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← Cultural Philanthropy Foundation Limited

2023-12-31-accounts

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Charity No. 1173008

Company No. 10361685

Trustees' Report and Unaudited Accounts

31 December 2023

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited Contents

Pages
Trustees' Annual Report 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Summary Income and Expenditure Account 6
Balance Sheet 7
Notes to the Accounts 8 - 13
Detailed Statement of Financial Activities 14

Page 1

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 10361685

Charity No. 1173008

Registered Office

39 Sulina Road London SW2 4EL

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law.

The following Directors and Trustees served during the year:

C . L. McCormick (Chair)

J. Cockcroft

P. Owens

S. Maguire (Resigned 13/01/2023)

J. Bidé (Appointed 17/04/2023)

Accountants

1 Accounts Online Limited

Rubine House Manor Rd Haverhill CB9 0EP

OBJECTIVES AND ACTIVITIES

The charitable purpose of the company in accordance with the company’s articles of association is as follows:

  1. For the benefit of the public the promotion of the voluntary sector by developing and delivering projects that build capacity and knowledge in fundraising and capacity building skills.

  2. For the benefit of the public the promotion of the voluntary arts sector by developing and delivering cultural projects using innovative working methods that build knowledge and capacity building skills.

2023 Chair’s Report

2023 represented an important step forward for the Cultural Philanthropy Foundation in terms of the adoption of its three-part strategy - Celebrate, Grow and Inspire - under the leadership of Foundation Director, Oonagh Murphy. The two main focuses in the year were the London Ticket Bank and The Inaugural Thought Leadership Lecture, building on the success of the symposium and conference in previous years.

Page 2

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited

Trustees Annual Report

The Grow strand of the strategy was delivered through The London Ticket Bank, a project proposed to the Foundation by Chris Sonnex, Artistic Director of Cardboard Citizens, to create a shared platform for Londoners to access free tickets to engage with culture during the cost-of-living crisis. Further to an announcement in The Guardian which was picked up by many broadcasters and press, including the BBC, more than 25 organisations including the National Theatre, Picturehouse Cinemas, Southbank Centre, National Gallery, The Almeida and Roundhouse signed up to participate, donating thousands of tickets over the course of the year. Tickets were made available on a donate what you can basis, ensuring the dignity of participants. The scheme was deliberately limited to a year to help partners to understand what they achieve in terms of engaging audiences from under resourced communities and to encourage organisations to take delivery back in house for the long term.

The Inspire strand of the strategy was delivered through the Inaugural Thought Leadership Lecture was delivered by President of the Ford Foundation, Darren Walker, at the US Embassy, chaired by Suzanne Alleyne. Darren’s ground breaking work at the Ford Foundation includes establishing a $1billion social impact bond to support the survival of organisations and in particular those working in global majority communities, during COVID. Delivered to a packed house of cultural sector and wider civil society leaders, as well as young community members of our partner organisations including Cardboard Citizens and Roundhouse, the lecture was also recorded and is available on YouTube. His ability to bring real change in an institution of this scale and impact was truly inspiring and has set a high bar for future years.

Both programmes were supported by Achates who provided both financial and in-kind support. The London Ticket Bank was also supported by a major anonymous donor who responded to the extensive media coverage around the launch.

Finally, the Director and Trustees spent time preparing the announcement of the forthcoming 2024 Culture Makes… campaign. The campaign, which will reflect all three strands of our strategy, will build on the success of the 2023 programme which has underlined our ability to act as a convenor for the sector and in particular which through the London Ticket Bank has enabled us to demonstrate our ability to act as a trusted partner for organisations of all scales, supporting and inspiring them as to what the cultural sector can achieve when it works together to a common aim.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board Caroline McCormick (Chair) 08-Aug-2024 May 2024

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Page 3

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited Independent Examiners Report

Independent Examiner's Report to the trustees of Cultural Philanthropy Foundation Limited

I report to the charity trustees on my examination of the financial statements of Cultural Philanthropy Foundation Limited for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

==> picture [142 x 37] intentionally omitted <==

Paul Donno

AAT

1 Accounts Online Limited

Rubine House Manor Rd Haverhill CB9 0EP 08 August 2024

Page 4

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited

Statement of Financial Activities

for the year ended 31 December 2023

Notes
Income and endowments
from:
Donations and legacies
4
Total
Expenditure on:
Raising funds
5
Charitable activities
6
Total
Net gains on investments
Net (expenditure)/income
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
33,188		 Total funds
2023
£
33,188		 Total funds
2022
£
118,063
33,188
7,655
67,619		 33,188
7,655
67,619		 118,063
22,000
46,389
75,274
-		 75,274
-		 68,389
-
(42,086)
-		 (42,086)
-		 49,674
-
(42,086) (42,086) 49,674
(42,086)
55,883		 (42,086)
55,883		 49,674
6,210
13,797 13,797 55,884

Page 5

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited Summary Income and Expenditure Account

for the year ended 31 December 2023

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net (expenditure)/income before tax
for the year
Net (expenditure )/income for the year		 2023
£
33,188
33,188
75,274
75,274
(42,086)
(42,086)		 2022
£
118,063
118,063
68,389
68,389
49,674
49,674

Page 6

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited

Balance Sheet

at 31 December 2023

at 31 December 2023
Cultural Philanthropy Foundation Limited
Balance Sheet
Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A
Company No.
10361685
Notes
2023
£
Current assets
Cash at bank and in hand
13,797
13,797
Creditors:Amount falling due within one year
8
-
Net current assets
13,797
Total assets less current liabilities
13,797
Net assets excluding pension asset or liability
13,797
Total net assets
13,797
The funds of the charity
Restricted funds
9
Unrestricted funds
9
General funds
13,797
13,797
Reserves
9
Total funds
13,797		 2022
£
55,883
55,883
1
55,884
55,884
55,884
55,884
55,884
55,884
55,884

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 08 August 2024

And signed on its behalf by:

==> picture [114 x 37] intentionally omitted <==

Trustee

08 August 2024

Page 7

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Notes to the Accounts

for the year ended 31 December 2023

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 9

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 10

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited

Notes to the Accounts

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Donations
Grants
5
Expenditure on raising funds
Fundraising trading costs
Fund raising		 Unrestricted
£
33,188
-
33,188
Unrestricted
£
7,655
7,655		 Unrestricted
funds
2022
£
118,063
118,063
22,000
46,389
68,389
49,674
49,674
49,674
6,210
55,884
Total
2023
£
33,188
-
33,188
Total
2023
£
7,655
7,655		 Total funds
2022
£
118,063
118,063
22,000
46,389
68,389
49,674
49,674
49,674
6,210
55,884
Total
2022
£
91,063
27,000
118,063
Total
2022
£
22,000
22,000

Page 11

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Notes to the Accounts

6 Expenditure on charitable activities

Expenditure on charitable
activities
Achates Philanthropy Prize
Management
Thought Leadership
London Ticket Bank
Governance costs
Accountancy fees
Bank fees
7
Staff costs
No employee received emoluments in excess
8
Creditors:
amounts falling due within one year
Accruals
9
Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
10 Analysis of net assets between funds
Net current assets		 of £60,000.
At 1 January
2023
55,883
55,883		 Unrestricted
£
180
30,622
15,142
20,232
1,418
25
67,619
2023
£
-
-
Incoming
resources
(including
other
gains/losses
)
£
33,188
33,188		 Total
2023
£
180
30,622
15,142
20,232
1,418
25
67,619
Resources
expended
£
(75,274)
(75,274)
Unrestricted
funds
£
13,797
13,797		 Total
2022
£
13,507
30,000
784
-
2,098
-
46,389
2022
£
(1)
(1)
At 31
December
2023
£
13,797
13,797
Total
£
13,797
13,797

Page 12

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A

Cultural Philanthropy Foundation Limited

Notes to the Accounts

11 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 January
2023
£		 Cash flows
£		 At 31
December
2023
£
55,883 (42,086) 13,797
55,883
55,883		 (42,086)
(42,086)		 13,797
13,797

12 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 13

Docusign Envelope ID: ECBB6EA0-28F1-480D-AF4B-444889804F0A Cultural Philanthropy Foundation Limited

Detailed Statement of Financial Activities

for the year ended 31 December 2023

Income and endowments from:
Donations and legacies
Donations
Grants
Total income and endowments
Expenditure on:
Fund raising
Total of expenditure on raising
funds
Charitable activities
Achates Philanthropy Prize
Management
Thought Leadership
London Ticket Bank
Governance costs
Accountancy fees
Bank fees
Total of expenditure on charitable
activities
Total expenditure
Net gains on investments
Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
33,188
-
33,188
33,188
7,655
7,655
7,655
180
30,622
15,142
20,232
66,176
1,418
25
1,443
67,619
75,274
-
(42,086)
(42,086)
-
(42,086)
55,883
13,797		 Total funds
2023
£
33,188
-
33,188
33,188
7,655
7,655
7,655
180
30,622
15,142
20,232
66,176
1,418
25
1,443
67,619
75,274
-
(42,086)
(42,086)
-
(42,086)
55,883
13,797		 Total funds
2022
£
91,063
27,000
118,063
118,063
22,000
22,000
22,000
13,507
30,000
784
-
44,291
2,098
-
2,098
46,389
68,389
-
49,674
49,674
-
49,674
6,210
55,884

Page 14