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|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|
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|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|||
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|||||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|
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|||||||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|
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|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|
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|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|
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||||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|
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|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|
##
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|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|
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||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|
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|||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|
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|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|
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|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|
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||||||||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|