2024-03-31-accounts

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SOUTH LONDON FINE ART GALLERY AND LIBRARY TRUSTEE’S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

REGISTERED CHARITY NUMBER: 312160

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Reference and administrative information	3
Trustee’s annual report	4
Independent auditor’s report	30
Statement of financial activities (incorporating income and expenditure account)	35
Balance sheet	36
Statement of cash flows	37
Notes to the financial statements	38

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

REFERENCE AND ADMINISTRATIVE INFORMATION

Status

The organisation registered as a charity on 9 May 1966.

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

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

Charlotte Artus (appointed 25 November 2024) Chris Bedson Anastasia Bukhman John Cavanagh (appointed 25 November 2024) Joy Gregory Duncan Holden (appointed 25 November 2024) Stephen Kirk (Treasurer) (resigned 25 November 2024) Cllr Richard Leeming (appointed 13 June 2023) Aarti Lohia (appointed 9 February 2024) Novuyo Moyo Cllr Jason Ochere (resigned 13 June 2023) Sandhini Poddar Reginald Popoola (appointed 13 June 2023, resigned 17 June 2024) Adam Prideaux Serge Ramin (Chair) Cllr Sandra Rhule (resigned 13 June 2023) Miranda Sawyer (resigned 27 November 2023) Myriam Semere Cllr Cleo Soanes Abbas Zahedi (resigned 16 September 2024)

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

Principal staff Margot Heller, Director

Isabelle Hancock, Deputy Director Sue Evans, Director of Development & Enterprise Sarah Allen, Head of Programme Paul Crook, Head of Communities & Learning

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Anna Jones, Head of Communications

Bankers HSBC Bank Plc 47 Rye Lane Peckham, London, SE15 5ET

Solicitors Bates Wells Cheapside House, 138 Cheapside, London, EC2V 6BB

Auditors Sayer Vincent LLP, Chartered Accountants and Statutory Auditors Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

The Trustee presents its report and the audited financial statements for the year ended 31 March 2024.

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

OBJECTIVES AND ACTIVITIES

MISSION & VISION

The SLG’s mission is to enable the presentation, production, and discussion of contemporary art and ideas, in free, award-winning buildings that are welcoming to all. We support artists and their work; promote community cohesion through creative projects; facilitate inspiring encounters with art; and constantly strive to broaden the reach and impact of our work.

Our vision is to be an exemplary arts organisation that is locally and internationally recognised for championing the positive role of art and artists in society. We are committed to becoming a truly culturally diverse organisation across every aspect of our work, including our programmes, board, audiences and staff.

PURPOSE & AIMS

“The source of art is in the life of a people”

Inscription by Walter Crane, inlaid on the original gallery floor, 1891

With a vision to ‘bring art to the people of South London’, the South London Gallery (SLG) was established in 1891 by philanthropist William Rossiter and today it is one of London’s leading contemporary visual art institutions. The SLG has an established reputation for its ground-breaking programme of contemporary art exhibitions, events and learning programmes for children, young people and adults. Today the gallery comprises its original site at 65 Peckham Road; the Fire Station, which opened to the public in September 2018; Art Block, a space for local children and families on Sceaux Gardens estate; and an artist-designed garden.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

The year-round exhibitions programme showcases the best in international contemporary art. The emphasis is on presenting new work by British and international artists, often by those who have rarely or never had a solo show in a London institution. Group shows bring together works by established and lesser-known British and international artists, whilst residency programmes provide opportunities for artists to develop new work.

Each year, solo and group exhibitions profile established international artists, recently including Katharina Grosse, Ann Veronica Janssens, Pope. L, Christina Quarles, Danh Vo, Lawrence Weiner and Haegue Yang; as well as younger and mid-career artists such as Michael Armitage, Alvaro Barrington, Simeon Barclay, Sophie Cundale, Rene Matic, Magali Reus and Michelle Williams Gamaker. Group shows bring works by British and international artists to London audiences, recent examples including, Acts of Resistance: Photography, Feminisms and the Art of Protest; Lagos Peckham Repeat, Pilgrimage to the Lakes; The Show is Over; Under the Same Sun: Art from Latin America Today; The Place is Here; and our ongoing partnership with Bloomberg New Contemporaries.

The live art, talks and film programme has a strong following. In recent years it has featured partnerships with organisations such as Film Africa and the Roberts Institute of Arts (RIA), and presentations by artists including Valerie Asiimwe Amani, Motunrayo Akinola, Maria Fusco, Adam Linder, Ms Carrie Stacks, Nkisi, Okkyung Lee and Beatrice Dillon, among many others. The SLG offers regular free tours of exhibitions. 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.

Providing opportunities for learning and participation is at the heart of the SLG’s purpose and the gallery works with thousands of school pupils, young people, local residents, families and community groups annually through our innovative and award-winning communities and learning programmes.

These range from a weekly programme, Supersmashers , for care-experienced children, regular workshops with schools and CPDL sessions for teachers, and our young people’s forum Art Assassins , to off-site creative play activities for children who live on local estates. A new strand of free community hire of our spaces has established and nurtured relationships with a range of grass-roots community organisations in Southwark. The gallery’s longstanding work with residents 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.

In 2010 the SLG expanded its main building, creating a popular cafe, a highly regarded independent bookshop and a dedicated education studio. In 2016 it opened a permanent artist designed garden, creating a series of inspiring indoor and outdoor areas, including an entrance to the SLG from Sceaux Gardens housing estate, which the SLG has worked in partnership with for almost two decades. In September 2018 the SLG opened an annexe in the former Peckham Road Fire Station, significantly increasing the reach and impact of its work locally, nationally and internationally. The SLG was a joint winner of the Art Fund’s ‘Museum of the Year’ in 2020.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

The SLG has a national and international reputation for excellence and innovation, as well as for playing an important role locally within Camberwell and Peckham, an area of south-east London with a culturally diverse population, relatively high levels of social and economic exclusion, and a thriving 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.

The SLG is a registered charity and receives public funding from Arts Council England accounting for approximately 33% of its income, and a small number of project grants from Southwark Council to fund a range of activities for communities in the borough. The gallery raises up to 65% of its annual income from other sources to realise its ambitious programme of exhibitions, events and communities and learning programmes. This includes grants from trusts and foundations; corporate sponsors; commercial income from private hires, artists’ editions, bookshop and café; fundraising events and auctions; as well as the support of individuals who include exhibition donors and sponsors, the SLG Council, benefactors, patrons and members. Artists play a crucial role in fundraising for the SLG by donating works to auctions and making limited editions for the SLG to sell. Admission to the SLG is free for everyone.

GUIDING PRINCIPLES, AIMS & VALUES

The SLG’s success over the past two decades reflects its reputation for excellence and risk-taking in contemporary visual arts programming, combined with a fundamental commitment to long-term education and outreach projects focusing on our immediate communities and neighbours.

The Guiding Principles which inform all the SLG's work are:

presenting work of the highest possible quality across all programmes;
enabling the production of new work;
facilitating experimentation and risk-taking;
involving artists in the life and work of the gallery;
involving audiences and local communities as collaborators as well as participants;
representing London’s diverse communities in all areas of its work and organisation, including staffing, programming, governance and audiences;
building diverse and dedicated audiences for contemporary art by providing distinctive and engaging opportunities for participation and involvement both in person and digitally;
communicating clearly, in an informative and inviting manner, to increase the reach of the gallery’s programmes;
valuing all stakeholders (artists, visitors, funders, partners, contractors etc) and treating them in a respectful, informed and responsive manner;

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

forging partnerships, locally, nationally and internationally, to facilitate the realisation of ambitious projects, and to maximise their potential benefits;
meeting the objectives of key funders, including Arts Council England and Southwark Council, to ensure their continued support;
being the best employer we can be within our resources, including providing training and development opportunities for all staff, paid traineeships which support people into careers in galleries and museums, and paying all staff members at least London Living Wage;
maintaining our listed buildings and their rich heritage, as well as signage and facilities to a high standard, to ensure the best possible experience for visitors with the least impact on the environment;
and running the organisation efficiently to maximise value for money and outputs in relation to resources.

The SLG’s Aims are:

to provide inspiring, supportive and inclusive contexts for the presentation and creation of contemporary art;
to provide creative participatory opportunities which make a positive difference to people’s 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 impact on their lives;
to preserve our heritage assets (listed buildings and the SLG Archive) and provide interpretation which deepens people’s learning and enjoyment;
to forge partnerships locally, nationally and internationally to maximise potential benefits and to facilitate the realisation of ambitious projects;
to be an inclusive and anti-racist organisation with our equality, diversity and inclusion objectives actively present in every area of our activity.
to have a significant positive economic impact on the local area;
to implement an integrated and sustainable environmental plan;
and to raise funds across a range of sources to ensure the long-term viability of the organisation;

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

The SLG’s Director, leadership team, staff and board regularly review the Guiding Principles and Aims, to monitor progress and control the quality and integrity of the SLG’s activities.

Core organisational values, developed in dialogue with staff, are for the SLG to be:

Nurturing and Inspiring
Experimental and Risk Taking
Relevant, Inclusive and Welcoming

ACHIEVEMENTS & PERFORMANCE IN 2023-24

The SLG’s activities and beneficiaries during 2023-24 are described below. All charitable activities are undertaken to further the organisation’s charitable purpose, for public benefit. The Trustee refers to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities, carefully considering how activities will contribute to the aims and objectives that have been set.

Throughout the year the SLG is proud to have delivered an exceptional programme of commissions, solo exhibitions, group shows and live art across the main gallery and Fire Station galleries. The artistic programme continued to attract support from a wide range of charitable trusts and foundations, individual donors, international arts bodies and funders.

Exhibitions and projects featured in a range of publications across the period. A press campaign for Lagos, Peckham, Repeat resulted in coverage across key broadcast and online and print media outlets such as ITV News London, BBC London Radio, CNN International, Evening Standard, The Art Newspaper, the Financial Times Weekend and The Guardian.

Pope.L’s solo exhibition was covered by The Art Newspaper and Art Monthly print editions, and he was interviewed by the Financial Times, Life & Arts supplement. The exhibition was reviewed by the Guardian, Art Review, and Studio International. Pope. L’s death was covered by several arts outlets including Frieze, Art Review, Art Monthly, Artforum and the Guardian online.

Press coverage for Acts of Resistance: Photography, Feminisms and the Art of Protest included previews in print editions of The Guardian, the FT Magazine and the British Journal of Photography. The exhibition was also featured on The Art Newspaper, Week in Art podcast; BBC Radio London; Dazed online; in the Guardian’s Exhibition of the Week by Jonathan Jones; The Guardian, My Best Shot with Hoda Afshar; the Evening Standard website 'Five Exhibitions to See This Week’; CNN; Mousse; Hyphen; and Air Mail.

One-off and long-term relationships with trusts and foundations provided support across the communities and learning programme, alongside support from individuals including members of the SLG Council. Freelands Foundation, BBC Children in Need, South London & Maudsley NHS Foundation Trust, Southwark Council, and Hauser & Wirth all continued to support the programme and enabled the SLG to deliver projects for children, young people, families and local schools. New grants were secured from the Derrill Allatt Foundation, Clore Duffield Foundation, Impact on Urban Health, and Kings College London.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

A grant secured in the previous financial year from Bloomberg Philanthropies enabled the SLG to undertake upgrades to digital infrastructure, including development of a new online shop to support earned income generation and future financial sustainability.

Additionally, funds raised in 2022-23 for new marketing and audience development initiatives played an important role in rebuilding visitor numbers to pre-pandemic levels and increasing the SLG’s reach and impact locally, nationally and internationally.

In 2023-24 the SLG embarked on a new partnership with New Curators, a charity that delivers a paid twelve-month curatorial training programme for aspiring curators of contemporary art from lower socio-economic backgrounds. In the first year of the programme, a cohort of eleven international and UK-based students were based at the SLG in the Fire Station building, working towards curating an exhibition in the main space and Fire Station galleries in 2024 by artist Firelei Baez.

The SLG also delivered two major fundraising events, an auction of donated artists’ works at Christie’s in October 2023 and, in February 2024, a fundraising Gala celebrating 20 years of art and community at the SLG and Sir Frank Bowling’s 90[th] birthday. The gala included a performance of an excerpt of Reading One Million Years by the artist On Kawara, and the auctioning of a donated work on paper by Sir Frank Bowling. A new monumental painting, Skid, by Sir Frank was also displayed in the gallery for the event and was open to the public for one weekend.

Our objective over the next 3 – 5 years is to maintain the SLG’s local, national and international impact through artistic, learning and residency programmes, whilst creating a financially sustainable future for the organisation. The South London Gallery will continue to play a leading role in providing free public space and cultural experiences to diverse audiences at a time of rapid change and increasing need in the local area, as we continue to strive to become ever-more inclusive and diverse in everything we do.

ARTISTIC PROGRAMME

In 2023-24 the SLG profiled the work of 136 British and international artists through:

solo and group exhibitions in the main gallery and Fire Station galleries;
performances, talks, events and film screenings;
artist residencies;
artist-led activities through the gallery’s communities and learning programme;

The SLG delivered a varied programme of exhibitions, residencies, film screenings, talks and performances, including work by emerging and more established artists. We maintained our commitment to commissioning and producing excellent work, acknowledged through press coverage, audience and artists’ feedback, number of in-person visits and online engagement.

Three exhibitions took place across the Fire Station and Main Building during the spring of 2023-24: Michelle Williams Gamaker presented a new commission, Our Mountains Are Painted on Glass , in the main space, which later toured to Bluecoat in Liverpool; Found Football Difficult , by the outgoing postgraduate residency artist John Costi was presented across Galleries 1 and 2 of the Fire Station;

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

and the SLG collaborated with local arts organisation Peckham 24 to exhibit the work of photographers Marvel Harris and Fion Hung Ching-Yan in the Fire Station galleries 3 and 4.

In July, the SLG opened a major group exhibition Lagos, Peckham, Repeat: Pilgrimage to the Lakes, spanning the Main Gallery and Fire Station Galleries 1 – 5. This ambitious group exhibition, curated by the SLG in collaboration with Folakunle Oshun, showcased the work of thirteen Nigerian and British-Nigerian artists and featured six new commissions. The exhibition also included a day-long event curated by KK Obi, and a full programme of related talks and events, including a family day celebrating Nigerian culture attended by more than 800 people.

From November until February, the SLG presented a new exhibition by the internationally acclaimed American artist Pope. L. Hospital , featured a new sculptural installation in the main gallery and film, sound and works on paper in the Fire Station galleries. Tragically, Pope. L passed away suddenly and unexpectedly in December 2023. An event was held on the closing day of the exhibition to mark his passing, with visitors invited to share their thoughts and memories of the artist.

In March 2024, the SLG opened Acts of Resistance: Photography, Feminisms and the Art of Protest, which extended into the 2024-25 financial year, until June 2024. Organised in collaboration with the Victoria & Albert Museum and spanning the SLG’s main space and the Fire Station, the exhibition also included an outdoor billboard commission with The Guerilla Girls across several London sites. An extensive public programme of talks and performances was curated by Lola Olufemi.

The SLG’s six-month postgraduate residency programme continued, with John Costi concluding his residency in June 2023 and Motunrayo Akinola beginning his residency the following October. Both artists benefitted from free studio space in the Fire Station, mentoring from SLG’s curatorial team, and support towards accommodation. The solo exhibition, Knees Kiss Ground, by Motunrayo Akinola, opened in March 2024.

A varied programme of film screenings and talks provided opportunities for collaboration and discussion. The long-established film programme South by South continued, as well as the peer-led artists’ crit programme The Conch. In August the SLG hosted the School of Speculation in the Fire Station Attic and their work-in-progress exhibition ran for two weeks.

Artists Yara + Davina undertook the annual Art Block commission as part of Open Plan, the SLG’s long-term project with neighbouring housing estates. The artists worked with the SLG’s Communities & Learning team and the children who attend Art Block to develop their commission ‘Goals’.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Exhibitions in 2023-24

Michelle Williams Gamaker: Our Mountains Are Painted on Glass , 31 March – 18 June 2023

John Costi: Found Football Difficult , 31 March – 18 June 2023

Peckham 24: Marvel Harris | Fion Hung Ching-Yan, 12 May – 11 June 2023

Lagos , Peckham, Repeat: Pilgrimage to the Lakes , 5 July – 29 October 2023

Pope. L: Hospital , 21 November 2023 – 11 February 2024

Sir Frank Bowling: Skid, 18 February 2024

Acts of Resistance: Photography, Feminisms and the Art of Protest , 8 March – 9 June 2024

Residencies in 2023-24

John Costi, Postgraduate Artist in Residence, October 2022 – June 2023

Motunrayo Akinola, Postgraduate Artist in Residence, October 2023 – June 2024

Appau Jnr Boakye-Yiadom, recipient of the inaugural Donna Lynas Residency in partnership with Wysing Arts Centre, South London Gallery, Modern Art Oxford and Somerset House Studios, 2023 – 2026

Highlights from the talks, live art and events programme in 2023-24

Event: Anna Tallentire book launch and performance, 19 April 2023

Event: The Politics of Art and Social Change: Rights in Focus conference, 21 – 22 April 2023

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Talk: John Costi in conversation and Mark Leckey, 13 May 2023 Film: Michelle Williams Gamaker: Fictional Activism, 7 June 2023

Event: Windrush Creative Careers Panel Discussion, 22 June 2023

Talk: In conversation with Folakunle Oshun, 6 July 2023

Talk: School SOS_23: Abolishing Institutional Racism, 19 July 2023

Talk: Jimi Famurewa in conversation with Jandella Benson, 13 September 2023 Event: Boy.Brother.Friend, 16 September 2023

Event: Appau-Jnr Boakye-Yiadom Reading Group, 25 October 2023

Event: This is Not a Memoir : Book launch and performance, 15 November 2023

Event: Pagemasters Winter Zine Fair, 8 – 9 December 2023

Talk: BSL Tour of Pope. L: Hospital, 21 January 2024

Film: Screening of Monsieur Hulot’s Holiday and Pope. L closing event, 11 February 2024

Talk: Panel discussion, What Constitutes an Act of Feminist Resistance? , 9 March 2024

Event: Hopeful Disruption: Art and Social Work conference, 12 – 13 March 2024

Film: South by South: As British as a Watermelon , 27 March 2024

SLG Editions, Publications and Merchandise

In 2023-24 the SLG produced a new limited-edition print with artist Chiizii, developed from their participation in the exhibition Lagos, Peckham, Repeat: Pilgrimage to the Lakes. This new work complements existing editions by Jessie Brennan, Sophie Cundale, Federico Herrero, Katarina Gross, Ann Veronica Janssens, Erik van Lieshout, Basim Magdy, Rene Matić, Alicia Reyes McNamara, Rory Pilgrim, Magali Reus, Raqib Shaw, Lawrence Weiner and Abbas Zahedi, among others.

Created to mark the 130th anniversary of the South London Gallery in 2021, the SLG worked with five leading international artists to produce a special limited-edition portfolio of artists’ prints. The featured artists were Alvaro Barrington, Rashid Johnson, Gabriel Orozco, Christina Quarles and Haegue Yang. In 2023-24 ongoing sales of the portfolio continued to provide vital support.

Merchandise produced in the year included a football scarf designed by artists Yara + Davina, and a set of beach towels by artists’ collective Something & Sons; both made in conjunction with their Open Plan commissions and developed through collaborative work with the children attending Art Block.

After the sudden death of artist Pope. L in December 2023, the SLG fundraised to produce a publication to document his SLG exhibition, Hospital. Designed by Wolfe Hall, the catalogue will include a specially commissioned essay by Legacy Russel. It will launch in November 2024.

All proceeds from the sales of SLG editions, products and publications support the SLG’s charitable activities.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

COMMUNITIES & LEARNING

Providing opportunities for children and young people to experience the richness of the arts has been a vitally important part of the SLG’s mission for the past two decades. In 2023-24, the communities and learning team continued to work with artists and educators, engaging with children, young people and adults on innovative, ambitious projects onsite, off-site and online.

In 2023-24 the communities and learning programme included:

a primary and secondary schools programme across a network of partner schools, with artistled activities linked to learning across the curriculum, and exhibition tours;
Making Sense , a digital and in-person collaborative programme for teachers and schools which aims to collectively seek systemic solutions for endemic challenges within art and design education;
Art Assassins , a peer-led young people’s group (age 16 – 21) who meet fortnightly to devise and produce public events and exhibitions. In 2023-24 the Art Assassins collaborated with audio artist Weyland Mckenzie-Witter and researcher Dr. Patria Roman-Velazquez to produce Galleries, Get it Together! a podcast exploring the question: “What does an equitable and community-led Gallery look like and what stories should be told?”;
Supersmashers , a weekly after-school programme for care-experienced children funded by BBC Children in Need;
Creative Families , an artist-led project for local parents and under-5's in collaboration with Southwark's Parental Mental Health team and local children's centres;
Family Space , monthly, free drop-in workshops for families, inspired by current SLG exhibitions;
a family day in conjunction with the exhibition Lagos, Peckham, Repeat , celebrating the food, culture and heritage of Peckham’s Nigerian-diaspora communities, attended by more than 800 people;
The gallery’s first Windrush Weekend, celebrating the 75[th] anniversary of HMT Empire Windrush and south London’s Carribean community across generations, with family workshops and creative careers talk for young people
Flavour Cravers , a programme of cooking lessons led by local chefs and cooks, for local children, in the Fire Station kitchen;
Ongoing partnerships with local schools and colleges;
and a free Community Hires programme that sees the SLG using its space and resources to support community-led organisations within South London. In 2023-24 we embedded relationships with a range of grassroots organisations including Garden of Afrika, BORN::FREE and BLK Anti-Crit.

Additionally, the SLG’s flagship Residents’ Programme works with and for our close neighbours on local housing estates, to deliver a long-term public art and community project. Titled Open Plan, the programme entered its final year of funding from the Freelands Foundation in 2023-24. Building on almost two decades working with residents locally, through Open Plan the SLG delivers a variety of activities year-round, including:

an afterschool and Saturday programme at our dedicated space, Art Block, on Sceaux Gardens estate;

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

community celebrations and events;
creative projects for children and families;
and public art commissions on two local housing estates including The Diaspora Garden: Watering Connections with Seyi Adelekun on Pelican estate and Art Block Ecologies with artist duo Kneed on Sceaux Gardens Estate
a 1-year traineeship programme for a young person at the beginning of their career

The collective impact of our programmes for children and young people continues to be significant. Throughout the year the SLG delivered:

Workshops and visits for 29 schools and colleges, engaging 1,421 children and young people
26 Art Assassins sessions for 14 – 21-year-olds
64 drop-in sessions at Art Block for local children and young people
49 artist-led sessions for care-experienced children
1 full time paid traineeship, targeted towards those under-represented in employment in museums and galleries
10 days of work experience for Year 10 students from local secondary schools

The quality of the programme is evidenced by the repeat funding from individuals, trusts, foundations and Southwark Council secured for long running projects; repeat visits of participants; feedback from families, young people, teachers and artists; the reception of the commissions and events produced; and the professional development of our trainees and team of dedicated Communities & Learning Assistants.

Additionally, an external evaluation of Open Plan led by Shared Intelligence took place throughout the year and was completed in June 2024, with the findings due to be presented at a conference at the SLG in November 2024.

““Big up SLG for giving young people a genuine voice!” Galleries Get It Together event attendee

“While not all children report feeling safe on the estate, they overwhelmingly feel safe at Art Block. This is partly a result of it feeling familiar and welcoming to them, due to the relationships they develop with the staff and other children.”

Open Plan Evaluation by Shared Intelligence

"Thank you for letting my class visit the gallery. We all had an amazing time, and everyone was so excited when we got back to school to share our adventures"

Teacher Feedback

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

BENEFICIARIES & AUDIENCE DEVELOPMENT

The SLG provides charitable benefits for audiences, participants and artists through all its activities. The communities and learning programme focuses particularly on responding to the needs of those who live within the immediate vicinity of the SLG in Southwark.

We collect data via visitor and participant feedback and surveys, review sessions, digital insights, social media comments, staff feedback, project debrief sessions and external evaluation. Findings are shared across the organisation.

During 2023-24, the SLG received a total of 251,336 visits to our buildings, exhibitions, events, learning programmes, shop and café, exceeding our target for the year which was to maintain visitor figures of at least 120,000. Contributing factors include additional funds invested in marketing and publicity thanks to a specific grant for audience development initiatives, and the success of the exhibition Lagos, Peckham, Repeat which attracted remarkably high audience numbers.

A key aim for the SLG post-Covid has been to work towards rebuilding the number of annual visits to pre-pandemic levels, which was achieved in 2023-24. Given this success, our focus now is on sustaining engagement whilst acknowledging that as we no longer have specific grant funding for additional marketing this will be a challenge and it is likely that audience figures will be lower in 202425.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

The SLG conducts audience surveys at the gallery, in 2023-24 via Arts Council England’s Illuminate platform. The results show that in 2023-24:

63% of surveyed visitors were under 35 years old, which is representative of our young local community (53% of Southwark’s population is aged under 35).
8% of surveyed visitors identified as deaf, disabled or having a long-term health condition.
22% identified as neurodivergent.
25% identified as LGBTQ+, 44% as heterosexual (21% did not disclose their sexuality).
45% identified as being from Black, Asian or ethnically diverse backgrounds and 45% from White British, Irish or other White backgrounds (10% either did not answer or preferred not to say).
60% identified as female, 19% as male and 6% non-binary (15% either preferred not to say or did not answer).
42% of those surveyed said that they ‘live near to the SLG’

A key success in the year was the exhibition Lagos, Peckham, Repeat , which attracted large numbers of local people. 51% of those surveyed during the exhibition identified as Black, Asian, or ethnically diverse. Of those, the largest group (19% of the overall surveyed audience) identified as being of Black African heritage – a core target audience for the exhibition.

All the schools we work with are based in South London, overwhelmingly in Southwark, and the vast majority of participants in our communities and learning programme live within the immediate vicinity of the SLG in Camberwell and Peckham. A recent external evaluation of our Open Plan programme has shown that 66% of Art Block regular attendees live either on Sceaux Gardens estate or on the streets directly adjacent to the estate, and a further 29% live on other nearby estates or streets. Additionally, the report reveals that 71% of Art Block regular attendees are eligible for free school means, much higher than the average of 35% within Southwark as a whole, which in turn is higher than the national average.

According to the most recent Census, half of all households in Southwark are disadvantaged in one or more of the following dimensions: employment, education, health and disability, and housing. Lone parent families with at least one dependent child make up 9% of all households in Southwark and this figure is higher in Peckham and the surrounding areas. Southwark is the 7[th] most densely populated borough in London. The average age of residents is 32 years old, which is two years younger than the average for all London boroughs and seven years younger than the average in England.

40% of Southwark residents were born outside of the UK, with the top country of birth outside of the UK and Ireland being Nigeria. 42% of Southwark residents reported their ethnicity as Black, Asian or ethnically diverse (25% Black, Black British, Caribbean or African; 10% Asian or British Asian; and 7% mixed or multiple ethnic group).

It is in this context that the SLG runs extensive and varied programmes which provide opportunities to engage with contemporary art and artists, in collaboration with and for our local communities.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

EQUITY, DIVERSITY AND INCLUSION

The South London Gallery is committed to being a truly inclusive organisation, enhanced through the diversity of our programmes, audiences, staff and board. Our Equity, Diversity and Inclusion Action Plan, which was reviewed and updated in 2023-24, embraces ethnicity, gender identity, sexuality, socio-economic background, disability, neurodiversity, health, age and religion to ensure that intersectionality is clearly addressed.

In 2020 we published a statement, followed by our Action Plan, in which we pledged to become a distinctly more diverse organisation. Progress has been made in some areas and we continue to implement and review our action plan on an ongoing basis.

We regularly consult all SLG staff, our board of trustees and external advisors who contribute to the evolving plan, which is richer for their input and feedback. We devote the necessary leadership and staff time to review existing strategies, set goals and achieve them. We also proactively seek funding to make this possible, and ensure it remains at the top of our agenda, organisation wide.

The most up to date version of our plan, summarised on our website, includes details of progress and learning to date and plans for how we will continue to evolve and embed this work in the DNA of the organisation.

In 2023-24 we engaged Spotlight Inclusion, to work with us on EDI training for our staff and board, as well as leading more in-depth work with our senior leadership team and equalities advisory committee on developing anti-racist practice. This work will extend into 2024-25.

DIGITAL CONTENT, REACH & INFRASTRUCTURE

In the prior year, the SLG made a significant investment in developing its digital reach and output through the creation of a full-time Digital Communications Manager post. This role, funded for two years by grants from the Fidelity Foundation and Bloomberg Philanthropies, enabled a step-change in content creation and promotion across online channels.

In 2023-24 we continued to see high levels of engagement across our digital platforms, as we focused on growing our reach and developing new online audiences.

We continued to gain traction on our website, with 221,175 active users. Social media was a key component of our digital strategy, with the aim of reaching and engaging wider audiences through creative content shared on the SLG’s social media channels. During this time, we focused on creating content for specific, relevant audiences, producing more for Instagram and TikTok.

In this period Facebook had a reach of 194,953, with a 239% increase of reach amongst nonfollowers compared to the previous year. Instagram reached 292, 513 people (an increase of 152% compared to the previous year). Instagram followers increased significantly from 81.4k to 91k.

X/Twitter decreased in followers and engagement for the second year in a row, and the team continued to monitor how the platform is changing with the view to focusing less on this channel. During this period, we joined Threads, Meta's new social media platform. By the end of March 2024, we had reached over 11k followers, and the team continues to test content on there.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

We have created new and exciting video content for online audiences. Our YouTube video of a conversation between artist Yinka Shonibare and curator Folakunle Oshun released in July 2023 to coincide with Lagos, Peckham, Repeat has had over 3,700 views. An exhibition video with the artist Pope.L, released in December 2023 has been viewed over 4,700 times.

In 2023-24 we continued to deliver our project funded via Bloomberg Philanthropies’ Digital Accelerator Programme. This major investment over a two-year period includes a new online shop which launched in October 2023; the purchase of essential audio/visual equipment for our talks, events and performance programmes; and a new CRM system which will have a significant impact on our fundraising as well as integrating systems to streamline internal processes, to be launched early in 2025. These elements combine to future proof our digital infrastructure, enable a better experience for our visitors, donors and customers, and generate additional earned and raised income. In 2023-24 online sales revenue increase by 52% compared to the previous year.

ENVIRONMENT & SUSTAINABILITY

The SLG is committed to ensuring that environmental responsibility is built into every area of our work and decision making, that we strive to reduce our environmental impact, and use our platform to advocate to our audiences and peers.

The SLG has an environmental sustainability policy and action plan and an established staff-led sustainability committee which meets bi-monthly to raise awareness and promote best practice internally. In the prior year, the SLG joined as a member of Gallery Climate Coalition (GCC). We also published our environmental statement on our website, ensuring that our commitments and recent achievements are visible to our staff, audiences and stakeholders.

During 2023-24 we worked towards GCC’s Active Member status and invested in Climate Literacy Training for staff members. Through this process, the SLG took part in the Climate Literacy Day of Action in December 2023. The SLG also continued to invest in the maintenance of its green spaces, encouraging biodiversity in the Orozco Garden and Fox Garden at the main building and a garden to the rear and planted terrace at the Fire Station.

In the summer of 2023, the gallery achieved an important milestone, completing the installation of a new air source heat pump system to heat the main gallery, replacing a gas fired air blower system from the 1980s.

Also in the year, the SLG worked towards an international group exhibition, Acts of Resistance , and undertook specific actions to reduce the exhibition’s environmental impact. The exhibition team worked closely with artists via zoom to plan their installations rather than the artists travelling to install their work in person. Secondly by choosing to make exhibition prints we removed the need for international shipping. Finally, a low carbon impact material was chosen for exhibition furniture and wall texts and ingallery guides were produced instead of takeaway paper guides.

The SLG continues to deliver projects with artists which address environmental and sustainability concerns. In 2023 this included a commission on Pelican Estate as part of Open Plan, The Diaspora Garden: Watering Connections, by artist Seyi Adelekun.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Our priorities for 2024-25 are to review our environmental impact statistics to better understand the impact of initiatives we have delivered, and increase the visibility of our environmental commitments, targets and progress, both online and within our venues. A board level Sustainability Committee will be formed following an open recruitment process, to engage individuals with specific expertise in environment and sustainability practice.

FINANCIAL REVIEW

The SLG, like many organisations across the cultural sector, has experienced significant financial pressures in recent years. This has been brought about by a range of factors including the global cost of living crisis, increased energy and staff costs, and high inflation. The fundraising landscape has been extremely challenging and support from Arts Council England has not kept up with inflation for more than a decade, which in real terms amounts to a cut of several hundred thousand pounds a year. Local authority funding has also steadily decreased over the past five years.

The SLG continued to be affected by these pressures in 2023-24. High turnover of staff in the fundraising team over the past two years has also been a particular challenge.

Never-the-less, in 2023-24 the SLG made good progress towards increasing its fundraised and earned income. Income for the year increased by £654k compared to the previous year (23/24: £2,547,659; 22/23: £1,893,693; 21/22: £2,610,040). This includes unrestricted funds secured via an auction of donated artists’ work in October 2023 and a gala fundraiser in February 2024, as well as several restricted grants secured to support exhibitions, the communities and learning programme, and capital investment in the new air source heat pump.

Expenditure in the year also increased from the previous year (23/24: £2,755,244; 22/23: £2,428,206; 21/22: £2,422,870). In part this reflects an increase in Programme costs due to the scale and ambition of the exhibitions delivered in the year, however core costs, particularly staff and premises, also increased.

The Trustee’s decision, taken in the prior year, to sell the SLG’s Artists’ Flat to release unrestricted cash formed a core part of the strategy in 2023-24. A loan secured against the flat of £150,000 from the Charity Bank was drawn down in June 2023 to support cashflow, after which the flat was placed on the market in November 2023. An offer was accepted shortly after the year-end, at £450k. A revaluation reserve of £212,191 is therefore reflected in the 2023-24 accounts. The sale completed on 25 October 2024.

The balance sheet at 31 March 2024 shows a net current asset position of £21,698 (22/23: £343,654; 21/22: £745,607). Fixed assets on the balance sheet increased to £5,453,555 (22/23: £5,324,246; 21/22: £5,445,786) due to the revaluation reserve and the addition of the air source heat pump to the fixed asset register.

The SLG has a strong track record, due to a combination of good expert advice, the executive team’s capacity for financial management, the support of the Treasurer and an active Personnel and Finance Committee. In the prior year, the SLG invested in the new role of Director of Development and Enterprise to lead fundraising and commercial income generation across the organisation.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

The Trustee has reviewed the budgets for 2025-26 and 2026-27 and the cash flow forecast up to March 2026, which is prepared on a prudent basis. At the date of this report, c. £420k remains to meet the target income for the current year by 31 March 2025. This will be met via ongoing income from trading activities, patrons, benefactors and corporate members, which are on track, alongside a series of strategies including a fundraising gala in March 2025.

Unconfirmed income for 2025-26 currently stands at £1.08m. To date, £1.29m (54%) of the target income for the year has been secured. A major funding bid was recently successful, securing £150k over two years to support additional capacity in fundraising and earned income generation from April 2025.

The Trustee has reviewed management’s strategies for securing funds and scenarios for costreduction and alternative fundraising and earned income initiatives should targets fall short. A core part of the longer-term strategy is for the SLG to secure borrowing against one of its properties or other assets, to be repaid over a 10 to 20-year period, which would alleviate pressure on cash flow.

It is the Trustee’s opinion that it is appropriate for the accounts to be prepared on the Going Concern basis, however, given the current level of unconfirmed income and lack of free reserves, the Trustee has concluded that there are material uncertainties which could affect the SLG’s Going Concern assessment. To address these uncertainties, the Personnel and Finance Committee and Leadership team remain in close dialogue and progress on fundraising plans is closely monitored.

The Trustee recognises the Leadership team’s continual efforts on income generation and plans for cost reduction which have already been acted upon in 2024-25, as well as the track record of the SLG over many years. The SLG has significant assets which bring further comfort and plans to utilise these assets to raise finance are in progress. Over the next two-to-three-year period the Trustee is confident that strategies to ensure the organisation’s long-term financial stability are robust and achievable.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustee has undertaken a risk review and particularly looked at the level of confirmed income and cash with which the charity operates. The Trustee has drawn up a risk register that lists the identified risks and the results of their analysis and evaluation.

Over the past three years, the fundraising landscape has changed creating the need to place greater emphasis on increasing commercial income, encouraging donations from our visitors, and on forming partnerships. Key financial risks to the SLG include:

That despite securing continued funding from ACE as a National Portfolio Organisation in 2023, standstill funding represents a significant real-terms cut;
High inflation over recent years has resulted in rising core running costs and salaries;
Cashflow has been negatively impacted;
Rising interest rates during recent years increased the cost of borrowing.

The Trustee has worked closely with management to review the risks, develop strategies to mitigate them and ensure that contingency plans are in place. The Director and Deputy Director regularly

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

review expenditure in the light of actual and projected income, in discussion with the Personnel and Finance Committee.

A series of strategies are being implemented to meet budget targets for the next two years and to rebuild the unrestricted General Funds of the charity. This has already included reducing core costs in 2024-25, as well as plans for increasing fundraised and earned income. The aim is to ensure the organisation’s sustainability in the immediate term, while we work towards plans for the longer term which will include seeking an increase in core funding at the next round of Arts Council England grant applications, whilst being mindful of the necessity of finding alternative sources of funding given the lack of uplifted funding from ACE over the past decade.

The current forecast for 2024-25 is income of £2.3m and expenditure of £2.5m, with £362k of restricted funds brought from the previous year to be spent on projects and initiatives in 2024-25. If realised, this will result in a break-even position at the year-end. Core costs have been reduced and the SLG has made significant progress towards more sustainable year-on-year core income targets, reducing risks to the organisation.

The budget is based on a mixed fundraising model with funds raised from Arts Council England (confirmed), trusts, foundations, local government, individual giving, sponsorship and commercial income. The range of sources of income is varied, increasing the likelihood that lower than expected income from one strand may be mitigated by over achievement in other areas.

For 2025-26 a range of budget scenarios have been modelled and plans for new income generation strands are in development. From April 2024 the SLG is able to increase staff capacity in fundraising and income generation via a two-year grant to support a full-time manager level post. Should the gallery not be successful in raising all the required funds, programme and operational budgets will need to be reduced and the Trustee has reviewed scenario planning to this end.

A full risk register is reviewed at each board meeting. The principal risks identified are summarised below.

below.
Risk	Action to Mitigate
Failure to achieve aims and objectives of business plan and of core funders including Arts Council England	Board and SLT review of progress against ACE Activities and Investment Principles KPIs quarterly Make necessary amendments to plans and budgets in good time for implementation not to have a negative impact on the organisation
Change in central or local government cultural policy and shift in priorities	Council representation on the board of trustees Maintain good cross-party relations in local and central government Maintain good relations with Arts Council England representatives
Programme of work doesn’t capture people’s imagination and interest	Annual monitoring of visitor surveys, critical reviews, participation feedback and press

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Inability to deliver impactful communities and learning programme	Employ artists and practitioners that have the experience and the skills to create impactful programmes. Continual monitoring of audience and participant response, feedback from funders, partners and stakeholders Engage external evaluators on major programmes Share findings with staff and board
Failure to secure funds for programme	Regularly review fundraising strategy, apply for additional funding to invest in fundraising team capacity Reduce activity in line with available funds Programme team input on fundraising New relationships secured with major donors Major partnerships secured and renewed
Insufficient unrestricted cash reserves to cover any losses	Review reserves policy annually as part of audit process. Budget scenarios up to March 2026 have been reviewed. Plans for reduced operating expenditure implemented in 2024- 25. Unfunded programmes reduced Sale of the Artists Flat completed Conversations ongoing regarding loan finance options
Cashflow is negatively affected	The F&P Committee has reviewed the cashflow position to March 2026 Sale of the Artists’ Flat completed Further lending being explored The Deputy Director reviews the cashflow forecast monthly and more often as necessary Finance and development teams follow up on unpaid invoices in a timely manner Careful management of grant reporting ensures grant payments are released on time £50k overdraft facility secured
Fraud	Promote an anti-fraud culture Carry out appropriate checks on new staff Ensure physical and IT security is adequate Report any instances of fraud to the Charity Commission as required
Staff capacity to manage programme and operations inadequate	Regularly review operational plan for the year ahead Recruit positions as required and funded. Where recruitment for roles has been paused or decisions have been taken not to recruit - outputs reduced accordingly
Failure to comply with employment regulations	Ensure all employment decisions are signed off by the Director & Deputy Director HR Manager role in post

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

	Maintain relationship with external HR consultant and check decisions for unknown implications as required Maintain good working relationship with Union Representatives
Personal injury	Up to date H&S policies and procedures communicated to staff H&S Policy and Procedures reviewed annually or more often if environments or conditions change (reviewed June 2024) Relevant staff receive appropriate H&S training Adequate number of staff trained as first aiders Risk assessment carried out for all gallery environments, installation processes, exhibitions and public activity Appropriate levels of public and employers’ liability insurance Check any high risk activities with insurance company Personal alarm in gallery reception areas Restrictions on working alone
Harm to children or vulnerable adults	Trained Designated Safeguarding Officers in place Safeguarding policies and procedures followed, communicated to all staff and reviewed annually All education staff to be DBS checked every 2 yrs and other staff every 4 yrs Board lead member on Safeguarding established Trustee DBS checks in place Safeguarding training for staff and board Staff safeguarding forum meetings established
Loss of data through mechanical failure, virus or criminal activity	Up to date virus protection in place External IT company contracted Cloud-based storage of files Working towards Cyber Essentials with support of external IT contractor
Increased competition from other contemporary art or education providers reduces audiences and funding	High quality, distinctive programming Periodic comparative analysis with competitors
Reputational risks associated with pursuing or accepting donations	Donations policy in place and reviewed regularly Individual cases discussed by the P&F Committee and consensus reached Pro-bono legal support on performing due diligence checks is being sought Anti-money laundering checks conducted on all relevant donations and high value edition sales

RESERVES POLICY

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

The Reserves Policy is reviewed by the Trustee on an annual basis. In 2014-15 the SLG invested in the purchase of its artist-in-residence flat, which added a capital asset to the balance sheet of £313,095, less a mortgage liability of £214,010. In 2023-24 the Trustee decided to sell the flat and, to support cashflow while the sale was secured, to refinance with an additional loan of £150k secured against the property. The sale of the flat was completed after the year-end, on 25 October 2024, achieving a sale price of £450k. Both the mortgage and additional loan were fully repaid.

Total unrestricted funds of the charity at 31 March 2024 were £243,955, including a revaluation reserve created by the forthcoming sale of the artists’ flat. At 31 March 2024, General Funds, representing freely available cash reserves not designated for any purpose, were in deficit by £18,697. While this lack of cash reserves continues to be a significant challenge, the deficit on General Funds has been reduced from £74,326 at the end of the prior year. However, this is due to the sale of the flat, meaning that the SLG no longer has this asset as a backup plan.

The Trustee recognises the need to build unrestricted cash reserves to a level sufficient to cover three months’ unrestricted core running costs. The target is to hold at least £300,000, however, given the challenges faced by the charity over recent years the Trustee acknowledges that it is likely this will need to be built over several years.

EVALUATION

The SLG measures artistic success by responses from audience members, participants, press, our peers, partners and funders. We measure the reach of our work by recording the number of people who attend our exhibitions, take part in our communities and learning programme, visit our gardens, café and shop, and engage with our work online.

The Trustee reviews progress against a set of clearly defined KPIs on a quarterly basis. We collect data and feedback from exhibition visitors via surveys conducted using Arts Council England’s Illuminate platform. We also collect data from participants and audiences for our communities and learning programme activities, and undertake in-depth evaluation of individual projects, including working with external evaluators. Forums and conferences provide opportunities for benchmarking and peer review and well as to share learning across the sector.

All staff participate in evaluation and review, via data collection, project and programme reviews, a biannual staff away-day as well as board and leadership team away days.

We evaluate operational capacity with the senior leadership team, board, and Personnel and Finance Committee, take external advice where relevant and undertake an annual audit of our accounts. Through this structure we also evaluate risk, financial processes, fundraising plans, policies, resources and governance, highlighting risks at every Board meeting.

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

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

PLANS FOR THE FUTURE

Our vision for the remainder of the current Arts Council England funding period, extended until March 2027, 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 career development in the creative industries, and our reduced environmental impact will be clear to visitors and stakeholders. The SLG will continue to deliver world class exhibitions and learning programmes in its award-winning, fully accessible, free spaces. We will at least maintain visitor figures of above 120,000 visits per year whilst striving to shift our audience demographic to increase the number of disabled visitors and maintain audiences from Black, Asian and ethnically diverse backgrounds above 40%.

The SLG’s long-term ambition is to become more widely recognised as one of London’s leading contemporary art venues whilst also playing a leading role in the cultural life of the local area and bringing together diverse artists and audiences for its internationally acclaimed exhibitions and events presented in a distinctive and inspiring setting. Developing new initiatives to support the SLG on a path to become more financially sustainable over the long term is a key objective.

Objectives for 2024-25 are:

To deliver a high quality and ambitious artistic programme which profiles and supports talented artists and sustains positive response in the press and from visitor feedback. In 2024-25 the artistic programme will focus on:
Exhibitions across the main gallery and Fire Station, including solo exhibitions by UK-based and international artists, and the completion of a group show, Acts of Resistance, in collaboration with the Victoria and Albert Museum;
delivery of an ambitious exhibition by artist Firelei Baez, curated by the first New Curators cohort;
an artist residency programme in collaboration with other leading UK arts organisations, in memory of former SLG curator Donna Lynas;
artists’ commissions in collaboration with the children who participate at Art Block, through the final year of our longstanding Residents’ Programme ‘Open Plan’;
regular film screenings, talks and performance events in the Clore Studio, other SLG spaces and online, South by South contemporary African film programme, and artists’ talks.
To offer an engaging and impactful communities and learning programme and maximise the benefits for children, young people, adults and community groups with whom we work;
To develop new partnerships and collaborations with community organisations and embed relationships through our popular community hires initiative.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

To deliver the first year of a major new partnership with New Curators – a charity that provides a paid twelve-month curatorial training programme for aspiring curators from lower socio-economic backgrounds, based at the South London Gallery in academic years 2023-24 and 2024-25.
To ensure the SLG’s audience development strategy is underpinned by a mission to build diverse and dedicated local, national and international audiences at the gallery, through off-site projects and online;
To embrace the scope of digital opportunities available, including completing upgrades to the SLG’s digital infrastructure through the Bloomberg Digital Accelerator Programme;
To deliver an ambitious, well-researched and achievable fundraising strategy, which focuses 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;
To successfully deliver a range of fundraising events and new initiatives to generate much needed unrestricted funds to sustain the organisation;
and to play a leading role in providing inspiring, free, public space and events to diverse audiences at a time of rapid change and increasing need in Peckham and Camberwell, sustaining partnerships with a wide range of groups and organisations across the local area.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

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

The Trustee's board of directors meets quarterly to discuss the charity's activities and review its operational management. The minimum number of directors is three and the maximum sixteen. The board appoints a Director to lead and manage the Gallery, who works closely with a leadership team comprising the Deputy Director, Director of Development & Enterprise, Head of Programme, Head of Communities & Learning and Head of Communications.

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

The charity is an Arts Council England National Portfolio Organisation and is currently in receipt of a three-year funding agreement to March 2026, with funds secured at the same level as the previous funding period. Historically the charity has had a strong relationship with the London Borough of Southwark and still works closely with the Council to deliver its charitable objectives, in particular the management of the gallery’s art collection.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

RELATED PARTIES AND RELATIONSHIPS WITH OTHER ORGANISATIONS

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

APPOINTMENT OF DIRECTORS

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

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

DIRECTORS’ INDUCTION AND TRAINING

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

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

FUNDRAISING PRACTICE

Fundraising is led by the Director, working closely with the Director of Development & Enterprise and Deputy Director. The fundraising team also comprises a Development Manager and Assistant Development Manager.

Other departmental heads and managers also 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. 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 protects vulnerable people. The SLG does not solicit funds via methods such as cold-call or leafleting and it does not work with professional fundraisers. There were no complaints regarding the SLG’s fundraising practice received in the year.

The SLG has a fundraising policy which sets out the charity’s commitment and responsibilities to ensure supporters can give in confidence, and that the organisation has clear decision-making processes in place for both accepting and refusing donations, including a robust Due Diligence procedure.

The SLG is registered with the Information Commissioner’s Office (ICO) and has a privacy policy to ensure the appropriate collection, retention and use of personal information.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL

The SLG has a remuneration policy that sets out the pay policy for salaried staff, freelancers and artists. While each role is different in its duties and responsibilities, the organisation has set pay levels in line with sector benchmarks and in negotiation with Union representatives, which assists the Personnel and Finance Committee and the Board of Trustees when making salary decisions.

Rates of pay are reviewed across the organisation annually, for the start of the new financial year. Cost of living rises are assessed in the light of CPIH inflation and organisational budgets. SLG salary levels for different job groups are also assessed as above.

All increases are discretionary and subject to the approval of the Board. The South London Gallery’s policy is to pay everyone equal pay for equal work in line with The Equality Act 2010. The Gallery is committed to paying all staff at least the London Living Wage.

STATEMENT OF THE TRUSTEE’S RESPONSBILITIES

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

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

Selects suitable accounting policies and then apply them consistently
Observes the methods and principles in the Charities SORP
Makes judgements and estimates that are reasonable and prudent
States whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
Prepares the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

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

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

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Auditors

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

The Trustee’s annual report has been approved by the Trustee on the 27 January 2025 and signed on their behalf by

Serge Ramin Chair

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

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 2024 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 2024 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.

Material uncertainty relating to going concern

We draw attention to note 1d in the financial statements, which indicates that the Trustee reflects on the current financial position of the charity and the forecasts for the next 12 months which include material levels of future funding that is yet to be secured, as well as a lack of free reserves. As stated in note 1d, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the Trustee’s assessment of the entity’s ability to continue to adopt the going concern basis of accounting included reviewing the cashflow forecasts and budgets prepared by management and assessing unsecured income and potential cost saving measures.

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

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

Other Information

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

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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.

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

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.

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.

Date: 30 January 2025

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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

South London Fine Art Gallery and Library: Report of the Trustee for the year ended 31 March 2024

IMAGE CREDITS

Sethembile Msezane, Chapungu – The Day Rhodes Fell , 2015. Photo: Courtesy of the Artist 2. Adeyemi Michael, Entitled , 2018
Pope.L: Hospital , South London Gallery, 2023. Photo: Andy Stagg. Courtesy of the Artist
Poulomi Basu, Sisters of the Moon , 2022. Courtesy Poulomi Basu, TJ Boulting and JAPC
Lead image for Galleries Get it Together , podcast and event by the Art Assassins, 2023
Galleries Get it Together listening event, 2023
John Costi, South London Gallery, 2023. Photo by Brynley Odu Davies
Michelle Williams Gamaker, Thieves , (behind the scenes still with Ananya Jaidev as the Silver Maiden), 2022. Photo: Ellen Jane Rogers

9. Lagos, Peckham, Repeat: Pilgrimage to the Lakes, South London Gallery, 2023. Photo: Andy Stagg 10. Adeyemi Michael, Entitled , 2018

Motunrayo Akinola, Knees Kiss Ground, 2024. South London Gallery. Photo: Jo Underhill
Fion Hung Ching Yan, Costumes and Pranks to Amuse His Parents
Installation Acts of Resistance: Photography, Feminisms and the Art of Protest , 2024. South London Gallery. Photo: Jo Underhill
Pope.L: Hospital , South London Gallery, 2023. Photo: Andy Stagg. Courtesy of the Artist
Michelle Williams Gamaker, Thieves , (behind the scenes still with Krishna Istha as Sabu), 2022. Photo: Jadon Cobb
Tourmaline and Sasha Wortzel, Happy Birthday Marsha !, 2018. Courtesy of the artists and Chapter NY, New York
Frank Bowling, Skid , 2023. Photo: Anna Arca
Pope.L, Litany (detail), 2013. Courtesy of the artist and Modern Art
Lagos Peckham Repeat Family Day, 2023. Photo: Tolu Elusadé
Lead image for Galleries Get it Together , podcast and event by the Art Assassins, 2023
Orozco Garden Trail, South London Gallery, 2022.
South London Gallery Family Space, with Culture Tree, March 2023.
Flyer for Lagos Peckham Repeat Family Day, 2023. Image: Lola Komolafe
South London Gallery Family Space, 2023.
Windrush Creative Careers panel discussion: Lewis Gilbert, Matthew Arthur Williams, Abi Wright, Cato
The Diaspora Garden: Watering Connections , Seyi Adelekun, 2023
Yara and Davina, Goals. Photo: Lucien Ebongue, 2022

South London Fine Art Gallery and Library

Statement of financial activities

For the year ended 31 March 2024

For theyear ended 31 March 2024
				2024			2023
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Note	£	£	£	£	£	£
Income from:
Donations and legacies	2	1,325,585	-	1,325,585	946,533	7,000	953,533
Charitable activities
Exhibitions, live art & events	3	264,799	446,297	711,096	162,784	360,963	523,747
Education	3	-	332,817	332,817	-	298,980	298,980
Other trading activities	4	174,197	-	174,197	116,022	-	116,022
Interest		3,964	-	3,964	1,411	-	1,411
Total income		1,768,545	779,114	2,547,659	1,226,750	666,943	1,893,693
Expenditure on:
Raising funds	5	691,965	-	691,965	436,270	-	436,270
Charitable activities
Exhibitions, live art & events	5	839,711	588,093	1,427,804	668,083	602,245	1,270,328
Education	5	296,621	338,854	635,475	408,021	313,587	721,608
Total expenditure		1,828,297	926,947	2,755,244	1,512,374	915,832	2,428,206
Net (expenditure) for the year		(59,752)	(147,833)	(207,585)	(285,624)	(248,889)	(534,513)
Gains on revaluation of fixed assets		212,191	-	212,191	-	-	-
Net movement in funds		152,439	(147,833)	4,606	(285,624)	(248,889)	(534,513)
Reconciliation of funds:
Total funds brought forward		91,516	5,379,131	5,470,647	377,140	5,628,020	6,005,160
Total funds carried forward		243,955	5,231,298	5,475,253	91,516	5,379,131	5,470,647

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

South London Fine Art Gallery and Library

Balance sheet

As at 31 March 2024

As at 31 March 2024
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 Revaluation reserve Total unrestricted income 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	26,377 444,144 116,581	2024 £ 5,453,555	31,765 281,109 271,216	2023 £ 5,324,246
		21,698		343,654
	587,102 565,404		584,090 240,436
	212,191 50,461 (18,697)		165,842 (74,326)
		5,475,253 -		5,667,900 197,253
		5,475,253		5,470,647
		5,231,298 243,955		5,379,131 - 91,516
	31,764		91,516
		5,475,253		5,470,647

Approved by the Trustee on 27 January 2025 and signed on their behalf by

Serge Ramin Chair

South London Fine Art Gallery and Library

Statement of cash flows

For the year ended 31 March 2024

Note £ £ Net (expenditure) for the reporting period (207,585) (as per the statement of financial activities) Depreciation charges 150,082 (3,964) Loss on disposal of fixed assets - Decrease/(increase) in stocks 5,388 (Increase)/decrease in debtors (163,035) (Decrease) in creditors (20,807) (239,921) 3,964 (67,200) (63,236) (1,478) 150,000 148,522 a (154,635) 271,216 116,581 a At 1 April 2023 Cash flows £ £ 271,216 (154,635) 271,216 (154,635) (1,478) (345,775) (197,253) 197,253 72,485 (303,157) 2024 Cash inflows from new borrowing Cash flows from financing activities: Net cash (used in) investing activities Net cash (used in) operating activities Cash flows from investing activities: Purchase of fixed assets Interest received Total Total cash and cash equivalents Loans falling due within one year Interest received Loans falling due after more than one year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the year Analysis of changes in net debt Repayments of borrowing	Note £ £ Net (expenditure) for the reporting period (207,585) (as per the statement of financial activities) Depreciation charges 150,082 (3,964) Loss on disposal of fixed assets - Decrease/(increase) in stocks 5,388 (Increase)/decrease in debtors (163,035) (Decrease) in creditors (20,807) (239,921) 3,964 (67,200) (63,236) (1,478) 150,000 148,522 a (154,635) 271,216 116,581 a At 1 April 2023 Cash flows £ £ 271,216 (154,635) 271,216 (154,635) (1,478) (345,775) (197,253) 197,253 72,485 (303,157) 2024 Cash inflows from new borrowing Cash flows from financing activities: Net cash (used in) investing activities Net cash (used in) operating activities Cash flows from investing activities: Purchase of fixed assets Interest received Total Total cash and cash equivalents Loans falling due within one year Interest received Loans falling due after more than one year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the year Analysis of changes in net debt Repayments of borrowing	£ £ (534,513) 144,528 (1,411) 204 (6,454) 130,687 (11,327) (278,286) 1,411 (23,192) (21,781) (7,205) - (7,205) (307,272) 578,488 271,216 Other non- cash changes At 31 March 2024 £ £ - 116,581 2023	£ £ (534,513) 144,528 (1,411) 204 (6,454) 130,687 (11,327) (278,286) 1,411 (23,192) (21,781) (7,205) - (7,205) (307,272) 578,488 271,216 Other non- cash changes At 31 March 2024 £ £ - 116,581 2023
	(239,921) (63,236) 148,522		(278,286) (21,781) (7,205)
(1,478) 150,000		(7,205) -
At 1 April 2023 £ 271,216		Other non- cash changes £ -
	(154,635) 271,216		(307,272) 578,488
	116,581		271,216
	Cash flows £ (154,635)		At 31 March 2024 £ 116,581
271,216	(154,635)	-	116,581
(1,478) (197,253)	(345,775) 197,253	-	(347,253) -
72,485	(303,157)	-	(230,672)

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies

a) Statutory information

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

b) Basis of preparation

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

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

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

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

c) Public benefit entity

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

d) Going concern

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

e) Income

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

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

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

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

f) Donations of gifts, services and facilities

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

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

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

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

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

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

i) Expenditure and irrecoverable VAT

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

Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose
Expenditure on charitable activities includes the costs of exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs
Other expenditure represents those items not falling under any other heading

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

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

j) Allocation of support costs

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

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:

	Raising funds	25%
	Exhibitions & live art, education & events	50%
	Education	25%

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

k) Operating leases

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

l) Tangible fixed assets

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

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

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

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

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

m) Stocks

Stocks are stated at the lower of cost and the estimated selling price less any costs required to complete and sell the item. In general, cost is determined on a first in first out basis and includes transport and handling costs. Selling price is the price at which stocks can be sold in the normal course of business. Provision is made where necessary for obsolete, slow moving and defective stocks.

n) Debtors

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

o) Cash at bank and in hand

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

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

p) Creditors and provisions

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

q) Pensions

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

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

r) Heritage assets

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

s) Financial instruments

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

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

2 Income from donations and legacies

Income from donations and legacies
Arts Council England - NPO Donations Legacies	Unrestricted £ 826,345 499,240 -	£ - - - Restricted	2024 Total £ 826,345 499,240 -	Unrestricted £ 826,345 120,188 -	2023 Total £ £ - 826,345 - 120,188 7,000 7,000 Restricted
	1,325,585	-	1,325,585	946,533	7,000 953,533

3 Income from charitable activities

3 Income from charitable activities
Unrestricted £ - - - - 30,000 - - 111,988 122,811 264,799 Education - - - - - - - - - - - 264,799 4 Unrestricted £ 90,747 48,661 21,422 13,367 174,197 Freelands Foundation Bloomberg Clore Foundation Derrill Allatt Foundation Wolfson Foundation New Curators Barking & Dagenham Exhibitions, live art, events and general activity BBC Children in Need Fidelity UK Foundation Garfield Weston Southwark Council Trusts & Foundations Other donations Sponsorship Museums and galleries exhibition tax relief Impact on Urban Health Sub-total for Exhibitions, live art & events and general activity Trusts & Foundations Other donations Mountview Academy Sub-total for Education Venue Hire Distribution From SLG Trading Sales of Editions, publications and products Miscellaneous income Total income from charitable activities Income from other trading activities	Unrestricted £ - - - - 30,000 - - 111,988 122,811	£ 25,000 - 140,000 44,000 - 74,773 162,524 - - Restricted	2024 Total £ 25,000 - 140,000 44,000 30,000 74,773 162,524 111,988 122,811	Unrestricted £ - - - - - - - 102,274 60,510	£ 125,000 72,450 - - - 33,414 130,099 - - Restricted	2023 Total £ 125,000 72,450 - - - 33,414 130,099 102,274 60,510
		446,297 32,813 18,444 15,000 20,000 147,406 18,730 40,220 - 29,604 10,600	711,096 32,813 18,444 15,000 20,000 147,406 18,730 40,220 - 29,604 10,600	162,784 - - - - - - - - - -	360,963 32,714 - - - 168,416 - 41,100 15,000 40,910 840	523,747 32,714 - - - 168,416 - 41,100 15,000 40,910 840
	-	332,817	332,817	-	298,980	298,980
	264,799	779,114	1,043,913	162,784	659,943	822,727
	Unrestricted £ 90,747 48,661 21,422 13,367	£ - - - - Restricted	2024 Total £ 90,747 48,661 21,422 13,367	Unrestricted £ 51,350 46,243 12,908 5,521	£ - - - - Restricted	2023 Total £ 51,350 46,243 12,908 5,521
	174,197	-	174,197	116,022	-	116,022

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

5a Analysis of expenditure (current year)

Analysis of expenditure (current year)
Staff costs (Note 7) Freelance & consultancy costs Training expenses Marketing & publicity Evaluation Events Transport and installation Premises costs Insurance Repairs & maintenance Travel, accommodation & per diems Equipment hire Materials Office expenses Postage & stationery Publications & subscriptions Audit & accountancy Depreciation and loss on disposal of fixed assets Management charge Irrecoverable VAT Support costs Governance costs Total expenditure 2024	Cost of raising funds £ 302,239 15,056 - 65,386 2,455 41,662 134 - - - 679 - 6,481 1,159 292 2,267 - 3,301 - 14,344 455,455 229,279 7,231 691,965	Exhibitions, live art & events Education £ £ 562,595 277,069 156,971 60,255 - 540 33,199 7,906 - 5,400 18,964 - 29,892 282 475 14,356 - - 25 95 24,795 1,176 12,282 153 85,888 22,582 487 1,503 8 511 3,760 - - - - - - - 25,446 7,137 954,787 398,965 458,556 229,279 14,461 7,231 1,427,804 635,475 Charitable activities		Governance costs £ 11,574 - - - - - - - - - - - - - - - 17,349 - - -	Support costs £ 388,309 41,565 12,960 13,940 - 565 22 94,715 28,645 33,200 12,304 1,634 7,386 47,618 1,688 2,549 35,202 146,781 10,967 37,064 917,114 (917,114) - -	2024 Total £ 1,541,786 273,847 13,500 120,431 7,855 61,191 30,330 109,546 28,645 33,320 38,954 14,069 122,337 50,767 2,499 8,576 52,551 150,082 10,967 83,991 2,755,244 - - 2,755,244	2023 Total £ 1,377,629 238,394 12,542 123,234 8,681 20,629 35,446 82,914 30,333 35,597 40,851 5,327 87,544 33,579 5,429 11,180 46,386 144,732 15,405 72,374
			398,965 229,279 7,231	28,923 - (28,923)			2,428,206 - -
			635,475	-			2,428,206

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

5b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 7) Freelance & consultancy costs Training expenses Marketing & publicity Evaluation Events Transport and installation Premises costs Insurance Repairs & maintenance Travel, accommodation & per diems Equipment hire Materials Office expenses Postage & stationery Publications & subscriptions Audit & accountancy Depreciation and loss on disposal of fixed assets Management charge Irrecoverable VAT Support costs Governance costs Total expenditure 2023	Cost of raising funds £ 253,270 5,434 - - - - 3,787 833 - - 105 - (5,896) - 31 - - - - (50)	Exhibitions, live art & events £ 529,367 131,383 - 53,612 - 15,186 31,198 689 - - 29,537 735 56,637 416 275 5,512 - - - 24,449	Education £ 243,812 78,968 1,037 11,872 500 - 347 19,836 - 286 643 460 27,407 174 102 - - - - 12,476	Governance costs £ 11,302 - - - - - - - - - - - - - - 18,786 - - -	Support costs £ 339,878 22,609 11,505 57,750 8,181 5,443 114 61,556 30,333 35,311 10,566 4,132 9,396 32,989 5,021 5,668 27,600 144,732 15,405 35,499	2023 Total £ 1,377,629 238,394 12,542 123,234 8,681 20,629 35,446 82,914 30,333 35,597 40,851 5,327 87,544 33,579 5,429 11,180 46,386 144,732 15,405 72,374
	257,514 172,738 6,018	878,996 378,158 13,174	397,920 312,792 10,896	30,088 - (30,088)	863,688 (863,688) -	2,428,206 - -
	436,270	1,270,328	721,608	-	-	2,428,206

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

6 Net expenditure for the year

This is stated after charging:

This is stated after charging:
	2024	2023
	£	£
Depreciation	150,082	144,528
Loss on disposal of fixed assets	-	204
Operating lease rentals:
Property	13,180	13,180
Equipment	1,957	1,522
Auditor's remuneration (excluding VAT):
Audit - current year	17,325	16,200
Other services	4,600	860

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

Staff costs were as follows:

Staff costs were as follows:
Employer's contribution to Southwark Council defined benefit pension Social security costs Employer’s contribution to defined contribution pension scheme Salaries and wages Recruitment and other staff costs	2024 £ 1,320,900 114,665 79,194 17,609 9,418	2023 £ 1,185,880 99,507 69,580 17,096 5,566
	1,541,786	1,377,629

The following number of employees received over £60,000 employee benefits (excluding employer pension costs) during the year:

pension costs) during the year:
	2024	2023
	No.	No.
£60,000 - £69,999	2	1
£70,000 - £79,999	-	-
£80,000 - £89,999	-	-
£90,000 - £99,999	-	1
£100,000 - £109,000	1	-

The total employee benefits (including employer's pension contributions and employer's national insurance) of the key management personnel were £422,901 (2023: £375,961).

The directors of the Trustee were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). In 2024 no directors received payment for services (2023: one director received payment of £300 for services as a panelist for the postgraduate residency).

Directors' expenses represents the payment or reimbursement of travel and subsistence costs to members relating to attendance at meetings of the Trustee. No expenses were claimed by directors in 2024 or 2023.

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

8 Staff numbers

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

Governance Exhibitions Support Fundraising and publicity Education	2024 2023 No. No. 6.5 6.2 35.0 35.3 20.8 16.0 13.8 13.9 0.1 0.1 76.2 71.5 Headcount	2024 2023 No. No. 5.9 5.6 13.7 15.2 7.3 5.9 10.6 10.7 0.1 0.1 Full-time equivalent
		37.6 37.5

9 Related party transactions

During the year the Charity incurred sales commissions payable to SLG Trading Ltd of £10,967 (2023: £15,405). SLG Trading Ltd incurred management charges payable to the Charity of £5,767 (2023: £5,380). In addition, the Charity made sales of goods and services to SLG Trading Ltd of £36,662 (2023: £50,474) and purchased goods and services from SLG Trading Ltd of £3,013 (2032: £3,658). SLG Trading covenanted its profit of £48,661 (2023: £46,243) to the Charity.

Eight directors (2023: 7) made donations (including patron and membership income) during the year to a total of £16,664 (2023: £11,164) including VAT and fees.£5,000 of this is a corporate membership. Additionally, two directors contributed a total of £40,000 to Exhibition Support through Foundations, and six directors purchased tables at the SLG Gala to a total of £37,000. (In 2023 one director's spouse made a £50,000 contribution to Exhibition Support). Trustee directors also occassionally purchase artwork from SLG at the normal market price (including any discounts available to patrons/members if applicable).

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

10 Tangible fixed assets

Tangible fixed assets
Disposals in year Depreciation Cost At the end of the year At the start of the year At the start of the year Charge for the year At the end of the year Net book value Released on disposal At the start of the year Additions in year Revaluation At the end of the year	Freehold improvements £ 535,270 - - -	Fire Station building £ 3,535,488 - - - 3,535,488 314,497 70,710 - 385,207 3,150,281 3,220,991	£ 320,467 - - 212,191 Long leasehold and leasehold improvements	£ 1,787,728 - - - Phase 2 freehold and leasehold improvements	Office equipment £ 123,269 - (32,577) -	Fixture and fittings £ 242,483 67,200 - -	Total £ 6,544,705 67,200 (32,577) 212,191
	535,270		532,658	1,787,728	90,692	309,683	6,791,519
	117,581 7,555 -		70,111 12,547 -	463,505 35,755 -	105,223 7,730 (32,577)	149,542 15,785 -	1,220,459 150,082 (32,577)
	125,136		82,658	499,260	80,376	165,327	1,337,964
	410,134		450,000	1,288,468	10,316	144,356	5,453,555
	417,689		250,356	1,324,223	18,046	92,941	5,324,246

All of the above assets are used for charitable purposes. The donated asset under Fire Station building represents the reinstatement cost assessment value of the fire station building at the date the lease was signed. The asset under Long Leasehold and Leasehold improvements was revalued during the year to the assessed market value of the artists' residency flat ahead of the sale later in 2024. The sale was completed on 25 October 2024 achieving a sale price of £450,000.

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

For the year ended 31 March 2024
11 12 13 Bank Loan Prepayments Accrued income Due from SLG Trading Stocks Other debtors Debtors Trade debtors Deferred income (note 14) Trade creditors Taxation and social security Accruals VAT Creditor Other creditors Creditors: amounts falling due within one year Mortgage loan Finished goods	2024 £ 26,377	2023 £ 31,765
	2024 £ 229,605 - 80,490 16,581 117,468	2023 £ 148,874 3,063 82,579 46,593 -
	444,144	281,109
	2024 £ 197,253 150,000 34,500 106,105 27,798 8,661 2,193 38,894	2023 £ 1,478 - 26,180 139,004 24,721 8,166 4,377 36,510
	565,404	240,436

14 Deferred income

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

future period.
Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year    Under one year Between two and five years Over five years Mortgage loan Creditors: amounts falling due after one year The mortgage loan facilities are repayable as follows:	2024 £ 26,180 (26,180) 34,500	2023 £ 40,383 (40,383) 26,180
	34,500	26,180
	2024 £ -	2023 £ 197,253
	197,253 - -	1,478 15,244 182,009
	197,253	198,731

15 Creditors: amounts falling due after one year

The SLG has a loan with Charity Bank to finance the purchase of the artists flat. The loan is repayable in monthly instalments from January 2015 to December 2039, with a full review every 5 years. Interest is payable monthly at a rate of 3.5% from October 2020 (previously 4.5%) above the Bank of England base rate per annum. From June 2023 to June 2026 payments will be interest only.

A further working capital loan was taken with Charity Bank on 23 April 2023. Interest is payable monthly at a rate of 4% above the Bank of England base rate. Monthly repayments are interest only, with repayment due by June 2026, or when the flat is sold if earlier. SLG completed the sale of the flat on 25 October 2024 and consequently both liabilities have been repaid.

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

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

16a Analysis of net assets between funds (current year)

For the year ended 31 March 2024 16a Analysis of net assets between funds (current year)	For the year ended 31 March 2024 16a Analysis of net assets between funds (current year)
16b 17a At the start of the year £ 4,991,438 69,772 109,828 - - 44,802 - 9,123 - - 126,487 - 4,745 5,941 3,645 13,350 Total restricted funds 5,379,131 - 332,808 (198,731) - 31,765 - Total designated funds 165,842 General funds (74,326) 91,516 91,516 5,470,647 Net current assets New Curators Wolfson Foundation Clore Foundation Derrill Allatt Foundation Tangible fixed assets Restricted funds: Fixed Assets BBC Children in Need Unrestricted income funds: Designated funds: Fixed Assets Mortgage liability Impact on Urban Health Southwark Council Other Education restricted funds SLaM NHS Foundation Trust Fidelity UK Foundation Freelands Foundation Other restricted funds Bloomberg Movements in funds (current year) Analysis of net assets between funds (prior year) Tangible fixed assets Net current assets Long term liabilities Mountview Academy/A New Direction Barking and Dagenham Current Assets: Stocks Other designated funds Revaluation reserve Total funds Total unrestricted income funds Net assets at the end of the year Net assets at the end of the year Bank loan liability Total unrestricted funds		General unrestricted £ - (18,697)	£ 582,978 (320,326) Designated (including revaluation)	Restricted £ 4,870,577 360,721	Total funds £ 5,453,555 21,698
		(18,697)	262,652	5,231,298	5,475,253
		General unrestricted £ - (74,326) -	£ 332,808 30,287 (197,253) Designated	Restricted £ 4,991,438 387,693 -	Total funds £ 5,324,246 343,654 (197,253)
		(74,326)	165,842	5,379,131	5,470,647
		Income and gains £ - 25,000 - 140,000 44,000 237,297 18,444 32,813 15,000 20,000 147,406 18,730 - 4,762 40,220 35,442	Expenditure and losses £ (120,861) (74,021) (97,828) (30,396) (44,000) (220,987) (10,964) (35,731) (14,311) (17,530) (164,122) (10,757) (4,745) (9,540) (39,407) (31,747)	Transfers £ - - - - - - - - - - - - - - -	At the end of the year £ 4,870,577 20,751 12,000 109,604 - 61,112 7,480 6,205 689 2,470 109,771 7,973 - 1,163 4,458 17,045
	5,379,131	779,114	(926,947)	-	5,231,298
	- 332,808 (198,731) - 31,765 -	212,191 - - - - 10,000	- (29,221) - - - (9,450)	- 67,200 1,478 (150,000) (5,388) -	212,191 370,787 (197,253) (150,000) 26,377 550
	165,842	10,000	(38,671)	(86,710)	50,461
	(74,326)	1,758,545	(1,789,626)	86,710	(18,697)
	91,516	1,768,545	(1,828,297)	-	31,764
	91,516	1,980,736	(1,828,297)	-	243,955

	5,470,647	2,759,850	(2,755,244)	-	5,475,253

The transfers between funds represents amounts transferred from general funds to the Mortgage Liability fund 49 and the designated Fixed Assets fund.

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

17b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds Total designated funds General funds Designated funds: Fixed Assets Mortgage liability Current Assets: Stocks Other designated funds Restricted funds: Fixed Assets SLaM NHS Foundation Trust Total funds Total unrestricted funds Southwark Council Heritage Lottery Fund BBC Children in Need Freelands Foundation Fidelity UK Foundation Unrestricted funds: Other Education restricted funds Mountview Academy/A New Direction Other restricted funds Bloomberg	At the start of the year £ 5,112,299 - 123,780 163,217 57,826 5,065 146,900 - 10,132 2,871 5,930	Income and gains £ - 125,000 72,450 - 163,513 32,714 168,416 15,000 - 41,100 48,750	Expenditure and losses £ (120,861) (55,228) (86,402) (163,217) (176,537) (28,656) (188,829) (10,255) (4,191) (40,326) (41,330)	Transfers £ - - - - - - - - - - -	At the end of the year £ 4,991,438 69,772 109,828 - 44,802 9,123 126,487 4,745 5,941 3,645 13,350
	5,628,020	666,943	(915,832)	-	5,379,131
	333,487 (205,936) 25,311 48,539	- - - 11,173	(18,725) - - (56,486)	18,046 7,205 6,454 (3,226)	332,808 (198,731) 31,765 -
	201,401	11,173	(75,211)	28,479	165,842
	175,739	1,215,577	(1,437,163)	(28,479)	(74,326)
	377,140	1,226,750	(1,512,374)	-	91,516
	6,005,160	1,893,693	(2,428,206)	-	5,470,647

Purposes of restricted funds

Fixed Assets

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

Southwark Council

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

Barking & Dagenham, BBC Children in Need, Clore Duffield Foundation, Derrill Allatt Foundation, Freelands Foundation, Impact on Urban Health, A New Direction, SLaM NHS Foundation Trust

Grants for education and outreach programmes

Bloomberg

Grant towards digital infrastruture

Heritage Lottery Fund

Funds for management and maintenance of the Fire Station building

Fidelity UK Foundation

Grant towards digital, marketing and audience development to reach new audiences; and consultancy for strategy development.

Wolfson Foundation

Grant from the Wolfson Sustainability Fund for purchase and installation of an air source heat pump

New Curators

Grant for the purpose of encouraging and enabling aspiring art curators from lower socio-economic backgrounds. Grant to support SLG to host an exhibition curatored by New Curators Fellows

Other restricted funds

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

South London Fine Art Gallery and Library

Notes to the financial statements

For the year ended 31 March 2024

17 Movements in funds (continued)

Purposes of designated funds

Fixed Assets

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

Mortgage and bank loan liability

These funds represents the balance of the capital liability outstanding on the mortgage and additional loan. Transfers will be made to the funds in future periods as repayments are made.

Current Assets: Stocks

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

Other designated funds

Sponsorship income received designated to support an education project.

18 The Gallery Collection

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

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

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

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

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

For insurance purposes the collection has been valued at £7,500,000.

19 Taxation

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

20 Operating lease commitments

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

of the following periods
Less than 1 year 1 - 5 Years	2024 2023 £ £ 13,180 6,590 19,770 - Property		2024 2023 £ £ 1,957 1,772 3,913 388 Equipment
	32,950	6,590	5,870	2,160

21 Ultimate controlling party

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

CONTENTS

REFERENCE AND ADMINISTRATIVE INFORMATION

Status

OBJECTIVES AND ACTIVITIES

MISSION & VISION

PURPOSE & AIMS

“The source of art is in the life of a people”

GUIDING PRINCIPLES, AIMS & VALUES

ACHIEVEMENTS & PERFORMANCE IN 2023-24

ARTISTIC PROGRAMME

Exhibitions in 2023-24

Residencies in 2023-24

Highlights from the talks, live art and events programme in 2023-24

SLG Editions, Publications and Merchandise

COMMUNITIES & LEARNING

BENEFICIARIES & AUDIENCE DEVELOPMENT

EQUITY, DIVERSITY AND INCLUSION

DIGITAL CONTENT, REACH & INFRASTRUCTURE

ENVIRONMENT & SUSTAINABILITY

FINANCIAL REVIEW

PRINCIPAL RISKS AND UNCERTAINTIES

RESERVES POLICY

EVALUATION

PLANS FOR THE FUTURE

STRUCTURE, GOVERNANCE AND MANAGEMENT

RELATED PARTIES AND RELATIONSHIPS WITH OTHER ORGANISATIONS

APPOINTMENT OF DIRECTORS

DIRECTORS’ INDUCTION AND TRAINING

FUNDRAISING PRACTICE

REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL

STATEMENT OF THE TRUSTEE’S RESPONSBILITIES

Auditors

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

Opinion

Basis for opinion

Material uncertainty relating to going concern

Other Information

Matters on which we are required to report by exception

Responsibilities of Trustee

Auditor’s responsibilities for the audit of the financial statements

Capability of the audit in detecting irregularities

Use of our report

IMAGE CREDITS

Statement of financial activities

Balance sheet

As at 31 March 2024

Statement of cash flows

For the year ended 31 March 2024

For the year ended 31 March 2024

a) Statutory information

b) Basis of preparation

c) Public benefit entity

d) Going concern

For the year ended 31 March 2024

g) Interest receivable

h) Fund accounting

For the year ended 31 March 2024

j) Allocation of support costs

k) Operating leases

l) Tangible fixed assets

m) Stocks

n) Debtors

o) Cash at bank and in hand

For the year ended 31 March 2024

p) Creditors and provisions

q) Pensions

r) Heritage assets

s) Financial instruments

Notes to the financial statements

For the year ended 31 March 2024

3 Income from charitable activities

For the year ended 31 March 2024

5a Analysis of expenditure (current year)

For the year ended 31 March 2024

5b Analysis of expenditure (prior year)

Charitable activities

Notes to the financial statements

For the year ended 31 March 2024

For the year ended 31 March 2024