Charity registration number: 1195897
Company number: 13308512
New Curators
Trustees’ Report and Financial Statements For the year ended 31 December 2022
New Curators
Contents
| Page | |
|---|---|
| Trustees’ and charity information | 1 |
| Trustees’ report | 2-4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8-13 |
New Curators
Trustees’ and Charity Information
| Trustees | Lynn Blades |
|---|---|
| Tara Feshitan | |
| Oba Nsugbe | |
| Samuel Talbot | |
| Aindrea Emelife | |
| Fabienne Wilmes | |
| Louise Anne Wilson | |
| Registered Address | Saffery LLP |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Charity Number | 1195897 |
| Independent Examiner | Claire Wills, FCA DChA |
| Saffery LLP | |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Bankers | Barclays Bank |
Page 1
New Curators
Trustees’ report For the year ended 31 December 2022
The trustees present their annual report and financial statements of the charity for the year ended 31 December 2022.
Legal Status and Constitution
New Curators is a charitable company limited by guarantee and registered with the Charity Commission in England and Wales.
The Charity was registered with the Charity Commission on 23 September 2021 and its registration number is 1195897.
Objectives and Activities
The charity has the following principal objectives:
The Objects of the Charity are to advance education in the field of art curating for the public benefit in such ways as the Trustees think fit, including through provision of courses of training, in particular to promote diversity and inclusion in art curating.
Activities in the Year
In the first part of 2022 New Curators focussed on recruiting staff and developing its brand identity. In May 2022, after many months of negotiations, the trustees decided to abandon pursuing an affiliation with an academic partner and committed to remaining independent. This decision paved the way for New Curators to develop relationships with a wide range of associated organisations and to build an external faculty, adapt the curriculum, approach to assessments and selection criteria. In the latter part of 2022, New Curators focussed on developing a relationship with the South London Gallery (SLG) which will see the 2023-4 curatorial fellows curate a major exhibition there in Summer 2024. In the latter part of the year fundraising efforts escalated, the application process and materials were prepared, the charity was officially announced, and applications for the first cohort opened.
Achievements and Financial Review
The charity generated income of 2022: £436,951 (2021: £nil) during the year.
Total expenditure was 2022: £346,430 (2021: £nil) and of this total 2022: £99,208 (2021: £nil) was spent on staff salaries, 2022: £11,749 (2021: £nil) was spent on pensions and 2022: £9,238 (2021: £nil) was spent on legal fees.
Reserves Policy
At the year end the Charity had unrestricted free reserves of £90,521. The trustees consider this level of reserves to be adequate for current operations and will be working on developing a longer-term reserves policy as the Charity becomes more active in the following financial period.
Grant making policy and activity
On 14 November 2022, New Curators entered into two grant agreements with the SLG Trustee Limited in its capacity as trustee of the South London Fine Art Gallery and Library (TSTL).
Page 2
Trustees’ report (continued) For the year ended 31 December 2022
New Curators
The first grant of £120,000 is for the purpose of supporting TSTL with the cost of delivering and hosting Firelei Báez’s exhibition at the South London Gallery.
The second grant of £90,000 is to assist the South London Gallery in making space available to aspiring curators from lower socio-economic backgrounds and those teaching them as well as making SLG staff available to discuss art and curation with the aspiring curators who attend SLG spaces during the grant period.
Structure, Governance and Management
Trustees are recruited and appointed in accordance with the charity’s governing document and with relevant legislation.
The Trustees who were in office during the period were:
Lynn Blades, appointed 23 February 2022 Tara Feshitan Oba Nsugbe Samuel Talbot Aindrea Emelife Fabienne Wilmes, appointed 25 May 2022 Louise Anne Wilson, appointed 23 May 2022
In planning the activities of the charity, the Trustees have given due regard to the Charity Commission’s guidance on public benefit. The Trustees believe that the activities of the charity in the period confirm its ability to provide current and on-going benefit to the public.
New trustees are appointed by the trustees. On appointment new trustees are sent the Charity Commission’s ‘The Essential Trustee’ guidance, a list of their main duties they are expected to perform and New Curators’s governing document. They also receive an induction during which the charity’s purposes, beneficiaries, policies, and finances are explained and the new trustee is able to ask any questions. External training is regularly offered to trustees though none elected to take this up in 2022. Charity Commission updates and other sector developments are shared with trustees.
Major decisions relating to strategies and policies are made by the trustees as a board. The trustees delegate responsibility for day to day running of the charity to the three co-directors of New Curators, Mark Godfrey, Kerryn Greenberg and Rudi Minto de Wijs.
Risk Management
The trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been, or will be, established to enable the necessary steps to be taken to lessen these risks.
The main risk to the charity is that fundraising at the level required is unsustainable.
Page 3
New Curators
Trustees’ report (continued) For the year ended 31 December 2022
Future Plans
In 2023, New Curators will become fully operational. In the first half of the year the focus will be on recruiting the first cohort of curatorial fellows and further developing the necessary financial and operational systems. The curriculum will be constructed, and partnerships will be further contracted so that New Curators is ready to accept its first cohort of curatorial fellows in September 2023.
Statement of Trustees’ Responsibilities
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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, 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 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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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 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations, and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Signed on behalf of the Board of Trustees on 30 October2023
........................................... Lynn Blades Trustee
Page 4
New Curators
Independent examiner’s report to the trustees For the year ended 31 December 2022
I report to the trustees on my examination of the accounts of New Curators (the Charity) for the period ended 31 December 2022.
Respective Responsibilities of trustees and examiner
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 2011 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.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material 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 in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those 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.
Claire Wills, FCA DChA Saffery LLP, 71 Queen Victoria Street, London, EC4V 4BE Date: 30 October 2023
Page 5
New Curators
Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 December 2022
| Note Income from Donations and legacies 2 Total income Expenditure on Raising funds 3 Charitable activities 3 Total expenditure Net income and net movement in funds Total funds brought forward Total funds carried forward |
Total Funds 2022 £ 436,951 436,951 - 346,430 346,430 90,521 - 90,521 |
Total Funds 2021 £ - |
|---|---|---|
| - | ||
| - - |
||
| - | ||
| - - |
||
| - |
The notes on pages 8 to 13 form part of these financial statements.
The statement of financial activities contains all recognised gains and losses for the financial year.
The results for the year all relate to continuing activities and all funds are unrestricted.
Page 6
Company number: 13308512
New Curators
Balance sheet As at 31 December 2022
| Note Tangible fixed assets 4 Current assets Debtors Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year Net current assets 5 Total assets less current liabilities Creditors: amounts falling due in more than one year 6 Net assets Funds Restricted funds Unrestricted fund 7 8 Total funds |
2022 £ £ 1,377 - 308,484 308,484 129,340 179,144 180,521 90,000 90,521 - 90,521 90,521 |
2021 £ £ - - - - - - - - - - - |
2021 £ £ - - - - - - - - - - - |
|---|---|---|---|
| - | |||
| - - |
|||
| - |
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board of Trustees on 30 October 2023 and signed on its behalf by:
...........................................
Lynn Blades Trustee
The notes on pages 8 to 13 form part of these financial statements
Page 7
New Curators
Notes to the financial statements For the year ended 31 December 2022
1. Principal accounting policies
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement under SORP (FRS 102) Update Bulletin 1 (issued February 2016).
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Income
Donation income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.
Trading income, including sponsorship income, is recognised when the charity is entitled to receipt and the amount can be measured with reasonable certainty.
1.3 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
All costs can be directly attributed to an expense category.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the constitution. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Page 8
New Curators
Notes to the financial statements For the year ended 31 December 2022 (continued)
1. Principal accounting policies
(continued)
1.4
Taxation
New Curators is a registered charity and is not liable to United Kingdom income tax or corporation tax on its charitable activities.
1.5
Funds
Restricted funds represent voluntary income or grants which have been received for the purposes set out in note 7. The application of these funds is restricted by the expressed wishes of the donor or the terms of the grant.
Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose.
1.6 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. The charity does not currently have any bank loans.
Page 9
New Curators
Notes to the financial statements For the year ended 31 December 2022 (continued)
2. Donation income
| Donations from trusts, foundations and organisations Donations from individuals 3. Expenditure 2022 £ Charitable activities: Grant making (3.1) 210,000 Staff costs (3.2) 117,904 Legal and professional fees 11,053 Management and administration 2,027 Depreciation 172 Accountancy 2,274 Independent examination fees 3,000 346,430 3.1 Grant making Grants were all committed to be made to South London Gallery in 3.2 Staff costs |
2022 £ 311,956 124,994 436,951 the year. |
2021 £ - - |
|---|---|---|
| - | ||
| 2021 £ - - - - - - |
||
| - | ||
| Gross pay Pension Social security costs |
2022 £ 99,208 11,749 6,947 117,904 |
2021 £ - - - - |
|---|---|---|
All employees are considered to be key management personnel during the year. The average number of employees during the year was 2 (2021: none).
No employee received emoluments exceeding £60,000.
The trustees do not receive any remuneration from the charity. No trustee expenses were reimbursed during the year (2021: £nil).
Page 10
New Curators
Notes to the financial statements For the year ended 31 December 2022 (continued)
| 4. Tangible fixed assets Cost Additions Depreciation Charge for the year Net book value at 31 December 2022 Net book value at 31 December 2021 5. Creditors: amounts falling due within one year Grants payable Other creditors Accruals 6. Creditors: amounts falling due after more than one year Grants payable 7. Restricted funds In 2022 no restricted funds have been received. 8. Unrestricted funds Balance at Income 31 December 2021 £ £ General funds - 436,951 - 436,951 |
Computer equipment £ 1,549 (172) 1,377 - 2022 2021 £ £ 120,000 6,340 - 3,000 - 129,340 - 2022 2021 £ £ 90,000 - 90,000 - Expenditure Balance at 31 December 2022 £ £ (346,430) 90,521 (346,430) 90,521 |
2021 £ - - |
|---|---|---|
| - | ||
| 2021 £ - |
||
| - | ||
| 90,521 |
Page 11
New Curators
Notes to the financial statements For the year ended 31 December 2022 (continued)
9. Related and connected party transactions
There were no related party transactions in the year (2021: none)
Page 12