Charity registration number 1187723
THE PHOTOGRAPHY FOUNDATION
ANNUAL REPORT AND UNAUDITED ACCOUNTS
for the year ended 31 May 2023
The Photography Foundation Trustees’ Report
The Trustees are pleased to present their report and the charity’s accounts for the year ended 31 May 2023.
Objectives and activities
The Photography Foundation (TPF) has two core objects, to alleviate poverty through education and to promote the art of photography.
What we do:
We create pathways to professional photography careers for less advantaged young adults in London through education and work experience, valuing talent and motivation over who you know or where you come from. We use photography as a conduit for social change, community connections and positive social interactions. We promote the art of photography, bringing photography to a new, wider and more diverse audience.
How we do it:
Our strategy remains unchanged from the previous year, and we split this into the following areas:
-
Core Training Programme – a 6-month training programme for young adults from disadvantaged backgrounds providing photography education, mentoring and work experience. Working with the trainees to build self-confidence, leadership qualities and skills to significantly improve employment prospects, enable freelance employment opportunities and the creation of a personal portfolio of professional work.
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Targeted Workshops – photography workshops aimed at using photography for positive social interactions and bringing photography to a wider audience. This includes workshops for beginner photographers, disadvantaged groups, families and schools.
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Events – a regular programme of talks, seminars and events with expert speakers, photographers and groups from the industry focusing on core topics tackling the objects of TPF, including networking opportunities for the photography and local community.
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TPF Photography Grant – the award of a photography grant to an established photographer for the production of a photo essay tackling a social issue in the UK. The funding for the grant is secured from an external charity.
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Photography Foundation Awards – an annual photography competition aimed at amateurs and professionals.
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Professional Workshops – through our brand ‘Beyond’ the production and delivery of professional level photography workshops.
Activities during the 2022/23 year included:
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Our activities for 2022/23 were focused around delivering the activities that we do as a Charity, described above. Strengthening our processes and increasing the impact of the charity with the core resources available to TPF. Many new connections, collaborations and partnerships were built in 2022/23 which help us achieve our charitable objectives.
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We continually monitor and assess our requirements for resource and staffing for TPF, bringing in new staff members to help with the education programme and events programme. We were delighted to recruit one of our alumni trainees into our staff team as an event co-ordinator.
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We made the decision to close down the TPF Studio Ltd business. The business suffered greatly from the impacts of the Covid-19 pandemic and lockdowns, which TPF can no longer support.
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We planned and launched a new area of activity for TPF, the Beyond professional workshops.
The Photography Foundation Trustees’ Report (continued)
Reserves:
The total reserves held by TPF amounted to £15,425, all of which was unrestricted.
It is the policy of TPF that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to two to three months expenditure or operating costs. The reserve level has been reduced from the previous year which reflects a better market outlook and the activities completed in the year.
The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s activities while consideration is given to ways in which additional funding may be raised.
Structure, governance and management
The charity is a Charitable Incorporated Organisation (CIO), and was registered as a charity in England and Wales on 3 February 2020. The principal address of the charity is 3 Dormer Yard, Unit 2.1 Building D2, Greenwich, SE10 0EB. The registered charity number is 1187723. The charity's constitution is the governing document, and meets the definition of a charity under the Charities Act 2011 as it works exclusively for charitable purposes and is for the public benefit.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr M Johansson Mrs L Johansson Mrs A Johansson Mr D Graham-Hyde
There must be at least four charity trustees. If the number falls below this minimum, the remaining trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. The maximum number of charity trustees is ten. The charity trustees may not appoint any charity trustee if as a result the number of charity trustees would exceed the maximum.
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
If the charity is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
The organisational structure of The Photography Foundation consists of a board of trustees who meet on a regular basis to consider and review the charity's activities, general progress and financial position and make decisions accordingly.
Statement of trustees' responsibilities
The trustees are responsible for preparing the trustees’ report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
The Photography Foundation Trustees’ Report (continued)
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees’ report was approved by the Board of Trustees on 29 March 2024.
Mr M A Johansson Trustee
The Photography Foundation Independent Examiner’s Report
I report to the trustees on my examination of the accounts of The Photography Foundation (“the Charity”) for the year ended 31 May 2023.
Responsibilities and basis of report
As the trustees of the Charity 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. 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
As the Charity’s gross income exceeded £250,000 the examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, one of the listed bodies.
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:
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accounting records were not kept by the Charity in accordance with section 130 of the Act; or
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the accounts do not accord with those accounting records; or
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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.
Richard Tompkins Independent Examiner Cavendish Bond Chartered Accountants Bentinck House 3 - 8 Bolsover Street London W1W 6AB
30 March 2024
The Photography Foundation Statement of Financial Activities for the year ended 31 May 2023
| Current year Unrestricted Funds 2023 £ Income and endowments from: Donations and legacies A1 458,766 Expenditure on: Charitable activities B2 93,586 Other B3 398,085 Total expenditure B 491,671 Net income for the year (32,905) Net income after transfers A-B-C (32,905) (32,905) Reconciliation of funds: E Total funds brought forward 48,330 Total funds carried forward 15,425 SORP Ref Net movement in funds |
Current year Restricted Funds 2023 £ - - - - - - - - - |
Current year Total Funds 2023 £ 458,766 93,586 398,085 491,671 (32,905) (32,905) (32,905) 48,330 15,425 |
Prior Year Total Funds 2022 £ 607,284 230,326 515,199 |
|---|---|---|---|
| 745,525 | |||
| (138,241) | |||
| (138,241) | |||
| (138,241) 186,571 |
|||
| 48,330 |
The statement of financial activities includes all gains and losses recognised in the year.
All prior year transactions were in unrestricted funds. All income and expenditure derives from continuing activities.
The Photography Foundation Income and Expenditure Account for the year ended 31 May 2023
| Income Income from operations Investment income Gross income in the year before exceptional items Gross income in the year including exceptional items Expenditure Charitable expenditure, excluding depreciation and amortisation Depreciation and amortisation Governance costs Other expenditure Total expenditure in the year Net income before tax in the financial year Tax on surplus on ordinary activities Net income after tax in the financial year Retained surplus for the financial year |
2023 £ 458,766 - 458,766 458,766 79,308 10,867 3,411 398,085 491,671 (32,905) - (32,905) (32,905) |
2022 £ 607,284 - |
|---|---|---|
| 607,284 | ||
| 607,284 | ||
| 200,981 8,965 20,380 515,199 |
||
| 745,525 | ||
| (138,241) - |
||
| (138,241) | ||
| (138,241) |
All income and expenditure derives from continuing activities.
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
The Photography Foundation Balance Sheet as at 31 May 2023
| Note SORP Fixed assets A Tangible assets 8 A2 Investments 9 A4 Total fixed assets Current assets B Debtors 10 B2 Cash at bank and in hand B4 Total current assets Creditors: amounts falling due within one year 12 C1 Net current assets Net assets Restricted funds Unrestricted Funds Unrestricted revenue funds D3 Designated Funds Total charity funds The net assets are funded by: |
14,318 13,116 |
|---|---|
| 15,425 | |
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The charity is subject to independent examination under charity legislation and the report of the Independent Examiner is attached.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
Mr M A Johansson Trustee
Approved by the board of trustees on 29 March 2024
The Photography Foundation
Notes to the Accounts for the year ended 31 May 2023
1 Accounting policies
Basis of preparation and accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention.
Going Concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
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.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 by the proportion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all costs related to that activity.
Fixed Asset Investments
Investments in subsidiaries are measured at cost less any provision for impairment. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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:
Fixtures and fittings 33% straight Computer equipment 33% straight
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.
The Photography Foundation
Notes to the Accounts for the year ended 31 May 2023
At each reporting date, the charity reviews the carrying amounts of its tangible 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).
Debtors
Debtors are measured at their recoverable amounts at the balance sheet date.
Financial instruments including cash and bank balances
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, 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Pensions contributions
The charity operates a defined contribution pension scheme. Contributions are charged as an expense when they become payable in accordance with the rules of the scheme.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. There are no restricted or endowment funds.
2 Liability to taxation
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose.
3 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund will be transferred to some other charitable body or bodies having similar objects to the charity.
The Photography Foundation
Notes to the Accounts for the year ended 31 May 2023
4 Significance of financial instruments to the charity's position
The Trustees do not consider financial instruments to be significant to the charity's financial position or performance, or to give rise to significant risks.
5 Net surplus before tax in the financial year
| Net surplus before tax in the financial year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| The net surplus before tax in the financial year is stated after charging: | ||
| Depreciation of owned fixed assets | 10,867 | 8,965 |
| Pension costs | 1,205 | 2,596 |
6 Employment costs
Employee costs
| Employee costs Wages and salaries Social security costs Employer pension contributions Employees The average number of employees during the year was: |
2023 £ 42,449 3,018 1,205 |
2022 £ 108,244 30,515 2,596 |
|---|---|---|
| 46,672 | 141,355 | |
| 2023 7 |
2022 6 |
No employees received remuneration in excess of £60,000 per year.
7 Deferred income
| Unrestricted funds Included within creditors: |
Opening Deferrals £ 150,000 |
Released from prior years £ 150,000 |
Received less released in year £ - |
Deferred at year end £ - |
|---|---|---|---|---|
| 150,000 | 150,000 | - | - | |
| 2023 £ - |
2022 £ 150,000 |
The income deferred and included in creditors relates to funding specified by the funders as relating to specific periods and represents those parts of unrestricted funds which relate to periods subsequent to the balance sheet date.
The Photography Foundation
Notes to the Accounts for the year ended 31 May 2023
8 Tangible fixed assets
| Land and Buildings £ Cost At 1 June 2022 - Additions - At 31 May 2023 - Depreciation At 1 June 2022 - Charge for the year - At 31 May 2023 - Net book value At 31 May 2023 - At 31 May 2022 - |
Fixtures and fittings £ 2,394 1,349 |
Computer equipment £ 26,021 2,837 |
Total £ 28,415 4,186 |
|---|---|---|---|
| 3,743 | 28,858 | 32,601 | |
| 1,107 1,247 |
15,441 9,620 |
16,548 10,867 |
|
| 2,354 | 25,061 | 27,415 | |
| 1,389 | 3,797 | 5,186 | |
| 1,287 | 10,580 | 11,867 |
9 Investments held as fixed assets
| Investments in subsidiaries Listed investments Other Classes of Investment £ £ £ At 1 June 2022 1 - - At 31 May 2023 1 - - |
Investment in subsidiary £ 1 |
|---|---|
| 1 |
The investment in subsidiary comprises the entire issued share capital of TPF Studio Limited which provides photography services and has its registered office at 114a Cromwell Road, London, SW7 4AG.
Consolidated accounts are not prepared as the aggregate income of the charity and its subsidiary is less than £1,000,000, and the charity has taken advantage of the exemption available under the SORP.
10 Debtors
| Other debtors Amounts owed by subsidiary undertakings |
2023 £ - 14,318 |
2022 £ 116,024 - |
|---|---|---|
| 14,318 | 116,024 |
The Photography Foundation
Notes to the Accounts for the year ended 31 May 2023
11 Debtors due after one year
| 12 Creditors: amounts falling due within one year Accruals Deferred income Taxes and social security Other creditors Other debtors |
2023 £ - |
2022 £ 62,318 |
|---|---|---|
| - | 62,318 | |
| 2023 £ 5,625 - 10,297 1,274 |
2022 £ - 150,000 17,492 3,912 |
|
| 17,196 | 171,404 |
13 Financial commitments under operating leases
At the balance sheet date the charity had future minimum lease payment commitments under non-cancellable operating leases that fell due as follows:
| within one year between two and five years 14 Income and Expenditure account summary At 1 June 2022 Surplus/(deficit) for the year At 31 May 2023 |
2023 £ - - |
2022 £ 87,165 119,127 |
|---|---|---|
| - | 206,292 | |
| 2023 £ 48,330 (32,905) |
2022 £ 186,571 (138,241) |
|
| 15,425 | 48,330 |
15 Related party transactions
During the year the charity received donations of £440,880 (2022: £605,703) from JAMMA International, a charity with certain common key management personnel.
At the balance sheet date debtors included £nil (2022: £116,024) due from the charity's subsidiary, TPF Studio Limited. During the year the charity made an impairment provision of £398,085 against amounts due to it from TPF Studio Limited. During the prior year the charity wrote off a balance of £515,199 owing to it from TPF Studio Limited. The impairment charge and write off are included as 'other expenditure' within these accounts.
The Photography Foundation
Notes to the Accounts for the year ended 31 May 2023
16 Representation of funds by assets and liabilities
| At 31 May 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities At 1 June 2022 Tangible fixed assets Fixed asset investments Current assets Current liabilities |
Unrestricted funds £ 5,186 1 27,434 (17,196) |
Designated funds £ - - - |
Restricted funds £ - - - - |
Total Funds £ 5,186 1 27,434 (17,196) |
|---|---|---|---|---|
| 15,425 | - | - | 15,425 | |
| Unrestricted funds £ 11,867 1 207,866 (171,404) |
Designated funds £ - - - - |
Restricted funds £ - - - - |
Total Funds £ 11,867 1 207,866 (171,404) |
|
| 48,330 | - | - | 48,330 |
The Photography Foundation Detailed analysis of income and expenditure for the year ended 31 May 2023
17 Donations, grants and legacies
| Revenue grants and donations from non public bodies Total private sector revenue grants Donations and gifts |
Current year Unrestricted Funds 2023 £ 458,766 |
Current year Restricted Funds 2023 £ - - |
Current year Total Funds 2023 £ 458,766 458,766 |
Prior Year Total Funds 2022 £ 607,284 |
|---|---|---|---|---|
| 458,766 | 607,284 |
18 Support costs for charitable activities
| 18 Support costs for charitable activities |
||
|---|---|---|
| Current year Current year Current year Prior Year Unrestricted Funds Restricted Funds Total Funds Total Funds 2023 2023 2023 2022 £ £ £ £ Employee costs not included in direct costs 49,581 - 49,581 141,355 Premises expenses 10,314 - 10,314 31,348 2,454 - 2,454 11,020 Administrative overheads 1,598 - 1,598 922 3,177 - 3,177 8,187 825 - 825 1,772 - - - 1,058 3,222 - 3,222 5,093 Professional fees paid to advisors other than the independent examiner 4,800 - 4,800 - Financial costs 129 - 129 226 3,208 - 3,208 - 10,867 - 10,867 8,965 Support costs before reallocation 90,175 - 90,175 209,946 Total support costs 90,175 - 90,175 209,946 All the expenditure in the prior year was unrestricted. Depreciation and amortisation The basis of allocation of costs between activities is described under accounting policies. The charity's activity during the current and prior year was educational services. Studio equipment Late payment charges Advertising Insurance Software costs Other admin costs Repairs, maintenance and other office costs Staff costs Rent and rates Accountancy fees Bank charges |
Current year Total Funds 2023 £ 49,581 10,314 2,454 1,598 3,177 825 - 3,222 4,800 129 3,208 10,867 |
Prior Year Total Funds 2022 £ 141,355 31,348 11,020 922 8,187 1,772 1,058 5,093 - 226 - 8,965 |
| 209,946 | ||
| 209,946 |
The Photography Foundation Detailed analysis of income and expenditure for the year ended 31 May 2023
| 19 Other expenditure - governance costs Independent Examiner's fees Legal and professional fees Total governance costs |
Current year Unrestricted Funds 2023 £ 3,335 76 |
Current year Restricted Funds 2023 £ - - - |
Current year Total Funds 2023 £ 3,335 76 3,411 |
Prior Year Total Funds 2022 £ 8,925 11,455 |
|---|---|---|---|---|
| 3,411 | 20,380 |
All the expenditure in the prior year was unrestricted.
20 Total charitable expenditure
| Total charitable expenditure | ||||
|---|---|---|---|---|
| Total support costs B2d Total governance costs B2e Total charitable expenditure B2 All the expenditure in the prior year was unrestricted. Total support costs B2d Total governance costs B2e Total charitable expenditure B2 |
Current year Unrestricted Funds 2023 £ 90,175 3,411 |
Current year Restricted Funds 2023 £ - - - Prior Year Restricted Funds 2022 £ - - |
Current year Total Funds 2023 £ 90,175 3,411 93,586 Prior Year Total Funds 2022 £ 209,946 20,380 |
Prior Year Total Funds 2022 £ 209,946 20,380 |
| 93,586 | 230,326 | |||
| Prior Year Unrestricted Funds 2022 £ 209,946 20,380 |
||||
| 230,326 | - | 230,326 |
| 21 Other expenditure Other expenditure B3b All the expenditure in the prior year was unrestricted. Impairment of loan to trading subsidiary |
Current year Unrestricted Funds 2023 £ 398,085 |
Current year Restricted Funds 2023 £ - - |
Current year Prior Year Total Funds Total Funds 2023 2022 £ £ 398,085 515,199 |
|---|---|---|---|
| 398,085 | 398,085 515,199 |
||