Charity registration number: 1195897 Company number: 13308512 New Curators Trustees, Report and Financial Statements Forthe yearended 31 December 2023
New Curators Contents Page Trustees, and charity information Trustees, report Independentexaminer's report Stalement of financial activities Balance sheet Notes to the financial statements 8-13
New Curators Tru5tees' and Charity Information Trustees Lynn Blades Tara Feshilan Oba Nsugbe Samuel Talbot Aindrea Emelife Fabiennewilmes 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 Vicloria Street London EC4V 4BE Bankers Barclays Bank Page I
New Curators Trustees. report Forthe year ended 31 December 2023 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. 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 obj8CtIV8S'. The Objects of Ihe 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 The first few months of 2023 New Curators focussed on marketing the programme and recruiting fellowsfor the inaugural cohort. New Curators received more than 1,100 applicalionsfrom 98 countries for 10-12 places. Reviewing these applications and securing visas for the international fellows took significant time. Once this was done, the directors focused on developing the curriculum and approach to assessments. Time was also spent gauging interestamong prospective guest speakers and building the relationship with the South London Gallery ISLGI where New Curators is based and the first cohort are curating a major exhibition ol Firelei Baez in Summer 2024. Organisational structures including HR policies and processes and financial systems were also further developed. In September 2023 the inaugural cohort arrived and teaching began. Achievements and Financial Review The charitygenerated income of 2023: £642,83312022: £436,951) duringthe year, ofwhich £198,770 was for restricted purposes. Total expenditure for 2023 was £379,025 {2022'. £346,430} and ofthistotal £995was spent on restricted funds and £309,300 {2022'. £117,904) was spant on staff which includes amounts paid to fellowswho are employees but not staff oflhecharity. Reserves Policy Atthe yearend the Charity had unrestricted reserves of£156,472 {2022'. £90,521). The trustees consider this level of reserves to be adequate for currenl 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 intotwo grant agreements with the SLG Trustee Limited in its capacity as trustee ofthe South London Fine Art Galleryand Library ITSTLI. The first grant of £120.000 is for the purpose of supporting TSTL with the cosl of delivering and hosting Firelei Baez's exhibition at the South London Gallery. In 2023, £100,000 of this grant was transferred to the South London Gallery. Page 2
New Curators Trustees. report Icontinuedl Forthe year ended 31 December 2023 The second Erant of£90,000 is to assist the South London Gallery in making space available to aspiringcuratorsfrom lower socio-economic backgrounds and those leachingthem as well as making SLG staff available to discuss art and curation with the aspiringcurators who attend SLG spaces duringthe grant period. In 2023, £20,000 olthis grant wastransferred lo the South London Gallery. Grants of £21,429 (2022.. £nil} were paid to fellows during the year which includes visa fees, health insurance surcharges, relocation grants and joining payments. Structure, Governance and Managem8nt Trustees are recruited and appointed in accordance with the charity's governing document and with r81evant18gislation. The Trustees whowere in office duringthe period were.. Lynn Blades Tara Feshitan Oba Nsugbe Samuel Talbot Aindrea Emelife Fabienne Wilmes Louise Anne Wilson In planning the activities of the charity, the Trustees have given due regard lo the Charily Commission's guidance on public benefit. The Trustees believe that the activities of the charity in thè 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 perfomi and New Curators's governingdocument. They also receivean induction duringwhich 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 lo take this up in 2023. 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 Irustees delegale responsibility for day to day running of the charily to Ihe three co-directors of New Curators, Mark Godfrey, Kerryn Greenbergand 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 lo the charity is that fundraising at the level required is unsustainable. Page 3
New Curators Trustees. report Icontinuedl Forthe year ended 31 December 2023 Future Plans The eleven fellowswhojoined New Curatorsforthe year-longprogramme in September2023 will complete Iheir training on 31 August 2024. The Firelei Baez exhibilion the fellows are co-curaling will open in late June 2024. In early July 2024 the directors will be taking the cohort to the Venice Biennale. The second cohort will be recruited in the first months of 2024 and join New Curators in September 2024. 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 Acc8Pted 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 slate 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.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP IFRS 102)., mak8 judgemènts and estimates that are r8asonabl8 and prudant., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 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 thal disclose with reasonable accuracy at any time the financial posilion 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 tothe small companies regime. Aug 06 2024 Signed on behalfofthe BoardofTrusteeson..................... 2024 6k61 Lynn Blades Trustee Page 4
New Curators Independent examiner's report to the trustees Forthe year ended 31 December 2023 I report to the trustees on my examination of the accounts of New Curators (the Charity) for the period ended 31 December 2023. 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 20111'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 14515)Ibl 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 ofthe accounling records kepl bylhe charity and a comparison of the accounts presented with those records.11 also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerningany 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 lo whether the accounts present a'true and fair view, and the report is limited to those matters set out in the statement below. Independentexaminer's statement Since the Company's gross income exceeded £250,000 your examiner must be a member ota body listed in section 145 of the 2011 Act. I confirm thal l am qualified lo undertake the examination because l am member ofthe 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- l. accounting records were nol kept in respect of the Charity as required by section 130 of the Act,. or 2. the accounts do not accord with those records. or 3. the accounts do notcomply with the applicable requirements concerningthe form and content of accounts set out in the Charities IAccounts and Reportsl Regulations 2008 other than any requirement thatlhe accounts givea'trueand fair view, which is not a matterconsidered 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 Slreel, London, EC4V 4BE Date= 07 August 2024 Page S
New Curators Statement of financial activities {incorporating the income and expenditure account) Forthe year ended 31 December 2023 Unrestricted Funds 2023 Restrictod Funds 2023 Total Funds 2023 Total Funds 2022 Note Incomelrom Donations and legacies 441,605 198,770 640,375 436,951 Investments 2,458 2,458 Total income 444,063 198,770 642,833 436,951 Expenditure on Raising funds Charitable activities 378,030 995 379,025 346,430 Total expenditure 378,030 995 379,025 346,430 Net income and net movement in funds 66,033 197,775 263,808 90,521 Total funds brought forward Total funds carried ft>rward 90,521 90,521 156,554 197,775 354,329 90,521 The notes on pages g to 13 form part of these financial statements. The statement of financial activities contains all recognised gains and losses for the financial year. Tha results for the year all relate to continuing activities. All funds in 2022 w8re unr8strict8d. Page 6
New Curators Company number: 13308512 Balance sheet As at 31 December 2023 2023 2022 Note Tangible fixed assets 7,830 1,377 Current assets Debtors Cash at bank and in hand 461,869 308,484 461,869 308,494 Current liabilities Creditors= amounts lalling due within one year Net current assets 90,370 129,340 371,499 379,329 25,000 179,144 180,521 90,000 Total assets less current liabilities Creditors= amounts falling due in morethan one year Net assets 354,329 90,521 Funds Restricted funds Unrestricted fund 197,775 156,554 90,521 Total funds 354,329 90,521 Forthe yearending 31 December 2023 the company was entitled to exemption from audit under section 477 ofthe CompaniesAct 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 Acl with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance wilh the provisions applicable to companies subject to the small companies regime. Aug 06 2024 Approved by the Board ol Trustees on........................2024 and signed on its behalf by.. 6k61 Lynn Blades Trustee The notes on pages 9 to 13 form part of these financial statements Page 7
New Curators Company number: 13308512 Balance sheet As at 31 December 2023 2023 2022 Cashflows from operating activities Net income 263,808 90,521 Adjustmentsfor.. Depreciation Income from investments 1,218 172 (2,458) (103,970) Movement in creditors 219,340 {105,2091 219,512 Net cash provided by operating activities 158,599 310,033 Cash Ilows from Investing activities Investment income 2,458 {7,672) Purchase of tangible fixed assets Cash (used in) Investing activilies Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward (1,549) (5,214) (1,549) 153,385 308,484 308,484 461,869 308,484 Analysis of changes in n8t funds At start of the year Cash flows At8nd of the year Cash and cash equivalents Icashl 308,484 153,385 461,869 Page 8
New Curators Notes to the financial statements Forthe year ended 31 December 2023 Principal accounting policies 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 notelsl lo these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounlingand Reporting by Charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 102) effective January 2019 and the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. The charityconstitutes a public benefit entityas defined by FRS 102. The trustees consider that there are no mat8rial uncertainties about the charity's ability to continue as agoing concern. Income Donation income is recognised in the year in which the charity is entitled to receipt and Ihe amount can be measured with reasonable certainty. Trading income, including sponsorship income, is recognised when the charity is entitled lo receipt and the amount can be measured with reasonable certainly. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, il 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 forgrants are made when the intention to make agrant has been communicated to the recipient but thèrè is uncertainty as lo the timing of th8 grant or th amount ofgrant payable. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Page 9
New Curators Notes to the financial statements For the year ended 31 December 2023 (continued) Principal accounting policies (continu8d> Taxation New Curators is a registered charity and is not liable to United Kingdom income tax or corporation tax on ils charitable activities. 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 ofthe donororlhe terms ofthe grant. Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose. 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 effeclive interest method. The charity does not currently have any bank loans. Page 10
New Curators Notes to the financial statements For the year ended 31 December 2023 (continued) Donation income 2023 2022 Donations from trusts, foundations and organisations Donations from individuals 316,556 323,819 311,956 124,994 640,375 436,951 Income of £198,770 was receivable in 2023 in respect of restricted funds12022'. £nil). Expenditure 2023 2022 Charitabl6 activiti8S: Grant making13.11 Fellows Grants {3.1) Salaries (3.21 - staff Fellows Total salaries Legal and professional fees Managementand administration Depreciation Accountancy Independent examination fees Project expenditure Travel Other costs including travel 210,000 21,429 211,739 97,561 117,904 309,300 7,583 11,053 4,200 1,219 8,844 3,120 663 10,089 12,577 2,027 172 2,274 3,000 379,024 346,430 Expenditure ol £995 included above was incurred in respect of restricted projects (2022.. £nil) Grant making Grantswere all committed to be made to South London Gallery in 2022. Fellows Grants are amounts paid to individuals participating in the twelve month curatorial training programme. Page 11
New Curators Notes to the financial statements For the year ended 31 December 2023 (continued) staff and fellow costs 2023 2022 Gross pay Pension 267,714 18,604 22,982 99,208 11,749 6,947 Social security costs 309,300 117,904 Employees considered to be key management personnel during the year were the three co-directors, their employee benefits totalled £183,195 (2022.. £110,957). The average numberof employeesduringthe year was 712022.. 21. For 2023 the employee numbers included 11 fellows who b8gan the New Curators programme in September 2023. One employee12022'. nil) received emoluments exceeding£80,000, in the range £70,000- £80,000. The trustees do not receive any remuneration from the charily. No trustee expenses were reimbursed during the year (2022.. £nil). Tangible fixed assets Computer 8quipm8nt Cost brought forward Additions 1,549 7,872 9,221 (172) 11,219) 11,391) 7,830 1,377 Cosl carried forward Depreciation brought fomard Charge fortheyear Depreciation carried forward Net book valueat 31 December2023 Net book value at 31 December 2022 Credilors: amounts falling due within one year 2023 2022 Grants payable other creditors Accruals 65,000 14,680 10,690 90,370 120,000 6,340 3,000 129,340 Pagg 12
New Curators Notes to the financial statements For the year ended 31 December 2023 (continued) Creditors: amounts falling due after more than one year 2023 2022 Grants payable 25,000 25,000 90,000 90,000 Restricted funds Balance at 31 December 2022 Income Exp8nditure Balance at 31 December 2023 Firelei Baez exhibition Speaker fees 198,020 750 1745) 1250 197,275 500 198,770 1995) 197,775 All funds wère unr8strict8d in 2022 Unrestricted funds Balance at 31 December 2022 Income Expenditure Balance at 31 December 2023 General funds 90,521 444,063 (378,030) 156,554 Allocation of funds General Funds 2023 Restrict8d Funds 2023 Total Funds 2023 Tangible fixed assets Current assets Current liabilities Long term liabilities 7,830 264,094 (90,370) 125,000) 156,472 461,869 190,3701 (25,0001 197,775 156,554 197,775 354,329 All funds were unrestricted in 2022 io. Related and connected party transactions During the year the charity received a restricted donation from Samu81 Talbot, a trustee, amounting to £750 {2022= nill. The donation is for use on speaker lees. There were no further related party transactions. Pagg 13