Company registration number 01922826 Charity registration number 293194
Bankside Gallery Limited Company Limited By Guarantee
consolidated financial statements 31 December 2024
Bankside Gallery Limited Company Limited By Guarantee
Contents
| Page | ||
|---|---|---|
| Reference and administrative details | 1 | |
| 2 | ||
| annual report | 3 - 8 | |
| 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 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 For the year ended 31 December 2024
Bankside Gallery was established as a charity over 40 years ago when Her Majesty Queen Elizabeth II graciously opened the Gallery on 11 November 1980. This was when The Royal Watercolour Society (RWS) and Royal Society of Painter-Printmakers (RE) moved from the West End into their new home on the Thames Path. Bankside Gallery was at the forefront of the creation of a new cultural quarter, joined first by the Globe Theatre in 1997 and subsequently by Tate Modern in 2000 as well as many other brilliant cultural organisations since.
We are delighted and proud to continue to be the home of the two Royal Societies. The Gallery has played a central role in exhibiting and promoting works on paper, and in organising exciting exhibitions which help to promote the very best in contemporary water-based media and original prints, championing the work of both new and established artists. The Gallery not only provides a forum where the members of both Societies are able to display and sell their work to a public keen to buy affordable contemporary art, but also provides a welcoming exhibition space for other selected artists and societies to show their work during the year.
We are delighted to have built on the post covid recovery of 2022/3 with increased turnover. This has taken place against the backdrop of the continuing cost of living crisis and high inflation with the resultant impact on our cost base. We have hosted very successful exhibitions for both Societies from the perspective of visitor footfall and resulting sales. Of particular note is the increase in sales to first time buyers demonstrating that we are extending our reach to a new market.
Outside of the Society exhibitions, the private hire of the gallery by artists has been buoyant including a third exhibition by Sir Quentin Blake.
The success of the gallery rests on the invaluable support of the Board of Trustees, the two Societies and the Gallery Director with her supportive and dedicated staff.
Victor Rae-Reeves
Page 2
Bankside Gallery Limited Company Limited By Guarantee
For the year ended 31 December 2024
The trustees present their report on the accounts of the company for the year ended 31 December 2024, which are set out on pages 11 to 29. The financial statements have been prepared in accordance 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:
Mychael Barratt David Ferry Martin Jacobs Peter Knowland Jess Morley Victor Rae-Reeves (Chairman) Celeste Ricci Charles Williams Mark Jones (appointed 12 December 2024)
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 For the year ended 31 December 2024
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 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 September 2024. 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 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
Page 4
Bankside Gallery Limited Company Limited By Guarantee For the year ended 31 December 2024
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 £255,213 (2023: £223,666), of which £175,819 (2023: £159,880) 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;
-
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;
Page 5
Bankside Gallery Limited Company Limited By Guarantee For the year ended 31 December 2024
-
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.
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.
In 2024 we:
-
Played host to three individual Society exhibitions, two joint Society exhibitions, and nine external hires.
-
Ran an Open Watercolour Competition ( RWS Open ) and an International Open Print competition (IOPE) and the second iteration of the RE competition Small but Mighty .
-
Promoted a display of artworks resulting from a Southwark Community outreach project with local schools, and senior citizens.
-
Set up an online shop on Instagram to enable sales from promoted artworks
-
Continued to improve the reach and resonance of our social media presence.
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.
There was an increase in the General Fund during the year of £15,939 (2023 increase: £15,343).
Page 6
Bankside Gallery Limited Company Limited By Guarantee For the year ended 31 December 2024
Including all funds, net funds increased during the year by £31,547 (2023 increase: £14,951) and, at 31 December 2024, the Company had total charitable funds of £255,213 comprising, as shown in Note 11, the Unrestricted General Fund of £175,819 and Unrestricted Designated Funds of £79,394.
Total income amounted to £447,752 (2023: £439,006), including income from the subsidiary's commercial trading operations of £368,809 (2023: £341,749). The cost of raising funds in the year was £222,736 (2023: £214,718) and the cost of charitable activities was £193,469 (2023: £209,337).
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
In 2025 we plan to:
-
present three individual Society exhibitions, two seasonal joint Society exhibitions, two joint Society Marlow Selects
-
host six external hire exhibitions, including a month long showing of the work of Sir Quentin Blake, his fourth exhibit at the gallery.
-
promote and organise the RWS Open watercolour competition, and the two RE competitions: International Open Print Competition (IOPE), and Small but Mighty
-
improve the offer on our online shop, gradually looking to make all unframed Society works in the gallery available to purchase online
-
upgrade our website to improve the browsing experience and encourage engagement with our educational activities
-
develop a new, more intuitive, submission system to encourage applications to our Society competitions, which are open to all
-
continue to amplify our social media presence by focusing on Instagram, and our e-newsletter, whist also building a profile on Bluesky and LinkedIn.
-
Refresh the gallery space with a professional repaint
responsibilities statement
The trustees (who are also directors of Bankside Gallery Limited for the purposes of company law) are 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;
Page 7
Bankside Gallery Limited Company Limited By Guarantee Trustees’ annual report (continued) For the year ended 31 December 2024
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
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006.
This report was approved by the Trustees on 2025 and signed on their behalf by:
[Vier22FOBFE7794446F...DocuSigned Kar—Keruesby: Victor Rae-Reeves Chairman
Page 8
Bankside Gallery Limited Company Limited By Guarantee For the year ended 31 December 2024
I report to the charity trustees on my examination of the consolidated accounts of the Group harity for the year ended 31 December 2024.
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 C
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 out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
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 conseque
and the report is limited to those matters set out in the statement below.
Since the Charity
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 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 For the year ended 31 December 2024
- 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 3 September 2025 2025 Saffery LLP 71 Queen Victoria Street Chartered Accountants 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 2024
| Note Income from donations and legacies Grants and donations received Donated facilities 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 2 Net income/(expenditure) Transfers between funds 11 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 51,268 - 368,809 3,762 423,839 23,913 447,752 15,501 207,235 222,736 193,469 416,205 31,547 - 31,547 223,666 255,213 |
Restricted funds £ - - - - - - - - - - - - - - - - - |
Total funds 2024 £ 51,268 - - 368,809 - 3,762 423,839 23,913 447,752 15,501 207,235 222,736 193,469 416,205 31,547 - 31,547 223,666 255,213 |
Total funds 2023 £ 44,975 29,077 341,749 1,332 |
|---|---|---|---|---|
| 417,133 | ||||
| 21,873 | ||||
| 439,006 | ||||
| 13,813 200,905 |
||||
| 214,718 | ||||
| 209,337 | ||||
| 424,055 | ||||
| 14,951 - |
||||
| 14,951 | ||||
| 208,715 | ||||
| 223,666 |
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 2024
| Group | Charitable Company | Charitable Company | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 5 | 8,590 | 10,484 | 8,590 | 10,484 | |
| Investments | 6 | - | - | 2 | 2 | |
| 8,590 | 10,484 | 8,592 | 10,486 | |||
| Current assets | ||||||
| Stocks | 7 | 12,098 | 12,188 | - | - | |
| Debtors | 8 | 10,471 | 4,750 | 62,347 | 26,873 | |
| Cash at bank | 314,770 | 301,781 | 229,322 | 218,288 | ||
| 337,339 | 318,719 | 291,669 | 245,161 | |||
| Creditors: amounts falling | ||||||
| due within one year | 9 | (90,716) | (105,537) | (45,048) | (31,981) | |
| Net current assets | 246,623 | 213,182 | 246,621 | 213,180 | ||
| Creditors: amounts falling | ||||||
| due over one year | - | - | ||||
| Total assets less current | ||||||
| liabilities | 255,213 | 223,666 | 255,213 | 223,666 | ||
| Net assets | 255,213 | 223,666 | 255,213 | 223,666 | ||
| Funds | ||||||
| Restricted income funds | - | - | - | - | ||
| Unrestricted income funds | 11 | 255,213 | 223,666 | 255,213 | 223,666 | |
| Total funds | 255,213 | 223,666 | 255,213 | 223,666 |
For the year ended 31 December 2024 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 £31,547 (2023: £14,951 surplus).
These financial statements were approved by the Trustees and authorised for issue on the and are signed on their behalf by:
[ Vidor Kar—Kerwes Victor Rae Reeves 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 2024
1. Accounting policies
1.1 Basis of accounting
The financial statements have been prepared in accordance with accounting and reporting by Charities 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 2024
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 2024
1.10 Financial instruments
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 2024
| 2. Expenditure Direct costs £ Fundraising and marketing 15,501 Commercial trading operations 42,149 Operation of art gallery 476 Total 58,126 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 £ - 108,078 131,484 239,562 |
Support costs £ - 57,008 61,509 118,517 |
Total 2024 £ 15,501 207,235 193,469 416,205 - - 40,743 60,347 9,593 1,894 5,940 118,517 5,445 495 5,940 |
Total 2023 £ 13,813 200,905 209,337 |
|---|---|---|---|---|
| 424,055 | ||||
| 30,658 | ||||
| 30,658 | ||||
| 36,972 53,181 12,157 1,894 6,574 |
||||
| 110,778 | ||||
| 5,920 654 |
||||
| 6,574 |
Of the total costs of operating the art gallery of £193,469, £392 is from designated funds.
Page 16
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
| 2. Expenditure (continued) 2023 Expenditure Direct costs £ Fundraising and marketing 13,813 Commercial trading operations 47,358 Operation of art gallery 30,658 Total 91,829 3. Net income/(expenditure) for the year This is stated after charging: Depreciation 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 |
Staff costs £ - 100,057 121,391 221,448 |
Support costs £ - 53,490 57,288 110,778 |
Total 2023 £ 13,813 200,905 209,337 424,055 2024 £ 1,894 5,445 2,040 2024 £ 216,060 16,438 7,064 239,562 |
2023 £ 1,894 5,920 1,990 |
|---|---|---|---|---|
| 2023 £ 198,663 15,164 7,621 |
||||
| 221,448 |
Page 17
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
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 2024 3 6 9 |
Number 2023 3 7 |
| 10 |
In addition, an average of 2 (2023: 2) 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 contributions) of over £60,000 in the year.
| 2024 | 2023 | ||
|---|---|---|---|
| Between £60,000 | and £69,999 | - | 1 |
| Between £70,000 | and £79,999 | 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 £79,167 (2023: £71,411) including employer pension contributions.
Page 18
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
5. Tangible fixed assets
Group and charitable company
| Gallery refurbishments £ Cost At 1 January 2024 72,390 Additions - At 31 December 2024 72,390 Depreciation At 1 January 2024 72,390 Charge for the year - At 31 December 2024 72,390 Net book value At 31 December 2024 - At 31 December 2023 - |
Extension Other improvements, fixtures & equipment £ £ 12,000 111,251 - - 12,000 111,251 9,890 102,877 250 1,644 10,140 104,521 1,860 6,730 2,110 8,374 |
Total £ 195,641 - |
|---|---|---|
| 195,641 | ||
| 185,157 1,894 |
||
| 187,051 | ||
| 8,590 | ||
| 10,484 |
Page 19
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
6. Investments
| Group | Charitable | company | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Subsidiary undertaking at | - | - | 2 | 2 | |
| cost |
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 2024 can be found below:
| Trading income Other income Expenditure Profit Donation to Bankside Gallery Limited under Gift Aid |
2024 £ 368,809 1,252 (207,235) 162,826 (162,826) - |
2023 £ 341,749 769 (200,905) |
|---|---|---|
| 141,613 (141,613) |
||
| - |
7.
Stocks
| Group | Charitable | company | ||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||
| £ | £ | £ | £ | |||||
| Bookshop | goods | for | resale | 12,098 | 12,188 | - | - |
Page 20
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
8. Debtors
| Group 2024 2023 £ £ Trade Debtors - 2,184 Amount due from subsidiary company - - Amount due from Royal Society of Painter-Printmakers 5,590 - Amount due from Royal Watercolour Society 1,197 80 VAT debtor - - Prepayments and accrued income 3,684 2,486 10,471 4,750 9. Creditors Amounts falling due within one year Group 2024 2023 £ £ Trade creditors 17,560 37,195 Amount due to Royal Society of Painter-Printmakers - 339 VAT creditor 10,399 12,130 Other creditors, accrual and deferred income 62,757 55,873 90,716 105,537 |
Charitable company 2024 2023 £ £ - - 48,563 23,044 5,590 - 1,197 80 3,615 1,313 3,382 2,436 62,347 26,873 Charitable company 2024 2023 £ £ 13,998 2,043 - 339 - - 31,050 29,599 45,048 31,981 |
Charitable company 2024 2023 £ £ - - 48,563 23,044 5,590 - 1,197 80 3,615 1,313 3,382 2,436 62,347 26,873 Charitable company 2024 2023 £ £ 13,998 2,043 - 339 - - 31,050 29,599 45,048 31,981 |
|---|---|---|
| 31,981 |
Page 21
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
10. Commitments under operating leases
At 31 December 2024 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 2024 2023 £ £ 1,045 1,990 - 1,095 1,045 3,085 |
|
| 3,085 |
Page 22
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
| 11. Funds Balance at Incoming Outgoing Transfers 1-Jan- 2024 resources resources Restricted Funds Digital Fund - - - - Unrestricted Funds McLaren Bequest Fund - - - - Insurance Claim Fund 10,000 - - - Legacies Fund 13,544 - - - Window Fund 5,242 - (392) - Website development Fund - - - 16,000 Lease Fund 35,000 - - - General Fund 159,880 447,752 (415,813) (16,000) Total Unrestricted Funds 223,666 447,752 (416,205) - Total Funds 223,666 447,752 (416,205) - Balance at Incoming Outgoing Transfers 1-Jan- 2023 resources resources Restricted Funds Digital Fund - - - - Unrestricted Funds Insurance Claim Fund 10,000 - - - Legacies Fund 13,544 - - - Window fund 5,634 - (392) - Lease Fund 35,000 - - - General Fund 144,537 439,006 (423,663) - Total Unrestricted Funds 208,715 439,006 (424,055) - Total Funds 208,715 439,006 (424,055) - |
11. Funds Balance at Incoming Outgoing Transfers 1-Jan- 2024 resources resources Restricted Funds Digital Fund - - - - Unrestricted Funds McLaren Bequest Fund - - - - Insurance Claim Fund 10,000 - - - Legacies Fund 13,544 - - - Window Fund 5,242 - (392) - Website development Fund - - - 16,000 Lease Fund 35,000 - - - General Fund 159,880 447,752 (415,813) (16,000) Total Unrestricted Funds 223,666 447,752 (416,205) - Total Funds 223,666 447,752 (416,205) - Balance at Incoming Outgoing Transfers 1-Jan- 2023 resources resources Restricted Funds Digital Fund - - - - Unrestricted Funds Insurance Claim Fund 10,000 - - - Legacies Fund 13,544 - - - Window fund 5,634 - (392) - Lease Fund 35,000 - - - General Fund 144,537 439,006 (423,663) - Total Unrestricted Funds 208,715 439,006 (424,055) - Total Funds 208,715 439,006 (424,055) - |
Balance at 31-Dec- 2024 - 10,000 13,544 4,850 16,000 35,000 175,819 255,213 255,213 Balance at 31-Dec- 2023 - 10,000 13,544 5,242 35,000 159,880 |
|
|---|---|---|---|
| - | 223,666 | ||
| - | 223,666 |
Page 23
Notes to the financial statements (continued) For the year ended 31 December 2024
Bankside Gallery Limited
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.
The lease fund represents 5 years of expected additional payments required due to the renegotiation with the RWS, RE and Corporation of London. This is expected to be reviewed annually.
The restricted Digital Fund relates to income received for the purpose of modifying the website, newsletter software and other digital projects.
The website development Fund relates to surplus commission received from an exhibition
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.
Page 24
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
12. Analysis of net assets between funds 2024
| Company Tangible fixed assets £ Restricted Income Funds: Digital Fund - Unrestricted Income Funds: Designated Funds 4,850 General Fund 3,740 Total Unrestricted Income Funds: 8,590 Total Funds 8,590 Group Tangible fixed assets £ Restricted Income Funds - Unrestricted Income Funds: Designated Funds 4,850 General Fund 3,740 Total Unrestricted Income Funds: 8,590 Total Funds 8,590 |
Investments £ - - 2 2 2 Net current assets £ - 74,544 172,079 246,623 246,623 |
Net current assets £ - 74,544 172,077 246,621 246,621 |
Total 2024 £ - 79,394 175,819 255,213 255,213 |
|---|---|---|---|
| Total 2024 £ - 79,394 175,819 255,213 255,213 |
Page 25
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
Analysis of net assets between funds 2023
| Tangible Company Fixed Assets £ Restricted Income Funds: Digital Fund - Unrestricted Income Funds: Designated Funds 5,242 General Fund 5,242 Total Funds 10,484 Group Restricted Income Funds: Digital Fund Unrestricted Income Funds: Designated Funds General Fund Total Funds |
Investments Net current Non current assets liabilities £ £ £ - - - - 58,544 - 2 154,636 - 2 213,180 - Tangible Net current Non current Fixed Assets assets liabilities £ £ - - - 5,242 58,544 - 5,242 154,638 - 10,484 213,182 - |
Total 2023 £ - 63,786 159,880 223,666 Total 2023 £ - 63,786 159,880 223,666 |
|---|---|---|
13. Contingencies
In the opinion of the Trustees there were no contingent liabilities at 31 December 2024 (2023: nil).
14. Related party transactions
The Trustees consider that there is no ultimate controlling party of the charitable company.
has a close working relationship with the Royal Watercolour Society and the Royal Society of Painter-Printmakers, 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
Page 26
Notes to the financial statements (continued) For the year ended 31 December 2024
Bankside Gallery Limited
Society in respect of all 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.
| as not materially changed. | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 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 | 23,258 | 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 8 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 2024, no call on the indemnity was required.
During the year Bankside Gallery undertook transactions with its subsidiary, Bankside Gallery (Trading) Limited. Total costs of £149,824 (2023: £137,128) were recharged to the trading subsidiary in relation to staff, property and administrative costs. At the year end the subsidiary owed £48,563 (2023: £23,044) to the charity.
Page 27
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
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.
Page 28
Bankside Gallery Limited
Notes to the financial statements (continued) For the year ended 31 December 2024
16. Statement of financial activities comparative information
| Unrestricted Restricted Funds Funds £ £ Income from: Donations and legacies Grants and donations received 44,975 - Donated facilities 29,077 - Other trading activities Commercial trading operations 341,749 - Investment income Interest received 1,332 - 417,133 - Charitable activities Operation of art gallery 21,873 - Total income 439,006 - Expenditure on Fundraising and marketing costs 13,813 - Commercial trading operations 200,905 - 214,718 - Charitable activities Operation of art gallery 209,337 - Total expenditure 424,055 - Net income/(expenditure) 14,951 - Transfer between funds - - Net movement in funds 14,951 - Reconciliation of funds Total funds brought forward 208,715 - Total funds carried forward 223,666 - |
Total Funds 2023 £ 44,975 29,077 341,749 1,332 |
|---|---|
| 417,133 | |
| 21,873 | |
| 439,006 | |
| 13,813 200,905 |
|
| 214,718 | |
| 209,337 | |
| 424,055 | |
| 14,951 - |
|
| 14,951 | |
| 208,715 | |
| 223,666 |
Page 29