SAATCHI GALLERY TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Charity Registratlon Number. 1182328 (England & Wales)
CONTENTS Tru•taM' R•port Objeclives & Activitie3 Flnanod Rev Structure, Governan & Management 10 Trustees, Responsibikn'es stnI Referen & Admlnlstratk 12 Ind•p•nd•nt Audltorf• R•port 14 Flnanclal Stsl•m•nts 18
OJECTIVES & ACTIVITIES Sinc• 1985, Saat(l Gaffery has pThlded an innov8Ove KlatfcffiTr ftyconternpctsry rt Prgsenling WO by larggly unseen young artists or by intemauond artists ¥those Ath has twn rnrdy exhlbftwj in the UK. The Gaifery has oitracted tens of mIlKcS ofvIlS to its PTemi8es. ho818 thSandS Of 8 Ca)mrnunty ch yaar and has bullt a soclal msdla ftll(wSrrd of rniNlcry Vkknde. The Gallary operat¢$ wilhin a thallenglng Matetp ¥udiences fa¢ed $1 of lithg issuos that inhlblt free. spanding cffl cultural activities. The Galkry tInueS lo purwe a X¢d model of prc#Jamming Ihol combines freo4trenter exhiblbons wlthin tts grourKI Iloor galkni¢8 lor the majority of the yoèr aSId• t¢keied exhibitlcmB C its uppar f[.ThIS mixed model enr14983 iffpLSe & rBpeat to see a chylNJ rostar of fwpB.t¢wler #xhlbitrons, provid&3 a pcd of potenflgl Ilcket purchasers for lh• axhltrxticrfm and attsacts aLthrt68 to ts Yc&ètèd shM th•mselves. Thls $tr•kn3y r¢mainB und8r ¢onant rovlew In torm$ of delfverfng our fjwilaw gog18 and Ilse81 viabllty. The Gallwy hostad slx Ilcketod exhib1t$ lft 2023. The New8tsck V•nguwdo)mplat•d ils fun kn January 2023. 8gyond the Streot$ opened In Ftbruary 8nd (y)ntinu&J thrOh to May 2023. Our Sufflmer exhlbttlon, CNilizatiort. mpied th8 flrnl Jecond floors from Jun• to Septwnbfrr. The annugl ky681thn ofth& RHS Botan1 a PhotowaphyExhlblllon ran thro¢gh Juna th• Grujnd Floor. FthaNy, closrJ the year with tt¢ket8<1 exhibltk)ns M ¢T uppw flocffs. Chrt$to & Jeannlat.. 8¢urKW888 ocwd tha 9oler185 on Fknt FhJy and ff Now. n? Was Instslknd in ow Soccfid Floor 9allerf•s. Acrojs Ihtsse slx •xhlblllons th• G8ifery pr•ted a dtver8e of arli8ts, modla. thrn and Idao$. The NewBtsck Vangu8rd thampioned the mtlvty ol B19¢k photogr8ph•rs. th1 models and otlw Black creatfves In Ihe fashion ¥nd iotcgraphy 80Ctor. With malu sponscnhlp support frc¥n adlda$. 8try?d the Str6et& Wo8 An unpTec8d•ntad $howca¥g of street art. gr¥ffltb. hlphop, punk, strt ff88hlc and 5$ our tire bulldlw. c1vllizat thckjed blg them&$ jnd major thallerKJes fadng humanlty, dr8whvd Up wclk of Inlem8lk>nal affay of photographars. Chn'sto & Je8nneClause.' 8oundlgs$ laalud grhyk$ rarety h) tho UK ¥bout the of waculon8 of laTgè. scale (ceptal SnstsIl8n8. Th G•lknry partner with Hopknrth Wakollwd. to pr888nl On expand&J Itrtion of txhibitljn IINot Now, thn? whkh 8hcNKaG•(l tho r¢mwkabl• and undar-0pp8t0d wc# of fefflalo g¢uWors ba8ad In the UK frcrfn 1WJ to 2023. Throughoui tho yew. the Gallory alw w88entwJ a rtation c vnller exNbl¢lons ils Grcwnd FkA¥. Th86• frae4wnt•r xhlbltton8 Iudd mUpIe grcwp we8ent•tkn$ ol wort8 by 8mwglrwJ telit 8 c4118bcY81Son wlth thtr Embessy of UkOne reguhed In a presenl¥kn oftha of IAarb Pryrnthko speciawy Ihm to the UK: SentatI$ of wovk$ by new artists,. themed presenllng wo3 ty p1Sty mar9inallzed arbsts; and prwentations such a¥ ihe annual M8C Saatchi Art ft>r Charge Prfze. Eh ofthese shm Yete COVWO99 arHI attracieA1 dNerse audiene•8 lo th Gallery. As part of Its partsh1p wlth the Royal HorI1lIu1al S•, and wilh thè genwcmjs supwt of HSBC. thè Gallery 8180 ¢reatsd a gOfd8n at the Chelw Flcwer Show feabjrtng fhe of a ywrvJ Biiiish Sculpts, Catrlono Robertson, whth was by over 150.ow vidtrn to the Ftw SlvJw. The G811ery continu•d lo slgnffl¢anty impTho twr educ4Uon and onlne pwtyJrwnm88 and welc a variety of 8rti8ts and partn8r8 into ojr W(1933 gals. We Cil to reckn sinxYJ ullk81 and publlc pr¥18a lor the exhlbition8 W& have held b)th inside th• gaIry and out>de. 31Pasc
As ov•r. w• r•main •xc•dingly grat•ftd to our sPs patrthis. comm dttab partnws alltrw us to $0 P05itNdy impact so rnany lives. ij Ilk UKw4 13CSaathi OwArt FPtI oc4touroflfo RH$B(• & hyEhth tyH••J cl The Gallo8 prfmory oblactlve Is to prod8 acsS to eontempfnry art to all and share 7Mih our I1. re9knal end natthol communi11os the cyportunlty lo expbre. Igarn and gngage with art. In 2019, Saat¢hi GaIry became 8 wi$l¢r¢d charity in or(ier to lurther expan¢J tsJrcommllm•nt lo surwrKJ IlviTr3 èrt18ts 8nd acc888 to ttfjtemw8ry art. Slr)c8 th, th8 Gallery's funding has come from corp£t8 patr, 8ponx¥B a dorKn. and cunrThty•l •thvth8. The core activity of Saatchl Galkny. over its n8aty 40-year hist. tocuses cffi offeriryJ urrwaverlry 1upF •Mgrglng Conlp0r8ry 8rt08ts. wlih a strong ¢ommthont to pt'n9 Yn9 Brfush arllsts. S8alchl Gallery has an eXtr1Y hhjh rwnluon factor amcfflgst Ihe FKpuIBOon and 8 o¥ew3eas. as SUPPOrtl by our hl9hly p¢¥Jular cfflline and sodal rna follrMfiThJ. For over 12 years In Its curTeni Chejsga [866, Saalthl Gallory hag bocome 8 plvotsl hub local. dty. nalond ld Irrtwn8llonAI athJi8nc•8. wdcomlng of all agos to 0&9? wtth Mnl•mpwry 4rL We hove on e8pedalty sliwj appeal to bet the •Je8 of 18-30. W• c4yrfnug lo thr a ol exhknttlons 8nd prcgrammo8 lo èttsad new v18Xty8 vth8t romanh wlth tyal gnd grrg Thè Gall6ry Is comrlled to devefoplng opportunliles for d88per engag1 sd)00ls, cc41eges. and unlvarslues by provldlng fr80 or $ub$ldlsod to our oxhlblfjcry gs wdl as tslks. trr$ cTraUve 115hOps. W• arn proud pothers ofa %id• varfaty ol ¢ommunty fffjm ¥¢w th• Unit•d Ifjrgd). typically ddiveriThJ hundreds of dodicalèd wrykshop8 a y•8r to furth•r •xpand o¢uss to ¢ont•fflpry •rt and to and h8rd.t(re8ch aud1•8. Thè Gallery's leaming prrMJramm85 are d¥aned to revea tho pti8siblth8 oftslic ex8•¢. 0ftcra9e fresh th9h( and Bfjmulats Innovallcffl In vlsltors olall ago9 arKI bacwnd. S8atchl Gall$ry therefore c¢ynpl•s fulty vAlh the Charfty thmlwM's ldanc8 4 b8ngfft and legal oblall0n$. Th8 Charlty's strategy fty achieving its slated alms an(J obiacbves Is to mgxfiml8• tncone from nyjltiple revenue strèams In erto Invest In exhlbwlon pro3rarnmlng. eduratknal wr4¥As and irMliativg$. The Charity WMI 98nerat• r8¥enu• frcffi th• foll(Ming arth. The Char1ty y1 seek to m8xknl88 rtvwue 8819$ to 8led exh1t1uc and retsil actmty on &te & online. Income derived from the hire of spaces for exhibibons events private fLmcUon8 wllhln Ihe Gallery bulldng. Revenuè deriwj frcn c¢xp(xale & fwndallon patr. exhltrAtlc sponsors a1 the ger1 public Mber5p scheme. SAATCHI aALLERY
Cc41aboraUons with exNblUon aThY SUPFortiry d¢JMy¥. The Charity maa$tns the SLhxess crf its w(Ilnry aThJ Irlliatsves by re¢kn3 attendaneè fvJures and dtfferent mell)ods of feedbaek to assess the demcYJraFthic wofiles of its aLKfims. QUrtae. the Sallgry also measur88 tho depth of eng48m8nt 5alsfaclon amtywst vw10 and parlopants d its leamlng prwamm•8. Revenue, m8rgln. and profft ClIn"but1( for all revmue stre&n8 are monitornd d¢)8qly. In 2023 ts oryanl8aOcffl ccmllnued to Inv6st kn its oye o¢lbhli85 with a vi& to •stsblshirvJ a IMp81Th of futur• prcts & Inlbottv¢s that WCAAd ddlv•r on its chaiitat48 9oab WKI pro cyprytuM•s for revenue generatkn. As the threct effects of COVID redu¢e(I, the Gallffji lo Its auther#>$ and evrAve its aFvroodi•B lo its events bjsiness partnerBhlp slralegy, programnwu rnlegy and fflanwnI ofoperdVon& Fundr8lslThJ vd a revenue strnam utilised by Sghi Gallery. both from org¥nlsations arKI lThJlvkJuals. Small scale fundrBlslng takes ace through donatnS in ts prnIseS aThJ online. th& average 8lze <hJnaUon 1$ £3.$0. Large scale fundralskng, prfmarfty tsrgefjng bUneSseS 8nd oanIzatks. is 11 by ow senior management t•¥m all aspects handl•J Irrtemalty. In.8• polId and arè U81 rgth•r1tt8n ext1 athem89. Fundr$9 knlllativ•s dlstsjtsI and revlewed c*7 a weekly ba9 by S88tthl Gall.8 sorky managemnt toam. Saot¢hl Gallory hats T¥•d any complaints r•3ardirMJ Its lun(k¥i8lng &Ovltb8# And do•8 ncl tsipet nmbS the wt4ic or vulnerabf& psrtth tr any 6Sz•8ble dongyons. SAAYGHI GALLERY 51P8GE
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FINANCIAL REVIEW The end ofyear s818¥ She8t relects the natu ofthe iwlne88 OFwatKTh ths $13r[w aTrJ oTrJoing Knpact of COVI[19. th• Impad of ents by the inva of Ukrnino, inrxea8ed interest rates and %der economic ¢orKlitions. The malonty of the cash resetves e held in a cU¥nI account beh)wng to the Charity'$ tradkng subsldi8ry, wlth th? remaiThng cash rfjseryes herd In a ant hdd by Ihe Charty. this wlcy is review&J on an annual basts by the Twste8& The Imp8¢t of COVltk19 on Saatchi GaNery and industy has b88n publiasad and addressed In our 2021 and 2022 aCc4)ts. Furtrw ¢all•S kn 2024 arn expth as a rwlt crfthe cogl-of. Ilving crf818 and g8nar•l ecorKrfnk C(dition& Ro••rv•8 Pall¢y A reserve8 pOIY has been cx)nsl¢Jered by bwstees 8nd w1 updatsd ¢0 the aCcUlated defldls of £1.3m12022.' £2.2m) have been erasod, which is th8 inilial ot4ectfft. Cy1 th8 aUmulated d8ftats arg wa6ed the board wll meet lo revSthv Ihe Wlcy and agree o 8trategy. The LYganls•tkn holds ros1 fvndlNd. Golng Conc•rn AS oxpecto¢. lh• groJp has pwromj d•sW th8 ovw811 thdlengos that l¥co the IrKlu81ry 88 8 whobo. Tl group continues lo ioduce its d•firAt. from £2.24m in 2022 to £1.35 in 2023. Vlsrtor numbèr8 stsrt8d Strongly with Ihe blockbustor'Beyond The Slmts. exhibi16on £ned in th818tt8f part of thè year as the cosl of Ilvlng erfsis ¢onthued to dlsposable Sne¢. Of particular nolols th• dedlne In parhwshs IrKome whlch Is on Ir$try w6de Issuè but pariicularfy •ffe(knd Ihe l•l•r part of the y99r Partrnrnlwps re)u? pby8 8 key asp1 in th• quality of exhlbttlrms the organiSaOn can hc4d. thls kn turn has an ifiwt on vlthr nUrnt3. ti¢k•t salos, rots11 Tv4onw •t¢. As sh, In 2024 ond 2025. a Sp18[ erroh8d8 h88, and WMI. b• pIBcl on rmifdng a 10am thÈl drlv• thLq key M•nuo lin•. In 8ddltkn, ¢o8ts wll be caTe(uk consklered gnd 8dlu8t•d to gult th• Imr r•nVe wrirm$ frtwn p0rtnw¥hI tsam. $8atchl Gallery conllnue8 to SUFPOrt from Its kry stakoholdw8. wthJdiThJ th080 that form bulk ofth• co8t8 for th• org•nlsatlon, and Is in rwJular contact wth those stakehoklers to dthcths any issues fv or94$80n may kn. Movlw Into 2024 2025. Sg4t¢hl Galkny has a wld• rawe crf 1andvj exhltrAUon8 to be held vthK wa hope. Bayèd on th• f8¢tors rèferred to atov8. Ihe Tmstses have a5(¥ble expecatkn thal th& gallery wlff conilnue lo operate for the foroswble hjture and at l&ast McthS frcfn Ihe date of apF¥oval of financial stalernenis. As a rn[1. Iho n4n¢l81 statements been PTepar•d on a gc¥ny ¢cern bas1$. SAATCHI aALLeRY 71Page
PLANS FOR FUTURE PERIODS In 2024 the Gallery 11 frrus on delN8riro tkk8twJ ¥xhibrfions In three sh)ts: Spring. Summor and Wintor. A PartnshIp the sludlo of Eard Burtynsky WIU rewlt in the maicf exhibrflcrf 8wtyn$ty." Extr8dm/AI)straclion in Swing 2024. Th1$ ¢xhibibon ntInueS the Galery's efforts lo slwyw¢ase worts olth• highest qualty. o)rtiNl with attarthn to i$suo8 of contempLvary r•l•vance and ImptanCe. Our kèy Co1• palronB In 2023 Induded.. M&C S8•l¢lx IPriwl Patr1. Eur*. Ch•mw3n• Pommwg, Led8 HtXel8111 Cadogan GOI$ HSBC Robert Wattars. Our koy ccwporate $PM8Crt in 2023 I&Jdad. Rlvwkno. adidas aThJ Mc4•d(w. SAATCMI GALLIRY 91Page
STRUCTURE, GOVERNANCE & MANAGEMENT Saatchl Gallery continues to adhere to its wern updated in JUM 2023 arnj •r• avAiLqbl• an the Charlty Commlsslon t8bsOte. perfod covered in those awounts. inAwust 2024. two Tr109$ added two Iwslfjes rgsignirvd INole 24). no tru8¢ee$ are eMs•ged at tt tim• (rfTffiling any dwrvjes to the Twstee Board. Should this dedsion changa, tho Iru$lges wlll Ider and agree thè b651 I11ment strategy. Should truBtees be appoint8d they wll undertake a 2 day trainirvJ 8e8sk)n from ¥wl¢Y managem8nl befor• addthwl ad ho¢ tralnwYJ relaling lo SpeCK gfgaB Identhed Sn thè inhlal Iraining program. The Trustees ¢onUnue to r•vknw mld- and 8erlcY lthffjl sart6s lo ènsure best value 1$ athieved. Thè trust6 mèet at least four Ilmes a year to agr•e overall Btralfjgy 4TrJ pdfr dhcllon support lo tho management tgam. TNsl805 al89 mako them6e13 ayallabl• to dlswss any rlsks that are by the mNwggmenl lewn on an as •nd when basi•. The charllable •nthy o•me 1(XJ% of a subsklvy raknj Saatth Gakry. London Limil•d. ND Otr $SkIl8ra8 •xIBI. 10IPage
TRUSTEES RESPONSIBILITY STATEMENT The Trust$ of The Saatchi Galary. L¢¥Kk are responsible tr ygpaihig a Tntees'Annual ReNJrt and financial slatements in acurd8nce wlth w11e law aThl Uniled KiNJth)me Standards (United Kingdom Gen•raNy Accepted Acrn9 Practin). incknjing FRS 102 Tr FwKial Rwting stsn applkabl& In th& UK and Republlc of Irelar•f. Charfly Iw rqqulre81h& Tntstt¢8 to prepgre fjnan(¥818tatements foreath yearthat w a Inje and Iwr vlv of the 8tate of offatrs ofthè chadty and the gTOUP 4nd ofth& resour5 and apFation ofwurees ofthè chwrtabl• for that pertod. In pr•paring tho fmarthl 8tatsm•nts. trust are to.. Select suilth• ac¢ounUng pofid•s arAI thom c¢ffi818tentrrf: Obser¥e I fflelhods and PpIe8 In ihe Chantie8 SORP.. Make jUdtyTnt8 arKI •¥timth that rea8onabl8 and kvud•nt; Sialo whethgr applk8ble im< accounting slwMl•rds havo bèen 8th11 lo •ny mt•dal dyrtwo$ d18d0d and explainod in the flnavthl sLitement8'. and Pwp•ro the finandal slalemenls on IM golng aXKxm b knapixoixlth to presume that the thwity and lh• group wll tontinue in $1•81. The TnJ8lees ar8 responbI for ke•wng adewate accwnting rfj¢(ds th81 diKlose rea60nat4e accurate at any Iwn• thtr financial posluon of the cafMy and the group. to enab th•m to ensure that the ffinanclal 8talements compty wth th? Charttle8 Act 2011. They #Te also responble for saf•gu•rding the assets of tho tharlty and the group and taknng reasonable 118p8 for th8 provgnlion and d•t•ctfon of frath1 and other Thè Truilts•8 are rg•ponslblg for the malntslw and Intogrfty olthe and financlal Infonnatlon Includ•J on t h8rty's w•bsllè. LeglslatM in th8 Unllod Khigdcffi govemlng thè w•por•bon and di88emlnalon of flnard81 st8l&ménts may dlfferfrom logislation in oth¢rluriidKthon#. WJTCNI OALLQItY 11 Ipage
REFERENCE & ADMINISTRATION R&Ji8taT8d Address Saatchi Galkry Duke ofyoryg HQ ng'$ Road LCdOn SW3 4RY Charfty reglstralkn nun6r 1182328 Bar&e HSBC UK Bank plc 1 Centenary Swarn Blnnlngham 81 1HQ SdidloTS Bryan Cave L•ightcffi Paknor LLP AdolaKl8 Hw80 LK10n EC4R 9HA Aud6tors Slndalrs Barlrum L•m 3U6 Llmo Street ec3M 7AT Th• tharfty tvustees delegatad dalty man411 dtho to Paul Foster (Ga1 fAr0). ctact detall3.' aul saatchi At 31 D•¢emr 2023 Saatchl GaNery had fw Tt. Jc+w Eli88ch. aots as ChBhrnBn. Maynard McLaren, SG Truslg08 1 Llmitod aTra SG Twstees 2 Limlt&J. No trust•• rn¢efv•s any romuneralpx fLY Ihetr time. At the dale of publishing oflhls document. there are Ir Tfustees: Johan Ehsth. Maynd fvkL•r. M8ithw Owrtn and Jofin GOlll1d. The Trustees. R8pcl was 8PFrfOV &thorized by the TAt$ 25th October 2024 and signed on th&r b¥holf by." Mr J Ell••¢h crlm18n SAATCHI OALLERY 121 P P
INDEPENDENT AUDITOR'S REPORT Oplnlon W& hav• aud6ted the finwKio1 $l•toment8 ol S8atdM Gry. LoThJM (tr•.rent TA) and subslWIeS (the up'l for the year 31 December 2023 vhlth ccryrfso ¢nl8t0d teMent offinandal adiAtI88. sdld8tsd balance 8h881, conhJg18d c88h 3tatern, tharity balarw stot notss to tho finanaal ststem8nl¥, si9niknnt acuunvng pcAicies. The finar rnwting framthvork ihat has applied Sn Ihoif FrnP8rn0n Is applIcab law and Unrted lQngdcffi Acc¢unlln9 Standard8, Incling Flnanclal Reporung Stondard 102 The Flnanclal Rep(#v Standard appbcatslg irt the UK 8TrsRepuK ollreland IUnrt&l ryd¢m Gsn¢r#lly A¢ptd ACLWnn9 Pr8dice). In our cwnlon the fina sl•twY)ts: vo a tru• and faff ofthè stats ofthe groupl WKI pw•)t affalrn aB 31 O•cAmb•r 2023. and of th• group's kncomlrKJ r080urce8 and applK8b'cfi of rosrJJrces. iaUdIng Its Ino)me and exwdrtLrro, for tho yè8r Ih•n ènded; h8v• been properfy prepared in o¢¢othn¢o Unitod Klngdom G•IlY AcceW Alnt9 Prace,' and have begn prepareli In acciYd¥nce wllh the requlrgmenis of tho chare8 Act 2011. Ba•18 for oplnl¢ W• ¢cffiducted ¢yJrdIt In accd9 vthh Intwntition•l Standa9 M Audttlng {UK> IISAs {UKII and app1k48 law. Our mspons5bSlltl85 LIr Ihoie 8tvJwd8 fixth•r d•xthd in tho A101 rfj8ponsiblltlg8 for th• gftl flnancial Statements $4ctbn of our report. We are kndopgndenl of the group aThJ paront eharfty Sn gceordanc• th• •INC r•qulrnmenl8 Ihl are r•levanl lo our a111 ol th• 8tatenw)ts In thg UK, knclLAling the FRC'S Ethtal Standard, ¥nd we have our oth•r 8th1¢al resp511111.es in oc¢ordanc• with these requlrernents. We belleve Ihat the Audlt 9vklen we hgv• obtsinedls 8urncknl KI apprwiate lo wovlde a bosls fw our ¢Wn1. Mat•rfal nrt•lnfy r•l•tlng to goln9 ¢QllC•rn Th8 group h88 made a profft for yew ended 31 Décomber 2023 of £888.374. The not Ilabllllos posluon al Ihe bolance sh8et dale15 £1.349,289 (2022.. £2237,8821. Th& h88 pJl mea8ufes In place lo wl costs arKI drlve revenue and has conJnue¢J lo reduce fts deficit from £2237.662 n 2022 to £1.349.289 in 2023. The group wll cOntirm to n¢ed swjport from ils W •keh¢)lkn, indudkng th090 that fwm thg malcrty oflho L¥)8ts for th• organlgat•)n. Thpse factors. t30th¢r 41h the other mattern rnferrad to in rote 1 fln•nd81 $tnIs. kKlkata that a matarfal uncertalnty •str that may cst sigi¥kart do1 on th• WOLP'I •lxMy lo continu• • golng rKeffl. Cxr oplnlon18 Jt modNl•d in respect of this matttr. In auththig the fiMnual sl•tThrts. we have c¢)nraled that th• trustee¥, u¥e of the wiig o)nc4m basis ofaccounting in the preparatKJn ofth• finanrial Statern Is appat8. Our resnsibIlitieS arJ the res[slIS crfthe trUee81th row to 9LMNJ are deK¥ibgJ in the releVt Ions clthis rem. SAATCMI GALLERY 141Page
INDEPENDENT AUDITOR'S REPORT Other Inforniatlon Th¢ oth¢r inforrnathjn c4JnFtso¥ thg InfrTh0ti hc119ts in the lJusleos' cthor than flnondal statements and auditorf8 rewithereon. The INe$ Ore responsknle dher htrmaUc. oplnth on the nandal statwnants not ¢L)¥¢r tht cther informakn wJ w8 do rK express any fE¥m ofassurance C(Us1n thereon. Our reEponwblllty18 to rgad Ihg othw knfCrfm8u and. In 80. cor4(ler wh8trwthe othw Infcmiation L8 materfal InCOnStant wth Ihts finarwl state1nts ly our obtained in the courBe ofth8 audll cy otherwlBe app8ars lo be mal6rfally nl$8tatsd. 11 i¢Jentlfy such malerfal IncAS1918nd88 or apparent matsrlal ml6d8temonts. we are rnqulre•J to detsrnln8 thher this givgs to • mat•rW m#181•1 In th• fin1•[ •t•m•nts thtynsdv. If, b88•d LM1ho work we h4v• perfm. Yo cty)thd¢ that therè 18 a mat&lal mi88tatsment ofttls oth•r inforniatlon, wo are r•4uSrod to rep)rt Ihat fact. Wo nrt apFYJlnl•d 88 8udltty of tho ¢hwtty grtwJp untll after 31 Decmb•r 2023 And thus dld nct ob8w• tho nllrYJ phygkel Inventorf88 08 thè of Ihè year. Tho sto¢ktak• waJ not ttd0d t1 ¢M DnIOn15 not fflodlfiod In r8weL of th Matt•ri on whkh w• •r• r•qulr•d to Wort by •xc•ptl( We have nothing to ffjport Sn rospeoa of the Idl(ring matters kn r•lallon to whkh thè (Accounts and Report8) Regulatlons 2008 require us to r8Wt to you rf, in rn1.. th& Inforn)8tion glv•n In tw818, IW18 Inc¥JW8twrt matortal ie8p&# w6th the flnanclal 8tatem•nts'. 8uffid•nl countIng r•cord8 hav• not b•an kapt: c the flnanclal statements aro not In tyrnement wllh the 4¢c£AJrrt& rd8', or w• h¢ nrA rtwved all Ihe Irrfrna explana11c3 we rnqun for our audit. RMp0n•lI1Ifl• of tru•t••• As explainod more fully in th• Iw•t••s' r•SponbIl0•• alwlS61 +xrt rffi ...]. Iho trusleo8 arn reoporrolblo for th• pr•paratlon of th• ffinartial stat•m•nts and fr bng sAlisfi•d that th•y tru? arwj fair vivw. ar for such intemal c(trCI as the trustffis d81ernine Is neSsary to anable the prq>ar8Uon of financial slat8n Ihal arn fr from matsdal mbB8tstsm8nt, ethor due to frwd orwTQr. In pryaring th fffion¢4al statements, the trustees a reSpOnble fDr assessirvJ Ihp gffjup and parent thaiily'j abilty lo )ntinue as a goiw rceM. discb%ry, as apFli(3ble. matter5 relate to golrs conc4m and ugrvJ the going concem basis of accoUnn9 unless th8 trust •ilhw in1w to tilqubYata th• group (* Ihs p8ffjnt chartty or lo eaas• opor8tions, or have no r88llstlc 8tt8malv• but to do w. Audltor rnIps11IltI•S lor th• audlt of th• financlal slatsm•nts W¥ hav• b•tsn ¥rpoint•d a$ alItOr uth 151 ofth• Ch8ri1i•s Act 2011 and report in acc(xdaw th• Act aTra rBlevant regulations made or kniThJ effect therewth. TCMI GALLQIY 151P8ge
INDEPENDENT AUDrroR'S REPORT Our oblectfvos we to c4Jtsln rnasonable assur3r whethgr finwKial stawTh8nts as 8 whol• w• fw from matsiial mtS8tatem8rt. whether due to fraud crf error, and to an rep¢Yt that hxludos our opIn. Rea8onable o¥eur8nc818 a high Ivlel of8sswaThx, but 18 not a gUale& that an audll condutaed In alar with ISAS IUKI will aKYays detaet a malwial mls6tat8nwtwhgn It eXi818. M18Btatts 0rt8e fraLt(l or wror and are )nsIdered motwlal rf. indivNJualty or in the uggrEgats. tlw UkI reaSonty Ix exp•thd lo ufflu?rui the onomic de£is1 of us•rs taken on tha basis 01th thandd Slalamts. Irregulorlllos. IndLKllng fra1. ar• tnst¥rK•8 of nonwcornplwnc• wlth tsw8 arKJ regulallon$. Wa dJn woc•Jur•s In Ilng wth our rosponstbllhlw. ¢xrtlknod abe, to det1 mgtwl81 Nl88tstnents In res1 crflrytyulath88. Indudlng fraud. We th8n dognad and pfjrf0m oudll prrxwJur•$ k> Ihose rl8k8. Ir#Judkng ¢)bWniw audit ldance 8uffi¢>enl and approprf8le to wovide a basls for our CPInk Thè exienl to kh ow aro Capable of datoctlng Irrngul4rlU•4 Indudlng fraLMI Is d8lAlwJ bdcw. W8 dèsbjn our pro¢dw 88 looblaln 8u1Th&t appropriate wAdenca ihat tho finandal statements arn ncl matsrt8lly ml88tat8d due lo ncm•complkqnce th 18v8 and rwJuLqUon8 or due to or efffff. We obt¥lnad an undorstsndlng oflhe legal rngulaw thal ar• l¢•blo to th• Onty ¥nd d•t•nnlned that the most 81gnifi¢•nt ore Unhed Ki10M A¢¢tir9 Slandords Ivnlted Ganwalty Acc•pled Accountlng Principle51, the Charilbos SORP IFRS1021 ¢ff•dlve 1 January 2015 and th• Charltlas Act 2011. Wè assèssed the rtsk of non<omplLgnce wlth sh laws And rtyulaoons by dI$'0n wilhin ihe 8LMlil tearn and basad the rowlts of our risk 08808smenl. we degigned our a(•Jil ledUS for each sKUon of thè audit to kkntify ony such nowompllanca. We • not M5FsIble for FYwenlrvJ n<0mplIanc •nd not be oxpwled to detect ntsn-compliance 7MU) all law8 and r•gulattonJ- tNs rngpon8lbilty lies mon•)7& with tho ovo11 of th• Trust¢88. We 8s8•88ed the rfsks of m8terl81 mlsatement In r•spxt of IrregularrbOS. IKIlIng fraud. by ¢ormpLI8nce wmh I Tru3lees, ojnsiderntw of the procedures in pl8c• lo dOt IrTegularfU89, Ind(Kftn9 frèud, 8nd revkv of the TruBtee meetlng mlnutes. VV• thpkud these rth wNhln the audit team aTh1 Kl•ntified and tsrpd any higher risk areas wh 8pedflc audh t•sllTra. Tho oudlt ewagoment pfirtnw cMldew& Ihe teaffl ccthbvdy W the apprcprfats (#)mWonce and ¢apabllliies to rec(>Jnlye non-C(>np1iat with and r•wlatson8 and Alentify trK1 Our 8LKfiI procedur Induded.. . ¢tynptsng a rtsk.asseSsmI prDfW our tthnlng fr thls •Jdlt Ihat Sp1MY c(X6K1èrod Ihe rlsk offraud,. . errf4uiry of manerrn1 out the dlaritylgmup's Wties. prc¢edwts and cg)ntrrls rryarding ccffnpliance with laws and rvdulatiws ond rfthere are any rA non-¢18n¢e. . examlnlrvJ sworiing <knJments for on ffk9knial bthces. trc1Jor0 and dtsdts3ur: . enqulry ol management. abc#rt Iibgslion claims and nsp•clI of Correspo. - analytscal prcGJure$ to i¢Jwttify any unusual or unoxF rela1il5h1Ps,. - 8pecinc audii testing on and revlew of areas that cwld bg subieca to management ¢)vqrrith of ntrS and potential bias, nN)st notab arrMJnd the key judgments and e5tim¥tes, induding th¢ ¢oryitvJ value of CrUa1S, proviOnS, 8AATeHI IbALLERY 161P¥ge
INDEPENDENT AUDITOR'S REPORT investments. rw•rabilty oftrl• dabttxs and rWnitM. . c¢nslderfwJ m•nag8m•nt ovérridè oftsjntrcts ¢xthd• oflhe r)m opwaliNJ cydes hth11rYJ teslTrJ the appropiiateness af Joumal entries reCded In Ihe generel other adjustments made in the prep8ratkn irfthe financial stat8m•nt8 knduding •v8luatirg the crf 5Kdnrf¢ont tranS&clA). oulskle nomMI course of bu8in688. 8eGau8• oftho lknttk)ns of audtL therg Is a thal dolecl all IrrgguLgrfU8s, kndudlrwJ those leadlrva lo a matewlal m188tatemerrt In the financw Btatern rK+nVc(I18n(¢ wlth rtyulBtiM. Th1$ rlsk Inwsos t m¢xe that compllanc4 a law regUL8t i8 removwj from the ents aThl tranBadons Tted in th• ffinjnclal st8t8m8nts. as w• VAII b• 1888 liw to 8W8r• of kmlancx crf nonwLwiplanc•. Th8 rf8k bB alxo gtsatèr r8g&dlNJ gularfti88 unIng du• to fraud rath¢r than •nor. as fraud h)v0[ Int141 CclMont. fonjwy, cdlu$k>n, 0810n or ml8repYe88ntalkn. A futh•r d•8¢rfpll¢m of cwJr r•wn8lt4rf1•5 18 avallabl• th• FRC'S at ofour r•port Th1$ report is made soldy to the ¢harrty's Ift1, as a body, In I¢8n¢t w6th P•Jt 4 ofth• Chor (Accwnts Ind R•portsl Rtgulathons 2008. Our Irt work has bew) undertaken $0 that wè mlght slate to fv ¢harfty'8 tnJ8tee$ tho matters rTed to Stats to Ih•m In an audlic<8 r•wl and for no othar purp)8e. To th8 ftAle8t extent permmted by law, we do Th)1 xept or aUMe respM$tslty to onyorn othgr th•n the th8rtty 8nd Ihe charity's as • boty, forour 8udlt wort. tr th18 rop¢rt or for Ihe Ordons formod. SSnclairs Bartwm Lomor ststutory Audltor Socond Floor 34 Lim& Str1 Lond)n EC3M 7AT Dats...4..1.iol.a.oa.4 Sinclairs Barlwm Lwner is elvJible fry •AlMt as 8udorof th• cPwity by vlu• of rts dgI)Ilty for 8ppointrnent as audllor ofg cCxmY undar soc1m 1212 oftha Cornpanies Act 2Cth. SAATCIN aALLERY 171Pagè
ThE TcHI GALLERY. LOPIDOM CONSOUDATED STATEIIEKf OF FINANCIAL ACTivrnES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Unrnolrkt•d fund 2022 Unrestri¢ted fijnd IIKOME AND EMDOWMENfs FROM Donatlons a1 legacies Charitabl8 Advit Oihor irwJlryJ act 60A1 6M46.098 1148A32 156,572 5,518,340 2.580.782 Total 663 • 8255694 EXPENDITURE (IN Rolsing fu5 Charitoblg 2.D78,311 6,187.161 2.113.632 1,378.075 3 489 707 NEf INcoMe 181374 4,765.987 RECONCILIATION OF FUNDS Totsl tynds broughl foThM 12.237.162) 17,003.e49) TOTAL FUNDS cARe0 FORWARO 349 Th• stalem•rrt crffinandal xlMlle6 IrKlud88 811 goons b$8•s wnlg•d In tYaT. hjl Inc(Thand wditUr• d•rfv• from ntinrj a(*vlt 181Page
THE SAATCHI GALLERY. LONIKIN CONSOLIDATED BAL4P4CE SHEET 31 DECEMBER 2023 2023 2022 Unr•strId Unrestrtcbj fund fund FIXED ASSETS Inlanglble ass Tangible 888ets 12 13 6,250 9,250 186A20 48,450 CURRENT ASSETS Stock3 Debtors Cesh at bk 134,588 11)0.158 515.259 15 3 706 911 TOTAL CiIRRENT A&8ET3 878 CREDITORS Amounts fallng bJ• yev 16 {8.171.3381 NEf CURRENT ASSETS 99 12288112 TOTAL ASSETS LESS CURREPIT UABLMES J,147I24 12.237.8821 Cr•dltor•: Amounts falllno •ft•ron• y•ar NET LIABIUTIES 14A17,11J) 12 237 8621 FUNDS Unrnsiricted funds.. unrestrf¢t fimd 12 237 682 TOTAL FUNDS $49 {2 237 6621 The fin8nd81 Btaiemenl8 8pwov&I Bc•rnl of Tnk•l8•5 aThl JttrKrised for on %.S.....Q..¢.Dbu.. >c)24 and w•r• 8h3nJ on Its boh811 by.. Mr J Efi&8th Ch•lmwn SAATCMI GALLERY 191PaoÈ
THE SMTCHI C%4LLERY. LONDON CHARrrY BALANCE SHEEr 31 DECEIA8ER 2023 23 2022 Unr•strkt•d Unreth(aed fund lund FIXED ASSETS Investm8nts 14 CURRENT ASSErs Debtor Ca6h at bk 15 8.836 212,413 7S2,447 CREDITORS Amount$ tslling du• within Or yew 16 {430.1921 {557.2741 NET CURRENT A8SET8 TOTAL ASSETS LESS CURRE14T UA81Line8 259J72 195.174 NET FUMDS Unr&str*i8d funds.. untricted genord fund 196 174 TOTAL FUNDS 195 174 Th8 stalamts V+Wè wpmv¢d by tho eowd of TnAtOOB 8n8•d IBSUe on and snad on bahlf ty. 2S-ockobu MrJ El Chalrni•n 201Page.
THE &4ATCHI ¢14LLERY. LOND(XI C£50UDATEo CASH FLOVI STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash generated from operations 18 (1.386330) 2,382,111 Net Cash prwded by acuwbes 2362111 Calh Irorn In¥•8thw •etl¥lll•# Purclwe oftsrylble fixéd ass•ts 112Q69BI {3,4551 Net cash provided by In¥e8ts"TrJ mIeS Chang• In •h and •tyl¥thnts In th• r•port5ng p•rlod Cmh and ca•h •ql¥81•nts atth• b•glnnlng ofth• rnportlng (1,613.12Jl 2,358,658 2911153 CN•h cash •qulv•l•b)ts •tth• •nd ¢1 th• r•portlng p•rlod 21 |Pdge
THE SAATCHI LERY. LONDON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES ChAty Inf0mtIon The Saatthi Gallèry, London is a c4witat4e owwlsalknn rthd wtth the Charity Crynmi5slon In Engknd W8kn {Charity . 11823281. al pr•p•rfng th• fln•nclal •tat•Ml The financkl stalents of ehaiitsbk e¢xnpy. &5 8 pubNc undw FRS 102, hav• prnparnd in aLwrdanr with the Chanbes SORP IFRS 102) A(£ounting 8nd RekY)rtiig by Chanties: Ststement of R0MMdl Pte aOKable to chanties prepamg IheaLwunts in accY)rdarKgwth the FSnancd RekK•rtSr Stsndard pp1kab In the UK and Républic of {FRS 102) 1 January 20191,, Finandal Reportlng Slandard 12 The Fin RW6ng Starard abI li thè UK * RÈpubkc of Ir•n. #nd thè Compan The find 51atemenls 8re kyyed in slwllng, 1cl)l [TeloIsty. Monatwy amounts In the80 fina181 8tatements ero rouTrJ8d to th8 neargst £. Thofin8rthl stotOffWts be underts1C1c08tiY)n¥Onkn. TrPrfr8 polldes adopted as set ojt bdow. Golng ¢onc•rn At the year •nd tho grP had nat IbblNIo8 of £1.349.289 I22.. £2.237.e621. AB eXed, th0 9roup has plMi deSe the o¥ernll ec4yk)rnk challww that faco tho In(Jus1ry as a 0]0. The group contlnugs10 r•duc• ts defieiL frtyn £2.24 in 2022 to £1.35m kn 2023. M61toi numbèts st8rt&J strongty th the bkxbu6t 'Beyond The Stroetg, 6xhibrtkn but d8din•J in ihe lattw part ol the yew a5 the ct d living Cr•5 continu8d to hil dlsposatle Income. 01 pa81 not• Ss th d¢dlno In porfnorBhlps IKvme Is an kndu$try whJ• Issua but parUc4larfy •ff8ct•d t Lqtér part of lh• yew PathernNps re¥enue playg 8 key In the qualty ot exhlbitbJn8 thè org8nisalkJn hc4J, tlw's in trjrn has an wnpacl on visthr nthnbern. Ucknt sales. retall revenue etc. A8 such, In 2024 2025, • Special wnph&sts has. wll. b• p18cd on ratn9 8 iè&m that can drtY8 thks koy r8V8nu8 liry). In additson, costs wll be careftAty t>)Mfd8rl and •1jusW to suil the )yO projethons Irom our p¥rtn0rnh toarn. Saatcfl G811•ry eorfrwJ¢s to havo slrryy 8VPFOrt from Trts st&dr5, InchJdlrKJ ¢tM)s• tt1 fc¥m the bulk of th• c()sts lor the oru#nls•tion, and IB In regu1 cofttOLM w1th iIKa stakdld$ to dknfJJSS ony bsues the ow8niBation may face. Movlng knto 2024 and 2025. S8atthi Galhry ha¥ a rnvJe of ou161aryJiThJ thibrfwJr to bg hd¢J whld) 11. w• Iwe. achiovfr t¥)th ctsnmethl 8nd Suc. on tr fac¢rn r•lwr¢d to the TnAes ha¥e expedokn that tr gal wlll contlnue to opeTrte for lh8 foreBee8bkn fiAufe at r•ast hvdv• months fmm thè dats 018pproval ol th88• flnala1 ststernts. As a re6utt. the flnanelal st8t•mwts hèvè be8n wepwed on 8 ¢(eM baws. Ch•rllabh lund• Unrestricled funds arn av•dabkntr ugealts(¥thI ofth•trustws h)furth•rwK• oflhwcharitabk rJeCle¥. In¢orTr• Income 1$ recoJrased thaiity is t•Jaly k> any ndit• h¥vg moL Ihg amoun18 cw be m6asur&1 fdtably. •K1 rt 1$ prfA)8trI0 that iro)me wlll be Ied. Cogh ¢)nadtX8 we r•)Jgriwd on rwapt. Other thnauons ar8 orth charfty has been notffied of the thatirm. wle38 perfomwce r8wir• t1•fwral of Iha am¢yJnt Incom8 tax [jVar8bI8 In rnlation to (k)nabo recwved under Gfft Ald deeds ol c(Nenant r>Jgniw1 at the ofthè thJnatKJn. L168 ar8 rwnis8d on rwAipl or thernise if the has tn Tr)bfknJ of an tsnpwvJlr¥J distribubon. the nothit k kno•m. 8nd w4)¥A&I. 11 thè is N>t krw the Is trobbj as a conlingt 8$80t. Sponsorship income ts rewJnaed on a stfagm liM ¢¥èrWw length ofts or*ra(ato refiect thgwvirm providèd. Ev• Incom8 Is on thè date the ebyrt tskes ol tthls. LxxJk5. metchandtse a rwnised vthen th8 g¥)o(ts are PKY tr) the buyw lo the trsts0ftr rtsks and r•wwts of trer$h#. 221Page
THE SAATCHI LERY. LOMtX)N NOTES TO ThE CONSOLIDATED FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEPA8ER 2023 ACCCxIPwG POLFCIES. conthiu•d Exp•ndlbJrn 'IMs arè rèccxdnBe(185 expenditfftas sc#M as the isa orrtructIve oblKJatK)n committing the charity to th8l experKllture, rt is prowe that a tra¥01 8(¥Jrwm wfim wuirgJ wi selllwn¢nl8nd th gmounl of the obliJat)n Can be measured felWI. Expendfjtu Is cLqssiW by The of eath 8clMty are m•Je up of the 10t of threct costs and shwed eA)sts. induding 3upport (rnts invrknj In wlIn9 •&h aew. Di1 costs atr)utablo a rj18 ar• allocated to Ihat Shornd costs which Q)ntrfb8 to nv)fe one &tivty And support Costs are Th)t 8ttritrNJIab to a siftg Aivity are appjrtbjned bethhwn th058 on B basis conSent wlh the use of reSr¢&S. Cantral slaff (x>sts ar¢ llOIj M Iho 1)a of timo depratsOn thapJo$ are albxa on lh• porbon ol •ryJrfs LW•. Intwwlbl• flx•d ••••t• oth•rthah goodwlll Intsnglbkn ag90ts 8¢quired separatdy from a bwness are recogn&J at cost arKI arn 8thut rneasured at tsjst ks8 ¥rc¥mulate(J Th)rts"satr)n aUl81 Impalm)t lossw. Inlangible asg•18 acqulrl on bJ8intss e1)mor thr• 5••ety fTC¥n #l the ts]uts0n dole ther• tt Is probabl8 that thg expeded future benrfits that a 3ttrtbb to the asset wll flow to the entlty and the fair value of ts 8s881 can be measur&J rdiaNy. th• intangth 8SS•t 888 fmm COntrlU81 or oth•r r¥hls.' In1Wble et Is sepw8ble frrxn the entty. Arnothsatkln ao as to wr• off th• (yxt ty vuatbn of as8•18 leos thr rnJSdual vlu•s 0r Ihdr useful Ilvas c#) th• fc4b)vArwJ ty.. 6 y••rn •tr•lWrt Iln• T•nglbl• flx•d ••8•ts Tanglbf• fflxad as#èts arn Inltiolty 01 LKOt OWKI subj•w meaVIj at tt or valuatk>n, net of Depredattln L% rwtlsed 80 as lo wrilè ¢41 tho ¢¥•t Or voluolkn d ¥$1¥ * th•r 10$U#r va¥$ o¥•r thtyr useful Nves cffj tho boses." L8asehold improvwnwts Flxturès and frtbng8 Cornputws 6 •tr•lqht Iln• 6 y••rn •trnlght Iln• ) y•ar• trnlght Iln• The galn or on 6t is IlwnMne(185 Ihe dLfferwK• bkne the prwwjs ? th• carr4 Vol ol I •$8OL arKI the6tatWTWrt offinaKad lffwalrm•nt ol flx•d •M•l• At each repotng émtè. Ihe charity the CarrTra WTbxJnts of its targible and lntsno1e assets to dtM[wheIrthere Is wy that th(6e assets havesulfered Impatrm8nt h)ss. tr such IndScat exi8ts. the rKoverle njnt of the 8s6et L8 esYffote¢J In 0r to thè •xt8nt of lh& imparniènt loss Irf any). StD¢k¥ Stoths arE stated 8t the of c4)st end e5Dm8ted sefiing wce less (#)sts to ct)mpte and sell. Cost cxjmprises dlre(X materfab and. vthereappli(aI. labour o)sts and t1¥0Vertads that incurr•d in bringlng the stocks to thdr bcatk+n hok1 for disthbulKin * ro or ww)rrMn& o)rideratw are m•asured the kjwer of rOrnOn1 ccst and cost Net redwtAeV8I is ts egtirnaled gelirg pTr less all eglinatl t¥sts ofcwpkn'th) cosis to inoJrrnd in marketlng. 8dlkng and d*trftwJth)n. 231Page
140TES TO THE CONSOUDATED FINANCIAL STATEMENfs- eontinued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUP4TING POLKIES. ttInu#d C••h And ¢agh •qul¥al•hts Cash ané ewfvalents kndude c4gh hoTh1, h8kJ at c41 bk8, other short-tem) Ilquld westments wrfh c#7g•)al malurrtse5 althr88rnonts or18ss. Bnd b£nkovwdr8fts. BkOVerdrafts w8shown within ts)rrowArys in ryont liatio Flnanclal IMtrurn•nts Tho thaiity h49 to •PFty lh• pmvisiom ol S•dth 11 'Bas FlnancW IlIrtts, S•dh?n 12 '0tr FIn4ncl In•lrpThnts of FRS I2 to 81 of18 •lthJm•ni Flnancla Insirwnenls rwnLsed kn the bslarth 8h•8t tn tr thartty bKom•8 P8ty to the o)ntractU81 pThisioM of the irfjtrum8nt. FlnwKW 8888ts li•blhUo# Iho wrAmt8 the fin1)01 ststennts. th8re 18 alogally 8n1¢Ybla right to sel ON Ihe rwnlwl arroun18 Ihere Is Intenlknn to 88tt18 on a nel t)8ds or to radlsè tho 888018nd 8ettle the lthdty 8mNen8(sty. Bpfjlc IIMncl•l a•••l• Basic finanoal assets. indwlg debtor4 c¥Jh bk are Inrtkqlty me88urgd al tr0n prfce Includlng tr8rts8&ion ¢%)sts are subsequenty Wrled al anKJrUsad cost using lh8 effectlve interest method unkns th• arrangem1)nStrfth8s 8 flnendrw tron8th)n. ih6transacl#)n is rn6asur•J at the wesenl v81ug ol the future ripts discvurted at 8 ffiart r• of Inlw88t. Fknsnd 4$8•t$ 48$8ffi•J as r•cav8Ne wlthln o y•8r are not 8rnC¥ti98d. BMIC fln•ncL•l Ilabllltl•• 88sK finawA81 li8.1. IndIng uedrtor3 8nd tsk IniY81ty rwn6wJ 81 tr8nsactk)n pnce unlesB the 1r8nm•nI ¢onsU¢utes a fin8noTrJ IransxtK)n. tho debt fftstrumt kn moosurnd at tho prowl value ol the fLrture psymlS at a m8rt8t rat• of in. Fin•ng IKillbBs daswfi•J as wlthln year ere not amrtised. D•bt Instrumonts or¢ at alti1 cost, thTrthe irter08t ralo rmthod. Tr8d8 ¢xe<iiorg ar8 ob11gatic to pay for goods or sffts that have been awlrnd In tho ovdinary c4Jurse of operabons frcmn sUpplr$. Affl0)ts parab are dassrfioa as current Uat41th9s W payment Is within ono yaar or le68. M Th)t. they are pro81•1 AB nOnr1 li8trlitw. Trade ryeditors a recDJnised inltioly at trS8¢t and subwuenljy rn•asur•J at wnrrft5s8d (x)st Ing Ihe effocthfj int•r8st mothod. D•MeognltlM ¢lflnw¢l•l lablltl•• Finanral ll•tilN ar• d•r•cognlBod tho clwiV• tyJnts•¢tsl t119 or •r• (bcr9th1 or fnclled. Empl¢)y•• b•n•Ats Tr• c£4t of any und hold•y •nlllrnrt th 0rthd Wod In ¥thlch tr• wrybya•'• 8•thi •r• TermInatn knefits reco3nB•J ImrrdI9fety 88 expew when ts (• Lg d$bty romrnw to Ba•1• of Con¥ollda114)n Th#se crxwlidated finanod slatemerts indLth the fine181 Slatsm• of Saai£i G818r. London (th• *•r•nt charty'l and Saalth Gallery. LonO)n Lirnitsd. its 01 tradirwJ 5uLsidi8ry {deia'k ofvthich can bo found in rYAe 141. made up to 31 D9mber 2023. These finanri81 Statnts c£nsdidate the Ults of Ihe charity and its vtholly oyM subsi¢Jiary on a liiW4ne bs. Th8 tradng rosutt8 of the $ubsbJiary are dCk)s In nptg 14 to these fmanual stattyxts. thè èxemplions in pw8graph 1.12 Irf FRS 102. 241Pagè
THE SAATCHI LLERY. LOMDON NOTES TO THE COP&8OUDATEO FINANCIAL STATEIlElS- Gonnl FOR TrIE YEAR ENDED 31 DECEMBER 2023 CRMCAL ACCOUNTING JUDGEIEirfs AND KEY SOURCES OF ESTIIL4TKIN UNCERTAINTY In the aFvIaan ofthtr thantys ac£¥Lmlry pc4K¥85, the In arè r•quirBd to rn&k8 judwients, estimates assumptio atout th8 carrying wnouDt ? lia.1 that are not readily app8nt frcffl Olhw tsWr. The estThates aTrJ asslated atyjmptths are ba1 on hkStor1 elwCe and other faclor8 that a consldered to b8 retovant. Aciual rewts moy drNgr frvm Ihw rnal95. estimat85 and und8thTr3 awrnrrs are on an or8olng ba&lB. to )untia •stim41•s afy redlsed in Ihe peri1 th6 estinate is Sed where th6 revisw affo(ts only th8t ped, or in th period of the and fu1U %thgTg thg r4wn trfjlh ¢urMi •n¢ fuluf6 perw)d8. tKINATIONS AND LEGACIE8 2023 2022 Don8Uons and gifts Governrnt gr8rts 0,310 17.013 139,559 OTHER TRADING ACTMTIES 2023 2022 271.JJ3 IA71.867 334,033 1,899.708 Sponsor8Np frorn Pth$ 25182 CHARITABLE ACTMTIES Unr••lrtt•d Unrn•trltsd lund• IMd• 2023 2022 EXhCffi evwts 5 518 340 251PagÈ
THE SAATCHI Q4UERY. LOMD(X4 NOTES TO THE CONSOUDATED FINANCIAL STATEMENT$- ¢onthu•d FOR THE YEAR eNDED 31 DECEMBER 2023 RAIS114G FUNDS R•sourc•d E¥p•nd• support Tol•l 2023 Totsl 21122 Expe51re on rning fun(Is 1,9D5,810 2.078,315 S 687 181 2.113,632 1 378 075 7 765 475 3 489.707 SUPPORT COSTS Rl•lng Chthlbl• Ch•rfl•bl• 2022 8••h of alo¢•tlon Staff ¢)8ts 27.419 1.573.694 1.601.112 247.104 741.314 988.478 Stslftim• 35.520 1.385.272 1,¢20,792 {114.4161 11.029.746) 11,144.162) U•• olprwn•8 (knr pr•n 30.919 120&834 1.236.753 104.420 939.785 1,044.20S U8• of prnmi988 Prornotk)n8 •TrJ oxhibitk>n8 Other ollk• Ixjgts Finance Leg81 •nd proles8Mal fo86 75,IM 1270.189 1,34S.189 67,W21 45.281 113.202 Stsff lkn• st tine 13,987 2,981 319. 313.C61 244.912 2,019 734.736 979.848 3,365 Stsff fjm• 976 7.070 4,714 11.784 St•ff Ilrn• Bad d•bt Slaff lkn• (132,Ce81 {88.C651 1220.164) 28,1Y2 18,794 14.1fKJ 23.5 Staff Iwn• 82.505 6.687,180 S.769,e65 573,130 1.446.830 2.019,980 NET114COMWIEXPÉNDITURE) 2023 2022 Net In ¥lknr(*wglntylueiknJ} FS pays0 to th¢ ¢tynp¥n8 k¢th8 ofthe IlnwKlal statwnents fcrf: Year Ended 31 Doc4mb8r 2Q22 Yoar End 31 Decam 2Q23 23,600 30mO Dopr8ciAtion of owned tsrrfjibfe flx8(J 8S80ts Arrortwtson of iTrtsn&Ib assets 18A29 15.319 261Page
THE SAATCHI LLERY. LONDON NOTES TO THE COMSOUDATED FINANCIAL STATEMENTS- ¢Mtlnu•d FOR THE YEAR ENDED 31 OECEMBER 2023 TRUSTEES. REMUNERATION AND BENEFITS onded 31 Dnber 2022. Tru•t•erf 31 t)ecrnber2022. EMPLOYEES The averwje rMntNy nbr ofwfve•s yogrw88: 2023 Numb•r 2022 Numb•r EnW¢ym8nt costs 2022 1,187.241 846,058 78,704 19,571 14.236 Socia security co8ts Pensn ¢tribUtIO1 T•mFth8ry 8t811 Other stsff ¢os 32,244 61421 is as fc41trK.' 21123 Numb•r 2022 Numb•r £60,C#)1 - £70.0ts) £70.CQ1- £80.C(o ,coi . £w.c Durfrrfj th8 fNnd81 y•8f, aggT•gat• pw1nlIS of£140,OLK) (W22.. 122.500}m mS• to thoS•n8ker0d to be koy pw8onnd. l •mpbye6• the group ra• by Butsidry. w&ith •tAII wPy$ by the thwlty. Th¥ Twat5 not pad rth rKrth1 any dhei berth from emttyment or Ns $ubsldlary the ye8r12022.. £nill north8rvrB r•mtrsSd expenses durirvJ tho year{2022.' £nil}. No Trtle r•cN• payment for pleSSonal orotsr 8upr4i&J to Iho Chffj12022". £nlD. Th• Trtt rnalrtakn aullffj 4Th1 r•S16MY ftw thredThJ the Ac1186 of t organlzatl)n bolh dlredy awKI Indlr• TCMI IIALLUIY 271Page
THE S4ATc GALLERY. LONDON NOTES TO ThE CONSOUDATED FINA14CIAL STATEMeNTS- wntlnued FOR THE YEAR ENDED 31 DECEMBER 2023 11. TAXATION The charty Ls exempt tax on irt(vne and gawis falh.ng Son 505 Lrfth8 Act 1988 orsedon 252 ol the TaxatKJn of Ch8ryeab Gairs 7992 to the exienl that these are apF4NJ to Its charttable objects, 12. INTANGIBLE FIXED ASSETS Comwthr Ch•rfty Totsl Soflw•rn AM•l• Cost At 1 JUary 2023 31 D7b8r2023 Amortlsatlon and Imp•lrnrrt Al 1 J8nuary 21r23 Al 31 Dernber 2W23 C•irylng •mnI At 31 041rt)er 2023 At 31 Decwnb8r 2022 13. TANGIBLE FIXeD ASSET8 Qroup Group Cornput•r Group Totsl Chrlty Totsl Improv•n•nts & FMlTrg• Ewlpm•rt Co•t At 1 Januwy 2023 Aditn8 58,011 15284 112 485 061 4,928 78,201 Al 31 December 2023 D•pr•¢l•llon and lrnpalrnwnt At 1 January 2023 33,156 3,770 2.07S 39.2111 yèar At 31 ¢yIng •inoiMIt At 31 D*mer 2023 125 737 149370 At 31 DwmborW22 281Page
THE WITCHI C%4LLERY. LONIXJN NOTES TO THE CCISOUDATED FINANCIAL STATEMENTS. ntInU•d FOR THE YEAR ENDED 31 DECEMBER 2023 14. FIXEO ASSEf INVE3TMEiirs Sham kn gmup undortaklng crity 2023 Charfty 2022 Co•t or valulli Al 1 JanuBry 2023 Addil¥)rkS At l juY 223 8rd 8t 31 Do(xmber2W23 can0 amount AI 31 Dember 2023 The ¢horlty hdds 100% 01 tho OfS881 Galry, Limlt•d, 8 LmP9 rggiSteAed In EN4lwd and Wales Ir¢gi$tratson number 117123941 A 8ummwy ofts M8utts of suibJl•ry Is bekw. 20 S8109 Cost ol sd 7.602847 8.099.122 5,196M7 6,552,574 Adminl¥lrBtlv• •xporA Other OFat9 14.317.032) 11,934,888) 139,559 wofiVQoJ8) 829,015 4.767.247 Interest YblO CoTwf8tK)n tAX 17,115) Rotsinl profiVlk>ss) ¥ft•rtsx 4 757 247 DEBTORS: AMOUNTS FALUNG DUE YEAR Group Group 2022 Chffty 2023 Chirlty 2022 Amounts fa#ln9 du• Tlthln t)n• yw. Trnde debtty8 Am(yJrrts o%%vJ by Idknwgw undwtskn ¢)thar debto Prepayments acU 58.711 270,617 8,829 24.C 188,413 293. 635.859 244,842 212413 In th• yo8r endwl 31 Oecanber 221. sutsKfwy. Saatthl Galery. London L¥nW, rw)rd•J an ¢)¥erp8Ynt ofa loan balww of£226,289. Thrcvahoullhat F•n¢yJ aThJ thè Ferirth attpts hwj b8en made ¢0 the overpaKfj bala and in May 21r24. balance wras repohl. The provlwn put in pk8ce for bad and ¢YOUl debts of £226.289 wa5 reSed in the 223 Ants"rrfJ thu8 thè nèt balance in the finanaal ststements £226,289 {21)22'. Nil). This wrtu bo to nil thè payment is rglected in the 2ff24 finaxèl ststements. 291Page
THE SAATCHI GALLERY. L(IN()OP4 NOTES TO THE cls0uDATED FINANCIAL STATEMENTS- conunu FOR THE YEAR ENDED 31 DECEMBER 2023 16. CREDITORS AMOU•trs FALUNG DUE WITHIN ONE YEAR 43mvp 2023 Charfty Charfty 2022 2022 Othertsxalknn eooal security Dolerrad Inrne Tr18 cr8dlto 30.222 584,555 244,685 391.7 635.891 308.340 1,145,938 5,740,853 145,118 831.091 2,345 S45.QC 21 Aruel8 I27.5 AMOUNTS FALUNG DUE AFTER IAORE THAN C4E YEAR Gvo 2023 Group 2022 ¢h•rlty 2023 Charny 2022 Other crnditors 4497113 4497113 Other cr8dtor8 than on• ¥ThJ mcn than ore year indudo b•larth ¢)•J ol t4,834.379 In mspect ol TW •rreorn. Th1$ amtyJftt18 bw'rq w8kJ thrnh rth)nthPy r4>8Ymts t1 vdug 0112% of thg comFeny'ts tumov8r. 17. RELATED PARTY D18CLOSURES R•mun•rtlon of k•y rn#n•9•Thnt p•rnonn•l rring th8 acojuntrrp perk)d. the Chentys tradiro wld10ty. S•thi Galknry. LoTrJon Lknw. mgd• p8ym¢nts of t217,(Q812Q22.' £177.7501 to Jet Liniw, • ts)rfwrry In¥dJ In Kmo of provldkng manWnI and overht th• Chwty. Th• to181 •))pknym)I pd kn ery10 I>1d Koy M8ft8gThnl Pwsorrnl •r• d18¢k*•d In Not¥ 10. 30IPage
THE SAATCHI GALLERY. LONDON N(¥fES TO THE CONSOUDATED FINANCIAL STATEMEMT3- contlnwd FOR THE YEAR ENDED 310ECEMBER 2023 18. RECONCILIAMOM OF INCOME TO NET CASH FLOW FROM OPERATING ACTMnES 2023 2022 N•t In¢t>M for th• T•rtIng p•rfod la• p•rth• Slat•Mw0f FIAwndal Activitiqsl AdJu•tmwrt• for. Amort8I'on WKI inpglrrnent of Intangde 886d8 Dowpdallon aNI Impafmienl ofkn•b18 fued ass•ts s.374 4.765,987 3,NJO 15.319 Plov•mnt• In wryklng e¥lta: Decrea5ellincre8sel in stoc D8crg8sellincroaso1 Sn debtws {D8ue&8ern in Lyodrtors {34AJOI 1472.9TII 11228,2431 16$1.3831 19,932 1.391,484 11.907,0081 11.926,5831 N•t #h pravld•d by opw•don• 1386 2301 2 362.111 ANALYSS OF CHANGes IM NET FUN08 At 111123 Cash fiDW At31n2R3 #fv Cash at bank Tolal STOCKS Group Gmup 2022 Char Ch•rlty 2022 FlnLthed grAé8 and good8 tr r88a 21. DEFERREO INCOME Group 2023 Gvgup 2021 C1 2023 Chrfty 2022 1 145 938 Deferred In(x)mg ra Indd In therma statements 88 fots.. Grylup 2023 Group 2022 harity 2023 Charlty 2022 Deferred at 1 J¥nu8ry 2023 1,145,938 {1.145.9381 3.072.521 13,072,521) 54S.CLQ 1545,CWI R•sourc*d deferred In th8 1145 938 311Page
THE SAATCHI GALLERY. LOIIDOM NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- FOR THE YEAR ENDED 31 DECEMBER 2023 OPERATING LEASE C¢)IAMfrniENTS At the repcting end dale the thaty h1 rdn9 fxffimits foTfubJ8 Mkn1jrn paYrnts urnler non. canc411ab owatiNJ Its, YthKh lal due as fomovts.. Group 2023 Grnup 2022 Charlty 2023 ChaFIty 2022 Withln one year 1.500.LY 6.Ixo.cAI 10.791,070 8 961210 overfw8 y8arB 12719178 212522 MEMBEifs LIABIUTY 11 Iho chamty L% rJund up. Ihe mwr4>w5 of the (*ffj rK• Ilabllty to lo Ms 8s$0ts 8nd pwsonol rosp&bilIty for setllThJ rts d9bts orrfl I.1$6. MOVEMEIIT IN FUNDS At 111123 In fund9 31112123 Unr••tdci•d fund• Unr8slri¢t¢d 9•)trr4 fwKI 237,M21 IM.J74 11,J493B81 TOTAL FUND8 Ng1 W¥•ml in funds. Ind$ In the as IwxrArvJ Rewurce8 Movem&nt fd8 Unr••trl¢t•d lund• UNastrfciÉd ger Iuhd 888,374 TOTAL FUNDS .765 CoThrf>•vad¥tt lor ffth•m•nt In fund¥ At 31112122 At 111rr2 In funds Unre8tri¢tod lunds unrestred fund (7.LW.6491 4.765,987 12,237,e821 TOTAL FUNDS .C#)3.6491 4.765.987 (2 237 6621 321Page
THE SAATCHI GALLERY. LONDON N17fES TO ThE CONSOUDATED FINANCIAL STATEMENTS- contlnuod FOR THE YEAR ENDED 31 DECEM8ER 2023 24. MOVEMENT IN FUNDS. cofttlnued Comparal¥o net ftM>v•t ki funth. li the osfoknm: h)coming Resources in fund$ Unr••trithd funds Unrestrkbj fvnd 8.2s5.7 (3,489.7071 4,76S,987 TOTAL FUNDS (3 489 707 4 785 987 A Djrrent ye8r 12 rrKfft 12 o)mblr•J 15 8$ fdlrrrts." Net At 31112123 At 111122 In lu10 Unrn•trfctsd fvnd• Umstricted g•nor81 lund 17.(X)3.6491 S,8s4,l 11.349.288) TOTAL FUNDS CQ3 8491 5 854 361 11 34> 288 A ¢uffwt y•ar 12 monll 8rAI prtor yew 12 rx•nbwd rrTh•M•nt kn fvndg, knrJude4J In tho abov• are 85 lolbvA: Inrxrfntrs R•swrce8 IAovam•nt in fundg Unr•Itrfct fund• UnrnS1r 9en8ral ld 16.909,816 111.2e6,1821 5.854,361 TOTAL FupxIS 18 909 818 I112182 5 654 361 25. CAPITAL COIAMrrMENf8 At the Btht Sh•8t date. ts c4nnY h1 c¥plt4 ctynmlknenls T•l8tyvJ to propety Imyownont worft vthlch W88 complet•d in 2Wd4. ThOEe tt•nm6tmwts wè c•ntrthJ for but r<1 yat Irwre•J as rf 31 08wnb8r 2023. The nrjunt In¢yJrrd •¥J poit B•lonu• Sttht dakn was £1e8.382. 26. EWITS AFTER THE REPQIrnNG DATE On 15 2024 SG Truthe 2 Liffited rosgrd wilh Matthew James ¢>. On the 30th August 21r24 SG TrItee 1 re54 ond th)hn Ch•*5 G¢¥)dthl. 331Pa96
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