Charity number: 1176775
Company number: 10990631
(England and Wales)
The Perimeter London
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 October 2022
The Perimeter London Contents Page For the year ended 31 October 2022
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 10 |
The Perimeter London Report of the Trustees For the year ended 31 October 2022
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 October 2022. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity are to advance education in the arts by the establishment and running of an art gallery.
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
The charity has established an art gallery which it has opened to the public, by appointment, in order to advance education in the arts. There is currently one gallery based in Camden. The Perimeter does not own any of the artworks itself, therefore, all exhibitions are of borrowed works with terms agreed on a case by case basis.
The charity's objective for 2021-2022 was to host three exhibitions that were open to the public by appointment in Bloomsbury in the area of Camden. The first, Sarah Lucas: SEX LIFE, was a solo exhibition of Sarah Lucas and a survey of her career. The second, My Reflection of You, was a group show displaying the collection of Russell Tovey. The third Anj Smith: Where the Mountain Hare has Lain was a solo exhibition of the British Artist's work. These exhibitions where a great success and each attracted over 900 visitors.
In addition, The Perimeter continued to produce exhibition videos and share these online to allow the public to continue to enjoy the works even after the shows have closed.
Due to the success and popularity of solo shows, The Perimeter is looking to expand its exhibition programming to showcase more solo exhibitions in 2022-2023, and plans to open a solo exhibition with an emerging artist, Joseph Yaeger, in January 2023 featuring all new works.
FINANCIAL REVIEW
Funds were largely spent on utilities and exhibition costs, including installation materials and technicians. The Perimeter now sells catalogues for the exhibitions on show, which brings in a small amount of revenue. There were no debts or unexpected costs.
Reserves
The Charity's aim is to maintain minimal reserves but adequate for its anticapted requirements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Perimeter London was formed as a company limited by guarantee on 2 October 2017. The Company registration number is 10990631, registered with the Charity Commission - Registration Number 1176775.
The Perimeter London is a Company limited by guarantee and is governed by its Memorandum and Articles of Association dated 2 October 2017.
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The Perimeter London Report of the Trustees Continued For the year ended 31 October 2022
Recruitment and appointment of trustees
Any person may be appointed to be a trustee by ordinary resolution, or by a decision of the trustees. In any case where, as a result of death, the charity has no members and no trustees, the personal representatives of the last member to have died have the right, by notice of writing, to appoint a person to be a trustee. The number of trustees should be fewer than 3.
Statement of Trustees' Responsibilities
The Trustees (who are also the directors of The Perimeter London for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that year. In preparing those financial statements, the Trustees are required to.
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.
The Trustees are responsible for keeping 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 2006. They are 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 The Perimeter London Charity registration number 1176775 Company registration number 10990631 Principal address 20 Brownlow Mews London England WC1N 2LE
Trustees
The trustees and officers serving during the year and since the year end were as follows:
A H Stone A Vourecas Petalas A D Lewis Independent examiners Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP
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The Perimeter London Report of the Trustees Continued For the year ended 31 October 2022
Approved by the Board of Trustees and signed on its behalf by
15 June 2023
A Vourecas Petalas
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The Perimeter London Independent Examiners Report to the Trustees For the year ended 31 October 2022
I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 October 2022.
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 accounts 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 examiners statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW
15 June 2023
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The Perimeter London
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 October 2022
| Notes Income and endowments from: Donations and legacies 2 Other trading activites 3 Total Expenditure on: Charitable activities 4 Total Net income Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 119,216 2,127 121,343 (95,741) (95,741) 25,602 29,222 54,824 |
2021 £ 92,142 2,545 |
|---|---|---|
| 94,687 | ||
| (75,828) | ||
| (75,828) | ||
| 18,859 10,363 |
||
| 29,222 |
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10990631
Registered Number :
The Perimeter London Statement of Financial Position As at 31 October 2022
| Notes | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Debtors | 10 | 20,142 | 21,128 |
| Cash at bank and in hand | 37,562 | 10,974 | |
| 57,704 | 32,102 | ||
| Creditors: amounts falling due within one year | 11 | (2,880) | (2,880) |
| Net current assets | 54,824 | 29,222 | |
| Total assets less current liabilities | 54,824 | 29,222 | |
| Net assets | 54,824 | 29,222 | |
| The funds of the charity | |||
| Unrestricted income funds | 54,824 | 29,222 | |
| Total funds | 54,824 | 29,222 |
For the year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance
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with section 476,
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
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records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
A Vourecas Petalas Trustee
15 June 2023
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The Perimeter London Notes to the Financial Statements For the year ended 31 October 2022
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.
The Perimeter London 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. The following specific policies are applied to particular categories of income:
Donated goods, services and facilities
Donations are recognised when the charity has entitlement to the funds and it is probable that the income will be received and the amount can be measured reliably
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it.
Governance costs include the costs associated with meeting the constitutional and statutory requirements of the charity and are allocated to charitable 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. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.
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The Perimeter London Notes to the Financial Statements Continued For the year ended 31 October 2022
2. Income from donations and legacies
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Unrestricted funds | ||
| Donations received | 119,216 | 92,142 |
| 119,216 | 92,142 | |
| ncome earned from other activities | ||
| 2022 | 2021 | |
| £ | £ | |
| Unrestricted funds | ||
| Shop income | 2,127 | 2,545 |
| 2,127 | 2,545 | |
| osts of charitable activities by fund type | ||
| 2022 | 2021 | |
| £ | £ | |
| Unrestricted funds | ||
| Gallery running costs | 85,472 | 66,623 |
| Support costs | 10,269 | 9,205 |
| 95,741 | 75,828 | |
| nalysis of support costs | ||
| 2022 | 2021 | |
| £ | £ | |
| Gallery running costs | ||
| General office expenses | 5,865 | 4,803 |
| IT | 2,964 | 2,962 |
| Governance costs | 1,440 | 1,440 |
| 10,269 | 9,205 |
3. Income earned from other activities
4. Costs of charitable activities by fund type
5. Analysis of support costs
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The Perimeter London Notes to the Financial Statements Continued For the year ended 31 October 2022
6. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| Accountancy fees Auditor's fees articulars of employees Employees |
2022 £ - 1,440 2022 0 0 |
2021 £ 1,440 - |
|---|---|---|
| 2021 0 |
||
| 0 |
7. Particulars of employees
9. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
10. Debtors
| Amounts due within one year: Prepayments and accrued income Creditors: amounts falling due within one year Accruals and deferred income Analysis of net assets between funds Unrestricted funds General General |
2022 2021 £ £ 20,142 21,128 20,142 21,128 2022 2021 £ £ 2,880 2,880 2,880 2,880 Net current assets / (liabilities) Net Assets £ £ 54,824 54,824 |
2021 £ 21,128 |
|
|---|---|---|---|
| 21,128 | |||
| 2021 £ 2,880 |
|||
| 2,880 | |||
| 54,824 54,824 |
11. Creditors: amounts falling due within one year
13. Analysis of net assets between funds
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The Perimeter London Notes to the Financial Statements Continued For the year ended 31 October 2022
| Previous year Unrestricted funds General General |
Net current assets / (liabilities) Net Assets £ £ 29,222 29,222 |
|---|---|
| 29,222 29,222 |
14. Company limited by guarantee
The Perimeter London is a company limited by guarantee and accordingly does not have a share capital.
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