Company registration number 01922826 Charity registration number 293194
Bankside Gallery Limited Company Limited By Guarantee
Trustees’ Report and consolidated financial statements 31 December 2022
Bankside Gallery Limited Company Limited By Guarantee
Contents
| Page | ||
|---|---|---|
| Reference and administrative details | 1 | |
| Chairman’s introduction | 2 | |
| Trustees’ annual report | 3 - 8 | |
| Independent examiner’s report | 9 - 10 | |
| Consolidated statement of financial activities (incorporating the | ||
| income and expenditure account) | 11 | |
| Consolidated group and charitable parent company balance sheet | 12 | |
| ` | Notes to the financial statements | 13 - 29 |
Bankside Gallery Limited Company Limited By Guarantee
Reference and administrative details
| Name | Bankside Gallery Limited |
|---|---|
| Charity number | 293194 |
| Company registration number | 01922826 |
| Registered office | 48 Hopton Street |
| Blackfriars | |
| London | |
| SE1 9JH | |
| Key personnel | Director (executive): Angela Parker |
| Secretary | Catherine Sullivan |
| Independent examiner | Cara Turtington FCA DChA |
| Saffery Champness LLP | |
| 71 Queen Victoria Street | |
| London EC4V 4BE | |
| Bankers | HSBC Bank Plc |
| 22 Stamford Street | |
| Blackfriars | |
| London | |
| SE1 9LJ |
Page 1
Bankside Gallery Limited Company Limited By Guarantee
Trustees’ annual report For the year ended 31 December 2022
The trustees present their report on the accounts of the company for the year ended 31 December 2022, which are set out on pages 11 to 29. The financial statements have been prepared in accordance with accounting and reporting by Charities’ Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) and the Companies Act 2006.
Reference and administrative details
Reference and administrative details are shown on page 1 of the financial statements.
The Trustees
The Trustees who served the Company during the year and to the date of this report were as follows:
Christopher Goodhart (Chairman) Mychael Barratt James Faure Walker David Ferry Peter Knowland Jill Leman (resigned 29 April 2023) Jess Morley Victor Rae-Reeves Celeste Ricci Jennifer Smith Charles Williams (appointed 29 April 2023)
Structure, governance and management
Governing document and legal status
Bankside Gallery Limited is a company limited by guarantee; there are currently nine Members of the Company and, in the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member. The Company is governed by its Articles of Association (amended by special resolution on 20 August 2014). The Company is also registered as a charity.
Related parties and connected organisations
Any transactions involving related parties or their associates, including Trustees and Key Personnel, must be disclosed to the full board of Trustees.
Bankside Gallery Limited is jointly and equally controlled by two charities, the Royal Watercolour Society and The Royal Society of Painter-Printmakers. The Company works closely in partnership with the two societies to pursue its charitable purposes and shares some common Board/Council members.
Under a written agreement between Bankside Gallery Limited, the Royal Watercolour Society and The Royal Society of Painter-Printmakers, the Company manages the Bankside Gallery, a centre of excellence for works on paper, located in Southwark, London, on behalf of the two societies.
Bankside Gallery Limited has one wholly-owned trading subsidiary, Bankside Gallery (Trading) Limited, which carries out ancillary trading activities on its behalf; further details can be found in note 6 to these financial statements.
Page 3
Bankside Gallery Limited Company Limited By Guarantee
Trustees’ annual report (continued) For the year ended 31 December 2022
Organisational structure
The governance and strategic planning of Bankside Gallery Limited is carried out by a Board of Directors, acting as trustees of the charity, which meets quarterly.
Day-to-day management of the Company, and of its trading subsidiary, is delegated to the Gallery Director, who is responsible for implementing the Company's strategic plan and for managing the team of staff at the Gallery.
A sub-committee of the Board, the Joint Executive Committee ('JEC'), is responsible for overseeing the implementation of the strategic plan and for working with the Gallery Director regarding any related issues that may arise between Board meetings, or which require more detailed work than would be appropriate at Board meetings. The membership of JEC comprises the Chairman of Bankside Gallery Limited, the Presidents of the two Societies and the Gallery Director.
The Gallery Director is charged with finding suitable artists or organisations to hire the Gallery for exhibitions when it is not being used for shows by Members of the two Royal Societies. To ensure the requisite standard of work, all external proposals are vetted by the two Society Presidents.
In addition to the Directors of Bankside Gallery Limited, and the Council Members of the two societies, the Company is grateful for the work of a small number of volunteers who assist at private views and educational events.
Remuneration review for key personnel is carried out annually in January and is undertaken by the Chairman. Staff performance against the charity’s annual budget is considered, as is the current inflationary environment with reference to the Consumer Price Index.
Recruitment and appointment of trustees
The Board of Bankside Gallery Limited comprises the Presidents of the Royal Watercolour Society and the Royal Society of Painter-Printmakers with up to ten other elected persons.
The elected Trustees are recruited on the recommendation of the Chairman of Bankside Gallery Limited, in consultation with the full Board, with the aim of ensuring that an appropriate balance of skills and experience is maintained. Any appointments are made, at a Board meeting, with the assent of the majority of the Trustees.
Risk assessment
As part of the regular process to review and update the Company's procedures to manage and mitigate risk, a comprehensive risk assessment register is in place and is reviewed annually by the Board; the most recent review was carried out in May 2020. The principal risks facing the Company are the loss of key staff, mitigated by the maintenance of up-to-date training manuals, dependency for income on a healthy economic environment, mitigated by careful financial management and prudent budgetary planning, and damage to the Gallery and its contents by flood water from faulty domestic appliances in the residential units which occupy the floors above the Gallery, mitigated by insurance and a financial reserve set aside by the Company.
In 2021 during the near seven months total closure period Bankside Gallery sought to minimise expenditure. It made full use of the government job retention scheme, and the business rates holiday, and applied for all
Page 4
Bankside Gallery Limited Company Limited By Guarantee
Trustees’ annual report (continued) For the year ended 31 December 2022
available grants Due to prudent financial management over the past 15 years the gallery has built up sufficient reserves to help weather closures in the short term, provided that it continues to make full use of all available financial resources.
Reserves Policy
The Trustees have reviewed the Company's need for reserves in line with the guidance issued by the Charity Commission.
They presently recognise the need to set aside amounts to cover:
-
emergency capital expenditure not otherwise covered by the annual allowance for contingencies;
-
temporary closure of the Gallery for a period of up to 6 months, pending its re-housing on the present or an alternative site;
-
closure of the Gallery in the event of circumstances which warrant such action.
The Trustees have assessed the likely cost of these eventualities and have set a target of £150,000 over a rolling 3-year period for General Fund reserves for the Company.
The balance held as unrestricted funds at the year-end was £208,715 (2021: £197,671), of which £137,793 (2021: £159,397) is regarded as free reserves, after allowing for funds designated or otherwise allocated by the Trustees for future depreciation of tangible fixed assets, and for specific contingencies or capital expenditure.
Accounting records
The Company's accounting records are maintained by an outsourced bookkeeper who is suitably qualified for the task, and overseen by a charity-experienced Chartered Accountant who provides financial reports quarterly for the Board. Internal controls, appropriate for a charity of this size, have been put in place to protect the Company's funds and to ensure their proper application.
Objectives and activities
Objects
The Company's objects are to promote the benefit, enjoyment and appreciation of the visual arts by the general public and, in particular, to provide services and facilities of every description to charitable societies, associations or other charitable groups having as their purpose the furtherance of the visual arts, and the encouragement of persons in the practice thereof.
Aims and objectives
Bankside Gallery Limited aims to achieve its objects by being acknowledged as a centre of excellence for watercolours and printmaking. It currently has the following objectives which will enable it to achieve this aim:
- To continue as the artistic and administrative home of the Royal Watercolour Society and The Royal Society of Painter-Printmakers;
Page 5
Bankside Gallery Limited Company Limited By Guarantee
Trustees’ annual report (continued) For the year ended 31 December 2022
-
To promote, and make the Gallery available for, a full programme of admission-free selling exhibitions of the highest quality throughout the year, including exhibitions by Members of the two Societies;
-
To promote a wide range of educational courses, workshops, seminars and lectures which complement the Gallery's exhibition activities, to the widest possible range of people;
-
To manage the Company's funds responsibly to enable it to achieve its objectives;
-
To build and retain an appropriate level of reserves to safeguard the Company's existence.
Achievements and performance
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the Company should undertake. Bankside Gallery recognises and welcomes the need to carry out its charitable activities for the benefit of the general public and retains this aim at the centre of its strategic planning.
The Company offers free admission to all of its exhibitions and continues to work to increase the amount and breadth of education work it administers with the two Royal Societies, in the local community and beyond, seeking to involve people from the widest possible range of backgrounds and abilities.
During 2022:
-
Post pandemic we were finally able to deliver a full and varied programme of exhibitions which comprised three individual Society shows, three joint Society exhibitions, and nine external hires. Among the hires, the most notable was the joint exhibition with Sir Quentin Blake and the first official female war artist Linda Kitson. We were also delighted to host a third exhibition with the noted landscape architect, Edward Hutchison, and a second showing of pieces by the celebrated American artist and actor Laurel Holloman. A totally unexpected and delightful success was an exhibit by the Worshipful Company of Broderers to which embroiderers flocked from across the country.
-
‘Meet the Artist’ educational sessions returned during the Society Shows, and we were also able to reinstate our two open competitions, the RWS Open , and the International Open Print Exhibition ( IOPE).
-
We upgraded our IT infrastructure to increase speed and efficiency, and continued to make improvements to the appearance and functionality of our website.
-
Our social media presence continued to improve, with Instagram followers at 10k, and Twitter followers at 20k. Our weekly email newsletter to 13k active subscribers, achieved an average open rate of 40%, and an average click rate of 4.9%.
Financial review
Sources of funding and financial position
Bankside Gallery Limited funds its activities and administrative costs through grants and donations, including those from its two founding societies, exhibition submission fees from artists and commercial trading carried out by its subsidiary as described in note 6 to these financial statements.
The financial position of the Company is set out in the Statement of Financial Activities on page 11 and the Balance Sheet on page 12.
Page 6
Bankside Gallery Limited Company Limited By Guarantee
Trustees’ annual report (continued) For the year ended 31 December 2022
There was a decrease in the General Fund during the year of £23,564 (2021 increase: £11,423).
Including all funds, net funds increased during the year by £8,407 (2021 increase: £21,270) and, at 31 December 2022, the Company had total charitable funds of £208,715 comprising, as shown in Note 11, the Unrestricted General Fund of £144,537 and Unrestricted Designated Funds of £64,178.
Total income amounted to £422,628 (2021: £354,078), including income from the subsidiary's commercial trading operations of £310,720 (2021: £150,379). The cost of raising funds in the year was £205,653 (2021: £141,015) and the cost of charitable activities was £208,568 (2021: £194,368).
Donated facilities
The Company enjoys full rent-free occupation and use of the Bankside Gallery and office premises at 48 Hopton Street, London. Further details can be found in note 14 to these financial statements.
Plans for future periods
We plan to carry out the following activity in 2023:
-
Host three individual Society exhibitions, two joint Society exhibitions, and nine external hires
-
Run an Open Watercolour Competition ( RWS Open ) and an International Open Print competition ( IOPE )
-
Reinstate educational sessions during all Society shows
-
Promote a display of artworks resulting from a Southwark Community outreach project with local schools, and senior citizens.
-
Maximise publicity around our second collaboration with the Chelsea Physic Garden celebrating their 350[th] anniversary.
-
Set up an online shop on Instagram to enable sales from promoted artworks
Trustees’ responsibilities statement
The trustees (who are also directors of Bankside Gallery Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements 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; and
Page 7
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1 September
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Bankside Gallery Limited Company Limited By Guarantee
Independent examiner’s report For the year ended 31 December 2022
I report to the charity trustees on my examination of the consolidated accounts of the Group comprising Bankside Gallery Limited (“the Charity”) and its subsidiary undertaking for the year ended 31 December 2022.
Respective responsibilities of trustees and examiner
As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts for both the Charity and the Group are not required by charity law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the Company and the Group are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity and its subsidiary as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
Page 9
Bankside Gallery Limited Company Limited By Guarantee
Independent examiner’s report (continued) For the year ended 31 December 2022
- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Cara Turtington FCA DChA
7 September 2023
Saffery Champness LLP Chartered Accountants
71 Queen Victoria Street London EC4V 4BE
Page 10
Bankside Gallery Limited Company Limited By Guarantee
Consolidated statement of financial activities (incorporating the income and expenditure account) For the year ended 31 December 2022
| Note Income from donations and legacies Grants and donations received Donated facilities Government grants – CJRS income Other trading activities Commercial trading operations 6 Investment income Interest received Charitable activities Operation of art gallery Total income Expenditure on Fundraising and marketing costs 2 Commercial trading operations 6 Charitable activities Operation of art gallery 2 Total expenditure 3 Net income/(expenditure) Transfers between funds 11 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 51,735 38,770 - 310,720 509 401,734 20,894 422,628 15,854 189,799 205,653 205,944 411,597 11,031 13 11,044 197,671 208,715 |
Restricted funds £ - - - - - - - - - - - 2,624 2,624 (2,624) (13) (2,637) 2,637 - |
Total funds 2022 £ 51,735 38,770 - 310,720 509 401,734 20,894 422,628 15,854 189,799 205,653 208,568 414,221 8,407 - 8,407 200,308 208,715 |
Total funds 2021 £ 132,453 38,770 31,895 150,379 581 |
|---|---|---|---|---|
| 354,078 | ||||
| 3,575 | ||||
| 357,653 | ||||
| 11,561 129,454 |
||||
| 141,015 | ||||
| 195,368 | ||||
| 336,383 | ||||
| 21,270 - |
||||
| 21,270 179,038 |
||||
| 200,308 |
The Statement of financial activities includes all gains and losses in the year. All of the above amounts relate to continuing activities. The notes on pages 13 to 29 form part of these financial statements.
Page 11
Bankside Gallery Limited Company Limited By Guarantee
Consolidated group and charitable company balance sheets As at 31 December 2022
| Note Fixed assets Tangible assets 5 Investments 6 Current assets Stocks 7 Debtors 8 Cash at bank Creditors: amounts falling due within one year 9 Net current assets Creditors: amounts falling due over one year 9 Total assets less current liabilities Net assets Funds Restricted income funds Unrestricted income funds 11 Total funds |
Group 2022 2021 £ £ 12,378 8,704 - - 12,378 8,704 12,084 12,080 11,697 8,469 259,881 259,857 283,662 280,406 (87,325) (88,802) 196,337 191,604 - - 208,715 200,308 208,715 200,308 - 2,637 208,715 197,671 208,715 200,308 |
Charitable Company 2022 2021 £ £ 12,378 8,704 2 2 12,380 8,706 - - 40,463 45,076 187,323 175,105 227,786 220,181 (31,451) (28,579) 196,335 191,602 - - 208,715 200,308 208,715 200,308 - 2,637 208,715 197,671 208,715 200,308 |
Charitable Company 2022 2021 £ £ 12,378 8,704 2 2 12,380 8,706 - - 40,463 45,076 187,323 175,105 227,786 220,181 (31,451) (28,579) 196,335 191,602 - - 208,715 200,308 208,715 200,308 - 2,637 208,715 197,671 208,715 200,308 |
|---|---|---|---|
| 8,706 | |||
| - 45,076 175,105 |
|||
| 220,181 (28,579) |
|||
| 191,602 | |||
| - 200,308 |
|||
| 200,308 | |||
| 2,637 197,671 |
|||
| 200,308 |
For the year ended 31 December 2022 the company is exempt from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with s476.
The directors acknowledge their responsibilities in complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The accompanying notes form an integral part of these financial statements.
The parent company has taken advantage of the exemption from the requirement to publish a separate income and expenditure account in accordance with Section 408 of the Companies Act 2006. The surplus for the year for the stand-alone parent company was £8,407 (2021: £18,633 surplus).
These financial statements were approved by the Trustees and authorised for issue on the and are signed on their 1 September behalf by:
Christopher Goodhart Chairman
Company Registration No.01922826
The notes on pages 13 to 29 form part of these financial statements.
Page 12
Bankside Gallery Limited
Notes to the financial statements For the year ended 31 December 2022
1. Accounting policies
1.1
Basis of accounting
The financial statements have been prepared in accordance with accounting and reporting by Charities’ Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bankside Gallery Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are wholly recognised at historical costs or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been under the historical cost convention.
1.2 Basis of consolidation
These financial statements include the results of Bankside Gallery Limited together with its wholly owned subsidiary undertaking Bankside Gallery (Trading) Limited, whose financial year end is also 31 December.
1.3 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case-by-case basis following the granting of probate when the administrator for the estate has communicated in writing both the amount and the settlement date.
Income generated from the supply of goods or services is included in the Statement of Financial Activities in the period in which the supply is made.
Page 13
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
1. Accounting policies
(continued)
1.4 Income
(continued)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
1.5 Expenditure
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to applicable expenditure headings.
The Trustees believe the charity has a single charitable activity of running the Bankside Gallery. Support and governance costs have been allocated to the charitable activity.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs related to statutory compliance and legal fees on constitutional matters.
Staff costs are allocated to activities on the basis of staff time spent on those activities.
Costs of charitable activities include governance costs and an apportionment of support costs (shown in note 2).
1.6 Donated facilities
The value of donated Gallery space and office accommodation is based on a professional valuation of the annual market rental, carried out in May 2005 by Drivers Jonas.
1.7 Fixed assets
Expenditure on equipment, fixtures and fittings that exceeds £2,500 is capitalised. All fixed assets are initially recorded at cost.
1.8 Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Extension - Evenly over the remainder of the lease Fixtures, fittings & equipment - 25% straight line on cost
1.9 Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Page 14
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
1.10 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial assets are recognised in the Charity’s statement of financial position when the Charity becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
1.11 Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through the statement of financial activities are measured at fair value.
1.12 Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.
1.13 Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the statement of financial activities.
1.14 Taxation
No provision for taxation is included in the financial statements as the charitable company is entitled to exemption from tax on income and gains applied to wholly charitable activities.
Page 15
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
| 2. Expenditure Direct costs £ Fundraising and marketing 15,854 Commercial trading operations 46,632 Operation of art gallery 41,785 Total 104,271 Costs of charitable activity Gallery and office space (donated) Support costs Property costs Administration Finance costs Depreciation Governance costs (see below) Governance costs Independent examination fee Other |
Staff costs £ - 94,355 115,498 209,853 |
Support costs £ - 48,812 51,285 100,097 |
Total 2022 £ 15,854 189,799 208,568 414,221 38,770 38,770 40,067 46,718 9,363 944 3,005 100,097 4,450 462 4,912 |
Total 2021 £ 11,561 129,454 195,367 |
|---|---|---|---|---|
| 336,382 | ||||
| 38,770 | ||||
| 38,770 | ||||
| 31,019 42,851 5,251 2,900 2,896 |
||||
| 84,917 | ||||
| 4,185 505 |
||||
| 4,690 |
Of the total costs of operating the art gallery of £208,569, £392 is from designated funds.
Page 16
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
2. Expenditure (continued)
| 2021 Expenditure Fundraising and marketing Commercial trading operations Operation of art gallery Total |
Direct costs £ 11,561 22,774 47,274 81,609 |
Staff costs £ - 66,974 102,882 169,856 |
Support costs £ - 39,706 45,211 84,917 |
Total 2021 £ 11,561 129,454 195,367 336,382 |
|---|---|---|---|---|
3. Net income/(expenditure) for the year This is stated after charging:
| Depreciation Independent Examiner’s fee Operating lease costs: Equipment 4. Staff costs and emoluments (Group) Total staff costs were as follows: Wages and salaries Social security costs Other pension costs |
2022 £ 944 4,450 1,990 2022 £ 189,712 13,062 7,079 209,853 |
2021 £ 2,900 4,185 4,035 |
|---|---|---|
| 2021 £ 154,273 9,566 6,017 |
||
| 169,856 |
Page 17
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
Particulars of employees
The average number of employees during the year, calculated on the basis of average head count, was as follows:
| as as follows: | ||
|---|---|---|
| Full time staff Part time staff |
Number 2022 3 7 10 |
Number 2021 2 8 |
| 10 |
In addition, an average of 2 (2021: 4) people were employed during the year, on a temporary basis, to hang exhibitions and to cover staff holidays.
The following staff received taxable emoluments (excluding pension contributtions) of over £60,000 in the year.
| he year. | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Between £60,000 | and £69,999 | 1 | - |
The charity considers its key management personnel to comprise the trustees, and the Gallery Director. The total employment benefits (including pension contributions) of the key management personnel were £70,725 (2021: £61,895) including employer pension contributions.
Page 18
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
5. Tangible fixed assets
Group and charitable company
| Gallery refurbishments £ Cost At 1 January 2022 72,390 Additions - At 31 December 2022 72,390 Depreciation At 1 January 2022 72,390 Charge for the year - At 31 December 2022 72,390 Net book value At 31 December 2022 - At 31 December 2021 - |
Extension Other improvements, fixtures & equipment £ £ 12,000 106,241 - 5,010 12,000 111,251 9,390 100,147 250 1,086 9,640 101,233 2,360 10,018 2,610 6,094 |
Total £ 190,631 5,010 |
|---|---|---|
| 195,641 | ||
| 181,927 1,336 |
||
| 183,263 | ||
| 12,378 | ||
| 8,704 |
Page 19
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
6. Investments
| Group | Charitable | company | |||
|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Subsidiary undertaking at cost | - | - | 2 | 2 |
The company owns 100% of the share capital of its trading subsidiary, Bankside Gallery (Trading) Limited, which is incorporated in England and Wales. Bankside Gallery (Trading) Limited carries out all trading operations of the charitable parent company. In that capacity it operates a bookshop at Bankside Gallery, charges fees for exhibition and corporate hire of the Gallery, and takes a commission on paintings and prints sold on behalf of artists exhibiting at the Gallery. Bankside Gallery (Trading) Limited donates all of its taxable profits to Bankside Gallery Limited under Gift Aid. Financial statements are filed with the Registrar of Companies.
A summary of the profit and loss account for Bankside Gallery (Trading) Limited for the year ended 31 December 2022 can be found below:
7.
| Trading income Other income Expenditure Taxation Profit Donation to Bankside Gallery Limited under Gift Aid tocks Group 2022 2021 £ £ Bookshop – goods for resale 12,084 12,080 |
2022 2021 £ £ 310,720 150,379 104 20 (189,798) (129,455) - - 121,026 20,944 (121,026) (20,944) - - Charitable company 2022 2021 £ £ - - |
2021 £ 150,379 20 (129,455) - |
|---|---|---|
| 20,944 (20,944) |
||
| - |
Stocks
Page 20
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
8. Debtors
| Group 2022 2021 £ £ Trade Debtors 8,598 2,302 Amount due from subsidiary Company - - VAT debtor - 3,237 Prepayment and accrued income 3,099 2,930 11,697 8,469 9. Creditors Amounts falling due within one year Group 2022 2021 £ £ Trade creditors 16,545 40,203 Amount due to Royal Society of Painter-Printmakers - - Amount due to Royal Watercolour Society - - VAT creditor 8,506 - Other creditors, accrual and deferred income 62,274 48,599 87,325 88,802 |
Charitable company 2022 2021 £ £ 2,036 - 32,976 39,009 2,402 3,237 3,049 2,830 40,463 45,076 Charitable company 2022 2021 £ £ 1,329 12,739 - - - - - - 30,122 15,840 31,451 28,579 |
Charitable company 2022 2021 £ £ 2,036 - 32,976 39,009 2,402 3,237 3,049 2,830 40,463 45,076 Charitable company 2022 2021 £ £ 1,329 12,739 - - - - - - 30,122 15,840 31,451 28,579 |
|---|---|---|
| 28,579 |
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
10. Commitments under operating leases
At 31 December 2022 the company and group had commitments under non-cancellable operating leases as set out below.
| perating leases as set out below. | ||
|---|---|---|
| Operating lease payments falling due: Within 1 year Within 2 to 5 years |
Assets other than land and buildings 2022 2021 £ £ 2,388 1,327 2,687 - 5,075 1,327 |
|
| 1,327 |
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
11. Funds
| Restricted Funds Digital Fund Unrestricted Funds Insurance Claim Fund Legacies Fund Window fund Lease fund General Fund Total Unrestricted Funds Total Funds Restricted Funds Digital Fund Unrestricted Funds Insurance Claim Fund Legacies Fund Window fund General Fund Total Unrestricted Funds Total Funds |
Balance at 1-Jan-2022 2,637 10,000 13,544 6,026 168,101 197,671 200,308 Balance at 1-Jan-2021 - 10,000 15,294 6,418 147,326 179,038 179,038 |
Incoming resources - - - 422,628 422,628 422,628 Incoming resources 5,000 - - - 352,653 352,653 357,653 |
Outgoing resources (2,624) - - (392) (411,205) (411,597) (408,973) Outgoing resources (2,363) - (1,750) (392) (331,878) (334,020) (336,383) |
Transfers (13) 35,000 (34,987) - - Balance at 31-Dec-2021 2,637 10,000 19,570 6,026 168,101 |
Balance at 31-Dec- 2022 - 10,000 13,544 5,634 35,000 144,537 |
|---|---|---|---|---|---|
| 208,715 | |||||
| 208,715 | |||||
| 197,671 | |||||
| 200,308 |
The Insurance Claim Fund was established with the proceeds of an insurance claim for flood damage at the Gallery, with a balance held sufficient to cover the insurance excess payable in respect of any two future claims.
The Legacies Fund may be used at the discretion of the Trustees and is set aside as a contingency fund for future initiatives.
The window fund represents the net book value of improvements to the windows carried out in 2017.
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
The lease fund represents the expected increase in lease payments that will be needed in the next 5 years.
The restricted Digital Fund relates to income received for the purpose of modifying the website, newsletter software and other digital projects.
Transfers are made when a project has been completed and the funder has given permission for remaining balances to be spent on general purposes. They are also used to reflect designations made by the trustees.
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
12. Analysis of net assets between funds 2022
| Tangible Investments Net current Company Fixed Assets assets £ £ £ Restricted Income Funds: Digital Fund - - - Unrestricted Income Funds: Designated Funds 5,634 - 58,544 General Fund 6,744 2 137,791 Total Unrestricted Income Funds: 12,378 2 196,335 Total Funds 12,378 2 196,335 Tangible Net current Group Fixed Assets assets £ Restricted Income Fund: Digital Fund - - Unrestricted Income Funds: Designated Funds 5,634 58,544 General Fund 6,744 137,793 Total Unrestricted Income Funds: 12,378 196,337 Total Funds 12,378 196,337 |
Non current liabilities £ - - - - - Non current liabilities £ - - - - - |
Total 2022 £ - 64,178 144,537 208,715 208,715 Total 2022 £ - 64,178 144,537 |
|---|---|---|
| 208,715 | ||
| 208,715 |
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
Analysis of net assets between funds 2021
| Tangible Company Fixed Assets £ Restricted Income Funds: Digital Fund - Unrestricted Income Funds: Designated Funds 6,026 General Fund 2,678 Total Funds 8,704 Group Restricted Income Funds: Digital Fund Unrestricted Income Funds: Designated Funds General Fund Total Funds |
Investments Net current assets £ £ - 2,637 - 23,544 2 165,421 2 191,602 Tangible Net current Fixed Assets assets £ - 2,637 6,026 23,544 2,678 165,423 8,704 191,604 |
Non current liabilities £ - - - - Non current liabilities £ - - - - |
Total 2021 £ 2,637 29,570 168,101 200,308 Total 2021 £ 2,637 29,570 168,101 200,308 |
|---|---|---|---|
13. Contingencies
In the opinion of the Trustees there were no contingent liabilities at 31 December 2022 (2021:nil).
14. Related party transactions
The Trustees consider that there is no ultimate controlling party of the charitable company.
As described in the Trustees’ Annual Report earlier in these financial statements, the charity has a close working relationship with the Royal Watercolour Society and the Royal Society of PainterPrintmakers, and manages Bankside Gallery on their behalf. In order to carry out this function, the charity is afforded full occupation and use of the Gallery and office premises at 48 Hopton Street, London, in return for granting an indemnity to the Royal Watercolour Society in respect of all
Page 26
Notes to the financial statements (continued) For the year ended 31 December 2022
Bankside Gallery Limited
outgoings and covenants under the Lease held by the Society from the Corporation of London Borough of Southwark.
The annual benefit of the use of the donated facilities was valued in 2005, by Drivers Jonas (Chartered Surveyors), at the figure shown immediately below; the Board considers that it would be uneconomic to commission a more recent valuation, and that the value of the benefit has not materially changed during 2022.
| aterially changed during 2022. | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Gallery space and office accommodation | 38,770 | 38,770 |
This donation is fully reflected in the Statement of Financial Activities.
Annual donations are made to Bankside Gallery Limited by the Royal Watercolour Society and The Royal Society of Painter-Printmakers to cover a proportion of the running costs of the Gallery, in recognition of the company's role in helping the two societies to achieve their charitable aims. Donations may also be made if the Societies decide to promote any exhibitions beyond their regular annual programme.
A summary of these donations during the year follows:
| Royal | Royal | |
|---|---|---|
| Watercolour | Society of | |
| Society | Painter-Print | |
| makers | ||
| £ | £ | |
| Donations towards running costs of Bankside Gallery | 23,850 | 23,850 |
This income has been included in the financial statements under incoming resources, and the outstanding balances with related parties at the year end are disclosed in note 9 above.
Furthermore, Bankside Gallery Limited benefits from an indemnity in the joint names of the Royal Watercolour Society and The Royal Society of Painter-Printmakers whereby, for periods of 2 years at a time, both societies agree to provide such support and assistance as may be agreed with the company and, additionally, the Royal Watercolour Society agrees to make good any shortfall up to a maximum of the sum identified in the Company's budgets over the same period. For the year ended 31 December 2022, no call on the indemnity was required.
During the year Bankside Gallery undertook transactions with its subsidiary, Bankside Gallery (Trading) Limited. Total costs of £129,859 (2021: £98,726) were recharged to the trading subsidiary in relation to staff, property and administrative costs. At the year end the subsidiary owed £32,976 (2021: £39,009) to the charity.
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
15. Company limited by guarantee
The Bankside Gallery Limited is a charitable company limited by guarantee and does not have share capital.
Every member of the company undertakes to contribute to the assets of the company in the event of the same being wound up while he is a member, or within one year after he ceases to be a member, for payment of debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £1.
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Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2022
16. Statement of financial activities comparative information
| Income from: Donations and legacies Grants and donations received Donated facilities Government grants CJRS income Other trading activities Commercial trading operations Investment income Interest received Charitable activities Operation of art gallery Total income Expenditure on Fundraising and marketing costs Commercial trading operations Charitable activities Operation of art gallery Total expenditure Net income/(expenditure) and net movement in funds Transfers between funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 127,453 38,770 31,895 150,379 581 349,078 3,575 352,653 11,561 129,454 141,015 193,005 334,020 18,633 18,633 - 179,038 197,671 |
Restricted Funds £ 5,000 - - - - 5,000 - 5,000 - - - 2,363 2,363 2,637 2,637 - - 2,637 |
Total Funds 2021 £ 132,453 38,770 31,895 150,379 581 |
|---|---|---|---|
| 354,078 | |||
| 3,575 | |||
| 357,653 | |||
| 11,561 129,454 |
|||
| 141,015 | |||
| 195,368 | |||
| 336,383 | |||
| 21,270 | |||
| 21,270 - 179,038 |
|||
| 200,308 |
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