PROPOSZT1014 RT•IAPOE LIMrrED (LxHrrEO BY GUAPAIITEE) REGISTERÉD CHAAXTY 14UM8ER IA82929 COMPANY NUMOeA 11187355 AIIMUAL AEPORT AND FINANCIAL STATEME1￿5 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 D1￿ctorS 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 DI￿tOrS 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 èrtrc￿s 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•MO￿Al￿3 our Civknti￿'% roJ8 in tha bi05rther• and Estsblbshed as•¢harityin 2018. Our0b￿¥e5Irw. lltowryt￿•￿O￿tr Jrbstssothattlweanbefimncially 8eM. suffioent and waued to make in a thallww to raise aware1￿55 and wtsvoke rwliqnce ¢haryiw¥J the way¥M wothKethin ACTIVITIES DURING THIS YEAR weeortinuetomlkeuseofft￿nWl￿lesp￿tsasautst-a1lKt￿ffjWaYQIW￿I￿ry￿lI1IeslD8rtbst5aTr￿th￿9￿erel artffjt$tu&tieonwlex in >mthtthof10stu(knx ￿th￿filmand Wwfikno118.OOOsq ft with a 30.OOOsq ft yafd. Wo also taken ￿ a 0130.000 sq ft th Cam&Th ¥qry c105• Fami Dr knn• Tlmdernonn h•81￿￿1 us as D￿*¢￿￿. s￿ was at Frieze Art lay lor its r•kutionto Kerritsat￿. she•lso*ls M tt* moyrys¢ultw41 •thi¥ryy boordaTrJ r4cWr*ft￿the GoverrKrf ofthe WEMBLEY FILM STUDIO Thishas pr0¥enan￿In9a￿yh1tknI¥wrtWek￿thÈth9r{ty.e￿ab11WJ usto r•sequitesubstsn¢iallund5tosw>wt linartial ￿r. us to seK.hmd th? rrt￿ ol ststh ¢cffjpkn v4ith pAAic 7*wes in ARTS COMPLEX IN CAMDEN In De¢wnbwO12022w¢gw￿a1o9$elQra 30.OOOsqft9te￿QI2 IwIthr￿s*nd$MlII eèrpark in Camd￿. i￿￿)ea0t￿Y styjth ol the K+X•¢ Rowth0￿. We r￿￿¥¢d extr•i)ely 1&W￿rable twms t*knKh 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*. comp￿Ments[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 ￿k￿Y 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￿¢¢$5￿ we could lind oursdbes p￿h¢d tosc8le.back ourcurrent acti¥itse& Man8gement We are wospe¢tiry kn space security of ttrwe expkKing mr&ls whi¢h •nable us to allord central Lorth rents whk contiwing to wo¥i& a IrEe wograrn OF wbl 8vent& ergage the PA)1￿ on Iwmanity's retst￿￿1￿ Tmth li¥irvJ rp•￿j (xmtinue to provxle studio S9￿ attrxl rate Risk. ExpJn$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 i￿￿late (￿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-F￿der 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 C￿panY Lawl you are re5PDnsibte for the preparation 01 the aCc￿ntS in accordance the requirements of the Compan*e5 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 reQU￿ed by sedion 386 of the 2c￿6 Act.. - the accounts do not accord with those records: or - the accounts do not comply with the occounting reqUire￿rtts 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 ￿pOrts￿9 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 re￿rt 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 T*x*I 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 - aff￿￿nts falling due withln one year {37,4481 (37.968) C￿01t0r$ - amounts falling due in ff#ye than ne year (43,3831 (69.177) Net Assets Funds of the Ch•rfty Income Funds ￿n￿Stricted 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 a￿JIt under sectlon 477 of the Companie5 Art 2006 relab.ng to small C￿npanies. 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 acC￿nts. These accounts have been wepared in accordance with the ￿0vis￿)nS appl￿ble 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 pre￿red 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"ca￿e in the VK and Republic of I￿land 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