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2022-12-31-accounts

Page
Reference and administrative details ofthe charity, its trustees and advisers
Contact details for the charity
Report ofthe Trustees 3-9
Independent
auditors'		 report 10-12
Statement
of financial		 activities 13
Balance sheet 14
Statement
of Cash Flows		 15
Notes to the financial statements 16-27

Trustees J.Allen
I.Goodfellow
M. Harding
J.A. Hawes, Chairman
D. Snyder
C. Spring
Charity registered number 327032
Principal Office 24 Old Gloucester Street
London
WC1N 3AL
Secretary J.A. Hawes
Key Management Personnel J.A. Hawes Director &Trustee
E. Lalouschek Artistic Director
J.Allen Trustee
I.Goodfellow Trustee
M. Harding Trustee
D. Snyder Trustee
C. Spring Trustee
Independent auditors Chris Syrimis &Co.
Chartered
Certified Accountants		 & Registered Auditors
97Judd Street
London
WC1H 9JG
Bankers HSBC Bank PLC UK
London
WC1V SBJ
CAF Bank Ltd
Kings
Hill
West Mailing
Kent
ME194TA

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Notes 2022
6		 2022
E		 2022f 2021
Incoming Resources
Income and endowments from:
Donations and Legacies 2 566 170,000 170,566 183,578
Charitable activities 6 1,005,577 - 1,005,577 1,327,618
Other trading
activities		 3 277,813 277,813 157,228
Investment income 5 299 299 110
Total Income 1,284,255 170,000 1,454,255 1,668 534
Expenditure on:
Raising funds 4 170,387 170,387 202,197
Charitable activities 8,9 1,126,277 170,000 1,296,277 1,181,923
Total expenditure 1,296,664 170,000 1,466,664 1,384,120
Net Movement
in Funds		 (12,409) (12,409) 284,414
Total funds at 1 January 2022 1,791,722 1,791,722 1,507,308
Total funds carried forward at 31 December 2022 1,779,312 1,779,312 1,791,722

Notes 2022 2021
Total Total
5 8
Net income/(expenditure)
for the reporting		 period (as per the statement of
financial
activities)		 (12,409) 284,414
Adjustments
for:
Depreciation
charges		 12 46,495 59,848
Loss/(Profit)
on sale offixed asset
Dividends,
interest and rents from investments		 5 (299) (110)
(Increase)/decrease
in stocks		 18 (510) (11,490)
(Increase)/decrease
in debtors		 47,404 221,386
Increase/(decrease)
in creditors		 18 1,881,325 858,920
Net cash provided
by (used in) operating		 activities 1,762,007 1,412,766
Cash flows from investing
activities:
Dividends,
interest and rents from investments		 5 299 110
Proceeds from the sale of property,
plant and equipment		 15
Purchase of property,
plant and equipment		 15 (18,717) (18,442)
Net cash provided
by (used in) investing		 activities ~18,418 ~18,333
Change
in cash and cash equivalents
in the reporting		 period 1,743,587 1,394,435
Cash and cash equivalents
at the beginning		 ofthe reporting period 2,907,366 1,512,931
Cash and cash equivalents
at the end ofthe reporting		 period 4,650,953 2,907,366
Change
in cash and cash equivalents
due to exchange rate		 movements 223,477 52,917
Cash and cash equivalents
at the end, excluding		 exchange rate movements 4,427,476 2,854,449
Cash and cash equivalents
at the end ofthe reporting		 period 4,650,953 2,907,366

S
AND LE		 GAC IES
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022 2022 2022 2021
f f. F f
Donations 566 150,000 150,566 110,248
Legacies
Coronavirus Job Retention 43,230
Grants 20,000 20,000 30,100
Total 566 170,000 170,566 183,578

The charity rents rooms, galleries and other spaces when The charity rents rooms, galleries and other spaces when they are not in use for charitable not in use for charitable purposes.
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022 2022 2022 2021
F f F f.
Letting Income 277,813 277,813 157,228
EXPENDITURE ON RAISING FUNDS: TRADING ACTIVITIES
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022
f		 2022
f		 2022f 2021f
LETTING EXPENSES
Direct Cost 44,162 44,162 32,893
Staff costs 86,402 86,402 123,677
Support costs 39,823 39,823 45,627
170,387 170,387 202,197

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022
F		 2022
f		 2022f 2021f
Bank Interest received 299 299 110

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022 2022f 2022f 2021f
Arts sales 957,985 957,985 1,247,550
Education income 11,967 11,967 12,804
Fees 12,146 12,146 11,821
Other income 23,479 23,479 55,442
Total 1,005,577 1,005,577 1,327,617
2022 2021
F
20,000 20,000
10,000
20,000 30,000

8 EXPENDITURE BY EXPENDITURE BY CHARITABLE ACTIVITY CHARITABLE ACTIVITY SUMMARY BYEXPENDITURE SUMMARY BYEXPENDITURE TYPE
Support
Staff Costs Direct Costs costs 2022 2021
E E 6 E E
Letting Costs 86,402 44,162 39,823 170,387 202,197
Charitable activities
Exhibitions 675,497 220,048 320,590 1,216,134 1,095,400
Education 34,160 30,237 15,745 80,143 86,523
709,657 250,285 336,335 1,296,277 1,181,923
Support costs 20,069 356,089 (376,158)
Total 816,128 650,536 1,466,664 1,384,120

Unrestricted Restricted
Funds
E		 Fundsf 2022
6		 2021
6
Letting Costs 170,387 170,387 202,197
Charitable activities
Exhibitions 1,066,134 150,000 1,216,134 1,095,400
Education 60,143 20,000 80,143 86,523
1,126,277 170,000 1,296,277 1,181,923
Total 1,296,664 170,000 1,466,664 1,384,120

SUPPORT C OSTS
2022
6		 2021f
Art &exhibition costs 22,475 22,359
Depreciation of equipment 6,055 15,587
Art &other project costs 12,593 10,699
Depreciation of Furniture &fittings 17,300 16,454
IT &office equipment
costs		 15,121 12,785
Professional fees 1,500 3,026
Depreciation of building refurbishment 23,140 27,605
Telephones, printing
8 postage		 7,107 5,994
Travel and subsistence 977 54
Other admin costs 9,670 5,062
Rent &rates 157,355 112,867
Gas, electricity and water 24,555 14,778
Repairs and maintenance 32,498 26,418
Subscriptions 13,543 10,034
Governance cost 32,269 25,195
Total 376,158 308,917

Unrestricted Restricted
Funds Funds 2022 2021
6 E 6
Auditors' remuneration 12,200 12,200 11,700
Staff costs 20,069 20,069 13,495
Total 32,269 32,269 25,195

This is stated after ch arg ing:
2022 2021
f 8
Depreciation oftangible fixed assets:
Owned by the charity 46,495 59,646
Auditors' remuneration 12,200 11,700
Pension costs 17,003 96,582
13 STAFF COSTS
Staff costs were as follows:
2022 2021
E 8
Wages and salaries 717,182 624,131
Social security costs 81,943 55,180
Other pension costs 17,003 96,582
Total 816,128 775,893
The average monthly number ofemployees during the year was as follows:
2022 2021
No. No.
Education 1 1
Exhibitions 12 12
Support staff 3 2
Total 16 15

LITerm
Leasehold Plant and Fixtures Office
Property
8		 Machinery
6		 and fittings
F.		 Equipment
f		 Totalf
COSTS
At 1 January 2022 805,561 38,447 342,101 93,963 1,280,072
Additions 874 13,842 4,001 18,717
At 31 December 2022 805,561 39,321 355,943 97,964 1,298,789
DEPRECIATION
At 1 January 2022 754,620 38,443 268,843 87,427 1,149,333
Charge for the year 23,140 294 17,300 5,761 46,495
As at 31 December 2022 777,760 38,737 286,143 93,188 1,195,828
NET BOOK VALUE
At 31 December 2022 27,801 584 69,800 4,776 102,961
At 31 December 2021 78,546 9,803 77,582 6,013 171,944
STOCKS
2022 2021
6 6
Finished goods and goods for resale 21,850 21,340
DEBTORS
2022 2021
E
Trade debtors 383,966 456,694
Other debtors 2,476 5,647
Prepayments and accrued income 32,787 4,292
Total 419,229 466,633

CREDITORS
AMOUNTS
FALLING DUE WITHIN ONE YEAR
2022f 2021f
Trade creditors (3,329,537) (1,553,186)
Taxation and social security (1,628) (17,976)
Pension (4,459) (4,783)
Other creditors (3,137) (1,644)
Accruals 8 Deferred income (76,921) (156,767)
Total J33415681 ~7,734356

Brought Incoming Resources Transfers Carried
Forward Resourcesf Expendedf in/outf Forwardf
DESIGNATED FUNDS
New artist and operating costs 200,000 200,000
Fixed assets 130,739 (46,495) 18,717 102,961
Roof replacement 200,000
530,739		 ~46,495 18,717 200,000
5D2,961
GENERAL FUNDS
General Funds 1,260,983 1,284,255 (1,250,170) (18,717) 1,276,351
Total Unrestricted funds 1,791,722 1,284,255 ~1,296,665 1,779,312
RESTRICTED FUNDS
Education
Exhibition		 20,000
150,000
170.0DD		 (20,000)
~150,000
~770,000
Total Funds 1,791,722 1,454, 255 ~1,466,685 1,779,312

ANALYSIS OF NET ASSETS BET WEEN FUNDS
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022f 2022f 2022f 2021
6
Fixed assets 102,961 102,961 130,739
Net current assets 1,676,351 1,676,351 1,660,983
1,779,312 1,779,312 1,791,722

2022 2021
E F.
Financial assets
Debt instruments measured at amortised
cost:
Trade debtors 383,966 456,694
Other debtors 2,476 5,647
Cash at bank and in hand 4,650,953 2,907,366
5,037,395 3,369,707
Financial liabilities
Measured at amortised cost:
Trade creditors 3,329,537 1,553,186
Other creditors & accruals 80,058 158,411
Other taxes and social security costs 1,628 17,976
3,411,223 1,729,573
1,626,172 1,640,134