Charity Registration No. 1187286
THE BURLINGTON MAGAZINE FOUNDATION (CIO) TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BURLINGTON MAGAZINE FOUNDATION (CIO)
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | John Nicoll – Chairman |
|---|---|
| Hugo Chapman | |
| Dr Elizabeth Cropper | |
| Dr Gabriele Finaldi | |
| David Landau CBE – Treasurer | |
| Dr Sir Nicholas Penny FBA FSA | |
| Jane Portal FAS | |
| Andrea Rose CMG OBE | |
| Karen Sanig (appointed 05/05/23) | |
| Desmond Shawe-Taylor CVO | |
| Prof Catherine Whistler (appointed 01/01/23) | |
| Charity Number | 1187286 |
| Principal address | 14/16 Duke's Road |
| London | |
| WC1H 9SZ | |
| Independent examiners | TC Group |
| The Courtyard | |
| Shoreham Road | |
| Upper Beeding | |
| Steyning | |
| West Sussex | |
| BN44 3TN | |
| Investment managers | James Hambro & Partners |
| 45 Pall Mall | |
| London | |
| SW1Y 5JG |
THE BURLINGTON MAGAZINE FOUNDATION (CIO)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 – 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 – 12 |
THE BURLINGTON MAGAZINE FOUNDATION (CIO)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and accounts for the period ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity trust deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" (FRS 102).
Structure, governance and management
The Burlington Magazine Foundation CIO is constituted by a Rules of Constitution document, dated 13th February 2020, and is a registered charity, No. 1187286. Its registered office is based at the freehold property owned by the Foundation, situated at 14-16 Duke's Road, London WC1H 9SZ.
The Trustees who served during the period were:
John Nicoll – Chairman Hugo Chapman Dr Elizabeth Cropper Dr Gabriele Finaldi David Landau CBE - Treasurer Dr Sir Nicholas Penny Jane Portal FSA Andrea Rose CMG OBE Karen Sanig (appointed 05/05/23) Desmond Shawe-Taylor CVO Prof Catherine Whistler (appointed 01/01/23)
By the terms of the Rules of Constitution document, the Trustees are entitled to apply the capital and income of the Trust Fund for the benefit of any of the charitable objects, or they may accumulate the capital or interest as an accretion to the capital of the Trust Fund.
By terms of the Rules of Constitution document, the Trustees may at their discretion invest monies in the purchase of or subscription for stocks, funds, shares or other investments or property including the purchase of freehold property. The Trustees have the full and unrestricted powers of investing and transposing investments of trust monies in all respects as if they were absolute beneficial owners, and in addition the Trustees may invest the whole or part of the Trust Fund in the share of any company without the need for diversification. The Trustees have agreed an investment policy whereby the objective is to preserve the real capital value of the investments in the long term whilst achieving the maximum financial return on the charity's assets through a low to medium risk portfolio.
The Burlington Magazine Foundation CIO owns 100 per cent of Burlington Magazine Publications Limited ("BMPL"), a registered company and registered charity, which itself has two wholly owned subsidiaries , The Burlington House Fair Limited ("BHF") and Fleming Honour Limited. These companies are incorporated in England and Wales and can be contacted via The Burlington Magazine Foundation.
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to manage exposure to the major risks.
Objectives and activities
The purposes for which The Burlington Magazine Foundation CIO was established are the advancement of the education of the public in the field of art history and the contemporary arts, and in particular by supporting (financially or otherwise) The Burlington Magazine; the advancement, promotion and encouragement of research in the field of art history and the contemporary arts and the dissemination of the results of such research; the encouragement of the preservation and restoration of works of art and the promotion of the development and dissemination of preservation and restoration techniques for the benefit of the public.
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees have had regard to the Charity Commission's guidance and the need to disclose how the Charity is providing benefit to the public.
The main charitable activity is to support financially or otherwise the publication of The Burlington Magazine, primarily by managing the endowment funds and investing the same for the purpose of providing long term financial security for The Burlington Magazine; thereafter to support The Burlington Magazine through grants made to specific requirements of the publication. The principal purpose of The Burlington Magazine is to publish academic research carried out by art historians working in public institutions and universities, and independently. Public access to The Burlington Magazine is provided through libraries, JSTOR and via the website s www.burlington.org.uk and www.contemporary.burlington.org.uk . Substantially reduced-rate subscriptions are provided to academics and students and travel scholarships are awarded to post graduate students for purposes of research.
The Burlington Magazine Foundation CIO owns a freehold property, which it provides rent free to The Burlington Magazine Publications Limited for office accommodation.
The Burlington Magazine Foundation CIO has no paid employees. All its Trustees are unpaid.
Achievements and performance
The Burlington Magazine Foundation CIO ("BMF") had incoming resources for the period ended 31 December 2023 of £116,641, including investment income of £105,641 and donations of £11,000. BMF's net expenses were £405,305. BMF's grant to BMPL for 2023 was £323,039. There was also a grant made in the year for scholarship costs of £11,933, a travel scholarship grant of £2,000 and a grant made in the year for The Contemporary Art Writing Prize of £1,000. Net gains on investments for the year were £367,779, resulting in an overall surplus of £79,115.
The Burlington Magazine Publications Limited produced a surplus for the year of £2,213 (surplus in 2022: £7,969), deriving from its subsidiary company Fleming Honour.
Reserves policy
The charity’s reserves policy is such that the charity should hold between 5%-10% of its asset portfolio in unrestricted cash reserves or fixed interest securities in the event it is needed to cover cash-flow shortfalls experienced by BMPL. The value of the Foundation’s Investment portfolio at year-end was £6,433,365 (see note 11). The charity’s cash reserves and fixed interest securities at 31 December 2023 were £1,250,875 (or 18.5%).
Appointment of trustees
Trustees of BMF are appointed by the Trustees of BMF following recommendation by the Nominations Committee, who receive and solicit recommendations of appropriate candidates based on a number of skill-sets relevant to the Charity’s needs. There must be no fewer than three and no more than twelve trustees.
On behalf of the board of Trustees
…………………….. David Landau – Treasurer Trustee
Dated: 26/06/2024
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BURLINGTON MAGAZINE FOUNDATION
I report to the trustees on my examination of the accounts of The Burlington Magazine Foundation for the year ended 31 December 2023 which are set out on pages 4 to 13.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
Accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Cummins FCCA FCIE
On behalf of:
TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
Dated: .15/07/2024
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Restricted | Endowed | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | |
| Income from: | ||||||
| Income from | ||||||
| Donations & legacies | 3 | - | 11,000 | - | 11,000 | 16,076 |
| Investment income | 4 | 91,246 | 57 | 14,338 | 105,641 | 83,057 |
| Total income | 91,246 | 11,057 | 14,338 | 116,641 | 99,132 | |
| Expenditure on: | ||||||
| Charitable | ||||||
| Expenditure in furtherance of the Charity's | ||||||
| objectives | 6 | 127,603 | 75,096 |
202,606 | 405,305 | 195,963 |
| Total expenditure | 127,603 | 75,096 | 202,606 | 405,305 | 195,963 | |
| Gains and (losses) | ||||||
| Transfer of assets from BMF Inc | 5 | - | - | - | - | 2,831,705 |
| Net gains on investment assets | 5 | 316,251 | - | 51,528 | 367,779 | (418,872) |
| Net income | 279,894 | (64,039) | (136,740) | 79,115 | 2,316,003 | |
| Fund balances at 1 January 2023 | 5,922,785 | 66,795 | 663,075 | 6,652,655 | 4,336,653 | |
| Fund balances at 31 December 2023 | 6,202,679 | 2,756 | 526,335 | 6,731,770 | 6,652,655 |
All activities were continued in the period. There are no recognised gains or losses other than those reported on the Statement of Financial Activities.
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Creditors: amounts falling due within one year 13 Net Current (Liabilities)/Assets Income funds Unrestricted funds 15 Restricted funds 14 Endowed funds 14 |
£ 97,423 |
2023 £ 234,258 6,433,365 |
£ 2,061,093 |
2022 £ 237,423 6,480,139 |
|---|---|---|---|---|
| 6,667,623 64,147 |
6,717,562 (64,907) |
|||
| 97,423 (33,276) |
2,061,093 (2,126,000) |
|||
| 6,731,770 | 6,652,655 | |||
| 6,202,680 2,755 526,335 |
5,922,786 66,795 663,075 |
|||
| 6,731,770 | 6,652,655 |
The accounts were approved by the Trustees on 26/06/2024
.............................. .............................. Andrea Rose David Landau - Treasurer Trustee Trustee
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Statutory information
The Burlington Magazine Foundation is a charity, registered in England and Wales. The charity’s registered number and principal office address can be found in the Trustees’ Report.
2 Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2.1 Basis of preparation
The accounts have been prepared in accordance with Accounting & 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 2015) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Burlington Magazine Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
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 £.
2.2 Income
Grants and donations received are recognised in the Statement of Financial Activities in accordance with the terms attached to the grants or donations.
Investment income is accounted for using the accruals basis of accounting.
2.3 Expenditure
All expenditure is accounted for on an accruals basis, and where incurred directly to further the Foundation's charitable objectives, is shown under the heading of direct charitable expenditure.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings 100 years straight line Fixtures and fittings 3 years straight line
2.5 Investments
Investments are valued at fair value at the balance sheet date.
2.6 Foreign currency translation
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the day on which the transaction takes place.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Foreign exchange differences arising on transactions and on year-end translation are taken to the statement of financial activities in the year in which they arise.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments. The trustees seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.
2.9 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
2.10 Accumulated funds
Unrestricted funds comprise funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
Restricted funds comprise funds which have been specified by funders for specific projects.
2.11 Critical accounting estimates and judgements
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.
The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.
3 Donations & legacies
| Donations and grants Restricted funds: Other grants – see note 14 Investment income Investment income from cash and investments |
Unrestricted funds £ - Unrestricted funds £ **91,246 ** |
Restricted funds £ 11,000 Restricted funds £ 57 |
Endowed funds £ - Endowed funds £ 14,338 |
Total 2023 £ 11,000 Total 2023 £ 105,641 |
Total 2022 £ 16,076 |
|---|---|---|---|---|---|
| 11,000 11,000 |
|||||
| Total 2022 £ 83,057 |
4 Investment income
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 5 Other gains / (losses) Transfer of assets from BMF Inc Net gains / (losses) on investment assets – note 11 6 Total expenditure Charitable activities Activities undertaken directly Grant funding of activities Total |
Unrestricted funds Restricted funds Endowed funds Total 2023 £ £ £ £ - - - - 316,251 - 51,528 367,779 316,251 - 51,528 367,779 Depreciation Other Grant Total costs funding 2023 £ £ £ £ 3,165 64,168 - 67,333 - - 337,972 337,972 3,165 64,168 337,972 405,305 |
Unrestricted funds Restricted funds Endowed funds Total 2023 £ £ £ £ - - - - 316,251 - 51,528 367,779 316,251 - 51,528 367,779 Depreciation Other Grant Total costs funding 2023 £ £ £ £ 3,165 64,168 - 67,333 - - 337,972 337,972 3,165 64,168 337,972 405,305 |
Total 2022 £ 2,831,705 (418,872) 2,412,833 Total 2022 £ 35,673 160,290 195,963 |
|---|---|---|---|
| 405,305 |
Charitable activity costs include governance costs for independent examination fees of £3,600 (2022: £4,020).
7 Grants payable
| BMPL BMF Inc French scholarship Travel scholarship Contemporary Art Writing Prize |
Total 2023 £ 323,039 - 11,933 2,000 1,000 337,972 |
Total 2022 £ 77,261 70,029 10,000 2,000 1,000 160,290 |
|---|---|---|
8 Employees
There were no employees during the period or the prior period.
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or expenses during the period or the prior period.
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Freehold land and buildings £ Cost At 1 January 2023 316,546 At 31 December 2023 316,546 Depreciation At 1 January 2023 79,123 Charge for the period 3,165 At 31 December 2023 82,288 Net book value At 31 December 2023 234,258 At 31 December 2022 237,423 |
Fixtures and fittings £ 118,689 118,689 118,689 - 118,689 - - |
Total £ 435,235 |
| 435,235 | ||
| 197,812 3,165 |
||
| 200,977 | ||
| 234,258 | ||
| 237,423 |
The Burlington Magazine Foundation CIO holds for its own and related companies' use a four storey building built around 1820 in good structural and decorative repair. The purchase price of the property including fixtures and fittings was £316,546. The current open market value is in excess of this cost.
The Burlington Magazine Foundation CIO owns fixtures and fittings, some of which now have little market value. For insurance purposes these are insured at replacement costs.
All of the above fixed assets are held for the Charity's own use, for direct charitable activities.
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 11 Fixed asset investments Fair value at 1 January 2023 Additions Disposals Dividend income reinvested Change in value in the period Cash held to be invested Change in cash balance Fair value at 31 December 2023 The investments consist of:- Fixed interest securities UK Equities Overseas Equities Alternative Investments Commodities Cash & Cash Alternatives Cash held to be invested |
2023 Listed £ 6,480,139 5,532,117 (3,180,436) - 367,779 - (2,766,234) 6,433,365 997,297 858,609 3,488,212 515,888 319,781 253,578 - 6,433,365 |
2022 Listed £ 3,966,620 4,996,860 (3,836,850) 12,782 (418,872) 1,735,599 - |
|---|---|---|
| 6,480,139 | ||
| 388,279 512,852 1,858,872 511,723 189,169 1,283,645 1,735,599 |
||
| 6,480,139 |
Other fixed asset investment
In view of the nature of the acquisition of the shareholding in BMPL, no value has been ascribed to this investment in these accounts. During the year ended 31 December 2023, BMPL (including its subsidiary BHF) had total incoming resources of £1,407,644 (2022: £1,237,520). After resources expended of £1,405,431 (2022: £1,229,551) it had an overall net increase in funds of £2,213 (2022: increase in funds £7,969). At 31 December 2023 BMPL had aggregate net assets of £129,630 (2022: net assets of £127,417).
BHF was dormant during the year and achieved a turnover of £Nil (2022: £Nil) and a net profit of £Nil (2022: £Nil). At 31 December 2023 BHF had net assets of £2 (2022: £2).
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THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 12 Debtors Due from BMPL Prepayments and accrued income 13 Creditors: amounts falling due within one year Trade creditors Accruals Other creditors |
2023 £ 88,744 8,679 97,423 2023 £ 6,900 26,376 - 33,276 |
2022 £ 2,047,367 13,726 2,061,093 2022 £ - 6,819 2,119,181 2,126,000 |
|---|---|---|
Other creditors in 2022 consists of the balance of funds from the sale of the BMF Inc investments that were not fully transferred to the investments managers until January 2023.
14 Restricted and endowed funds
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | ||
|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at 31 | |
| 1 January | resources | expended | December | |
| 2023 | 2023 | |||
| £ | £ | £ | £ | |
| Scholarship for the study of French 18thCentury fine and decorative art |
2,306 | 10,000 | (11,933) | 373 |
Contemporary Writing Prize |
1,000 | 1,000 | (1,000) | 1,000 |
| Francis Haskell | 1,326 | 57 | - | 1,383 |
| Mr Saul P. Steinberg | 41,442 | - | (41,442) | - |
| The Ahmanson Foundation | 20,721 | - | (20,721) | - |
| 66,795 | 11,057 | (75,096) | 2,756 | |
| Balance at | Incoming |
Resources | Balance | |
| 1 January | Resources |
Expended | At 31 | |
| Endowed funds | 2023 | (including net |
December | |
| gains on | 2023 | |||
| investments) | ||||
| The Robert Lehman Fund | 41,442 | 755 |
(755) | 41,442 |
| Andrew W Mellon Foundation | 621,633 | 65,111 |
(201,851) | 484,893 |
| 663,075 | 65,866 | (202,606) | 526,335 |
THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14 Restricted and endowed funds (continued)
The Scholarship for the study of French 18[th] Century fine and decorative art is an annual award open to applicants studying or intending to study for MA, PhD, post-doctoral or independent research.
The Contemporary Writing Prize funding relates to donations received specifically to fund the prize.
The Francis Haskell funding relates to Francis Haskell Memorial Scholarships for travel to support advanced research in the history of western art.
The Ahmanson Foundation fund relates to a gift through the International Foundation for Art Research
The Steinberg fund is a gift to secure the future of the magazine and ensure its independence
Endowed funds
The Mellon Foundation fund relates to an endowment grant made in support of efforts to sustain and enhance the quality and accessibility of The Burlington Magazine.
The Lehman fund relates to The Robert Lehman Endowment Fund for The Burlington Magazine, to support the publication and operation of The Burlington Magazine. The charity can only spend income and not the capital.
15 Analysis of net assets between funds
| Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowed | ||
| funds | funds | funds | Total | |
| £ | £ | £ | £ | |
| 31 December 2023 | ||||
| Fund balances are represented by: | ||||
| Tangible fixed assets | 234,258 | - | - | 234,258 |
| Investments | 5,905,647 | 1,383 | 526,335 | 6,433,365 |
| Current assets | 96,050 | 1,373 | - | 97,423 |
| Creditors: amounts falling due within one year | (33,276) | - | - | (33,276) |
| ─────── | ──────── | ──────── | ──────── | |
| 6,202,679 | 2,756 | 526,335 | 6,731,770 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Unrestricted | Restricted | Endowed | ||
| funds | funds | funds | Total | |
| £ | £ | £ | £ | |
| 31 December 2022 | ||||
| Fund balances are represented by: | ||||
| Tangible fixed assets | 237,423 | - | - | 237,423 |
| Investments | 5,754,900 | 62,163 | 663,075 | 6,480,139 |
| Current assets | 2,056,462 | 4,632 | - | 2,061,094 |
| Creditors: amounts falling due within one year |
(2,126,000) | - | - | (2,126,000) |
| ─────── | ──────── | ──────── | ──────── | |
| 5,922,786 | 66,795 | 663,075 | 6,652,655 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
No one person or entity has control over the charity. The entity is governed by its trustees.
16 Control
THE BURLINGTON MAGAZINE FOUNDATION (CIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
17 Related parties
The Burlington Magazine Foundation CIO controls The Burlington Magazine Publications Limited, a company with charitable status incorporated in England and Wales, by virtue of the 100 'A' shares that it owns which carry 100% of the total voting rights.
At the balance sheet date £88,744 (2022: £2,047,367) was due from The Burlington Magazine Publications Limited.
The charity had no employees in the year. Instead it utilised the services of Burlington Magazine Publications Limited. A total of £Nil has been charged by Burlington Magazine Publications Limited to reflect these services.