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 In￿Me
streams and cost conlrol continue lo be the paramount risk management strategies. Monitoring the forward order-book
is the most effective predictor of fO￿ard 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 sU￿lUS 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 ne￿sSary resourcing to underpin our long-lerm investment in our facilities}, coverany shortfall
be￿en In￿Me 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 prOPe￿Y 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
con￿rn 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 Charit￿s 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 i￿egula￿lies. 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 fac111￿eS
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 a￿oUntIng
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 re￿gnised 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 ex￿p1 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 alIC￿ated 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 a￿Urate 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 refu￿15hMents 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 acUvI￿èts
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 aCtI￿lIeS
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 be￿een 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