**Charity number: 1190955**
## **The Centre for British Photography**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Trustees' responsibilities statement**|5|
|**Independent examiner's report**|6 - 7|
|**Statement of financial activities**|8|
|**Balance sheet**|9|
|**Notes to the financial statements**|10 - 24|
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025**
|**Trustees**|Dr Claire Hyman, Chair|
|---|---|
||Dr James Hyman|
||Christiane Pratsch|
||Gary Blaker KC|
||Renée-Melanie Mussai|
||Dr Madeline Yale Preston|
||Gregg Wilson|
|**Charity registered**
**number**
1190955
**Principal address**
124 Finchley Road
London
NW3 5JS
**Accountants**
Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS||
Page 1
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees present their annual report for the year 1 April 2024 to 31 March 2025.
## **Executive Summary**
Established in 2020, the Centre for British Photography (UK registered charity number 1190955) presents an expansive overview of the diversity of photographic practices in Britain from a range of voices past and present. Its mission is to support all kinds of photographic practices in Britain and to provide platforms for these contributions that are educational, inclusive and inspiring for the benefit of all audiences. It has a particular focus on supporting the practices of women and emerging artists working in photography. It accomplishes these aims through community engagement, mentoring, grants, educational resources, exhibitions and events.
Following the end of the short-term lease at 49 Jermyn Street in January 2024, the reporting period was one of consolidation and transition. During 2024–25 the Trustees focused on sustaining visibility and public engagement through touring exhibitions, institutional partnerships, grants, education and research, while prioritising fundraising to secure a permanent home in London.
## **About the Centre for British Photography**
The Centre for British Photography supports photographers working in Britain through exhibitions, events, grants, mentoring, education and research. It provides a platform for a range of voices in order to present an expansive overview of photography in Britain, past and present, and to address gaps in provision for artists, archives and public access.
## **History**
The Centre for British Photography was founded in 2020 by Claire and James Hyman. The founders’ ethos has been to establish a public charity with ambitious national reach, governed by Trustees, that supports photographic practice in Britain and addresses gaps in long-term support for photographers and archives.
## **Objectives and Activities**
The Charity's objectives are to promote and advance education in and appreciation of the Arts, in particular the art of photography, in particular but not exclusively by: the establishment and maintenance of an archive, collection and library of historical and contemporary photography, and; providing support to contemporary photography artists through the awarding of grants and commissions.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Mission**
To support all kinds of photographic practices in Britain and to provide platforms for these contributions that are educational, inclusive and inspiring for the benefit of all audiences.
## **Vision**
To celebrate photography in Britain in all its diversity; to raise awareness of British photography nationally and internationally; to support photographers through exhibitions, commissions and grants; to fund research and scholarship; and to address issues of legacy and the preservation of archives.
## **Values**
Accessible, collaborative, curious, generous, inclusive and nurturing.
Page 2
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Strategic Position**
The Trustees continue to identify gaps in the national provision for photography in Britain, including limited longterm support for archives, insufficient dedicated platforms focused solely on British photography, and a lack of funding opportunities to support photographers in bringing projects to completion.
## **Strategies for Achieving Objectives**
During 2024–25 the Trustees prioritised sustaining public benefit without a permanent venue, developing the Touring Exhibition Programme, expanding grant-making activity, strengthening institutional partnerships, and fundraising towards a permanent home.
## **Main Achievements of the Charity**
Despite operating without a permanent venue, the Centre continued to deliver exhibitions, grants, loans, education and research access on a national basis.
## **Exhibitions**
CBP continued to deliver exhibitions through touring and institutional partnerships. Exhibitions curated or administered by the Centre were presented at partner institutions and accompanied by educational resources.
## **Loans to External Exhibitions**
As part of its charitable objectives, CBP administers loans of photographic works to national and international institutions. These loans support public exhibitions and scholarly research.
During the reporting period, significant loans were made to Tate Britain for The 80s: Photographing Britain, and to Belfast Exposed for exhibitions dedicated to Arpita Shah and Jo Spence.
## **Touring Exhibition Programme**
The Touring Exhibition Programme, launched in March 2024, continued to develop during 2024–25. The programme offers curated exhibitions, supported by interpretive texts and exhibition packs, to regional galleries and institutions.
## **Events**
CBP continued to deliver talks, panels and educational events through partnerships with universities, fairs and cultural institutions.
## **Collaborations and Partnerships**
The Centre continued to collaborate with national and regional partners to deliver exhibitions, education and public engagement.
## **Sponsorship**
CBP continued to benefit from sponsorship relationships supporting exhibition production and delivery.
## **Archives and Collections**
The Centre renewed its loan agreement with the Hyman Collection of British Photography, enabling research access to over 3,000 works by appointment.
Page 3
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Grants**
Four Realisation Grants of £2,500 each were awarded during the year, totalling £10,000. Recipients were Ajamu X, Phillippa Klaiber & Michael Swann, Zula Rabikowska, and Almudena Romero.
## **Principal Risks and Uncertainties**
The absence of a permanent physical venue remains the charity’s principal risk. This is mitigated through touring exhibitions, partnerships and digital engagement.
## **Governance and Management**
The Centre for British Photography is constituted as a Charitable Incorporated Organisation. The Trustees meet regularly and oversee strategy and compliance. The management of the Charity is the responsibility of the Trustees who are elected and under the terms of the constitution.
## **Financial Review**
The charity received income during the year of £217,051 (2024: £155,891), the increase being primarily driven by the securing of a grant from the Dana & Albert R. Broccoli Charitable Foundation. Expenditure during the year was £163,094 (2024: £433,831). The decrease was due to higher costs in the previous year related to the write off and disposal of assets upon vacating its permanent premises, staff and other costs related to the running of the premises. At the reporting date the charity had £77,050 (2024: £23,093) net assets, all unrestricted for general purposes.
## **Reserves Policy**
The charity has yet to formalise a reserves policy. Its immediate aim is to continue generating surpluses and increasing the current level of reserves. The trustees will look to formalise a reserves policy in the future.
## **Going Concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
Approved by order of the members of the board of Trustees on and signed on their behalf by:
**Dr Claire Hyman** (Chair)
Page 4
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements 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.
Approved by order of the members of the board of Trustees on _________________________________________________ and signed on its behalf by: **Dr Claire Hyman** (Chair)
Page 5
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025**
## **Independent Examiner's Report to the Trustees of The Centre for British Photography ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
## **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 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Page 6
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
Signed:
Dated: 29 January 2026
Andrew Thomas ACA
Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS
Page 7
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|Note
**Income from:**
Donations and legacies
3
Other trading activities
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|Unrestricted
funds
2025
£
163,889
53,162
217,051
39,507
123,587
163,094
53,957
23,093
53,957
77,050|Total
funds
2025
£
163,889
53,162
217,051
39,507
123,587
163,094
53,957
23,093
53,957
77,050|Total
funds
2024
£
67,447
88,444
155,891
41,630
392,201
433,831
(277,940)
301,033
(277,940)
23,093|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 24 form part of these financial statements.
Page 8
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **BALANCE SHEET AS AT 31 MARCH 2025**
|Note
**Fixed assets**
**Current assets**
Stocks: photographs for sale in shop
12
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15,16
**Total funds**|270,123
8,658
131,182
409,963
(332,913)|2025
£
77,050
77,050
-
77,050
77,050|284,073
52,907
435
337,415
(314,322)|2024
£
23,093|
|---|---|---|---|---|
||||||
||||||
|||||23,093|
|||||-
23,093|
||||||
|||||23,093|
The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:
**Dr Claire Hyman** (Chair)
The notes on pages 10 to 24 form part of these financial statements.
Page 9
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. General information**
The charity is registered with the Charities Commission as a Charitable Incorporated Organisation, with charity number 1190955. The charity's registered office is 124 Finchley Road, London, NW3 5JS.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Centre for British Photography meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the forseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants and donations are included in the statement of financial activities on a receivable basis. Sale of art and other sales are included in the statement of financial activities at the date of sale. Donated goods received by the charity for resale are measured at fair value, which is the expected proceeds from sale less the expected costs of sale. Unsold goods are recorded as stock on the statement of financial position at the reporting date.
Page 10
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2. Accounting policies (continued)**
## **2.4 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 allocated on the portion of the asset’s use.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Stocks**
Stocks are valued at the lower of cost (or fair value in the case of donated stock) and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
Page 11
**THE CENTRE FOR BRITISH PHOTOGRAPHY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2. Accounting policies (continued)**
## **2.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 12
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **3. Income from donations and legacies**
|**Donations**
Donation of art
Cash donations
Gift aid and other tax reliefs
Friends scheme
**Subtotal detailed disclosure**
Grants
**Subtotal**
**Total 2025**
**4.**
**Income from other trading activities**
**Income from fundraising events**
Sale of artwork
Sale of books
Gallery hire
Membership
Other sales|Unrestricted
funds
2025
£
7,815
2,909
3,165
-
13,889
150,000
150,000
163,889
Unrestricted
funds
2025
£
42,970
541
-
-
9,651
53,162|Total
funds
2025
£
7,815
2,909
3,165
-
13,889
150,000
150,000
163,889
Total
funds
2025
£
42,970
541
-
-
9,651
53,162|Total
funds
2024
£
2,329
20,598
43,020
1,500|
|---|---|---|---|
||||67,447|
||||-|
||||-|
|||||
||||67,447|
||||Total
funds
2024
£
56,078
12,174
9,626
2,702
7,864|
||||88,444|
Page 13
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **5. Expenditure on raising funds**
## **Fundraising**
|Purchase of artwork for resale
Purchase books for resale
Event costs|Unrestricted
funds
2025
£
34,190
493
4,824
39,507|Total
funds
2025
£
34,190
493
4,824
39,507|Total
funds
2024
£
26,650
5,114
9,866|
|---|---|---|---|
||||41,630|
## **6. Analysis of grants**
|Grants payable
Total 2024|Grants to
Individuals
2025
£
10,625
4,375|Total
funds
2025
£
10,625
4,375|Total
funds
2024
£
4,375|
|---|---|---|---|
|||||
Page 14
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Gallery costs
Total 2024|Restricted
funds
2025
£
-
4,375|Unrestricted
funds
2025
£
123,587
387,826|Total
2025
£
123,587
392,201|Total
2024
£
392,201|
|---|---|---|---|---|
||||||
Page 15
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. Analysis of expenditure by activities**
|Gallery costs
Total 2024|Activities
undertaken
directly
2025
£
26,741
50,751|Grant
funding of
activities
2025
£
10,625
4,375|Support
costs
2025
£
86,221
337,075|Total
funds
2025
£
123,587
392,201|Total
funds
2024
£
392,201|
|---|---|---|---|---|---|
|||||||
## **Analysis of direct costs**
|Costs for borrowing artwork
Photographic processing
Postcards
Transport and shipping
Hanging and framing
Production costs
Storage costs
Miscellaneous gallery supplies|Total
funds
2025
£
197
2,509
-
5,461
1,585
-
6,317
10,672
26,741|Total
funds
2024
£
8,323
16,236
1,650
12,904
10,688
950
-
-|
|---|---|---|
|||50,751|
The Hyman Collection does not charge a loan fee. However, it is payable to some of the artists and lenders.
Page 16
**THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Wages and salaries
Technical support
Literature and brochures
Insurances
Electricity
Travel
Printing, postage and stationery
Repairs
Premises expenses
Business rates
Sundry
Accountancy
Consultancy
Bank charges
Telephone costs
Professional fees
Depreciation
**9.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
Fees payable to the Charity's independent examiner in respect of:
All other services not included above|Total
funds
2025
£
32,005
7,828
12,146
4,273
-
129
1,745
-
6,000
67
1,691
8,444
8,882
3,011
-
-
-
86,221
2025
£
1,500
6,000|Total
funds
2024
£
82,771
504
6,554
16,747
24,835
202
449
2,026
6,075
28,924
506
10,102
15,815
2,504
20
2,700
136,341|
|---|---|---|
|||337,075|
|||2024
£
1,500
7,546|
Page 17
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **10. Staff costs**
|2025
£
Wages and salaries
31,164
Social security costs
-
Contribution to defined contribution pension schemes
841
32,005
The average number of persons employed by the Charity during the year was as follows:
2025
No.
Average number of employees
1|2024
£
81,800
373
598|
|---|---|
|||
||82,771|
||2024
No.
3|
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel were the trustees. No trustee received any remuneration, thus, payments to key management were also £nil.
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration, expenses or other benefits (2024 - £NIL)
## **12. Stocks**
||2025|2024|
|---|---|---|
||£|£|
|Photographs for sale in the shop|270,123|284,073|
Page 18
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **13. Debtors**
|Trade debtors
Other debtors
Prepayments and accrued income|2025
£
-
-
8,658
8,658|2024
£
720
6,000
46,187|
|---|---|---|
||||
|||52,907|
Page 19
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **14. Creditors: Amounts falling due within one year**
|Loans
Trade creditors
Other taxation and social security
Accruals and deferred income|2025
£
305,495
6,090
5,910
15,418
332,913|2024
£
286,225
12,088
7,853
8,156|
|---|---|---|
||||
|||314,322|
The loans are due to companies controlled by Dr James Hyman and are at 0% interest. Whilst they are disclosed as falling due within one year, the lenders will not be seeking repayment until such time that funds are available.
Page 20
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Designated Funds - all funds
**General funds**
General Funds - all funds
**Total Unrestricted funds**|Balance at 1
April 2024
£
-
23,093
23,093|Income
£
-
217,051
217,051|Expenditure
£
(10,625)
(152,469)
(163,094)|Transfers
in/out
£
10,625
(10,625)
-|Balance at
31 March
2025
£
-|
|---|---|---|---|---|---|
||||||77,050|
||||||77,050|
The Realisation Grants (previously known as Emerging Artists) fund is for the charity's programme mentoring emerging photographers. Mentorship includes professional development, promoting work, execution of books/exhibitions, help with building relationships within the photography community and beyond and future opportunities. The grants will help artists working in photography to help realise a project. In previous years, this was partially funded by restricted grants received by the charity, but as none were received during the current year, the Trustees designated funds to pay the current year grants.
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## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Realisation Grants
**Total of funds**|Balance at
1 April 2023
£
298,033
3,000
301,033|Income
£
155,891
-
155,891|Expenditure
£
(429,456)
(4,375)
(433,831)|Transfers
in/out
£
(1,375)
1,375
-|Balance at
31 March
2024
£
23,093|
|---|---|---|---|---|---|
||||||-|
||||||23,093|
## **16. Summary of funds**
## **Summary of funds - current year**
||||||Balance at|
|---|---|---|---|---|---|
||Balance at 1|||Transfers|31 March|
||April 2024|Income|Expenditure|in/out|2025|
||£|£|£|£|£|
|Designated funds|-|-|(10,625)|10,625|-|
|General funds|23,093|217,051|(152,469)|(10,625)|77,050|
||23,093|217,051|(163,094)|-|77,050|
|**Summary of funds - prior year**||||||
||||||Balance at|
||Balance at|||Transfers|31 March|
||1 April 2023|Income|Expenditure|in/out|2024|
||£|£|£|£|£|
|General funds|298,033|155,891|(429,456)|(1,375)|23,093|
|Restricted funds|3,000|-|(4,375)|1,375|-|
||301,033|155,891|(433,831)|-|23,093|
|||||||
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## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2025
£
409,963
(332,913)
77,050|Total
funds
2025
£
409,963
(332,913)
77,050|
|---|---|---|
## **Analysis of net assets between funds - prior year**
|Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2024
£
337,415
(314,322)
23,093|Total
funds
2024
£
337,415
(314,322)
23,093|
|---|---|---|
Page 23
## **THE CENTRE FOR BRITISH PHOTOGRAPHY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **18. Pension commitments**
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £726 (2024: £598).
## **19. Related party transactions**
The charity received goods valued at £5,315 (2024: £nil) from James Hyman, Trustee.
During the year companies controlled by James Hyman, Trustee charged £44,947 (2024: £nil) to the charity for costs incurred on its behalf. Also, James Hyman charged the charity £1,912 (2024: £nil) for costs incurred on its behalf.
At the reporting date companies controlled by James Hyman, Trustee, were owed £305,495 (2024: £286,225) by the charity. These loans had no interest applied and while repayable on demand, the lenders have confirmed that they will not be seeking repayment until such time that funds are available. Also, at the year end the company owed James Hyman £1,387 (2024: £nil).
During the year relatives of trustees were remunerated a total of £42 (2024: £679) for services provided to the charity.
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