## **SAATCHI GALLERY**
## **TRUSTEES REPORT & FINANCIAL STATEMENTS**
**FOR THE YEAR ENDING 31 DECEMBER 2024** Charity Registration Number: 1182328 (England & Wales)
1
## **CONTENTS**
## **Trustees’ Report**
|**Trustees’ Report**||
|---|---|
|Objectives & Activities|3|
|Financial Review|8|
|Structure, Governance & Management|11|
|Trustees’ Responsibilities Statement|12|
|Reference & Administration|13|
|**Independent Auditor’s Report**|15|
|**Financial Statements**|18|
2
## **OBJECTIVES & ACTIVITIES**
Since 1985, Saatchi Gallery has provided an innovative platform for contemporary art, presenting work by largely unseen young artists or by international artists whose work has been rarely exhibited in the UK. The Gallery has attracted tens of millions of visitors to its London premises, hosts thousands of school & community visitors each year and has built a social media following of millions worldwide.
In 2024, the Gallery continued with its strategy of presenting ticketed exhibitions alongside free-to-enter shows. Excepting art fairs, the Gallery permitted audiences to enter the Gallery for free throughout the year and to experience twenty free-to-enter exhibitions. These diverse presentations included group shows highlighting emerging talent; solo exhibitions by artists in the early stages of their careers; collaborations with commercial galleries; and projects designed to highlight social issues or creativity within marginalised communities. Of particular note in this last category was the _Homelessness: Reframed_ exhibition. This project was a collaboration between Saatchi Gallery, Prince William’s Homewards programme and Eleven Eleven Foundation. The exhibition included work by artists with direct experience of homelessness, and the output of nationwide workshops overseen by the Gallery’s Learning team in conjunction with artists with lived experience, and participants connected to Homewards centres. The project was designed to encourage audiences to understand homelessness better and challenge some of their assumptions. The exhibition received national press coverage, large visitor numbers and high audience engagement.
## Free-to-enter exhibitions included:
_The Way of All Flesh_ , 13 Jan – 3 Mar, a group show of new talent curated by Delphian Gallery.
_Everyday Monuments_ , 19 Jan – 10 Mar, works by three emerging artists selected by the Gallery team.
_Sofia Laskari_ , 16 Mar, 12 May – a first solo exhibition for this winner of the Robert Walters UK New Artist Prize.
_Standing on the Shoulders of Giants_ , 8 Mar – 12 May, a celebration of Dutch female contemporary artists.
_Rong Bao is Me_ , 23 Feb – 12 May, a solo exhibition of wondrous works by the recent graduate Rong Bao.
_Tom de Houwer_ , 23 May – 3 Jun, a floral art installation to coincide with Chelsea in Bloom.
_How to Make a Head_ , 23 May – 8 Jun, a group show of new art from artists based in the UK.
_Metamorphosis_ , 24 May – 28 Jul, works by four contemporary artists in the media of eco-conscious photography & film.
_A Room with a View_ , 6 Jul – 10 Sep, works by Aida Mahmudova across one floor.
_Homelessness Reframed_ , 7 Aug – 20 Sep, a project to showcase stories of homelessness with a view to effecting positive change.
_Painting, Smoking, Eating_ , 2 Aug – 20 Sep, a group show of works curated by Kurt Beers gallery.
_The Landscape Reimagined_ , 2 Aug – 20 Sep, a group show on international work organised by Kurt Beers.
_Yoi_ , 2 Aug – 21 Sep, a showcase of work from the Munupi Arts & Crafts Association, Australia, organised by JGM Gallery.
_Unreal City_ , 18 Oct – 17 Nov, a presentation of new abstract works curated by Dominic Beattie & Sam Cornish.
_Samuel Nnorom_ , 19 Oct – 24 Nov, a solo exhibition for this Nigerian artist and previous winner of the M&C Art for Change Award.
_The Walls Between Us_ , 17 Oct – 25 Nov, a group show of new works curated by SOTA Marketplace.
_Philip Colbert Lobsterpolis_ , 29 Nov – 19 Jan, a flamboyant tour-de-force from this popular artist.
_Jack Kabangu_ , 22 Nov – 20 Feb, a solo show of works by this African/Danish artist, curated by Kurt Beers.
_M&C Art for Change Award 2024_ , 29 Nov – 4 Feb, featuring works by six regional winners from around the world.
_Deborah Segun_ , 22 Nov – 20 Feb, Kurt Beers presented a solo exhibition of works by this Nigerian artist.
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The Gallery presented six major exhibitions in 2024 with general admission by purchased ticket, and free entry to young children and all participants in our Learning programmes. The year started with two separate exhibitions on our upper floors which had opened in November 2023 under the umbrella of our _Season of Sculpture_ . The second floor galleries hosted the showcase of sculptural works by female artists working in the UK since 1960 entitled _If Not Now, When?_ This exhibition originated at The Hepworth, Wakefield and the Gallery worked with the curators at The Hepworth, Wakefield, and selected artists, to expand the presentation in London. Running concurrently on the first floor was _Christo & Jeanne-Claude: Boundless_ , an exhibition of works by influential & inspirational artists rarely exhibited in the UK. The exhibition transferred to London from Kust Palast, Dusseldorf and received extremely good reviews and audience feedback.
In February, the Gallery opened its Spring exhibition _Burtynsky: Extraction / Abstraction_ across our first and second floor galleries. This exhibition was the result of close collaboration with the artist and their studio, and constituted the inaugural presentation of a brand new retrospective of the career of the artist. The exhibition included large format photographs, detailed wall vinyl, an immersive cinema room with state-of-the-art projectors, and an AR installation. Themes related to the impact of human activity on the planet’s eco-system and the sustainability of human lifestyles were addressed head-on with hugely positive feedback from visitors.
The Summer exhibition, _Beyond Fashion_ , showcased the work of acclaimed fashion photographers from around the world and offered our audiences a vibrant experience through June, July and August. Running simultaneously for six weeks, the Gallery hosted the _RHS Botanical Art & Photography Show_ on the ground floor. The two exhibitions jointly attracted an extremely diverse audience. In May, the Gallery also installed a garden at the Chelsea Flower Show. In 2024, we collaborated with the artist Zak Ové to present a garden featuring sculptural works by the artist, and planting that reflected on Zak’s own heritage and how horticulture in the UK evidenced the impact of the transatlantic slave trade - and the exploitation and degradation of humans for profit.
In November 2024, the Gallery opened three exhibitions accessible under one competitively priced ticket. _As We Rise_ , a collaboration with the Aperture Foundation, presented selected works from the Wedge Collection of Dr Kenneth Montague that explored experiences of African Diasporic culture in Europe and North America. The exhibition received 5-star reviews. A second exhibition adjacent to _As We Rise_ featured the work of the London-based portrait and social-documentary photographer Aneesa Dawoojee. The exhibition, entitled _March of the Hummingbirds_ , included works from projects documenting migrant communities in London. Finally, a third exhibition on the second floor of the Gallery, entitled _Adaptation_ , was the first major solo survey of the work of Anastasia Samoylova. Organised in conjunction with the Foundation for the Exhibition of Photography and curated by Taous R. Dahmani, _Adaptation_ featured projects from throughout the career of this emerging talent.
The Gallery continued to significantly improve our education and online programmes, and welcomed a wide variety of artists and partners into our world-class galleries.
As ever, we remain exceedingly grateful to our sponsors, patrons, commercial and charitable partners who allow us to so positively impact so many lives.
**----- Start of picture text -----**
Homewards project, Homelessness
Reframed
**----- End of picture text -----**
**----- Start of picture text -----**
Samuel Nnorom, Multitude or Minority (Solo show of first M&C Learning workshop
Saatchi Art for Change Prize winner)
**----- End of picture text -----**
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The Gallery's primary objective is to provide access to contemporary art to all and share with our local, regional and national communities the opportunity to explore, learn and engage with art. In 2019, Saatchi Gallery became a registered charity in order to further expand our commitment to supporting living artists and access to contemporary art. Since then, the Gallery's funding has come from corporate patrons, sponsors and donors, and our commercial activities.
The core activity of Saatchi Gallery, over its nearly 40-year history, focuses on offering unwavering support to emerging contemporary artists, with a strong commitment to supporting young British artists. Saatchi Gallery has an extremely high recognition factor amongst the British population and a strong reputation overseas, as supported by our highly popular online and social media following. For over 12 years in its current Chelsea premises, Saatchi Gallery has become a pivotal hub for local, city, national and international audiences, welcoming visitors of all ages to engage with contemporary art. We have an especially strong appeal to visitors between the ages of 16-30. We continue to offer a wide variety of exhibitions and programmes to attract new visitors whilst remaining engaged with our loyal and growing audience.
The Gallery is committed to developing opportunities for deeper engagement with schools, colleges, and universities by providing free or subsidised access to our exhibitions as well as talks, tours and creative workshops. We are proud partners of a wide variety of community groups from across the United Kingdom, typically delivering hundreds of dedicated workshops a year to further expand access to contemporary art and creativity to vulnerable and hard-to-reach audiences. The Gallery's learning programmes are designed to reveal the possibilities of artistic expression, encourage fresh thought, and stimulate innovation in visitors of all ages and background.
Saatchi Gallery therefore complies fully with the Charity Commission's guidance on public benefit and its legal obligations.
The Charity's strategy for achieving its stated aims and objectives is to maximise income from multiple revenue streams in order to invest in exhibition programming, educational projects and outreach initiatives.
The Charity will generate revenue from the following activities:
- The Charity will seek to maximise revenue from ticket sales to selected exhibitions and from retail activity on site and online.
- Income derived from the hire of spaces for exhibitions, events and private functions within the Gallery building.
- Revenue derived from corporate and foundation patrons, exhibition sponsors and the general public membership scheme.
- Collaborations with exhibition partners and supporting donors.
The Charity measures the success of its programming and educational initiatives by recording attendance figures and using different methods of feedback to assess the demographic profiles of its audiences. Qualitatively, the Gallery also measures the depth of engagement and satisfaction levels amongst visitors and participants of its learning programmes. Revenue, margin, and profit contribution for all revenue streams are monitored closely.
In 2024, the organisation continued to invest in its core activities with a view to establishing a pipeline of future projects and initiatives that would deliver on its charitable goals and provide opportunities for revenue generation. As the direct effects of COVID reduced, the Gallery sought to understand its audiences more and evolve its approaches to its events business, partnership strategy, programming strategy and management of operations.
Fundraising is a revenue stream utilised by Saatchi Gallery, both from organisations and individuals. Small scale fundraising takes place through donations in the premises and online, the average size donation is £3.50. Large scale fundraising, primarily targeting businesses and organisations, is led by our senior management team with all aspects handled internally.
5
In-house policies and controls are used rather than external regulation schemes. Fundraising initiatives are discussed and reviewed on a weekly basis by Saatchi Gallery's senior management team. Saatchi Gallery has never received any complaints regarding its fundraising activities and does not target members of the public or vulnerable parties for any sizeable donations.
The Gallery continues to have peaks and troughs in annual performance as a result of the long lead time and work that needs to be put into place for major exhibitions. 2024 was a year of consolidation following the sensational success of the 2023 programming, and investment in the 2025 program of major events. It is anticipated that as the team expands and more funding can be invested in programming and long lead exhibitions like 2025’s _Flowers_ and _The Long Now_ .
Gallery exterior, Burtynsky opening
HRH The Prince of Wales visits Saatchi Gallery for _Homelessness: Reframed_ exhibition
_Burtynsky: Extraction/Abstraction_
6
HRH The Prince of Wales visits Saatchi Gallery for _Homelessness: Reframed_ exhibition
7
**FINANCIAL REVIEW**
The end of year Balance Sheet reflects the nature of the business operations and the significant and ongoing impact of COVID19 on the cultural sector, the impact of macro-economic events including the reduction in government grant funding and corporate giving, increased interest rates and wider economic conditions alongside the nature of 2024 as a rebuilding and investment year for major exhibitions. The majority of the cash reserves are held in a current account belonging to the Charity’s trading subsidiary, with the remaining cash reserves held in a current account held by the Charity. This policy is reviewed on an annual basis by the Trustees. The impact of COVID-19 on Saatchi Gallery and the industry has been well publicised and addressed in our 2021, 2022 and 2023 accounts. Further challenges in 2025 are expected as a result of the cost-of-living crisis and general economic conditions.
## **Reserves Policy**
A reserves policy has been considered by the trustees and will be updated once the accumulated deficits of £3.6m (2023: £1.3m) have been erased, which is the initial objective. Once the accumulated deficits are erased the board will meet to review the policy and agree a new strategy. The organisation holds no restricted funding.
## **Going Concern**
As expected, the group has performed well despite the overall economic challenges that face the industry as a whole. Visitor numbers were consistent throughout the year both for free exhibitions and ticketed shows. Of particular note is the decline in partnerships income which is an industry wide issue but particularly affected the later part of the year. Partnerships revenue plays a key aspect in the quality of exhibitions the organisation can hold, this in turn has an impact on visitor numbers, ticket sales, retail revenue etc. As such, in 2025, a special emphasis has, and will, be placed on recruiting a team that can drive this key revenue line. In addition, costs will be carefully considered and adjusted to suit the lower revenue projections from our partnerships team.
As previously stated 2024 was a consolidation year for Saatchi Gallery that saw an emphasis on planning for major exhibitions in 2025 and 2026 to match the blockbuster successes of 2023. As a relatively young organisation, we are still working on the best strategy for major exhibitions which drive so much of our revenue. The success of 2023 has built a platform and template that will be copied in 2025 and 2026. As such, it was always anticipated that 2024 would be a year of a higher cost base with more limited revenue whilst we built the tools needed to succeed.
Saatchi Gallery continues to have strong support from its key stakeholders, including those that form the bulk of the costs for the organisation, and is in regular contact with those stakeholders to discuss any issues the organisation may face.
Based on the factors referred to above, the Trustees have a reasonable expectation that the Charity will continue to operate for the foreseeable future and at least twelve months from the date of approval of these financial statements. As a result, the financial statements have been prepared on a going concern basis.
8
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**PLANS FOR FUTURE PERIODS**
In 2025, the Gallery will focus on delivering ticketed exhibitions in three slots: Spring, Summer and Winter. A major exhibition entitled _Flowers: Flora in Contemporary Art & Culture_ has been conceived and curated by the Gallery’s programming team for the Spring and Summer slots. The exhibition will open in Febraury 2025 and run through Spring to May 2025. The exhibition will return for the Summer slot until September. In November, the Gallery marks its 40th anniversary with an exhibition of groundbreaking art by artists who have previously been exhibited in the Gallery, and new talent.
Our key corporate patrons in 2024 included: M&C Saatchi (Principal Patron to September 2024), Euronews, Telmont Champagne, Leda Hotels Ltd (11 Cadogan Gardens), HSBC, and Robert Walters.
Our key sponsors in 2024 included: Clive Christian Perfume, M&C Saatchi Group, and Canada Council for the Arts.
10
**STRUCTURE, GOVERNANCE & MANAGEMENT**
Saatchi Gallery continues to adhere to its governing documents which were updated in June 2023 and are available on the Charity Commission website.
Following the period covered in these accounts, no changes to the board have taken place and no new Trustees are envisaged at the time of writing. Should this decision change, the Trustees will consider and agree the best recruitment strategy. Should new Trustees be appointed they will undertake a 2-day training session from senior management before additional ad-hoc training relating to specific areas identified in the initial training programme.
The Trustees continue to review mid- and senior level salaries to ensure best value is achieved. The Trustees meet at least four times a year to agree overall strategy and provide direction and support to the management team. Trustees also make themselves available to discuss any risks or concerns that are raised by the management team on an as-and-when basis.
The charitable entity owns 100% of a subsidiary called Saatchi Gallery, London Limited. No other subsidiaries exist.
11
## **TRUSTEES RESPONSIBILITY STATEMENT**
The Trustees of The Saatchi Gallery, London are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdome Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
Charity law requires the Trustees to prepare financial statements for each year that give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charitable group for that period. In preparing the financial statements, the trustees are required to:
Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP 2019 (FRS 102); Make judgments and estimates that are reasonable and prudent;
State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity and the group will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group, to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
_Beyond Fashion_
_Annesa Dawoojee: March of the Hummingbirds_
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**REFERENCE & ADMINISTRATION**
Registered Address
Saatchi Gallery Duke of York’s HQ King’s Road London SW3 4RY United Kingdom
Charity registration number 1182328 Bankers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ Solicitors Bryan Cave Leighton Paisner LLP Adelaide House London EC4R 9HA Auditors Carston ETL Second Floor 34 Lime Street London EC3M 7AT
The charity trustees delegate the position of acting Chief Operating Officer to Edward Steven.
The charity trustees delegate daily management of the charity to Paul Foster (Gallery Director). Contact details: paul@saatchigallery.com
At 31 December 2024 Saatchi Gallery had four Trustees, Johan Eliasch, who acts as Chairman, Maynard McLaren, Matthew Owen and John Goodchild. No trustee receives any remuneration for their time. At the date of publishing of this document, there are four Trustees; Johan Eliasch, Maynard McLaren, Matthew Owen and John Goodchild.
The Trustees’ Report was approved and authorized by the Trustees on 31 October 2025 and signed on their behalf by:
………………………………. ……………………………….
**Mr J Eliasch Mr M McLaren** Chairman Trustee ………………………………. ………………………………. **Mr J Goodchild Mr M Owen** Trustee Trustee
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_As We Rise: Photography from the Black Atlantic_
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**INDEPENDENT AUDITOR’S REPORT**
## **Opinion**
We have audited the financial statements of Saatchi Gallery, London (the ‘parent charity’) and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise consolidated statement of financial activities, consolidated balance sheet, consolidated cash flow statement, charity balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group's and parent charity’s affairs as at 31 December 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
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**INDEPENDENT AUDITOR’S REPORT**
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement [set out on page 12], the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so
## **Auditor responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Principles), the Charities SORP (FRS102) effective 1 January 2015 and the Charities Act 2011. We assessed the risk of non-compliance with such laws and regulations by discussion within the audit team and based on the results of our risk assessment, we designed our audit procedures for each section of the audit to identify any such noncompliance. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Trustees.
We assessed the risks of material misstatement in respect of irregularities, including fraud, by correspondence with the Trustees, consideration of the procedures in place to detect irregularities, including fraud, and review of the Trustee meeting minutes. We discussed these risks within the audit team and identified and targeted any higher risk areas with specific audit testing.
The audit engagement partner considers the audit team collectively had the appropriate competence and capabilities to recognise noncompliance with laws and regulations and identify fraud
Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the charity/ group’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- enquiry of management, about litigation and claims and inspection of relevant correspondence;
- analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;
- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business.
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## **INDEPENDENT AUDITOR’S REPORT**
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-sresponsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Carston ETL Statutory Auditor Second Floor 34 Lime Street London EC3M 7AT
## Date: 31 October 2025
Carston ETL is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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**THE SAATCHI GALLERY, LONDON**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|||||**2024**|**2023**|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|**Total**|Total|
|||fund|fund|**Funds**|Funds|
||Notes|£|£|**£**|£|
|**INCOME AND ENDOWMENTS FROM**||||||
|Donations and legacies|3|**92,133**|**61,279**|**153,412**|60,419|
|Charitable activities|5|**3,005,980**||**3,005,980**|6,445,098|
|Other trading activities|4|**1,773,794**||**1,773,794**|2,148,332|
|**Total**||**4,871,908**|**61,279**|**4,933,187**|8,653,849|
|**EXPENDITURE ON**||||||
|Raiding funds|6|**-**|**-**|**-**|2,078,315|
|Charitable activities||**7,100,462**|**61,279**|**7,161,741**|5,687,161|
|**Total**||**7,100,462**|**61,279**|**7,161,741**|7,765,475|
|**NET INCOME/(EXPENDITURE)**||**(2,228,554)**|**-**|**(2,228,554)**|888,347|
|**Net movement in funds**||**(2,228,554)**|**-**|**(2,228,554)**|888,347|
|**RECONCILIATION OF FUNDS**||||||
|Total funds brought forward||**(1,349,288)**|**-**|**(1,349,288)**|(2,237,662)|
|**TOTAL FUNDS CARRIED FORWARD**||**(3,577,842)**|**-**|**(3,577,842)**|(1,349,288)|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
18
**THE SAATCHI GALLERY, LONDON**
## **CONSOLIDATED BALANCE SHEET 31 DECEMBER 2024**
|Notes
**FIXED ASSETS**
Intangible assets
12
Tangible assets
13
**CURRENT ASSETS**
Stocks
20
Debtors
15
Cash at Bank
**TOTAL CURRENT ASSETS**
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS/(LIABILITES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**Creditors: Amounts falling due after one**
**year**
**NET ASSETS/(LIABILITIES)**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
**-**
**289,760**
**289,760**
**126,595**
**1,047,969**
**1,216,352**
**2,390,916**
**(2,364,585)**
**26,331**
**316,091**
**(3,893,933)**
**(3,577,842)**|Restricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2024**
**Total**
**Funds**
**£**
**-**
**289,760**
**289,760**
**126,595**
**1,047,969**
**1,216,352**
**2,390,916**
**(2,364,585)**
**26,331**
**316,091**
**(3,893,933)**
**(3,577,842)**
**(3,577,842)**
**(3,577,842)**|**2023**
Total
Funds
£
6,250
149,370|
|---|---|---|---|---|
|||||155,620
134,588
988,235
3,755,981|
|||||4,878,804
(1,886,600)|
|||||2,992,204|
|||||3,147,823|
|||||(4,497,113)|
|||||(1,349,290)|
|||||(1,349,290)|
|||||(1,349,290)|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2025 and were signed on its behalf by:
…………………………….. ……………………………..
Name: Mr J Eliasch **Chairman**
Name: Mr J Goodchild **Trustee**
…………………………….. ……………………………..
Name: Mr M McLaren Name: Mr M Owen **Trustee Trustee**
19
## **THE SAATCHI GALLERY, LONDON**
## **CHARITY BALANCE SHEET 31 DECEMBER 2024**
|Notes
**FIXED ASSETS**
Investments
14
**CURRENT ASSETS**
Debtors
15
Prepayments and accrued income
Cash at Bank
**TOTAL CURRENT ASSETS**
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS/(LIABILITES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS/(LIABILITIES)**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
**1**
**8,487**
**30,907**
**1,186,150**
**1,225,544**
**(1,861,283)**
**(635,739)**
**(635,738)**
**(635,738)**|Restricted
fund
£
**-**|**2024**
**Total**
**Funds**
**£**
**1**
**8,487**
**30,907**
**1,186,150**
**1,225,544**
**(1,861,283)**
**(635,739)**
**(635,738)**
**(635,738)**
**(635,738)**
**(635,738)**|**2023**
Total
Funds
£
1
10,512
-
681,327|
|---|---|---|---|---|
|||||691,839
(430,192)|
|||||261,647|
|||||261,648|
|||||261,648|
|||||261,648|
|||||261,648|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2025 and were signed on its behalf by:
…………………………….. ……………………………..
Name: Mr J Eliasch Name: Mr J Goodchild **Chairman Trustee**
…………………………….. ……………………………..
Name: Mr M McLaren **Trustee**
Name: Mr M Owen **Trustee**
20
**THE SAATCHI GALLERY, LONDON**
## **CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
18
Net cash provided by operating activities
**Cash from investing activities**
Purchase of tangible fixed assets
Net cash provided by investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning of the**
**reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|**2024**
**£**
**(2,317,354)**
**(2,317,354)**
**(222,276)**
**(222,276)**
**(2,539,629)**
**3,755,981**
**1,216,352**|2023
£
(1,385,230)
(1,385,230)
(128,598)
(128,598)
(1,513,828)
5,269,809
3,755,981|
|---|---|---|
21
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
## **Charity information**
The Saatchi Gallery, London is a charitable incorporated organisation registered with the Charity Commission in England and Wales (Charity No. 1182328).
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted as set out below.
## **Going concern**
The group has made a loss for the year ended 31 December 2024 of £2,228,554 (2023: profit £888,347). The net liabilities position at the balance sheet date is £3,577,842 (2023: £1,349,290). This is mainly due to a poor year of trading as exhibitions not providing as much attraction as expected. Of particular note is the decline in partnerships income which is an industry wide issue. Partnerships revenue plays a key aspect in the quality of exhibitions the organisation can hold, this in turn has an impact on visitor numbers, ticket sales, retail revenue etc. As such, in 2025, a special emphasis has, and will, be placed on recruiting a team that can drive this key revenue line. In addition, costs will be carefully considered and adjusted to suit the lower revenue projections from our partnerships team.
As such, 2024 was a consolidation year for Saatchi Gallery that saw an emphasis on planning for major exhibitions in 2025 and 2026 to match the blockbuster successes of 2023. As a relatively young organisation, we are still working on the best strategy for major exhibitions which drive so much of our revenue, the success of 2023 has built a platform and template that will be copied in 2025 and 2026. As such, it was always anticipated that 2024 would be a year of a higher cost base with more limited revenue whilst we built the tools needed to succeed.
Saatchi Gallery continues to have strong support from its key stakeholders, including those that form the bulk of the costs for the organisation, and is in regular contact with those stakeholders to discuss any issues the organisation may face. Moving into 2025 and 2026, Saatchi Gallery has a wide range of outstanding exhibitions to be held which will, we hope, achieve both commercial and critical success.
Based on the factors referred to above, the Trustees have reasonable expectation that the gallery will continue to operate for the foreseeable future and at least twelve months from the date of approval of these financial statements. As a result, the financial statements have been prepared on a going concern basis.
## **Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover represents income from sponsorships, events, ticket sales, and sales of books and merchandise. Sponsorship income is recognised on a straight line basis over the length of the contract to reflect the services provided.
22
**THE SAATCHI GALLERY, LONDON**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES - continued**
Events income is recognised on the date the event takes place. Sales of tickets, books, and merchandise are recognised when the goods are provided to the buyer to reflect the transfer of the significant risks and rewards of ownership.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **Intangible fixed assets other than goodwill**
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software **5 years straight line**
## **Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|the following bases:||
|---|---|
|Leasehold improvements|**5 years straight line**|
|Fixtures and fittings|**6 years straight line**|
|Computers|**3 years straight line**|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
23
**THE SAATCHI GALLERY, LONDON**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **Financial Instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **Basis of Consolidation**
These consolidated financial statements include the financial statements of Saatchi Galler, London (the ‘parent charity’) and Saatchi Gallery, London Limited, its wholly owned trading subsidiary (details of which can be found in note 14), made up to 31 December 2024. These financial statements consolidate the results of the charity and its wholly owned subsidiary on a line-by-line basis. The trading results of the subsidiary are disclosed in note 14 to these financial statements.
No separate cash flow statement has been presented for the charity itself as the charity has taken advantage of the exemptions in paragraph 1.12 of FRS 102.
24
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3. DONATIONS AND LEGACIES**
|**3.**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|
|||**2024**|2023|
|||**£**|£|
||**Unrestricted**|||
||Donations and gifts|**59,786**|60,310|
||Gift aid|**32,348**|109|
||**Restricted**|||
||Grants – Royal foundation|**61,279**|-|
|||**153,412**|60,419|
|**4.**|**OTHER TRADING ACTIVITIES**|||
|||**2024**|2023|
|||**£**|£|
||Commercial Trading|**828,497**|1,503,272|
||Event commission received|**162,938**|122,322|
||Exhibitions and sponsorship|**585,413**|381,183|
||Other income|**196,946**|141,555|
|||**1,773,794**|2,148,332|
|**5.**|**CHARITABLE ACTIVITIES**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2024**|2023|
|||**£**|£|
||Exhibitions and events|**3,005,980**|6,445,098|
25
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6. RAISING FUNDS & CHARITABLE ACTIVITIES**
## **Resourced Expended**
|**Unrestricted**
**Direct Costs**
**£**
Expenditure on raising funds
**-**
Expenditure on charitable activities
**4,843,278**
**4,843,278**
**Restricted**
**Direct Costs**
**£**
Expenditure on charitable activities
**61,279**
**61,279**
**TOTAL**
**4,904,557**
**SUPPORT COSTS**
**Support**
**costs**
**£**
Staff costs
**374,951**
Rent
**326,529**
Other premises costs
**262,200**
Promotions and exhibitions
**1,188,789**
Other office costs
**45,419**
Finance costs
**718**
Legal and professional fees
**51,702**
Bad debt expense
**-603**
Governance
**7,479**
**2,257,184**|**Unrestricted**
**Direct Costs**
**£**
Expenditure on raising funds
**-**
Expenditure on charitable activities
**4,843,278**
**4,843,278**
**Restricted**
**Direct Costs**
**£**
Expenditure on charitable activities
**61,279**
**61,279**
**TOTAL**
**4,904,557**
**SUPPORT COSTS**
**Support**
**costs**
**£**
Staff costs
**374,951**
Rent
**326,529**
Other premises costs
**262,200**
Promotions and exhibitions
**1,188,789**
Other office costs
**45,419**
Finance costs
**718**
Legal and professional fees
**51,702**
Bad debt expense
**-603**
Governance
**7,479**
**2,257,184**|**Support**
**Costs**
**£**
**-**
**2,257,184**|
|**2024**
**Total**
**£**
**-**
**7,100,462**
**7,100,462**
**2024**
**Total**
**£**
**61,279**
**61,279**
**7,161,741**
Raising
funds
£
27,419
35,520
30,919
75,000
13,987
2,981
586
(132,098)
28,192
82,505|Direct Costs
£
1,995,810
-
1,995,810
Direct Costs
£
-
-
1,995,810
Support
costs
£
1,573,694
1,385,272
1,205,834
1,270,189
319,064
1,988
391
-88,065
18,794
5,687,160|Support
Costs
£
82,505
5,687,160
5,769,665
Support
Costs
£
-
-
5,769,665
2023
Total
£
1,601,112
1,420,792
1,236,753
1,345,189
333,051
4,969
976
-220,164
46,986
5,769,665|2023
Total
£
2,078,315
5,687,160
7,765,475
2023
Total
£
-
-
7,765,475
Basis of
allocaton
Staf tme
Use of
premises
Staf tme
Staf tme
Staf tme
Staf tme
Staf tme
Staf tme|
|---|---|---|---|---|---|---|---|
|||**2,257,184**||||||
|||**Support**
**Costs**
**£**
**-**||||||
|||**-**||||||
|||||||||
|||**2,257,184**||||||
|||**2024**
**Total**
**£**
**374,951**
**326,529**
**262,200**
**1,188,789**
**45,419**
**718**
**51,702**
**-603**
**7,479**
**2,257,184**||||||
|||||||||
## **7. SUPPORT COSTS**
## **8. NET INCOME/(EXPENDITURE)**
|Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditors for the audit of the company's financial
statements for:
Year Ended 31 December 2022
Year Ended 31 December 2023
Depreciation of owned tangible fixed assets
Amortisation of intangible assets
Impairment of intangible assets|**2024**
**£**
**6,593**
**-**
**30,000**
**81,886**
**3,000**
**3,250**
**125,528**|2023
£
16,986
30,000
-
18,429
3,000
-
68,415|
|---|---|---|
Net movement in funds is stated after charging/(crediting)
26
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
During the year, expenses on behalf of trustees totaling £9,331 (2023: £nil) were incurred by one trustee (2023: none) These costs were not reimbursed in cash but were included as a director’s loan account within the financial statement of the trading subsidiary (see note 17).
## **10. EMPLOYEES**
The average monthly number of employees during the year was:
|Employment costs
Wages and salaries
Social security costs
Pension contributions
Temporary staff
Other staff costs
The number of employees whose annual remuneration was more than £60,000 is as
follows:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000|**2024**
**Number**
**49**
**2024**
**£**
**1,416,602**
**134,348**
**35,502**
**74,297**
**2,281**
**1,661,030**
**2024**
**Number**
**-**
**-**
**1**|**2023**
**Number**
48|
|---|---|---|
|||**2023**
**£**
1,187,244
95,333
32,244
55,421
2,351|
|||1,372,593|
|||**2023**
**Number**
1
-
1|
During the financial year, aggregate payments of £364,630 (2023: £357,008), were made to those considered to be key management personnel. This figure includes the remuneration for the management services as described in note 17
All employees for the group are employed by the trading subsidiary, with no staff employed by the charity.
The Trustees maintain authority and responsibility for planning, directing and controlling the activities of the organization both directly and indirectly.
27
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11. TAXATION**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **12. INTANGIBLE FIXED ASSETS**
|**Cost**
At 1 January 2024
Disposals for the year
At 31 December 2024
**Amortisation and impairment**
At 1 January 2024
Amortisation charged for the year
Eliminated on Disposals
At 31 December 2024
**Carrying amount**
At 31 December 2024
At 31 December 2023|**Group Computer**
**Sofware**
**£**
**15,000**
**(15,000)**
**-**
**8,750**
**3,000**
**(11,750)**
**-**
**-**
**6,250**|**Charity Total**
**Assets**
**£**
-
-|
|---|---|---|
|||-|
|||-
-
|
|||-|
|||-|
|||-|
## **13. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation and**
**impairment**
At 1 January 2024
Depreciation charged in the
year
At 31 December 2024
**Carrying amount**
At 31 December 2024
At 31 December 2023|**Group Leasehold**
**Improvements**
**Group Fixtures &**
**Fitngs**
**£**
**£**
170,495
18,325
164,103
45,324
334,599
63,649
44,758
6,484
62,405
13,326
107,163
19,810
227,436
43,840
125,737
11,842|**Group Computer**
**Equipment**
**Group Total**
**Assets**
**£**
**£**
17,979
206,799
12,848
222,276
30,872
429,075
6,188
57,429
6,155
81,886
12,343
139,316
18,484
289,760
11,791
149,370|**Charity Total**
**Assets**
**£**
-
-|
|---|---|---|---|
||||-|
||||-
-|
||||-|
||||-|
||||-|
28
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. FIXED ASSET INVESTMENTS**
|**Shares in group undertaking**
**Cost or valuation**
At 1 January 2024
Additions
At 1 January 2024 and at 31 December 2024
**Carrying amount**
At 31 December 2024|**Charity**
**2024**
**£**
**1**
**-**
**1**
**1**|**Charity**
**2023**
**£**
1
-
1|
|---|---|---|
The charity holds 100% of the share capital of Saatchi Gallery, London Limited, a company registered in England and Wales (registration number 11712394)
A summary of the results of the subsidiary is shown below:
## **15.**
|Sales
Cost of sales
Gross profit
Administrative expenses
Other operating income
Trading profit/(loss)
Interest payable
Corporation tax
Retained profit/(loss) after tax
**Net Assets/(Liabilities)**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**2024**
**£**
**3,737,023**
**(1,401,143)**
**2,335,880**
**(5,354,209)**
**1,687,162**
**(1,331,168)**
**-**
**-**
**(1,331,168)**
**(2,942,103)**|**2023**
**£**
7,502,447
(2,306,400)
5,196,047
(4,367,032)
-
829,015
(7,115)
-
821,900
(1,610,935)|
|---|---|---|
|**Amounts falling due within one year:**
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
188,955
-
11,285
847,728
1,047,969|**Group**
**2023**
**£**
58,711
-
293,666
635,859
988,236|**Charity**
**2024**
**£**
6,832
-
1,656
30,907
39,395|**Charity**
**2023**
**£**
8,829
7
1
-
8,837|
|---|---|---|---|---|
In the year ended 31 December 2021, the charity's trading subsidiary, Saatchi Gallery London Limited, recorded an overpayment of a trading loan balance of £226,289 to True Blue Limited. Efforts to recover the overpaid amount continued in subsequent periods, and the balance was repaid in May 2024. A provision for bad and doubtful debts of £226,289, which had been reversed in the 2023 financial statements, was fully cleared in the year ended 31 December 2024 following receipt of the repayment. Accordingly, no balance remains outstanding at the year end (2023: £226,289). See note 17
29
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16. CREDITORS**
## **AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Notes
Other taxation and social
security
Deferred income
21
Amounts owed to fellow
group undertakings
Trade creditors
Other creditors
Accruals
**AMOUNTS FALLING DUE AFTER MORE THAN ONE**
**YEAR**
Other creditors
**TOTAL CREDITORS**|**Group**
**2024**
**£**
26,100
632,273
-
342,509
982,344
381,358
2,364,585
**Group**
**2024**
**£**
3,893,933
6,258,518|**Group**
**2023**
**£**
30,222
584,555
-
244,685
391,247
635,891
1,886,600
**Group**
**2023**
**£**
4,497,113
5,799,159|**Charity**
**2024**
**£**
-
-
1,844,511
(28)
1
16,800
1,861,284
**Charity**
**2024**
**£**
-
1,861,284|**Charity**
**2023**
**£**
-
2,500
-
86
1
427,605|
|---|---|---|---|---|
|||||430,192|
|||||**Charity**
**2023**
**£**
-|
|||||430,192|
Other creditors less than one year and more than one year include balance owed of £4,517,704 in respect of rent arrears. This amount is being repaid through monthly repayments in the value of 12% of the company's turnover.
## **17. RELATED PARTY DISCLOSURES**
During the year, Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, made payments to Jet Support Services amounting to £216,008 (2023: £217,008) in respect of management services. Jet Support Services is owned by a trust of which Mr. Eliasch, a trustee of Saatchi Gallery London, is the settlor. Mr. Eliasch is also the director of Saatchi Gallery London Limited. The services included, among other aspects, the provision of the Chief Operating Officer.
At the year end, Saatchi Gallery London Limited owed £198,924 to Jet Support Services (2023: £nil).
Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, is party to an intellectual property agreement with True Blue Limited, which is owned by a trust of which Mr. Eliasch, a trustee of the charity and director of Saatchi Gallery London Limited, is the settlor. Under this agreement, True Blue Limited is entitled to receive an annual fee of £500,000. These fees were waived from 2019 to 2024 representing £3,000,000 of support from TrueBlue Limited however, they are expected to recommence from 2025 _._ No payments were made to True Blue Limited in the year ended 31 December 2024 (2023: £nil). (See note 25). Mr. Eliasch recused himself from all trustee discussions and decisions relating to this arrangement.
In a prior accounting period, the trading subsidiary made an overpayment of a trading loan balance of £226,289 to TrueBlue Limited. This amount was received back from TrueBlue Limited in 2024. See note 15 for further information.
During the year, payments of £57,724 were made on behalf of trustees from Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity. Of these amounts, £48,394 was refunded and £9,331 remains outstanding. The trustees intend to offset this against the balance owed to Jet Support Services Limited (£198,924).
30
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **17. RELATED PARTY DISCLOSURES – continued**
The total amount of key management personnel benefits received by key management personnel for their services was £364,630. (2023: £357,008). This figure includes the remuneration for the management services as described above to Jet Support Services Limited, a related party to a trustee.
During the year, the following transactions were made with the trading subsidiary, Saatchi Gallery London Limited, as follows:
|Re-allocation of liabilities/assets
Exhibition costs
**Management costs comprised of:**
_Legal Fees_
_Rent_
_Staff costs_
Total management costs
**Total**|**2024**
**£**
419,916
1,182,818
113,577
338,966
389,233|
|---|---|
||841,776|
|||
||**2,444,511**|
At the year end, the balance owed to the trading subsidiary was £1,884,511.
## **18. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement of Financial Activities)**
**Adjustments for:**
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
(Decrease)/increase in deferred income
**Net cash provided by operations**
**19.**
**ANALYSIS OF CHANGES IN NET FUNDS**
**At 1/1/24**
**£**
**Net cash**
Cash at bank in charity
**681,327**
Cash at bank in subsidiaries
**3,074,654**
**Total**
**3,755,981**
**20.**
**STOCKS**
**Group**
**Group**
**2024**
**2023**
**£**
**£**
Finished goods and goods for resale
126,595
134,588||**2024**
**£**
**(2,228,554)**
**6,250**
**81,886**
**7,993**
**(59,734)**
**(172,914)**
**47,719**
**(2,317,355)**
**Cash flow**
**£**
**141,293**
**(3,044,452)**
**(2,539,629)**
**Charity**
**2024**
**£**
-|
**At**|2023
£
888,374
3,000
18,429
(34,43)
(472,977)
(1,226,243)
(561,383)
(1,385,230)
**31/12/24**
**£**
**1,186,150**
**30,202**
**1,216,352**
**Charity**
**2023**
**£**
-|
|---|---|---|---|---|
31
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. DEFERRED INCOME**
|Deferred Income
This is included in the accounts as follows:
Deferred income at 1 January 2024
Released from previous periods
Resourced deferred in the year
Deferred income at 31 December 2024|**Group**
**2024**
**£**
632,273
**Group**
**2024**
**£**
584,555
(584,555)
632,273
632,273|**Group**
**2023**
**£**
584,555
**Group**
**2023**
**£**
1,145,938
(1,145,938)
584,555
584,555|**Charity**
**2024**
**£**
-
**Charity**
**2024**
**£**
2,500
(2,500)
-
-|**Charity**
**2023**
**£**
2,500|
|---|---|---|---|---|
|||||**Charity**
**2023**
**£**
545,000
(545,000)
2,500|
|||||2,500|
## **22. OPERATING LEASE COMMITMENTS**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:
|Within one year
Between two and five years
In over five years|**Group**
**2024**
**£**
1,679,939
6,931,245
4,219,675
12,902,859|**Group**
**2023**
**£**
1,500,000
6,000,000
5,219,178
12,719,178|**Charity**
**2024**
**£**
-
-
-
-|**Charity**
**2023**
**£**
-
-
-|
|---|---|---|---|---|
|||||-|
Lease payments are subject to annual indexation each September in line with the Retail Price Index (All Items, excluding Mortgage Interest Payments). The amounts above are based on the latest known rent and do not reflect future indexation.
## **23. MEMBER'S LIABILITY**
If the charity is wound up, the members of the charity have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
## **24. MOVEMENT IN FUNDS**
|**Group**
**Unrestricted funds**
Unrestricted general fund
**Restricted funds**
Royal Foundation
**TOTAL FUNDS**|At
1/1/24
£
(1,349,288)
-
(1,349,288)|Net
movement
in funds
£
(2,228,554)
-
(2,228,554)|At
31/12/24
£
(3,577,842)
-|
|---|---|---|---|
||||(3,577,842)|
32
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **24. MOVEMENT IN FUNDS - continued**
|**Group**
Incoming
resources
£
**Unrestricted funds**
Unrestricted general fund
4,871,908
**Restricted funds**
Royal Foundation
61,279
**TOTAL FUNDS**
(4,933,187)
**Comparatives for movement in funds**
**Group**
At
1/1/23
£
**Unrestricted funds**
Unrestricted general fund
(2,237,662)
**TOTAL FUNDS**
(2,237,662)
Comparative net movement in funds, included in the above are as follows:
**Group**
Incoming
resources
£
**Unrestricted funds**
Unrestricted general fund
**8,653,849**
**TOTAL FUNDS**
**8,653,849**
A current year 12 months and prior year 12 months combined position is as follows:
**Group**
At
1/1/23
£
**Unrestricted funds**
Unrestricted general fund
(2,237,662)
**Restricted funds**
Royal Foundation
-
**TOTAL FUNDS**
(2,237,662)|Resources
expended
£
(7,100,462)
(61,279)
(7,161,741)
Net
movement
in funds
£
888,347
888,347
Resources
expended
£
**(7,765,475)**
**(7,765,475)**
Net
movement
in funds
£
(1,340,180)
-
(1,340,180)|Movement
in funds
£
(2,228,554)
-|
|---|---|---|
|||(2,228,554)|
|||At
31/12/23
£
(1,349,288)|
|||(1,349,288)|
|||Movement
in funds
£
888,374|
|||888,374|
|||At
31/12/24
£
(3,577,842)
-|
|||(3,577,842)|
33
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **24. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Group**
**Unrestricted funds**
Unrestricted general fund
**Restricted funds**
Royal Foundation
**TOTAL FUNDS**
**Charity**
**Unrestricted funds**
Unrestricted general fund
**Restricted funds**
Royal Foundation
**TOTAL FUNDS**
**Charity**
**Unrestricted funds**
Unrestricted general fund
**Restricted funds**
Royal Foundation
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Charity**
**Unrestricted funds**
Unrestricted general fund
**TOTAL FUNDS**||Incoming
resources
£
13,525,757
61,279
13,587,036
At
1/1/24
£
261,648
-
261,648
Incoming
resources
£
1,105,318
61,279
1,166,597
At
1/1/23
£
195,174
195,174||Resources
expended
£
(14,865,937)
(61,279)
(14,927,216)
Net
movement
in funds
£
(897,385)
-
(897,385)
Resources
expended
£
(2,002,704)
(61,279)
(2,063,983)
Net
movement
in funds
£
66,474
66,474|Movement
in funds
£
(1,340,180)
-|
|---|---|---|---|---|---|
||||||(1,340,180)|
||||||At
31/12/24
£
(635,737)
-|
||||||(635,737)|
||||||Movement
in funds
£
(897,385)
-|
||||||(897,385)|
||||||At
31/12/23
£
261,648|
||||||261,648|
34
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **24. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Charity**
Incoming
resources
Resources
expended
£
£
**Unrestricted funds**
Unrestricted general fund
1,137,011
(1,068,507)
**TOTAL FUNDS**
1,137,011
(1,068,507)
A current year 12 months and prior year 12 months combined position is as follows:
**Charity**
At
1/1/23
Net
movement
in funds
£
£
**Unrestricted funds**
Unrestricted general fund
195,174
(830,911)
**Restricted funds**
Royal Foundation
-
-
**TOTAL FUNDS**
195,174
(830,911)
A current year 12 months and prior year 12 months combined net movement in funds, included in the above a
**Charity**
Incoming
resources
Resources
expended
£
£
**Unrestricted funds**
Unrestricted general fund
2,242,329
(3,071,211)
**Restricted funds**
Royal Foundation
61,279
(61,279)
**TOTAL FUNDS**
2,303,608
(3,132,490)|Movement
in funds
£
66,474|
|---|---|
||66,474|
||At
31/12/24
£
(635,737)
-|
||(635,737)|
||re as follows:
Movement
in funds
£
(830,911)
-|
||(830,911)|
## **25. CAPITAL COMMITMENTS**
At the balance sheet date, the group had no capital commitments. However, under an intellectual property agreement, the trading subsidiary is committed to pay £500,000 per annum from 1 January 2025 for the use of the Saatchi Gallery brand. No amounts were payable for the year ended 31 December 2024 (2023: £nil).
35
**THE SAATCHI GALLERY, LONDON**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **26. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Group**
Fixed assets
Current assets
Current liabilities
Liabilities due over 1 year
**Group – comparatives for net assets between funds**
Fixed assets
Current assets
Current liabilities
Liabilities due over 1 year
**Charity**
Fixed assets
Current assets
Current liabilities
Liabilities due over 1 year
**Charity - comparatives for net assets between funds**
Fixed assets
Current assets
Current liabilities
Liabilities due over 1 year|Unrestricted
funds
£
289,760
2,390,916
(2,364,585)
(3,893,933)
(3,577,842)
Unrestricted
funds
£
155,620
3,755,981
(1,886,600)
(4,497,113)
(1,349,290)
Unrestricted
funds
£
1
1,225,545
(1,861,284)
-
(635,737)
Unrestricted
funds
£
1
691,839
(430,192)
-
261,648|Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-|2024
Total
£
289,760
2,390,916
(2,364,585)
(3,893,933)|
|---|---|---|---|
||||(3,577,842)|
||||2023
Total
£
155,620
3,755,981
(1,886,600)
(4,497,113)|
||||(1,349,290)|
||||2024
Total
£
1
1,225,545
(1,861,284)
-|
||||(635,737)|
||||2023
Total
£
1
691,839
(430,192)
-|
||||261,648|
36