SOUTH LONDON FINE ART GALLERY AND LIBRARY TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Il REGISTERED CHARny NUMBER.. 312160 South London Flne ArtGjl1&ry￿d Librnry. fwrt of ￿TryI￿a tr tho yworthl 31 Math 2022 CONTENTS Reference and administrative information Trustee's annual report Independent auditor's report 24 Image credits 28 Statement of financial activities (incorporating income and expenditure aceount) 29 Balance sheet 30 Statement of cash flows 31 Notes to the financial ststements 32 South L¢ndon FineArt ar*J Utftry. Re[￿ of the Tru5t8• forth• >Y•r ¢ndfAI 31 Marc* 2022 REFERENCE AND ADMINISTRATIVE INFORMATION ststus The organisation registered as a charity on 9 May 1966. The eharity 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. Gtrnrnlng document Charity numb 312160 Re8istsr•d office and 65 Peckham Road, London, SE5 8UH operational address Th8 Trusteè The Trustee is the SLG Trustee Ltd, which has a board of director5. 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) (resigned 14 December 2021) Cllr Radha Burgess (resigned 15 June 2021) Bilge Ogut.Cumbuysan (resigned 14 Decemlxr 2021) Joy Gregory Stephen Kirk (Treasurer) Cllr Maria Linforth Hall (resigned 15 June 2021) Novuyo Moyo Cllr Graham Neale (appointed 15 June 2021, resigned 14 June 2022) Cllr Jason Ochere (appointed 15 June 2021) Sandhini Poddar Adam Prideaux Serge Ramin (appointed 21 June 2021) (appointed Chair 14 December 2021} Miranda Sawyer Myriam Semere Cllr Cleo Soanes Abbas Zahedi {appointed 21 June 2021) Chris Bedson (appointed 14 December 2021) Cllr Sandra Rhule (appointed 14 June 2022) The directors ors the board of The SLG Trustee Ltd have no beneficial interest in the charity other than as disclosed in notè 7. Prfncipal staff Margot Heller. Director Cathy Hirschmann, Deputy Director (until Sep '21) Isabelle Hancock, Deputy Director (from Oct '21) Sarah Allen, Head of Programme (from Sep '21) Rachael Harlow, Co-acting Head of Programme & Projerts Curator (from Feb- Sep'21) Anna Jones. Head of Communications (maternity leave from Aug '22) Bruce Phillips, Co-acting Head of Programme & Projeets Curator (trom Feb. Sep'21) South London Flne Art Gallery ond Ubrary. P*pJrt of th• Twstee forthiyear entsJ 31 March 2 Sophie Ryan. Head of Communications (maternity cover from Jan '22) Carey Robinson, Head of Education Bankers HSBC Bank PIC 47 Rye Lane Peckham. London, SE15 SET Solicltors Bates, Wells & Braithwaite Cheapside House. 138 Cheapside. London, EC2V 6BB Auditors Sayer Wincent LLP. Chartered Accountants and Statutory Auditors Invicta House, 108-114 Golden Lane, London. ECIY OTL The Trustee presents its report and the audited financial ststements for the year ended 31 March 2022. Reference and administrative information set out on page 3 forms part th 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. OBjE￿IVEs 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 ha5 placed an emphasis on promoting the production and understanding ol contemporary visual art to diverse audience groups through an interlinked programme of exhibitions. live art events. film sereenings, artist residencies, off-site projects. edu¢atior7 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 Katharina Grosse, Ann Veronica Janssens, Christina Quarles, Danh Vo, Lawrence Weiner and Haegue Yang., as well as younger and mid-career artists such as Michael Armitage, Alvaro Barrington, Sophie Cundale and Magali Reus. Group shows bring together works by established and lesser-known British and international artists, for example The Show is Over.. Under the Same Sun.. Art from Latin Americg Today,. The Place Is Here,. KNGCK KNOCK.. Humour in GontemporaryArt,' and our five.year partnership with Bloomberg New Contemporaries which showcases a selection of emerging artists across the SLG'S Main Gallery and Fire Station 51tes. The gallery's live art, talk5 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. There are regular free tours of the ¢urrent 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. th fin•Art Gallory and Lo￿ar￿. R•p¢rtof fvTNsts8 for they¢ar erpJed 31 3)22 The SLG works wth thousands of school pupils, young people, local residents, children and community groups annually through innovative and award-winning education and outreach programme5. These range from weekly activities for looked after ehildren. regular workshops with schools and our young people's forum ArtAssassins taking place in our edueation space the Clore Studio, through to off-site creative play activitie5 for children who live on local estates. The gallery's work with resident5 on the neighbouring Sceaux Gardens housing estate and two 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 15 a registered charity and reeeives public funding from Arts Council England and Southwark Council. The gal lery needs to raise more than half ol its annual income from other sources to realise its ambitious programme of exhibitions and events. This includes grants from trusts and foundations,. corporate sponsor5hip- commercial income from private hire, artists, editions, bookshop and café,. fundraising evènts and auctions., as well as the support of individuals who include exhibition donors and sponsors, the SLG Council, benefaetors, patrons arKJ members. Artists also play'a crucial role in fundraising for the SLG by donating works to auctions and making limited edition5 to sell in the shop. THE SLG'S GUIDING PRINCIPLES, AIMS & VALUES The SLG'5 successes over the past decade ref lect our reputation for excellence bnd 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 8uiding 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 ri5k-taking' involving artists in the life and work of the gallery., involving audiences and local Communities as collaborators as well as parlicipants in our programmes., ref lecting the diver51ty of London's communities in all areas of its work and organisation, including staffing. programming, governance, access and audience developmenl. building diverse and dedicated audiences for contemporary visual arts by providing distinctive and èngaging opportunitie5 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. contractors etc) and treating them in a respectful, inlormed and responsive manner. forging partnerships, locally, nationally and internationally, to faeilitate the realisation of ambitious projects, and to maximise their potential benefits,. meeting the objective5 of key lunders, including Arts Council England and Southwark Council, to ensure their continued support- being the best employer that we can be within our resources, including providing training and development opportunities for all staff, providing new traineeships which support people into careers in galleries and museums and paying all staff members above London Living Wage. South Hne Art GallBry#nd Llbrary.. R8POrt of th• TNstse fix the ￿•ftd•d 31 Marth 2￿22 maintaining our buildings, including listed buildings and their rich heritsge, signage and facilities to a high standard to ensure the best Possible experience for visitors with Ihe least impact on thè 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 opportunlties 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 herilage assets (listed buildings and the SLG Archive) and provide interpretation which deepens people's learnirhg and enjoyment,. to forge partnerships locally, nationally and internationally to maximise potential benefits and to fa¢ilitate the realisation of ambitious projects., to have a significant positive eeonomic impact on the local area.. to have an integrated and sustainable environmental plan., to raise funds across a range of sources to ensure the long.tem viability of the organi5ation', and to be an inclusive and anti-racist organisation with our diversity and inclusion aims and objectives actively present in every area of our aetivity. The SLG'S Director, Management Team, staff and the Trustee 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. In 2021-22 all staff were invited to participate in a team Away Day, led by an external facilltator, to devise a set of core values for the SLG. This work, consolidated via a follow up session with Senior Management and the Trustee, formed part of the SLG'5 applicalion for three-year support from Arts Council England for 2023.26. The SLG'S core values are to be an organisation that is: Nurturing and Inspirin8 Experiment81 and Risk Taking Relevant, Inclusive and Welcoming ACHIEVEMENTS AND PERFORMANCE IN 2021-22 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 Trustee 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 fLtture activities. In particular, the Trustee considers how planned activities will contribute to the aims and objectives that have been set. With an array of bespoke gallery and education spaces on differing scales, 51te-specific art commissions, an artist's studio, archive displays and communal kitchen, over the past decade the SLG has evolved in response to the needs and interests of the diverse artists and audiences it engages with. W151tors now enjoy an Inspiring setting which combines historic buildings. award. Soulh London Flno ArtGalleryeThJ Ubrary.. Il•port ol th¢TN8ts8 forthBy••r •#d￿ 31 Marth 2022 winning contempgrary architecture, artist.designed gardens, a café that has become a destination in it5 own right and a specialist bookshop that is highly ranked among independent booksellers. The gallery's education prolects continue to be held in high regard as demonstrated by the range of partners and funders. 2021J22 was the second year in which the SLG felt the significant impacts of the Covld.19 pandemic. In May 2021, the SLG reopened its galleries to the public after a second extended ￿rIOd of closure due to lockdown (January - May 202 1). Prioritising activities for the most vulnerable people we work wlth and our local residents Continued to be a core focus for the education prograrnme, with a number of programmes continuing to take place online, alongside resuming in-person events and sessions as soon as it was safe and possible to do so. We were able to reopen the gallerie5 Safely with Covid-safe measures in place for audience5 and staff members. and successful ly presented exhibitions which had been postponed from the previous year, honouring our commitment to those artists and partners. Throughout the year, despite ongoing disruption due to the pandemic, including caps on audience capacities and reduced occupancy in the offices lo ensure Covid-safe working, we are proud to have delivered an exceptional programme ol commissions, exhibitions, live art and archive displays across the main gallery and Fire Station galleries. Our online programming also continued. Convergence, a series of critical online conversations, s¢reer)ings and written commissions. fa¢ilitated by the SLG and curated and hosted by invited guests developed after its successful pilot in 2020/21 with events, written commissions and a podcast in collaboration with Shade, exploring anti-racism and the arts. The gallery also delivered Making Sense, a digital and in-person collaborative resource and programme of cultural and creative collective learning in partnership with Moltntview and a range of Southwark schools, assembling around three pillars.. young people, teachers & professiona15, and local organisations, working to share stories and explore the impacts of Covid-19 and Black Lives Matter through interdisciplinary arts. During the year, exhibitions and projects featured in a range of publications with press highlights including the following.. Jonathan Jones from The Guardian in 'Going Out, Staying in,, Eddy Frankel for Time Out reviewing Alice Theobald.. 'IL Y Aura (there will be), and Adrian Searle Irom The Guardian reviewing Alvaro Barrin8ton'5 Show, 'Spider, The Pig. Pig, The Spider, with four-stars. The SLG was grateful for funding received from the second round of Arts Council England'5 Cultu Recovery Fund, which, building on support received Irom the first round of Culture Recovery funding in the previous year, stsblised the SLG'S financial outlook in the wake of the pandemic and enabled the building up of reserve fund5 to ensure longer term sustainability. In the Autumn of 2021, the SLG celebrated its 130th anniversary with a special fundraising event and the launch of a porttolio of editions by five leading international artists, produced to raise vital funds for the SLG. For two weeks in October 2021 the portfolio was displayed at SLG Central, a pop-up space in Mayfair, with the aim of reaching collectors and donors unfamiliar with the SLG. Freelands Foundation and BBC Children in Need eontinued as major supporters of the SLG and enabled core element5 of the SLG'S education programme to svpport our local communities. The artistic programme continues to attract support from irlternational art5 bodies and embassies as well as a sm311 but committed number ol charitable foundations and individual donors. One-off and long- term relationships with trusts and foundations provide 5UPPOrt across the gallery's education programmes, as do the circle of donors making up the SLG Council. South London Flne Art Gallgry and ubrn￿. Wrt of thèTnJstsè for thèjyur •nd•d 31 M•rth 2022 Building on lessor)s learned over the past two years. our objective over the next five years is to increase the gallery's local. national and international impact and rebuild audiences to reach pre- Covid levels, through artistic, education and residency programmes across the SLG'S indoor and outdoor spaces at its main site, in the four.storey annexe in the former Peckham Road Fire Station, at Art Blotk on Seaux Gardens Estste, on 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 ol rapid change and gentrification in the local area. A significant grant raised in 21122 to enable a raft of new marketing and audience development initiatives plays an important role in this as we work towards 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 2021-22 the SLG protiled the work of 183 British and international artists through.. solo and group Shows in the main gallery and at the Fire Station. with associated programmes for both in-person and digital engagement., • online and in-person talks and film screenings. artist residencies in the Outset artists, Ilat and artists, studio at the Fire Station; artist-led activities as part of the gallery's education and outreach programme; and collaborations with artists to create editions to raise funds for the gallery. The SLG delivered a full and varied programme of exhibitions, residencies, film screenings, talks and performances, including work by emerging and established artists, delivering work both Sn person and digitally. We maintained our commitment to supporting and enabllng the production of excellent work, acknowledged through press coverage, audience and artists, feedback and in-person and online en8agement. In May 2021 we presented a virtual exhibition in partnership with theVOV, reviving Chris Burden'"s 2006 SLG exhibition J4 MagnoliB Double Lamp5. When our buildings were able to reopen atter lockdown, the SLG continued the exhibition Bloomberg New Contemporaries 2020 which had originally opened for a matter of days in December 2020 before it closing due to the pandemic, featuring the work of 36 artists at the early stages of their career. In the Svmmer and Autumn, we presented solo exhibitions in our main gallery by artists Christina Quarles and Alvaro Barrington, alongside exhibitions in the Fire Station galleries by Sarah Staton and artist, lecturer and archivist. Rita Keegan. In March, exhibitions by Alice Theobald and Celine Condorelli opened in the main gallery and Fire Station respectively. In December 2021 we continued our ongoing partnership to P￿sent the fourth iteration of Bloomberg New Contemporaries, which featured a record 75 artists. In 2021-22 we continued our six-month post-graduate residency programme with Ufvorno Essi and Shamica Ruddock concluding and beginning residencies respectively. They both benelited from our artist studio space on the top Iloor of the Fire Stalion, which complements the existing flat for artists in residence. South LoTrJon Rn8 Art G*llory Llbr8ry.' Réport of the TN$ts&lort￿)￿ end¢d 31 Marth 21Y22 The SLG also hosted a range of partners to present short exhlbitions in the main gallery and Fire Station. In September the SLG hosted the degree exhibition of graduating MA students from Camberwell College of Arts (UAL). Other partners included the Feel Good Designer5, a group of learning-disabled young artists who are supported by creative arts charity Heart n Soul., School SOS, a nomadie not-tor-profit critical design school that seeks to challenge traditional modes of Higher Education delivery in the UK- and the South London Refugee Association (SLRA) and The Feminist Library who presented the exhibition We Are a Group of Excellent Won7en in March 2022. A display in the SLG'S Archive room, Sljut the Club Down, explored dance music and nightlife culture in 19905 Peckham and caMbe￿ell through two venues: Peckham Lazerdrome and Imperial Gardens. Our varied programme of film and talks continued with a mixture ol online and in-person events and provided opportunities for collaborations, discussion and peer review. This included Convergence, a programme of online talks, events, screenings. a film festival and writing ¢onversations. All events as part of Convergence were free. and aimed to platform the critical thinking of young and emerging black art historians, curators, critlcs, writers and artists. Our ongoing film programme South by Soijth also continued, curated by rega Okiti,. alongside screenings selected by the SLG'S young people's group the Art Assassins. Rumpus Room undertook the annual Art 81ock commission as part of Open Plan (our long-term project oll neighbouring housing estates), working with the Art & Play teim and the children who attend Art Block to develop and their installation Playing for the Future. Soulh Lor¥Jon Flne Art GDllerywd Lltrx•rr. Réport of thoTru3ts9 for th•j￿r 31 Marth 2022 Exhlbltlons In 2021-2022 Bloomberg New Contemporaries 2020, installed and launched with diw'tal events in January 2021. open to the public 19 May-6 June 2021 Art A55assins.' An Archive By Other Means. installed and launched with digital events in January 2021. open to the public in 19 May- 30 June 2021 Christina Quarles: In Likeness, 18 June - 29 August 2021 Ufuoma Essi.. From Where We Land, 23 June- 5 September 2021 Sarah Staton: Supastore Southside, Slin8backs & Sunshine. 9 July- 5 September 2021 I'm Yours and You're Mine. Stay Curious- The House of Do Your Own Thing: 4- 5 September 2021 MA Fine Art Graduate Showcase, l 1- 18 September 2021 Rita Keegan.. Somewhere Belween There and Here, 17 September- 28 November 2021 SLG Central at 30 Old Burlington Street. WIS 3AP, 21 September- 17 October 2021 10 South lond￿ Fine Art&ll￿and Llbrnry.. Report of th• Tru$t¢e lorthoJw•ndthY 31 2022 Alvaro Barrington: Spider the Pig, Pig the Spider, l Octotser- 21 November 2021 SLG Hosts: School SOS, 13- 28 November 2021 Bloomber8 New Contemporaries 2021, 10 December 2021- 12 February 2022 We Are a Group of Excellent Women, 4- 25 March 2022 Alice Theobald: 11 Y Aura (There Will Be), 9 March - 5 June 2022 Celine Condorelli with Ben Rivers and Jay Bernard.. Atter Work, 4 March - 5 June 2022 Arch{￿ Displays In 2021-2022 Independence to Now, 19 May- 26 September 2021 Shut The Club Down, 25 February 2020- 3 January 2021 Residendes In 2020.2021 Ufuoma Essi, Postgraduate Artist in Residence, November 2020 - June 2021 Shamica Ruddo¢k. Postgraduate Artist in Residence, November 2021-June 2022 Highlights from th• perlormance, film and e%tnts programme In 2021-2022 Event.. Walk It Talk It.. Meet rne at the Tree of Heaven, 20 June 2021 Talk- Convergence.. Cultural Compensation Won't Sustain Anti-Racism11, Online, 24 June 2021 Event.. SLG Skills= Photographic Printmaking Course, 21 July - I I August 2021 Talk: Rita Keegan in conversation with Lorraine Brooks, 22 September 2021 E￿nt. The Conch, 15 September 2021 Film.. South by South: Babymother. 23 October 2021 Talk: Alvaro Barringlon in conversation with Mariana Mazzucato, 17 November 2021 Film.. Djofray Makumbu: Hello Mr Officer, 19 & 20 November 2021 Event: SLG Skills: Introduction to Etching, 2, 9, 16, 23 February and 2, 9 March 2022 Event: Art Assassins x Layla Majid, Pop Up Exhibition, 19 & 20 February 2022 Event- Pushback- an afternoon of making. art and conversation exploring the social change movement at the South London Gallery, 16 March 2022 New artist edltlons, publleatlons and merchandlse Created to mark the 130th anniversary of the South London Gallery, in 21122 the SLG worked with five leading international artist5 to produce a special limited-edition portfolio of artists, prints to raise vital lunds for the SLG. The featured artists were Alvaro Barrington. Rashid Johnson, Gabriel Orozco, Christina Quarles and Haegue Yang. 11 th London FlneArt ￿ll•ry and Ubrary. Roport of th¢Tvusts8 for ￿y•ar •ided 31 Marth 2022 Artist Katarina Gross also produced a limited-edition prlnt on fabric for the gallery in 21122, which complements existing editions by artists Jessie Brennan, Susan Cian¢iolo, Isabelle Cornaro, Sophie Cundale, Federico Herrero, Ann Veronica Janssens, Erik van Lieshout, Ba5im Magdy, Alicia Reyes McNamara, Rory Pilgrim, Magali Reus, Raqib Shaw. Lawrence Weiner and Abbas Zahedi. Also in 21122, the SLG produced a publication which documents the creation ol the gallery's permanent Orozco Garden, which opened in 2016 and wa5 created over two years by leading international artist Gabriel Orozco, with support from 6a architects and horticulturalists at the Fk)yal Botani¢ Gardens, Kew. All proceeds from the sale of SLG editions and publications support the SLG'S ¢haritable activities. EDUCATION Providing opportunitie5 for children and young people to experience the richness of the arts has been a vitally important part ol the South London Gallery mission lor the past two decades. The SLG's innovative approach to working with diverse audiences through its education and outreach programnies has proven effective in connecting with audiences least likely to engage in the arts. In 2021.22, the SLG'5 team of education staff continued to work with artists and artist-educators 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 across a network of 20+ partner schools, with artist- led activities linked to learning across the curriculum as well a5 work experience partners, digital resources and exhibition tours,. Making Sense, a new digital and in.person collaborative programme which aims to eollectively seek systemic solutions for endemic challenges within art and design education- Art Assassins. a peer-led young people's group (age 14 - 21) who meet weekly to devise and produce public events and exhibitions with accessing the creative industries advice and guidance. Supersma5her5, a weekly after.school progrimme for looked atter children funded by BBC Children in Need., Creative Families, an artist-led prolect for local parents and under-5's in eollaboration with Southwark's Parental Mental Health team and local children's centres. Sunday Spot, monthly drop.in workshops for families. inspired by current SLG exhibition5-, and Flavour Cravers, a prograrnme of cooking lessons led by local chefs and cooks. for local children, in the Fire Station kitchen. strong partnerships with local HE and FE colleges and universities,. and an Art & Play Assistant training and employment programme which includes local young people. Additionally, the SLG'S Residents, Programme works with and for the South London Gallery's close neighbours on local housing estates, to deliver a long-term public art and learning project, Open Plan. Building on more than a decade's work with residents locally, through Open Plan we deliver a variety of activities year-round including.. an afterschool programme at our dedicated education Space, Art Block, on S¢eaux Gardens estate,. community eelebrations,. 12 Swth London Flne Art Galkry ond Llkfary. lknF￿rt cl the Tnth lorthèjwr end*J 31 Marth 2022 creative projects., and public art commissions. How to mak• ch8nBe in your local area The collective impact of our education and outreach project5 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 partici pants as assistants and workshop facilitators. "I have witnessed first.hand the loyalty and dedication the team has given to the laml//es and children on the 6State andsurrounding streets. What the South London Galleryprovides to us on regular basis 15 wonderful" Joan Morris, Chair, Pelican Housing Estate Tenants & Residents Association BENEFICIARIES AND AUDIENCE DEVELOPMENT The SLG provides benefits for artists. audiences and participants through all its activities. The Education Programrne locuses on respondin8 to the particular needs of people who participate in our programmes and those who live within the immediate vicinity of the SLG in Southwark. In 21/22 as the gallery reopened after periods of closure due to Covid-19, thi5 meant honouring our commitments to artists by realisin8 a number of exhibitions and projects which had been postponed from the previous year and developing our education programmes to operate both online and in person in new Covid-safe formats, continuing to support some of our most vulnerable participants and our local residents. Despite the ongoing disruption of the pandemic, we supported 183 artists, welcomed 120.657 visits in person and received 5.023 dI￿tal audience members and participants to online events and 13 &)ulh ttffldon Fln•Art GalhryaTrJ Llbrary. Rwl ol th8 TrustoB frjr end8d 31 March 21Y22 projects. In the year directly prior to the pandemlc. 2019/20, the SLG welcomed over 160,1)00 visits and/or engagements. This followed an initial peak of 190,000 in the opening year of the Fire Station. As we emerge from the pandemic, our focus is on 5UStaining audience figures ol at least 120,000 visits per year and working towards rebuilding lo pre-pandemic levels over a number of years. In a typical year the SLG attracts a youn8 audience, a trend which continued in 21/22. Due to the pandemie, survey responses from 21122 are compared here with the most recent pre.pandemic year (19120) as no data was available for 20121. In 21122, 62Yo of surveyed visitors were aged 16 - 34 (65Yo in 19120), representative ol a young lo¢al community (50% of Southwark's adult population is aged 20-30). The surveys showed that we increased the percentage of visitor5 from Black. Asian or ethnically diverse backgrounds to 33Y {23fo in 19120). We also increased the per¢entage ol visitors who identify as deaf, disabled or having a long-term health condition to Il% (4% in 19120). 50Yo of people who completed the visitor surveys in 21122 live within a Ikm radius of the SLG. The metric is different to previous years where visitors were asked whether they live. work or study in Southwark, however the results are cons1Stent. Our local area of Southwark experiences much higher than UK average levels of economic and social deprivotion.. 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 41st most deprived lo¢al authority in En8land and the 12th most deprived borough in London. It is in this context that we run varied programmes to in¢rease ané sustain engagement from those who are least engaged, have protected characteristics and/or"are less advantaged. We collect and analyse data via visltor and project feedback and surveys, review sessions. digital insights, social media comments and staff feedblek and project debriefs. Findings have been used to develop audience development tools and strategies a5 we continue to grow and diversify our visitors and participants. DIVERSITY AND INCLUSION Embedding our Equality, Diversity ind Inclusion aim5 in all our work is of vitsl importance to the SLG. We care deeply about becoming more diverse in terms of our programmes, audiences, staff and board and we recognise that we need to continue to work, with ever greater rigour. across a raft of measures. This includes rethinking strategie5 that aren't working. Over the next three years our core airn is to become known as a proudly diverse organisation, Irom our governance, staff and audience5, to our programmes and our work with local communities, to be a more innovative, relevant and exciting public space than ever before. Artists in our programmes range from established figure5 to emerging talent and the SLG has consistently shown work by high numbers of Black. Asian and ethnically diverse artists. Our programme engage5 audiences from all backgrounds, including those less likely to interact with cultural inslitutions. All our venues are accessible Ènd access is considered as an integral part of all programme planning. Access information is detailed online and with all event bookings and our team is trained in disability confident customer service. In 21/22 we piloted audio description tours of our 14 South Lmdon Fine ArtGolleryBnd Library.. R¢port of the TnJst¢o for the year end•d 3L 2022 exhibitions and we are working with external Consultants to ￿VIeW access across our programmes and venues. During the pandemic we initiated M8king Sense, a Local Cultural Education Partnership with Mountview drama school, which empower5 teaching of anti-colonialism, champions creatNe practice as 8 tool for social change and tackling inequalities and provides ￿$0￿￿eS to support schools, Equality, Diversity and Inclusion objective5. We work to attract and invest in a workforce and board that ref lects and informs the diversity of our programme, audiences and partieipants, and is representative of our community and location within a culturally and ethnically diverse area of South London. The SLG'S staff has grown significantly over recent years. including new Traineeships and entry level roles in our Art & Play and Front of House teams, to increase access to the cultural sector for young people underrepresented in the industry. In 21/22 we competed our review of casual contracts to create more permanent opportunities. providing stability for our employees. Recruitment policies have been developed and refined to ensure transparency and access to promotional opportunities and routes for progression. A pay review in 21/22 ensured that lowest paid roles continued to be above London Living Wage, recognising the intersection between low pay and lack ol diversity in the cultural sector workforce. Currently, 61% of SLG Board members identify a5 Black, Asian or ethni¢ally diverse. A recent Staff survey shows that 31Yo of staff members identify as Black, Asian or ethnically diverse, 3970 as LGBTQ+ and 25% as deaf, disabled or having a long-term health conditioll. We know that we have more work to do to address disparities within our team and to ensure that all levels ot our workforce are diverse and representative of our community. We have made progress in some areas but are acutely aware that at manager level and above, our team is not yet representative of our community. Ongoing work is taking place in close consultation with staff and the Trustee to develop strategies to attract, retain and develop 5tafl who identify as Black, Asian and ethnically diverse as well as those from socio-economic backgrounds which are Under￿Presented in the arts and cultural sector. In the wake of George Floyd's murder and the resurgence of the Black Lives Matter movement in 2020, the SLG undertook a thorough review ot Its Diversity and Inclusion Action Plan which was published on our website. In 21122 our established Equalitie5 Advisory Committee made up of three SLG Trustees continued to meet quarterly with the Director and members of the Senior Management Team to ensure the SLG is accountable and to monitor progress against the Adion Plan. In 22123 a revised and updated Diver51ty & In¢lusion Action Plan will be published, DIGITAL REACH, INFRASTRUCTURE & PROGRAMMING On the SLG'S digltal channels in 21/22 we saw great engagement across platforms, as we focused on growing our reach and developing new online audiences. We continued to gain traction on our website, with new visitors and returning ones.. 182,691 users with 83.9% bèing a new user. In this time period 260,435 sessions took place. in comparison to 173.515 sessions in 20/21, an increase 01 40%. Social media was a key component of our digital strategy, with the aim to reach wider audiences and to share creative content. In this period Facebook had a reach of 150,145 with 2,932 visits to our page, up 100% on the previous year. Instagram reached 166,795 people with 47,822 visits to our account, up 431.. 15 Styjth London Fln¢ Art Gallgry ind LIbra￿. Report of th8Tru$t•• for 31 Marth 2022 Instagram followers increased significantly trom 70.9k to 74.8k, Facebook grew to 38k likes and Twitter increased to 70k followers. We continue to create new and exciting video content. to share the gallery's programme with digital audiences. Our YouTube video of a studio visit with artist Christina Quarles, released in June 2021, had over 480 views during the year. A video ol a talk with artist Alvaro Barrington, released in December 2021, had over 528 viows. ENVIRONMENTAL PERFORMANCE The SLG has an environmental sustainability policy and a¢tion plan and has established a staff-led sustainability committee which meets bi-monthly to raise environmental awareness and promote best practice internally. In 2022 a board level Sustainability Committee will be formed, made up of members of the Senior Management, SLG Board and an external specialist. Following a focus on the development of the Fire Ststion where the gallery worked with the arthitects and an environmentsl consultant to minimise the environmental impact of the building* our focus has turned back to the Victoriar) main gallery. The gallery achieved an important fundraising milestone in 21/22 raising the funds required to replace a gas fired air blower heating system from the 1980s with air source heating. The benefits of installing this new, much more sustainable system include: an estimated 40% reduction in our environmental impact. The introduction of improved energy eff iciencies with lower environmental impacts, carbon footprint.. heat pumps generate rnu¢h lower C02 emissions than conventional heating 5y5tems,' a significant red¥ction in our energy costs. We will also research opportunities to apply for the commercial Renewable Heat Incentive (RHI) payment scheme. leading the way for other galleries to install air source heat PUrnP5, Setting an example. the gallery will be more comfortable, encouraging visitors to stay for longer and make return visits., the space will be more appropriate for the display of often delicate and sensitive art works. and invigilators, working conditions will be improved, thereby enabling them to deliver a higher quality of service to our vi51tors. The gallery has also continued to invest in the maintenance of its green spaces and encouraging bio. diversity 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 SLG also worked in partnership with Southwark Council and local residents to develop a new playground and planted area on Elmington housing estate which was complèted in 2021. FINANCIAL REVIEW Results for the year Income for the year has increased from the previous year (21122: £2,610,040. 20/21.. £2,388,308; 19120-. £2,068,294) which included £514,419 of restricted and designated programme and operating funds to support the gallery's future sustainability through to the end ot 22123. Expenditure in the year also increased <21122.. £2,422,870- 20121: £2,246.480; 19/20.. £2.166,633}. 16 South L￿d0ft Flne Art Galleryand Ubrary. Raport of the lorthbjwrerthd 31 March 2tr22 The balance sheet at 31 March 2022 shows a net current asset position of £757,607 (20121= £436.288,' 19/20 £190, 115). With depreciation, fixed assets on the balance sheet decreased to £5,445,786 (20/21: £5.587,608; 19/20.. £5,700,347) having risen from £3,730,135 in 2017 reflecting the investment in building works at the former Peckham Road Fire Station. The SLG his an excellent track record of financial management, due to a Combination of good expert athice, the Director and Deputy Director's capacity for financial management, the support of the Treasurer. an active Personnel and Finance Committee and the involvemeTrt of a good quantity surveyor in capital projects. The Trustee has reviewed the budget and cash flow forecast up to 23124, 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 ¢ost monitoring, the Trustee considers the￿ are no material uncertaintie5 which may impacl on the going concern assumption. PRINCIPAL RISKS AND UNCERTAINTIES The Trustee ha5 undertaken a risk review and particularly looked at the level of conlirmed income with which it operates. The Trustee has drawn up a risk registèr that lists all the identilied risks and the results of their analysis and evaluation. Fol lowing this exercise, the Trustee reviews the reserves level that would form part of the set of measures designed to manage risks. The Covid-19 pandemic has presented multiple risks and challenges to the SLG in the past two years. This included the inability to open to the public for extended periods due to government restrictions which in turn impacted on our ability to achieve our charitable objectives,. reduced impact on our beneficiaries; impacted our ability to deliver upon grant conditions and make the case for future funding; reduced our earned income capacity from venue hires. reduced SLG Trading Ltd's profit potential which it typically gifts to the charity., and forced the postponement of a critical gallery lundraising event from 20121 to 21/22. A5 the cultural sector re-opened from May 2021, staff turnover increased sector-wide with people looking for change and re-evaluating their priorities after more than a year of lo¢kdowns and social distancing restrictions. In October 2021, 25% of the SLG'S office staff (excluding vacant posit10115) had joined the gallery since July 2021, including three of five key senior management personnel. While there are many benefits to welcoming new stsff 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 dynamies and organisational culture, The SLG recognises that this unprecedented level of staff change poses a risk to the organisation and as such has invested in careful management and support of new staff members as well as a new dedieated HR Manager post in place since December 2021. The pandemic also placed many and varied pressures on staff in both their personal and professional lives. The SLG increased mental health and well-being support for staff durillg the pandemic including mental health awareness training,. training Mental Health First Aiders across the gallery,. an Employee Assistance Programme with free staff counseling., and mèntal health in the workplace training and too15 for managers. All of these initiatives have continued throughout 21/22 and are now co elements for the SLG'5 Staff policies and procedures. 17 th London FlneArt Gall￿ and Ubrnry.. R¢pDrtof th8Tru5t•o forth?￿r end•J 31 Marth 2022 Currently, inf lation at record levels and the resulting rise in costs is a key risk for the SLG. As we emerge from the pandernic, the fundraising landscape is challenging. Key fundraising risks include.. That despite securirtrg funding for a further three years Irom ACE as a National Portfolio Organisation, standstill funding in the context of high inflation represents a significant real-terms eut., the financial position of existing donors (individuals and ¢ompanies) may continue to be impacted by Covid-19 and current high inflation. reduced annual visitor numbers compared with pre-covid years impacts on the gallery's ability to generate cornmer¢ial ineome (shop, café, venue hire. SLG skills). High inflation presents significant extra costs for the organisation - for example through increases to utilities bills and staff costs., Rising Interest rates increases the cost of borrowin8, for example the mortgage on the Artisls, Flat. The Trustee has worked wilh management to review the risks, develop strategie5 to mitigate them and ensure that contingency plans are in place and realisable. Plans in progress include: Reducing expenditure where possible; developing our digital infrastructure lo increase capacity lor commercial income generation and securing donations online,. investing in a new Director of Development & Enterprise role to create i step change in the SLG'S fundraising capacity and Commercial ineome generation; pursuing new multi-year funding partnerships for the programme. and seeking spon50r5hip from major corporates lor the exhibitions programme. Other principal risks have been identified as.. Actlon to Mltlgate Risk. Failure to secure funds for programme regularly review fundraising strategy- develop the fundraising team- adjust activity in line with available funds. and undertake scenario and contingency planning. Inadequate staff capacity to manage programme and operations regularly review operational plan for the year ahead., and recruit position5 a5 required and funded. Harm to children or vulnerable adults safeguarding training for staff and Trustee,. safeguarding policies and procedures followed and reviewed annually; all education staff DBS checked every 2 years and all other staff every 4 years. organisation wide Safeguarding Forum initiated Board saleguarding lead role established. 18 South Ltrtdon Fln8 Art G•ll￿aTrd Ubrary.. Report Thist88 for thejwr end*J 31 2022 Personal injury up to date H&S policies and procedures comrnunicated to all staff., all staff and contractors to receive appropriate H&S training. adequate number of staff trained as first aiders,. risk assessments Carried out of all gallery environments, installation processes, exhibitions and public activity- appropriate levels of public and employer's liability insuran¢e- personal alarm in two gallery receptions., and restriction5 on lone working. Loss of data moved to cloud based and backed up shared file storage; and up-to-date virus protection. RESERVES POLICIES AND GOING CONCERN The reserves policy was reviewed by the Trustee. Reserves at 31 Mareh 2022 We￿ £175.739. 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 2023. The reserves level of £175,739 reflects unrestricted, undesignated, cash reserves. This is a significant increase from the previous year when £38,681 was held as cash reserves. Total unrestricted funds for the charity are higher. and since the separation of the SLG from Southwark in 2003 these have not lallen to a level below £90,000. In the 2014-15 financial year the SLG invested in the pur¢hase ol 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 lurther financial stability to the organisation. The Trustee proposes to build its unrestricted, undesignated, cash reserves to a level sufficient to cover three months unrestricted core running costs. Based on longer-term projections the target is £250,000 to be bullt over a number of year5. EVALUATION We measure artisti¢ 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 in. depth evaluations lor individual projeets, often working with external evaluators. Forums and conferences provide opportunities for ben¢hmarking and peer review. All staff participate in evaluation and review, via dala Collection, project and programme reviews, an annual staff away-day as well Js separate board and management team away days. We evaluate management and capacity with management team. Board and Personnel and Finance Commlttee, take external advice and have an annual audit. Through this structure we also evaluate 19 South Lorth FIM ArtG¥Ueryand Llbrary.. Rwrt of theTrustso for th• ywerthj 31 2022 risk, linancial processes. fundraising plans, policies, resources and governance. highlightin8 risks in Board meetings. Through an on-going cycle of self-a55essment we are able to evaluate our work, reflect on what success looks like lor us and build on lessons learnt which enables us to develop an ambitious and robust business plan. PLANS FOR THE FUTURE Our vision for the next fi've years is to build on the SLG'S work over the past two decades to become more inclusive, relevant, dynamic and ambitious than ever. We aspire to be internationally known for being a proudly diverse organisation, from our governance, staff and audiences to our programmes and work with local communities. A range of new partnerships will support initiatives to nurture young talent and Ca￿er development in the creative industrie5, and our reduced environmental impact will be clear to visitors and stakeholders. The SLG will continue to deliver world class exhibitions and education programrnes in its award-winning, fully accessible, free spaces, at least rnaintaining current V151tor fi8ures whilst shifting our audience demographie to increase the number of disabled visitors and audiences from Black, Asian and ethnically diverse backgrounds. A review of our digital outputs, collections and archlves will prioritise touring programmes and partnerships. The SLG'S long-term ambition is to become more widely recognised as one of London's leading contemporary art venues whi15t also playing a leading role in the regeneration of the local area and bringing together diveT5e artists and audiences for its internationally acclaimed exhibitions and events presented in a distinctive and inspiring setting. Objectives for 2022-23 are to.. To deliver a high quality and ambitious artisti¢ programme which profiles and supports talented artists, and 5UStains positive response in the press and from visitor feedback. In 2022.23 the artistic programme will focus on.. o at least ten exhibitions in various combinations across all Spaces, some ol which will be born of national and/or international partnerships, including Bloomberg New Contemporaries, as well as solo exhibitions, and a mijor group show in Collaboration with an external curator,. artist residencies in the Outset artists, flat, the Fire Station artists, studio and on neighbouring estates., o regular film screenings, talks and performance events in the Clore Studio. other SLG spaces and online, including the South by South contemporary African film programme, SLG Skills courses, and artists. talks- olfering an èngaging education programme and maximising the benefits for children, young people, adults and community groups wilh whom we work., a programme of events in a communal kitchen in the Fire Station, playing on the important role lood and cookin8 play in culture and building on the rich history ol artist-led projects with an emphasis on food and Community; 20 st￿lh London Flne ArtG¥ll•ry ar¥J Llbrary. Report cl th• Twu¥h• for the￿ar 31 M•rd12022 ensuring the SLG'S audience development strategy is underpinned by a mission to build diverse and dedicated local, national and internatlgn81 audiences at the galleryi through oft-site projects and online,. embracing the scope of digital opportunities available, in¢lJding delivering significant upgrades to the SLG'S digital infrastructure through the Bloomberg Digital Accelerator Programme., delivering an ambitious but well-researched and achievable fundraising plan, which focu5es on generating funding from individuals. trusts, foundations. the National Lottery, embassies, sponsorship and fundraising events alongside thriving commercial initiatives through the café, bookshop, venue hire, and artists, editions. and playing a leadin8 role in pr(widing 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 éiverse groups and organisation5 across the local area. STRUCTURE, GOVERNANCE AND MANAGEMENT The South London Gallery is an unincorporated registered charity no. 312 160. It is managed by a Corporate trustee which is a registered company no. 472C¥J02. The corporate trustee is ¢alled The SLG Trustee Limited and has a board of dlrectors. The directors on the board of The SLG Trustee Ltd have no beneficial interest in the charity other than those disc105ed in note 7. The Trustee's board of d1￿ctOrS meets quarterly to discu55 the eharitys activities and review its operational management. The minirnum 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, Director of Development & Enterprise, Head of Programme, Head of Education 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 Cguncil England National Portfolio Organisation and 15 currently in receipt of a one-year funding agreement to Mareh 2023. An application made in May 2022 to ACE for three-year funding from 2023- 2026 was succe551ul, with funds secured at the same level as the current year. Historically the charity has had a stron8 relationship with the London Borough of Southwark and still works elosely 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'5 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 ol existing directors and recruits through a variety of networks and word of mouth to meet specific skills requirements when vacancies arise. 21 South London FI￿ Art Gallery ond Llbrnry: R•port of the TrpJ5t•• lorthè J*ar endfAI 31 Mnr¢h 2022 Three directors are appointed from the London Borough of Southwark and are norninated by the party they represent (i.e. Labour, Conservatlve and Liberal Democrat). DIREcfoRS' INDUCTION AND TRAINING New directors receive an induction paek which includes the chariws constitution and various articles about the responsibilities ol company directors and charity trustees. They also meet the gallery s Director and/or Deputy Director lor an in.depth induction on the work of the gallery and an update o current developments. All directors give their time voluntarily and receive no benefits from the charity. Ongoing support is available for directors, including training, 85 part of the gallery's training and development plan and budget. FUNDRAISING PRAcficE Fundraising is led by the Director working closely with the Deputy Director, Senior Development Manager and Development Managers. as well as departmental heads and managers who make a significant contribution to raising funds for the gallery's wide-ranging 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 to ensure that our fundraising practice proteets vulnerable people. The SLG does not solicit funds via methods such as eold-call or leafleting and the SLG does not work with professional fundraisers. 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 conf idence to the SLG ond that the organi5ation has clear decision- making processes in place for both accepting and refusing donations. The SLG is registered with the ICO Ènd 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 poliey for artists, freelance contractors and salaried staff. While each role is different in its duties and responsibilitie5, the SLG has set pay levels, in line with sector benchmarks. which assist5 the Personnel and Finance Committee and the Trustee 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 org8nisational budgets. SLG salary levels for different job groups are a55essed in the light of CPI as above, organisational budgets and sector pay levels. All Inc￿aseS are discretionary and subject to the approval of the Board. 22 South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2022 It is the SLG’s policy to pay everyone equal pay for equal work in line with The Equality Act 2010. 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 proper 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 28 November 2022 and signed on their behalf by Serge Ramin Chair 23 Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2022 ## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF SOUTH LONDON FINE ART GALLERY AND LIBRARY ## Opinion We have audited the financial statements of South London Fine Art Gallery and Library (the ‘charity’) for the year ended 31 March 2022 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 2022 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 24 Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2022 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 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. 25 Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2022 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. ## 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, and the Finance and Personnel Committee, 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. 26 Independent auditor’s report to the Trustee of South London Fine Art Gallery and Library for the year ended 31 March 2022 ## 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. ## 8 December 2022 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 27 Swth London Fino ArtGoll•ry •nd Llbrory. Rowt ￿ th¢ Trnstse hjr tho y•ar Md•d 31 Marth 2022 IMAGE CREDITS i. thevov | Chris Burden at the South London Gallery. 2. SLG Archive. 3. Art Assassins. 4. Sunday Spot. 5. Illustration by Jhinuk Sarkar. 6. Elmington Estate Workshop. 7. Photo.. Andy Sta88, 2021. 8. NC Live, Mataio Austin Dean, Femi Dawkins and Rafat Zajko. 9. Bloomberg New Contemporaries, Main Gal lery, Photo by Andy Stagg, 2021 10. Installation view of Chris Burden's 2006 exhibition Magnolia Double Lamps. Photo: Andy Stagg. I l. Bloomberg New Conten7poraries 2020, installation view at the South London Gallery. Photo.. Andy Stagg. 12.Art Assa55ins, An archive byothermeans, 2021, installation view at the South London Gallery. Photograph: Sam Nightingale. 13. Installation view of Christina Quar/es.' In Likeness, 2021. Photo: Andy Stagg. 14. Installation view of Sarah Staton.. Supastore Southside, Slingbacks & Sunshine, 2021. 15.Photo.' Andy Stagg, 2021. 16. Rita Keegan. Trophies Revised, detail, 2021. Courtesy the artist. Installation view at the South London Gallery. Photo: Andy Stagg. 17.Photo'. Andy Stagg, 2021. 18. Photo.. Andy Stagg, 2021. 19. Elephant Park Project. 20.Making Sense is a partnership between the South London Gallery (SLG) and University of the Arts London (UAL). 21.Rumpus Room, Playingfor the Future, 2021, installation view at Art Block. Photo.. Andy Stagg. 22.SLG: Leah Morris. 23.Charlie Damigos. 24. Katherine Smith Flying Silver Worlds. 25.The Art Assassins, working to produce their zine Honey Locust Baby. 26.Art Assassins session with Laila Majid. 27. Places Newer See￿. A youth led, digital exploration ol the 1911 Festival ol Empire. 28 Sowth London Flne Art Gallery and Library St*emtnt of financlal artlvrtles For the r ended 31 March 2022 2022 Total Unrestrfaed 2021 Total Unre5thrttd Restricted Restrlcied Note Income from: Donation5 and kgaciés Charitable activities Other iradlng activltits 1.203.895 147,870 338,697 1.203.895 1.067,448 338,697 1.722.029 93.714 64.069 1,722.029 602.210 64.069 919.578 508.496 Total Income 1.690.462 919,578 2.610.040 1,879,812 508,496 2.388,308 Expèndlture on: Raising hjnds Charitable acrivlties Exhlbitions & lfft art, educaiion & 546,640 546.640 424,005 4Z4,005 1,120.863 755.367 1.876.230 1.280,703 541.772 1,822,475 Totsl expehdlture 1.667.503 755,367 2.422.870 1.704,708 541.772 2.246,480 Nit Inrome l {expendlturel for the year 22.959 164.211 187.170 175,104 133.2761 141,828 Transfers between funds 12.1731 2,173 (8341 834 Net movernent In fund$ 20,786 166,384 187,170 774,270 132.4421 141,8Z8 RÉu>nclllatlon of funds: Toial fund5 broLtght fowward Total funds cathed fo￿al{l 356,354 5.461.636 5,817,99D 182,084 5.494.078 5.676,162 356,354 5.461,636 5,817,990 377,140 5.628,020 6.005,160 JI of the above re5uks are derived from contlnulng aafvltle5. Thtre weit no oihtf Tecoythisèd 9alns or105se5 Othtr than those stated above. IAovemtnts im are &lsc105ed in Note 17 to the Anancial statements. 29 South London Fine Art Gallery and Library ## Balance sheet ## As at 31 March 2022 |As at 31 March 2022||||| |---|---|---|---|---| |Note
Fixed assets:
10
Current assets:
11
12
Liabilities:
13
15
16
17
Total unrestricted funds
Total charity funds
Cash at bank and in hand
Tangible assets
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Total assets less current liabilities
Stocks
Debtors|25,311
411,796
578,488|2022
£
5,445,786|5,256
229,169
543,279|2021
£
5,587,608| |||757,607||436,288| ||1,015,595
257,988||777,704
341,416|| ||201,401
175,739||317,673
38,681|| |||6,203,393
198,233||6,023,896
205,906| |||6,005,160||5,817,990| |||5,628,020
377,140||5,461,636
356,354| |||||| |||6,005,160||5,817,990| Approved by the Trustee on 28 November 2022 and signed on their behalf by Serge Ramin Chair 30 South London FIM Art Gallery and Ubrary Statement of cash flows Fort ar *nd*d 31 March 20 Note 2022 2021 Net Income for the reportlng perlod (as per the statement of flnanclal actlvltles) Depreciation charges L05$ on disposal of fixed assets (Increasel in St￿kS {Increa5eiidecrease in debror5 (Decreasel/increa5e in creditors 187.170 141.828 140,129 1,693 (20.055) (182,627) (83,027) 135.910 2.509 (8751 883 97,068 Net provlded by operallng actlvltles 43,283 377.323 Cash from Investlng actMtle$: Purchase of fixed assets 125,6801 Net cash used In Investlng attSvhles 125.6801 Cash flows from flnanclng actmtles: Repayments of boirowing (8,074) {7,3341 Net cash used In flnan(Ing activities (8,074) 17,334) Change In cash and cash equlvalents In the year 35,209 344,309 Cash and cash equlvalents at the beglnning of the 543.279 198,970 Cash and rash equlvalents at the end of ihe year S78,488 543,279 a Anatysl$ of chang•s In net debt At l April 2021 Other non- Cash flows cash changes At 31 March 2022 Cash 543.279 35.209 578.488 Total cash and cash equlvalenis 543.279 35.209 578.488 Loans falling due wlthln one year Loans falllng due after more ihan one year 18.104) {205,906) 401 7.673 (7,703) {198,233) Total 329.269 43.283 372.552 31 sO￿h London Flne Art Galltry and Librdry Notes to the flnanclal statemenis ar end h 2022 2 Income from donatlons le9aclts 2022 T¢tsl 2021 Total Unresiriued Restricted Unrestrlaed Restrlcred Arts Council England - NPO Arts Louncii Engiano Liiiiure Recovery Fund land in 2021 Emeryency Re5pon5e fundlngl London Borough of 5outhwark Coronavlrus Job Retentlon Scheme Donatlons 826.345 826.345 826,34S 826,345 193.455 83,500 21.809 78,786 193.455 83.500 21.809 78.786 537,588 38,833 233,743 85.520 537.588 38.833 233.743 85,520 1.203.895 1,203,895 1,722.029 1,722.029 3 Income from charotable a¢ti¥ltl*s 2022 Totsl 2021 Total Unrestritted Restricted Unre$triaed Re5trlrted Exhlbltlon5 & Ilvt art. educatlon & evènts BBC Children in Need Fidelity UK Foundadon Foyle Foundation Freeland5 Foundaiion Henry Moore Foundation Heritage Loitery Fund Souihwark Council Mountvlew Academv South London and Maudsley (SLaMI NHS Foundation Trust Trusts & Foundations Cultural lftstltutions. Emba55ies & Gallerle5 Other donations Other educatlonal servlces Sponsorship Museums and gallefle5 exhibition tax 31.649 143.050 30,000 146.153 31.649 143.050 30.000 146.153 24,506 24,506 134,790 20.000 44,S53 82,395 134,790 20.000 44.553 82,395 335.639 34.795 40.164 535.639 34.795 40.164 20,645 67.140 20.645 67.140 145,160 T45,160 1,000 46,278 1.000 46.278 8,865 33.000 70.241 102 70.241 24.352 94,542 24,250 94,542 8,865 33.000 29.078 29.078 51.849 51,849 Flre staiion projert White Cube Herltage Lottery Fund i 0,000 1186 i 0,000 (1861 Toial Income from tharltable aaiviile5 147,870 919.578 1.067,448 93,714 508.496 602,210 4 Income from other tradlng acrl¥ltle5 2022 Total 2021 Total Vnrestriaed Restricted Vnre5trlcted Re5trlcted Sales of Edltlons. publications and produtts Distribution From SLG Trading Venue Hire Iscellaneou5 income 279.206 36,130 23,260 101 279,206 36,130 23,260 ioi 63.548 379 63,548 379 142 142 336,697 338,697 64.069 64.069 32 South London Flne Art Gallery and Llbrary Notes to the flnancial statements l Accountlng pollcles a) Siatutory Informatlon South London Fine Art Gallery and Library 15 an unincorporated charity registered with the Charity Commlsslon In England and Wales. The registered offSce addres5 and principal place of business 1$ 65-67 Peckham Road. London. SE5 8UH. b) Basls of preparation The accounts Ifinancial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charitles preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 (Charlties SORP FRS 102) and the Financial Reportlng Standard appllcable in the Unlted Kingdom and Republlc of Ireland IFRS 1021 and the Charities Att 201 The accounts (financial statement5) have been prepared to glve a 'true and fair. view and have departed from the Charities (Accounis and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. Thls departure has Involved following Accounting and Reporting by Charlties preparlng thelr accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) issued on 16 Juty 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practlce effective from l April 2005 which has since been withdrawn. Assets and Ilabllltles are initlally recognised at hlstorical cost or transactlon value unless otherwise stated in the relevant accounting policy or note. In apptylng the financial reportlng framework, the trustees have made a number of subjective judgements, for example In respect of Significant accounting estlmates. Estlmates and Judgements are continuallv evaluated and are based on historical experience and other factors, including expectations of future events thar are believed to be reasonable under the circumstances. The nature of the esrimation means the actual outcomes could differ from those estimates. Any significant estimates and judgemenrs affectlng these financial statements are detailed within the relevant accounting policy below. c) Publlc beneflt entlty The charity meets the definitlon of a public beneflt entlty under FRS 102. d) Golng concern The Trustee has revlewed the budget and cash flow forecast up to 23124. which is preparèd on a prudent basis. Unrestricted and undesignated funds stand at £17S,739 12021= £38,6811. Wlth the level of confirmed funding In place and the management's continual efforts on income generation and cost monitoring. the Trustee conslders there are no material uncertaintles which may impact on the going concern as5umptlon. The Trustee does not consider that there are any sources of estlmation uncertainty at the reporring date that have a signlficant risk of causing a material adjustment to the carrylng amounts of assets and liabilltles within the next reporting period. e) Incolne Income Is recognlsed when the charlty has entitlement to the funds, any performance conditions attached to the income have been met, It Is probable rhat the income wlll be received and that the amount can be measured reliably. Income from government and other grant5, whether 'capital' grants or 'revenue' grants. Is recognlsed when the charity has eniitlement to the funds, any performance condition5 attached to the grants have been met, it is probable that the income wlll be received and the amount can be measured reliably and Is not deferred. 33 South London Flne Art Gallery and Ubrary Note5 to the financlal statements l March Accountlng pollcie5 {contlnued) e) Income (¢ontlnued) For legacles. entiilement Is taken ￿ the earlier of the date on which either.. the charity is aware that probate has been granted. the estate has been finali5ed and notiflcarion ha5 been made by the executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legac¥, in whole or in part, is only considered probable when the amount can be measured fellably and the chariry has been notlfied of the executor's intention to make a distrlbution. Where legacies have been notified io the charity, or the charity 15 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 untll the criterla for income recognltlon are met. D Donatlons of glfts. servlces and facllltles Donated professional services and donated facllitles are recognised as Income when the charity has control over the Item or received the service, any condltlons associated wlth the donation have been met. the receipt of economic benefit from the use by the charity of ihe irem is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, volunteer time is not recogni5ed so refer to the trustees, annual report for more Information about thelr contribution. On receipt. donated gifts, professional seNices and donated facilities are recognised on the basi5 of the value of the gift to the charlty which is the amount the charity would have been willing to pay to obtain servlces or faciliries of equivalent economic beneflt on the open market; a corresponding amount Is then recognised in expenditure In the period of receipt. g) Interest recelvable Interest on funds held on deposit 1$ included when receivable and the amount can be measured reliably by the charlty.. thls Is normally upon notlficaiion of the interest paid or payable by the bank. h) Fund accountlng Restrlcted funds are io be used for specific purposes as laid down by the donor. Expendlture which meets these criteria is charged to the fund. Unrestricted fund5 are donations and other incoming resources received or generated for the charitable purposes. Deslgnated funds are unrestricted funds earmarked by the rrustees for particular purposes. 1> Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or constructlve obligation to make a payment to a third party, It Is probable that Settlement will be required and the amount of ihe obligatlon can be measured rellably. Expendlture Is classified under the followin9 actlvity headings.. Costs of raising funds relate to the costs Incurred by the diarlty In Inducing third parties to make voluntary contrlbutions to It, as well as the cost of any.activltles with a fundraising purpose Expendlture on charitable activltles Includes the costs of exhibitions and other educational actlvltles undertaken to further the purposes of the charity and their associated support costs Other expendlture represents those items not falling under any other heading Irrecoverable VAT is charged a5 a cost against the activity for which the expenditure was incurred. South London Flne Art Gallery and Ubrary Notes to the financlal statements l Accountlng pollcles (contlnued) J) Allocatlon of Support COSIS Resources expended are allocated to the particular activity where the cost relates dirertly to that activlty. Support and governance cosrs are re-allocated io each of the activlties on the followlng ba515 whith is an estlmate, based on staff tlme. of rhe amount attributable to each actlvlty.. Raislng funds Exhibitions & live art. education & events Governance costs are the costs associated wlth the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs a550ciated with the strategic management of the charity's aaivities. k) Operatlng leases Rental charges are charged on a straight line basis over the term of the lease. l) Tanglble flxed a55ets liems of equlpment are capitalised where the purchase price exceeds £1.500. Depreclation costs awe allocated io activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances Indlcate their carrying value may exceed thelr net reali5able 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 sheei. Depreciatlon Is provlded at rates calculated to wrlte down the cost of each asser to its estlmated resldual value over its expeaed useful Ilfe. The depreciation rates In use are a5 follows.. Freehold improvements. including the Fire Station 50 years Long leasehold - Improvements 5-50 years Phase 2 freehold and leasehold improvements 50 years Office equlpment 3 year5 Fixtures and fittings 15 years Included within tangible fixed assets are fTeehold property and the Fire Station, both legally owned by SLG Trustee Limited. The freehold property was purchased wilh a mortgage also in the name of SLG Trustee Limited. However, the Gallery has the benefit of these a55ets and makes repayments to the mortgage and payments to the contractor dlrectly, the Trustee has considered that it 15 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 reallsable value. In general. cost Is determined on a first in first out basis and includes transport and handling tosts. Ner realisable value is the prlce at whlch stocks can be sold in the normal course of busine55 after allowing for the costs of realisation. Provision Is made where necessary for obsolete, slow moving and defective stocks. n) Debtor5 Trade and other debtors are recognlsed at the 5ettlemeni amount due after any trade discount offered. Piepayments are valued at the amount prepaid net of any trade discount5 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 acqulsition or openlng of the deposlt or simllar account. Cash balances exclude any funds held on behalf of service users. 35 South London Flne Art Gallery and Ubrary Notes to the flnanclal statements l Accountlng pollcles lconlinued) pl Credltors and provisions Credltors and provlsions are recognlsed where the charity has a present obligation resultlng from a past event that will probably result in the transfer of funds io a third party and the amount due to settle the obligatlon can be measured or estlmated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any irade discounts due. q) Penslon5 Southwark Councll have taken responsibility for any closure deficit arislng on the iermination of the charity's pension admission agreement relating to the defined benefit scherne. 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 contrlbutions payable under the scheme by the Gallery to the fund. The cost of provlding pension and related benefits is charged to the SOFA over ihe employees, seryice lives on the basls of a constant percentage of earnings whlch is an estimate of the regular cost. The Gallery operates a defined contrlbutSon penslon scheme whlch is available to all employees. The pension cost charge represents contribution5 payable under the scheme by the Gallery to the fund. South London Gallery ha5 no liability under the scheme other than for the payment of those contributlons. r) Herltage assets The works of an owned by the gallery are not recognlsed In the financial statements on the basis that they are herltage assets and the Trustee conslders the cost of obtalnlng the valuation would outweigh the addltional benefit derlved by the users of the accounts. Further Information Is provided In note 18. s) Flnanclal Instruments The charity only has financlal assets and financlal liabilities of a kind that qualify as baslc financlal Instrument5. Basic financial insrrument5 are initially recognised at transactSon value and subsequently measured at their settlement value wlth the exceptlon of bank loans whlch are subsequentFy measured at amortised cosi using the effective Interest method. 36 OthOtY+Orn**N l &npCJMc i V4* 1 I I Lrt rrt OthW2£< ffjE CLC i I i VIn￿-¢¥ i M(D¢N LfiN fLC o J South London Flne Art Gallery and Llbrary Notes to ihe flnanclal statements rthe ar ended March 2022 Net Income for the year Thls Is stated after charglng.. 2022 2021 Oepreciation Loss on disposal of fixed assets Operating lease rentals.. Property Equipment Audltor's remuneration (excluding VAT).. Audit - current year Audit - prior year Other services 140,129 1,693 135,910 2,509 13,180 13,180 5,115 74.100 5,048 9,910 12,650 1,250 4,321 Anatysls of staff costs. trustee remuneratlon and expenses, and the cost of key management Staff costs were a5 follows- 2022 2021 Salaries and wages Redundancy costs Social security costs Employer's contributlon to defined contribut5on pension scheme Ernployerf5 contribution to Southwark Council deflned benefit pension Recruitment and other staff costs 1.101,194 1,127.938 3,209 88,113 66.603 16.470 2.814 85.777 64,429 16,598 11,972 1.279,970 1,305,147 The followlng number of employees received over £60.000 employee benefits lexcluding employer pension costs) during the year.. 2022 No. 2021 No. £90,000 - £99.999 The total employee benefits (including employer's pension contributions and employerfs national insurance) of the key management personnel were £349,978 (2021: £340,639). The charity directors were neither paid nor received any other benefits from employment with the charity in the year12021. £nill. In 2022 no trustees received paymenr for setvices to the charity12021'. £1501. Directors. expenses represents the payment or reimbursemeni of travel and subslstence costs to members relating to attendance at meetings of the directors. No expenses were claimed by directors in 2022 or 2021. 39 South London Flne Art Gallery and Llbrary Notes to the flnanclal statements For the r ended 31 M 22 Staff numbers The average number of employees (head counr based on number of staff employed, and full time equivalent) during the year was a5 follows.. Headcount 2022 Full-time equivalent 2022 2021 No. No. 2021 No. Fundraising and publicity Exhibitions Support Governance 49.0 13.3 50.4 11.9 22.3 29.7 10.2 67.0 67.9 35.9 42.3 Related party transactlons During the year the Charlty incurred sales commi55i0ns payable to SLG Tradlng Ltd of £27.042 12021 '. £8,383). SLG Trading Ltd incurred management charges payable to the Charity of £7.502 12021.. £4.821). In addition. the Charlty made sales of goods and seNices to SLG Trading Ltd of £42.141 (2021 .. £28.295) and purchased goods and servlces from SLG Trading Ltd of £l,17612021 .' £889). SLG Tradinq covenanted its profit of £36.130 (2021 .' £379) to the Charitv. Eight trustee512021: slx) made donations durlng the year. a total of £9,66412021.- £10.860) Including VAT and fee5. Directors also occassionally purchase artwork from SLG ai the normal market prlce. 40 rfj* i ¢00 I Ln I Q