2022-12-31-accounts - The Saatchi Gallery, London

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Trustees' Report	Trustees' Report
Objectives	8 Activities
Financial	Review
Plans for	Future Periods
Structure,	Governance 8	Management
Trustees'	Responsibilities	Statement
Reference	8 Administration
Independent	Auditor's Report
Financial Statements

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KalbinderSanghera(SeniorStatutoryAuditor)
	20/11/2023
for and on behalf of Kirk Rice LLP
Statutory Auditor	Zeeta House
	200 Upper Richmond	Road
	Putney
	London
	SW152SH

			Unrestricted	Unrestricted
			funds	funds
			2022	2021
		Notes	E	E
income and endowments	from:
Donations and legacies		3	156,572	106,199
Charitable activities		4	5,518,340	1,879,084
Other trading activities		5	2,580,782	905,615
Total income			8,255,694	2,890,898
Ex enditure on:
Raising funds			2,113,632	1,013,145
Charitable activities		6	1,376,075	3,694,906
Total expenditure			3,489,707	4,708,051
Net income/(expenditure)	forthe year/
Net movement in funds			4,765,987	(1,817,153)
Fund balances at 1 January	2022
As originally reported			(7,003,649)	(3,478,947)
Prior year adjustment		25		(f,707,549)
As restated				(5,186,496)
Fund balances at 31December 2022			(2,237,662)	(7,003,649)

					2022		2021
							as restated
				Notes
Fixed assets
Intangible assets				12		9,250		12,250
Tangible assets				13		39,200		51,064
						48,450		63,314
Current assets
Stocks					100,158		120,090
Debtors					515,259		1,906,723
Cash at bank	and	in	hand		5,269,809		2,911,153
					5,885,226		4,937,966
Creditors: amounts			falling due within
one year				17	(8,171,338)		(12,004,929)
Net current liabilities						(2,286,112)		(7,066,963)
Total assets	less	current liabilities				(2,237,662)		(7,003,649)
Income funds
Unrestricted	funds					(2,237,662)		(7,003,649)
						(2,237,662)		(7,003,649)

					2022
				Notes
Fixed assets
Investments
Current assets
Debtors				16	212,413		186,434
Cash at bank	and	in	hand		540,034
					752,447		186,434
Creditors: amounts			falling due within
one year				17	(557,274)
Net current assets						195,173		186,433
Total assets	less	current liabilities				195,174		186,434
Income funds
Unrestricted	funds					195,174		186,434
						195,174		186,434

						2022		2021
					Notes
Cash flows from operating			activities
Cash generated		from operations			23		2,362,111		1,739,465
Investing	activities
Purchase	ofintangible assets							(15,000)
Purchase	oftangible fixed assets					(3,455)		(16,735)
Net cash	used	in investing	activities				(3,455)		(31,735)
Net cash	used	in financing	activities
Net increase in		cash and cash equivalents					2,358,656		1,707,730
Cash and	cash	equivalents	at beginning	ofyear			2,911,153		1,203,423
Cash and	cash	equivalents	at end of	year			5,269,809		2,911,153

				Unrestricted	Unrestricted
				funds	funds
				2022	2021f
	Donations	and gifts		17,013	1,500
	Government		grant	139,559	104,699
				156,572	106,199
4	Charitable		activities
				Unrestricted	Unrestricted
				funds	funds
				2022	2021
	Exhibitions		and events	5,518,340	1,879,084

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
		E	E
Exhibitions	and sponsorship	334,033	164,407
Commercial	trading	1,899,708	682,082
Other		347,041	59,126
		2,580,782	905,615

				Direct	Support	Total	Total
				Costs	Costs	2022	2021
					K	E
Expenditure	on	raising funds		1,469,747	573,130	2,042,877	1,013,145
Expenditure	on	charitable	activities		1,446,830	1,446,830	3,694,906
				1,469,747	2,019,960	3,489,707	4,708,051

Support costs
		Raising	Charitable	2022	Raising	Charitable	2021	Basis ofallocation
		funds	activities		funds	activities
		6	F			6
Staff costs		247,104	741,314	988,418	115,830	656,367	772,197	Staff time
Rent		(114,416)	(1,029,746)	(1,144,162)	85,612	1,626,635	1,712,247	Use of premises
Other premises costs		104,420	939,785	1,044,205	54,284	1,031,400	1,085,684	Use of premises
Promotions and exhibitions		67,921	45,281	113,202	83,768	53,557	137,325	Staff time
Other office costs		244,912	734,736	979,648	67,268	201,803	269,070	Staff time
Finance costs		2,019	1,346	3,365	19,732	12,615	32,347	Staff time
Legal and professional	fees	7,070	4,714	11,784	23,332	14,917	38,249	Staff time
Bad debt expense					138,036	88,253	226,289	Staff time
Governance		14,100	9,400	23,500	14,640	9,360	24,000	Staff time
		573,130	1,446,830	2,019,960	602,502	3,694,906	4,297,408

Net movement in funds	Net movement in funds	Net movement in funds			2022	2021
					K	E
Net movement		in funds is stated	after charging/(crediting)
Fees payable		to the company's	auditor for the audit ofthe company's	financial
statements					23,500	24,000
Depreciation		ofowned tangible fixed assets			15,319	13,730
Amortisation	ofintangible assets				3,000	2,750

The averag	e monthly number ofemployees during the	year was:
		2022	2021
		Number	Number
		30	26
Employment costs		2022	2021
			E
Wages and	salaries	848,058	677,691
Social security costs		78,704	58,196
Pension contributions		19,571	19,571
Temporary	staff	14,236	14,236
Other staff	costs	2,503	2,503
		988,418	772,197

The number ofemployees
is as follows:
	2022	2021
	Number	Number

		Group	Charity Total
		Computer	Assets
		Software
Cost
At 1 January	2022 and 31 December 2022	15,000
Amortisation	and impairment
At 1 January	2022	2,750
Amortisation	charged for the year	3,000
At 31 December 2022		5,750
Carrying amount
At 31 December 2022		9,250
At 31 December 2021		12,250

Tangible fixed assets
		Group	Group	Group	Group Total	Chanty Total
		Leasehold	Fixtures &	Computer	Assets	Assets
		Improvements	Fittings	Equipment
		K	E
Cost
At 1 January 2022		58,011	13,934	2,801	74,746
Additions			1,330	2,125	3,455
At 31 December 2022		58,011	15,264	4,926	78,201
Depreciation and impairment
At 1 January 2022		21,554	1,355	773	23,682
Depreciation charged	in the year	11,602	2,415	1,302	15,319
At 31 December 2022		33,156	3,770	2,075	39,001
Carrying amount
At 31 December 2022		24,855	11,494	2,851	39,200
At 31 December 2021		36,457	12,579	2,028	51,064

Investment
	Charity	Charity
Shares in group undertaking	2022	2021
	E	E
Cost or valuation
At 1 January 2022
Additions
At 1 January 2022 and at 31 December 2022
Carrying amount
At 31 December 2022

	A summary ofthe results ofthe subsidiary	A summary ofthe results ofthe subsidiary	below:
						2022	2021
	Sales					8,099,122	2,784,699
	Cost ofsales					(1,546,548)	(283,175)
	Gross profit					6,552,574	2,501,524
	Administrative expenses					(1,934,886)	(4,395,794)
	Other operating income					139,559	104,699
	Trading profit/(loss)					4,757,247	(1,789,571)
	Interest payable						(29,082)
	Corporation tax
	Retained profit/(loss)	after tax				4,757,247	(1,818,653)
15	Stocks		Group		Group	Charity	Charity
			2022		2021	2022	2021
				E	E	E	E
	Finished goods and goods for resale		100,158		120,090
16	Debtors
			Group		Group	Charity	Charity
			2022		2021	2022	2021
	Amounts falling due within one year:			E	E	E	E
	Trade debtors		270,617		242,574	24,000
	Amounts owed by fellow group undertakings					188,413	186,434
	Other debtors				1,000,001
	Prepayments and accrued income		244,642		664,148
			515	259	1,906723	212413	186434

Creditors: amounts	falling due	within one year
			Group	Group	Charity	Charity
			2022	2021	2022	2021
		Notes
Other taxation and social security			308,340	230,765	2,345
Deferred income		18	1,145,938	3,072,521	545,000
Trade creditors			5,740,853	8,309,192
Other creditors			145,116	92,585	1
Accruals and deferred	income		831,091	299,866	9,928
			8,171,338	12,004,929	557,274

						Group	Group	Charity	Charity
						2022	2021	2022	2021
						E
Deferred		income				1,145,938	3,072,521	545,000
Deferred		income is	included		in the financial statements	as follows:
						Group	Group	Charity	Charity
						2022	2021	2022	2021
						E		E	E
Deferred		income is	included		within:
Current	liabilities					1,145,938	3,072,521	545,000
Movements in the year:
Deferred		income at	1 January 2022			3,072,521	960,513
Released		from previous		periods		(3,072,521)	(960,513)
Resources deferred			in the year			1,145,938	3,072,521	545,000
Deferred		income at	31	December 2022		1,145,938	3,072,521	545,000

Operating leas	e commit	ments
At the reporting	end date	the charity	had	outstanding	commitments	for future minimum	lease payments	under
non-cancellable	operating	leases, which		fall due as	follows:
					Group	Group	Charity	Charity
					2022	2021	2022	2021
Within one year					1,500,000	1,712,246
Between two and five years					10,791,070	2,665,114
In over five years					8,961,210
					21,252,280	4,377,360


Cash generated from	operations	2022	2021
Surplus/(deficit) forthe	year	4,765,987	(1,817,153)
Adjustments for:
Amortisation and impairment ofintangible assets		3,000	2,750
Depreciation and impairment oftangible fixed assets		15,319	13,730
Movements in working	capital:
Decrease in stocks		19,932	17,771
Decrease in debtors		1,391,464	13,487
(Decrease)/increase in	creditors	(1,907,008)	1,396,872
(Decrease)/increase in	deferred income	(1,926,583)	2,112,008
Cash generated from	operations	2,362,111	1,739,465

Changes to	th	e balance sheet
			At 31December		2021
			As previously	Adjustment		As restated
			reported
Creditors due		within one year
Trade Creditors			(6,601,643)	(1,707,549)		(8,309,192)
Unrestricted	funds		(5,296,100)	(1,707,549)		(7,003,649)
Changes to the profit and loss account
			Year ended	31December 2021
			As previously	Adjustment		As restated
			reported
					E	F
Net movement		in funds	(1,817,153)			(1,817,153)