PROPOSZT1014 RT•IAPOE LIMrrED (LxHrrEO BY GUAPAIITEE) REGISTERÉD CHAAXTY 14UM8ER IA82929 COMPANY NUMOeA 11187355 AIIMUAL AEPORT AND FINANCIAL STATEME15 YEAR ENDED 30 APIUL 2023 'ACW3RGI* 3110112024 COMPANIES HOUSE
Proposltl•n Rthapoe Umlt Registered Charity Na. 1182929 Index Page No. Legal and administrative inforrnabon Trustees, annval rep)rt Independent examiTrers' report Statement of finandal aCb¥ities (SOFA) 8alance sheet Accounting policies and note5 to the financial siatements 10-12
Proposltlon Rth•poe Umited Reqlstered Charoty No. 1181929 Legal and administrati¥e lftforni•ii•rt REFERENCE AND AOPIINISTRATIVE DETAILS Registered as a char in EThJland & Wales. CMARITY REGISTERED 14UM8ER 1182929 COMPANY REGISTERED NUM8ER 11287355 CHAIUTY'S PRINCIPAL ADDRESS/RtGISTEReD OFFICE 100 Chalk Fami Road London NWI BEH DIRECTORS The D1ctorS of the Charitsbte Ciynpany (the tharity) are its trustees for the purpw of tharity law and throughout the report are collectt¥ely referred to as'the Direttors.. The DItOrS who served during the year and since the year end a as follows: Mr Daniel Hudson (Chairman) Mr Sol¢Jmon 8ailey-Barker Ms Sonia Barrett GOVERNING DOCUME14T The Charity 15 governed by the ff*mordndum and èrtrcs incorporated 3 April 2018 as •xended on 20 june 2018. ANKERS Unity Trust Bank 4 Brindley Fyace Birmingham BI 2JB Anna Bank PayrNet Wework Waterhouse Square 138 Holborn London ECIN 2SW srarting Bank Ltd 3rd Floor 2 Finsbury Avenue London EC2M 2PP INDEPENDE14T ÉXAMINER Hub Accountsnts Ltd Innovatyon House Winc)mbe Lane Shaftesbury Oorset SP7 8FG P¢)3e I
PROPOSITION TRUSTEES ANNUAL REPORT MAY'22 - APR '23 PROJECT BRIEF Prwosition st% $ a UK arts wgarwtion fvpjsed w r•MOAl3 our Civknti'% roJ8 in tha bi05rther• and Estsblbshed as•¢harityin 2018. Our0b¥e5Irw. lltowryt•Otr Jrbstssothattlweanbefimncially 8eM. suffioent and waued to make in a thallww to raise aware155 and wtsvoke rwliqnce ¢haryiw¥J the way¥M wothKethin
ACTIVITIES DURING THIS YEAR weeortinuetomlkeuseofftnWllesptsasautst-a1lKtffjWaYQIWIrylI1IeslD8rtbst5aTrth9erel artffjt$tu&tieonwlex in >mthtthof10stu(knx thfilmand Wwfikno118.OOOsq ft with a 30.OOOsq ft yafd. Wo also taken a 0130.000 sq ft th Cam&Th ¥qry c105• Fami Dr knn• Tlmdernonn h•811 us as D¢. s was at Frieze Art lay lor its r•kutionto Kerritsat. she•lsols M tt moyrys¢ultw41 •thi¥ryy boordaTrJ r4cWrftthe GoverrKrf ofthe WEMBLEY FILM STUDIO Thishas pr0¥enanIn9ayh1tknI¥wrtWekthÈth9r{ty.eab11WJ usto r•sequitesubstsn¢iallund5tosw>wt linartial r. us to seK.hmd th? rrt ol ststh ¢cffjpkn v4ith pAAic 7*wes in
ARTS COMPLEX IN CAMDEN In De¢wnbwO12022w¢gwa1o9$elQra 30.OOOsqft9teQI2 IwIthrsnd$MlII eèrpark in Camd. i)ea0tY styjth ol the K+X•¢ Rowth0. We r¥¢d extr•i)ely 1&Wrable twms tknKh hwe ¥14P)rted our o¥ision ol ¢xtensiw laclitre& W8 cwried wt a to cr8th artist a gallwy. a pwftyman¢• ¥enu• and lecture 11. We hod the kn ol suwtybrq fikn in our olke5 at this $it*. compMents[W our1Th4o•mOntin fdm rtw. STATEMENT ON OUR FINANCIAL POSITION se¢urityoltsn o permwwt HQ
MANAGING THE RISKS FACING THE CHARITY Risk. pro&Ition cortinues to make ol 'IdItY wPrth other would be lelt wnpty in order to run a program of publi¢ emt* ¢Fportunilies •re kY to grtr•4 in nwnbef •Mr the comiry years the L9ck of security ol terwre and if several propertses rec¢r¥•l notice in ¢¥w¢k s¢¢$5 we could lind oursdbes ph¢d tosc8le.back ourcurrent acti¥itse& Man8gement We are wospe¢tiry kn space security of ttrwe expkKing mr&ls whi¢h •nable us to allord central Lorth rents whk contiwing to wo¥i& a IrEe wograrn OF wbl 8vent& ergage the PA)1 on Iwmanity's retst1 Tmth li¥irvJ rp•j (xmtinue to provxle studio S9 attrxl rate
Risk. ExpJn$ion olourts•m and8ctivities¢reate1grgerrunnK¥Jcosts. Ifwe arenotableto $ustsin a $uitsbly high level ol incoffe then we will not be able to mwntain all the members ol our team and vrtjuld hyve to s¢ale back out activities Management.. We ao buibJirKJ on wrent streams to expaTh4 aTh4 secure them and are exploring multiple additional sources of re¥enue which can enable u5 fv)t only to maintsin our Current team and acts¥ities but to expwvJ sub5tsntitilly over the Habing mulb'ple di¥erse re¥Enue streams enable$ us to ilate (rselveS from charyes market aw¥J ofler5 greater oppytunities to expand our incom& In this way we can grow to hB¥e greater impo¢t M our¢harit•ble f&'8ctiv We wamily inviteyou to visit Sites 4rwJ partiowe with ourpublK such as open stud, 9911ery exhibiknons, lecture series and w14xmarte e$& On ol the boBrd oftr4rstees Daniel l Huds Clirnn¥Th4 C0-Fder
Propositlon Rthapoe L4mlted Registered Charfty No. 1182929 Ind•p•nd•nt Examlners R•port to the Truste•s I report to the charity trustees on my examinatyon of the accounts of the CLKnpany for the yeèr ended 30th April 2023, which are Set out on page5 8 - 12. Regponslbllltles and b•sls of report As the charity's trustees of the company land a150 its diretttsrs for the purposes of CpanY Lawl you are re5PDnsibte for the preparation 01 the aCcntS in accordance the requirements of the Compane5 Art 2006 rthe 2006 Act"). Having sabsfied myself thot the accounts of the Company a not required to be audited under Part 16 of the 2006 Art and are eligible for independent examination. I rewt in resFect of my examiAatron of yow chanty's accounts as tarried out under section 145 of the Charities Art 2011 fthe 2011 Attl. In carrying out my exam¢natKin I hove followed the OirecDons given by the Charity Commiss•)n vnder section 145{51 Ib) of the 2011 Aet. Ind¢p¢ndent exaffliner'5 stst¢ni¢rt I have completed my examination. I confim that no matters have come to my attention in connection with the examinaDon givlng me cause to Wleve: - accounting records were not kept respert of the Corrpany 05 reQUed by sedion 386 of the 2c6 Act.. - the accounts do not accord with those records: or - the accounts do not comply with the occounting reqUirertts of sett 396 of the 2006 Art other than any requirwllefit that the accounts give a tn and fair view which is Tr)i considered as part of an iTrdepeThJent examinabon- or the accounts have rrt)t been prepared in accordance With ihe methods and principle5 of the Statement of Aeccffjmended Practice for attountin9 and pOrts9 by charTDes laWicJbk to chantses preparing their accounts in accordance with the Finanoal ReF#xkn"ng Standard applicabk in the UK and Republic of Ireland IFRS10211. I have no concems and have come auoss no other matters in coDnect*)n With the exarnination to whieh attention sknjld be drawn in this rert in order to enatle a prtjper understandihg of the accwnts to L)e athed. Paul Stac•y FCA For and on behalf of lub Accountsnts Ltd Chartered Accountsnts Innovation House Wincombe Lane Shaftesbury Dorset SP7 8FG Signed= Date..
Propo$llion Rthapoe Limlted statement of Fin•nrial Activitles For the Year Ended 30 April 2013 Unrestricted Funds Note 2023 2022 Income & endowments from: Donation$ legaties Charitable actlvities Total incomin9 resourees 16.023 36.752 116 673 153 425 626 OL7 Ejtpenditure on: ChantatAe activities Governance costs Totsl resources ¢xpend¢d 286.016 193,289 Net ouogolng rnsources 325,109 (41,617) Ret¢>nclliatlon of fvnds Total funds brought forward TxI fund$ carried lonvard li 120 495 204,614 120 49$ The notes page5 10 to IZ form part of the finanaal statements
Prop•sili¢n Rthapoe Limit Balance Sheet As •t 30 April 2023 Uftrestrlrted Funds 202> 2022 Flx•d Ass•ts Tangible fixed assets 215.844 17,498 Total Flxtd Assets Current A55ets Cash al Bank Total Current Assets 69.601 10,769 Liabilitles Creditws - affnts falling due withln one year {37,4481 (37.968) C01t0r$ - amounts falling due in ff#ye than ne year (43,3831 (69.177) Net Assets Funds of the Ch•rfty Income Funds nStricted funds Totsl Charity Funds 204 614 204 614 120 495 120 495 For the year ending 30 April 2023 ihe tharitable company was entitted to exemption ffom aJIt under sectlon 477 of the Companie5 Art 2006 relab.ng to small Cnpanies. The members have not QuIred the tharitable o)nwany to obtsin auth"t in accordance with sectlon 476 of the Companies Art 2006. The dirertors acknowledge their reswJn5il*.lit for crynplying with the requirements of the Att with respect to accountlng records and the preparat of acCnts. These accounts have been wepared in accordance with the 0vis)nS applble to companies gjblect to the Small companies, regime. Approved by the Board rf Trust on 30 January 2024 and sKJned on its behalf bv: Daniel Hudson Trustse The notes on pages 10 - 12 comprise part of these acciyjnts. P¢)ge 9
Proposition Rthapoe Llmlt•d Notes to the Accounts For the Year EAded 30 Aprol 2023 I ACCOU14TIP4G POUCXES 8Isis ol preparation The accounts (financial sratementsi have been prered under the histoitol cost convention with items recogni5ed at cost or trnnsaction value unless otherwlse stated in the relevant notelsl to these accounts. The financlal statements have been prepared in accordance with the Ststerrent of Reetxnmended Practice.. Acctsuntifig Reporting by Chanties preparing their accounts ana in accordance wilh the Finaftcial Rep(xtiThJ standard apph"cae in the VK and Republic of Iland IFRS 1021 leffective January 20151 and the Charities Act 2011. The Charity have taken advantage of the eXernpt in Financk)l Repytr"ng Standard I from the requirement to produce cash flow statement on the grounds Ihat it qualifies as a g))all Charity. The presentation currency of the financwl ststements is the Ptyjnd Steding. The charity meets the definifion of a wblic benefit entity untler FRS 102. LEGAL STATUS The chanty is a company limited by guarantee and has no share capital. The uynpany is reglstered In England and Wales and the registered office is shown poge l. INCOMING RESOURCES R•¢ognilion of In<oming rnsour¢ Incoming sOUrceS a included in the Statement of Financial Activities ISOFAI when.. the charity becomes entitled to the resources and any conditions for receipt a met.. the trustees are virtually certain they Will receive the resources,. and the monetary value tan be measured wrth suffitient reliability. Grants and donations Revenue Grants and Donations are uedited to the Incorne and Expenditure Account on receipt. However if the gront or donation covers more than financlal year then Ihe aNuTht relèbng tts fUtyj years is shown as Deferred Income under Creditors. EXPENDITURE AND LIAalLrnES abilifies are recognised and expended as soon as there is a legal atx1 construcDve obligation commiiting the Charlty to the expenditure. All expenditure is induded on an accruals basis and has been dassified under headings that aggregate all costs lated to that Category. Governance costs comprise all costs involving the public accountability of the Charity and its compliante with regulation and good yactice. These costs include costs related tts accountsncy services. TANGIBLE FIXED ASSETS All assets costing nw)re than £5TrJ are capitalised. Tangible assets are stated at C05t less depreciation. Depreciation is pro¥ed at rntes calcukted to write off the c05t of fixed assetsi their residual value, over their uselul &fe, a straight line basis. The usefvl life used is.. Leasehold improvements- Over the kngth of the se Furniture - S years If the remainiag minimum lease Feriod less than 3 years. then the usehjl life is deemed to the remaining minimum lease period. CASM AT BANK ANO IN HA14D Cash at bank and In hand inclLKles cash in hand. de[ th bants and fuTrJs that are readily convertible into cash at. or dose to, their Carryin9 values, but are not held for investment purposes. CREDrroAS AND ACCRUALS Creaitors are ognIsed where the Charity has a present obligabon ulEIj from a past event that will prgbably fesult in a trnnsfer of funds to a third party aTrJ the arnount due can be meèstsfed or e5tsmoted reliably. FUNDS Unostrirted lunds comprise those fvnds which the Tnjstees a free to use for any puw In furtherance ol the charitable objects. Unrestricted funds indude desvjnated funds where the Trustees. at thar discretion. have created fund for a specific purpose. P¢Jge 10
Propositlon Rthapo• Llmlted Notes to the Accounts For the Year Ended 30 April 2023 UnrestTi¢t¢d Fund$ 2023 2022 2 Analysls of Income nati•n$ and 1•gaci•s Grants received Donation5 received 16,023 752 3 1fv¢ome Irom Charitable Activities Prtyvisiw OF Studio space and event incine 116673 4 Expenditure on Charit•ble •divilies Property maintenance Equipment repairs and renewa15 Rent Event and product¢on costs Depreciation on leasehokj improvemen Depreciation on fumthre ALlministraD'on Support costs - Staff wages Retruitrnent fees Consultants Marketing Bank charges Telephone and internet Donation Loan interest 48.905 5.539 60.295 {27,1051 27.117 25,945 1,956 7,450 33,479 24.875 45,52S 1,956 12.528 83,163 16,200 22,238 10,706 307 11.278 2,LN)O 796 286 016 59.233 2,403 1,619 897 193 289 S Governanee costs Legal 6nd profe55ional fees IndepeThlent examination 13.182 133 Mo 6 Awe•ge numb¢r ol Enkpl•y4•s in y•ar The were no employees receiving benefits. 7 TangObl• Flx•d Ass•ts Leasehold improv•ments furnlture T•t•l Cost As at l May 2022 Additions in year Disposals As at 30 April 2023 60.183 238.424 9.779 69,962 238.424 308 386 Depre¢i•tlon As at l May 2022 Charge for year Disposals As at 30 Apfll 2023 IS.205 71.470 1.956 3.911 17,161 75.381 Met book ¥•lue Af 30 April 2023 211 932 At 30 April 2022 Pogell
Proposltion Athapoe Limlted Notes to the Accounts Foi the Year ended 30 Aprll 2023 2023 2022 8 Cr•ditor5- amounts due ¥Alhln i)ne year Deferred income Accruals Wages payable PAYE Pensions payable Di¢tr5 loaTr Bounce back lo•n 103,680 3,IZO 5,141 7.344 2,354 13,293 10.048 212 4,341 4,341 130 826 2023 2Q22 g Credltors- amounts due in more than one y•ar Loaft from oak$u Property Protecb¢y) Bounce back loan 22,904 69,100 2023 2912 10 Deferred in¢•me Balance at l May 2022 Movement in the year Balance at 30 Aprll 2023 103,680 103 680 103 680 2023 2022 11 Anatysis of funds - Unrestrlrted Balance at l May 2022 Net mo¥emefit in funds Balance at 30 April 2023 1120,495) 325 109 204 614 (78.878J 120 495 2023 2022 12 Afialyses of net assets- Unregtrlcted Fixed assets Current assets Current liabilities Non<urreDt liabilitie5 215.844 69,601 (37,448) 24,900 82,21Q (130.825) 120 495 13 Itelted prti¢s During the year. the charity repaid £46.195 of the loan frwn Oaksure Property Protection Umited. a ctynpany in which Mr D Hudson ha5 an inteffjt. At the year end the tsalae due to oakSu Property Protection knmited amounted 10 £22.90412022.- E69.1001. 14 Trustees remuneratknft During the year. Mr D Hudson a trustee, was pawj expe tota114ng E4,293 for extepti¢)rtal expenses incurred in the delay of the fit out of the Camden property. 15 Olher iof•rnia¢ion - The Charity had no commitments at the year end. - The Charity has not given any guarantees to third porbe5 that could be called on at the year end. - The Charity ha5 not granted any loans to any institutw)n or c<xnpany connected to the Charity- The Charity did not make any ex-gratia payments durir4J the year. Page 12