||**Page**|
|---|---|
|Trustees’ Annual Report|1|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|**6**|
|Balance Sheet|7|
|Notes to the Financial Statements|8|
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|Settlors|Gilbert Prousch|
|---|---|
||George Passmore|
|Dates of Constitution|4th October 2017|
|Trustees|Gilbert Prousch|
||George Passmore|
||Richard Riley|
||Michael Bracewell|
||Nigel Fox|
|Nature of CIO|A registered charity, registered with the Charity Commissioners for England|
||and Wales as number 1174981|
|Registered Office|12 Fournier Street|
||London|
||El 6QE|
|Investment Managers|Cazenove|
||31 Gresham Street|
||London|
||EC2V 7QA|
|Bankers|Messrs. Hoare & Co.|
||37 Fleet Street|
||London|
||EC4P 4DQ|
|Solicitors|Charles Russell Speechlys|
||5 Fleet Place|
||London|
||EC4M 7RD|
|Independent Examiner|Moore Kingston Smith LLP|
||6th Floor|
||9 Appold Street|
||London, EC2A 2AP|
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|**THE GILBERT AND GEORGE CENTRE**||
|---|---|
|**INDEPENDENTEXAMINER’S REPORT**||
|**FOR THE YEAR ENDED 30th APRIL 2023**||
|I report to the trustees on my examination of the accounts of the Gilbert & George Centre (the charity) for the year ended 30||
|April 2023.||
|**Responsibilities and basis of report**||
|As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance|with the requirements of|
|the Charities Act 2011 (‘the Act’).||
|I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011|Act and in carrying out|
|my examination I have followed all the applicable Directions given by the Charity Commission under|section 145(5)(b) of the|
|Act,||
|**Independent examiner’s statement**||
|I have completed my examination. I confirm that no material matters have come to my attention|in connection with the|
|examination giving me cause to believe that in any material respect:||
|(1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or||
|(2) the accounts do not accord with those records; or||
|(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts||
|set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts||
|give a ’true and fair view’ which is not a matter considered part of an independent examination.||
|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 accounts to be reached.||
|Adam Fullerton FCA DChA||
|for and on behalf of|6th Floor|
|**Moore Kingston Smith LLP**|9 Appold Street|
|Chartered Accountants|London|
||EC2A 2AP|
|Date:
31 October 2023||
|5||
|||**- Unrestricted Funds **-|**- Unrestricted Funds **-|**Total**|- Unrestricted Funds -|- Unrestricted Funds -|Total|
|---|---|---|---|---|---|---|---|
||||**Expendable**|**Funds**||Expendable|Funds|
||Notes|**Income**|**Endowment**|**2023**|Income|Endowment|2022|
|**Income and Expenditure**||**£**|**£**|£|**£**|**£**|£|
|**INCOME FROM:**||||||||
|Donations & legacies:-||||||||
|Donations received|2|**38,854**|**1,000,000**|**1,038,854**|6,339|425,000|431,339|
|Investment income|3|**15,019**||**15,019**|8,637||8,637|
|**TOTAL INCOME**||**53,873**|**1,000,000**|**1,053,873**|14,976|425,000|439,976|
|**EXPENDITURE **ON:||||||||
|Raising funds:-||||||||
|Investment Management Costs|||**1,805**|**1,805**||5,858|5,858|
|Charitable activities|4/5|**212,413**||**`212,413`**|`70,392`||70,392|
|**TOTAL EXPENDITURE**||**212,413**|1,805|**`214,218 `**|`70,392`|5,858|76,250|
|**NET OPERATING**||||||||
|**INCOME/(EXPENDITURE)**||**(158,540)**|**998,195**|**`839,655 `**|`(55,416)`|`419,142`|`363,726`|
|**OTHER RECOGNISED**||||||||
|**GAINS/(LOSSES)**||||||||
|Gains/(losses) on Investments|**7**||**(37,475)**|**(37,475)**||19,405|19,405|
|**NET **INCOME/(EXPENDITURE)||**(158,540)**|**960,720**|**`802,180 `**|`(55,416)`|`438,547`|`383,131`|
|Gross transfer between Funds|10|||||||
|**NET MOVEMENT IN FUNDS**||**(158,540)**|**960,720**|**`802,180 `**|`(55,416)`|`438,547`|`383,131`|
|**RECONCILIATION OF FUNDS**||||||||
|Total funds brought forward||**159391**|**12,092,807**|**12,252,198 **|214,807|11,654,260|11,869,067|
|**BALANCES CARRIED FORWARD**||**851**|**13,053,527**|**13,054,378 **|159,391|12,092,807|12,252,198|
##
||Notes|**2023**|2022|
|---|---|---|---|
|||**£**|£|
|**FIXED ASSETS**||||
|Intangible fixed assets|6|**`8,653`**|13,468|
|Tangible fixed assets|7|**`12,033,504`**|11,010,831|
|Investments|8|**`666,787`**|`529,261`|
|||**12,708,944**|11,553,560|
|**CURRENT ASSETS**||||
|Cash held at||||
|C. Hoare & Co.||**140,611**|`209,319`|
|Cazenove||**199,439**|`511,225`|
|Metro||**7,407**|`14,717`|
|Debtors|11|**9,549**|`___ 55`|
|||**357,006**|`735,316`|
|**CURRENT LIABILITIES**||||
|Creditors - amounts falling due within one year|12|**11,572**|36,678|
|**NET CURRENT ASSETS**||**345,434**|698,638|
|**NET ASSETS**||**13,054,378**|12,252,198|
|**FUNDS**||||
|Unrestricted Funds||||
|Income||**`851`**|159,391|
|Expendable Endowment||**`13,053,527`**|12,092,807|
|||13,054,378|12,252,198|
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|**3 **|**INVESTMENT INCOME**|**`2023`**|**2022**|
|---|---|---|---|
|||**`£`**|**£**|
||Investment income|**14,900**|8,371|
||Interest on cash deposits|**119**|267|
|||**15,019**|8,637|
|**4 **|**CHARITABLE ACTIVITIES**|**`2023`**|**2022**|
|||**`£`**|**£**|
||Staff costs (see note 5)|**81,897**|27,300|
||Support costs (see below)|**130,516**|43,092|
|||**212,413**|70,392|
||**Support costs are split as follows:**|**`2023`**|**2022**|
|||**`£`**|**£**|
||Rates & water|**`264`**|679|
||Light & heat|**`13,953`**|7,320|
||Repairs & maintenance|**`19,464`**|4,960|
||Insurance|**`6,356`**|1,942|
||Legal & professional fees|**`31,907`**|11,559|
||Finance costs|**`506`**|`581`|
||Computer costs|**`9,936`**|`2,143`|
||Depreciation|**`15,974`**|`3,575`|
||Amortisation|**`4,815`**|`1,124`|
||Other office costs|**`1,539`**|`449`|
||Storage|**`1,536`**||
||Other Establishment|**`712`**||
||Security Cost|**`6,358`**||
||Advertising|**`2,640`**||
||Telephone|**`52`**||
||Governance Costs|||
||Moore Kingston Smith Independent Examiner’s fee:|||
||Current year|**`4,515`**|`3,960`|
||Advisory|**`3,269`**||
||Whitefield Co. Accountancy Fees|**`6,720`**|`4,800`|
|||**`130,516`**|`43,092`|
|**5 **|**STAFF COSTS**|**`2023`**|**2022**|
|||**`£`**|**£**|
||Wages and salaries|**`74,982`**|`26,878`|
||Social security costs|**`2,958`**||
||Pension costs|**`3,957`**|`422`|
|||**`81,897`**|`27,300`|
##
|**INTANGIBLE FIXED ASSETS**|**Website**||
|---|---|---|
||**Development**|**Total**|
||£|**£**|
|**Cost/Market Value**|||
|Brought Forward|`14,592`|`14,592`|
|Additions|||
|At 30 April 2023|`14,592`|`14,592`|
|**Amortisation**|||
|Brought Forward|1,124|1,124|
|Charge for the period|4,815|4,815|
|At30 April 2023|5,939|5,939|
|**Net Book Value**|||
|At 30 April 2023|8,653|`8,653`|
|At 30 April 2022|13,468|`13,468`|
##
|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|
||**Freehold**||||
||**Land and**|**Fixtures and**|||
||**Buildings**|**Fittings**|**Equipment**|**`Total`**|
||**£**|**£**|**£**|**`£`**|
|**Cost/Market Value**|||||
|Brought Forward|10,951,806|`48,977`|13,623|`11,014,406`|
|Additions|983,745|`48,080`|6,822|`1,038,647`|
|At 30 April 2023|11,935,551|`97,057`|20,445|`12,053,053`|
|**Depreciation**|||||
|Brought Forward||`1,560`|2,015|`3,575`|
|Charge for the period||`10,528`|5,446|`15,974`|
|At 30 April 2023||`12,088`|7,461|`19,549`|
|**Net Book Value**|||||
|At 30 April 2023|`11,935,551`|84,969|`12,984`|`12,033,504`|
|At 30 April 2022|`10,951,806`|47,417|`11,608`|`11,010,831`|
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||**2023**|2022|
|---|---|---|
|**Listed investments**|**£**|£|
|Market Value Brought Forward|**`529,261`**|2,759,856|
|Add:
Purchase costs|**`425,000`**||
|Less:
Sale proceeds|**`(250,000)`**|(2,250,000)|
|Realised gains|**19354**|288,279|
|(Losses) on revaluation|**(56,829)**|(268,874)|
|**Market value of listed investments**|**666,786**|529,261|
|**Investment in subsidiary**|**1**||
|**Total investments**|**666,787**|529,261|
|Historical cost|658,742|465,072|
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|**Geographical Analysis**|||
|---|---|---|
|United Kingdom investments|**666,786**|529,261|
|Overseas investments|||
||**666,786**|529,261|
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|**`DEBTORS`**||||
|---|---|---|---|
|||**2023**|2022|
|||**£**|£|
|Advances||**`3,000`**||
|Prepayments||**`6,549`**|`55`|
|||**`9,549`**|`55`|
|**CREDITORS**||||
|||**`2023`**|**2022**|
|||**`£`**|**£**|
|Accruals||**`11,572`**|`36,678`|
|||**`11,572`**|`36,678`|
|**ANALYSIS OF NET ASSETS BY FUND**||||
||**Unrestricted**|**Expendable**||
||**income fund**|**Endowment**|**Total**|
|**As at 30 April 2023**|**£**|**£**|**£**|
|Tangible fixed assets||`12,042,157`|**`12,042,157`**|
|Investments||`666,787`|**`666,787`**|
|Current assets|`12,423`|`344,583`|**`357,006`**|
|Current liabilities|`(11,572)`||**`(11,572)`**|
||`851`|13,053,527|`13,054,378`|
||**Unrestricted**|**Expendable**||
||**income fund**|**Endowment**|**Total**|
|**As at 30 April 2022**|**£**|**£**|**£**|
|Tangible fixed assets||`11,024,299`|**`11,024,299`**|
|Investments||`529,261`|**`529,261`**|
|Current assets|`196,069`|`539,247`|`735,316`|
|Current liabilities|`(36,678)`||**`(36,678)`**|
||`159,391`|12,092,807|**`12,252,198`**|
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