned fixed assets | 55,526 | 55,526 |
| Accountancy fees | 2,500 | 2,500 |
| Staff pension contributions | 1,540 | 1,226 |
11. Staff costs and emoluments
Total staff costs for the year ended 31 March 2024 were:
| Total staff costs for the year ended 31 March 2024 were: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Salaries and wages | 99,697 | 113,084 |
| Social security costs | 4,580 | 6,030 |
| Pension costs | 1,540 | 1,226 |
| 105,817 | 120,340 |
The total employee benefits including pension contributions of the key management personnel were £40,973. No employees received remuneration in excess of £60,000 in the year (2023: £nil).
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Matt's Gallery Limited Notes to the Financial Statements Continued
For the year ended 31 March 2024
| Gallery | 2024 3 3 |
2023 4 |
|---|---|---|
| 4 |
12. Trustee remuneration and related party transactions
The gallery director, Robin Klassnik is a trustee. During the year he received remuneration of £40,973 (2023 £43,900). None of this was for services as a trustee.
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2023:£nil). There are no related party transactions to disclose for 2024 (2023:none).
13. Comparative for the Statement of Financial Activities
| Unrestricted | Restricted | 2023 | |
|---|---|---|---|
| funds | funds | ||
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 169,922 | 65,825 | 235,747 |
| Charitable activities | 71,199 | - | 71,199 |
| Investments | 195 | - | 195 |
| Total | 241,316 | 65,825 | 307,141 |
| Expenditure on: | |||
| Raising funds | (29,378) | - | (29,378) |
| Charitable activities | (335,984) | (91,156) | (427,140) |
| Total | (365,362) | (91,156) | (456,518) |
| Net expenditure | (124,046) | (25,331) | (149,377) |
| Reconciliation of funds | |||
| Total funds brought forward | 279,625 | 574,568 | 854,193 |
| Total funds carried forward | 155,579 | 549,237 | 704,816 |
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
14. Tangible fixed assets
| Cost or valuation At 01 April 2023 At 31 March 2024 Depreciation At 01 April 2023 Charge for year At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 Stocks and work in progress Stocks of raw materials Debtors Amounts due within one year: Trade debtors Prepayments and accrued income Other debtors Creditors: amounts falling due within one year Trade creditors Other creditors Accruals and deferred income |
Land and buildings £ 693,822 693,822 62,511 54,525 117,036 576,786 631,311 |
Plant and machinery £ 8,675 8,675 7,172 1,001 8,173 502 1,503 2024 £ 67,132 67,132 2024 £ 5,068 14,552 1,067 20,687 2024 £ 42,175 21,475 14,656 78,306 |
Total £ 702,497 |
|---|---|---|---|
| 702,497 | |||
| 69,683 55,526 |
|||
| 125,209 | |||
| 577,288 | |||
| 632,814 | |||
| 2023 £ 37,000 |
|||
| 37,000 | |||
| 2023 £ 4,484 13,329 7,429 |
|||
| 25,242 | |||
| 2023 £ 30,917 7,504 30,300 |
|||
| 68,721 |
15. Stocks and work in progress
16. Debtors
17. Creditors: amounts falling due within one year
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
18. Movement in funds
Unrestricted Funds
| Balance at | Incoming | Outgoing | Transfers | Balance at | |
|---|---|---|---|---|---|
| 01/04/2023 | resources | resources | 31/03/2024 | ||
| £ | £ | £ | £ | £ | |
| Designated | |||||
| Nine Elms | 124,112 | - | (10,585) | - | 113,527 |
| Development fund | |||||
| Reserves | 39,000 | - | - | 4,000 | 43,000 |
| General | |||||
| General | (7,533) | 255,822 | (222,789) | (4,000) | 21,500 |
| 155,579 | 255,822 | (233,374) | - | 178,027 | |
| Unrestricted Funds - Previous year | |||||
| Balance at | Incoming | Outgoing | Transfers | Balance at | |
| 01/04/2022 | resources | resources | 31/03/2023 | ||
| £ | £ | £ | £ | £ | |
| Designated | |||||
| Artistic works | 42,244 | - | - | (42,244) | - |
| Nine Elms | 157,500 | - | (44,535) | 11,147 | 124,112 |
| Development fund | |||||
| Reserves | 33,000 | - | - | 6,000 | 39,000 |
| Website development | 10,000 | - | - | (10,000) | - |
| General | |||||
| General | 36,881 | 241,316 | (320,827) | 35,097 | (7,533) |
| 279,625 | 241,316 | (365,362) | - | 155,579 |
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
Purpose of unrestricted Funds
Nine Elms Development fund
Funds designated by the trustees for the Nine Elms Development
Artistic works
Funds designated by the trustees for the creation of artistic works.
Reserves
Funds designated by the trustees.
Website development
Funds designated by the Trustees for the development of the website and digital services.
General
The unrestricted fund holds the general funds of the charity.
Restricted Funds
| Balance at | Incoming | Outgoing | Balance at | |
|---|---|---|---|---|
| 01/04/2023 | resources | resources | 31/03/2024 | |
| £ | £ | £ | £ | |
| Artistic works | 32,504 | 12,977 | (31,214) | 14,267 |
| Intern fund | 9,534 | 9,030 | (7,788) | 10,776 |
| Nine Elms | 507,199 | - | (43,940) | 463,259 |
| Development fund | ||||
| 549,237 | 22,007 | (82,942) | 488,302 | |
| Restricted Funds - Previous year | ||||
| Balance at | Incoming | Outgoing | Balance at | |
| 01/04/2022 | resources | resources | 31/03/2023 | |
| £ | £ | £ | £ | |
| Artistic works | 42,812 | 25,000 | (35,308) | 32,504 |
| Intern fund | 13,017 | 8,425 | (11,908) | 9,534 |
| Nine Elms | 518,739 | 32,400 | (43,940) | 507,199 |
| Development fund | ||||
| 574,568 | 65,825 | (91,156) | 549,237 |
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
Purpose of restricted funds
Artistic works
The project fund is for the creation of artistic works Nine Elms Development fund Funds donated for the Nine Elms Development Intern fund
For funding of intern posts
19. Analysis of net assets between funds
| Unrestricted funds General General Designated Nine Elms Development fund Reserves Restricted funds Artistic works Intern fund Nine Elms Development fund |
Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 502 20,998 21,500 113,527 - 113,527 - 43,000 43,000 - 14,267 14,267 - 10,776 10,776 463,259 - 463,259 |
|---|---|
| 577,288 89,041 666,329 |
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Matt's Gallery Limited Notes to the Financial Statements Continued For the year ended 31 March 2024
Previous year
| Previous year | |
|---|---|
| Unrestricted funds General General Designated Nine Elms Development fund Reserves Restricted funds Artistic works Intern fund Nine Elms Development fund |
Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 1,503 (9,036) (7,533) 124,112 - 124,112 - 39,000 39,000 - 32,504 32,504 - 9,534 9,534 507,199 - 507,199 |
| 632,814 72,002 704,816 |
20. Company limited by guarantee
Matt's Gallery Limited is a company limited by guarantee and accordingly does not have a share capital.
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