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2023-12-31-accounts

OCTOBER GALLERY TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

I

Charity registration number: 327032

OCTOBER GALLERY TRUST

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Contact details for the charity 2
Report of the Trustees 3-9
Independent auditors' report 10- 12
Statement of financial 13
activities Balance sheet 14
Statement of Cash Flows 15
Notes to the financial statements 16- 27

Page1

OCTOBER GALLERY TRUST

FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Trustees J.Allen
I. Goodfellow, Chairman
M. Harding
J.A. Hawes - Resigned on 30/04/2024
D. Snyder
C. Spring
S. Babaie -Appointed on 27/02/2024
Charity registered 327032
number Principal Office 24 Old Gloucester Street
London
WC1N 3AL
Secretary J.A. Hawes
Key Management Personnel J.A. Hawes Director
E. Lalouschek Artistic Director
J.Allen Trustee
I. Goodfellow Trustee
M. Harding Trustee
D. Snyder Trustee
C. Spring Trustee
S. Babaie Trustee
Independent auditors Chris Syrimis & Co.
Chartered Certified Accountants & Registered Auditors
97 Judd Street
London
WC1H 9JG
Bankers HSBC Bank PLC
UK London
WC1V6BJ
CAF Bank Ltd
Kings Hill
West Malling
Kent
ME19 4TA

Page2

OCTOBER GALLERY TRUST

FOR THE YEAR ENDED 31 DECEMBER 2023

CONTACT DETAILS FOR THE CHARITY

October Gallery Trust 24 Old Gloucester Street London, WC1N 3AL Tel: +44 (0)20 7242 7367 Website: www.octobergallery.co.uk

Director: Chili Hawes email: chili@octobergallery.co.uk

Artistic Director: Elisabeth Lalouschek email: art@octobergallery.co.uk

Special Projects Director: Gerard Houghton email: gessie@mac.com

Director Operations: Stefani Abadian Crone Email: stefani@octobergallery.co.uk

Education Co-ordinator: Jessica Bannister email: education@octobergallery.co.uk

Curator: Eleri Fanshawe email: eleri@octobergallery.co.uk

Assistant Curator/Archives: Alex McNamee Email:alex@octobergallery.co.uk

Registrar and Gallery Manager: Oliver Place email: oliver@octobergallery.co.uk

Hire of Rooms/Events: Pavel Sembera Tel: +44 (0)20 7831 1618 email: events@octobergallery.co.uk

Public Affairs/Media: Alana Pryce Tojcic email: press@octobergallery.co.uk

Head of Accounts and Finance: Ibrahim Madina Bah email: ibrahim@octobergallery.co.uk

Page3

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report together with the audited financial statements of October Gallery Trust (the charity} for the year ended 31 December 2023. The trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP} "Accounting and Reporting by Charities (FRS102}" effective 1 January 2019.

OBJECTIVES AND ACTIVITIES

Objectives and activities for achieving objectives

The objective of the charity as stated in the trust deed is "the advancement of the education of the public in the arts and crafts of foreign cultures as well as those indigenous to the United Kingdom, and in the promotion of inter-cultural activities". October Gallery invented a new term, the Transvangarde, or cross cultural avant garde to convey their aim.

To accomplish this educational object the Gallery exhibits the cutting edge, vibrant work of artists from around the planet; participates in International Art Fairs and Forums; engages in educational workshops, talks, lectures and conferences; tours exhibitions in the UK and abroad; publishes brochures, catalogues and books on artists and schools of art and promotes inter-cultural exchange.

October Gallery has been instrumental in bringing to worldwide attention many of the world's leading international artists, including El Anatsui, Rachid Kora"ichi, Romuald Hazoume, Nnenna Okore, Laila Shawa, Aubrey Williams, Kenji Yoshida, William S. Burroughs, Brion Gysin, Govinda Sah, Alexis Peskine and Eddy Kamuanga. The Gallery promotes the Transvangarde, the very best in contemporary art from around the planet, as well as maintaining a cultural hub in central London for poets, writers, intellectuals and artists, and hosts talks, performances and seminars, see www.octobergallery.co.uk/events.

The rich diversity of art presented is an inspiration to collectors and enthusiasts. Institutions such as the British Museum, London; TATE Britain, London; the Metropolitan Museum of Art, New York; Centre Pompidou, Paris; Museum Kunstpalast, Dusseldorf, Germany; Museumslandschaft Hessen, Kassel, Germany; Setagagya Art Museum, Tokyo, Japan; Cantor Arts Center, Stanford University, California, USA; Newark Museum, New Jersey, USA; National Museum of African Art, Smithsonian, Washington D.C., USA; the Guggenheim Abu Dhabi; the Norval Foundation, Cape town South Africa; Museum of Contemporary Photography, Chicago, USA; Gallery of Modern Art (GoMA) Glasgow, Scotland; Royal Pavilion & Museums, Brighton, UK; National Museums of Scotland, Edinburgh, Scotland have all collected works from October Gallery.

Page4

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

Founded in 1979, October Gallery is a charitable trust which is supported by sales of art, rental of the Gallery's unique facilities, grants from various funding bodies and the active support of dedicated artists, musicians, writers and many friends from around the world.

October Gallery fulfilled their education objectives during 2023 with a wide-ranging programme of activities, including art exhibitions, cultural events, tours, seminars, workshops, often in collaboration with major institutions worldwide.

October Gallery Education is inclusive of all ages from under S's to older members of the local community and delivers a wide range of provision, from free family workshop to highly regarded teacher training sessions and adult art classes, see www.octobergallery.co.uk/education. (Detailed report for 2023 is available.) Major Grants were received from St. Andrews, Holborn for our Family Learning Programme and John Lyons Charity for our school Programme, Camden Spark for a Windrush Schools Project. Grants and income from education account for 2% of total income.

Each exhibition is accompanied by an education programme. October Gallery Education works within several London boroughs with culturally diverse populations and aims to communicate some of the rich stylistic diversity of contemporary art from around the world through workshops and outreach projects.

In 2023, October Gallery Education worked with a total of 5080 participants (4629 - 2022). 3468 children/ young people and 1612 adults.

A detailed report from the Education Department 2023 is available

Exhibitions (detailed report of exhibitions 2023 is available).

London, a truly multi-cultural city, because of its geographical situation and history, remains one of the major cross-roads and meeting places for people from around the planet. October Gallery was established at the centre of this cosmopolitan nexus in order to develop and launch an ongoing, multi-cultural experiment in the visual arts: a sustained exploration of the Transvangarde or trans-cultural avant-garde. October Gallery provides a hub for cultural exchange in the heart of London and a platform for the emergence of some of the most innovative and exciting artists of our time. Entrance to the October Gallery is provided free of charge as, also, is access to artists' talks and some seminars. October Gallery stages 8 exhibitions and participates in 3 to 6 art fairs per year as well as collaborating with major institutions worldwide in order to promote Gallery artists.

Major sales in 2023 October Gallery

Aubrey Williams works to the Fitzwilliam Museum, Cambridge; Romuald Hazoume work to Mount Holyoke College Art Museum; Aubrey Williams work to Department for Digital, Culture, Media & Sport UK, James Barnar to Brooklyn Museum of Art USA, and Sokari Douglas Camp work to Victoria and Albert Museum, UK. 53% of the income for 2023 was from art sales.

Pages

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

Hire of space

income trom me nire ot meeting rooms at tne l:iallery suppons tne t:.xnI0ItIons ana me t:.auca1Ion uepanment. Major clients for 2023 included Coaching Constellations Ltd, Event Academy, Presence Training Ltd, The Public Speaking Company, Made by Humans and Metalogue Consulting LLP. Hire of Space accounted for 26.5 % of the income.

Rental figures for 2023 are 47% higher than 2019, the last full pre-pandemic year. The bulk of this is more activity, as there has only been modest increases in hourly rates. We have booked over 200 clients in 2023. Major clients for lodging included: Spaces and lodging accounted for 11% of the income.

Renovations and General maintenance

Repainted Gallery and Refectory, sanded down and repainted metal staircase with rust protector plus 2 coats black Hammarite; sanded down, made good and repainted all first floor windows, cleaned internal double glazed windows in club and theatre, cleaned all external windows, gutters on roof, cleaned and resealed all granite worktops in the building and 2 x limestone showers, thoroughly cleaned all bedrooms and resealed all oak flooring, performed bi-annual cleaning of kitchen. Accomplished legal PAT tests throughout building, duct and ventilation cleaning, boiler inspections. Power washed courtyard several times during the year.

ACHIEVEMENTS AND PERFORMANCE

Factors relevant to achieve objectives

The charity's smooth operation is dependent on the following: the support of sponsors and grant makers; a building, provided by the landlords, Global Ecotechnics, at a nominal rent; its trustees who provide legal, managerial, architectural, engineering advice; unpaid volunteers and the generosity of many individuals and businesses who provide various services free of charge. The value of donated services and facilities that would otherwise have to be purchased are quantified and included in the Statement of Financial Activities.

The trustees are aware that a further principal risk to the charity's ability to carry out its aims is the need to generate income and they are aware that this is dependent on the ability to continue to present an artistic and educational programme of exhibitions and other activities of a high standard.

October Gallery's Education Department realises how critical it is to begin art education with the young in order to nurture real understanding of both the arts and the diversity of cultures within London and the UK. This provision helps break down existing cultural barriers and creates bonds that go beyond the limiting boundaries originating in and maintained by unconscious cultural prejudices.

By displaying - sensitively and without bias - the work of artists from diverse cultures, the Gallery acts as a forum for exchange between those cultures represented and the wider metropolitan community. The exhibition of art from all cultures of the world has a significant, beneficial impact at the broadest societal levels by advancing understanding of the arts and, in promoting a diversity of cultural viewpoints, improves inclusivity and racial harmony.

Page 6

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is governed by a trust deed dated 6 January 1986 as amended on 20 August 1998 and is registered with the Charity Commission under the number 327032.

The organisational structure is as follows: six trustees oversee the activities of the gallery and hold 4 meetings per year to review the accounts and activities of the gallery. A management team of four runs the October Gallery: the Director, the Artistic Director, and a Special Projects Director and a new post created in 2019, a Director of Operations. The Gallery engages the services of several full-time employees: a gallery manager, a registrar, a curator, a rental manager, a press and media manager, a receptionist and several part time employees including an education coordinator, an assistant curator and archivist, an events coordinator and an accounting team. There are also many volunteers working in the education department which often trains interns in arts administration.

The trustees regularly carry out a review of the Gallery's organisational composition to ensure it has the skills necessary for its continued good management, cultural diversity and gender balance. In light of those reviews, potential new members are invited to join. The Secretary, J.A. Hawes, provides appropriate induction and training.

Related party relationships

The Gallery is connected to other organisations through several of its trustees who are also directors of those organisations. The organisations are each involved with projects of an ecological nature and include:

Institute of Ecotechnics (a UK registered charity). October Gallery consults with the Institute of Ecotechnics and has done so since the inception of the project. Three of the October Gallery trustees, J. Allen, M. Harding and D. Snyder, are also directors of the Institute of Ecotechnics, which maintains its administrative offices on the Gallery premises. The Institute of Ecotechnics is involved in the development and application of innovative approaches in Ecology that seek to harmonise the conflicting demands of Technology and the Biosphere. Its work ranges from convening conferences to consulting on ecological demonstration projects in key ecosystems, one of which projects is the October Gallery itself, a centre for artists from around the planet situated in the urban ecology of London.

Ecotechnics Maritime Limited (formed 28 June 2012) is wholly owned by the Institute of Ecotechnics.

Global Ecotechnics Corporations is a subchapter S corporation registered in Nevada, USA. October Gallery holds a lease with Global Ecotechnics, the owner of the property at 24 Old Gloucester Street, until 2030. Three of the October Gallery trustees, J. Allen, M. Harding and D. Snyder, are also directors of Global Ecotechnics.

See note 23 for details of related party transactions.

FINANCIAL REVIEW

The trust had deficit on unrestricted funds of £321,445 for the year (2022: Deficit of £12,409). The deficit is as a result of a decrease in art sale which is the Gallery major source of revenue. Together with the accumulated surplus brought forward from previous years, the trust now has an accumulated surplus on unrestricted funds of £1,457,867 of this £481,559 is designated for specific purposes, leaving a balance of £976,308 available in the general unrestricted funds.

Page 7

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

PUBLIC BENEFIT

The Board of Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

FUTURE PLANS

Exhibitions:

2024 will include a Transvangarde exhibition, Rachid Kora'ichi (Algeria), LR Vandy (UK), Ablade Glover (Ghana) on his ninetieth year, New Energies (Group show of new artists), Alexis Peskine (Paris), Eddy Kamuanga llunga (DRC).

Art Fairs: 1:54 New York and London; AKAA, Paris; Armory (New York); Abu Dhabi (UAE).

Education Department - For 2024:

We are committed to delivering the best possible provision for all our partners and participants. We keep detailed evaluation records and liaise with teachers, participants, and community leaders frequently to improve the services and support we offer. In 2024 we hope to:

Teaching in the Gallery: We would like to continue our focus on art workshops in the gallery setting as the main point of educational engagement with schools in 2024. We believe that experiential learning and being in the gallery in front of real artworks has a far-reaching impact for participants, therefore, this is central to what we do.

Embed new partnership models: Thanks to the continued funding from John Lyon's Charity, we will be able to continue our Beacon Schools programme in 2024 and 2025. We aim to work with more and more school students by cementing existing partnerships and developing new ones with specially chosen schools in our local Boroughs of Camden, Westminster, Ealing, Brent and Barnet. These 'Beacon' schools will work with us through school visits and project work to embed the visual arts across the curriculum. We aim to develop the programme based on past feedback to ensure it is even more valuable for schools.

Support the wider sector: We will continue to build on our current CPD and Training programme which delivers sessions at least every month and responds to current October Gallery exhibitions and the needs of emerging and experienced educators and artists. We will work with schools to offer CPD and inset days for their staff as well as curriculum development sessions. We will continue to offer CPD and training sessions specifically targeted to our artist educators to enable them to develop their teaching skills in the gallery and beyond. In 2024, we plan to establish a quarterly meeting and skills sharing gathering for our amazing freelance art educators, to support them during the year.

Page 8

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

Risk Management

The trustees have carried out a detailed review of the charity's activities and produced a comprehensive strategic plan, setting out the major opportunities available to the charity and the principal risks to which it is exposed, which are reviewed yearly. A principal risk for the charity is the requirement to maintain the former Victorian school building it occupies under a 'full repairing lease.' To mitigate the effects of this risk, a designated fund has been established to ensure funds are available for major repairs when they become necessary.

The trustees are aware that a further principal risk to the charity's ability to carry out its aims is the need to generate income and they are aware that this is dependent on the ability to continue to present an artistic and educational programme of exhibitions and other activities of a high standard.

Reserves Policy

The trustees have forecast the level of free reserves {that is those funds not tied up in fixed assets, and designated and restricted funds) the charity will require to sustain its operations over any period when income generating activities are curtailed temporarily. The trustees consider that the most appropriate level of free reserves at 31 December 2023 would be £900,000 based on 9 months running costs. The trustees deem that 9 months running costs should be provided for as a reserve. Art Sales fluctuate widely and cannot be depended upon. Nine months gives enough time to offset costs with income. At present the Gallery attends up to 6 Art Fairs per year which gives opportunity for sales and contact with major museums and collectors. This will ensure continuity and remove any uncertainty about the future.

The actual free reserves at 31 December 2023 were £976,309 being unrestricted reserves of £1,457,867 less designated funds of £400,000 and fixed assets funds of £81,558. The designated funds of £400,000 represent new artist and operating costs {£200,000) for the promotion of young and emerging"artists, and roof replacement of the building {£200,000) foreseen by 2025.

Trustees

The trustees who served during the year and until the date of this report were: J. Allen

M. Harding D. Snyder Chris Spring S. Babaie - Appointed on 27/02/2024

Trustees' responsibilities statement

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

Page 9

OCTOBER GALLERY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

In determining how amounts are presented within items in the Statement of Financial Activities and Balance Sheet the trustees have had regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.

In so far as the trustees are aware at the time the report is approved:

Key Management Personnel remuneration

For the year 2023, the combined remuneration of key management personnel is £164,390 (2022 - £248,678). Remuneration is set by benchmarking other similar charities in the London art scene.

Events since the end of the year

In the opinion of the trustees, no event since the balance sheet date significantly affects the trust's financial position.

Auditors

The auditors, Chris Syrimis & Co will be proposed to be reappointed as the charitable trust's auditors and they have expressed their willingness to continue in that capacity.

This report was approved by the trustees on--/'5.(0.B./.:r.,,,.a:ut----------·-·-·--·· and signed on their behalf by:

----- Start of picture text -----
C. Spring
Trustee
----- End of picture text -----

----- Start of picture text -----
I. Goodfellow
----- End of picture text -----

Page 10

OCTOBER GALLERY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OCTOBER GALLERY TRUST

Opinion

We have audited the financial statements of October Gallery Trust (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 11

OCTOBER GALLERY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OCTOBER GALLERY TRUST (Continued)

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine 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 trustees are 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the charity and industry, we identified that the principal risks of noncompliance with laws and regulations related to breaches of environmental and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Listing Rules. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgements. Audit procedures performed by the auditors included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 12

OCTOBER GALLERY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OCTOBER GALLERY TRUST (Continued)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (accounts and reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, of for the opinions we have formed.

Stefanos Spyrou (Statutory Auditor) Chris Syrimis & Co Chartered Certified Accountants and Statutory Auditors 97 Judd Street London WC1H 9JG

Date: ..JJ/ .v. '!:................

Page 13

OCTOBER GALLERY TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
Notes £ £ £ £
Incoming Resources
Income and endowments from:
Donations and Legacies 2 660 183,000 183,660 170,566
Charitable activities 6 769,408 769,408 1,005,577
Other trading activities 3 360,894 360,894 277,813
Investment income 5 29,435 29,435 299
Total Income 1,160,397 183,000 1,343,397 1,454,255
Expenditure on:
Raising funds 4 198,579 198,579 170,387
Charitable activities 8,9 1,283,263 183,000 1,466,263 1,296,277
Total expenditure 1,481,842 183,000 1,664,842 1,466,664
Net Movement in Funds (321,445) (321,445) (12,409)
Total funds at 1 January 2023 1,779,312 - 1,779,312 1,791,722
Total funds carried forward at 31 December 2023 1,457,867 1,457,867 1,779,312

The balance on restricted funds represents the amount of funds available for specific projects or activities which were not finished at the year end. These funds are therefore necessary to complete the project or activity in the next year and are not a surplus available to the charity for other purposes. A breakdown of the amounts attributable to the projects and activities is shown in note 19.

All the charity's activities are classified as continuing. There were no recognised gains and losses for 2023 or 2022 other than those included in the Statement of Financial Activities.

All figures in this accounts has been produced in accordance with the revised Charities SORP (FRS102).

Page 14

OCTOBER GALLERY TRUST

BALANCE SHEET AT 31 DECEMBER 2023

BALANCE SHEET
AT 31 DECEMBER 2023
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 15 81,559 102,961
CURRENT ASSETS
Stocks 16 29,943 21,850
Debtors 17 1,559,403 419,229
Cash at Bank and in Hand 1,155,525 4,650,953
2,744,871 5,092,032
CREDITORS: Amounts Falling Due Within
One Year 18 (1,368,563) (3,415,681)
NET CURRENT ASSETS 1,376,308 1,676,351
NET ASSETS 20 1,457,867 1,779,312
The funds of the charity:
Restricted Funds
Unrestricted Funds 19 1,457,867 1,779,312
1,457,867 1,779,312

The financial statements were approved by the trustees on /f/ ft ( ':'1cf. and signed on their behalf by:

C. Spring Trustee

[ . I. Goodfellow Trustee )

The notes on pages 14 to 26 form part of these financial statements.

Page 15

OCTOBER GALLERY TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
Adjustments for:
Depreciation charges
12
Loss/(Profit) on sale of fixed asset
Dividends, interest and rents from investments
5
(lncrease)/decrease in stocks
16
(lncrease)/decrease in debtors
lncrease/(decrease) in creditors
18
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
5
Proceeds from the sale of property, plant and equipment
15
Purchase of property, plant and equipment
15
Net cash provided by (usedin)investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents at the end, excluding exchange rate movements
Cash and cash equivalents at the end of the reporting period		 2023
Total
£
(321,445)
29,399
(29,435)
(8,093)
(1,140,174)
(2,047,118)		 2022
Total
£
(12,409)
46,495
(299)
(510)
47,404
1,681,325		 2022
Total
£
(12,409)
46,495
(299)
(510)
47,404
1,681,325
(3,516,866)
29,435
(7,996)		 1,762,007
299
(18,717)
21,439
(3,495,428)
4,650,953		 (18,418)
1,743,587
4,650,953		 (18,418)
1,155,525 6,394,540
(194,155)
1,349,680		 223,477
4,427,476
4,650,953
1,155,525

The charity did not have any debt instruments during or at the end of the financial year (2022 - none).

Page 16

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

1.2 Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist in respect of going concern. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of resources for the charity to be able to continue as a going concern.

1.3 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 INCOMING RESOURCES

All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, receipt is probable and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies that the grant or donation must only be used in future accounting periods, or the donor has imposed conditions which must be met before the charity has unconditional entitlement.

Donated services or facilities, which comprise donated services, are included in income at their value to the charity, being the open market value of services of equivalent benefit.

Investment income is recognised on a receivable basis.

Income from trading activities is recognised as the related goods and services are provided.

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OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

1.5 RESOURCES EXPENDED

All expenditure is accounted for on an accruals basis recognised when a liability is incurred, and has been included under expense categories that aggregate all costs for allocation to activities. Contractual arrangements are recognised as goods and services are supplied. Where costs cannot be directly attributed to particular activities they have been allocated on a basis (employee's time invested) consistent with the use of the resources.

Charitable activities include expenditure applied by the charity in undertaking its work to meet its charitable activities including cost of disseminating information in support of those charitable activities. Support costs are "back office" administrative costs incurred in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. It includes the cost of preparation and audit of the statutory accounts, the costs of trustees meetings and the cost of any legal advice to trustees on governance or constitutional matters.

1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

All assets costing more than £500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

L/Term Leasehold improvements - 10% Straight line Camera and video equipment - 33% Straight line Fixtures, furniture and fittings - 10% Straight line Office equipment - 33% Straight line

1.7 OPERATING LEASES

Rentals under operating leases where substantially all of the benefits and risks of ownership remain with the leasor are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.8 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.9 FOREIGN CURRENCIES

Monetary Assets and liabilities denominated in foreign currencies are translated in to sterling at rates of exchange ruling at the balance sheet date.

Transactions in Foreign currencies are translated in to sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.10 FINANCIAL INSTRUMENTS

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year}, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

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OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

1.10 FINANCIAL INSTRUMENTS (continued)

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Charity would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.11 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies.

No significant judgements are deemed to have been made by management in preparing these financial statements.

1.12 DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairments.

1.13 CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertable to known amounts of cash with insignificant risk in change of value.

1.14 CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

2 DONATIONS AND LEGACIES

Donations
Legacies
Grants
Total		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
660
£
175,000
£
175,660
£
150,566
8,000
8,000
20,000
660
183,000
183,660
170,566

DONATION IN KIND

The charity's premises are provided at a nominal rent of £1,200 per year with the condition that the charity maintains the building. The trustees have quantified this as equivalent to a donation of £175,000 (2022 - £150,000) which is included in the income of the charity. An equivalent amount is included in the other support costs as expenditure on rent. The balance of £660 (2022 - £566) represents small donations from individuals and other organisations.

3 OTHER TRADING ACTIVITIES

The charity rents rooms, galleries and other spaces when they are not in use for charitable purposes.

Unrestricted
Funds
Restricted
Funds
2023
2023
£
£
Letting Income
360,894
====		 Total
Funds
2023
£
360,894		 Total
Funds
2022
£
277,813

4 EXPENDITURE ON RAISING FUNDS: TRADING ACTIVITIES

EXPENDITURE ON RAISING FUNDS: TRADING ACTIVITIES FUNDS: TRADING ACTIVITIES FUNDS: TRADING ACTIVITIES
LETTING EXPENSES
Direct Cost
Staff costs
Support costs		 Unrestricted
Funds
Restricted
Funds
2023
2023
£
£
50,529
99,833
48,217		 Total
Funds
Total
Funds
2023
2022
£
£
50,529
44,162
99,833
86,402
48,217
39,823
198,579
170,387
198,579

Page 20

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

5 INVESTMENT INCOME

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
29,435 29,435 299
Bank Interest received

6 CHARITABLE ACTIVITIES ANALYSIS BY TYPE OF INCOME

Arts sales
Education income
Fees
Other income
Total		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
Funds
2023
2023
2023
2022
£
£
£
£
712,578
712,578
957,985
14,502
14,502
11,967
17,944
17,944
12,146
24,384
24,384
23,479
769,408
769,408
1,005,577

Insurance Claim

Other income includes insurance compensation for 2023 - Nil {2022 - Nil}

7 GRANT RECEIVABLE

2023 2022
£ £
John Lyons Charity 20,000
Camden Spark 2,000
St Andrew Holborn Charity 6,000
Total 8,000 20,000

Page 21

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

Letting Costs
Charitable activities
Exhibitions
Education
Support costs
Total		 Support
Staff Costs
Direct Costs
costs
2023
2022
£
£
£
£
£
99,833
50,529
48,217
198,579
170,387
676,823
386,849
336,514
1,400,186
1,216,134
24,001
30,484
11,592
66,077
80,143
700,824
417,333
348,106
1,466,263
1,296,277
19,928
376,395
(396,323)
820,585
844,257
1,664,842
1,466,664

Support costs are allocated between activities on the basis of staff costs.

Letting Costs
Charitable activities
Exhibitions
Education
Total		 Unrestricted
Funds
£
198,579		 Restricted
Funds
£		 2023
£
198,579		 2022
£
170,387
1,225,186
58,077		 175,000
8,000		 1,400,186
66,077		 1,216,134
80,143
1,283,263 183,000 1,466,263 1,296,277
1,481,842
 183,000
 1,664,842
 1,466,664

Page 22

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

10 SUPPORT COSTS

2023
£
Art & exhibition costs
33,522
Depreciation of equipment
4,748
Art & other project costs
9,913
Depreciation of Furniture & fittings
13,315
IT & office equipment costs
17,383
Consultancy and other fees
1,500
Depreciation of building refurbishment
11,336
Telephones, printing & postage
6,462
Travel and subsistence
327
Other admin costs
6,453
Rent & rates
180,077
Gas, electricity and water
27,610
Repairs and maintenance
33,214
Subscriptions
17,570
Governance cost
32,893
Total
396,323		 2022
£
22,475
6,055
12,593
17,300
15,121
1,500
23,140
7,107
977
9,670
157,355
24,555
32,498
13,543
32,269
376,158

11 GOVERNANCE COSTS

Auditors' remuneration
Staff costs
Total		 Unrestricted
Restricted
Funds
Funds
£
£
12,965
19,928
32,893		 2023
£
12,965
19,928
32,893		 2022
£
12,200
20,069
32,269

Page 23

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

12 NET INCOMING RESOURCES/ (RESOURCES EXPENDED)

This is stated after charging:

Depreciation of tangible fixed assets:
Owned by the charity
Auditors' remuneration
Pension costs
13 STAFF COSTS
Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs
Total
The average monthly number of employees during the year was as follows:
Education
Exhibitions
Support staff
Total		 2023
2022
£
£
29,399
46,495
12,965
12,200
18,115
17,003
2023
2022
£
£
726,146
717,182
76,325
81,943
18,115
17,003
820,586
816,128
2023
2022
No.
No.
1
1
12
12
3
3
16
16

No employee received remuneration between £90,000 and £100,000 in the year (2022 - One).

Two employees received remuneration between £80,000 and £90,000 in the year (2022 - one).

One employee received remuneration between £60,000 and £70,000 in the year (2022 - none).

The total amount of remunerations received by key management personnel was £164,390 (2022 - £248,678) The individuals comprising key management personnel are set out on page 1.

14 TAXATION

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

As a charity, October Gallery Trust is exempt from tax on income and gains falling within section 524 of the Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

Page 24

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

15 TANGIBLE FIXED ASSETS

L/Term
Leasehold Plant and Fixtures Office
Property Machinery and fittings Equipment Total
£ £ £ £ £
COSTS
At 1 January 2023 805,561 39,321 355,943 97,964 1,298,789
Additions 4,938 3,058 7,996
At 31 December 2023 805,561 39,321 360,881 101,022 1,306,785
DEPRECIATION
At 1 January 2023 777,760 38,737 286,143 93,188 1,195,828
Charge for theyear 11,336 291 13,315 4,456 29,399
As at 31 December 2023 789,096 39,028 299,457 97,644 1,225,227
NET BOOK VALUE
At 31 December 2023 16,465 293 61,423 3,378 81,559
At 31 December 2022 27,801 584 69,800 4,776 102,961

16 STOCKS

Finished goods and goods for resale 2023
£
29,943		 2022
£
21,850

17 DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income
Total		 2023
£
1,545,129
4,276
9,998
1,559,403		 2022
£
383,966
2,476
32,787
419,229

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OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

18 CREDITORS

AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Pension
Other creditors
Accruals & Deferred income
Total		 2023
£
(1,199,592}
(77,543}
(3,353}
(1,422}
{86,654}
(1,368,563}		 2022
£
{3,329,537}
{1,628}
{4,459}
(3,137)
(76,921)
{3,415,681}

19 STATEMENT OF FUNDS

DESIGNATED FUNDS
New artist and operating costs
Fixed assets
Roof replacement
GENERAL FUNDS
General Funds
Total Unrestricted funds
RESTRICTED FUNDS
Education
Exhibition
Total Funds		 Brought
Incoming
Forward
Resources
£
£
200,000
102,961
200,000		 Resources
Transfers
Carried
Expended
in/out
Forward
£
£
£
200,000
{29,399}
7,996
81,558
200,000
502,961
1,276,351
1,160,397		 (29,399}
7,996
481,558
(1,452,443)
(7,996)
976,309
1,779,312
1,160,397
8,000
175,000		 (1,481,842}
1,457,867
{8,000}
(175,000}
183,000
1,779,312
1,343,397		 (183,000}
p,664,842}
1,457,867

Page 26

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

New artist and operating costs

The charity encourages new artists and those from cultures and countries not generally known to the public. This can entail many years of investment in promoting their work. The trustees believe it is prudent to designate funds in years when there are surpluses in order to provide funds during less successful years to ensure continuity of the work. As well as investment in the artists, the trustees are concerned to ensure that there are sufficient funds to continue operating at the present high standard during any period when funds are not available. This fund has been set up to ensure this can happen.

Fixed asset

The Fixed Asset fund has been designated to represent the charity's resources tied up in fixed assets which are not freely available to spend.

Roof replacement

The roof replacement fund has been set up to provide the resources that will be required for substantial work expected to be carried out on replacing the gallery's roof by 2025.

Exhibition

Premises - see note 2

Education

Grant receivable - see note 7

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
2023
£
Fixed assets
81,559
Net current assets
1,376,308
1,457,867		 Restricted
Total
Total
Funds
Funds
Funds
2023
2023
2022
£
£
£
81,559
102,961
1,376,308
1,676,351
1,457,867
1,779,312

21 PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £18,115 (2022 - £17,003). Contributions totalling £3,353 (2022 - £4,458.89) were owed to the fund at the balance sheet date and are included in creditors.

22 OPERATING LEASE COMMITMENTS

At 31 December 2023 the charity had future minimum lease payment commitments under a non-cancellable operating lease on its property as follows:

LEASE EXPIRY DATE:
After more than 5 years		 2023
£
6,000		 2022
£
6,000

The charity has total commitments at the year end of £8,400. This relates to the rental lease for the premises of £1,200 per annum up to 2030.

Page 27

OCTOBER GALLERY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

23 RELATED PARTY TRANSACTIONS

October Gallery pays a nominal rent of £1,200 per year to its landlords, Global Ecotechnics. Three trustees of October Gallery are also directors of Global Ecotechnics. The trustees consider that a comparable equivalent benefit value of facilities would be £176,200, and the equivalent donation of £175,000 from Global Ecotechnics has been included in donation income and rental expenditure.

Four trustees of October Gallery are also directors of the Institute of Ecotechnics, which provides consultancy services to the Trust. Services provided totalled £1,500 in the year (2022 - £1,500).

The Gallery receives rental income of £10,800 (2022 - £10,800} at the market rate from a key management personnel.

24 FINANCIAL INSTRUMENTS

The carrying value of the charity's financial instruments are as follows:

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Financial assets
Debt instruments measured at amortised cost:
Trade debtors
Other debtors
Cash at bank and in hand
Financial liabilities
Measured at amortised cost:
Trade creditors
Other creditors & accruals
Other taxes and social security costs		 -------------'--
2023
£
1,545,129
4,276
1,155,525
2,704,930
1,199,592
88,076
77,543
1,365,211
1,339,719		 2022
£
383,966
2,476
4,650,953
5,037,395
3,329,537
80,058
1,628
3,411,223
1,626,172