Registered Charity Number-. 207607 ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 CONTENTS REFERENCE AND ADMINISTRATIVE INFORMATION........................................................................ INDEPENDENT AUDITOR'S REPORT.................................................................................................. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ........................................................... 11 CONSOLIDATED STATEMENT OF CASH FLOW.............................................................................. 13 NOTES TO THE FINANCIAL STATEMENTS.................................................... .14
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 Reference and Adminlstratlve Information REGISTERED NAME Sl Bride Foundation REGISTERED CHARiff NUMBER TRUSTEE 207607 St Bride Foundation Trust Limited (non-charilable Trust Corporalionl PRINCIPAL ADDRESS Bride Lane Fleet Street London EC4Y 8EQ BANKERS Royal Bank of Scolland PO Box 16204 Birmingham B2 2WP SOLICITORS Bates Wells Braithwaite 2-6 Cannon Street London EC4M 6YH AUDITOR Crowe U.K. LLP 55 Lvdgale Hill London EC4M 7JW INVESTMENT ADVISERS JMFinn&CoLtd 4 Coleman Street London EC2R STA CUSTODIAN TRUSTEES J M Finn Nominees Ltd 4 Coleman Street London EC2R STA Page 1
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 st Bride Foundation Trust Limited. as sole Trustee of the St Bride Foundation, presents its Annual Report together with the audited financi81 statements of the Foundation for the year ended 30 June 2022. Constitution- Gov8rning Documents The Foundation, a registered charity (Number 2076071, is now regulated by a Scheme sealed by the Charity Commission for England and Wales on 14 September 2013. This replaced and codified a Scheme made under the City of London Parochial Charities Act 1883 on 23rd February 1891, as modified by subsequent Schemes of the Charity Commission for England and Wales. The 14 September 2013 Scheme replaced the Foundation's Governors (charity Trustee51 with a sole Trustee company, Sl Bride Foundation Limited with immediate effect Objects of the Foundation The objects of the charity are. for the public benefit, the prevention or relief of poverty in London by providing grants and services lo individuals in need andlor to charities or other organisalions WOTking to prevent or relieve poverty., the advancement of education in printing, the print media and related subjects, by providing suitable courses, conferences and lectures and by maintaining and making available the charity's printing rgsources and archives at Sl Bride Library; and the provision and maintenance of facilities for recreation or other leisure lime occupation for the inhabitants and workers of the area of benefit, in the interests of social welfare and with the object of improving their condition of life. including by the provision of theatre, dance and other artistic perfomiances and exhibitions. In furtherance of these objects for the public benefit the Foundation curates a leaming prograrnme %thich includes exhibitions. lectures and workshops in prinling, engraving and bookbinding and lets rooms lo charitable, 'not for profil, and commercial organisations. It also owns and has displayed the collection5 and artefacts of the St Bride Library and offers the use of a multi-purpose auditorium known as the Bridewell Theatre. The Trustee Company confirms that the Govemors had due regard to the Charity Commission's guidance on public benefit when considering the Foundation's objectives and activities during their charity trusteeship. and that the cixnpany continue5 to do so as their successor in office since 14 September 2013. Board of Governors of the St Brlde Foundatlon Trust Company Llmlted The Governors who served as Governors of the Trustee Company during the year lo 30 June 2022 and up to the date of signing the Report were: N J Barker OBE Reverend G W Craig Reverend Canon Dr A Joyce l Locks P W Silver T Fenwick S Eslerson A Swatridge D Hutchinson P Sadler D Kirkby M Woodhead B Chilcott Chairman (resigned 1 December 20211 Chairman (appointed 1 December 2021 and resigned 27 July 2022) Chairman (appointed 27 July 20221 Chairman of the Finance Committee (appointed 16 November 20221 Seeretary Gloria Dennison Peter Silver stepped down on 1 December 2021 after setving 8 years as Chairman of the Board. Trevor Fenwick stepped down on 27 July 2022. The Board would like to record our appreciation and gratitude for their leadership during this difficult period. Page 2
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 Executlve tearn The executive team carry out the policies and directions of the Trustee Company and manage the day-Io•day activities of the Foundation. Relatod parties Disclosures in relation to related parties are included in the notes to the flnanclal statements. Finance Committee P Sadler Chairman l Locks D Kirkby P W Longland T Fenwick (resigned 27 July 2022) S Esterso The Finance Committee met six tlmes during the year. The purpose of the Committee is the review and recommendation for approval by the Tnjslee Directors of the annual financial slatemenls, budgets. and major capital expenditure proposals as well as the regular review of the performance of the investment managers. It is also responsible. on behalf of the Twslee Directors for the periodic review and selection of professional advisors. The Committee remit allows for up to six rnembers. the majority of whom Must be Tnjstee Directors of the sole Trustee company. The Foundation Manager and the Finance Manager & Company Secretary shall be a member ex-officio and the Committee shall have the power to Co-opt non-govemors. The quonjm shall be three of which two must be Governors. Tralnlng and responslbllltles The Trustee Company Directors are responsible for the govemance, diredion and supervision of Ihe Foundation. On appointment to the Board of the Company, all Directors undergo an induction into work of the Foundation and training to ensure they are aware of their responsibilities as Trustee Company Directors. Directors are encouraged lo attend training sessions to ensure they are updated on any change in govemance policy and relevant legislation. Risk Management The Trustees have assessed the major risks to Nthich the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure lo the major risks. This covers financial. govemance, operational and reputational risks. During the year the Members of the Board continued to wolk with the staff of the Foundation to put in place management and operational procedures to mitigate these risks. The Trustees have a risk management strategy which comprises.. al An annual review of the principal risks and uncertainties that the Foundation and its subsidiary Bridewell Centre Limited faces bl The e51ablishmenl of policies. systems and procedures lo mitigate the risks identified in the annual review cl The implementation of procedures designed lo minimise or manage any potential impact on the charity should those risks malerialize. The annual review ha5 idenb'fied that financial stability and ng-terM sustainability are the significant risks for both the charity and ils subsidiary. Regular monitoring of the fomard order-book including trends around different InMe streams and cost conlrol continue lo be the paramount risk management strategies. Monitoring the forward order-book is the most effective predictor of fOard income generation against budgetary targets and this is monitored by the Board. Another significant risk relates to polents'al realised and unrealised losses of the Foundation's investmenls. The investments are managed on a total retum basis such, that il is preserved for the long-term over multi-investment cycles in real terms. The Trustees take professional advice their investment advisers on- the market. investment trends and yield, and the prospect for future capital growth opportunities to increase the real value of the Capital Fund (after expenditure) by balancing market retum with active management to out-perforrn markets spreading risk by avoiding undue concentration of investments vis a vis asset classes. sectors or economies, and to pool investments in selected funds. Page 3
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 Independently, the Foulldation benchmarks the current investment Manager's comparative performance. Attention is also focused on non-financial risks falling into two categories.. The first being material risks affecting commercial activities le.g., potential flooding of premises or failure of technical equipment arising from poor maintenance programs and secondly. risks arising from non-managemenl of assets le.g.. declining usefulness of the library collections through failure lo adequately invest in paid staff and new publicalionsl- Objectives and actlvlti05 It is the policy of the Trustees, having regard lo the guidance of the Charity Commission, to develop and expand the public benefit in a manner that is compatible with the charity's long-lemi financial stability and within the slated objects of the Foundation. In particular Ibul not exclusively), the policy is to: Improve access to and public benefit of the printing heritage collection. library and archive. Also, to involve members of the public in the adivities of the Foundation and to develop income to help Sustain it as part of the national cultural heritage. Involve the community in all the aclivities of the Foundation and to develop an education programme related lo the printing heritage library and archive through lectures, tours and workshops. Carry out a full review of the library's cont8nls and resources and develop a plan for curation and display in Ihe future. Develop the conference and events and tho theatre activities to improve the public benefit provided and also lo generate sufficient additional income lo sustsin and develop the Foundation's other aclivilies. Develop fundraising capability for funding of capital projects and a sustainable volunlary income stream b) d) As part of the company's policy of encouraging member5 of the community lo be involved with the Foundation, the Trustee Company rewgnises the significant contribuliort made by our committed volunteers who have helped with preserving and researching the archive, providing guided tours. running workshops. the curating of exhibitions and have undertaken a wide range of research projects. Aim for an annLtal sUlUS on unrestricted funds (after transfers in respect of Recoupment Orders) until unrestricted reseryes reach a sum equivalent to six months, expenditure g) Achievements and Outcomes The principal means by which the Foundation seeks to deliver our aims is through our objective to become a centre for research, inspiration, cultural connections and creative networks- a place for education and skills developm8nt. As well as providing access lo our library and archive for library visitors, we are broadening public awareness of our internationally significant Collections through a robust learning programme. This indvdes a highly regarded talks series. courses, workshops. exhibitions, tours and events. Highlights have included our online Summerwayzgoose and Open House attended by over 300 visitors to our building and a variety of talks and worf(shops tailored for individual groups including students, community groups and designers. Our library and learning volunteers continue to support our collections and ovr educational remit through their help in cataloguing and conserving library and archive materials and our various leaming activities through our print WC4kshop, tours and library tslks. In addition to creating an environment for volunteers to develop skills and knowledge for pleasure, we are looking al bringing in volunteers to gain the experience they need to move into library, archive and information roles and also to work in our print workshop to leam various print techniques and have the opportunity for creative inspiration. We continue to build our collection through acquisitions and donations ensuring that we are filling any gaps and keeping il relevant to researchers. students, designers, and the general public. St Bride Library ran a crowdfunding campaign in the latter part of 2020 to raise funds to mark the occasion of our Library s 125th anniversary and our ambition to become a centre for research, inspiration. cultural connecb'ons and creative networks. £70,100 was raised from corporate and individual benefactors. This funding is being used to support-. al The creation of an online digitised collection of our unique treasures, so our communities can access them whenever and wherever. bl Curating and filming a physical and online talk series. c} Curating physical and online exhibitions. dl Developing new print and design workshops. Page 4
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 el Providing opportunities for young people lo gain Work experience In our Library. Archive and Print Workshop. fl Continuing lo conserye and catalogue our irreplaceable archives of print and typography. Part of the funds have been used to present a series of online talks and events. which having returned to our building after various lockdowns, are now both in-person and online. Work has commenced on the digitisation project. Informed by a sijrvey of our library community. we have selected our pre-1830 type specimens 8S the first part of our collections to be digitised. Our type specimens form the backbone of our collections and are in high demand by researchers. The National Conservation Service have assessed the condition of the type specimens and are conducting treatments on those in need of some attention. The first batch of specimens is now being released online. Vve have also been able to 8mbark on a programme of cataloguing our archives and special collections. We have procured a new archive cataloguing system to work alongside our existing library Galalogue and are beginning to priorilise collections for cataloguing. We successfully had our 125th anniversary exhibition which told our 125-year slory. looking at the role of the fomier Printing School. It 21s0 included key people from the St Bride Foundation community as well as a showcase of our library collections. Eleemosynary branch The Eleemosynary branch is a restricted fund as described in note 12. Alms To provide pensions and grants for poor people who have lived or worked within the defined charitable area. The Board will review the balance on this fund during 202212023. During this financial year the Foundation did not distribute any pensions to pensioners. Outcomes Subsidiary undertaklng Bridewell Centre Limited, a wholly owned subsidiary of St Bride Foundation. commenced trading on 1 July 2010. The results of the company are shown in note 15. Investment policy The Foundation conlinues to seek to maximise income whilst preserying the capital of the fund. The Finance Committee has monitored the perfomiance of the Fund Manager, J M Finn & Co, and is satisfied with the perfomiance achieved in the prevailing market conditions against marf(et benchmarks. J M Finn & Co makes regular presentations lo the Finance Committee and their quarterfy written reports are circulated to all members of the Finance Committee. At present. the main objective of the endowment fund is to provide a sustained level of income to support the foundation's charitable activities. During 2018 3 Total Retum approach was adopted. enabling a more flexible approach lo using increased investment value and income from investments. As trading permits, less will be drawn down from investments to cover any shortfall in funding. Rfjmunoration Policy Our approach lo remuneration is designed to ensure we can attract and retain the talented and motivated people we need to achieve OL¢r mission and deliver our strategic goals.11 is applied consistently across the organisation. We aim to pay competitively ir¢ the not-for-profit sector within the context of affordability. Reserves pollcy Total funds held at the year end were £8.092.783. The Permanent Endowment at the year end was £7,984,340 and income generated from the general endowment fund can be used towards the general activities of the Foundation. Income generated from the Eleemosynary Fund musl be used for the purposed of the restricted fund of the same name. Restricted funds were £59.238 and comprised of the following.. The Eleernosysnary fund The Justin Howes Fund Beatrice Warde Fund Library Fund £2.664 £8,528 £5,807 £42,240 Unrestricted general fundg al 30 June 2022 were £49,205 Page 5
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 There was a nel decrease in funds of £653.639. at year end comprising net outgoing resources of £1151.2031 and a loss on investments of £1502,3461. AI 30 June 2022 although cash held by the Foundation was £99.51612021 £78.9991, the Foundation did not have any free reserves (defined as unreslricled funds less amounts represented by tsngible fixed assets). On 30 June 2017 the Trustee Company formally approved a resolution lo adopt a lolal retum approach to the investment fund. When a lolal retum approach lo investment is adopted, the permanently endowed funds are invested lo produce an investment retum without regard lo whether that return is in the fom of income (for example, dividends or inte$1) Or capital appreciation. The investment tUrn initially forms 8 component of the endowment fund known as the 'unapplied total return,. The trustees then periodically determine how much of the 'unapplied lolal return, is released lo income for spending and how much is retained for investment as a component of the endowment This allocation must be made equitably lo balance the need for income to meet current requirements and lo hold funds as part of the endowment to produce investment returns for the fLJture. Therefore. whilst the Foundation does not hold any free reserves as defined within unrestricted funds, the Trustees do also have access lo the unapplied total return which can be drawn lo supplement operational expenditure needs. The value of the unapplied return as al 30 June 2022 was £831.726. 11 is the policy of the Foundation that unreslrided funds which have not been designated for a specific use, should be maintained at a sufficient level lo continue operations for al least six months. Members of The Board of Governors of the Trustee Company Consider that reserves at this level will ensure that, in the event of a significant drop in income, they will be able lo continue the Foundation's current activities (including the provision of our charitable services and some investments in the nesSary resourcing to underpin our long-lerm investment in our facilities}, coverany shortfall been InMe and expenijilure. and cover maintenance and repairs lo r(s premises. As at June 2022, the Board feels the Foundation, after considering the available unapplied total return, has sufficient reserves lo meet the policy. Financial Review The effects of the Covid pandemic continues lo have a financial impact on the Charty and il's trading subsidiary, Bridewell Centre Limited. The Foundation Saw ils income fall sharply during the pandemic and while income from room hire has improved significantly. il has not yet recovered lo pre-pandemic levels. The Trustees have now reviewed the Foundation's structure and in particular their marketing resources and made changes, which il is hoped will generate more inquiries and room hire bookings. Income dunng the year was £742.89412021 £560,766). Commercial office and residenlsal lettings have continued to be a stable income for the Foundation. Expendi(ure during the year was £894,09712021 £718,269). The Trustees have looked very carefully al th Foundation's costs lo ensure money is being spent with care. Spend will be increased in certain areas lo improve income streams as detailed above. Fund-raising Policy Underthe Charities (Protection and Social Inveslmenll Act 2016, the Trustees are required lo report on hi)w the Charity conducts ils fundraising aclivilies, therefore al the heart of Foundation's fundraising ethics lies the need lo ensure ils integrity and the trust of the donor are not violated. Further there is a need for the Foundation lo ensure that r( does not expose itself by accepting donations from questionable or inappropriate sources. The Foundation does not receive a significant level of donations and so does not currently partlcipate in a formal fundraising voluntary scheme. Donations received are primarily voluntary contributions received from lectures and talks organised by the Friends of St Bride and Type Tuesday. The Charity did not receive any complaints about ils fundraising activities during the year. The Foundation does not accept donations where il has reason lo believe that the donor fnay be experiencing vulnerable circumstances and accepting the donation would be ethic811y wrong andlor harmful to the donor. Golng Concern The group ha5 positive unrestricted general funds of £49,205 and net current liabilities of £8,939 al 30 June 2022. The Trustee believes that the organisalion is a going concem and have piepared the accounts on that basis for the following reasons". Page 6
ST BRIDE FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 al Detailed cash flow projoclions including cash held by the investment demonstrate that it remains cash positive for the next year. The organisation's financial forecasts demonstrate that il will be able to meet its debts as they fall due. b} The charity has made cost savings during the year through the Govemtnent Furlough scheme of £26.657. c) The charity has a significant permanent endowment and a total retum policy was adopted in 2018. This will continue lo provide greater flexibility in term5 of the timing of investment in the Foundation'5 facilities and to move the Foundation to s sustainable business model dl Regular rneelings of the Directors have brought greater Trustee involvement in reviewing current activily. strategic planriing and operational decision. Implementation of Strategic Plan and Future Aims In 2019 the Directors appointed consultants to examine the purpose. function. and ethos of the organisation with 8 brief to develop a strategic direclion for the future. The Directors also agreed plall5 for a further project to optimise the use of space to better enable the development of the Foundation's charitable remit and its funding. The Board commissioned a review and feasibility gtudy from architects Wilherford Watson Mann of the building and how the Foundation might use the space to better achieve its strategic and charitable objectives. The resulting feasibility study recommended a plan to proceed with an initial phase to support the intended expansion of educational facilities and activities by renovating some 200 squ8re meters of space previously used for theatre costume storage. This recommendalion was approved and designs have beetb submitted for planning permission. The Bridewell Theatre plays an important part in supporting the Foundation both through ils revenues and (ts contribution to the cultural life of the City of London. The Board have approved a budgel of £150.000 for a programme of works to update and improve the Bridewell Theatre facilities. The work has nLW commenced and will Ix)mplete in Febnjary 2023. Within the recommendations of the strategic review, The Board fLSrther plan to encourage the development of lectures and other educational and community activities in the print workshop. Stalement of the Truslee's Responslbllltles The Twstee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the TnJst8e to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards) and applicable law. Under charity law the Trustee musl not approve the financial statements unless il is satisfied that they give a true and fair view of the state of affairs of the group and charity and of the group's net outgoing resources for that period. In preparing these financial stal8menls, the Trustee is required to: al select the most suitsble accounting policies and then apply them consislenlty.. bl obserye the methods and principles in the Charities SORP., cl make judgments and estimates that are reasonable and prudent., dl stale whether applicable accounting standards have been followed. subject to any matertral departures disclosed and explained in the financial statements: el prepare the financial statements on the going concem basis unless it is inappropriate to presume that the group and charity will continue to operate. The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the group and charity's transactions and disclose with reasonable accuracy al any lime the financial position of the group and charity and enable it to ensure that the financial slalemenls comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the group and charity ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularili8S. e Trustee Company and signed on ils behaw by= 30 mber 2022 S Esterson Chairman of St Bride Foundation Trust Company acting as sole Trustee Page 7
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ST BRIDE FOUNDATION FOR THE YEAR ENDED 30 JUNE 2022 Opinion We have audited the financial statements of St Bride Foundation I'lhe charily'l and ils subsidiaries I'lhe group'l for the year ended 30 June 2022 which comprise the consolidated statement of financial activities. the group and charity balance sheet, the consolidated statement of cash flow and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice)- In our opinion the financial statements: give a true and fair view of the slate of the group's and the parent charity's affairs as at 30 June 2022 and of the group s income and receipt of endowments 8nd expenditure, for the year then ended., have been prOPeY prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirement5 of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. May cast significant doubt on the charills or the group's ability to continue as a going conrn for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of Ihe Trustees with respect to going concem are described in the relevant sections of this report. Other Inforniation The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report. other than the financial statements and our audilols report thereon. Our opinion on the financial statements does not cover the Other infomiation and. except to the extent otherwise explicitly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the (rther information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such rnatefial inconsistencies or apparent material misstatements, we are required to determine whether this gives Ttse to a material misstalemenl in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstslement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing lo report in respect of the following matters in relation to which the Charilieg (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomialion given in the financial statements is incon$10n1 in any material respect with the Trustees. report. or sufficient and proper accounting records have not been kept by the parant charity.. or the financial statements are not in agreement with the accounting records and returns-, or we have not received all the infomiation and explanations we require for our audit. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ST BRIDE FOUNDATION (CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 Responsibiltties of trustees As explained more fully in the Trustees. responsibilities slalemenl set out on page 8. the TTUStees are responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trLtstees ijetermine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the group and the parent charitys ability to continue as a going concern, disclosing, as applicable, mallers related lo going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011. and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the fin8ncl81 slalements as a whole are free from material misstalemenl, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee th8t an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material If. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of delecling irregularities. including fraud and non- compliance wFlh laws and regulations are sel out below. A further description of our responsibilities forlhe audit of the financial statements is located on the Financ181 ReF)Ortlng Council's website at.. www.frc.or .uklaudilorsres onsibililies. This description fomis part of our audilols report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then designed and perfomied audit procedures responsive lo those risks, including obtaining audit evmlence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory trameworks within which the charily and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the fir7ancial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance wilh these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental lo the Charits and the group's ability to operate or lo avoid a material penalty. We also considered the opportunilies and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this conlexi for the UK operations were General Data Protection Regulation IGDPR), Employment legislation and Health and safety legislation. Auditing standards limit the required audit procedures to identify non-compliance with these law5 and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from iegulalies. inchjding fraud. lo be within Ihe recognition of grant income, room and theatre hire, donation incorne. merchandise income and override of controls by management. Our audit procedure5 to respond lo these risks included enquiries of management, and the Finance Committee about their own idenlificalion and assessment of the risks of irregularities. sample lesting on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory correspondence wilh the Charity Commission, and reading minutes of meetings of those charged with govemance. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected sorne material misstatements in th8 financial statements, even though we have propedy planned 8nd performed our audit in accordance wlh auditing standards. For example, the further removed non-compliance with laws and regulaliong (irregularities) is from the events and transactions reflected in the financial stalemenls. the less likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audit. there remained a higher risk of non-delection of irregularities. as these may involve collusion, forgery. intentional omissions. misrepresentations, or the override of inlemal controls. We are not responsible for preventing non-compliance and cannot be expected to delecl non-compliance with all laws and regulations. Page g
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ST BRIDE FOUNDATION (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Use of our report This report is made solely to the charity's Trustees, as a body, in accordance wlh Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnighl state lo the charity's Trustees those matters we are required to state ID them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor London 20 January 2023 Crow& U.K. LLP is eligible for appcintmant as aL¥1thr ol th8 Charity by wirtue of ils eli9ibilty for apwintrnent 88 8udilor of a ttjmpany uNl8r &É¢tt 1212 of Ihe Companies Act 2006. Page 10
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 Unrestricted Funds Restricted Funds Endowment Fund¥ Total 2022 Total 2021 Note INCOME AND ENDOWNMENTS FROM: Voluntary Income Donations & legaaes GTants Total Voluntary Income 27.644 26,657 14,613 42.257 26,657 101.553 159.955 54,301 14,613 68.914 261.508 Charitable activltles Provision of faulitses Library Wotl(shops and exhibitions Theatre TOTAL CHARITABLE ACTIVITIES 143,695 31,267 10,436 99.223 143,695 32,592 10,436 99,223 285,946 3,521 13,364 1,325 593 33,695 284.621 1,325 50,173 Othèr trading aetivtties Activities for generating funds 291,575 291,57S 154,251 Investménts Investment incomè 96,459 96,459 94,834 Other Incom• 96,459 (96,4591 TOTAL INCOME AND ENDOWMENTS 72fj,956 15,938 742,894 560. 766 EXPENDITURE ON: Raising lunds General donaJons Fundraising trading Inveslrnent management 199$ 595 595 320.474 184 346.6q6 320,474 28,191 28,191 27, 198 320,474 595 28,191 349.260 373,998 Charltable aetlvitle• Provision of fac111eS Library Workshops Theatr8 122.895 229.280 24.463 92,364 469,002 789,476 3,751 36,821 1,263 34,000 160.646 266.101 25,726 92.364 544,837 894,097 7,9TT 223.308 21,356 91,630 344,271 718,269 41,835 42,430 TOTAL EXPENDITURE (Net Losses) l Net gains on investments 62,191 502,436 1564,6271 502,436 1653,6391 496,937 399,434 NET IEXPENDITUREY INCOME 162,520) 126,4921 Trans18r between fund5 NET MOVEMENT IN FUNDS Reconclliation of funds.. TOTAL FUNDS BROUGHT FORWARD 12 113 135,9651 1934,3971 970,362 339,434 98,485 960,8891 405,735 653,639 147,690 1,020.127 7,578,605 8.746,422 8,406,988 TOTAL FUNDS CARRIED FORWARD 49,205 59,23B 7.984.340 ,092,783 8,746,422 All the above 8rnovnts relate to continuing activities. All r8(x)gnised gains and losses are included In the abov8 r@5uIts. Th8 net movem8nl in funds for the charity only was1£654,579112021-. £536,850) Page 11
ST BRIDE FOUNDATION BALANCE SHEET-AS AT 30 JUNE 2022 Group 2022 Charity 2022 Restated 2021 Notes 2021 FIXED ASSETS Tangible assets Investments 4,885.145 3,216.577 8,101.722 4,859, 722 3,885,056 8,744,778 4,885,145 3,216,579 8.101,724 4,859, 722 3.885,058 8, 744,780 TOTAL FIXED ASSETS CURRENT ASSETS Stock Debtor5 Cash at bank and in hand 8.255 141.215 99.516 8,976 107,788 78,999 5,561 115,560 66,396 7,061 120,204 57,387 TOTAL CURRENT ASSETS 248.986 195, 703 187.517 184,652 CREDITORS: amounts falling due within one year 10 257,925 194,059 128.778 114,490 NET CURRENT ASSETS (8.939 1.644 58.739 70.162 NET ASSETS 8,092,783 8, 746,422 8.160.463 8,874.942 Pemianent endowment funds Reslricled funds UnreslriGted general funds 12 13 7.984.340 59.238 49.205 7,578.605 1,020.127 147,690 7,984.340 59.238 116.885 7.578.605 1.020.127 216.210 TOTAL FUNDS 14 8,092,783 8.746,422 ,160,463 8,814,942 The financial statements were approved by the Trustee Company and aulhorised for issue on 30 November 2022 and we sig ed on ils behalf by. S Esters Chairman of Sl Bride Foundation Trust Company acting as sole Trustee Page 12
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 30 JUNE 2022 Note Group 2022 Group 2021 Cash provided by (used inl operating activities 17 1145,981) (150,582) Cash flowg from Investlng activitles Investment income Purchase of tangible fixed assets Purchase of investments Proceeds from sale of investments 96,459 196,003) 1438,3641 546,324 94.834 (440,944) 421,544 Cash provlded by (used In) Inve$tSng actlvities 108,416 75,434 Increase (decrease) in cash and cash equivalents in the year (37.5651 (75, 148) Cash and cash equivalents at the beginning of the year 186.799 261,946 Total cash and cash gqulvalents at the end of the year 149,234 186. 799 Analysls of ¢a5h and cash equivalents Cash at bank and in hand Cash within investment portfolio 99.516 49.718 78,999 107.800 Total cash and cash equlvalents 149,234 186, 799 Page 13
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POLICIES Basis of accounting and consolidation The Foundation, a registered charity (Number 207607), is now regulated by a Scheme sealed by the Charity Commission for England and Wales on 14th Seplember 2013. This replaced and codified a Scheme made under the City of London Parochial Charities Act 1883 on 23rd FebTuary 1891, as modified by subsequent Schemes of the Charily Commission for England and Vvales. The 14th September 2013 Scheme replaced the Foundation's Governors (charity Tlusleesl with a sole Trustee company, St Bride Foundation Limited with immediate effect. The comparatives have been restated for the year ended 30 June 2021 to reflect the gift aided profit of the subsidiary of £128.895 in 2020 that was paid in the prior year but not reflected in the 2021 figures. The adjustment has impacted the intercompany account and retained eamings on the parent charity balance sheet. The registered office of the foundation is al Bride Lane, Fleet street, London, EC4Y 8EQ. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 and the 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 IFRS102)- effective 1 January 2015. The accounts are drawn up on the historical cost basis of accounting, as mcxjified by the revaluation of investments. The financial statements have been prepared lo give a Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and fai¢ view. This departure has involved following Accounting and Reporting by Charities preparing their accovnts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 1021 issued on 16 July 2015 rather than the Accounting and Reporting by Charities.. Slaternent of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The consolidated statement of financial activities (SOFAI, balance sheet and the consolidated cash flow statement include the financial statements of the charity and its subsidiary. Bridewell Centre Limited. made up to 30 June 2022. The charity has taken advantage of the exemption available to a qualifwng entity in FRS 102 from the requirement to present a charity only cash-flow statement with the consolidated financial statemenls. The consolidation has been carried out on a line by line basis. Golng concern Having reviewed the financial position of the Foundation, and its plans for the foreseeable future, the Trustee company is satisfied that it remains appropriate to continue to prepare the financial statements on the going concern basis. Publlc Beneflt The Foundation is a public benefit entity. b) Income Income in the form of grants and donations is accounted for as on receipt or when entitlement lo receipt Is probable and the amount can be reliably valued. receivable. Funds received for the purchase of fixed assets are accounted for as restricted income. The Irealment of the assets provided depends upon the restriction imposed by the grant as the fixed assets, acquisition discharges the restriction then a corresponding transfer of the assouated restricted income will be made lo the unrestricted fund in the year of fuifilment of the restriction by the purchase of the fixed asset. Income received from the provision of goods and seNices including room and equipment hire, catering, ticket sal8s, and rant is recognised in the year in which the good or service is PTovided. Investment income is recognised in the year in which the Foundation becomes entitled lo the dividend or earns interest. All investment income is derived from listed investments except for a small proportion derived frorn ash held as part of the portfolio. Page 14
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Expenditure Expenditure is accounted for on an accruals basis. Charitable activities comprise direct expenses Incurred on defined charitable purposes. Where costs cannot be allocated to a specific ch8ri18ble activf(y, they are allocated in proportion to the level of activity in each area. Costs of generating funds represent expenditure incurred in raising resources for charitable application that does not arise directly from a charilable activity. Govemance costs comprise statutory costs relating to the governanTr arrangements of the charity. Support costs representing general overhead expenditure are allocated across expenditure headings in proportion to staff costs. A liability is recognised once a constructive or legal obligation has been entered into by the charity. d) Tanglble flxed assets All tangible fixed assets are slated at cost and are wrltten off on a straight-line basis over the following periods.. Freehold land Freehold buildings Fumiture. fixtures and fittings and office equipment 100 years Betsveen 3 and 10 years Tangible fixed assets are capitalised where the purchase piice exceeds £1,000. Investments Investments are stated al market value in the balance sheet. Realised gains or losses are calculated as the difference between market value at the dale of disposal and market value at the previous balance sheet date. Unrealised gains or losses are derived from the movements in market value during the year. Operatlng leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease. g) Penslon ¢ontrlbutions The Foundalion operates a defined contribution pension scheme. The contributions payable by the Foundation under this scheme are recognised in the Statement of Financial Aclivits'es as they fall due. h> Fund aoUntIng Funds held by the Foundation comprise: Unreslncted funds - these are funds which can be used in accordance wilh the charitable objects at the discretion of the TrLtstee company. Reslricled fiJnds- these are funds that can only be used for particular restricted purposes within the objects of the Foundation. Restrictions arise when specified by the donor or when funds are raised for particular defined purposes. Pemianenl endowment funds - these are funds to be retained for the benefit of the Foundation as capital funds and are managed on a total retum basis. The Trustees may, at their discretion, allocate any part of the unapplied total return to the general purposes of the Trust. Flnanclal Instruments Basic financial instnjments are initially regnised al transaction value and subsequently measured al amortt'sed cost with the exception of investments which are held al fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held if) instant access and term deposit bank accounts. Financial liabilities held at amortised cost comprise all creditors exp1 social security and other taxes and provisions. Slgnlflcanl Judgemenls and estlmates In preparing the financial statements, managemenl have made judgements, eslimales and assumptions that affecl both the amounts recorded as revenues and expenses during the period, and amounts recorded for assets and liabilities as at the balance sheet date. However. the nature of estimation means these estimates could differ from actual outcomes. The Trustee5 do not consider there to be any significant estimates and judgements other than in relation to the useful life of the Foundation's property. Page 15
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 ACTIVITIES FOR GENERATING FUNDS 2022 2021 Room hire, lettings and events Catering Bar sales Equipment hire and other illcofne 142.296 52.953 84,185 12,141 291.575 149,270 1, 124 3,857 754,251 NET INCOME 2022 2021 Net income is staled after charging.. Depreciation Auditor's remuneration - Audit of current year Other services Tax Fee -VAT Advice 70,580 17,430 2,835 1,500 2,250 80.687 16,600 2.700 1.295 EXPENDITURE ON: Staff costs Other direct activity costs Support: Support.. Staff costs Other costs 2022 2021 Raising funds Donations Fundraising trading Investment management fees 595 64.173 28.191 595 320,474 28,191 184 346,616 27.198 100,336 58.635 97.330 100,336 92,959 58,635 97,330 349.260 373,998 Charitable activities Provision of facilities 49,446 34.339 28.895 47.966 160,646 7,977 223,308 21,356 91,630 344,271 Library Workshops Theatre 87,79) 5.715 36.158 179,109 41.847 11.127 51,304 3,340 21,131 104.670 85.160 266.101 25.726 92.364 544.837 35,075 173.745 87.313 Total Expendlture 279,445 180.272 163.305 271.075 894.097 718,269 SUPPORT COSTS 2022 2021 Staff costs Marketing Premises costs Repairs and renewals Office costs Insurance Depreciation Utilities Bank interest and charges Professional fees Bad debt charge Audit and accountancy fee5 163,306 691 60.038 26.644 15.177 46.029 70.580 24.565 3.959 1,976 175.916 207 21,508 36,036 18,929 36,115 80,682 12,857 1,361 21,706 (5,000) 21,445 21,415 434,380 421, 762 Page 16
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 STAFF COSTS 2022 2021 Wages and salaries Social security costs Pension costs Temporary and freelance other staff costs 381,949 29,199 23.433 6,837 1,333 442.751 349.226 29,133 20.534 250 6,067 405.210 No employee was paid in excess of £60.000 during the year {2021.. £60,000) Pension costs are alICated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. The key management personnel of the parent charity compromise those of the Trust and the key management personnel of its wholly owned subsidiary Bridewell Centre Ltd. The key management personnel of St Bride Foundation Charity are the General Manager and Finance & Administration Officer whose employee benefits total £107.25612021.' £97,333). Staff Numbers The average monthly head count was 14 staff (2021..12 staff). Trustees are not entttled to remuneration for their duties as Trustees. No Trustees received any expenses or professional fees during the year to 30 June 2022 {2021'. nil). Page 17
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 TANGIBLE FIXED ASSETS - GROUP AND CHARITY Freehold land and buildings Fixtures and fillings Office fumiture and equipment Wod( on Progress Total Cost At start of the year Additsons Disposals At end of the year 4.900.000 630,600 41,872 118,646 5.649,246 96,003 54.131 4,900.000 672,472 118.646 54.131 5.745,249 Depreciatio At starts of the year Charge for year Disposals At end of the year Net book value At 30 June 2022 238,000 34.000 439,532 31.111 111,992 5.469 789,524 70.580 272,000 470.643 117,461 860.104 4,628.000 201.829 1.185 54.131 4.885.145 Af 30 June 2021 4,662.000 191.068 6.654 4.859, 722 The Foundation owns and is based in freehold property known as the St Bride Institute at 14 Bride Lane, Fleet Street, London. Part of the propety is used for meetings, recreational and educational activities by individuals, clubs, charities. commercial and other organisations and the Bridewell Theatre. The remainder houses the St Bride Printing Library. a comprehensive collection of books on the history of printing and books and joumals on the techniques of printing. The property was re-valued as al 30 June 2014 on an existing use basis by Messrs. Farebrother, Chartered Surveyors al £4,900,000 (Land £1,500,000, Building £3,400,000). With effect from 1 July 2014, under the option available under FRS102, the Foundation decided to treat the market value of the building at £3,400,000 as deemed cost and depreciate this over 100 years at an annual depreciation charge of £34,000 pa. Herltage assets The Foundation considers it holds assets which are heritage assets as they are held principally for thelr contribution lo knowledge and culture. These assets include printing equipment 8nd the Sl Bride Printing Library which. in 2004. was handed back lo the Foundation, together with a grant for initial support from the City of London Corporation. No amounts have been included in the financial statements wrth regard to these assets, as the Trustee considers that the cost of obtaining an aUrate valuab'on would exceed the benefits. The direct costs incurred in maintaining these assets are not material. CAPITAL COMMITMENTS There were no capital commitments al year end.12021'. Capital Commitment: £nill Page 18
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 INVESTMENTS- GROUP 2022 2021 Al start of the year Additions Disposals Net gains 3.777,255 438,364 1546,3241 1502,436) 3,260,918 440,944 (421,544) 496,937 At end of the year 3,166.859 3.77T.255 Cash held for reinvestment 49.718 107,801 At end ofthe year 3.216.577 3,885,056 Nature of Investments Bonds and fixed interest securities Listed equities and similar investments 188,160 2,978,699 467.919 3,309,337 Cash 49,718 107,800 3,216,577 1885.056 The historical cost of investments at 30 June was 2.452.402 2.603.408 Charlty only Investments In addition lo the above the charity holds 2 shares with a nominal value of £1 each in Bridewell Centre Limited. DEBTORS Group 2022 Charity 2022 Restated 2021 2021 Trade debtors Amounts owing to subsidiary Prep8ymenls Other tax and social security Accrued income 64.439 50.318 3.232 37.996 57,427 15,519 1,386 115,560 7,841 54,893 44,972 9,806 2, 752 120,204 59.871 15,519 1.386 141,215 44,912 9,806 2,752 107.788 10. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR Group 2022 Charity 2022 2021 2021 Trade creditors Other creditors Taxation and social security Accruals Deferred income 76.145 12,170 45,837 46,742 77,031 41.783 8.152 23.661 58.997 6t,466 60,622 12,170 10,406 45,580 40, 136 8,152 7,205 58.997 257.925 194, Q59 128,778 114,490 Page 19
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 11. DEFERRED INCOME Deferred income relateg to rent and other income received in advance of the period to which it relates. Group Balance at start of year Amounts released in the year Amounts deferred in the year 61.466 {56,5321 72.097 Balance at end of year 77.031 12. PERMANENT ENDOWMENT FUNDS General Endowrnent Eleemosynary Total Transfer Expenditure Nel Ilossesygains on investments 970,362 162,1911 1500,6901 970.362 162,1911 1502,4361 11,7461 Movement for the year 407.481 11.746) 405.735 Funds at l July 2021 7.565. 106 13.499 7.578.605 Funds at 30 June 2022 7,972,587 11.753 7.984.340 Income generated from the General Endowment Fund can be used towards the general activities of the Foundation. Income generated from the Eleemosynary Fund must be applied for the purposes of the restricted fund of the same name for the purposes described below. In 2019 the Tnjstees passed a resolution to adopt a total retum approach to the investment of the General Endowment. The initial value of the tnjst for investment was set at 30 June 2009 and the unapplied total retum at this date was deemed to be nil. The initial value was set by reference to information available from investment managers and by review of the accounting records of the charity from 30 June 2009 considering any capital movements. The analysis underlying the valuation of the endowment was performed during June 2017. The Trustees have determined that at least the investment income eamed on endowed investments shall be allocated to income each year and will consider whether any further allocations are required al least annually. The total endowment values below are slated exclusive of the value of the Foundation's freehold property as this is not an investment asset. Unapplled total return at 1 July 2021 Unapplled Allocated total return to Income at end of the year Frozen Total pemianent Endowment capltal at 30 June 2022 Fund Total retum Pemianenl Endowment Fund 1.360.607 {432.4221 196.4591 831.726 2.512.861 3.344.587 Page 20
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 13. RESTRICTED FUNDS Other restricted Recoupment Llbvary Total Income Expenditure Transfers between funds 14,613 (34,5521 1,325 17,8781 15.938 142.4301 (934,397) 1934,3971 Movement for the year 1934,397 119,939) (6,5531 (960.889) Funds at 1 July 2021 934,397 62,IT8 23.552 1,020. 127 Funds at 30 June 2022 42,239 16.999 59.238 Under Orders previously granted by the Charity Comrnission. expenditure of capital subject to replacement has been avthorised under the powers given in section 105161 of the Charities Act 2011. The Recoupment fund comprises monies sel aside for repayment into the General Pem?arient Endowment Fund on the maturity of Rewupmenl Orders issued by the Charity Commission in 2000 and 2003. The 2000 and 2003 Recoupment Orders require annual transfers of £27,329 (for 25 years) and £8,636 Ifor 22 years) respectively to be made from unreslricled funds to the Permanent Endowment. By maturity of the Recoupment Orders the full balance previously borrowed will be fully transferred back to the Permanent Endowment. During the year the Trustees have reviewed the temis of the Charity Comrnission recouprnent orders and have collcluded that the recoupment balances would be more correctly reported as part of the pennanent endowment fund rather than as a separate reslricled fund. Accordingly. the opening balance on the recoupment restricted fund has been transferred lo the permanent endowment. The Repairs and refurbishment fund was created in 2009 following an application to the Charity Commission to spend part of the General Permanent Endowment on certain essential repairs and refu15hMents wort(s of the premis8s including renewal of the Found8tion's IT resources. Olh8r restricted funds comprise.. The Eleemosynary fund provides funds for the prevention or relief of povety in the area of benefit by providing grants and services lo individuals in need andlor to charities or other organisations working to prevent or relieve poverty. The Beatrice Warde fund - established lo provide for an annual lecture to illuminate some aspects in the field of communications, particulady with regard to printing and typography, in memory of Beatrice Warde. The Justin Howes fund - established to provide an annual ledure in memory of Justin Howes, the subject of the lecture to be one of the key subjects that he had an interest in i.e. printing, typography and calligraphy. Library fund - Funds were raised lo support the digilalisation of the SBF collections. ojraling an online talk series. online exhibitions, developing print and design workshops and conservation work. 14. NET ASSETS BY FUND- GROUP Permanent endowment funds Restricted funds Unrestricted funds Totsl Tangible fixed assets Investments Nel current assets 4,628,000 3,216,577 139,763 257.145 4.885,145 3.216,577 (8.939) 59,238 1207,940} 7,984,340 59,238 49.205 8,092,783 Page 21
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 15. SUBSIDIARY UNDERTAKING Sl Brlde Foundallon owns 100Yo of the issued share capilal of Bridewell Centre Limited No. 06284689. a company incorporated in England and Wales. The companys principal activity is room hire including the provision of equipment and catering services and operalion of the Foundation's Ihealre and bar. A summary of the results for the year are shown below.. Restated 2027 2022 Tumover Expenditure 534.493 1533.655) 190.647 (259, 167) Operating surplus 838 (68,520) Gift aid to St Bride Foundation ILossyprofit before and after tax 838 (68,520) The aggregate of the assets. liabilities and funds w8S'. Asset5 Liabilities 99,462 139,943 1167,1441 (208.463) Shareholders, funds 167.682) (68,520) The Foundation received nil12021'. £128.8951 in the year from Bridewell Centre Ltd in the form of Gift aid. Costs totalling £424.795 were charged to the Bridewell Centre during the year by the Foundation. 16. CHARITY ONLY RESULTS The Foundation has taken advantage of exemptions available not to present a Statement of Financial Activities or Statement of Cash Flows Showillg its own results. 17. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2022 Group 2021 Net income for the year Adjustments for.. IGainsllLosses on investments Depreciation charge Investment income Decrease l {Increase) in stock {Decreasel I Ilncrease in debtors Increase I (Decrease) in creditors (653.639) 339,434 502,436 70,580 (96,459) 662 133.4271 63,866 (496,937) 80,692 (94.834) 4,950 (63.822) 79.935 (145.9811 (150.582) Page 22
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES AND FUND NOTES Unr¢strlrted Funds R8Strlctod Funds Endowment Fund• Total 2021 INCOME AND ENDOWNMENTS FROM.. Donatlons & logacles Grants TOTAL VOLUNTARY INCOME 31,453 159,955 191,408 70,100 101.553 159,955 261.508 70.100 Charltable acUvIèts Provision of fa¢ilities Llbrary Workshops arKI exhibition5 Theatre 3,521 13,364 593 3,521 13.364 $93 32.695 50.173 32.695 50,1n TOTAL CHAWTABLE ACTivmES Othèrtradlng aCtIlIeS Activities for genaraling funds 154.251 154,251 Investments Investment inccma 94.834 94834 Othgr Incomo 94,834 194,8341 TOTAL INCOME *J4D ENDOWMENT5 490,866 70.100 560.766 EXPENDITURE ON.. Ralslng fund8 General donations Fundraising trading Inve51rn8nt management 184 346.616 27,198 373.998 346,616 27,198 27,198 346,800 Charftabl8 actlvltle8 Pmvision of facilili8S Library Work5hop5 Theatre 126,023 215,386 21,356 91,630 302,349 649,149 34.000 7,977 223.308 21,356 91,630 7.922 7.922 7,922 34.000 61,198 TOTAL EXPENDITURE IN8t Loss8sI on inv8Stments 718,269 122,382 374,555 496.937 NET IEXPENDITUREII INCOME 136,1011 62,178 313.357 339A34 Transfer between funds 13 35.965 172,0661 35.965 98,143 NET MOVEMENT IN FUNDS 313.357 339N34 Reconalation of funds.. TOTAL FUNDS BROUGHT FORVIARD TOTAL FUNDS CARRIED FORWARD 219,756 921,984 7,265,248 8,406,988 147.690 1.020,127 7,57B,605 8,746,422 Page 23
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 PERMANENT ENDOWMENT FUNDS General Endowment Eleemosynary Total Expenditure (Net Losses) on investments (61,1981 372,836 61,1981 374.555 1.719 Movement for the year 311.638 1.719 313.357 Funds af l July 2020 7.253.468 11,780 7,265.248 Funds at 30 June 2021 7,565,106 13.499 7.578,605 RESTRICTED FUNDS Other restricted Recoupment Llbrary Total Income Expenditure Transfers beeen funds 70.100 17,922) 70,100 (7.9221 35,965 35,965 Movement for the year 35,965 62,178 98,143 Funds al 7 July 2020 898.432 23,552 921,984 Funds at 30 June 2021 934,397 62,178 23.552 1.020.127 NET ASSETS BY FUND- GROUP {20211 Pernianent endowment Restrictsd funds funds Unrestricted funds Total Tangible fixed assets Investments Net current assets 4,662,000 2,916,605 197,722 4,859,722 3,885,056 8,451 51.676 1.020.127 {50.0321 147.690 7.578.605 8.746.422 Page 24