SBRIDE FOL'NII.ITITrP4 TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2025
SBRIDE 4 8r,de four.IA'.Ini' tY?.TrahY INTRODUCTION The past year has marked a period of meaningfid advancernent for St Bride Foundatio Our commitment to uniting print heritage with contemporary practice continues toguide ourwork, and this report sets out OUT progress, priorities, and the evolving context in which we opernte. We would particularly like to acknowledge the generous legacy left by forn)er Thjstee and Chair, Emeritus President Peter U)n8land, whose contribution reflects his enduring belief in the Foundation* mi&gion and w]1 strengthen our long-term sustainability. For over130 years. our historic home at 14 Bride lane has served &8 a centre for creativity, learnlng. and community engeMent. This year also marked the progresgion of our redevelopment pla5. with the Foundalion reaching the endof RIBA Stage 2. layingthe groundwork fora significant renewal of our Grade II lfisted building. Further details ofthis transforn]ative work set out later in this report. Today, we welcome 43,000 visitors annually to explore our extensive collection of more than 60,000 items, preserved along 2.5 kilometres of bookshelves.
SBRIDE FI1*D4T1O VISION AND MISSION We brin.g langiiage to life, Through print, design. and perforniance, we connect the past. present, and future. Our vision Shapingan inclusive tre for the creative industries through print, desigm and perfornoDCe. Our mission To inspire. infonn, and empower creatity through access to print heritage, learning opportunities, and spaces for collaboration. expression, and perforniance. YEAR IN REVIEW- ENGAGINGOURCOMMUNITIES This year has demonstrated the enduring relevance of our mission through meaningful engagement across all our activities. Our learning and engagement activities reached over 3,500 participants. reinforcingst Bride Foundation5 role as a dynamic hub for creativity. craft, and community. Libra"i arid =oile"Iioi's en4dapTe-I Our Librdry Continued to serve as a vital resource for researchers. practitioners, and enthusiasts. We welcomed 224 Nrysitors, who ellged directly with OUT collections and explored 1,146 items. including printed materials, archives. objects. and tsTr)e specimens. Our digitsl collections also continue to expand their reach. wth 14,421 online views this year- a testament to the global interest in, and accessibility of our resources.
SBRIDE IOUIiJATiof4 Our learnÉngand public pro8ramme continue to attract a diverse range of audiences. Acn)ss the year. we delivered El tours. 27 workshops,16 talks and special events and 42 private group visits. These visits included unRversÈtyand college cohortS* youth and communitygroups as well as design agencies, reflecting the broad appeal of our collections and expertise. Ouracclaimed tslks progrdmme remains a vital meetingpolnt for ourcommllnity of designers. letterpress printers. and the wider public. A particular highlight wasouraunual conference, themed Outside the Lines. which explored the intersections of digital and physical media. The event brought togetherspeakers and audiences to discuss subjects rnng from augThented reality and illustration to album design, zines and paper engineering. "One of the most inspirational design events of the year, always full of wit and wisdom, in the gorgeous surroundings of the unique St Bride Library. Not to be missed!- -A1ittiLirH(1, Wemade Thi¥ Our signature Wayzgoose once again proved to be a highlight ofthe year, drawfing over300 attendees and raising vajuable funds to support the Foundation. This much.loved celebration of letterpress printingoffered valuable networking opportunities and showcased the continued vltslity of traditional printing techniques in contemporary desi practice.
S'BRIDE F(bl ¥D4YION We hosted our usual vibrant prOamMe of shows this year at The Bridewell Theatre. welcoming a total of18,620 visitors to 23 productions across 38 weeks. We also made our debut at the Camden Fringe, planning 13 productions to take place across the festival in August. We are proud to support our theatre community. welcoming mostly amateur cornpanies who are restered charities, and educational institutions. aT oJr Building d Sustainable future Our comJnitnient lo long-terni sustainability has moved from planning into delivery. Over the past year we have begun implementing the comprehensive strategies that will secure the Foundation's future while expandingour charitable impact. Through careful analysis and structured action, we are buildingon our strengths while addressing the key challenges ahea(L A trarslormative busii'ess plaii With the business plan now fully developed. this year marked the beginning of its implementation. To drive this work fonvard, we appointed a full-time Fundraising Manager to lead income generation and strengthen our long-lerm financial suslainability.. 14Te also commenced recruitment for the additional roles identified within the plan, ensuring we have the OTganisational capacity and expertise required to deliver its priorities. The business plan now provides the framework guiding our transfonnation and shaping how we serve our community. Our collections and learning progrdmmes stand at the heart of our strategy. We recognise the need to significantly expand our learning offerings to provide better acces5 to our unique collections and engage wider audiences. Our comprehensive review of current programming will infonn how we can better serve our communities through innovative learning experiences that connect our heritage to contemporary practice. Fundraising, memberships, and partnerships form the foundation ofour financial sustainability. We are developing a structured approach to fundraising that includes clear timeframes and targets. This work encompasses individual illg, corporate partnerships. and gTants and trusts funding, ensuring we build diverse and reliable revenue streams that support ourcharitable objects.
SBRIDE F'OLiltD4TIOPt Improvements to ourbuilding represent a critical investment in our ture. Ourstrategy carefijlly balances the need to repairand maintain ourGrade II listed bulldingwth opportunities to generate additional revenue through strategic use of our spaces. This approach aligns ourcapital improvements with our learningpro8Tammes and funding plans. ensuringevery investment supports ourbroader mission. Collection Commerci)sati¢%n presents excitingopportunities for growth. We are developing plans to build a licensing busine&s, create hwh-end products that celebrate our heritage, and organise innovative fundraising events. These initiatives will create newrevenue streams while sharing our eollections with broader audience& tnf(¢3 liitg fflyfounJ A s.:Jake.v at Ihe ardt OT ?r)o'. 'me ol S.. a dts FlJ. Investing In our futlAre. To support ourambitious plans, we are maiangstrategie investments in several key areas. Our people and infrastructure remain central to our success. OurfundTaising strategy takes a comprehensive appToach to financial sustainability. Essential maintenance and building investment. to serve our communities better. Development of sustAinable commerciaj m(Klels- to weather economic cycles. Strategic renovations- to create rentable space& Phased implementstion of fundrnisingactivities- to build sustainable operation&
S'BRIDE TRANSFORMING OUR SPACES .nIVe•S1o t- Transforming our H storic Home This year marked m4ior progress in the redevelopment of14 Bride IAne, the Foundation's historic home and the centre of all our eharitabl¢ and commercial activity. The building is not only the heart of our collection, learning, and Theatre,. it is also our primary source of revenue through office lettings, events, theatre PToductions. workshops. and talks. Ensuring its long-term sustainability is therefore fundamental to the future of the Foundation. We reached a significant milestone ryth the completion of RIBA Stage 2. moving from initial feasibility into a clear and deliverable design direction. Workingwith Roz Barr Architects, the emerging proposals set out a transformative vision for the building. These plans include architectural restoration, environmental upgrades. and essential aCCeibIlity improvements. enablingthe Foundation to serve a wider and more diverse community. To infom this work, we also commissioned Ritche . Daffin, and Price & Myers amongothers. to undertake detailed technical studies, including assessments of strnctural interventions and the feasibility of insta]linga lift. Their compTehensive analysis has provided robust data on construction options and costs, benchmarked against Comparable heritage projects. This eTridence.led approach ensures that our decisions respect the buildings historic chardcter whilst considering its enronMental sustainability in preparing it for fvture generatio. The redevelopment will not only streng1hen our commercial offer but also ensure that our collections are more accessible, and that visitors, researchers, and partners experience a refreshed building that reveals and celebrates the Foundations beautiful Victorian architecture- creating a welcotning. inspiring, and nCtIOnal environment for all.
FLEET STREETQUARTER TRANSFORMATION St Bride Foundation stsnds at the centre of an unprecedented transforniation in the Fleet Street Quarter. With over 29 new developments delivering 7 million square feet of space and an estimated value of £5 billion by 2030. we are uniquely positioned to serve an additional 3&000 dailyvisitors to the area in the next 2.4 years. Our strategic presence on the Fleet Street Quarter BID board and several Steeringw>uS ensureswe remain at the forefront ofthis evolution. STBRIDE FOUNDATION The Foundation, a Tegistered charity (Number 207807), is now regulated by a Scheme sealed by the Charity Commission for England and Wales on 14th September 2013. This replaced and codified a Scheme made underthe. City of London Parochial Charities Act 1883 on 23rd Febrnary 1891, as modified by subsequent Schemes of the Charity Commi&sion for England and Wales. The 14th September 2013 Scheme replaced the Foundation¥ Governors Icharity Thjsteesl v/ith a sole trustee company, St Bride Foundation Limited with imTnediate effect. Ohip.r.t* of the Iniindatinn The objects of the chwity are. forthe public benefit, A. the prevention or relief of poverty in IA)ndon byproviding ants and services to indlviduals in need alld/or to charities orother organisations working to prevent or relievepovety, B. the advancement of education in printing, the print media llnd related subjects. by providingsuitable COUT5es, conferences and lectures and by maintaining and making avaSlable the charitys printing resources and archives at St Bride Library: and C. the provision and malntenance of facilities forrecreation or other leisure time occupation for the inhabitants and WOTkeTS of the area of benefit, in the interests of soeial welfare and with the object of improving theircondition of life, includingby the provision of theatre. dance and other artistic perfonnances and exhibitions. GOVERNANCE AND LEADERSHIP n¥ e+ Rridp. fniiprl?ti)-. Tri.'%t P,rJmP1P, l im..tn.d The Governors who served as Governors of the Trustee Company during the year to 30th June 2025 and up to the date of signingthe Report were: Current board memberq B Chilcott IDeputy Chairl Reverend G W Craig Reverend Canon Dr AJoyce A Swatridge P Sadler (Trustee Treasurer)
SBRIDE M Jordan Ichairl K Kirton M Scott (Appointed 25 September 20241 W Rouse (Appointed 16 July 20251 ftesi8ned members Reverend C J Bamforth.Damp IResigned 26 February 20) N J Barker OBE IResigned 26 February 20251 T Duong IResigmed 14 May 20251 A Stavro (Resigned 30 June 20251 A Patel (Resigned 26 November 20251 Seci?ta". y J Hall Executive team The executive team cry out the policies and directions of theTrustee Company and manage the day-to-day activities of the Foundation. Rplated parties Disc105ures in relation to related parties are included in the notes to the financial statetnents. Finance Commitl8e P Sadler li_Dnimittee. Qhairl M Jordan M Scott ALee IPr)Iillild".I'.i'- r3.',a.4AI'I J Hall (Tr'inanee M li h ilyerl The purpose of the Committee is the review and recommendation for approval bythe 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 reeW and selection of professiotwl advisors. The Committee remit allows for at least five members, of whom three should be Trustees of the sole Trustee company. The Committee shall have the power to Co-opt non-Trustees with appropriate skills to benefit the Committee. The quorum shall be three of which two must be Trustees. The Fin2nce Committee started meeting win on 25 November 2024 and met a further three times duringthe 2024/25 financial year.
SBRIDE FOLITIDIT1014 TRAINING AND RESPONSIBILITIES The Trustee Company Directors are responsible for the governance, direction and supervision of the Foundation. On appointment to the Board of the Company, all Directors undergo an induction into work ofthe Foundation and trainingto ensure they are aware of their responsibilities as company directors. Directors are encouraged to attend training se&8ions to ensure they are updated on any change in govenwice 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 mitigale expre to the mOr risks. This cove Financial. governance. operational and reputational risks. During the year the Members of the Board continued to work with the staff ofthe Foundation to put in place m8J)agement and operational procedures to mitigate these risks. Additionallyp a more detsiled Risk Registerwas produced with the help of a Risk Consultant. The Tntee$ have a risk management strategy which comprises: A. The establishment of policles. systems and procedures to mitigate the risks identified in the annua] review. B. The implementation of procedures designed to minimise or manage any potential impact on the charityslwuid those risks mateiia]ise. C. An annual review of the principal risks and uncertainties that the Foundation and its subsidiary BTidewell Centre Limited faces. The annual review has identified that financial and long.terni sustainability are the most significant risks for both the charityand its subsidiary. Regular monitoring ofthe forward order-bool4 including trend5 around different income streams and cost Control continue to be the paramount risk management 5tegieS. Monitoring the forward order-book is the most effective predictorof forward Income generation against budgetary targets. and this is monitod by the Boan Anothe.r SinIfiCant risk relates to potentia] realised and unrealised losses of the Foundation investments. The investrnents are managed on a total return basis such, that it is preserved for the long.terni over multi-investment cycles in real tenns. The Trustees take professional dce from their investment advisers on: The market. investment trends and yield and the prospect for future capital growdL B. Opportunities to Incre the real value of the Capital Fund (after expenditure) by balancing market return th active management to out-perforni markets. Jo
S'BRIDE C. Spreading risk by avoiding undue concentration of investments Vis a a&8et classes, sectors or economies, and to pool investments in selected fund8. Additionally. the Foundation externally benchmarks the current Investment Manager s comparative perfurmance at least every five years. Attention is also focused on non-financial risks which largely fall into hvo categories: The. Tnaterial risks affecting comme.reial activities le.g. potential floodingof premises or failure of technical equÈpment arising from poor Tnaintenance programsl. The risks arising from poor tnanagement of the Foundations assets le.g. the declining usefulne&% and relevance of the collections through failure to adequately invest in the learning pro8Tamme as a way to engage the public with the collection. OBJECTIVES AND ACTIVITIES It is the policy of the Board of Governors of the Trustee Company. having regard to the guidance of the Charitycommission, to develop and 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 particular Ibut not exclusivelyl the policy is to- A. Improve acce.ss to and publir. be.nefit of the. printing heritage collec.tion, library and archive. Also, to involve members of the public in the actiNrities of the Foundation and to develop income to help sustsin it as part of the national cultural heritage. B. Involve the community in all the activities of the Foundation and to develop a learning programme related to the printing heritage library and archive through lecture8, tours and workshops. C. Carry out a full review of the collection* contents and resources and develop a plan for curatson and display in the future. D. Develop the conference and events and the theatre activitie.s to improve the pub15c benefit provided and to generate sufficient additional income to sustain and develop the Foundationts otheractivitie& E. Develop fundraisingcapability for ndIng ofcapital projects and a sustainable voluntary incovne stream. 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 snade by our committed volunteers, w'ho have helped 7th preservingand researching the archive, providing guided tours. running workshops, the curating of exhibitions and have undertaken a wide range of research projects.
SBRIDE FOI NDITIOli G. Aim for an annual surplus on unrestricted funds until unrestricted re$erves reach a sum equivalent to six months, expenditure. SUBSIDIARY UNDERTAKING Bridewell Centre Limited. a wholly owned subsidiary of St Bride Foundation. commenced tradingon l July 2010. The results of the company are shown in note la INVESTMENT POLICY The Foundation continues to seek to maximise total return whilst preserving the eapital of the fund. Ill order to meet this aim, the investment portfolio is of a prudent nature avoiding over concentration in individuaj investments and is invested across &86et ¢I&e8 to mitigate exposure to any one investment category. Although the Foundation accepts that investment iDvolves some element of risk, the overall portfolio has a balanced approach across asset classes and markets in order to avoid excessive risk On 28th November 2017the Trustee Company fonnally approved a Tesolution to adopt a total return approach to the investment lund. When a total return approach to investment is adopted, the pernlanentlyendowed funds are invested to produce an investment return without regard to whether that return is in the forn] of income l&g. dividends or interestl or capitsl appreciation. The investment return initialty forn]s a component of the endowment fimd kuown as the 'unapplied total return.. The Trustees then periodically deterniine 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 endorynent. This allocation must be made equitably to balance the need for Sncolne to meet current requirements and to hold ndS as part of the endowment to produce investment returns for the tU. At present. the main objective of the endowment fund is to provide a sustained level of income to support the foundation's charitable activities. As tradingperniits. less will be drawn down from investments to cover any shortfall in fundin The Total Retun] gTOWth target forthe Foundations portfolio is CUTrentty CPI + &5%. The Finance Committee has monitored the perforniance of the Fund Manager. JM Finn & Co, and will be carrying out a fornial review of the investment mamagers perfornwice duTing 2025r26 agdinst market benchmarks. J M Finn & Co makes annual presentations to the Finance Committee and their quarterty written reports are circulated to all members of the Finance Committee.
REMUNERATION POLICY Our approach to remuneration is designed to ensure we can attract and retain the talented and motivated people we need to achieve our mi&%ion and deliver our strategic goals. It is applied consistently across the ornISatIon. We aim to pay competitively in the not- for- profit seetor within the context of affordability and to ensure no-one is paid below the current London Livingwage. RESERVES POLICY The Board of Governors of the Trustee Company regularly review the reserves policy and had previously agreed to hold sufficient unrestricted funds to equate to six monihs. unrestricted running costs, which is approximately £435,600. At 30 June 2025 the Charity had £8,392k in total funds comprising of n.903k in restricted Pernianent End0nent funds, £50k in otheT restrieted funds and unrestricted ndS of £439k Of the £7,903k Pernianent Endowment nds, £4,526k are represented by FixedA&sets, £2,852k are represented by Investments and £525k represented by Net Current Assets. The Pennanent Endowment is comprised of two funds the General Endowment and the Eleemosynary fvnd. The Eleemosynary fund was originally set up to provide pensions and grants for poorpeople who have lived orworked 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 ha5 proved increasingly difficult for St Bride Foundation to find appropriate recipients for the funds. with no fun(Ls beingdistributed for at lei%t fifteen years. The Board approved the transfer of the Eleemosynary Fund to St Brides Church in September 2025 as it had a better network to use the funds for its intended pun)ose. FUNDRAISING POLICY Under the Charities (Protection and Soci2] Investmentl Act 2016, the TneeS are required to report on how the Charity conduets its fundraising actitieS, therefore at the heart or F(bundation's fundraising ethics lies the need to ensure its integrity and the trust of the donor are not violated. There is also a need for the Foundation to ensure that it does not expose itself by acceptiiig donations from questionable or inappropTiate sources. The Foundation does not currently participate in a fornial fundraising scheme and so does not receive a sigTJificanl level of donations. Donations received are primarily voluntary Contributions received from lectures and talks organised by two groups ofsupporters. the Friends of St Bride and Type Tuesday. It also receives occasional donations from organisations operating in the printing related and graphic design sectOTS.
S'BRIDE FOLIYlbAT1014 The Charity did not receive any complaints about It5 fundraisingactiiryties during the year. The Foundation does not accept donation5 where it has reason to believe that the donor may be experiencing vulnerable circurnstans and acceptingthe donation would be ethically wrong and/or hannful to the donor. St Bride Foundation receives donations via the followi. Friends Membershipscheme. Individual donors. The Foundation undertakes various fundiaising activities such Sponsorship opportunities e.g. sponsoringlearning actiNities such as talks and conferences. Corporate membership scheme. Funding application& FINANCIAL REVIEW AND GOING CONCERN At 30 June 20. The cash held bythe Foundation was É325.28112024 £118,689). The Foundation had free reserves of É51.030. (St Bride Foundation usual]y defines this as unrestricted ndS le tangible fixed assets excluding land amd buildings however. for this purpose the Work in Progress a&5ets have also been treated as Land and buildingsince they relate to consultancy c(ksts fora proposed maior building developmentk Net outgoing resour before movement on investments of gains£42,200. After gains on investments of £39.914there was a net decrease in funds of £2,286. The group has unrestricted General Funds of £&38,868 and Net Current Assets of £328,499 at 30th June 2025. The Trustee believes that the organisation is a goingconcern and have prepared the accounts on that basis for the following reasons: Investment in a slightly expanded staff team. including the appoiDtment of a Fundraising Manager, with a specific focus on income generation and efficienry Ins. B. PrepaTrtion of both an annual budget and a longertenn budget indicatingduring October 2024 the Charity reeeiveA an interim paent £494,047 on a legacy from the estate of Peter Longland which is likely to be approximately£575,000 in total. The balance on legacy is likely to be received before the end of 2025 C. The charity has a significant permanent endoNNrynent and a Total Return policy 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 implementation of the Charity Act 2022's provisions will further enhance Ihe flexibility ihe Foundation has in accessing its pernianent endowment funds.
SBRIDE FflL¥D4TIOY REFERENCE AND ADMINISTRATIVE INFORMATION Rpgistered name St Bride Foundation Register ed charity iiuinL)&r 207607 Tru8t8 St Bride Foundation Thst Lirnited Inon-charitable Trust Corporation) Principal address Bride IAne Fleet Street IA)ndon EC4Y 8EQ Bankers Royal Bank of Seotland RBS Business Banking PO Box16204 Birniingham B2 2WP Sr)Iicitorg Bates Wells Braithwaite 2-6 Cannon Street IA)ndon EC4M 6YH Auditoi Azets Audit Services Re$ House 45 King William Street London EC4R gAN Investment advisers JMFilln&CoLtd 4 Coleman Street IA)ndon EC2R STA Custodian Truslees J M Finn Nominees Ltd 4 Coleman Street IA>ndon EC2R STA
SBRIDE FOI'ND.ITION STATEMENT OF THE TRUSTEE'S RESPONSIBILITIES The Thte.e Is responsible for prewing the Annual Report and the financial statemellts in accordance with applicable lawand regu]ations. Charity law requires the stee to pretkve financial statements for each financial year in accordance with Unfited Kingdom Generally Accepted Accounting Practice (United Kingdom AccountingStandaTdsl and applicable law. Under charity lawthe Trustee must not approve the financial ststernents unlessit is satisfied that they give a true and fair view of the state of affairs of the group and charity and of the group's net outgoing resources for that period. tn preparingthe5e financial statemen14 the ThL8tee is required to: A. select the most suitable accounting policies knd then apply them consistently. B. observe the methods and principles in the Charities SORP. C. make judgments and estimates that are reasonable and prudenL D. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial stalements. E. prepare the Financial staternents on the goingconcern basis unless it is inappropriate to presume that the 0Up and chlty will continue to operate. The Thlstee is responsible foT keepingproper accounting recoTds that are sufficient to show and explain the group and charity's traCtionS and disclose with reasonable accuracy at any time the financial position of the gTOUP and charity and enable it to ensure that the financial statements comply with the chltieS Act 2011. It i5 also responsible forsafeguarding the assets of the group and charity ensuring theirproper application under charity law and hen for talong reasonable steps for the prevention and detection of fraud and other irregularlties. Approved by the Trustee Company and signed on its behalf on 10 December 2025 by. Mark Jordan Thtee and Chairof St Bride Foundation Tht Company acting as sole TDJstee.
INDEPENDENT AUDITOR'S REPORTTOTHETRUSTEEOFSTBRIDE FOUNDATIONFOR THEYEAR ENDED 30JUNE2025 We have audited the financial statements olst Bride Foundation Ithe'charity'l for the year ended 30 JuDe 20 which comprise the Ststement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes lo the financia] statements, including significanl accountingpolicies. The financial reporting frnmework that has been applied in their preparation is 2pplicable law and United Kingdom Accounting Standards, including Financial ReportingStandard102 The FanaTla1 Reportingstandardapplicable in the UKandReptthlicofIreland (United Kingdom Generally Accepted Accounting Practieel. In our opinion thefinancial statements.. Give a true and fair view of the state of the charity 5 affairs as at 30 June 2025, and of its incoming resources and application of resources, including its income and expenditure, forthe year then ended- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and Have been prepared in accordance vrith the requirements of the Charities Act 20ll. Basis for Dpinion We conducted OUT audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. OUT responsibilities under those standards are further described in the AudltorJTavpollbL1itie10rthe audit oftheffina1QIsÉQtÉThents section ofour report. We are independent of the charity in accordanee with the ethical requirements that are relevant to ouraudit of the financial statements in the UK. including the FRC'S Ethical Stdard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eNidcnce we have obtained is sufficient and appropriate to provide a basis for our opknion. -p ,- Jfjcoyn In auditing the financial 5latements. we have concluded thai the Tntee,$ use of the going concern basis ofaceounting in the preparation ofthe financial statements 15 appropriate. Based on the work we have perfornied, Th'e have not identified any material uncertainties relatingto events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern fora period of at least twelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are desc.ribed in the relevant sections of this report. Other Information The other infomation comprises the infornjation included in the annual report other than the finanLial stalements and ouraudiior5 report the.reon. The. Trustees are responsible for the oiher information contained within ihe annual report. Our opinion on ihe financial statement5 does not cover the other information and we do not expTess any form of assurdnce conclusion thereon. Our responsibility is to read the other infornlation and, in doing so, consider whether the other information is materially inconsistent with the
S'BRIDE FOI'Ptt14TIQ finaneial staiements or our knowledge obtained in the course of the audit. or othernise appea to be materially mis8tste(L If we identifysuch material inconsistencies orapparent material misstatements. we are required to deternline whether this gives rise to a materi31 n)isstatement in the fiTwicial statements themselves. If, based on the work we have perforn]ed, we conclude that there is a material mi&statement of this other infornution, we are required to report that fact. We have nothingto report in this regard. We have Dothing to report in Tespect of the following tter5 in relation to which the Charities IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion: The infonnation given in the financia] statements is inconsistent in any material respect with the Thtstee's repor¢ 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 notreceived all the infornwtion and explanatlons we require for our audit. RÈ£pnns.SilitiOS nf TrLS8tpp As explained more fully in the TThstee's respoTrsibilities statement, the Tnwtee is responsible for the prepardtion of the financial statements and for beingsatisfied that they Bive a trne and faIreW, and for such internal control as the tstee deterniines is neceswy to enable the preparation of fmancial statements that are free from mateiial misstatemenl, whether due to fraud or error. In preparing thc financial statements. the Trustee is responsible for assessing the charity's ability to continue as a goingconcern, disclosing, as applicable. matter5 related to goingconcem and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ALiditor's resi)onsihiliti?s fr)r the ai Idit of thp fin8nr.ial tlatempnl# We have been appointed as auditor under section l&$ of the Charities Act 2011 and report in accordance with regulations made under section 154of thatAct. A ftuther description of our responsibilities is available on the Financial Reporting Council's website at.. https://www.frc.org.uk/auditorsrespoDsibilities. This descriptioD forn part of our auditor's report. Extent to which the audit wa5 considered capable ol detecting Irregularities, Including fraud Irregularities. including fraud, are instances ofnon-compliance with laws and regulation& We design procedures in line with our responsibilities. outlined above and on the Financial Reporting Council s website, to detect material misststernents in respect ofirregularities, including fraud. We obtaln and update our understandlng of the entity, its activities, its control envfronment. and likely future developments, Including in relation to the lega] and regulatory framework applicable and how the entity is complyÉng with that framework Based on this understanding. we identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, desi and perfonn audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This
SBRIDE Foii%f)AT117N includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response lo the risk of irregularities and non-eompliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry ofmanagement and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud- ReNryewing minutes of meetings of those charged with governance; Assessing the extent ofcompliance 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 disclosure5 and testing to supporting documentation to assess compliance with applicable law5 and regulations. Performing audit work over the risk of management bias and override of controls, including testing ofjournal entries and other adjustments for appropriateness, evaluating the business rationale of S]lficant transaciions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk thal we will not detect all irTegularities. including ihose leading to a rnaterial misstatement in the fanCIal statements or non-compliance with regulation. This risk increases the more that compliance llrith a law or regulati(In is removed from the events and transactions reflected in the financial statetnents, as we will be less likely to become aware of instances ofnon-compliance. The risk ofnot 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 fvrtherdescription of our responsibilities is available on the Financial Reporting Council s website at: https://www.frc.org.uk/Our-WorklAudit/Audit.and-assurdnce/Standards-and. guidance/Standards-and-guidance-for-auditors/Auditors"restK>nsibilities-for- audit/Description"of-auditors-responsibilities-for-audit.aspx. This description fornis part of our auditor's report. Usp of OLJI report This report is made solely to the charity's Trustee. as a body, in accordance with part 4 ofthe Charities IAccounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pennitted by law. we do not accept or assume responsibility to anyone otheT than the charity and the charity's Trustee as a body. IOT our audit work, for this report. or for the opinioTL5 we have fornied. Azets Audit Serrices Statutory Auditors, Chartered Accountants 2nd Floor, Regis House. 45 King William Street, IA)ndon EC4R 9AN Date: 0311212025 Azets Audit Services is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.
ST BRIDE FOUNDATION CONSOLIDATED STATEMENTOF FINANCIALACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 Nates Unrestrkted Restri¢t6d Endowment funds fvnds fvnds 2024/95 g028/24 INCOME AND ENDOWMENTS FROM: Voluntary Inc0rn8 Donations Legacies Grarrts 16,958 16,958 5,000 56,594 575,000 5,000 Total Voluntary Income Charltable actlvltles Prowsion of faciltties Collection & lernIng Theatre 18.958 b,000 ?1,958 681.594 179,136 67,763 98,186 179,188 69,938 98,188 187,746 69,959 98.969 2,170 Total Charitable a¢tlvttig$ 835,085 ,170 337,255 856,678 othertrading activities Activities for generatingfunds 450,654 460,654 Investments Investment income 3,808 108,048 111,866 91, 184 921,728 1,474,829 TOTAL INCOME AND ENDOWMENTS 808,505 7,170 108,048 EXPENDITURE ON: Rai8ing funds Gentrral donations Fundraising trading Investment management fees Total Raising funds Charltable actlvttles Provision of facilities Collection & learning Theatre ,768 514817 gi,482 688.496 537,372 4,169 541,541 20,914 582,455 0,914 20,914 537,872 4,169 1&578 20&411 125,856 852,345 889.717 34,000 52,578 223,534 125,356 401,468 48,929 226, 148 124,006 899,078 987,574 15,lQ3 Total Charltable actfvitie¥ TOTAL EXNDITURE 15,128 19.292 84,000 54,914 968,923 Net gain I Ilossl on Investments NETIEXPENDITURE) IINCOME Recovpment transfer Transfer betwèen fund8- Other NET MOVEMENT IN FUNDS 89,914 98,048 35,965 1107,892) 21,121 89,914 187,068 (2,288) 67S.828 (83.Q12 Y (12.122) 135.9651 107,892 (li,Q851 112,122) 12 12 (2.286) 678,823 Raconciliation ol lunds.. TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD 450,153 438,888 6Q,075 7,881,803 8,394.031 7,7w,g08 49,958 7,90Q.924 8,891,745 8.394,081 20
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30JUNE 2024 Not8S Unrestrlcted funds R8Strtcted lunds Endowment funds INCOME AND ENDOWMENTS FROM: Voluntary Income DationS Legacies Grants 36,875 575,000 20,219 56,594 575,000 Total Voluntary Income Charitable activrtles Promsion of facilities Collection & learning Theatre 611,875 20,219 631,594 187,745 66,019 98,969 787,745 69,959 98,969 Total Charltable activities 352788 3,940 856,678 Other tradingactfvfjtlg4 Activities for generating funds Investment8 Investment income 894878 91, 184 TOTAL INCOME AND ENDOWMENTS 1,859,588 4,159 90,604 7,474,829 EXPENDITURE ON.. Ralslng funds General donatio$ Fundraising trading Investment management fees Totsl Ralslng funds ChArltablo actlvFtle8 Pro75t0n of lacilities Collection & learning Theatre 2,753 514.811 2,758 514311 21,432 588,496 1,489 gl,482 517,064 14,929 14,648 Ig4,006 858,588 870,647 84,000 48.999 926, 148 124,006 899,078 937,574 11,495 Total Charrtable actfvitfos TOTAL EXPENDITURE 11,495 11,495 84,000 55,482 Not gain I Ilossl on Investments NET(EXPENDITUREI IINCOME Rèeoupm8nt transfer Transfer between fund$- Other 137,068 172,940 157,068 673,8g3 458.919 (35,965} 90.738 548,892 12,664 35,965 (90,4751 117,730 12 (263) 12,401 NETMOVEMENT IN FUNDS 678,823 Re¢on¢lllatlon ol fLtnds'. TOTAL FUNDS 8ROUGHT FORWARD 198.539 J 450,158 49,674 7,764,073 7,790,208 7,881,803 8,394,031 TOTAL FUNDS CARRIED FORWARD 62075 21
ST 8RIDE FOUNDATION BALANCE SHEET. AS AT 80 IUNE 2025 Group Charlty 3010612025 3010612024 Notes 3010812OQ5 3010612024 FIXED ASSETS Tangible fixed assets Inve$tmBnts 5,211,320 2,851,926 4,9Tr, 145 2,847.867 5,21?,320 2,851,9Q8 4977,145 2,847,369 TOTAL FIXED ASSETS 8,063,246 7,824,572 8,063,248 7,824,614 CURRENT ASSETS stock Debtors Cash at bank and in hand 16,249 292,326 3Q5.Q81 10,215 804,4S5 115,689 12,181 298,241 260,725 8,002 885,693 85,983 TOTAL CURRENT ASSETS 688.856 933,887 571,147 929,678 CREDITORS Amounts lallingdue within one year 10 305,357 363,818 249,648 360, 161 NETCURRENT ASSETS 8Q8.499 569,519 328,499 569,517 NET ASSETS 8,391,745 8,$94.08f 8,391,747 8.394,081 Unrestricted General Fund 8,868 450,TS8 438,870 450, 158 Restricted funds Beatrice Warde Lecture Big Giv& Jugtin Howes Lecture Library- Crowdlunder proj8Ct IQ5 Llbrary- Googfe liv8 Streaming 4,587 11,534 12.093 20,869 870 6,537 19,274 11,192 17.052 8,020 4,587 11,584 12,093 QO,869 870 6,537 19,274 11,192 17,052 &02Q 49,953 69,075 49.958 8g,075 Permanent Endowrnent Funds Goneral EndowmeNt £leemosynary 7,891,391 11,588 7,870,453 11,350 7,891,391 11,533 7,870,458 11,850 7.90o,go4 2,881,803 7,902,924 7,887,803 TOTAL FUNDS 8,891,745 8,894,031 8,391.747 8,894,051 Thglinanoial Statements were appr()ved by the Trustee Company and authorised lor issue on 10 December 20Q5 and were signed on its behalf by.. Maik jordan Trustee & Chair of St Bridè undatior Trust Company aeting as soleTrustee 22
ST BRIDE FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 30 JUNE 2025 Group 80/06/2025 Group 80/06/2024 Cash provided by (used Inl operatlng actlvltles Cash flows from Inv95tlng a¢tlvltlo5 Investment income Purchase of tanwble fixed assets Purchase ol investments Pr[eedS from sale of investments 17 377.943 f61,68g) 111,856 1318,5811 1669,8221 741,385 91.184 (214,984) IS34,999) 477,017 Cash provided by (used Inl Invèsting activities {127,642) 18,288 Incfease I Idecr8as&) In ca8h and cash equivalents 250.301 I9,444} Cash and cash equlvalents at beglnning of year 120.355 163,799 Total cash and cash equwalents at end of year 370,866 120,355 Analysis of cash and cash equlv&lentB Cash at bank and in hand Cash within Investrnent portfolio Total cash and cash equivalents 825,281 45,375 118.689 1,666 370,658 720,855 Reconclliatlon of net Income to net cash flow from operatlng actlvltie8 Group 80/06/2095 Gmup 80/06/2024 Net Surplusl(Los$) fof the yoar Adju$tm8nts for (Gains) l Losses on inVEStmenti Depreciation charge Investment Income (Increa5elldecrea$e in slock (IncreaselldeeTease in debtor5 Increaselldecreasel in credrtors 12.286) 678,898 (89,9141 84,387 1111,8561 10,0361 512,109 158,481} (187.068) 67,547 (91.184) (4824) f653,035J 83,059 8n.943 (61,682) The notes on pages Q4 to 35 form pari of these financial statem8nts. 23
ST BRIDE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES Basis of accounting and consolidation The Foundation, a registered charity (Niimber 2076071, Is now regulated by a Scheme sealed by the Charity Commission for England and Wales on 14th September 2013. This replaced and codified 8 Scheme made under the City of London Parochial Charities Act 1883 on 23rd February 1891, as modified by subsequent Scherne5 01 the Charity Commission for England and Wales. The 14th September 2013 Scheme replaced the Foundation's Governors (charity Tru$teesl with a sole trustee company, St Bride Foundation Limited with immediate effect. The registered office ol the foundation is at Bride Lane. Fleet stieet, London, EC4Y 8EQ The financial staternents have been prepared in accordance with the Financial Reportlngstandard appll¢able in the UK and Republic of Ireland IFRSIOQI and the Statement of Recommended Practice applicable to charities preparing their accovnts in accordancewith the Financial Reporting Standard applicable In the LIK and Republic ol Ireland IFRS1021 issued in October 2019, The accounts are drawn up on the hislorical cost basis of accounting, as modified by the revaluation of Investments. The consolidated statement of financial activities ISOFAI, balance sheet and the consolidated cash flow statement Include the financial statements of the chaiity and its subsidiary. BrIdell Centre Limlted, made up to 30 June 20?5. Going ¢oncern aving reviewed the financial position of the FoLsndation, and its plans for the loreseeable future, the tyustee company is satisfied that It remains appropriate to continue to prepare the financial staternents on the going concern basis. Details olthis assessment and the underlying assumptions 15 detailed in the Financial Review and Gotng Concern section of the Trustees annual report. Public Beneflt The Foundation is a public benefit entity. bl Income Income in the form ol grants and donations is accounted for as receivable. Fund5 received loi the purchase of tixed assets are accounted for as rgstricted income The treatment ol the assets provided depends upon th8 restriction Imposed by the grant as the fi'xed assets. acquisltion discharges the restriction then a corresponding transfer ol the assoeiat&d restricted income will be made to the unrestrieted fund In the year of lullilment ol the restriction by the purchase tsf the fixed asset. Income received from the provision of gDods and services including room and equipment hire, catering, tieket sales, and rent Is recognised In the year In which the good or service Is provided. Investrnent income Is recognised in the year ill which the Foundation becomes enlilled to the dividend or eaTnS intere51. All investment incorne Is derived from listed Investments except fDr a small proportion derived trom cash held as part ol the portfolio. 24
ST BRIDE FOUNDATION NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Expendituro Expenditure Is accounted for on an accruals basis. Charitable activities comprise direct expenses Incurred on defined charitable purpos85. Where costs cannot be allocated to aspecilie charitable a¢tivity, they are allocated in proportion to the level of activity in each area. Costs of generating funds represent expendrturo incurred In rsIng resour¢es for ¢haritable application that does not arise directly from a chafitsble activlty. Governance costs comprise statutory costs relating to the governance arrangements of the charity. Support C95ts representing general overhead expendlture are allocated across expenditure headings In proportion to sthff costs. A liability is recognised once a constructive or legal obligation ha5 been entered into bythe charity. d) Tangibl& fixed assets All tangible fixed lssets are stated at cost and are written off on a straight-line basis overthe followingperiods.. Freehold lalld Freehold buildings Iooyears Furniture, fixtures and fittings and office equlpm¢nt 8etween 3 and 10 year5 Tangmble fixed assets are oapitalised where the indiv¢dual item purchase price exceeds £300. Inve>tmènt$ Investments are stated at market value In the balance shèet. Realised gains or losse5 are calculated as the difference between rnarket value at the date of disposal and market value at the previous balance sheet date. Unrealised gains or losses are derived frDm the m0MentS in market value duringthe year. Operating lea$e$ fl Rentals under operating18ases are charged to the Staternent of Financial Activttie5 on a straSght-line basi$ over the term of the lease, Pension contrlbutlon8 The Foundation operateg a defined contributiot) pension scheme. The contributions payable by the Foundatio under this scheme are recogiiised in the Statem&nt ol Financial Actlvitlo5 as they fall due. Fund accountlng Funds held by the Foundation compris¢'. hl Unrestrlcted fiinds- th8sè arè fundÈ which ¢an be uièd In a¢cordance with the charitable object$ at the discretion of the trustee company. Restricted funds - thpse are funds that can only be used for particular restrictecl purposes within the objects of the Foundation. Restrictions arise when specified by the donoi or when funds are raised for particular defined purposes. Permanent endowment furds- these are funds to be retained forthe benefit ol the Foundation as capital funds and are managed on a total return basis. The Trustees rnay, at their discretion, allocate any part of the unapplièd total return to the g8n8ral purposgs of the frust. 25
ST BRIDE FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Flnancial Instrum¥nt8 Basicf(nancial instruments are initially recognised at transaction valueand subsequently measured at amortised Cost, with the exception of investment5 which are held at fai valve. Financial assets held at amort15ed cost comprise cash at bank and In hand, together with trade and other debtor$. A Specific provisioft is made lor debts for whi¢h recoverability Is In doubt. Cash at bank and in hand is defined a$ all cash held In Instant access and term deposit bank accounts, Financial liabilities held at amortised eo$t cornprise all creditors except social security and other taxes and prgv1510ns. Ji Signlticantjudgements and estirnat8$ In prepanng the financial statements, managem¥nt have made judgements, estimates and assumption$ that affect both the amounts reeorded as revenues and expense5 duringthe period, and amounts recorded for assets and liabilitiesas at the balance sheet date. However,the nature of estimation rneans these e$timatescould differ frorn actual outcomes. TheTrustee$ do not considerthere to be any slgnilicant estirnate5 andjudgements other than in relation to th8 Useful Ille of the Foundation's PToperty. Actlvltles for genoratlngfund8 Total 2OQ4125 Total 2023/24 Lettings Catering Bar Sales Equiprnent hir8 and other income Fundraising 201,359 68.897 97,191 64,578 18,629 197.418 66,443 98,696 23,726 8,670 450.654 94878 Net Incom6- Group 2024125 2028/24 N•t Income18 Stated after char8ln[. Depreciatiort Auditorf5 remuneration. Audit of current y¢ar Auditor's remunration- Otler services Auditor'5 remuneration- Ta* Fee 84.386 19,950 67.547 16,500 1,500 95Q 26
ST8RIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 80 JUNE 2025 EXPENDITURE ON.. Dirnct 8tLff ost$ other direct act(ty ost$ Suppor Support.. staff cost• Other ¢ost8 Total 2024125 Aal¥lngfund8 Donations Fundraislngtrading Investment managernent f888 150,660 127,534 20,914 185,828 128,019 541,541 20.914 150,660 148,448 185,828 128.019 082,45J Charitabl8 actlvltles Provlslon of facllitles Collection & learning Theatre 52,578 70,764 58,616 52,578 223,534 88,160 41,472 38,416 18,808 81,194 8,985 124,682 54,719 40,159 181,958 401A88 Total Exp8nditur• 275,292 203,187 176,487 809,977 988,9Q8 Support Costs 20Q4126 2028/24 staff ¢ost$ Markrtlng FundraisSng Premist8 costs RepaiTS and renewals Office costs Insurance D•prgclatlon utilitips Bank interest and ¢harges Pr¢fei$ional fet$ Trustses expenses Audit and accountingfees 175,487 818 15a282 885 71,226 19,030 22,444 59,631 69.148 44,088 4,854 8,410 906 19,950 67,968 28,202 30,109 51,548 44161 4996 18,569 19,747 486,484 462,861 27
ST BRIDE FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 STAFF COSTS 2024125 2028/24 Wages and salaries Social security ¢ost5 Penslon contributlons Temporary and freelan¢e other staff c05t& 898,287 29,188 21,712 820 1,274 450,779 381.821 28,695 20,270 280 8,380 488,926 One employee received Salary tn excess of £60,000 durlng the year12024.. nil) Pension cests are allo¢atetl to activities in proportion to th• related stafflng ¢ost$ IncuTred and ars wholly charg•d to unrestrtcted funds. The key management personnel ol the parent charlty compromise those of the Trust and th8 key management personnel ol its wholly owngd subsidiary Br1d¥w¢ll Centre Ltd. The key management pei$onnel of St Bride Foundation Charity are the Foundatlon General Manager, Foundation Librarian, finance Manager and Fundrai51ng Manager Grant5 &Trusts, wh¢se employee benefit5 totalled £171,51912024.. £170,472). staff Number8 The average monthly individual head count wa$10 staff12024..16 staff). The average Full Tlme Equivalent head co¥nt wa$ 10.81202410.5). Trustee5 are not entitl to remuneiatlon for their duties as Trustees. B8cky Chilcott's company, 8gckyChil¢ott Design Ltd re¢eived £1,200 IO24..£528) re.Imbursemtsnt for travel and other expenses in relation to SBF talks and ¢onf•rence$. Becky Chll¢ott received directly re.Imbur$trment £42812024..£681 for travel and other expen$e5 incurred as a Trustee and £810 112Q24',U08) for accommodation and travel c05t5 incurred supporting S8F event$ a8 a volunteer, 28
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 TANGIBLE FIXED ASSETS- GROUPAND CHARITY Office fvrnituro and equlpmtsnt Freehold land and bulldlng$ Fixture$ and fittlng$ Work in Progres8 Total Cost At l July 2024 Additions Transfers 4,900.000 n3,133 37,661 210.684 1?8.845 1,217 QQ8,438 279,683 1210,6341 5,969,917 818,561 At 30 June 2025 4,900,000 961,4Q8 129,58 ?97,482 8,288,472 DepTeclation At I july 2024 Charge for year Dbsposal$ 340,000 34.000 530,016 46.811 122,750 8,575 992,768 84,386 At 801une2024 974,000 S76,8Q7 126,826 1.077,152 N&t book value At 80June20Q5 4.528,000 384.601 8,287 297,482 5.211,820 At lJuly2024 4,560,000 l&g117 5,595 &&¥3 4,977, 145 Th¢ Foundatitsn owni and is based in freehold property known as the St Bride Institute at14 Brido L&no, Fleet Street, London. Part of the property Is usedfor meetingg, recreatSonal andedueational artiviti8s byindividuals, clvbs, charltie5. commercial and other orgaNi$ations and the Bridewell Theatre. The rem&ind6r houses the St Brid8 Printing Library, a comprehensive collection ol books on the history of printing and l)ooks and journals on the teehniques of printing. The propertyw#$ r&valu8d as at 30 June 2014 on an existing use basis by Messrs. Farebrother, Chartered Surveyors at £4,900,000 (Land £1,500,000, Bullding£3,400,0001. With effect from I. July 2014, under the option available under FRSlO2, the Foundation decided to treat th6 market value of the building at £3,400.000 as deemed ¢ost and depreciate this over 100 years at an annual depreciation charge 01 £34,000 pa. Heritage ass8ts The Foundation eonsideTS it holds assets which are heritage assets as they are held princlpally lor their contribution to knowledge and culture, These assets Include prSnting equiprnent and the St Bride Printing Library which, In 2004. w handed back to the Foundatiot7, together with a grant for Initial support from the City of London Corporation. No amounts h2ve been Included In the h'nancial staternents with regard to these assets, as the Trustee considers that the costolobtain1ng an accuratevaluation vvould exc88d the benefits. Thedirect costs illcurred in maintainingthese asset5 are not material. 29
ST BRIDE FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 80 JUNE 2025 CAPITAL COMMITMENTS Therewere no ¢apital commitments at the Ye.end{2024.' £Nill. INVESTMENTS- GROUP 2024125 2028ts4 Brought forward Additions Disposals Net gain I Ilossl on investments Carrled foard 2,845,700 662,322 (741,3851 39,914 g,850,650 834,999 f477,017) 187.068 2,806,551 9,840.700 Cash held for reinvestment 45,875 1,666 Total 2,8bl,926 2,847.866 Nature of Investments Bonds and fixed interest socuriti85 Listed 8qurf(ies and similar investments Cash 516,040 2,290,811 45,875 486,695 2.859,005 1.666 2,801,926 2,847.366 The historical cost of Investm9nt$ at 30 June was 2,372,108 2.49&82J DEBTORS Group 2028/24 Chwtty 2024125 2028/24 209412b Trade & other debtors Prepayrnents Othertax and social securrty Amount$ owed from $ub$idiary Acciued Income 68,917 76,076 57,257 52,368 58,662 118,405 88,097 74,766 7,581 89,209 88,588 19, 187 57,108 41,712 142,691 575,000 90,076 575,000 292,828 804480 Q98,241 885,893 30
ST BRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR TH£YEAR ENDED 80JUNE 2025 10. CREDrroRS: AMOUNTS DUEWITHIN ONEYEAR Group Charlty 2024125 2028A4 2024125 2028/24 Trade creditors otheT ¢redrtors Taxatlon and Social securlty Accruals Amounts owed to $ub$idlary Deferred income 87,589 7.916 42,715 108,022 62,890 7,916 113,852 100,462 83,135 7,918 42,715 103,162 57,190 7,916 84562 97,515 iia648 $80 61.121 79,198 5,720 306,807 $68,818 249,048 860,161 11. DEFERRED INCOME Defèrred income relat8sto r•nt and other Income receiv in advance olthe perlod to whlch tt relates. Group 20241215 Group 2028124 Ban¢t at Btart ofyear Amounts released In theyear Amounts deferred in the year Balance at end of year 79.198 1359,707) 841,880 81,121 89,684 1338.9801 328,444 79,198 31
ST BRIDE FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2025 13. RESTRICTED FUNDS Balan¢e 011071Q024 Investment Gain51 IL0$5esl Transfers between fvnd5 Income Exp8ndrture Balance 3010812025 Unrestrlcted Géneral Fund 450.153 806,505 1889,n71 n,gQ7 488,86B Restricted funds Beatrice Warde Lecture Big Glve justin Howes Lecture Library- Crowdfunder project 125 Library- Google live streaming 6.587 19.274 11.192 11,9501 17,7401 11,oe91 4,587 11,584 lQ,098 2,170 17,062 5,000 11,1831 20,869 8,020 <7,1501 870 62,076 7,170 119,2921 4g,953 Permanent Endowfflent Funds General Endowment 7,870,458 107.892 164.8841 39,857 In,g?7) 7,891.391 Eleemosynary 11.850 156 1301 57 11,538 7.881,803 108,048 (54,914} 39.g14 m,9271 7,gOQ.9Q4 TOTAL FUNDS 8.394,031 921,723 1968,9231 89.914 8,891,745 Under Order previously granted by the Charrty Commission, expenditure of capital subject to replacemènt ha$ been authorised underthe powersgiven in section 105181 of the Charities Aet Qoll. The RecoupFMentfund cornprises monies set aside lor repaywnent into the General Permanent Endowment Fund on the maturity of Recoupment Orders issued by Ihe Charity Comtnission in 2000 and 2003. The 2000 and 2003 Recoupment orders require annual transfers of £27,329 Ifor 25 ye8r51 and £8,636 (for Q2 years) respectively to be made from uniestrieted funds to the Permanent Endowment. By maturity ol the Recoupment Orders the full balance previously borrowed will be fullytran$lerred back to the PerThanent Endowrnent. The Recoupment Orders reached maturity during the 2024125 financial year. other restricted funds comprise.. The Eleemosynary fund provides funds for the prevention or relief of povèrty in the area of benefit by providing grants and services to Individuals In need andlor to charities or other organisations working to prevent or relieve poverty. The Beatrice Warde fund establishe.d to prDvide for an annual lecture to illtlminate some aspects in the field of communications, particularly with regard to prSnting #nd typography. in memory of Beatrice Warde. The justin Howes fund- established to provide an annual lecture In memory ol Justin Howes, the subject ol the lecture to be on8 of the key subjects that he had an interest in i.e. printingi typography and calligraphy. Library Crowdfunder Project 125 . Funds were raised to support the digitalisation of the SBF collections, curating an Online talk series, online exhibitions, developing PTint and design workshops and conservation work. Library Google live streaming- funds were given by GDogleto support on.linetalks. work.experienee for yoiing p80pIe, new print & design workshops, digital & physical exliibition5. 32
STBRIDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 8OJUNE 2025 Big Give- donations were Oven to maintain and invest in St 8rid8 Foundation's grade-11 listed building, develop OUT learning prograrnme and support st 8nde Foundation's vision to be a thrivingeducational and cultural foundation. 13. PERMANENTENDOWMENT FUNDS (non-property) Frozen Perrnanent Capltal Unappli8d Total Retum General Endowment Balance as at l July 2024 2,584791 725,662 8,810,458 Investment income.. dividend5 & interest Net gain I Ilossl on investments Less., Investment managementfees 107,892 89,857 120,8841 107,892 89.857 (20,884) Total Return 126,865 126,865 Recoupmenl payment Allo¢ated to unre$tri¢ted incom8 In the year 85,965 85,985 1107,892) (107,8921 Balance as at 30 lune 2025 2,820,756 744,635 3,365,891 Incomegenerated from the General Endowment Fund can be used towards the general activities of th8 Foundation. Income generated from the Eleemogynary Fund musi be applied for the purposes ol the restricted fund of the sama name for the puipo$e$ d$$cribed below. In Novemb81 2017 the Trustees passed a resolution to adopt atotal retum approach to the investment of the General Endowment. The initial value of the trustlor investment was set at 30 June Qoog and the unapplied total Tetum at this date was deemed to be nil. The initial value was s8t by rCfvren to Inforrnation available from investfflent managers and by review of the accounting records of the charity from 30 lune QOD9 taking into account any capital movements. The analysis undertying thè valuation of the endowment was perfom7ed during June 2017. The Trustees have determined that at least the invegtmenl incorne earned on endowed Investments shall be allocated to income each year and will consider wh8ther anyfurtherallocations ale requid at lea&t annually. Thetotal endowment values below are stated exclusive of thtr value of the Foundation's freehold property as this 15 not an investment asset. 14. NET ASSETS BY FUND- GROUP Permanent endowment funds Curr¥nt yoar Re$trictgd Unre$tsict8d funds funLIs Total 2024125 Tangible fixed assets lllvestrrients Net current assets 4,526,000 2,851,926 524,998 7,902.924 685,320 5,211,8QO 2,861.926 3Q8,499 8,391,745 49,953 49,968 1246.4521 438.868 33
ST BRIDE FOUNDATION NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ASSETS BY FUND- GROUP ICONTINUEDJ 14. Permanent endowment funds Prloryear Restrlct¢d Unrestrlcted funds funds TotAI 2024 Tan@ble fixed assets Investments Net current &ssgts 4.560,000 2,847,866 474.437 7,881,803 417.147 4,gr/,147 2,847,886 33,006 569,618 460.158 8,394,031 62,075 62,075 16. SUBSIDIARY UNOERTAKING 2024125 2028124 Turnover 674,032 672,890 Cost of sales 185,6181 (87.2711 GROSS PROFIT b88,410 585,819 Administratlve expenses PROFIT ON ORDINARY ACTIVITIES 1404.2041 (406,496) 184.212 179,123 Interest payable PROFIT FOR THE FINANCIAL YEAR 184,212 179,128 RETAINED PROFIT AT THESTARTOFTHE YEAR Gift Aided donation to St BrSd* Frjundatior (184,212) 1179,1231 RETAINED PROFIT ATTHEEND OFTHE YEAR The aggregate of the assets, Iiabillt18s and fvnds wa8,. Assets 151,920 1151,9181 269,998 (259.996) Shareholders, funds st BTide Foundation owns IO0% of the issued share capital of Bridewell Centre Limited (Reg. No. 06284689, 4 company incorporated in England and Wale$. The company's principal activity 1$ room hire Including the PTovi$ion of equipment and catering servi¢es and operation of the Foundation$ theatre and bar. A summary of the results loi the year are shown below.. The Foundation received £184.21212024.. £179,123) in the year from Brldewell C8ntre Ltd in the form of a Gift Aided donation. Costs totalling £372,382 were charged to the Bridewell Centre during the year by the Foundation. 34
ST BRIDE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 80 JUNE 2025 16. CHARITY ONLY RESULTS The Foundation has taken advantage of exernptions available not to present a Statement of Financial Activities or statement of Cash Flows showing its own results. 17. COMPARATIVE STATEMENT OF FLIND NOTES Balance 0110712023 Investmant Tfan$fer$ Galn$ I between ILo88esl fvnds Balanc8 3010612024 Income Expendlturo Unrestrlcted General Fund 198,5891 1.859.566 1870,647) 54,773 450,158 Re$trl¢t•d funds Library- Crowdfvnder project 125 brary- Goo*e live streaming Justin Howes Lecture Beatrice Warde Lecture Big Give 10,993 {3,418) 9,477 17,052 21,713 11.198 14,608) (9,0901 16501 8.020 11,192 6,587 19,274 3,294 20,219 12,529) 19451 49,874 24,159 (11,495) 12681 62,075 Permanent Endowment Fund$ General Emlowment Eleemosynary 7,753,016 11,057 90.475 129 165.401) 131) 186,873 195 IN510) 7,870,453 11.360 7,7S4,073 90,604 155,432) 137.068 154,610) 7,881,808 TOTAL FUND8 7.V20,208 1.474,329 (937,574) 137,068 8.394.081 19. POST BALANCE SHEET EVENTS During March 2024the Charity received notifieation that it would rece1ve an unrestricted legacy is likelyto be in excess of £500.000. On 16 August 2024 the Charity received confirmation that the legacy value would be approximately £575,000 and this amount was accrued for In the ?028-241inancial statements. An interim payment of£494,047was received in October 2024 and tlie final payment Is exp6cted before the end of 2025. 35