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.
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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￿[eC￿On% 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 a￿a]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.
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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 pro￿ammIng.
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 sUCce￿f￿1 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 en￿ed 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 fa￿s.
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. oppor￿nitieS to increase the real value of the Capital Fund (after expenditure) by
balancing m￿"ket return with active management to out-perform markets.
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C. spreadI￿(r risk by avoiding undue concentration of investments vis a vis asset
cla￿eS. 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 a￿etS 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
cu￿ent 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
A￿ets. £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 Or￿niSation 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 T￿￿t 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-a￿uranee1standardS-and-
guidance/sL￿d2rdS-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 tan￿ble 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 tan￿￿ble 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. Reall￿d 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 Str￿ght-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
diScret￿On 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 aCtIv￿leS
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. N￿AsSETs 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 ac￿Ued 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