SOUTH LONDON FINE ART GALLERY AND LIBRARY TRUSTEE’S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 










REGISTERED CHARITY NUMBER: 312160 



South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

## CONTENTS 

|Reference and administrative information|3|
|---|---|
|Trustee’s annual report|4|
|Independent auditor’s report|24|
|Statement of financial activities (incorporating income and expenditure account)|29|
|Balance sheet|30|
|Statement of cash flows|31|
|Notes to the financial statements|32|



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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

## REFERENCE AND ADMINISTRATIVE INFORMATION 

Status The organisation registered as a charity on 9 May 1966. 

Governing document The charity is constituted under a trust deed dated 3 March 1894 and as varied by schemes dated 20 July 1897, 28 September 1906 and 2 July 1912. Charity number 312160 Registered office and 65 Peckham Road, London, SE5 8UH operational address 

The Trustee The Trustee is the SLG Trustee Ltd, which has a board of directors. The directors who served on the board of The SLG Trustee Ltd during the year and up to the date of this report were as follows: 

Matthew Slotover (Chair) Cllr Radha Burgess (resigned 1 July 2021) Bilge Ogut-Cumbuysan Joy Gregory Stephen Kirk (Treasurer) Maria Linforth Hall Novuyo Moyo Cllr Graham Neale (appointed 15 June 2021) Cllr Jason Ochere (appointed 15 June 2021) Sandhini Poddar Adam Prideaux Serge Ramin (appointed 21 June 2021) Miranda Sawyer Myriam Semere (appointed 14 September 2020) Cllr Cleo Soanes Abbas Zahedi (appointed 21 June 2021) 

The directors on the board of The SLG Trustee Ltd have no beneficial interest in the charity other than as disclosed in note 7. 

Principal staff Margot Heller, Director Cathy Hirschmann, Deputy Director (until September 2021) Isabelle Hancock, Deputy Director (from October 2021) Sarah Coffils, Head of Education (maternity leave to November 2020) Georgina Davey, Head of Development (until August 2020) Rachael Harlow, Co-acting Head of Programme & Projects Curator (from February 2021) Anna Jones, Head of Communications Simon Parris, Head of Programme (until February 2021) Bruce Phillips, Co-acting Head of Programme & Projects Curator (from February 2021) Carey Robinson, Head of Education 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

Bankers HSBC Bank Plc 47 Rye Lane Peckham, London, SE15 5ET Solicitors Bates, Wells & Braithwaite Cheapside House, 138 Cheapside, London, EC2V 6BB Auditors Sayer Vincent LLP, Chartered Accountants and Statutory Auditors Invicta House, 108-114 Golden Lane, London, EC1Y 0TL 

The Trustee presents its report and the audited financial statements for the year ended 31 March 2021. 

Reference and administrative information set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. 

## OBJECTIVES AND ACTIVITIES 

## Purpose and aims 

Since its foundations in the late nineteenth century as a free public gallery and library, the South London Gallery (SLG) has maintained a vision for bringing “art to the people of south London”, albeit with an additional national and international remit in the past 25 years. Since 1993, the gallery has placed an emphasis on promoting the production and understanding of contemporary visual art to diverse audience groups through an interlinked programme of exhibitions, live art events, film screenings, artist residencies, off-site projects, education and outreach activities. The SLG has a national and international reputation for excellence and innovation, as well as for playing an important role in the regeneration of Camberwell and Peckham, an area of south-east London with a culturally diverse population, relatively high levels of social and economic exclusion, and a vibrant arts scene. The gallery is next door to Camberwell College of Arts and numerous artists' studios further add to the creative energy in the area. 

Through its artistic programme, the SLG aims to present new work by British and international artists, often by those who have rarely or never had a solo show in a London institution. Each year solo and group exhibitions profile established international figures such as Ann Veronica Janssens, Danh Vo, Katharina Grosse, Sarah Lucas, Lubaina Himid, Lawrence Weiner and Haegue Yang; as well as younger and mid-career artists such as Sophie Cundale, Magali Reus, Michael Armitage and Oscar Murillo. Group shows bring together works by established and lesser-known British and international artists, for example Under the Same Sun: Art from Latin America Today, The Place is Here, KNOCK KNOCK: Humour in Contemporary Art and our four year partnership with Bloomberg New Contemporaries which showcases a selection of emerging artists across the SLG’s Main Gallery and Fire Station sites. The gallery’s live art, talks and film programme has a strong following and has featured presentations by Adam Linder, Maria Fusco, Ms Carrie Stacks, Nkisi, Okkyung Lee and Beatrice Dillon, among many others. Every week there is a free tour of the current shows whilst screenings, performances and talks by and about some of the most interesting local, national and international artists, curators and thinkers are presented in the gallery’s purpose-built Clore Studio. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

The SLG works with thousands of school pupils, young people, local residents, children and community groups annually through innovative and award-winning education and outreach programmes. These range from weekly activities for looked after children, regular workshops with schools and the young people’s forum Art Assassins, taking place in education spaces the Clore Studio and Fire Station Attic, to the off-site creative play activities for children who live on local estates. The gallery’s work with residents on the neighbouring Sceaux Gardens housing estate and three other local housing estates has shown impressive results in terms of social cohesion and community-building, as well as nurturing an interest in contemporary art among participants. 

The organisation is a registered charity and receives public funding from Arts Council England and Southwark Council. The gallery needs to raise more than half of its annual income from other sources to realise its ambitious programme of exhibitions and events. This includes grants from trusts and foundations; corporate sponsorship; commercial income from private hire, artists’ editions, bookshop and café; fundraising events and auctions; as well as the support of individuals who include exhibition donors and sponsors, the SLG Council, benefactors, patrons and members. Artists also play a crucial role in fundraising for the SLG by donating works to auctions and making limited editions to sell in the shop. 

## THE SLG’S GUIDING PRINCIPLES AND AIMS 

The SLG’s successes over the past decade reflect our reputation for excellence and risk-taking in contemporary visual arts programming, combined with a fundamental commitment to long-term education and outreach projects focusing on our immediate community and neighbours. The guiding principles which have enabled and informed the SLG's successes to date have included a commitment to: 

- presenting work of the highest possible quality across all programmes; 

- enabling the production of new work; 

- facilitating experimentation and risk-taking; 

- involving artists in the life and work of the gallery; 

- involving audiences and local communities as collaborators as well as participants in our programmes; 

- reflecting the cultural diversity of London’s communities in all areas of its work and organisation, including staffing, programming, governance, access and audience development; 

- building diverse and dedicated audiences for contemporary visual arts by providing distinctive and engaging opportunities for participation and involvement both in person and digitally; 

- communicating clearly in an informative and inviting manner to increase the reach of the gallery’s programmes; 

- valuing all stakeholders (artists, visitors, funders, partners etc) and treating them in a helpful, informed and responsive manner; 

- forging partnerships, locally, nationally and internationally, to facilitate the realisation of ambitious projects, and to maximise their potential benefits; 

- meeting the objectives of key funders, including Arts Council England and Southwark Council, to ensure their continued support; 

- being the best employer that we can be, including providing training and development opportunities for all staff, providing new traineeships which support people into careers in galleries and museums and being a London Living Wage employer; 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

- maintaining the building, including listed buildings and their rich heritage, signage and facilities to a high standard to ensure the best possible experience for visitors with the least impact on the environment; 

- and running the organisation efficiently to maximise value for money and outputs in relation to resources. 

The South London Gallery’s Aims are: 

- to provide inspiring, supportive and inclusive contexts for the presentation and creation of contemporary art; 

- to provide creative participatory opportunities for people which make a positive difference to their lives; 

- to be a safe, welcoming and inspiring space and resource for visitors; 

- to attract diverse visitors - locally, nationally, internationally and online - and make a positive difference in their lives; 

- to preserve our heritage assets (listed buildings and the SLG Archive) and provide interpretation which deepens people’s learning and enjoyment; 

- to forge partnerships locally, nationally and internationally to maximise potential benefits and to facilitate the realisation of ambitious projects; 

- to have a significant positive economic impact on the local area; 

- to have an integrated sustainable and environmental plan; 

- to raise funds across a range of sources to ensure the long-term viability of the organisation; 

- and to be an inclusive and anti-racist organisation with our diversity and inclusion aims and objectives actively present in every area of our activity. 

The SLG’s Director, Management Team, staff and Board of Trustees regularly review these principles and aims and use them as a checklist against which to monitor the organisation’s progress and control the quality and integrity of its activities. 

## ACHIEVEMENTS AND PERFORMANCE IN 2020-21 

The charity’s main activities and beneficiaries are described below. All its charitable activities are undertaken to further the SLG’s charitable purpose for public benefit.  The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. 

Due to the Covid-19 pandemic, the SLG made the decision to close the galleries on March 14[th] 2020, and our spring and summer exhibitions and events were postponed, prioritising activities for the most vulnerable people we work with and our local residents, and pivoting many of our programmes online. 

Thanks to support from our funders and donors and specific covid recovery funds from Arts Council England and Art Fund we have been able to ensure a rich and varied artistic programme which responds to current social and political issues, embraces new ways of working digitally and celebrates individual creativity, throughout the closures. We were able to open safely and present a major exhibition by Ann Veronica Janssens in the autumn, enhance our digital production expertise and delivery, develop Convergence, our online programme of critical talks, events and screenings. We also secured funding from A New Direction and began development work on ‘Making Sense’, a new digital platform for schools and other groups to share stories and explore how we’re living today, as part of 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

an innovative cross-sector partnership responding to a post-covid world and the Black Lives Matter movement. 

The gallery pivoted programmes to occupy digital and hybrid spaces, producing a digital New Contemporaries programme until the exhibition could open in person; and creating a hybrid workshop model for school groups who could not visit the gallery in person. The SLG also developed and secured funding for new programme strands responding to current issues and needs, providing platforms for all voices; and addressing the need for structural change. Convergence, a series of critical online conversations, screenings and written commissions, facilitated by the SLG and curated and hosted by invited guests was successfully piloted and subsequently extended with funding in place. Responding to the murder of George Floyd, the first events explored the politics of anti-racism in the culture sector and the legacy of slavery in public monuments. Convergence continues with events, written commissions and a podcast in collaboration with Shade, exploring anti-racism and the arts. The gallery also secured funding for Making Sense, a new digital and in-person collaborative resource and programme of cultural and creative collective learning in partnership with Mountview. The project launched as a pilot focusing on Southwark schools and assembling around three pillars: young people, teachers & professionals, and local organisations, working to share stories and explore the impacts of Covid-19 and Black Lives Matter through interdisciplinary arts. 

Against the background of a very challenging year, the SLG was delighted to be announced joint winner of the Art Fund’s Museum of the Year 2020, a resounding endorsement of the work of the gallery. With an array of bespoke gallery and education spaces on differing scales, site-specific art commissions, an artist’s studio, dedicated archive room and communal kitchen, the SLG has evolved in response to the needs and interests of the diverse artists and audiences it engages with. Visitors now enjoy an inspiring setting which combines historic buildings, award-winning contemporary architecture, artist-designed gardens, a café that has become a destination in its own right and a specialist bookshop that is highly ranked among independent booksellers. The gallery’s education projects continue to be held in high regard as demonstrated by the range of partners and funders, for example, in 2020 we were invited to be a partner on New Town Culture, a programme of artistic and cultural activity taking place in adult and children’s social care across the London Borough of Barking and Dagenham. 

Other highlights from across the year include Bank Holiday Broadcast, a 24-hour takeover with Resonance FM, with content created for and in collaboration with residents living on Elmington, Pelican and Sceaux Gardens estates. For the day-long broadcast, local residents created an array of radio shows in collaboration with neighbours, friends and family, as well as with artists and SLG staff. 

This year exhibitions and projects featured in a range of publications with press highlights including the following. Guardian newspaper critic Adrian Searle reviewed Sophie Cundale's The Near Room. The Ann Veronica Janssens exhibition was described as ‘light, joy and air’ by The Guardian, a ‘megawatt museum show’ by Artnet and ‘sparkling’ by Burlington Contemporary. For Museum of the Year, the communications team worked with the Art Fund on an extensive press and marketing campaign which included: 

- The announcement that SLG was one of five winners of MoTY was featured on BBC One, The One Show (audience of 5 million on average per night) on 12 October. In addition, BBC One 6 o’clock at 10 o’clock news ran a 6-minute news story the following day, and Margot Heller was interviewed on BBC Radio 4 Front Row on 14 October. There was coverage in all major national newspapers including The Telegraph, The Times, The Guardian and Independent as well as extensive regional coverage and features in local press outlets; 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

- A London-wide poster campaign designed and organised by SLG went on display for two weeks following the announcement; 

- Three new film pieces of content were created: a specially commissioned poem about the SLG by poet Jude Yawson was performed by him as well as two SLG trustees and four individuals with existing relationships to the gallery; an introduction to the SLG by the Art Fund; and our application film which celebrates our winning year, all shared via the SLG and Art Fund’s channels; 

- MoTY-branded marketing materials in place across both SLG sites including floor stickers, pop-up banners, outdoor banners and signage; 

- A joined up social media campaign coordinated with Art Fund and the other winning museums. 

Financially, the gallery was grateful to receive funding from Arts Council England’s Emergency Response Fund and Culture Recovery Fund. Freelands Foundation, BBC Children in Need and HLF were all supportive of the SLG and programme delivery during the lockdowns and posts funded through these funds continued to work rather than being furloughed.The artistic programme continues to attract support from international arts bodies and embassies as well as a small but committed number of charitable foundations and individual donors. One-off and long-term relationships with trusts and foundations provide support across the gallery’s education programmes, as do the circle of donors making up the SLG Council. 

Building on lessons learned over the last year, the SLG’s objective over the next five years is to increase the gallery’s local, national and international impact and substantially increase its audiences, to reach and eventually exceed pre-Covid levels, through its artistic, heritage, education and residency programmes across its indoor and outdoor spaces at its main site, in the four-storey annexe in the former Peckham Road Fire Station, at Art Block on Seaux Gardens Estate, on three other local housing estates, and online. The South London Gallery will increasingly play a leading role in providing free public space and events to diverse audiences in the presentation, production and experience of contemporary visual art and culture at a time of rapid change and gentrification in the local area. Raising funds to enable a raft of new marketing and audience development initiatives is an important aim for 2021/22, to facilitate a return to pre-Covid visitor numbers, increase our reach and impact locally, nationally and internationally, and become ever-more inclusive and diverse in everything we do. 

## ARTISTIC PROGRAMME 

In 2020-21 the SLG profiled the work of 239 British and international artists through: 

- solo and group shows in the main gallery and at the Fire Station with associated programmes for digital engagement; 

- online talks and film screenings; 

- artist residencies in the Outset artists' flat and artists’ studio at the Fire Station; 

- a permanent and public installation of an art work on the outside of the Fire Station; 

- artist-led activities as part of the gallery’s education and outreach programme including digital, postal and, where allowed, in-person activities; 

- and collaborations with artists to create editions to raise funds for the gallery. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

The SLG delivered a full and varied programme of exhibitions, residencies, film, talks and performances, including work by emerging and established artists, delivering work both online and digitally where necessary. We maintained our commitment to supporting and enabling the production of excellent work, acknowledged through press coverage, audience and artists’ feedback and inperson and online engagement. 

We presented a solo exhibition in our main gallery by Sophie Cundale and in September Ann Veronica Janssens' Hot Pink Turquoise was the second solo show to cross both buildings following Danh Vo's exhibition in 2019. With the new opportunities afforded by the opening of the Fire Station, we presented group shows: the third iteration of Bloomberg New Contemporaries at the SLG, featuring the work of 36 artists at the early stage of their career, with a digital public programme taking place before the exhibition was able to open to in-person visitors; and Working Progress, where 26 artists who also work as part of the SLG’s Front of House team re-imagined and transformed their everyday place of work with an exhibition that showcased their varied practices. 

We continued our six-month post-graduate residency programme with Abbas Zahedi and Ufuomo Essi concluding and beginning residencies respectively. They both benefited from our new artist studio space on the top floor of the Fire Station, which complements the existing flat for artists in residence. The solo exhibition of Abbas Zahedi in Gallery 1 of the Fire Station, How to Make a How from a Why? is a newly commissioned installation and sound work by Zahedi, who is the SLG’s ninth Postgraduate Artist in Residence. 

A display in the SLG’s Archive room featuring artist, lecturer and archivist Rita Keegan’s personal papers, offered a rare opportunity to see a range of materials and ephemera from the Black British Art scene spanning the 1980s to the early 2000s. 

While the galleries were physically closed to the public during Covid-19 restrictions, our varied programme of film and talks continued online and provided opportunities for collaborations, discussion and peer review. This included launching Convergence, a programme of online talks, events, screenings, a film festival and writing conversations. All events as part of Convergence were free, and aimed to platform the critical thinking of young and emerging black art historians, curators, critics, writers and artists. The Convergence Community Film Festival took place in February 2021 and the programme included Women in Film SE15, BFI Commissioner Mathieu Ajan, and directors Dionne Edwards, Jade Ang Jackman, Comfort Arthur and Abdou Cissé, alongside screenings selected by the SLG’s Art Assassins and presentations of the work of participants from the REcreative Film School. 

Rumpus Room undertook the annual Art Block commission as part of Open Plan (our long-term project on neighbouring housing estates), working with the Art & Play team in the months leading up to the re-design of Art Block on a publication, available to download for free. Another major project was the acquisition of Lawrence Weiner’s work, AT A DISTANCE TO THE FOREGROUND, 1999, which was installed on the gable end of the SLG‘s Fire Station annexe. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 










## Exhibitions in 2020-2021 

Working Progress, 1 March – 13 September 2020 

Abbas Zahedi: How To Make A How From A Why?, 6 March – 13 September 2020 

Sophie Cundale: The Near Room, 6 March – 13 September 2020 

Ann Veronica Janssens: Hot Pink Turquoise, 23 September 2020 – 3 January 2021 

Bloomberg New Contemporaries 2020 installed and launched with digital events in January 2021, opened to the public in May 2021 

Art Assassins: An Archive By Other Means, installed and launched with digital events in January 2021, opened to the public in May 2021 

Archive Displays in 2020-2021 

The Rita Keegan Archive (Project), 25 February 2020 – 3 January 2021 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

Residencies in 2020-2021 

Abbas Zahedi, Postgraduate Artist in Residence, November 2019 - September 2020 Ufuoma Essi, Postgraduate Artist in Residence, November 2020 – June 2021 

Highlights from the performance, film and events programme in 2020-2021 

Event: New Voices: A Manifesto for Artists Filmmaking After Lockdown, Online, 20 May 2020 

Talk: Convergence: Cultural Compensation Won’t Sustain Anti-Racism, Online, 24 June 2020 Performance: Flow Fridays x Entanglements, Online, 24 July 2020 Event: SLG Skills Online: Natural Dyes Workshop, 8 August 2020 Film: Working Progress: Screening, Online, 11 September 2020 Event: The Conch Online, 6 October 2020 

Event: SLG Skills Online: Boro Fabric Repair, November 2020 

Event: SLG Skills Online: Foraged Winter Flower Bouquet, 5 December 2020 

Film: South by South Online, 20 January 2021 

Film: Convergence Community Film Festival, Online, 20 February 2021 

Event: Archives & Identities: Workshops, Online, 4 & 6 March, 2021 

New artist editions, publications and merchandise 

This year, the SLG collaborated with Sophie Cundale, Ann Veronica Janssens and Abbas Zahedi to create new editions for the gallery alongside existing works by artists Jessie Brennan, Susan Cianciolo, Isabelle Cornaro, Federico Herrero, Erik van Lieshout, Basim Magdy, Alicia Reyes McNamara, Rory Pilgrim, Magali Reus, Raqib Shaw and Lawrence Weiner. All proceeds from the sale of editions help to fund the SLG’s charitable activities. 

## EDUCATION 

Providing opportunities for children and young people to experience the richness of the arts has been a vitally important part of the South London Gallery mission for more than a decade. The SLG's innovative approach to working with diverse audiences through its education and outreach programmes has proven effective in connecting with audiences least likely to engage in the arts. 

In 2020-21, the SLG’s team of education staff continued to work with artists and artist-educators, despite being closed for much of the year, engaging with children, young people and adults on ambitious arts education projects on and off-site and online. 

This year the education programme brought together: 

- a primary and secondary schools programme, with artist-led activities inspired by SLG exhibitions as well as archives and our histories; 

- a weekly after-school programme for looked after children; 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

- Sunday Spot, artist-led workshops for children, inspired by current SLG exhibitions; 

- a programme of public art commissions, creative play sessions and an artist-led after school programme on local housing estates; 

- a peer-led young people’s group, Art Assassins, who meet weekly to devise and produce public events and exhibitions; 

- SLG Film School led by Saeed Taji Farouky; 

- strong partnerships with local HE and FE colleges and universities; 

- and an Art & Play Assistant training and employment programme which includes local young people. 










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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

The collective impact of our education and outreach projects for children and young people is significant, as evidenced by repeat visits of participants; participant, family and teacher feedback; the quality of work produced; and the progression of participants as assistants and workshop facilitators. One highlight this year was the way that Supersmashers, the SLG’S weekly after-school club for looked after children in Southwark aged 6-12, continued during the pandemic, sustaining an important connection with and supportive forum for very vulnerable children. This was made possible due to in-year funding received from BBC Children in Need. During the year, the children worked both independently and as a group with artists and a supporting team on activities that encourage self-expression, development of creativity and autonomy. During the first lockdown, the project staff team put together creative packs designed in collaboration with artists to send to the children each week so that they could take part in activities at home, and they kept in touch with regular calls. Sessions resumed in person as soon as it was practical and safe, enjoying the benefits of the SLG’s Clore Studio with a wall that opens up into the large Orozco Garden, and then pivoting online from December onwards. While working online, we maintained good staff to child ration to enable us to host the main artist led workshop space, and checked in regularly with carers to monitor children’s enjoyment and wellbeing during sessions. 

_“The thing is, this is the only time they see other looked after children. When they are in school they will often look around at other children living with their parents and think ‘why me?’. It’s lonely to feel like the only ones...This (Supersmashers) is so important.”_ Feedback from carer received this year 

## BENEFICIARIES AND AUDIENCE DEVELOPMENT 

The SLG focused on maintaining benefits for artists, audiences and participants wherever possible during the covid pandemic, through rapidly pivoting many of our activities online while recognising the importance of responding to the needs of people who participate in our programmes. While the closures forced us to postpone all of our spring, summer and winter exhibitions and events, we ensured that education programmes continued, supporting some of our most vulnerable participants and our local residents. 

In 20/21 despite the closures we were able to support 98 artists, welcome 27,971 visitors in person when restrictions allowed and also received 16,972 digital audience members and participants to our online events and projects. In the previous year, 19/20, the SLG welcomed over 160,000 visits and/or engagements. This stepped back from the initial peak of 190,000 in the opening year of the Fire Station and, when we come out of  the covid-19 pandemic, we will re-assess strategies to continue to build to our target of 200,000 visits per year, driven by our expanded programme and facilities with the opening of the Fire Station. 

Due to the uniqueness of the year the SLG does not have the usual information about the make-up of its visitors and participants. The information here therefore relates to 19/20. In a typical year the SLG attracts a young audience with 65% aged 16 – 34 in 19/20, representative of a young local community (50% of Southwark’s adult population is aged 20-30). In 19/20 we increased the percentage visitors and participants from a Black, Asian or minority ethnic background to 23% (21% in 18/29).  We increased the percentage of visitors who say their day-to-day activities are limited because of a health problem or disability which has lasted, or is expected to last, at least 12 months (7% in 1920; 6% in 1819), sustaining the % above our target of 5%. 

Key objectives for the gallery are to sustain 50% of visitors and participants living, working or studying in Southwark (56% in 1920; 51% in 1819) and 35% first time visits (37% in 1920; 39% in 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

1819.   Southwark experiences much higher than UK average levels of economic and social deprivation: 

- 12th in Child Poverty rate; 

- 7th in out of work benefits recipients; 

- 6th in unemployment; 

- 6th for overcrowded households; 

- and 6th for 19 year olds lacking qualifications. 

It is the 41[st] most deprived local authority in England and the 12[th] most deprived borough in London. It is in this context that we run varied programmes to increase and sustain engagement from those who are least engaged, have protected characteristics and/or are less advantaged. During the covid pandemic the SLG focused on continuing Supersmashers through creative packs and online sessions, weekly digital sessions for the Art Assassins and children who attend Art Block and developing digital resources and hybrid workshops for children who attend local schools. 

We collect and analyse data via visitor and project feedback and surveys, review sessions, digital insights, social media comments and staff feedback and project debriefs. Findings have been used to develop audience development tools and strategies to continue to grow and diversity our visitors and participants. 

## DIVERSITY AND INCLUSION 

Diversity and inclusion are important in all that the SLG does, with a strong track record in diverse programming and engaging audiences from backgrounds less likely to interact with cultural institutions. We work to attract and invest in a workforce and board that reflects and informs the diversity of our programme, audiences and participants. 

We care deeply about becoming more culturally diverse, in terms of our programmes, audiences, staff and board and we recognise that we need to continue to work, and with ever greater rigour, across a raft of measures, including rethinking those strategies that aren’t working. Not only do we want to improve, to move things forward and for the SLG to become more diverse, but to be a more innovative, relevant and exciting public space than ever before. 

We are diversifying our workforce by refining recruitment processes and delivering traineeships. 50% of our board are from Black, Asian and ethnically diverse backgrounds. In July 2020 90% of staff undertook Diversity & Inclusion training. We have established an Equalities Committee to ensure the SLG is accountable. 

In the wake of George Floyd’s murder and the resurgence of Black Lives Matter, the SLG undertook a thorough review of its Diversity and Inclusion Action Plan which was published on our website. Our timetabled action plan includes: 

- revise charitable objects, mission and Code of Conduct to embed anti-racism into the SLG’s DNA; 

- audience focus groups with people from diverse backgrounds, including current and potential staff; 

- review selection process and diversity of artists and curators across everything we do, with measurable targets; 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

- increase programme relevant to Black, Asian and ethnically diverse audiences and those with other protected characteristics, through more interviews, talks and performances from diverse voices; 

- targeting potential visitors and employees with protected characteristics through digital marketing; 

- increase partnerships with Black, Asian and ethnically diverse, LGBTQ+ and disability-focused partners; 

- continue salary, casual and fixed term contract reviews, initiated a year ago in recognition of intersectionality between low pay and lack of ethnic and socio-economic diversity in the cultural sector; 

- work with peer organisations to challenge diversity issues in the sector, including trainees and their long-term arts career prospects. 

## DIGITAL REACH, INFRASTRUCTURE and PROGRAMMING 

On the SLG’s digital channels we have continued to experience good impressions across all platforms, which in turn makes for great engagement. 

For the year 20/21, we continued to gain traction on our website, with new visitors and returning ones: 1,477 users with 91.2% being a new user (up by 7.63%). In this time period 1751 sessions took place (1,751 vs 905 from previous year 19/20). 

Continuing the use of social media was key to our plan to reach audiences, as well as a platform for sharing creative digital content and furthering our reach and impact. In this period Facebook had a reach of 180,304 9 (up by 126.1% from previous year 19/20). 

Instagram followers increased significantly from 62k to 70.9k, Facebook rose to 37k likes and Twitter increased to 69.8k followers. 

During 20/21 the SLG made significant improvements to its digital infrastructure, including to its database, financial, HR and shop management. 

New approaches to online programming were tried and tested, prompted by lockdowns. 

## ENVIRONMENTAL PERFORMANCE 

The SLG has an environmental sustainability policy and action plan and has established a sustainability committee which meets bi-monthly to raise environmental awareness and promote best practice internally. 

Following focus on the development of the Fire Station where the gallery worked with the architects and an environmental consultant to minimise the environmental impact of the building, focus has turned back to the Victorian main gallery. The gallery achieved an important fundraising milestone raising the funds required to replace a gas fired air blower heating system from the 1980s with air source heating. The work is due to take place in 21/22. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

The gallery has continued to invest in the maintenance of its green spaces and encouraging biodiversity in the Orozco Garden and Fox Garden at the main building and a garden to the rear and planted terrace at the Fire Station. The gallery has also been working in partnership with Southwark Council and local residents to develop a new playground and planted area on Elmington housing estate. 

## FINANCIAL REVIEW 

## Results for the year 

The Covid-19 pandemic brought unprecedented financial challenges to the Gallery during the year. There was an immediate financial impact on the SLG including loss of commercial income (venue hires, shop and café); postponement of a planned fundraising gala; and increased running costs to ensure the gallery operates safely. The Arts Council England Emergency Response Fund, Arts Council England Cultural Recovery Fund, Local Government Business Grants and the Coronavirus Job Retention Scheme have all helped ensure the SLG’s financial stability during this period. 

The Trustees have worked with management to review the risks, develop strategies to mitigate them (as detailed below) and ensure a strong position on which to re-build post-covid restrictions. This has included: 

Income for the year has increased from the previous year (2021: £2,388,308; 2020: £2,068,294; 2019: £2,154,231) which included £388,613 of restricted and designated programme and operating funds to support the gallery’s future sustainability through to the end of 21/22 and into 22/23. Expenditure in the year also increased (2021: £2,246,480; 2020: £2,166,633; 2019: £2,223,390). While the gallery was physically closed to the public for eight months of the year and made cost savings where possible, it also faced increased operating costs as well as the costs of developing a varied and relevant programme for its beneficiaries. This included: 

- developing and funding a covid-safe operating model; 

- supporting Front of House staff during closure periods, part funded by the Government Coronavirus Job Retention Scheme; 

- pivoting existing and developing new exhibition, events and education programmes to engage visitors across our physical venues, digital platforms and also via the post for our education programmes; 

- curating an exhibition by Ann Veronica Janssens which encompassed both SLG sites and coincided with the gallery being a joint winner of the 2020 Art Fund Museum of the Year Award; 

- supporting two post-graduate artists in residence; 

- and installing the 2020 edition of Bloomberg New Contemporaries across the gallery’s space; while the exhibition could not open to the public until 2021 in 2020 the physical exhibition supported 36 emerging artists and provided rich material for a digital engagement programme. 

The balance sheet at 31 March 2021 shows a net current asset position of £436,288 (2020: £190,115; 2019: £247,677). With depreciation, fixed assets on the balance sheet decreased to £5,587,609 (2020: £5,700,347; 2019: £5,748,168) having risen from £3,730,135 in 2017 reflecting the investment in building works at the former Peckham Road Fire Station. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

The SLG has an excellent track record of financial management, due to a combination of good expert advice, the Director and Deputy Director’s capacity for financial management, the support of the Treasurer, an active Personnel and Finance Committee and the involvement of a good quantity surveyor in capital projects. 

The Trustee has reviewed the budget and cash flow forecast up to 22/23, which is prepared on a prudent basis. With the level of confirmed funding in place and the management’s continual efforts on income generation and cost monitoring, the Trustee considers there are no material uncertainties which may impact on the going concern assumption. 

## PRINCIPAL RISKS AND UNCERTAINTIES 

The Trustee has undertaken a risk review and particularly looked at the level of confirmed income at which it operates. The Trustee has drawn up a risk register that lists all the identified risks and the results of their analysis and evaluation. Information on the status of the risk is also included. Following this exercise, the Trustee reviews the reserves level that would form part of the set of measures designed to manage risks. 

The principal risks have been identified and are listed below. In addition, the Covid-19 pandemic presented multiple risks and challenges to the SLG. This included the inability to open to the public due to government restrictions which in turn impacted on our ability to achieve our charitable objectives; reduced impact on our beneficiaries; impacted on our ability to deliver upon grant conditions and make the case for future funding; reduced our earned income capacity from venue hires; reduced the SLG Trading Ltd’s profit potential which it typically gifts to the charity; and forced the postponement of a critical gallery fundraising event. 

The Trustee has worked with management to review the risks, develop strategies to mitigate them and ensure a strong position on which to re-build post-covid. This has included: 

- making cost-savings where possible; 

- developing a covid-safe model for gallery operations to enable the gallery to welcome visitors in person in an environment where staff and visitors feel safe; 

- maintaining education and outreach programmes throughout the pandemic period, in person and online depending on the group, ensuring continuity for some of the most vulnerable groups we work with; 

- expanding our digital programme, delivering our charitable objectives in new and creative ways; reviewing where and how to embed these new ways of working into future gallery programme and operations; 

- working closely with current funders to agree any changes in delivery models during the closure periods; 

- and securing Covid-19 emergency and recovery funding to replace lost income and build for the future, including multi-year projects building into 20/21 and 22/23. 

As the cultural sector re-opened from May 2021, the staff turnover has increased sector wide with people looking for change and re-evaluating their priorities after more than a year of lockdowns and social distancing restrictions. In October 2021, 25% of the SLG’s current office staff (excluding vacant positions) will have joined the gallery since July 2021. While there are many benefits to welcoming new staff with new voices and fresh perspectives, there is a considerable impact on staff resources during the recruitment, induction and training period as well as on team dynamics and 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

organisational culture. The SLG recognises that this unprecedented level of staff change poses a risk to the organisation as the new team settles in which is being carefully managed and supported. 

The Covid-19 pandemic has also placed many and varied pressures on staff in both their personal and professional lives. At work, some staff have experienced long periods of furlough leave, while other staff have experienced long periods of ‘holding the fort’; while working from home and digital / paper-free practices have brought benefits and efficiencies there are challenges of screen fatigue and little or no in human interaction. The SLG increased mental health and well-being support for staff during the pandemic including mental health awareness training; training Mental Health First Aiders across the gallery; an Employee Assistant Programme with free staff counseling; and mental health in the workplace training and tools for managers. 

Other principal risks have been identified as: 

|**Risk**|**Action to Mitigate**|
|---|---|
|Failure to secure funds for programme|- regularly review fundraising strategy;<br>- develop the fundraising team;<br>- adjust activity in line with available funds;<br>- and undertake scenario and contingency planning.|
|Inadequate staff capacity to manage programme<br>and operations|- regularly review operational plan for the year ahead;<br>- and recruit positions as required and funded.|
|Harm to children or vulnerable adults|- safeguarding training for staff;<br>- safeguarding policies and procedures followed and<br>reviewed annually;<br>- all education staff DBS checked every 2 years and all<br>other staff every 4 years.|
|Personal injury|-up to date H&S policies and procedures communicated<br>to all staff;<br>-all staff and contractors to receive appropriate H&S<br>training;<br>-adequate number of staff trained as first aiders;<br>-risk assessments carried out of all gallery<br>environments, installation processes, exhibitions and<br>public activity;<br>-appropriate levels of public and employer's liability<br>insurance;<br>-personal alarm in two gallery receptions;<br>-and restrictions on lone working.|
|Loss of data|- moved to cloud based and backed up shared file<br>storage;<br>- and up to date virus protection.|



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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

## RESERVES POLICIES AND GOING CONCERN 

The reserves policy was reviewed by the Trustee. 

Reserves at 31 March 2021 were £38,681 and in January 2021 the SLG secured £56k of funds from the Arts Council England Cultural Recovery Fund to increase its reserves and help make the gallery more financially robust for the future. The additional £56k of funds were received in April 2021. 

The Trustee considers that this level of reserves, when considered with secure income and committed expenditure, is sufficient to ensure that the SLG is able to meet all its commitments until the end of 2022. 

The reserves level of £38,681 reflects unrestricted, undesignated, cash reserves. Total unrestricted funds for the charity are higher, and since the separation of the SLG from Southwark in 2003 these have not fallen to a level below £90,000. 

In 2014-2015 financial year the SLG invested in the purchase of its artist-in-residence flat. This added a realisable capital asset to the balance sheet of £313,095, less a mortgage liability of £214,010. While this is not included in the reserves policy, it does provide further financial stability to the organisation. 

The Trustee proposes to build its unrestricted, undesignated, cash reserves to a level sufficient to cover three months unrestricted running costs. Based on longer-term projections the target is £250,000 to be built over a number of years. 

## EVALUATION 

We measure artistic success by responses from press, ACE artistic assessors, the art world and audiences. We collect data from participants and audiences for education activities and undertake indepth evaluations for individual projects, often working with external evaluators. Forums and conferences provide opportunities for benchmarking and peer review. 

All staff participate in evaluation and review, via data collection, project and programme reviews, an annual staff away-day as well as separate board and management team away days. 

We evaluate management and capacity with management team, Board and Personnel and Finance Committee, take external advice and have an annual audit. Through this structure we also evaluate risk, financial processes, fundraising plans, policies, resources and governance, highlighting risks in Board meetings. 

Through an on-going cycle of self-assessment we are able to evaluate our work, reflect on what success looks like for us and build on lessons learnt which enables us to develop an ambitious and robust business plan. 

## PLANS FOR THE FUTURE 

Over the next five years our plan is to increase the gallery’s local, national and international impact and substantially increase its audiences through an expansion of its artistic, heritage, education and residency programmes in its current buildings and gardens, across three neighbouring housing estates, and in the restored four storey annexe in the Grade II listed former Peckham Road Fire 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

Station. The Board of Trustees and everyone working at the South London Gallery are united in their support of anti-racism and the Black Lives Matter movement. We are more committed than ever to being a more inclusive organisation – enhanced through the diversity of our programmes, audiences and staff. 

The SLG’s long-term ambition is to become more widely recognised as one of London’s leading contemporary art venues whilst also playing a leading role in the regeneration of the local area and bringing together diverse artists and audiences for its internationally acclaimed exhibitions and events presented in a distinctive and inspiring setting. 

The gallery’s programme began re-opening to in-person visitors and participants as restrictions lifted on April 12[th] and May 17[th] , while other work continued in the digital realm and some exhibitions and events were necessarily postponed. During the closure period we continued to support and work with many artists while programme delivery continued to include a mix of online talks, screenings and interactive resources with contemporary relevance which sit alongside the repositioning of our education programmes to include a mix of in-person and digital activities as well as posted resources. Our focus here was on supporting our local community, particularly families on neighbouring housing estates; looked after children aged 7-12 in Southwark who are amongst the most vulnerable children; and local 14-19 year-olds. 

We re-opened the gallery to the public in May 2021 with increased safety-measures in place. Since May we have exhibited Bloomberg New Contemporaries 2021, Art Assassins: An archive by other means, Independence to Now, a virtual exhibition by Chris Burden, Chritina Quarles: In Likeness, Ufuoma Essi: From Where We Land and Sarah Staton: SupaStore Southside, Slingbacks & Sunshine. 

Objectives for 2021-22 are to: 

- deliver a high quality and ambitious artistic programme which profiles and supports talented artists, and sustains positive response in the press and from visitor feedback. In 2021-22 the artistic programme will focus on: 

   - a programme of at least nine exhibitions in various combinations across all spaces, some of which will be born of national and/or international partnerships, including Bloomberg New Contemporaries as well as solo exhibitions; 

   - artist residencies in the Outset artists’ flat, the Fire Station artists’ studio and on neighbouring estates; 

   - regular film, talk and performance events in the Clore Studio, other SLG spaces and online, including the South by South contemporary African film programme, masterclasses and talks; 

- changing curated displays in the archive room at the Fire Station; continuing to collect oral histories, making these available online as well as in the archive room; 

- offering an engaging education programme and maximising the benefits for children, young people, adults and community groups with whom we work; 

- a programme of events in a communal kitchen in the Fire Station, playing on the important role food and cooking play in culture and building on the rich history of artist-led projects with an emphasis on food and community.; 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

- ensuring the SLG’s audience development strategy is underpinned by a mission to build diverse and dedicated local, national and international audiences at the gallery, through off-site projects and online; 

- embracing the scope of digital opportunities available; 

- maintaining a high standard of art across the programme; 

- delivering an ambitious but well-researched and achievable fund-raising plan; the plan focuses on generating funding from individuals, trusts, foundations, the National Lottery, embassies, sponsorship and fundraising events alongside a thriving commercial programme of the café, bookshop, venue hire, and artists’ editions; 

- and playing a leading role in providing inspiring, free, public space and events to diverse audiences at a time of rapid change and regeneration in Peckham and Camberwell, and sustaining partnerships with diverse groups and organisations across the local area. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

The South London Gallery is an unincorporated registered charity no. 312160. It is managed by a corporate trustee which is a registered company no. 4720002. The corporate trustee is called The SLG Trustee Limited and has a board of directors. 

The directors on the board of The SLG Trustee Ltd have no beneficial interest in the charity other than those disclosed in note 7. 

The Trustee's board of directors meets quarterly to discuss the charity's activities and review its operational management. The minimum number of directors is three and the maximum sixteen. The board appoints a Director to manage the Gallery who works closely with a management team consisting of the Deputy Director, Head of Programme, Head of Education, Head of Development (currently vacant) and Head of Communications. 

The SLG Trustee Ltd decides on all financial and strategic matters. Implementation of  these decisions is delegated to the staff who report back to the Trustee at board meetings. 

The charity is an Arts Council England National Portfolio Organisation and is in receipt of a four-year funding agreement to March 2022, with a one-year extension to March 2023 due to Covid-19. An application to ACE for four-year funding from 2023 – 2027 will be made in early 2022. Historically the charity has had a strong relationship with the London Borough of Southwark and still works closely with the Council to deliver its charitable objectives and in particular the management of the gallery’s art collection. 

## RELATED PARTIES AND RELATIONSHIPS WITH OTHER ORGANISATIONS 

The charity’s corporate trustee, the SLT Trustee Ltd, is also the sole shareholder of SLG Trading Ltd. At the discretion of its Directors, SLG Trading Ltd gift aids its profits to the South London Gallery. 

## APPOINTMENT OF DIRECTORS 

The charity keeps a skills register of existing directors and recruits through a variety of networks and word of mouth to meet specific skills requirements when vacancies arise. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

Three directors are appointed from the London Borough of Southwark and are nominated by the party they represent (i.e. Labour, Conservative and Liberal Democrat). 

## DIRECTORS’ INDUCTION AND TRAINING 

New directors receive an induction pack which includes the charity's constitution and various articles about the responsibilities of company directors and charity trustees. They also meet the gallery's Director and/or Deputy Director for an in-depth induction on the work of the gallery and an update on current developments. All directors give their time voluntarily and receive no benefits from the charity. 

Ongoing support is available for directors, including training, as part of the gallery’s training and development plan and budget. 

## FUNDRAISING PRACTICE 

Fundraising is led by the Director and Head of Development (currently vacant), working closely with the Deputy Director, Senior Development Managers and PA to the Director as well as departmental heads and managers who make a significant contribution to raising funds for the gallery’s wideranging activity. 

The SLG is registered with the Levy of the Fundraising Regulator, demonstrating our commitment to good fundraising practice. As part of this, the SLG has committed to abide by the Regulator’s Code of Fundraising Practice and to the Fundraising Promise. There were no complaints regarding the SLG’s fundraising practice in the year. 

The SLG has a fundraising policy which sets out the charity’s commitment and responsibilities to ensure supporters can give in confidence to the SLG and that the organisation has clear decisionmaking processes in place for both accepting and refusing donations. 

The SLG is registered with the ICO and has a privacy policy to ensure the appropriate collection, retention and use of personal information. 

## REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL 

The SLG has a remuneration policy that sets out the pay policy for artists, freelance contractors and salaried staff. 

While each role is different in its duties and responsibilities, the SLG has set pay levels, in line with sector benchmarks, which assists the Personnel and Finance Committee and the Board of Trustees when making salary decisions. 

Rates of pay are reviewed across the organisation annually, usually for the start of the new financial year. 

Cost of living rises are assessed in the light of CPI and organisation budgets. 

SLG salary levels for different job groups are assessed in the light of CPI as above, organisation budgets and sector pay levels. 

All increases are discretionary and subject to the approval of the Board. 

It is the SLG’s policy to pay everyone equal pay for equal work in line with The Equality Act 2010. 

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South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2021 

The South London Gallery is a London Living Wage (LLW) employer. 

## STATEMENT OF THE TRUSTEE’S RESPONSBILITIES 

Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. 

In preparing financial statements giving a true and fair view, the Trustee should follow best practice and: 

- Selects suitable accounting policies and then apply them consistently 

- Observes the methods and principles in the Charities SORP 

- Makes judgements and estimates that are reasonable and prudent 

- States whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepares the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

The Trustee is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustee is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## Auditors 

Sayer Vincent LLP was re-appointed as the Charity’s auditors during the year and have expressed their willingness to continue in that capacity. 

The Trustee’s annual report has been approved by the Trustee on the 14 December 2021 and signed on their behalf by 

Matthew Slotover Chair 

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Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2021 

## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF SOUTH LONDON FINE ART GALLERY AND LIBRARY 

We have audited the financial statements of South London Fine Art Gallery and Library (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- Give a true and fair view of the state of the charity’s affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended 

- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Charities Act 2011 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on South London Fine Art Gallery and Library's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. 

## Other Information 

The other information comprises the information included in the Trustee’s annual report, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other 

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Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2021 

information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- The information given in the Trustee’s annual report is inconsistent in any material respect with the financial statements; 

- Sufficient accounting records have not been kept; or 

- The financial statements are not in agreement with the accounting records and returns; or 

- We have not received all the information and explanations we require for our audit 

## Responsibilities of Trustee 

As explained more fully in the statement of Trustee’s responsibilities set out in the Trustee’s annual report, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## Auditor’s responsibilities for the audit of the financial statements 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. 

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Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2021 

## Capability of the audit in detecting irregularities 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: 

- We enquired of management which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: 

   - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; 

   - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 

- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. 

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. 

- We reviewed any reports made to regulators. 

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. 

- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report. 

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Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2021 

## Use of our report 

This report is made solely to the charity's Trustee as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed. 

16 December 2021 

Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL 

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 

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Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2021 

## IMAGE CREDITS 

1. Sophie Cundale, The Near Room, 2020 (film still). Installation view at the South London Gallery. Photo: Andy Stagg. Courtesy the artist and FVU 

2. Bank holiday broadcast being recorded at Art Block. Photo: Andy Stagg 

3. Ann Veronica Janssens. Installation view, South London Gallery. Photo: Andy Stagg. 

4. SLG poster campaign as part of Museum of the Year 2020 

5. South London Gallery Exterior View, 2017. Photo: Andy Stagg 

6. Bloomberg New Contemporaries 2020, installation view at the South London Gallery. Photo: Andy Stagg 

7. Art Assassins, An archive by other means, 2021, installation view at the South London Gallery. Photograph: Sam Nightingale 

8. Sunday Spot online with Pablo Paillole, 2021 

9. Lawrence Weiner, AT A DISTANCE TO THE FOREGROUND, 1999. Installation view at the South London Gallery Fire Station, 2021. Photo: Andy Stagg 

- 10.Working Progress, installation view at the South London Gallery, 2020. Photo: Andy Stagg 

- 11.Ann Veronica Janssens installation view at the South London Gallery, 2020. Photo: Andy Stagg 

- 12.Art Assassins, An archive by other means, 2021, installation view at the South London Gallery. Photograph: Sam Nightingale 

- 13.Rita Keegan Archive (Project), installation view at the South London Gallery, 2020. Photo: Andy Stagg 

- 14.Sophie Cundale, The Near Room, 2020 (film still). Installation view at the South London Gallery. Photo: Andy Stagg. Courtesy the artist and FVU 

- 15.Bloomberg New Contemporaries 2020, installation view at the South London Gallery. Photo: Andy Stagg 

- 16.Abbas Zahedi, How To Make A How From A Why?, 2020. Installation view at the South London Gallery. Photo: Andy Stagg 

- 17.Ann Veronica Janssens. Untitled (Blue Glitter), 2015. Installation view, South London Gallery. Photo: Andy Stagg. 

- 18.Screenshot of YouTube recording of the Convergence events programme event: June: Cultural Compensation Won’t Sustain Anti-Racism 

- 19.Bank holiday broadcast being recorded at Art Block. Photo: Andy Stagg 

- 20.Shooters Hill College taking part in a workshop run by the South London Gallery with artist Edwin Mingard 

- 21.Heather Kay, School and Community Projects Manager, leading a recorded digital tour of the South London Gallery and Ann Veronica Janssens exhibition for schools 

- 22.Teachers resource for the SLG's Ann Veronica Janssens' show 

- 23.The Art Assassins taking part in a session over Zoom 

- 24.Ingredients ready for Friday club at Art Block 

- 25.Art Assassins session 

- 26.Schools’ workshop video with Bloomberg New Contemporaries 2020 artist Maria Mahfooz 

- 27.Sunday spot session with Natalie Zervou. 

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South London Fine Art Gallery and Library 

## Statement of financial activities 

## For the year ended 31 March 2021 

|Unrestricted<br>Note<br>£<br>Income from:<br>2<br>1,722,029<br>3<br>93,714<br>4<br>64,069<br>1,879,812<br>5<br>424,005<br>5<br>1,280,703<br>1,704,708<br>17<br>(834)<br>174,270<br>Reconciliation of funds:<br>182,084<br>356,354<br>Total income<br>Expenditure on:<br>Donations and legacies<br>Charitable activities<br>Other trading activities<br>Raising funds<br>Total expenditure<br>Net income / (expenditure) for the year<br>Charitable activities<br>Exhibitions & live art, education & events<br>175,104<br>Total funds brought forward<br>Total funds carried forward<br>Transfers between funds<br>Net movement in funds|Unrestricted<br>Note<br>£<br>Income from:<br>2<br>1,722,029<br>3<br>93,714<br>4<br>64,069<br>1,879,812<br>5<br>424,005<br>5<br>1,280,703<br>1,704,708<br>17<br>(834)<br>174,270<br>Reconciliation of funds:<br>182,084<br>356,354<br>Total income<br>Expenditure on:<br>Donations and legacies<br>Charitable activities<br>Other trading activities<br>Raising funds<br>Total expenditure<br>Net income / (expenditure) for the year<br>Charitable activities<br>Exhibitions & live art, education & events<br>175,104<br>Total funds brought forward<br>Total funds carried forward<br>Transfers between funds<br>Net movement in funds|Restricted<br>£<br>-<br>508,496<br>-|2021<br>Total<br>£<br>1,722,029<br>602,210<br>64,069<br>2,388,308<br>424,005<br>1,822,475<br>2,246,480<br>-<br>141,828<br>5,676,162<br>5,817,990<br>141,828|Unrestricted<br>£<br>1,091,255<br>199,744<br>74,996|Restricted<br>£<br>927<br>701,372<br>-|2020<br>Total<br>£<br>1,092,182<br>901,116<br>74,996|
|---|---|---|---|---|---|---|
||1,879,812|508,496||1,365,995|702,299|2,068,294|
||424,005<br>1,280,703|-<br>541,772||387,928<br>993,096|-<br>785,609|387,928<br>1,778,705|
||1,704,708|541,772||1,381,024|785,609|2,166,633|
||(834)<br>175,104|834<br>(33,276)||-<br>(15,029)|-<br>(83,310)|-<br>(98,339)|
||174,270<br>182,084|(32,442)<br>5,494,078||(15,029)<br>197,113|(83,310)<br>5,577,388|(98,339)<br>5,774,501|
||356,354|5,461,636||182,084|5,494,078|5,676,162|



All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements. 

29 



South London Fine Art Gallery and Library 

## Balance sheet 

## As at 31 March 2021 

|Note<br>Fixed assets:<br>10<br>Current assets:<br>11<br>12<br>Liabilities:<br>13<br>15<br>16<br>17<br>Total unrestricted funds<br>Total charity funds<br>Cash at bank and in hand<br>Tangible assets<br>Restricted income funds<br>Unrestricted income funds:<br>Designated funds<br>General funds<br>The funds of the charity:<br>Creditors: amounts falling due within one year<br>Net current assets<br>Total net assets<br>Creditors: amounts falling due after one year<br>Total assets less current liabilities<br>Stocks<br>Debtors|5,256<br>229,169<br>543,279|2021<br>£<br>5,587,608|4,381<br>230,052<br>198,970|2020<br>£<br>5,700,347|
|---|---|---|---|---|
|||436,288||190,115|
||777,704<br>341,416||433,403<br>243,288||
||317,673<br>38,681||144,850<br>37,234||
|||6,023,896<br>205,906||5,890,462<br>214,300|
|||5,817,990||5,676,162|
|||5,461,636<br>356,354||5,494,078<br>182,084|
||||||
|||5,817,990||5,676,162|



Approved by the Trustee on 14 December 2021  and signed on their behalf by 

Matthew Slotover Chair 

30 



South London Fine Art Gallery and Library 

## Statement of cash flows 

## For the year ended 31 March 2021 

|Note<br>£<br>£<br>Net income/(expenditure) for the reporting period<br>141,828<br>(as per the statement of financial activities)<br>Depreciation charges<br>135,910<br>Loss on disposal of fixed assets<br>2,509<br>(Increase) in stocks<br>(875)<br>Decrease in debtors<br>883<br>Increase/(decrease) in creditors<br>97,068<br>377,323<br>(25,680)<br>(25,680)<br>(7,334)<br>(7,334)<br>344,309<br>198,970<br>543,279<br>Cash flows from financing activities:<br>Net cash (used in) investing activities<br>Net cash provided by operating activities<br>2021<br>Cash flows from investing activities:<br>Purchase of fixed assets<br>Cash and cash equivalents at the beginning of the<br>year<br>Cash and cash equivalents at the end of the year<br>Net cash used in financing activities<br>Change in cash and cash equivalents in the year<br>Repayments of borrowing|Note<br>£<br>£<br>Net income/(expenditure) for the reporting period<br>141,828<br>(as per the statement of financial activities)<br>Depreciation charges<br>135,910<br>Loss on disposal of fixed assets<br>2,509<br>(Increase) in stocks<br>(875)<br>Decrease in debtors<br>883<br>Increase/(decrease) in creditors<br>97,068<br>377,323<br>(25,680)<br>(25,680)<br>(7,334)<br>(7,334)<br>344,309<br>198,970<br>543,279<br>Cash flows from financing activities:<br>Net cash (used in) investing activities<br>Net cash provided by operating activities<br>2021<br>Cash flows from investing activities:<br>Purchase of fixed assets<br>Cash and cash equivalents at the beginning of the<br>year<br>Cash and cash equivalents at the end of the year<br>Net cash used in financing activities<br>Change in cash and cash equivalents in the year<br>Repayments of borrowing|Note<br>£<br>£<br>Net income/(expenditure) for the reporting period<br>141,828<br>(as per the statement of financial activities)<br>Depreciation charges<br>135,910<br>Loss on disposal of fixed assets<br>2,509<br>(Increase) in stocks<br>(875)<br>Decrease in debtors<br>883<br>Increase/(decrease) in creditors<br>97,068<br>377,323<br>(25,680)<br>(25,680)<br>(7,334)<br>(7,334)<br>344,309<br>198,970<br>543,279<br>Cash flows from financing activities:<br>Net cash (used in) investing activities<br>Net cash provided by operating activities<br>2021<br>Cash flows from investing activities:<br>Purchase of fixed assets<br>Cash and cash equivalents at the beginning of the<br>year<br>Cash and cash equivalents at the end of the year<br>Net cash used in financing activities<br>Change in cash and cash equivalents in the year<br>Repayments of borrowing|£<br>£<br>(98,339)<br>145,258<br>-<br>(696)<br>171,324<br>(60,514)<br>157,033<br>(97,437)<br>(97,437)<br>(6,201)<br>(6,201)<br>53,395<br>145,575<br>198,970<br>2020|£<br>£<br>(98,339)<br>145,258<br>-<br>(696)<br>171,324<br>(60,514)<br>157,033<br>(97,437)<br>(97,437)<br>(6,201)<br>(6,201)<br>53,395<br>145,575<br>198,970<br>2020|
|---|---|---|---|---|
|||377,323<br>(25,680)<br>(7,334)||157,033<br>(97,437)<br>(6,201)|
||(7,334)||(6,201)||
||||||
|||344,309<br>198,970||53,395<br>145,575|
|||543,279||198,970|



31 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 1 Accounting policies 

## a) Statutory information 

South London Fine Art Gallery and Library is an unincorporated charity registered with the Charity Commission in England and Wales. The registered office address and principal place of business is 65-67 Peckham Road, London, SE5 8UH. 

## b) Basis of preparation 

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. 

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. 

## c) Public benefit entity 

The charity meets the definition of a public benefit entity under FRS 102. 

## d) Going concern 

The Trustee has reviewed the budget and cash flow forecast up to 22/23, which is prepared on a prudent basis. Unrestricted and undesignated funds stand at £38,681 (2020: £37,234). With the level of confirmed funding in place and the management’s continual efforts on income generation and cost monitoring, the Trustee considers there are no material uncertainties which may impact on the going concern assumption. 

The Trustee does not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. 

## e) Income 

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. 

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. 

32 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

- 1 Accounting policies (continued) 

## e) Income (continued) 

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. 

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. 

- f) Donations of gifts, services and facilities 

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution. 

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

## g) Interest receivable 

- 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. 

## h) Fund accounting 

Restricted funds are to be used for specific purposes as laid down by the donor.  Expenditure which meets these criteria is charged to the fund. 

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. 

## i) Expenditure and irrecoverable VAT 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose 

- Expenditure on charitable activities includes the costs of exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs 

- Other expenditure represents those items not falling under any other heading 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

33 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 1 Accounting policies (continued) 

## j) Allocation of support costs 

Resources expended are allocated to the particular activity where the cost relates directly to that activity. 

- Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:  Raising funds 20%  Exhibitions & live art, education & events 80% 

Governance costs are the costs associated with the governance arrangements of the charity.  These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities. 

## k) Operating leases 

Rental charges are charged on a straight line basis over the term of the lease. 

## l) Tangible fixed assets 

Items of equipment are capitalised where the purchase price exceeds £1,500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. 

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet. 

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: 

||Freehold improvements, including the Fire Station|50 years|
|---|---|---|
||Long leasehold - improvements|5-50 years|
||Phase 2 freehold and leasehold improvements|50 years|
||Office equipment|3 years|
||Fixtures and fittings|15 years|



Included within tangible fixed assets are freehold property and the Fire Station, both legally owned by SLG Trustee Limited. The freehold property was purchased with a mortgage also in the name of SLG Trustee Limited. However, the Gallery has the benefit of these assets and makes repayments to the mortgage and payments to the contractor directly, the Trustee has considered that it is more appropriate to show both the asset and the commitment in Gallery accounts. 

## m) Stocks 

Stocks are stated at the lower of cost and net realisable value.  In general, cost is determined on a first in first out basis and includes transport and handling costs.  Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation.  Provision is made where necessary for obsolete, slow moving and defective stocks. 

## n) Debtors 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## o) Cash at bank and in hand 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.  Cash balances exclude any funds held on behalf of service users. 

34 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

- 1 Accounting policies (continued) 

## p) Creditors and provisions 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## q) Pensions 

Southwark Council have taken responsibility for any closure deficit arising on the termination of the charity’s pension admission agreement relating to the defined benefit scheme. As the Council has agreed to take responsibility for any closure deficits, this means the SLG no longer has any liability for such a deficit. The pension cost charge represents contributions payable under the scheme by the Gallery to the fund. The cost of providing pension and related benefits is charged to the SoFA over the employees' service lives on the basis of a constant percentage of earnings which is an estimate of the regular cost. 

The Gallery operates a defined contribution pension scheme which is available to all employees. The pension cost charge represents contributions payable under the scheme by the Gallery to the fund. South London Gallery has no liability under the scheme other than for the payment of those contributions. 

## r) Heritage assets 

The works of art owned by the gallery are not recognised in the financial statements on the basis that they are heritage assets and the Trustee considers the cost of obtaining the valuation would outweigh the additional benefit derived by the users of the accounts. Further information is provided in note 18. 

## s) Financial instruments 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

35 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

- 2 Income from donations and legacies 

|Income from donations and legacies||||||
|---|---|---|---|---|---|
|Arts Council England, London - NPO<br>London Borough of Southwark<br>Donations<br>Arts Council England, London -<br>Emergency grant and Cultural<br>Recovery Fund<br>Coronavirus Job Retention Scheme|Unrestricted<br>£<br>826,345<br>537,588<br>38,833<br>233,743<br>85,520|£<br>-<br>-<br>-<br>-<br>-<br>Restricted|2021<br>Total<br>£<br>826,345<br>537,588<br>38,833<br>233,743<br>85,520|Unrestricted<br>£<br>811,415<br>-<br>-<br>2,358<br>277,482|2020<br>Total<br>£<br>£<br>-<br>811,415<br>-<br>-<br>-<br>-<br>-<br>2,358<br>927<br>278,409<br>Restricted|
||1,722,029|-|1,722,029|1,091,255|927<br>1,092,182|



## 3 Income from charitable activities 

|Income from charitable activities|||||||
|---|---|---|---|---|---|---|
|Exhibitions & live art, education &<br>events<br>BBC Children in Need<br>Henry Moore Foundation<br>Heritage Lottery Fund<br>White Cube<br>Heritage Lottery Fund<br>London Borough of Southwark<br>Trusts & Foundations<br>Other donations<br>Sponsorship<br>Cultural Institutions, Embassies &<br>Galleries<br>Fire station project<br>Other educational services<br>Museums and galleries exhibition tax<br>relief<br>Other fire station donations<br>London Borough of Southwark<br>Sales<br>Miscellaneous income<br>Total income from charitable activities<br>Income from other trading activities|Unrestricted<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>8,865<br>33,000<br>51,849<br>-<br>-<br>-<br>-|£<br>24,506<br>20,000<br>44,553<br>82,395<br>279,950<br>1,000<br>46,278<br>-<br>-<br>-<br>10,000<br>(186)<br>-<br>-<br>Restricted|2021<br>Total<br>£<br>24,506<br>20,000<br>44,553<br>82,395<br>279,950<br>1,000<br>46,278<br>8,865<br>33,000<br>51,849<br>10,000<br>(186)<br>-<br>-|Unrestricted<br>£<br>-<br>-<br>-<br>275<br>-<br>-<br>12,800<br>3,716<br>89,396<br>93,557<br>-<br>-<br>-<br>-|£<br>23,522<br>-<br>30,799<br>83,073<br>234,785<br>8,070<br>27,768<br>-<br>-<br>-<br>-<br>217,783<br>600<br>74,972<br>Restricted|2020<br>Total<br>£<br>23,522<br>-<br>30,799<br>83,348<br>234,785<br>8,070<br>40,568<br>3,716<br>89,396<br>93,557<br>-<br>-<br>217,783<br>600<br>74,972|
||93,714|508,496|602,210|199,744|701,372|901,116|
||Unrestricted<br>£<br>63,927<br>142|£<br>-<br>-<br>Restricted|2021<br>Total<br>£<br>63,927<br>142|Unrestricted<br>£<br>73,617<br>1,379|£<br>-<br>-<br>Restricted|2020<br>Total<br>£<br>73,617<br>1,379|
||64,069|-|64,069|74,996|-|74,996|



## 4 Income from other trading activities 

36 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

## 5a Analysis of expenditure (current year) 

|Analysis of expenditure (current year)||||||
|---|---|---|---|---|---|
|Staff costs (Note 7)<br>Freelance & consultancy costs<br>Training expenses<br>Marketing & publicity<br>Premises costs<br>Insurance<br>Repairs & maintenance<br>Travel<br>Furniture & equipment<br>Equipment hire<br>Materials<br>Office expenses<br>Postage & stationery<br>Publications & subscriptions<br>Audit & accountancy<br>Depreciation (fixed assets)<br>Management charge<br>Irrecoverable VAT<br>Support costs<br>Governance costs<br>Total expenditure 2021<br>Total expenditure 2020|Cost of<br>raising<br>funds<br>Exhibitions & live<br>art, education &<br>events<br>£<br>£<br>209,884<br>820,958<br>-<br>231,514<br>-<br>-<br>48,825<br>40,483<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4,282<br>-<br>99,080<br>-<br>-<br>-<br>-<br>-<br>951<br>-<br>-<br>-<br>-<br>8,995<br>-<br>-<br>-<br>267,704<br>1,197,268<br>151,622<br>606,489<br>4,679<br>18,718<br>424,005<br>1,822,475<br>387,928<br>1,778,705<br>Charitable activities|Governance<br>costs<br>£<br>9,494<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>13,903<br>-<br>-<br>-<br>23,397<br>-<br>(23,397)<br>-<br>-|Support<br>costs<br>£<br>264,811<br>21,582<br>29,081<br>-<br>91,629<br>34,534<br>53,067<br>224<br>6,624<br>-<br>-<br>49,534<br>1,555<br>2,237<br>8,111<br>138,418<br>-<br>56,704<br>758,111<br>(758,111)<br>-<br>-<br>-|2021 Total<br>£<br>1,305,147<br>253,096<br>29,081<br>89,308<br>91,629<br>34,534<br>53,067<br>224<br>6,624<br>4,282<br>99,080<br>49,534<br>1,555<br>3,188<br>22,014<br>138,418<br>8,995<br>56,704<br>2,246,480<br>-<br>-<br>2,246,480<br>2,166,633|2020<br>Total<br>£<br>1,222,168<br>198,726<br>24,232<br>110,746<br>106,505<br>28,900<br>25,427<br>6,234<br>8,770<br>255<br>186,040<br>27,130<br>4,216<br>10,479<br>22,427<br>145,258<br>6,548<br>32,571|
||||||2,166,633<br>-<br>-|
||||||2,166,633|
|||||||



37 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 5b Analysis of expenditure (prior year) 

|Analysis of expenditure (prior year)|||||
|---|---|---|---|---|
|Staff costs (Note 7)<br>Freelance & consultancy costs<br>Training expenses<br>Marketing & publicity<br>Premises costs<br>Insurance<br>Repairs & maintenance<br>Travel<br>Furniture & equipment<br>Equipment hire<br>Materials<br>Office expenses<br>Postage & stationery<br>Publications & subscriptions<br>Audit & accountancy<br>Depreciation (fixed assets)<br>Management charge<br>Irrecoverable VAT<br>Support costs<br>Governance costs<br>Total expenditure 2020|Cost of<br>raising<br>funds<br>£<br>208,602<br>-<br>-<br>28,128<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,847<br>-<br>-<br>6,548<br>-<br>245,126<br>138,327<br>4,475<br>387,928|Charitable activities<br>Governance<br>costs<br>£<br>£<br>725,499<br>9,225<br>196,165<br>-<br>10,570<br>-<br>82,618<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>255<br>-<br>186,040<br>-<br>-<br>-<br>-<br>-<br>6,351<br>-<br>-<br>13,150<br>-<br>-<br>-<br>-<br>-<br>-<br>1,207,499<br>22,375<br>553,306<br>-<br>17,900<br>(22,375)<br>1,778,705<br>-<br>Exhibitions & live<br>art, education &<br>events|Support<br>costs<br>£<br>278,842<br>2,561<br>13,662<br>-<br>106,505<br>28,900<br>25,427<br>6,234<br>8,770<br>-<br>-<br>27,130<br>4,216<br>2,281<br>9,277<br>145,258<br>-<br>32,571<br>691,633<br>(691,633)<br>-<br>-|2020<br>Total<br>£<br>1,222,168<br>198,726<br>24,232<br>110,746<br>106,505<br>28,900<br>25,427<br>6,234<br>8,770<br>255<br>186,040<br>27,130<br>4,216<br>10,479<br>22,427<br>145,258<br>6,548<br>32,571|
|||||2,166,633<br>-<br>-|
|||||2,166,633|



38 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 6 Net income for the year 

This is stated after charging: 

|This is stated after charging:|||
|---|---|---|
||2021|2020|
||£|£|
|Depreciation|135,910|145,258|
|Loss on disposal of fixed assets|2,509|-|
|Operating lease rentals:|||
|Property|13,180|13,180|
|Equipment|5,115|5,535|
|Auditor's remuneration (excluding VAT):|||
|Audit - current year|12,650|13,150|
|Audit - prior year|1,250|1,000|
|Other services|4,321|4,000|



7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management 

Staff costs were as follows: 

|Staff costs were as follows:||
|---|---|
|Employer's contribution to Southwark Council defined benefit pension<br>Social security costs<br>Employer’s contribution to defined contribution pension scheme<br>Redundancy costs<br>Salaries and wages<br>Recruitment and other staff costs|2021<br>2020<br>£<br>£<br>1,127,938<br>1,059,592<br>3,209<br>-<br>88,113<br>80,599<br>66,603<br>60,906<br>16,470<br>16,288<br>2,814<br>4,782|
||1,305,147<br>1,222,168|



The following number of employees received employee benefits (excluding employer pension costs) during the year between: 

|||2021|2020|
|---|---|---|---|
|||No.|No.|
|£90,000|- £99,999|1|1|



The total employee benefits (including employer's pension contributions and employer's national insurance) of the key management personnel were £340,639 (2020: £358,563). 

The charity directors were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). In 2021 one trustee received £150 for writing a journal post. No other trustees received payment for services to the charity (2020:£nil). 

Directors' expenses represents the payment or reimbursement of travel and subsistence costs to members relating to attendance at meetings of the directors. No expenses were claimed by directors in 2021 or 2020. 

39 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 8 Staff numbers 

The average number of employees (head count based on number of staff employed, and full time equivalent) during the year was as follows: 

|Exhibitions<br>Support<br>Fundraising and publicity<br>Governance|2021<br>2020<br>No.<br>No.<br>5.5<br>6.1<br>50.4<br>53.6<br>11.9<br>13.2<br>0.1<br>0.1<br>67.9<br>73.0<br>Headcount|2021<br>2020<br>No.<br>No.<br>2.3<br>2.6<br>29.7<br>23.1<br>10.2<br>11.1<br>0.1<br>0.1<br>Full-time equivalent|
|---|---|---|
|||42.3<br>36.9|



## 9 Related party transactions 

During the year the Charity incurred sales commissions payable to SLG Trading Ltd of £8,383 (2020: £6,362). SLG Trading Ltd incurred management charges payable to the Charity of £4,821 (2020: £9,283). In addition, the Charity made sales of goods and services to SLG Trading Ltd of £28,295 (2020: £22,649) and purchased goods and services from SLG Trading Ltd of £889 (2020: £1,190). SLG Trading covenanted its profit of £379 (2020: £35,943) to the Charity. 

Six trustees made donations during the year, a total of £10,860 (2020: £29,963) 

40 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

## 10 Tangible fixed assets 

|Tangible fixed assets||||||||
|---|---|---|---|---|---|---|---|
|Disposals in year<br>Depreciation<br>Cost<br>At the end of the year<br>At the start of the year<br>At the start of the year<br>Charge for the year<br>At the end of the year<br>Net book value<br>Released on disposal<br>At the start of the year<br>Additions in year<br>At the end of the year|Freehold<br>improvements<br>£<br>535,270<br>-<br>-|<br>Fire Station<br>building<br>£<br>3,516,655<br>18,833<br>-<br>3,535,488<br>103,151<br>69,927<br>-<br>173,078<br>3,362,410<br>3,413,504|Long leasehold<br>£<br>320,467<br>-<br>-|£<br>1,787,728<br>-<br>-<br>Phase 2<br>freehold and<br>leasehold<br>improvements|Office<br>equipment<br>£<br>100,077<br>-<br>-<br> <br> <br>|<br>Fixture and<br>fittings<br>£<br>250,585<br>6,847<br>(6,881)|<br>Total<br>£<br>6,510,782<br>25,680<br>(6,881)|
||535,270||320,467|1,787,728|100,077|250,551|6,529,581|
||94,915<br>7,557<br>-||38,742<br>6,274<br>-|356,243<br>35,753<br>-|91,817<br>7,746<br>-|125,567<br>8,653<br>(4,372)|810,435<br>135,910<br>(4,372)|
||102,472||45,016|391,996|99,563|129,848|941,973|
||432,798||275,451|1,395,732|514|120,703|5,587,608|
||440,355||281,725|1,431,485|8,260|125,018|5,700,347|



All of the above assets are used for charitable purposes. The donated asset under Fire Station building represents the reinstatement cost assessment value of the fire station building at the date the lease was signed. 

41 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

- 11 Stocks 

|11<br>Stocks|||
|---|---|---|
|12<br>13<br>Due from SLG Trading<br>Finished goods<br>VAT Debtor<br>Debtors<br>Trade debtors<br>Creditors: amounts falling due within one year<br>Mortgage loan<br>Prepayments<br>Accrued income<br>Deferred income (note 14)<br>Trade creditors<br>Taxation and social security<br>Accruals<br>Other creditors|2021<br>£<br>5,256|2020<br>£<br>4,381|
||5,256|4,381|
||2021<br>£<br>51,781<br>672<br>34,589<br>14,138<br>127,989|2020<br>£<br>22,783<br>23,885<br>25,226<br>57,007<br>101,151|
||229,169|230,052|
||2021<br>£<br>8,104<br>33,710<br>158,589<br>22,317<br>7,319<br>111,377|2020<br>£<br>7,044<br>29,888<br>62,596<br>22,034<br>54<br>121,672|
||341,416|243,288|



## 14 Deferred income 

Deferred income comprises grants and donations received in the year which relate to activity in a future period. 

|Balance  at the beginning of the year<br>Amount released to income in the year<br>Amount deferred in the year<br>Balance at the end of the year<br>▪<br>▪<br>▪<br>▪<br>Under one year<br>Between one and two years<br>Between two and five years<br>Over five years<br>The loan facilities are repayable as follows:<br>Creditors: amounts falling due after one year<br>Mortgage loan|2021<br>£<br>29,888<br>(29,888)<br>33,710|2020<br>£<br>27,296<br>(27,296)<br>29,888|
|---|---|---|
||33,710|29,888|
||2021<br>£<br>205,906|2020<br>£<br>214,300|
||205,906|214,300|
||8,104<br>8,464<br>27,228<br>170,214|7,044<br>7,327<br>24,311<br>182,662|
||214,010|221,344|



## 15 Creditors: amounts falling due after one year 

The SLG has a loan with Charity Bank to finance the purchase of the artists flat. The loan is repayable in monthly instalments from January 2015 to December 2039, with a full review every 5 years. Interest is payable monthly at a rate of 3.5% from October 2020 (previously 4.5%) above the Bank of England base rate per annum. 

The Charity Bank holds a fixed legal charge over the leasehold interest in the flat as security against the loan. 

42 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

||General<br>unrestricted<br>£<br>-<br>38,681<br>-|<br>£<br>354,048<br>169,531<br>(205,906)<br>Designated|Restricted<br>£<br>5,233,560<br>228,076<br>-|Total funds<br>£<br>5,587,608<br>436,288<br>(205,906)|
|---|---|---|---|---|
||38,681|317,673|5,461,636|5,817,990|
||General<br>unrestricted<br>£<br>-<br>37,234<br>-|<br>£<br>361,126<br>(1,976)<br>(214,300)<br>Designated|Restricted<br>£<br>5,339,221<br>154,857<br>-|Total funds<br>£<br>5,700,347<br>190,115<br>(214,300)|
||37,234|144,850|5,494,078|5,676,162|
||<br>Income and<br>gains<br>£<br>-<br>24,506<br>44,553<br>20,000<br>82,395<br>9,814<br>327,228|<br>Expenditure<br>and losses<br>£<br>(127,142)<br>(24,506)<br>(44,553)<br>(20,000)<br>(82,395)<br>(8,736)<br>(234,440)|<br>Transfers<br>£<br>21,481<br>-<br>-<br>-<br>-<br>(18,833)<br>(1,814)|At the end of<br>the year<br>£<br>5,233,560<br>-<br>-<br>-<br>-<br>-<br>228,076|
|5,494,078|508,496|(541,772)|834|5,461,636|
|361,126<br>(221,344)<br>4,381<br>687|-<br>-<br>-<br>172,379|(11,277)<br>-<br>875<br>(687)|4,199<br>7,334<br>-<br>-|354,048<br>(214,010)<br>5,256<br>172,379|
|144,850|172,379|(11,089)|11,533|317,673|
|37,234|1,707,433|(1,693,619)|(12,367)|38,681|
|182,084|1,879,812|(1,704,708)|(834)|356,354|



The transfers between funds represents amounts transferred from Restricted funds to the Mortgage Liability fund and the designated Fixed Assets fund. 

43 



South London Fine Art Gallery and Library 

## Notes to the financial statements 

## For the year ended 31 March 2021 

17b Movements in funds (prior year) 

|Steel Charitable Trust (Fire Station)<br>The Wolfson Foundation (Fire Station)<br>Foyle Foundation (Fire Station)<br>Total restricted funds<br>Total designated funds<br>General funds<br>Designated funds:<br>Fixed Assets<br>Mortgage liability<br>Current Assets: Stocks<br>Other designated funds<br>Restricted funds:<br>Fixed Assets<br>BBC Children in Need<br>Heritage Lottery Fund Fire Station<br>Total funds<br>Other restricted funds<br>Total unrestricted funds<br>Unrestricted funds:<br>Southwark Council - Fire Station<br>Heritage Lottery Fund<br>Southwark Council<br>Other Fire Station restricted funds|At the start<br>of the year<br>£<br>5,375,572<br>-<br>-<br>5,500<br>-<br>-<br>25,000<br>551<br>59,175<br>19,373<br>92,217|<br>Income and<br>gains<br>£<br>-<br>23,522<br>30,799<br>83,073<br>600<br>217,783<br>-<br>-<br>-<br>74,972<br>271,550|<br>Expenditure<br>and losses<br>£<br>(130,655)<br>(23,522)<br>(30,799)<br>(88,573)<br>-<br>(217,783)<br>-<br>-<br>-<br>(67,612)<br>(226,665)|<br>Transfers<br>£<br>94,304<br>-<br>-<br>-<br>(600)<br>-<br>(25,000)<br>(551)<br>(59,175)<br>(8,978)<br>-|At the end of<br>the year<br>£<br>5,339,221<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>17,755<br>137,102|
|---|---|---|---|---|---|
||5,577,388|702,299|(785,609)|-|5,494,078|
||372,596<br>(227,545)<br>3,685<br>2,188|-<br>-<br>-<br>-|(14,603)<br>-<br>696<br>(1,501)|3,133<br>6,201<br>-<br>-|361,126<br>(221,344)<br>4,381<br>687|
||150,924|-|(15,408)|9,334|144,850|
||46,189|1,365,995|(1,365,616)|(9,334)|37,234|
||197,113|1,365,995|(1,381,024)|-|182,084|
||5,774,501|2,068,294|(2,166,633)|-|5,676,162|



Purposes of restricted funds 

## Fixed Assets 

This fund represents the net book value of freehold and leasehold improvements, computer and office equipment, and fixtures and fittings purchased with restricted income. 

Arts Council England and Southwark Council 

Grants for exhibitions, events, education and outreach programmes and gallery facilities. 

BBC Children in Need and Heritage Lottery Fund 

Grants for education and outreach programmes. 

Henry Moore Foundation 

Grants for exhibitions and installations 

Steel Charitable Trust, The Wolfson Foundation, Foyle Foundation, Heritage Lottery Fund and Southwark Council - Fire Station 

Funds for the Fire Station project 

Other Fire Station restricted funds 

This includes grants and donations for the Fire Station project 

## Other restricted funds 

Grants and donations related to individual exhibitions and education projects which are funded by a variety of sources. 

44 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 17 Movements in funds (continued) 

Purposes of designated funds 

## Fixed Assets 

This fund represents the net book value of additions to fixed assets relating to freehold and leasehold improvements and fixtures and fittings. 

## Mortgage liability 

This fund represents the balance of the capital liability outstanding on the mortgage. Transfers will be made to the fund in future periods as repayments are made. 

## Current Assets: Stocks 

This fund represents the net book value of stock at the year end. 

Other designated funds 

The Trustee has set aside funds for project expenditure. 

## 18 The Gallery Collection 

The gallery holds a Collection of art works which were acquired through donation and purchased from 1891 to the present day. 

It was agreed that it would be desirable for the Collection to be kept together and cared for by the local authority. Consequently the Collection is maintained and managed by London Borough of Southwark as local authority on behalf of the gallery in accordance with a loan agreement covering a period of twenty-five years from the independence of the Gallery in October 2003. 

The Collection is considered to be a heritage asset. Under FRS102 charities are not required to recognise heritage assets on the balance sheet if information on their cost or valuation cannot be obtained at a cost commensurate with the benefit to the users of the accounts and the charity. 

The Trustee has been unable to obtain reliable cost information on the artefacts, as most of these were acquired a number of years ago. Given the size of the collection, which includes over 2,000 items, significant costs would be involved in valuation. 

The Trustee considers the cost of obtaining the valuation would outweigh the additional benefit derived by the users of the accounts. For this reason the Collection of art works has been excluded from the accounts. 

For insurance purposes the collection has been valued at £5,000,000. 

## 19 Taxation 

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 

## 20 Operating lease commitments 

The charity's total future minimum lease payments under non-cancellable operating leases are as follows for each of the following periods 

|of the following periods|||||
|---|---|---|---|---|
|Less than 1 year<br>1 - 5 Years|2021<br>2020<br>£<br>£<br>13,180<br>13,180<br>19,770<br>32,950<br>Property||2021<br>2020<br>£<br>£<br>2,664<br>3,622<br>4,208<br>3,992<br>Equipment||
||32,950|46,130|6,872|7,614|



45 



South London Fine Art Gallery and Library 

Notes to the financial statements 

## For the year ended 31 March 2021 

## 21 Capital Commitments 

There were no amounts contracted for but not provided in the financial statements for the charity  (2020: £19,886, including VAT). 

## 22 Ultimate controlling party 

The company's ultimate parent undertaking and controlling party is The SLG Trustee Limited, a company limited by guarantee (number: 04720002). Copies of the consolidated financial statements are available from the Charity Commission. 

46