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 st￿nI
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
mIlKc￿S ofvI￿l￿S to its PTemi8es. ho818 th￿SandS Of￿ 8 Ca)mrnunty ￿ch yaar and has bullt a soclal
msdla ftll(wSrrd of rniNlcry V￿￿kknde.
The Gallary operat¢$ wilhin a thallenglng Mat*etp￿ ¥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 a￿SId• t¢keied exhibitlcmB C￿ its uppar f[￿￿.ThIS
mixed model enr￿14983 iffpL￿Se & rBpeat to see a ch*ylNJ 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 $tr•kn3y
r¢mainB und8r ¢on*ant rovlew In torm$ 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 thrO￿h to May 2023. Our Sufflmer exhlbttlon, CNilizatiort. mpied th8 flrnl
Jecond floors from Jun• to Septwnbfrr. The annugl ky68￿1thn ofth& RHS Botan￿1￿￿ a PhotowaphyExhlblllon ran
thro¢gh Juna ￿ th• Grujnd Floor. FthaNy, ￿ closr*J the year with tt¢ket8<1 exhibltk)ns M ¢￿T uppw flocffs. Chrt$to &
Jeann￿lat￿.. 8¢urKW888 ocwd tha 9oler185 on ￿ Fknt FhJy and ff Now. ￿n? Was Instslknd in ow Soccfid
Floor 9allerf•s.
Acrojs Ihtsse slx •xhlblllons th• G8ifery pr•￿ted a dtver8e of arli8ts, modla. thrn and Idao$. The NewBtsck
Vangu8rd thampioned the mtlvty ol B19¢k photogr8ph•rs. th￿1 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 $howca¥g of
street art. gr¥ffltb. hlphop, punk, str￿t ff88hlc￿ and ￿￿5$ 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$ laalu￿d grh*yk$ rarety h) tho UK ¥bout the of waculon￿8 of laTgè.
scale (￿cept￿al SnstsIl8￿￿n8. Th G•lknry partner￿ with Hopkn￿rth Wakollwd. to pr888nl On expand&J Itrtion of
txhibitljn IINot Now, thn? whkh 8hcNKaG•(l tho r¢mwkabl• and undar-0pp￿8t0d wc#* of fefflalo g¢uWors ba8ad In
the UK frcrfn 1WJ to 2023.
Throughoui tho yew. the Gallory alw w88entwJ a rt*ation c* vn*ller exNbl¢lons ￿ ils Grcwnd FkA¥. Th86• frae4wnt•r
xhlbltton8 I￿ud*d mU￿pIe grcwp we8ent•tkn$ ol wort8 by 8mwglrwJ telit 8 c4118bcY81Son wlth thtr Embessy of
Uk￿One reguhed In a presenl¥kn oftha of IAarb Pryrnthko speciawy Ihm to the UK: ￿SentatI￿$ of wovk$
by new artists,. themed presenllng wo￿3 ty p￿1￿Sty mar9inallzed arbsts; and prwentations such a¥ ihe
annual M8C Saatchi Art ft>r Charge Prfze. E￿h ofthese shm Y￿￿ete￿ COVWO99 arHI attracieA1 dNerse audiene•8
lo th* Gallery. As part of Its parts￿h1p wlth the Royal HorI1￿lIu1al 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(￿1￿933 gal*s. We C*￿i*l to reckn sinxYJ ullk81 and publlc pr¥18a lor the exhlbition8 W&
have held b)th inside th• gaI￿ry and out>de.
31Pasc

As ov•r. w• r•main •xc*•dingly grat•ftd to our sP￿s￿ patrthis. comm￿￿ d￿ttab￿ partnws alltrw us to $0
P05itNdy impact so rnany lives.
ij
Ilk
UKw4
13CSaathi OwArt F￿￿￿P￿tI
oc4touroflfo RH$B(*•￿￿￿ &
hyE*h￿th ￿ tyH••J cl
The Gallo￿8 prfmory oblactlve Is to pro￿d8 ac￿sS to eontempfnry art to all and share 7Mih our I￿1. re9knal end natthol
communi11os the cyportunlty lo expbre. Igarn and gngage with art. In 2019, Saat¢hi GaI￿ry became 8 wi$l¢r¢d charity in
or(ier to lurther expan¢J tsJrcommllm•nt lo surw*rKJ 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 cunrTh*ty•l •thvth8.
The core activity of Saatchl Galkny. over its n8aty 40-year hist￿. tocuses cffi offeriryJ urrwaverlry 1upF￿ ￿ •Mgrglng
Conl￿p0r8ry 8rt08ts. wlih a strong ¢ommthont to ￿p￿t'n9 Y￿n9 Brfush arllsts. S8alchl Gallery has an eXtr￿*1Y hhjh
rwnluon factor amcfflgst Ihe FKpuIBOon and 8 o¥ew3eas. as SUPPOrt￿l by our hl9hly p¢¥Jular
cfflline and sodal rn￿￿a follrMfiThJ. For over 12 years In Its curTeni Chejsga [￿￿866, Saalthl Gallory hag bocome 8 plvotsl
hub local. dty. nalond l￿d 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 gr￿￿rg
Thè Gall6ry Is comr￿lled to devefoplng opportunliles for d88per engag￿1 sd)00ls, cc41eges. and unlvarslues by
provldlng fr80 or $ub$ldlsod to our oxhlblfjcry gs wdl as tslks. tr￿r$ cTraUve 11￿￿5hOps. 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•fflp￿ry •rt and to and h8rd.t(￿re8ch aud1•￿8.
Thè Gallery's leaming prrMJramm85 are d￿¥aned to revea tho pti8siblth8 of*tslic ex￿8•¢￿. 0ftc￿ra9e fresh th￿9h(
and Bfjmulats Innovallcffl In vlsltors olall ago9 arKI bac*wnd.
S8atchl Gall$ry therefore c¢ynpl•s fulty vAlh the Charfty thmlwM's ￿ldanc8 ￿*4￿ b8ngfft and legal obl￿all0n$.
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$.
The Charity WMI 98nerat• r8¥enu• frcffi th• foll(Ming arth￿￿.
The Char1ty y￿1 seek to m8xknl88 rtvwue 8819$ to 8*led 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 frc*n c¢xp(xale & fwndallon patr￿. exhltrAtlc￿ sponsors a￿1 the ger￿￿1 public M￿ber5￿p
scheme.
SAATCHI aALLERY

Cc41aboraUons with exNblUon aThY SUPFortiry d¢JMy¥.
The Charity maa$tns the SLhxess crf its w(*￿Il￿nry aThJ Irlliatsves by re¢￿￿kn3 attendaneè fvJures and
dtfferent mell)ods of feedbaek to assess the demcYJraFthic wofiles of its aLKfims. QU￿rta￿e￿. the Sallgry also measur88
tho depth of eng48m8nt 5alsfaclon amtywst vw10￿ and parlopants d its leamlng prwamm•8. Revenue,
m8rgln. and profft C￿lIn"but1(￿ for all revmue stre&n8 are monitornd d¢)8qly.
In 2023 ts oryanl8aOcffl ccmllnued to Inv6st kn its oye o¢lbhli85 with a vi&* to •stsblshirvJ a IMp81Th of futur• pr*cts &
Inlbottv¢s that WCAAd ddlv•r on its chaiitat48 9oab WKI pro￿* cyprytuM•s for revenue generatkn. As the threct effects of
COVID redu¢e(I, the Gallffji lo Its auther#>$ and evrAve its aFvroodi•B lo its events bjsiness
partnerBhlp slralegy, programnwu *rnlegy and fflanwn￿I ofoperdVon&
Fundr8lslThJ vd a revenue strnam utilised by Sg*hi Gallery. both from org¥nlsations arKI lThJlvkJuals. Small scale fundrBlslng
takes ￿ace through donat￿nS in ts p￿rnIseS aThJ online. th& average 8lze <hJnaUon 1$ £3.$0. Large scale fundralskng,
prfmarfty tsrgefjng bU￿neSseS 8nd o￿anIzatk￿s. is 1*1 by ow senior management t•¥m all aspects handl•J Irrtemalty.
In.￿￿8• polId￿ and arè U8*1 rgth•r1tt8n ext￿￿1 athem89. Fundr￿$￿9 knlllativ•s dlstsjts￿I and
revlewed c*7 a weekly ba￿9 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 n￿mb￿S ￿the wt4ic or vulnerabf& psrtth tr any
6Sz•8ble dongyons.
SAAYGHI GALLERY
51P8GE

Ap•

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 a￿￿nt 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 pOI￿Y has been cx)nsl¢Jered by bwstees 8nd w￿1 ￿ updatsd ￿¢0 the aCc￿￿Ulated defldls of £1.3m12022.'
£2.2m) have been erasod, which is th8 inilial ot4ectfft. Cy1￿ th8 a￿Umulated 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 pwrom￿j 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 parhwsh￿s IrKome whlch Is on Ir￿￿$try w6de Issuè but pariicularfy
•ffe(knd Ihe l•l•r part of the y99r Partrnrnlwps re￿)u? pby8 8 key asp￿1 in th• quality of exhlbttlrms the organiSa￿On can
hc4d. thls kn turn has an ifiwt on vlthr nUrnt￿3. ti¢k•t salos, rots11 Tv4onw •t¢. As s￿h, In 2024 ond 2025. a Sp￿18[
erroh8d8 h88, and WMI. b• pIBc￿l on rmifdng a 10am thÈl ￿ drlv• thLq key M•nuo lin•. In 8ddltkn, ¢o8ts wll be caTe(uk
consklered gnd 8dlu8t•d to gult th• Imr r•￿nVe wr*irm$ 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 or9￿4$8￿0n may kn.
Movlw Into 2024 2025. Sg4t¢hl Galkny has a wld• rawe crf ￿1and￿vj exhltrAUon8 to be held vthK* wa hope.
Bayèd on th• f8¢tors rèferred to atov8. Ihe Tmstses have ￿a5(￿¥ble expec*atkn thal th& gallery wlff conilnue lo operate for
the foroswble hjture and at l&ast Mc￿thS frcfn Ihe date of apF¥oval of financial stalernenis. As a rn￿[1. Iho
n4n¢l81 statements been PTepar•d on a gc¥ny ¢￿cern bas1$.
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 Partn￿shIp
the sludlo of E￿ard 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)rtiN￿l with attarthn to i$suo8 of
contempLvary r•l•vance and Imp￿tanCe.
Our kèy Co￿1• palronB In 2023 Induded.. M&C S8•l¢lx IPriwl Patr￿1. Eur￿*￿. Ch•mw3n• Pommwg,
Led8 HtXel8111 Cadogan GOI￿$￿ 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 t*8bsOte.
perfod covered in those awounts. inAwust 2024. two Tr￿109$ added two Iwslfjes rgsignirvd
INole 24). no tru8¢ee$ are eMs•ged at tt* tim• (rfT*ffiling any dwrvjes to the Twstee Board. Should this dedsion
changa, tho Iru$lges wlll ￿￿Ider and agree thè b651 I￿￿11ment strategy. Should truBtees be appoint8d they wll
undertake a 2 day trainirvJ 8e8sk)n from ¥wl¢Y managem8nl befor• addthwl ad ho¢ tralnwYJ relaling lo SpeCK￿ gfgaB
Iden￿thed Sn thè inhlal Iraining program.
The Trustees ¢onUnue to r•vknw mld- and 8erlcY lthffjl s*art6s lo ènsure best value 1$ athieved. Thè trust￿6 mèet at least
four Ilmes a year to agr•e overall Btralfjgy 4TrJ p￿￿dfr dhcllon support lo tho management tgam. TNsl805 al89 mako
them6e1￿3 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 Ot￿r $￿SkIl8r￿a8 •xIBI.
10IPage

TRUSTEES RESPONSIBILITY STATEMENT
The Trust￿$ of The Saatchi Galary. L¢¥Kk￿ are responsible tr ygpaihig a Tn*tees'Annual ReNJrt and financial
slatements in acurd8nce wlth w1￿￿1e law aThl Uniled KiNJth)me Standards (United Kingdom Gen•raNy
Accepted Acr￿￿￿￿n9 Practin). incknjing FRS 102 Tr F*wKial 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& resour￿5 and apF*ation 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 P￿￿pIe8 In ihe Chantie8 SORP..
Make jUdtyT￿nt8 arKI •¥timth that rea8onabl8 and kvud•nt;
Sialo whethgr applk8ble im< accounting slwMl•rds havo bèen 8th1￿1 lo •ny m*t•dal dyrtwo$ d18d0￿d 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 respon￿bI￿ for ke•wng adewate accwnting rfj¢(*ds th81 diKlose rea60nat4e accurate at any Iwn•
thtr financial posluon of the c*afMy and the group. to enab￿ th•m to ensure that the ffinanclal 8talements compty wth th?
Charttle8 Act 2011. They #Te also respon￿ble 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
LC￿dOn
SW3 4RY
Charfty reglstralk*n nun*6r
1182328
Bar&e
HSBC UK Bank plc
1 Centenary Swarn
Blnnlngham
81 1HQ
SdidloTS
Bryan Cave L•ightcffi Paknor LLP
AdolaKl8 Hw80
L￿K10n
EC4R 9HA
Aud6tors
Slndalrs Barlrum L•m
3U6 Llmo Street
ec3M 7AT
Th• tharfty tvustees delegatad dalty man4￿11 dtho to Paul Foster (Ga1￿ fAr0￿).
c￿tact detall3.'
aul
saatchi
At 31 D•¢em￿r 2023 Saatchl GaNery had fw T￿￿t￿. 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 I￿r Tfustees: Johan Ehsth. Mayn*d fvkL•r￿. M8ith*w Owrtn and Jofin GO￿ll*l1d.
The Trustees. R8pc*l was 8PFrfOV￿ &thorized by the TA￿t￿$ 25th October 2024
and signed on th&r b¥holf by."
Mr J Ell••¢h
cr￿lm18n
SAATCHI OALLERY
121 P P

INDEPENDENT AUDITOR'S REPORT
Oplnlon
W& hav• aud6ted the finwKio1 $l•toment8 ol S8atdM G*ry. LoThJM (tr•.￿rent TA￿￿) and subsl￿WIeS (the
up'l for the year 31 December 2023 vhlth ccryrfso ¢*n￿l8t0d ￿teMent offinandal adiAtI88.
sdld8tsd balance 8h881, con*hJg18d c88h 3tatern￿, tharity balarw st*ot notss to tho finanaal
ststem8nl¥, si9niknnt acuunvng pcAicies. The finar￿￿ rnwting framthvork ihat has applied Sn Ihoif
FrnP8rn￿0n Is applIcab￿ law and Unrted lQngdcffi Acc¢unlln9 Standard8, Incl￿￿ing Flnanclal Reporung Stondard 102
The Flnanclal Rep(#v￿ Standard appbcatslg irt the UK 8TrsRepu￿K ollreland IUnrt&l ￿ryd¢m Gsn¢r#lly A¢￿pt*d
ACLWn￿n9 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. i￿aUdIng Its Ino)me and exwdrtLrro, for tho yè8r Ih•n ènded;
h8v• been properfy prepared in o¢¢othn¢o Unitod Klngdom G￿•￿IlY AcceW Al￿￿nt￿9 Prac*e,' and
have begn prepareli In acciYd¥nce wllh the requlrgmenis of tho char￿e8 Act 2011.
Ba•18 for oplnl¢
W• ¢cffiducted ¢yJr￿dIt In acc￿d9￿ vthh Intwntition•l Standa￿9 M Audttlng {UK> IISAs {UKII and app1k4￿8 law.
Our mspons5bSlltl85 LI￿r Ihoie 8t*vJwd8 fixth•r d•xthd in tho A￿*10￿1 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 Ih*l are r•levanl lo our a￿111 ol th• 8tatenw)ts In thg UK, knclLAling the FRC'S Ethtal
Standard, ¥nd we have our oth•r 8th1¢al resp￿511111￿.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 ￿n￿rt•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. t￿30th¢r *41h the other mattern rnferrad to in rote 1 fln•nd81 $￿t￿￿nIs. kKlkata that a matarfal
uncertalnty •￿str that may c*st sigi¥kart do￿1 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¢)nra*led that th• trustee¥, u¥e of the wiig o)nc4m basis ofaccounting
in the preparatKJn ofth• finanrial Statern￿ Is app￿*￿at8.
Our res￿￿nsibIlitieS ar*J the res[￿s￿lI￿S crfthe trU￿ee8*1th row to 9LMNJ are deK¥ibgJ in the releV￿t
Ions clthis rem.
SAATCMI GALLERY
141Page

INDEPENDENT AUDITOR'S REPORT
Other Inforniatlon
Th¢ oth¢r inforrnathjn c4JnFtso¥ thg InfrTh0ti￿ hc1￿19ts in the lJusleos' cthor than flnondal
statements and auditorf8 rewithereon. The IN*e$ 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(￿Us￿1n
thereon.
Our reEponwblllty18 to rgad Ihg othw knfCrfm8u￿ and. In 80. cor*4(ler wh8trwthe othw Infcmiation L8 materfal
InCOn￿Stant wth Ihts finarwl state1n￿ts ly our obtained in the courBe ofth8 audll cy otherwlBe app8ars lo
be mal6rfally nl$8tatsd. 11 ￿ i¢Jentlfy such malerfal IncA￿S1918nd88 or apparent matsrlal ml6d8temonts. we are rnqulre•J
to detsrnln8 thher this givgs to • mat•rW m￿#181•￿1 In th• fin￿1•[ *•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 Dec*mb•r 2023 And thus dld nct ob8w• tho
nllrYJ ￿ phygkel Inventorf88 08 thè of Ihè year. Tho sto¢ktak• waJ not ￿tt￿d0d t￿1 ¢M D￿nIOn15 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(r*ing matters kn r•lallon to whkh thè (Accounts and Report8)
Regulatlons 2008 require us to r8Wt to you rf, in ￿r￿n1￿..
th& Inforn)8tion glv•n In tw81￿8, 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*& r￿d8', or
w• h￿¢ nrA rtwved all Ihe Irrf￿rna￿￿ explana11c￿3 we rnqun for our audit.
RMp0n•lI￿1Ifl•* of tru•t•••
As explainod more fully in th• Iw•t••s' r•Spon￿bIl0•• *alw￿lS61 +xrt rffi ...]. Iho trusleo8 arn reoporrolblo for
th• pr•paratlon of th• ffinartial stat•m•nts and fr* b*ng sAlisfi•d that th•y tru? arwj fair vivw. ar￿ for such
intemal c(￿trCI as the trustffis d81ernine Is n￿eSsary to anable the prq>ar8Uon of financial slat￿8n￿ Ihal arn fr
from matsdal mbB8tstsm8nt, ￿ethor due to frwd orwTQr.
In pryaring th* fffion¢4al statements, the trustees a￿ reSpOn￿ble fDr assessirvJ Ihp gffjup and parent thaiily'j abilty lo
)ntinue as a goiw r￿ceM. discb%ry, as apFli(3ble. matter5 relate￿ to golrs conc4m and ugrvJ the going concem
basis of accoUn￿n9 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 rnIp￿s11￿IltI•S lor th• audlt of th• financlal slatsm•nts
W¥ hav• b•tsn ¥rpoint•d a$ a￿lItOr 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 gUa￿le& that an audll condutaed In al￿ar
with ISAS IUKI will aKYays detaet a malwial mls6tat8nwtwhgn It eXi818. M18Btat￿ts 0rt8e fraLt(l or wror
and are ￿)nsIdered motwlal rf. indivNJualty or in the uggrEgats. tlw ￿UkI reaSon￿ty Ix exp•thd lo ufflu?rui the
onomic de£is1￿￿ of us•rs taken on tha basis 01th￿ thandd Slalam￿ts.
Irregulorlllos. IndLKllng fra￿1. ar• tnst¥rK•8 of nonwcornplwnc• wlth tsw8 arKJ regulallon$. Wa d*Jn woc•Jur•s In Ilng
wth our rosponstbllhlw. ¢xrtlknod ab￿e, to det￿1 mgtwl81 Nl88tst*nents In res￿1 crflrytyulath88. Indudlng fraud. We
th8n do￿gnad and pfjrf0m￿ oudll prrxwJur•$ 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• On￿ty ¥nd d•t•nnlned
that the most 81gnifi¢•nt ore Unhed Ki￿10M 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 s￿h laws And rtyulaoons by dI$￿￿'0n wilhin ihe 8LMlil tearn and basad ￿ the rowlts of our risk
08808smenl. we degigned our a(•Jil l￿edU￿S for each sKUon of thè audit to kkntify ony such nowompllanca. We
• not M5F￿sIble for FYwenlrvJ n￿<0mplIanc* •nd ￿not be oxpwled to detect ntsn-compliance 7MU) all law8 and
r•gulattonJ- tNs rngpon8lbilty lies mon•)￿7&￿ with tho ovo1￿1 of th• Trust¢88.
We 8s8•88ed the rfsks of m8terl81 mls*atement In r•spxt of IrregularrbOS. IKI￿lIng fraud. by ¢ormp￿LI8nce wmh I
Tru3lees, ojnsiderntw of the procedures in pl8c• lo dO￿t IrTegularfU89, Ind(Kftn9 frèud, 8nd revk*v of the TruBtee
meetlng mlnutes. VV• thpku￿d these rth wNhln the audit team aTh1 Kl•ntified and tsrp*d any higher risk areas w*h
8pedflc audh t•sllTra.
Tho oudlt ewagoment pfirtnw c*Mldew& Ihe teaffl ccthbvdy W the apprcprfats (#)mWonce and ¢apabllliies to
rec(>Jnlye non-C(>np1ia￿t with and r•wlatson8 and Alentify tr￿K1
Our 8LKfiI procedur￿ Induded..
. ¢tynp￿tsng a rtsk.asseSsm￿I prDfW our tthnlng fr* thls •Jdlt Ihat Sp￿￿1￿MY c(X6K1èrod Ihe rlsk offraud,.
. errf4uiry of man￿err￿n1 *out the dlaritylgmup's Wties. prc¢edwts and cg)ntrrls rryarding ccffnpliance with
laws and rvdulatiws ond rfthere are any rA non-¢￿￿18n¢e.
. examlnlrvJ sworiing <knJments for on ffk9knial bthces. tr￿c1Jor0 and dtsdts3ur￿:
. enqulry ol management. abc#rt Iibgslion claims and nsp•clI￿ of Correspo￿￿.
- analytscal prcG*Jure$ to i¢Jwttify any unusual or unoxF￿￿ rela1il￿5h1Ps,.
- 8pecinc audii testing on and revlew of areas that cwld bg subieca to management ¢)vqrrith of ￿ntr￿S and potential
bias, nN)st notab￿ arrMJnd the key judgments and e5tim¥tes, induding th¢ ¢oryitvJ value of ￿CrUa1S, provi￿OnS,
8AATeHI IbALLERY
161P¥ge

INDEPENDENT AUDITOR'S REPORT
investments. rw•rabilty oftr*l• dabttxs and rWnitM￿.
. c¢nslderfwJ m•nag8m•nt ovérridè oftsjntrcts ¢xthd• oflhe r￿)m￿ opwaliNJ cydes hth11rYJ teslTrJ the
appropiiateness af Joumal entries reC￿ded 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 lkntt*k)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 T￿￿ted 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[￿ Int￿1￿41 C￿c￿lMont. fonjwy, cdlu$k>n,
0￿8￿10n or ml8repYe88ntalkn.
A futh•r d•8¢rfpll¢m of cwJr r•wn8lt4rf1•5 18 avallabl• ￿ th• FRC'S at
ofour r•port
Th1$ report is made soldy to the ¢harrty's Ift￿1*￿, as a body, In I¢￿￿8n¢t w6th P•Jt 4 ofth• Chor￿￿ (Accwnts Ind
R•portsl Rtgulathons 2008. Our I￿￿rt work has bew) undertaken $0 that wè mlght slate to fv ¢harfty'8 tnJ8tee$ tho
matters r￿￿Ted 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 a￿UMe 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& Str￿1
Lond)n
EC3M 7AT
Dats...4..1.iol.a.oa.4
Sinclairs Barlwm Lwner is elvJible fry •￿A￿lM￿t as 8ud*orof th• cPwity by v￿lu• of rts dgI)Ilty for 8ppointrnent as
audllor ofg cCxm￿Y 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 a￿1 legacies
Charitabl8 Advit
Oihor irwJlryJ act
60A1
6M46.098
1148A32
156,572
5,518,340
2.580.782
Total
663
• 8255694
EXPENDITURE (IN
Rolsing fu￿5
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 cAR￿e0 FORWARO
349
Th• stalem•rrt crffinandal xlMlle6 IrKlud88 811 goons b$8•s wnlg•d In t￿Y￿aT. hjl Inc(Thand w￿ditUr• d•rfv•
from ￿ntin￿r￿j a(*vlt
181Page

THE SAATCHI GALLERY. LONIKIN
CONSOLIDATED BAL4P4CE SHEET
31 DECEMBER 2023
2023
2022
Unr•strI￿d Unrestrtcbj
fund
fund
FIXED ASSETS
Inlanglble ass
Tangible 888ets
12
13
6,250
9,250
186A20
48,450
CURRENT ASSETS
Stock3
Debtors
Cesh at b￿k
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 *JttrK*rised for on %.S.....Q..¢*.Dbu.. >c)24
and w•r• 8h3n*J 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 b￿k
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..
un￿￿tricted genord fund
196 174
TOTAL FUNDS
195 174
Th8 stalam￿ts V+Wè wpmv¢d by tho eowd of TnAtOOB 8￿n8•d IBSUe on
and s￿nad 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 •q￿l¥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
ChA￿ty Inf0m￿tIon
The Saatthi Gallèry, London is a c4witat4e owwlsalknn r*thd wtth the Charity Crynmi5slon In
Engknd W8kn {Charity ￿. 11823281.
al pr•p•rfng th• fln•nclal •tat•M￿l
The financkl stal￿ents of ehaiitsbk e¢xnp￿y. &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
R￿0MM￿d￿l P￿te* aOKable to chanties prepamg Ihe*aLwunts in accY)rdarKgw*th the FSnancd RekK•rtSr
Stsndard ￿pp1kab￿ In the UK and Républic of {FRS 102) 1 January 20191,, Finandal Reportlng
Slandard 1￿2 The Fin￿￿￿ RW6ng Star￿ard a￿￿bI* li thè UK * RÈpubkc of Ir•￿n￿. #nd thè Compan
The fin￿d￿ 51atemenls 8re kyyed in slwllng, 1￿cl￿)￿l ￿[Tel￿oI￿*￿*sty. Monatwy amounts
In the80 fina￿181 8tatements ero rouTrJ8d to th8 neargst £.
Thofin8rthl stotOffWts be￿ underts1￿C*1c08tiY)n¥Onkn. Tr*Prfr￿￿8 polldes
adopted as set ojt bdow.
Golng ¢onc•rn
At the year •nd tho gr￿P had nat IbblNIo8 of £1.349.289 I￿22.. £2.237.e621. AB eX￿ed, th0 9roup has
p￿lMi￿ deS￿e 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 bkx*bu6t
'Beyond The Stroetg, 6xhibrtkn but d8din•J in ihe lattw part ol the yew a5 the c￿t d living Cr￿•5 continu8d to hil
dlsposatle Income. 01 pa￿￿81 not• Ss th* d¢dlno In porfnorBhlps IKvme Is an kndu$try whJ• Issua but
parUc4larfy •ff8ct•d t￿ Lqtér part of lh• yew PathernNps re¥enue playg 8 key In the qualty ot exhlbitbJn8
thè org8nisalkJn ￿ hc4J, tlw's in trjrn has an wnpacl on visthr nthnbern. Ucknt sales. retall revenue etc. A8 such,
In 2024 2025, • Special wnph&sts has. ￿ wll. b• p18c*d on rat￿￿n9 8 iè&m that can drtY8 thks koy r8V8nu8
liry). In additson, costs wll be careftAty t>)Mfd8r￿l and •1jusW to suil the ￿￿)yO projethons Irom our
p¥rtn0rnh* toarn.
Saatcfl G811•ry eorfrwJ¢s to havo slrryy 8VPFOrt from Trts st&￿d￿r5, InchJdlrKJ ¢tM)s• tt￿1 fc¥m the bulk of
th• c()sts lor the oru#nls•tion, and IB In regu￿1 cofttOLM w1th iIK*a stakd￿ld￿$ 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 TnA*es 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• flna￿la1
ststern￿ts. 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 r￿JeC￿l￿e¥.
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 I￿￿ed.
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.
L￿￿168 ar8 rwnis8d on rwAipl or thernise if the has t￿n 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 conling￿t 8$80t.
Sponsorship
income ts rewJnaed on a stfagm liM ¢¥èrWw length ofts or*ra(ato refiect thgwvirm providèd. Ev•
Incom8
Is on thè date the ebyrt tskes ol tthls. LxxJk5. metchandtse a￿ rwnised vthen
th8 g¥)o(ts
are P￿K￿Y tr) the buyw lo the tr￿sts0ftr￿ rtsks and r•wwts of tr￿er$h#.
221Page

THE SAATCHI ￿LERY. LOMtX)N
NOTES TO ThE CONSOLIDATED FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEPA8ER 2023
ACCCxIP￿wG POLFCIES. conthiu•d
Exp•ndlbJrn
'IMs arè rèccxdnBe(185 expenditfftas sc#M as th￿e isa or￿r￿tructIve 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 w￿lI￿n9 •&h aew. Di￿1 costs atr*)utablo ￿ a ￿r￿j18 ar•
allocated to Ihat Shornd costs which Q)ntrfb￿8 to nv)fe one &tivty And support Costs
are Th)t 8ttritrNJIab￿ to a siftg￿ *Aivity are appjrtbjned bethhwn th058 on B basis conS￿ent wlh the use
of reS￿r¢&S. Cantral slaff (x>sts ar¢ ￿ll￿OI*j M Iho 1)a* of timo depr￿atsOn 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 8th￿u￿t￿ rneasured at
tsjst ks8 ¥rc¥mulate(J Th)rts"satr)n a￿￿￿Ul81￿ Impalm)￿t lossw.
Inlangible asg•18 acqulr*l on bJ8intss e1)m￿￿￿or￿ thr• 5••ety fTC¥n #l the *ts]uts￿0n
dole ther• tt Is probabl8 that thg expeded future benrfits that a￿ 3ttrtb￿b￿ 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 COntr￿lU81 or
oth•r r¥hls.' In1W￿ble ￿et Is sepw8ble frrxn the entty.
Arnothsatkln ao as to w*r￿• off th• (yxt ty v*uatbn of as8•18 leos th￿r rnJSdual v*lu•s 0￿r 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￿ mea￿VIj at t￿t 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 Il*wnMne(185 Ihe dLfferwK• bkne￿ the prwwjs ?
th• carr￿￿4 Vol￿ ol I￿ •$8OL arKI the6tatWTWrt offinaKad
lffwalrm•nt ol flx•d •M•l•
At each repot￿ng émtè. Ihe charity the Carr￿Tra WTbxJnts of its targible and lntsno1￿e assets to
d￿t￿M[￿wheI￿rthere Is wy that th(6e assets havesulfered ￿ Impatrm8nt h)ss. tr￿ such IndScat
exi8ts. the rKover*le ￿n￿jnt of the 8s6et L8 esYffote¢J In 0￿r 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)mp￿te and sell. Cost cxjmprises
dlre(X materfab and. vthereappli(aI￿. labour o)sts and t1¥￿0Vert￿ads that incurr•d in bringlng
the stocks to thdr bcatk+n hok1 for disthbulKin * ro or ww)rrMn& o)r*ideratw are
m•asured the kjwer of rO￿￿rnOn1 ccst and cost
Net redwtAeV8I￿ is ts egtirnaled gelirg pTr* less all eglinat￿l 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 b￿k8, other short-tem) Ilquld
westments wrfh c#7g•)al malurrtse5 althr88rnonts or18ss. Bnd b£nkovwdr8fts. B￿kOVerdrafts w8shown within
ts)rrowArys in ￿ryont lia￿￿tio*
Flnanclal IMtrurn•nts
Tho thaiity h49 to •PFty lh• pmvisiom ol S•dth￿ 11 'Bas* FlnancW I￿lI￿rt￿ts, S•dh?n 12 '0tr
FIn4nc￿l In•lrpThnts of FRS I￿2 to 81 of18 •lthJm•ni
Flnancla Insirwnenls rwnLsed kn the bslarth 8h•8t ￿t￿n tr* thartty bKom•8 P8ty to the
o)ntractU81 pThisioM of the irfjtrum8nt.
FlnwKW 8888ts li•blhUo# Iho wr*Amt8 the fin￿1)01 ststen*nts. th8re
18 alogally 8n1¢Y￿bla 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 8￿m￿Nen8(￿sty.
Bpfjlc IIMncl•l a•••l•
Basic finanoal assets. indwlg debtor4 c¥Jh b￿k are Inrtkqlty me88urgd al tr￿￿￿￿0n
prfce Includlng tr8rts8&ion ¢%)sts are subsequenty Wrled al anKJrUsad cost using lh8 effectlve interest method
unkns th• arrangem￿1￿)nStrfth8s 8 flnendrw tron8th)n. ih6transacl#)n is rn6asur•J at the wesenl v81ug
ol the future r￿ipts discvurted at 8 ffiar￿t r*• of Inlw88t. Fknsnd￿ 4$8•t$ 48$8ffi•J as r•cav8Ne wlthln o
y•8r are not 8rnC¥ti98d.
BMIC fln•ncL•l Ilabllltl••
88sK finawA81 li8￿.1￿￿. Ind￿Ing uedrtor3 8nd ts￿k IniY81ty rwn6wJ 81 tr8nsactk)n pnce unlesB the
1*r8n￿m•nI ¢onsU¢utes a fin8noTrJ IransxtK)n. tho debt fftstrum￿t kn moosurnd at tho prowl value ol
the fLrture psym￿lS at a m8rt8t rat• of in￿￿. Fin•ng* IK*illbBs daswfi•J as wlthln
year ere not amrtised.
D•bt Instrumonts or¢ at al￿￿ti￿1 cost, thTrthe irter08t ralo rmthod.
Tr8d8 ¢xe<iiorg ar8 ob11gatic￿ to pay for goods or sffts that have been awlrnd In tho ovdinary c4Jurse of
operabons frcmn sUppl￿r$. Affl0￿)ts parab￿ are dassrfioa as current Uat41th9s W payment Is within ono yaar or
le68. M Th)t. they are pro8￿1•1 AB nOn￿r￿1 li8tr*litw. Trade ryeditors a￿ recDJnised inltioly at tr￿S8¢t￿￿
and subwuenljy rn•asur•J at wnrrft5s8d (x)st ￿Ing Ihe effocthfj int•r8st mothod.
D•MeognltlM ¢lflnw¢l•l lablltl••
Finanral ll•til￿N ar• d•r•cognlBod tho clwiV• tyJnts•¢tsl t￿119 or •r• (*bc￿r9th1 or
f￿nc￿lled.
Empl¢)y•• b•n•Ats
Tr• c£4t of any un￿d hold•y •nlllrnrt th ￿0￿rthd Wod In ¥thlch tr• wry*bya•'• 8•thi •r•
TermInat￿n knefits reco3nB•J Imrr￿dI9fety 88 ￿ expew when ts (*• Lg d￿￿￿$￿￿bty romrnw to
Ba•1• of Con¥ollda114)n
Th#se crxwlidated finanod slatemerts indLth the fi￿ne181 Slatsm•￿ of Saai£*i G818r. London (th• *•r•nt
charty'l and Saalth Gallery. LonO)n Lirnitsd. its 0￿1 tradirwJ 5uLsidi8ry {deia'k ofvthich can bo found in
rYAe 141. made up to 31 D￿9mber 2023. These finanri81 Stat￿nts c£nsdidate the ￿Ults of Ihe charity and its
vtholly oyM￿ subsi¢Jiary on a liiW4ne b￿s. Th8 tradng rosutt8 of the $ubsbJiary are d￿Ck)s￿ In nptg 14 to
these fmanual stattyx￿ts.
thè èxemplions in pw8graph 1.12 Irf FRS 102.
241Pagè

THE SAATCHI ￿LLERY. LOMDON
NOTES TO THE COP&8OUDATEO FINANCIAL STATEIlEl￿S- Gon￿n￿l
FOR TrIE YEAR ENDED 31 DECEMBER 2023
CRMCAL ACCOUNTING JUDGEIEirfs AND KEY SOURCES OF ESTIIL4TKIN UNCERTAINTY
In the aFvI￿a￿an 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 app8￿nt frcffl Olhw tsWr￿.
The estThates aTrJ ass￿lated atyjmptths are ba*1 on hkStor￿1 elw￿Ce and other faclor8 that a
consldered to b8 retovant. Aciual rewts moy drNgr frvm Ihw ￿￿rnal95.
estimat85 and und8thTr3 awrnr￿r￿s are on an or8olng ba&lB. to ￿￿)unti￿a •stim41•s
afy re￿d￿lsed in Ihe peri￿1 th6 estinate is ￿Sed where th6 revisw affo(ts only th8t pe￿d, or in th
period of the and fu1U￿ %thgTg thg r*4wn trfjlh ¢urMi •n¢ fuluf6 perw)d8.
tKINATIONS AND LEGACIE8
2023
2022
Don8Uons and gifts
Governr￿nt gr8rts
0,310
17.013
139,559
OTHER TRADING ACTMTIES
2023
2022
271.JJ3
IA71.867
334,033
1,899.708
Sponsor8Np frorn Pth$
25￿182
CHARITABLE ACTMTIES
Unr••lrtt•d Unrn•trltsd
lund•
IMd•
2023
2022
EXh￿￿Cffi 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
Expe￿51￿re on rni￿ng 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
R*l•lng Chthl*bl•
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}
F￿S pays￿0 to th¢ ¢tynp¥n￿8 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 D￿￿nber 2022.
Tru•t•erf
31 t)ec*rnber2022.
EMPLOYEES
The averwje rMntNy n￿b￿r 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
Pens￿n ¢￿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• pw1n￿lIS of£140,OLK) (W22.. 122.500}m m*S• to thoS•￿n8k￿er0d to be
koy pw8onnd.
l •mpbye6• the group ra• by Butsid*ry. w&ith •tAII w￿P￿y￿$ by the thwlty.
Th¥ Twat￿5 not pad rth rK*rth1 any dhei berth from emttyment or Ns $ubsldlary
the ye8r12022.. £nill north8rv**rB r•mt￿rsSd expenses durirvJ tho year{2022.' £nil}. No Tr￿tle r•c*N•
payment for p￿leSS￿onal orotsr 8upr4i&J to Iho Chffj12022". £nlD.
Th• Trt*t￿ rnalrtakn aullffj 4Th1 r•S1￿6￿MY ftw thredThJ the Ac11￿￿86 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 S￿￿on 505 Lrfth8 Act 1988 orsedon 252
ol the TaxatKJn of Ch8ryeab￿ Gairs 7992 to the exienl that these are apF4N*J to Its charttable objects,
12.
INTANGIBLE FIXED ASSETS
Comwthr Ch•rfty Totsl
Soflw•rn
AM•l•
Cost
At 1 J￿Uary 2023 ￿ 31 D￿7b8r2023
Amortlsatlon and Imp•lrn*rrt
Al 1 J8nuary 21r23
Al 31 D￿ernber 2W23
C•irylng •m￿nI
At 31 0￿41rt)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
A￿dit￿n8
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￿*m￿er 2023
125 737
149370
At 31 DwmborW22
281Page

THE WITCHI C%4LLERY. LONIXJN
NOTES TO THE CC*ISOUDATED FINANCIAL STATEMENTS. ￿ntInU•d
FOR THE YEAR ENDED 31 DECEMBER 2023
14.
FIXEO ASSEf INVE3TMEiirs
Sham kn gmup undortaklng
c￿rity
2023
Charfty
2022
Co•t or valulli
Al 1 JanuBry 2023
Addil¥)rkS
At l j￿u￿Y 2￿23 8r*d 8t 31 Do(xmber2W23
ca￿￿n0 amount
AI 31 D￿ember 2023
The ¢horlty hdds 100% 01 tho OfS88￿￿1 Gal*ry, Limlt•d, 8 L￿mP9￿ rggiSteAed In EN4lwd
and Wales Ir¢gi$tratson number 117123941
A 8ummwy ofts M8utts of sui*bJl•ry Is bekw.
20
S8109
Cost ol sd
7.602847
8.099.122
5,196M7
6,552,574
Adminl¥lrBtlv• •xporA
Other OF￿at￿9
14.317.032)
11,934,888)
139,559
wofiVQoJ8)
829,015
4.767.247
Interest ￿Y￿blO
CoTwf8tK)n tAX
17,115)
Rotsin*l profiVlk>ss) ¥ft•rtsx
4 757 247
DEBTORS: AMOUNTS FALUNG DUE YEAR
Group
Group
2022
Ch*ffty
2023
Chirlty
2022
Amounts fa#ln9 du• T*lthln t)n• yw.
Trnde debtty8
Am(yJrrts o%%vJ by Idknwgw undwtskn
¢)thar debto
Prepayments ac￿U￿
58.711
270,617
8,829
24.C
188,413
293.
635.859
244,842
212413
In th• yo8r endwl 31 Oecanber 2￿21. sutsKfwy. Saatthl Galery. London L¥nW, rw)rd•J
an ¢)¥erp8Y￿*nt ofa loan balww of£226,289. Thrcvahoullhat F•n¢yJ aThJ thè Ferirth att￿pts
hwj b8en made ¢0 the overpaKfj bala￿ and in May 21r24. balance wras repohl. The provlwn put in
pk8ce for bad and ¢YO￿￿Ul debts of £226.289 wa5 re￿Sed in the 2￿23 ￿A￿nts"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 c￿ls0uDATED 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 In￿rne
Tr￿18 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
A￿ruel8
I27.￿5
AMOUNTS FALUNG DUE AFTER IAORE
THAN C*4E 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 thrn￿h rth)nthPy r4>8Ym￿ts ￿ t1￿ vdug 0112% of thg comFeny'ts tumov8r.
17.
RELATED PARTY D18CLOSURES
R•mun•r*tlon of k•y rn#n•9•Thnt p•rnonn•l
r￿ring th8 acojuntrrp perk)d. the Chentys tradiro w￿ld10ty. S•*thi Galknry. LoTrJon Lknw. mgd• p8ym¢nts
of t217,(Q812Q22.' £177.7501 to Jet Liniw, • ts)rfwrry In¥d*J In Kmo of provldkng
manW￿￿nI and over*ht th• Chwty.
Th• to181 •))pknym*)I p*d 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•Mw￿0f FIAwndal
Activitiqsl
AdJu•tmwrt• for.
Amort*8I'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&8e￿rn 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
C￿1
2023
Ch*rfty
2022
1 145 938
Deferred In(x)mg ra Ind￿d￿ 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 repc*ting end dale the thaty h*1 r￿dn9 fxffimits￿ foTfubJ8 Mkn1￿jrn paYrn￿ts 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.c*AI
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￿$6.
MOVEMEIIT IN FUNDS
At 111123
In fund9
31112123
Unr••tdci•d fund•
Unr8slri¢t¢d 9•)trr4 fwKI
237,M21
IM.J74
11,J493B81
TOTAL FUND8
Ng1 W￿¥•m￿l in funds. Ind￿￿$ In the as
IwxrArvJ Rewurce8 Movem&nt
f￿d8
Unr••trl¢t•d lund•
UNastrfciÉd ge￿r￿ Iuhd
888,374
TOTAL FUNDS
.765
CoThrf>•vad¥tt lor ffth•m•nt In fund¥
At
31112122
At 111rr2
In funds
Unre8tri¢tod lunds
unrestr￿ed 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 rrK*fft￿ 12 o)mblr*•J 15 8$ fdlrrrts."
Net
At
31112123
At 111122
In lu1￿0
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•nb*wd rrTh•M•nt kn fvndg, knrJude4J In tho abov•
are 85 lolbvA:
Inrxrfntrs R•swrce8
IAovam•nt
in fundg
Unr•Itrfct￿ fund•
UnrnS1r￿ 9en8ral l￿d
16.909,816
111.2e6,1821
5.854,361
TOTAL FupxIS
18 909 818
I112￿182
5 654 361
25. CAPITAL COIAMrrMENf8
At the Btht* Sh•8t date. ts c4n￿nY h￿1 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¢yJrr*d •¥J poit B•lonu• Sttht dakn was £1e8.382.
26. EWITS AFTER THE REPQIrnNG DATE
On 15* 2024 SG Truthe 2 Liffited rosgr￿d wilh Matthew James ¢>￿. On the 30th
August 21r24 SG TrI￿tee 1 re5*4￿ ond th)hn Ch•*5 G¢¥)dthl￿.
331Pa96

341PJge