TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 80 JUNE2024 Page 1 of 36
INTRODUCTION As we mark another transfonnative year at St Bride Foundation, our story remains one or bridging centuries of print heritage with Contemporary creativity and learning. This report showcases our achievements, challenges. and ambitious lSIon for the future. demonstrating how we continue to serve our community while adapting to an evolving societal landscape. For over 1.30 }'ears. our historic home at 14 Bride lane has been more than just a building- it has been a beacon for creativity, learning, and community engagement. Today, we welcome 42,000 visitors annually who expl()re our extensive collection of over 60,000 items, carefully preserved along2.5 kilometres of bookshelves. VISION AND MISSION We bring 13nguage to life. Through print, design, and perfornian. we connect the past, present, and future. Our vision Shaping an inclusive future for the creative industries through print, design and perfornwice. Our missiori To inspire, inform, and empower creativity through acces5 to print heritage, learning opportunities, and spaces for Collaboration. expression, and performance. Page ? of 36
YEAR IN REVIEW- ENGAGING OUR COMMUNITIES This year ha5 demonstrated the enduring relevance of our mission through meaningful engagement across all our activities. Library and Co[eCOn% engagement Our library continued to serve as a vital resource for researchers, praLtitioners, aiid enthusiasts. We welcomed 230 visitors who engaged directly Thith our collections, exploring1.172 items that tell the story of print's evolution. Our digital presence expanded significantly. with our online collections receiving 15298 views. demonstrating the global reach of our resources. Educ3tional programming The impact of our educational progTamming spanned 38 private group visits, 11 public tours, and 22 special events, bringing nearly 3,000 learners throug41 our doors. These interactions ranged from introductory workshops tv specialised masterclasses, each contributingto our objects. Our newly launched TypeEd pilot represents a significant step forward in typography learning for the modern age. IEd by world-renowned experts, these masterclasses offer participants unprecedented access to both historical materials and contemporary insigh The focus on TIT)eEd is to bridge theoretical understanding with practical application. creating meaningful learning experiences that resonate with today's designers and tyPO8Taphers. Annual Wayzgoose Our signature Wayzgoose evenl proved Dnce aa]n to bv a highlight of community engagement. Drawing over 300 attendees and raising £4.700, this celebration of letterpress printing created valuable networking opportunitie5 while demonstrating the continued relevance of traditional printing techniques in contemporary practice. Page 3 0136
8ecky Chiliott Bridewell Theatre The Bridewell Theatre continues to thrive as a vital cultural space, hosting 24 productions across 32 weeks and welcoming15,800 visitors. Our recent impact study has revealed opportunities for enhancing the theatre's physical infratstructure and proammIng. ensuring its continued role in nurturing performing arts in London. 4fb Building 3 5UStainable future Our commitment to long-term sustainability has led us to develop comprehensive strate.gies that will secure our future while expanding our impact. Through careful analysis and strategic planning, we are building on our strengths while addressing key challenges. A transfo¥matr've business plan This year saw the development of a detailed business plan that reimagines how we deliver value to our Lommunity. Our plan focuses on a number of key principles that will drive our transfortnation. Our collections and learningprogrammes stand at the heart of our strategy. We Tecognise the need to signifieandy expand our educational offerings to pn)vide better access to our unique collections a]Id engage wider audiences. Our comprehensive review of current prograJnTning will infonn how we can better serve ourcommunities through innovative IL'drning e.xpe.riences that connect our heritage to contemporary practice. Fundraising, memberships. and partnerships forni the foundation of our financial swstainability. We are developing a structured approach to fundraising that includes elear timeframes and targets. This ivork encompasses individual giving, corporate partnerships, Page 4 of 36
and grant funding, ensuringwe build diverse and reliable revenue streams that SUPPOrt our charitable objects. Building improvements represent a critical investment in our future. Our strategy carefully balances the need to repair and maintain our Grade II listed building with opportunities to generate additional revenue through strategic use of our spaces. This approach aligns our capital improvements with our learning programmes and funding plans, ensuring every investment supports our broader mission. Collection commercialisation presents exciting opportunities for growth. We are developing plan¥ to build a licensing business. create high-end products that eelebr2te our heritage. and organise innovative fundraising events. These initiatives will create new revenue streams while sharing our collections wilh broader audiences. Invesring In our future To support our ambitious plans. we are making stTategic investments in several key areas. Our people and infrastructure remain central to our success. We are focusingon recruiting skilled staff and providin development opportunities that ll11 drive our plans fonvaul. This investtnent in people ensures we have the expertise and capacity to achieve our goals. Our fulidraising strategy takes a comprehensive approach to financial sustainability: Essential maintenance and building investment- to serve our communities better. Development of sustainable commercial models- to weather economic cycles. Strategic renovations- to create rentable spaces. Phased implementation of fund]$7ng activities- to build sustainable operations. Page 5 of 26
S'BRIDE TRANSFORMING OUR SPACES 8r,de FoL,11.4]tioil. 12 Bride Lane and 14 Bride Lane This year marked significant progress Rn our building development pmgramme, demonslrating our commitment to preserving and enhancing our historic spaces while creating new opportunities for engagement. The sUCcef1 refurbishmLnt of12 Bride. Lane represents an important milestone in our strategy to create sustainable income streams. This project has transforn)ed the space into attractive office acconmiodation, providing essential revenue to support our charitable activities. At our histOriL home of14 Bride tane, we have. taken decisive steps toward compre.hensive renewal. The appointment of Roz Barr Archilects lo conduct a Stage i feasibility study marks the be8inning of an exciting transforniation. Their initial proposals encompass architectural enhancements, environmental upgrades, and accessibility improvements that will ensure our Grade Il listed building serves our community forgenerations to come. To support this work, we ened Brists)w and Price & Myer5 to evaluate specific technic21 challenges, ineluding the potential installation of 2 lift. Their comprehensive feasibility study has provided valuable insights into Construction costs and renovation options. benchmarked against similar heritage projects. This thorough approach ensures we make infornied decisions about our building's future while respecting its historic chardcter. Page 6 of 36
65 FLEEfsTREET Inl The year has brought an excitingdevelopment in our expansion plans through our partnership with WhItefria Limited. Our vision for 65 Fleet Street represents more than just additional space- it embodies our ambition to create an integrated cultural campus that Ill transforni ho, we serve our community. Our appointment as the preferred cultural organisation for this development, secured through a Section 106 agreement, validates our position as a vital culturnl institution in the Fleet Street Quarter. The collaborative relationship we have built with Dominus and Cheyne Capital throughout 2024 has evolved into a concrete plan for creating purpose-built spaces that will complement our existing facilities at 14 Bride Lane. FLEEfsTREET QUARTER TRANSFORMATION St Bride Foundation stands at the centre of an unprecedented transforniation in the Fleet Street Quarter. With over 34 Dew developments delivering 3 million square feet of space and an estimated value of £5 billion by 2028, we are uniquely positioned to serve an additional 25,000 daily visitors to the area. Our strategic presence on the Fleet Street Quarter BID board and severdl steeringgroups ensures we remain at the forefront of this evolution. STBRIDE FOUNDATION The Foundation, a registered charity INumber 207607), is nuw regulated by a Scheme sealed by the Charity Commi&sion for England and Wales on 14th septembe.r 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 Sclieme5 oftlie Cl)arity Commi&sion for England and Wales. The 14th September 2013 Scheme replaced the Foundation's Governor5 (charity Trustees) with a sole trustee company, St Bride Foundation Limited with immediate effect. Page 7 0136
Objects of the foundatson The objects ofihe charity are, for the public bene.fit, A. the prevention or relief of poverty in IL)ndon by providing grants and services to individuals in need andlor to charities or other organisations working to prevent or relieve poverty. B. the advaiicement of education ID printing. the print media and related subjects, by providing suitable courses, conferences and lectures and by maintaining and making available the charity's printing resollrces and archives at St Bride Library. and C. the provision and maintenance of facilities for recreation or other leisure time occupation for the inhabitants and workers of the area of benefit. in the interests of soctal welfare and with the object of improNing their condition of life, including by the provision of theatre. dance and vther artistic performances and exhibitions. GOVERNANCE AND LEADERSHIP Board of Governors ol the St Bride Foundation Trust Company Limited ThL. Governors who served as GuveTnoTS of the Trustee Company during the year to 30th June 2024 and up to the date of signing the Report were.. Current boafd members T Duong , Ii,Iir - .li?i)ninteil ').• Fi.lii'ii',In. i>n') b) B Chilcott .¥cliniY L'haii-. >0 Ilthi'i-ll 2()2.'4 tii 21 Tr vliniclll. 21)2,11 Reverend G W Craig Reverend Canon Dr AJoyce A Swatridge A Stavro P Sadler A Patel iilpiTriiilL'II '*-, 11 Ji-i'li K Kirton M Scott K: 11)i)jiili'il'J.j Sl'pit'nilit'i. 21)'TrS Resigned members Reverend C J Bamforth-Damp i.1iJi)i)iiitt'il )() .liii. N J Barker OBE l Locks ?Y Nui't'ml14'1--Pl I'P',4', D Hutchinson Fil l.Yii'(I D Kirkby P8ye 8 of 36
Emeritus Trustee In recognition of his long and important service to St Bridl. Fi)undation over ve.ry many yiars. the. Trustees unanimously agreed to award Nicolas Barke.r OBE. the rolv ofEmeritus Trnstee at our board meeting on 26 February 2025. This honorary role is intended to enable Nicolas to continue being involved in the affairs of St Bride Foundation. and for St Bride Foundation to continue to benefit from the vast wealth of experience he brings, without the pressures of norn]al Trustee dllties. Nicolas was delighted to accept the role. Secretary J Hall Iiipc)inii'il 2..) I h'li )l1¢'1' 211')'51 Executrve team The executive team carry out the policies and direetions of the Thjstee Company and manage the day-to-day actiNuties of the Foundation. Related Prirbe5 Disclosures in relation to related parties are included in the notes to the financial statements. Finance Committee P Sadler )miniiivi. Cliaii'l M Jordan M Scott T Duong A Lee l.-Iiiiii(ILilii)ii NIaii.iiTei-I J Hall The purpose of the Committee is the review and recommendation for approval by the Trustees of the annual financial statements, budgets, and major capital expenditure proposals as well as the regular review of the perforniance of the investment managers. It is also responsible, on behalf of the Trustees, for the periodic review and selection of professional advisors. The Committee remit allows for at least five TnembeTS. of whom three should be Trustees of the sole Trustee company. The Committee shall have the power to co-opt non-TLvstees with appropriate skills to benefit the Committee. Thequorum shall be three of which two must be Trnstees. The Finance Committee only met inJuly andAugust 2023 due to insufficient members of the Committee and was suspended until more Trustees whu could a150 serve on the Finance Committee were recrnited. In order to temporarily compensate for the reduced opportunity for financial scrutiny. the Trustees increased the number of fikll Trllstee meetings during the financial year. The new Finance Committee started meetingagain on S November 2024. Page 9 of 36
TRAINING AND RESPONSIBILITIES The Trustee Company Directors are responsible for the governance, direclion and sllpernision of the 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 company directors. Directors are eneouraged to attend training sessions to ensure they are updated on any change in governance policy and relevant legislation. RISK MANAGEMENT The Trustees have assessed the m4ior risks to which the Foundation is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. This covers Financial, governance, operationa] and reputational risks. During the year the Members of the Board continued to work with the staff uf the Foundation to put in place management and operational procedures to mitigate these risks. The Trustees have a risk management strategywhich comprises: A. The establishment of policies, systems and procedures to mitigate the risks identified in the annual review. B. The implementation of procedures designed to minitnise or manage any potentia] impact on the charity shouldthose risks materiajise. C. An annual review of the principal risks and uncertainties that the Foundation and its subsidiary Bridewell Centre Limited fas. The annual review has identified that financial and long-terni sustainability are the most significant risks forboth the charity and its subsidiary. Regular monitoring of the forward order-book, including trends around different income streams and cost control continue to be the paramount risk management strategies. Monitoring the forward order-book is the most effective. predictor of fonvard income generation a]nst budgetary targets and this is monitored by the Board. Another significant riskrelates to potential realised and unrea]ised losses of the Foundation's investments. The investments are managed on a total return basis such, that it is preserved for the long-tem overmulti-investment cycles in real tern. The Trustees take professiona] advice from their investment advisers on: A. The market. investment trends ¢ind yield. and the prospect for future capital growth. B. oppornitieS to increase the real value of the Capital Fund (after expenditure) by balancing m"ket return with active management to out-perform markets. Page 10 0136
C. spreadI(r risk by avoiding undue concentration of investments vis a vis asset claeS. sectors or economies, and to pool investments in selected nds. Additionally. the Foundation externally benchmarks the current Investment Manager's comparative perfornwice at least every five years. Attention is also focused on non-financial risks which largely fall into two categories: The material risks 3ffecting commercial activities le.g. potential flooding of premises or failure of technical equipment arising from poor maintenance programsl. The risks arising from poor management ofthe Foundations aetS le.g. the deelining Usefulne and relevance of the collections through failure to adequately invest in the learning programme as a way to engage the public with the collection. OBJECTIVES AND ACTIVITIES It is the policy of the Board ofGovernors of the Trnstee Company, having regard to the guidance of the Charity Commission. to develop aDd expand the public benefit in a manner that is compatible with the charity's long-term financial stability and within the stated objects of the Foundation. In partieu]ar (but not exclusively) the tK)licy is to: A. Improve access to and public benefit of the printing heritage eollection, library and archive. Also, to involve members of the public ID the activities of the Foundation and to develop income to help sustain it as part of the national cultural heritage. B. Involve the Community in all the activities of the Foundation and to develop an learning programme related to the printing heritage library and archive through lectures, tours and workshops. C. Cary out a full review of the Collection's contents and resources and develop a plan for curation and display in the future. D. Develop the conference and events and the theatre activities to improve the public benefit provided and also to generate sufficient additional income to sustain and develop the Foundation's other activities. E. De.ve.lop Mndraising capability for funding of eapital projects and a sustainable voluntary income strearn. Paoe11 of36
F. As part of the company's policy ofencouraging members of the community to be involved with the Foundation, the Trustee Company recognises the significant contribution made by our committed volunleers, who have helped Thith preservingand researching the archive, providing guided tours, running workshops. the curating of exhibitions and have undertaken a wide range of research projects. G. Aim for an annual surplus on unrestricted funds (after transfers in respect of Recoupment Orders) until unrestrictcd rese.rves reach a sum equivalent to six months. expenditure. SUBSIDIARYUNDERTAKING Bridewell Centre Limited. a wholly owmed subsidiary of St Bride Foundation. commenced trading on l July 2010. The results of the company are shown in note15. INVESTMENT POLICY The Foundation continues to seek to maximise income whilst preserving the capital of the fund. In ordL'r to meet this aim, the investment portfolio is of a prudent nature avoiding over concentration in individual investments and is invested across asset classes to mitigate exposure to any one investment category. Although the Foundation accepts that investment involves some element of risk, the overall portfolio lias a balanced approach across asset classes and markets in order to avoid exce&sive risk. On 28th November 2017 the Trnstee Company fornially approved a resolution to adopt a total return approach to the investment fund. Ivhen a total return approach to investment is adopted, the pernianent]y endowed funds are invested to produce an investment return without regard to whetherthat return is in the fonn of income le.g. dividends or interesll or capital appreciation. The investment return initially forms a component of the endoThrynent fund known as the 'unapplied total return.. The Trustees then periodicall}, determine how much of the 'unapplied total return. is released to income for spending and how much is retained for investment as a component of the endowment. This allocation must be made equitably to balanee the need for income to meet current requirements and to hold funds as part of the endowment lo produce investment returns for the future. At present, the main objective of the endowment fund is to provide a sustained level of income tu support the foundation's charitable activities. As trading pernlits. less will be drawn down from investments lo cover any shortfall in funding. The Total Return growth target for the Foundations portfolio is currenuy RPI + 3.5%, with an income target of 2.5-3% ofthe portfolio's value. PagE 12 of 36
The Finance Committee has monitored the perfonnance of the Fund Manager, J M Finn & Co, and wll be carrying out a forn]al review of the investment managers performance during 201% against market benchmarks. J M Finn & Co makes annual presentations to the Finance Committee and their quarterly written reports are circulated to all members of the Finance Committee. REMUNERATION POLICY Our approach to remunerdtion is desi8TAed to ensure we can attract and retain the talented and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently aLross the. organisation. We aim to pay competitively in the not- for- profit sector wiuiin the context of affordability and to ensure no-one is paid below tl)e cuent London Livingwage. RESERVES POLICY The Board of Governors of the Trustee Company regulaAy review the reserves policy and had previously agreed to hold sufficient unrestrieted funds to equate to six months. unrestricted running costs, which is approximately £435,500. At 30 June 2024 the Charity had £8,394k in total funds comprising of £7,882k in restricted Pernianent Endowment funds, £62k in other restrieted ndS and unrestricted ndS of £450k. ofthe £7.882k Pennanent Endowment funds, £4,560k are represented by Fixed Aets. £2.847k are represented by Investments and £475k represented by Net Current A&se The Pernianent EndoThment is comprised of two funds the General Endomrynent and the Eleemosynary nd. The Eleemosynary fund was originally set up to pmvide pensions and grants for poor people who have lived or worked within the defined charitable area. In view of changes in the population within the local area since the start of the twenty first century, it has proved increasingly difficult for St Bride Foundation to find appropriate recipients for the funds, with no funds being distributed for at least fifteen )eaTS. The Board will review whether it is still appropriate for the St Bride Foundation to hold this fundgiven the distribution Challenges. FUNDRAISING POLICY Under the Charities IProtection and Social Investment) Act 2016, the Thistees are required to report on how the Charity conducts its fundraising activities, therefore at the heart of Foundation's fundraising ethics lies the need to ensure its integTity and the Irust of the donor are not violated. There is also a nee.d for the Foundation to ensure that it does not expose itself by acceptingdonations from questionable or inappropriate sources. Page 13 of 36
The Foundation does not receive a signifie2nt level of donations and so does not currently participate in a fonnal ndraising voluntary scheme. Donations received are primarily voluntary contributions received from lectures and talks organised by two groups of supporters. the FTiend5 of St Bride and Tiry)e Tuesday. It also receives occasional donations from organisations operating in the printing related and graphic design sectors. The Charity did not receive any COTnplaints about its fundraising activities during the year. The Foundation does not accept donations where it has reason to believe that the donor may be experiencing vulnerable circumstances and accepting the donation would bL' ethically wrongand/or hannful to the donor. St Bride Foundation receives donationsvia the following. Friends Membership Scheme. Individual donors. The Foundation undertakes various fundraising activities such as.. Sponsorship opportunities e.g. sponsoring learning activities such as talks alld conferences. Corporate membership scheme. Funding applications. FINANCIAL REVIEW AND GOING CONCERN At 30 June 2024: The cash held by the Foundation w3s £118,68912023 10,388). The Foundation had free reserves of £&3,006 Idefined as unrestricted nds le&$ tangible fixed assets excludingland and buildings). Net incoming resources before movement on investments of aInS £536,755. After gains on investrnents of £137.068 there was a net increase in funds of £6T3.823. The group ha5 unrestricted General Funds of£0,153 and Net Current Assets of £569,518 at 30th June 2024. The Trustee believes that the OrniSation is a going concern and have prepared the accounts on that basis for the folloThTrng reason& A. Detailed cash flow projections including cash held by the investment demonstrate that it remains cash positive for the next ye.ar. The organisation s finanLial forecasts demonstrate that it be able to meet its debts as they fall due. B. During October 2024 the Charity received an interim payment £494,047 on a legacy from the estate of Peter Longland which is likely to be approximately £575,000 in total. Pa9e 14 of 36
C. The charity has a significant permanent endowment and a Total Return polic.y was adopted in 2017 to provide greater flexibility for the timing of investment in the Foundation's facilities, and to help move the Foundation to a sustainable business model. The implementstion of the Charity Act 2022's provisions will further enhance the flexibility the Foundation has in accessing its pernianent endowment funds. Page 15 of 36
REFERENCEANDADMINISTRATIVE INFORMATION Registered narne St Bride Foundation Registered charity number 207607 Trustee St Bride Foundation Tt Limited Inon-charitable Trust Corporation) Principal address Bride Lane Fleet Street London EC4Y 8EQ Banker5 Royal Bank of Scotland RBS Business Banking PO Box 16204 Birniingham B2 2WP Solicitors Bates Wells Braithwaite 2-6 Cannon Street London EC4M 6YH Auditor Azets Regis House Kingwilliam Street IA)ndon EC4R gAN Investment advisers JMFinn&CoLtd 4 Coleman Street London EC2R STA Custodian Trugtee5 J M Finn Nominees Ltd 4 Coleman Street London EC2R STA Page 16 0136
STATEMENT OFTHETRUSTEE'S RESPONSIBILITIES The Th]stee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law 2nd regulations. Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom CTenerally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law the Trustee must not approve the financial statements unle&9 it 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 outgoingresources for that period. In prepariDg these financial statements, the Trustee is required to: select the most suitable accountingpolicies and then apply them consistently. observe the methods and principles in the Charities SORP: make judgments and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. E. prepare the Financial statements on the. going concern basis unless it is inappropriate to presume that the 0Up and charity will continue to operdte. The Trustee is responsible for keeping proper accounting reconls that are sufficient to show and explain the gTOUP and charity's transactions and disclose with reasonable accuracy at any time the financial position of the group and charity and enable it to ensure that the financial statements comply 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 irregularities. Approved by the Trustee Company and signed on its behalf on 25April 2025 by.. T Duong Trustee and Chair of St Bride Foundation Trust Company actitigas sole Thistee. PagÈ 17 of 36
INDEPENDENT AUDITOR'S REPORTTO THETRUSTEE OF ST BRIDE FOUNDATION FOR THEYEAR ENDED 30 JUNE 2024 Opinion We have audited the financial statements of St Bride Foundation lthe'charity'l for the year ended 30 June 2024 which comprise the Statement of Financial Actiwties. the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financidl reporting framework that has been applied in thpir preparation is applicable law and United Kingdom AccountinrT Standards, including Financial RLporting Standard 102 TheFinancial Reporttttgstéxthrdapplicable in the UKandRepublieofIreiand IITnited Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. Give a true and fairview of the state of the charity's affairs as at 30 June 2024, and of its incoming resources and application of resources. including its income and expenditure, for the year then ended- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and Have been prepared in accordance with the requirements of the Charities Act 2011. Basis for Dpinion We conducted our audit in aeLordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards dre further described in theAtsditorsr&wonfibtliti&sfortheauditotthefinancialstutepnents' section of our report. We are independent of the charity in accordance the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in acconlanee with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concllisions relèttng to going ioncern In auditing the financial statements. we have concluded that the Trustees. use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectivelyy may cast significant doubt on the charity's ability to continue as a going concern for a peri(Kl of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Thistees with respect to going concern are described in the relevaTht sections ollhis report. Other inlorm3tron The other inforniation coniprises the infonnation inLluded in the annual report other than the financial statements and our auditor's repurt thereon. The Trustees are responsible for the other inforniation contained within the anniial report. Our opinion on the financial statements does not cover the other information and we do not express any forni of Pag& 18 of 36
assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements Dr our knowledge obtained in the course of the audit, or othenvise appears to be materially mi&stated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise to a materia] misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a mati'rial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. M3ttgrs on whiih w'e are required io repori by eKreptron We have nothing to report in respect of the followingmatters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: The inforniation given in the financial statements is inconsistent in any material respect with the Trustees, report: or The charity has not kept adequate accounting records. or The financial statements are not in agreement with the accountingrecords and returns.. or We have not received all the infonnation and explanations we require for our audit. RespDnsibilines of Trustees As explained more fully in the Trustees. responsibilities statement. the Trustees are responsible for the preparation of the finanLial statements and for beingsatisfied that they give a true and fairview, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or em)r. In preparing the financial statements, the Trustees are responsible for abbessing the charity's ability to continue as a going concern. disclosing, as applicable. matters related to going concern and using the goÈng coneern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilines for the audit of the h"nancial statements We have been appointed as auditor under section 145 uf the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. A rther description of our responsibilities is available on the Financial Reporting Council's website at.. https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor s report. Extent to which the audit Was considered capable of detecting irreBul3ntses, including fraud Irregularities, including fraud, are instances of non-eompliance with laws and regulations. We design procedures in line with our responsibilities, Outlined above and on the Financial Reportingcouncil s website, to detect material misstatements in retsyect of irregularities. including fraud. We obtain and update our undÉ'TStanding of the. entity, its activities. its control environment. and likely future developments, including in relation to the legal and regulatory framework Page19of36
applicable and how the entity is complying with that framework. Based on this understanding, Ive identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perforni audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to proNryde a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response to the risk uf irregularities and non-eompliance laws and regulations, including fraud, we designed procedures which included: Enquiry of management and those charged with wvernance around actual and potential litigation and claims as well as actual, suspected and alleged fraud. Reviewingminutes of meetings of those charged with governance: Asse&singthe extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; Reviewing financial statement disclosures and testingto supporting documentation to assess compliance applicable laws and regulations: Perforniingaudit work over the risk of management bias and override of controls, including testing ofjournal entries and other adj'ustments for appropriatene&g, evaluatingthe business rationale of significant transactions outside the nornia] course of business and reviewingaccounting estimates for indicators of potentia] bias. Because of the inherent limitations of an audit, there is a risk that we WAII not detect all irregularities, including those leading to a material misstatement in the financial statetnents or non-complianee with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and trdnsactions reflected in the financial statements. as we will be less likely to become aware ofinstsnees of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions. misrepresentations. or the override of internal control. A further description of our responsibilities is available on the Financial Reportingcouncil's website at: https://wWw.frc.org.uk/Our-Work/AuditlAudit-and-auranee1standardS-and- guidance/sLd2rdS-and-gUidance-rOr-aud1tOrslAlld1tOrS-responSibl1itieS-f0r- audit/Description-of-auditors-responsibilities-fur-audit.aspx. This description fornls part of our auditor's report. Use ol our report This report is made solely to the charity's Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Ouraudit work has been undertaken so that we might state to the charity's Thjstees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not acci'pt or assume responsibility to anyonc othe.r than tlie charity and the charity's Trustees as a body, for our audit 'Ork. for this report, or for the opinions we have formed. Page 20 of 36
Azets Audit Services Statutory Auditors, Chartered Accountants 2nd Flth)r, RegÉs House, 45 King William Street, London EC&SR 9AN Date: t? April 2025 A2ets Audit Services is eligible to act as auditor in ternis of section 1212 of the Companies Act 2006. Page 21 0136
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 8OJUNE 2024 Notes Unrestricted funds R88tricted funds Endowment ftjnds Total 2028124 rot&1 INCOME AND ENDOWMENTS FROM: Voluntary Income Donations Legacies Grants 36,375 575,000 20,219 56,594 575,000 16,881 Total Voluntary Income Charitable activities Provision of facilities Collection & learning Theatre 811,375 20,219 631,594 16,881 187,745 66.019 98,969 187,745 69,959 98,969 161,456 61,008 91,460 8,940 Total Chtritable activlties 35Q,738 3,940 356,673 818,924 oth8r trading activities Activities for generating funds 394,878 394,878 418.257 Investments Investment Income 580 90,604 91,184 94,896 TOTAL INCOME AND ENDOWMENTS 1,359,568 Q4,159 90,604 1,474,329 842.958 EXPENDITURE ON.. Raising funds General donations Fundraising trading Investment management fees Total Raising funds Charitable activit188 Provision of facilities Collection & learning Theatre 2,753 514,311 2,753 614,311 21,432 538,496 431,359 23,401 455,115 21,432 21,432 517,064 14,929 14,648 124.006 34,000 48,929 6,143 124,006 166,574 295,651 99,4g 11,495 Total Charitable activities 853,588 11,495 84.000 S99,078 561,587 TOTALEXPENDITURE 87o,e47 11,495 55,432 g37,574 1,016,70 Net gain I (loss) on Investments NETIEXPENDITUREI I INCOME 137,068 137,068 (198,831) 488,919 12,884 172,240 678,823 C37g,575) Transfer between funds- Recoupment Transfer between funds. Other 12113 135,9651 90,738 35,965 190,475) 12631 NETMOVEMENT IN FUNDS 543,692 12,401 117,730 673,823 1372,5751 Reconciliation of funds.. TOTAL FUNDS BROUGHT FORWARD 193,5391 49,674 7,764,078 7,720,208 8.092.788 TOTAL FUNDS CARRIED FORWARD 450,153 62,075 7.881,803 8,394.031 7,7gQ,g08 Palle 22 of 36
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2028 Unrestrlcted RestrKted Endowment nds lund$ fvnds Tot&1 g02g/23 INCOMEANDENDOWMENTSFROM.. Voluntarylncom& Donations Legacies Grants 15,067 1,314 16,881 Total Voluntary Income CharitAb/eacti¥ities Provision of facilities Collection & learning Theatre 15,067 1,314 16,881 161,456 59,608 91,460 161,456 61,008 91,460 1,400 Totalcharitable activities 812,524 1,400 818,9g4 othertradingactivitie$ Activities fjorgener2tingfunds Investments InvestmentinconFe 418,957 478,257 94396 94896 TOTAL INCOMEANDENDOWMENTS 745,848 ,714 94,396 842,958 EXPENDITUREON.. Raisingfunds Generaldonations Fundr&ising tradiiig InvestnFentmanagYn7ent fees TotalRaisingfunds Charit&bleactivities Provisionof facilities Collection& learniiig Theatre 865 481,859 855 431,359 8,401 455,115 23,401 23,407 481,714 131, 170 284,717 99,422 1,344 10,934 34,000 166,514 295,651 99,422 rotalCharltable&ctivities 575,809 12,278 34000 567,587 rorAL EXPENDill/RE 947,023 12,278 57,407 1,078,70 Netgain/(loss)on investments NETCEXPENDifuREIIINCOME (198,831) (198,831) (Qol, 175) (9,564) (161,836) (372,575) Translerbetween funds - Recoupm8nt TransferbetW8en lunds. Other 12/13 185,965) 94,396 35,965 194,396J NETMOVEMENTINFUNDS (149,744) {9,564) (220,267) (872,575) Reconciliation offunds.. TOIAL FUNOS BROUGHTFOR WARD 49,205 59,238 7,984,340 8,092,788 TOTAL FUNDSCARRIED FOR WARD 193,539) 49,674 7,764,073 7,720,208 Page 23 of 36
ST BRIDE FOUNDATION BALANCE SHEET- AS AT80 JUNE 2024 Group Charity Notes 2024 g023 2024 2023 FIXED ASSETS Tangible fixed as8ets Investments 4,977,147 2,847,866 4,8g9,730 2,904,061 4,977,147 2,847,368 4,829,730 2,904,061 TOTAL FIXED ASSETS 7.824,513 7,733,791 7,824,516 7,738,791 CURRENT ASSETS stock Debtors Cash at bank and in hand 10,21Q 804,435 118,689 5.388 151,400 710,388 8,001 835,693 85,983 7,865 83,600 43,497 TOTAL CURRENT ASSETS 988,336 267, 176 929,677 198,95 CREDITORS Amounts falling due within one year NET CURRENT ASSETS 10 363,818 280,759 360,161 142,538 569,518 n3,583) 569.518 ns,586) NET ASSETS 8,894,081 7,720,208 8,394,031 7,720,205 Unrestricted Gtsnaral Fund 450.163 (93,539) 450,153 193.542) Restricted funds Library. Crowdfunder proie¢t 125 Big Give Other Restricted Funds under £15k 17,052 19,274 25,749 10,993 17,052 19,274 25,749 10,993 38,681 38,681 62,075 49.674 62,075 49.674 Permanent Endowment Fund8 General Endowment Eleemosynary 7,870,453 11,850 7,753,016 11,057 7.870,468 11,850 7.753,016 11,057 7,881.808 7,764,078 7,881,808 7.764,078 TOTAL FUNDS 8,894,031 7,720,208 8,894,031 7,720,205 The financial statements were approved by Ihe Trustee Company and &uthorised for issue on '? g April 2025 and were signed on its behalf by.. Tudinh Duong Trustee & Chair of St Bride Foundation Trust Company acting as sole Trustee Page 24 of 36
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 80 JUNE 2024 Group 2024 Group 2028 Not88 Cash provlded by (used In) operating aotivitles Cash flows from investing actlvltles Investment income Purchase of tanble fixed assets Purchase of investments Proceeds from sale of investments 17 (61,682) n87,509) 91,184 1214,9641 1232,857) 374,875 94,396 (9,700) (422,339 539,710 Cash provided by (used In) Inv8stlng activiti88 18,238 202,074 In¢rease I Idecrease) In ca8h and cash equlvalents (43,4441 14.585 Cash and cash equlvalents at beginning of year 183,799 149,£J84 Total cash and cash equlva18nts at end of yaar 120,866 163,799 Analysis of cash and cash equlval8nts Cash at bank and in hand Cash within investment portfolio Total cash and cash equivalents 118,689 1,666 110,388 58,411 120,855 168,799 Reconciliation of net Incometo net cash flow fTOrn operating a¢tlvlties Group 2024 Gmup 2023 Net Surplu$llLos8) for the year Adjustment8 for: (Gains) l Lo&ses on investments Depreciation charge Investment income Ilncreaselld8crea$e in stock Ilncreaselldecrea$e in debtors Incr8as8lldecrea8e) in creditor5 673,823 (872,575) (137,068) 87,547 191,1841 14,8241 (653,0351 83,059 l&q,831 65, 115 (94,3961 2,867 (10, 185) 22,834 (61,6821 (187,509) The notes on pages 27 to 36 form part of these financial statements. Page 25 0136
ST 8RIDE FOUNDATION NQTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2OQ4 ACCOUNTING POLICIES Basis of accountlng and consolidatlon The Foundation, a registered charity (Number 2076071, is now regulated by a Scheme sealed by the Charity Commission for England ind Wales on 14th September 2013. This replaced and codified a Scherne rnade 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 14th September 2013 Scheme replaced the Foundation's Governors (charity Trustees) with a sole trystee cornpany, St Bride Foundation Limited with immediate effect. The registered office of the foundation Is at Bride Lane, Fleet street, London, EC4Y 8EQ. The financial statewents have been prepared in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Statement of Recommended Practice applicable to charities preparing theiraceounts in accordancewith the Financial Reporting Standard applicable in the UK and RBpublic of Ireland IFRS102) issued in October 2019. The accounts are drawn up on the historical cost basis of accountingi as modified by the revaluation of nvestments. Thè consolidated statement of financial activities (SOFA), balance sheet and the consolidated cash flow statement include the linancial statements of the charity and its sub51diary, Bridewell Centre Limited, made up to 30 lune 2024. Golng concern Having reviewed the financial position of the Foundation, and its plans for the foreseeable future, thè trustee company is satisfied that it remains appropriate to continue to prepare the financial statements on the going concern basis. Details ofthis assessrnent and the underlyingas$umptions is detailed in the Financial Review and Going Concern section of the Trvstees annual report. Public Benefit The Foundation Is a public benefit entity. b) Income Income in the lorm of grants and donations is accounted for as receivable. Funds received for the purchase of lixed assets are accounted for as restricted iNcom8. The treatment ol the assets prov5ded depends upon the restriction imposed by the grant as the fixed assets. acquisition discharges the restriction then a corresponding transfer of the associated restricted income will be made to the unrestricted fund in the year of fullilment of the restriction by the pureha%e of the IiKed asset. Income received from the provision of goods and services including room and equipment hire, cateringj ticket sales, and rent is recognised In the year in which the good or service is provided. Investment income is recognised in the year in whieh the Foundation becomes entitled to the dividend or earns inteiest. All investment income is derived from listed investments except for a small proportion derived from cash held as part of the portfolio, P42 26 of36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 8OJUNE 2024 Expenditure Expenditure is accounted lor on an accruals basis. Charitable activities comprise direct expenses incurred on defined charitable purposes. Where costs cannot be allocated to a specific charitable activity, they are allocated 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 frcTrm a charitable activity. Governance costs comprise Statutory costs relating to the governance arrangements of the charity. Support costs representing general overhead expenditure are allocated acros5 expenditLtre headings in proportion to staff costs. A liability is recognised once a constructive or legal obligation has been entered into by the charity. dl Tangible lixed assets All tanble lixed assets are stated at cogt and are written off on a straight-line basis over the following periods: Freehold land Freehold buildings 100 years Furniture, fixtures and fittings and office equipment Between 3 and io year$ Tanglble lixed assets are capitalised where the individual item purchase price exceeds £300. Invèstments Investments are stated at market value IT) the balance sheet. Realld gains or losses are calculated as the difference between market value at the date of dispo$al and market value at the previous balance sheet date. Unrealised gains or losses are derived Irom the movements in market value during the year. Operatinglea9es Rentals under operating leases are charged to the Statement of Financial Activities on a Strght-ll¢ basis over the term ofthe lease. gl Pension contrlbvtlons The Foundation opeiates a defined contribution pension scheme. The contributions payable by the Foundation under this scheme are recognised in thè Statement of Financial Activities as they fall due. Fund accountbng h) Funds held by the Foundation comprise.. Unrestricted funds- these are funds which can be used in accordance with the charitable objects at the diScretOn of the trustee company. Restricted funds - these are funds that can only be uged for particular restricted purposes within the objects of the Foundation. Rastrictions arise when specified by the donor or when funds are raised for particular defined purposes. Permanent endowment funds these are funds to be retained for the benefit of the Foundation as capital funds and are managed on a total return basis. The Trustees may, at their discietion, allocate any part of the unapplied total return to the general purposes of the Trust, Paye 27 of 36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Flnancial instruments Basic financial instruments are initially recognised at transaction value and subse9uently measured at amortised co$t, with the exception of investments whs¢h are held at 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 debt& for which recoverability Is In doubt. Cash at bank and In hand is defined as all cash held in instant access and term deposit bank accounts. Financial liabilities held at amortised cost comprise all creditors except gocial security and other taxes and provisions. Significant judgements and estimates In preparing the financial Statements, management have made judgements, estimates and assumptions that affect 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, Ihe nature of estirnation means these estimates could differ from actual outcomes. The Trustees do not consider there to be any significant estimates and judgements other than in relation to the useful life of the Foundation's property. Activities for generating funds Total 2024 Total 2023 Lettings Catering Bar sales Equipment hire and other income Fundraising 197,413 66,443 98,626 93,726 8,670 216,002 87,001 88,924 26,330 894,878 418,257 Net Incom8- Group 024 023 Not Incomè 1$ stated after charging.. Depreciation Auditor's remuneration- Audit ol Gurrent year Auditor's remuneration- Other services Auditor's remuneration- Tax Fee 67,547 16,500 1,500 950 65,115 20,425 2,975 Pa9e 28 of 36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE Q024 EXPENDITUREON: othor direct activlty costs staff costs Support: staff costs Support.. other cost5 Total 2024 Ral8lng fund$ Donations Fundraising trading Investment management fees 2,753 120,589 1,432 2,753 514,311 21,432 588,498 146,805 117,697 129,220 148,805 144,774 117,897 129,220 Charttable aCtIvleS Provision of facilities Collection & learning Theatre 48,929 70,580 55,900 48,929 226,143 124,006 94,098 39,791 29,915 19,330 31,550 8,985 188,889 49,245 40,535 175,409 899.078 Total Expendlture 280,694 194.019 IS8.232 304,629 937,574 Support Costs 2024 028 staff costs Marketing Premises costs Repairs and renewals Office costs Insurance Depreciation 158,232 835 57,968 28,202 80,109 51,548 44,161 53,494 4,996 18,569 19,747 179,731 1,791 48,313 50,909 18,966 49,765 65,114 51,641 4,886 3,513 21,278 Bank interest and charges Professional fees Audit and accounting fees 462.881 495,807 STAFF COST8 2024 2028 Wages and salaries Social security costs Pension contributlons Temporary and freelance Other staff costs 881,321 28,695 20,270 280 8,360 438,926 423,994 85.054 26,861 2,593 489.Q79 P4e 29 of 36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30JUNE Q024 No employees received salary in excess of £60,000 duringthe year (2023.. nil) Pension Costs are allocated 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 TTUSt and the key management personnel of its wholly owned SLJbsidiary Bridewell Centre Ltd. The key management personnel of St Bride Foundation Charity are the Foundation General Manager, Librarian and Finance Manager, whose employee benefits totalled £170,472 IQ023.. £147,192). staff Numbers The average monthly individual head count was 16 staff12023..17 staff). The average Full Time Equivalent head count was10,512023 IQ.91. Trustees are not entitled to remuneration for their duties as Trustees. Becky Chilcott's company, Becky Chilcott Design Ltd received £528 re-imbursernent lor travel and other expenses in relation to SBF talks and conferences. Becky Chilcott received directly re.Imbursement £68 for travel expenses incurred as aTrustee and £408 for a¢¢ommodation and travel costs incurred supporting S8F events as a volunteer. INoTrustees received any expense5 or professional fees duringthe year to 30 lune 20231. TANGIBLE FIXED ASSETS- GROUPANDCHARITY Fr8ehold land and bulldlng$ Office furniture and equipment Fixtures and fittings WoTk in Piogress Total Cost At I july 2023 Additions Disposals Transfers 4,900,000 672,472 27,322 128,345 54.131 187,642 5,754,948 214,964 13,340 113,340) At 30June 2024 4,900,000 718,184 128,345 228,438 5.969,912 Depreciation At l July 2028 Charge for year Disposals Transfers 306,000 34,000 500,058 29,957 119,160 3,590 926,218 67.547 At 30June2024 840,000 530.015 lQ2,750 999,765 Net book valu At 80 lune 2024 4,560,000 183,119 5.595 228,433 4,977,147 At lJuly2023 4,594,000 172,414 9, 185 64, 181 4,829,730 Page 30 of 36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENt)ED 30 JUNE2024 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 property is used for meeting5, recreational and educational activities by individuals, clubs, charities, eommer¢ial and other organisations and the Bridewell Theatre. The rernainder houses the St Bride Printing Library, a comprehensive collection of books on the history of printing and books and journals on the techniques of printiTTg. The PToperty was re.valued as at 30 lune 2014 on an existing use basis by Messrs. Farebrother, Chartered Surveyors at £4,900,000 (Lalld £1,500,000, Building £3,400,000). With effect from 1st july 2014, underthe 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. Heritage assets The Foundktion considers it holds assets which are heritage assets as they are held principally lor their contribution to knowledge and culture. These assets include printingequipment and the St Bride PTinting Library which, in 2004, was handed back to the Foundation, together with a grant for initial support from the City of London Corporation. No amovnts have been included In the financial statements with regard to Ihese assets, as the Trustee eonsiders that the cost of obtaining an accurate valuation would exceed the benelits. The direct costs incurred in maintainingthese assets are not material. CAPITAL COMMITMENTS There were no capital cornmitments al the year-end12023: £Nill. INVESTMENTS. GROUP 2024 2028 Brought forward Additions Disposals Net gain I Ilossl on investments 2,850.650 334,999 1477,017) 187,068 3,166,859 42Q,332 1539,7101 1198,8311 Carried forward 2,845,700 2,850,660 Cash held for reinvestment 1,666 53,411 Total 2,847,866 2,904,061 Nature of investments Bonds and fixed Interest securities Listed equities and similar investments Cash 486,695 Q,359.005 1,666 398,379 2,452,271 53.411 2,847,366 2,904,061 The historical cost of Investment5 at 30 lune was 2,845,925 2,435,825 Charity only investments In addition to the above the charity holds 2 shares with a nominal value of £1 each in Bridewell C&ntre Limited. PayÈ 31 36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 80JUNE 2024 DEBTORS Group Charity 2024 098 2024 202s Trade & other debtors Prepayments Other tax and soclal securlty Amount5 owed from subsidiary Accrued Income 52,368 58,662 178,405 72,401 58,273 19,368 19,187 57,103 41,712 142,691 575,000 2,262 58,983 19,868 6,629 1,358 575,000 1,358 804,485 151,400 835,698 88,600 70. CREDITORS: AMOUNTS DUEWITHIN ONE YEAR Group Charity 2024 2028 2024 2028 Trade creditors other creditors Taxation and social security Accruals Amounts owed to Subsidiary Deterred income 62,890 7,916 118,352 100,46 68,129 7,918 44,701 70,929 57,190 7,916 83,562 97,515 118,648 380 7,916 12,607 69.892 79,198 89.684 4,117 863,818 280,759 880,181 142,588 staff annual18av8 valued at £8,029 was outstanding at 80 June 2024 but was not a¢¢rued for a8 none of the staff left with accrued annual leave befoie 31 December 2024, the end oftho current annual leavt year. DEFERRED INCOME Deferred income relate8 to Tent and other income received in advance of the period to which it r8late8, Group 2024 Group 2028 Balance at start of year Amounts released in the year Amounts deferred in the year Balance at end of yeaf 89,684 1333,930) 323,444 79,198 77,081 ,031} 89,684 89,684 Page 32 0136
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 80 JUNE 2024 18, RESTRICTED FUNDS Balance 0110712023 Investment Transfer5 Gainsl between ILo8se$) funds Income Expenditure Balance 3010612024 Unrestrict8d General Fund 193,5391 1,859,566 1870,6471 64,778 450,153 Restrictod funds Library- Crowdfunder project125 Library- GooOe live st¥eaming justin Howes Lecture Beatrice Warde Lecture Big Give 10,993 13.4181 9,477 17,052 21,718 11,196 5,77 14.6081 19.0901 16501 8,020 11,192 6,587 19,274 646 3,294 20.219 (2,52gi 19451 49.674 24,159 111,4951 1263) 62,075 Permanent Endowment Funds General Endo¥vment Eleemosynary 7,753.016 11,057 90,475 129 155,4011 1311 136,873 Ig5 154,5101 7,870,453 11,850 7.764,078 90,604 155,43Q) 137,068 154,510) 7.881,808 TOTAL FUNDS 7,720,208 1,474,329 (937,574) 137,068 7,881,803 Under Order previously granted by the Charity Commission, expenditure of capital subject to replacement has been authorised und8rthe powersglven in section 105161 of the Charities Act Qoll. The Recouprnent fund comprises moni85 sèt aside for repayment into the General Pèrmanent Endowment Fund on the maturity of Recoupfnent Orders Issued by the Charity Commission in 2000 and 2008. The 2000 and 2008 Recoupment Orders require annual transfers of £27,329 (for 25 years) and £8,636 (for QQ years) respectively to be made from unrestricted funds to the Permanent Endowment. By maturity of the Recoupment Orders the full balance previously borrowed will be fullytransferred back to the Permanent Endowment, During the previous finan¢ial year, the Trustees have reviewed the terms of the Charity Commission recoupment orLlers and have concluded that the recoupment balances would be more correctly reported as part of the permanent endowment fund rather than as a separate restricted fund. Accordingly, the opening balance on the recoupment restricted fund was transferred to the permanent endowment. Other restricted funds comprise.. The Eleemosynary fund provides funds for the prevention or relief of poverty in the area of benefit by providing grants and services to individuals in need andlor to ¢harit1es or other organisations work1ngto prevent or relieve poverty. The Beatrice Warde fund - established to provide for an annual lecture to illuminate some aspects in the field of communications, particularly with regard to printing and typography, In memory of Beatrice Warde, The Justin Howes fund- established to promde an annual lecture in memory ol Ivstin Howes, the subject of the lecture to be one of the key subjects that he had an interest In i.e. printing, typography and calligTaphy. Page 33 of 36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE QOQ4 Library Crowdfunder Project 195 . Funds were raised to support the digitalisation of the S8F collections. curating an online talk series, online exhibitions, developing print and design workshops and conservation work. Library Googl& live streaming- funds were given by Googleto &upport on-line talks. work-experience for young people, new print & design workshops, digital & physical exhibitions. Big Give - donations were given to maintain and ITive5t in St Bride Foundation's grade-11 listed building, develop our learning programme and support st Bride Foundation's vision to be a thriving educational and cultural foundation. 18. PERMANENT ENDOWMENT FUNDS Inon-property) Frozen Permanent Capital Unapplled Total Return Gen8ral Endowment Balance as at 1 Ivly 2023 Investment income.. diwdends & interest Net gain I Ilossl on investrn8nts Less.. Investment management fees Total Return ,548,8Q6 610,190 8.159,018 90,475 136,873 121,4011 90,475 186,878 121,4011 Q05,947 206,947 Recoupmerlt payment Allocated to unrestricted income in the year Balance a$ at 80 Juno 2024 35,965 35,965 190,4751 8,310,453 {90,4751 2,584,791 7Q5,66Q 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 purpose5 of the restricted fund of the same name for the PLJrposes described below. In November 2017 the Trustees passed a resolution to adopt a total return approach to the investrllent of the General Endowment. The Initial value of the trust for investment was set at 30 lune 2009 and the unapplied total return at this date was deemed to be nil. The initial value was $8t by reference to inforrnation available from investment managers and by review of the accounting records of the charity from 30 June 200gtaking into account any capital movements. The analysis underlying the valuation of the endowment was performed during lune 2017. The Trustees have determinecl that at least the investment income earned on endowed investrnents shall be allocated to income each year and will consider whether any further allocations are rtsquired at least annually. The total endowment values below are staled exclusive of the value of the Foundation's freehold property as this is not an investment a$$et. 14. NAsSETs BY FUND- GROUP Permanent elldowment funds Current year Restricted Unrestrleted funds funds Total 2024 Tangible fixed as$et$ Investments Net Current assets 4,560,000 2,847,366 474,437 7,881,803 417,147 4,977,147 2,847,366 33,006 569,518 450,158 8,394,031 62,075 62,075 Paw 34 of36
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 80 JUNEQOQ4 14. NEf ASSETS BY FUND- GROUP (CONTINUEDJ Permanent endowrn8nt funds Prior year R&strlcted Unrestricted funds funds Total OQ8 Tangible fixed asset& Investment5 Net current assets 4,594,000 2,904,061 266,012 7,764,073 235,730 4,829,780 2,904,061 (329,Q691 113,583) 193,539) 7,720,208 49,674 49,674 15. SUBSIDIARY UNDERTAKING st Bride Foundation owns 100% of the i55ued share capital of Bridewell Centre Limited No. 06284689, a company incorporated in England and Wales. The companls principal activity ss room hire including the provision of equipment and catering services and operation olthe Foundation'stheatre and bar. A summary of the results forthe year are shown below.. 2024 9098 Turnover Cost of sales GROSS PROFIT Administrative expens8$ PROFITON ORDINARY ACTIVITIES Interest payable PROFIT FOR THE FINANCIAL YEAR RETAINED PROFIT ATTHESTART OFTHE YEAR Gift Aided donation to St Bride Foundation RETAINED PROFIT ATTHE END OFTHE YEAR 672,890 187,Q711 585.619 1406,4961 179,123 671,173 1367,5791 303,594 119Q,8641 110.780 17g,123 110,730 187,68Q) {43.0481 1179,1231 The aggregate of the assets, liabilities and hJnd5 was.. Assets 259,998 1959,9961 144,842 1144.8401 Shareholder5, funds The Foundation received £179,12312023'. £43,048) In the year from Bridewell Centre Ltd in the form of a Gift Aided donation. C08ts totalling£367,086 were charged to the Bridewell Centre duringthe year by the Foundation. 16, CHARITY ONLY RESULTS The Foundation has taken advantage of exemptions available not to present a Stktement of Financial Activities or Statement of Cash Flows showing its own results. Page 35 of 38
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 80 JUNE 2024 17. COMPARATIVESTATEMENTOF FUND NOTES RESTRICTED FUNDS Funds at l July Q022 Funds at 30June QOQ8 Income Expendlture Library other r83trlctèd 42,239 16,999 1,400 1,314 {10,984) 11,344) 32,705 18,969 59,238 Q.714 (12,278) 49.874 PERMANENT ENDOWMENTFUNDS General Endowment Eleemosynary Total Transfer Expenditure Net Ilos5esllgains on investments Movement forthe year Yunds at 7Jufy20£? Funds it 80June 2023 35.965 (57,4011 1198,1351 1219,571) 85,965 157,401) (696) (198,831) 1698) (220,267) 11,753 7984,340 11.057 7,764,078 7,753,018 19. POST BALANCE SHEET EVENTS During March 2024the Charity received notification that It would receive an unrestricted legacy Is Ilkelyto be in excess of £500,000. Ori 16 August 2024 the ChaTlty received conlirmatlon th&t the legacy value would be approximately £575,000 andthis amount has been acUed for in the 202&24 linancial statements. An interim payment of£494,047 was received in October 2024 and the linal payment will be recoived in 2025. Pag• 38 of 36