CARTOON ART TRUST LIMITED
(A company limited by guarantee)
Operatlng under the name The Cartoon Museum
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Number: 02290200
Charity Number: 327978
THE
CARTOON
MUSEUM
Our vi&on is of 8 future where people of all backgrounds and 8ges
feel excited to pick up a pencil and dr8w a cartoon.

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Contents
Page No.
Report of the Trustees
Independent Examiner's Report
10
Statement of Flnanclal Activities incorporating
Income and Expenditure Account
Balance Sheet
13
Notes to the Flnanclal Statements
1419

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Administrative Information
Charity registration number". 327978
Company number..
02290200
RegiSte￿d office..
63 Wells St, Filzrovia, London, W1 A 3AE
Trustees:
Ollver Preston (Chair)
Nicola Jennings (Vice Chair)
Chris Gilbert CGMA (Treasurer) (Appointed 14 April 2024)
Yomi Ayeni
Steve Bell
Hannah Berry
Karen Brayshaw (Appointed 14 April 2024)
Julian Bower FCA
Dan Franklin (Appointed 7 September 2023)
Mike Russell FCMA (Resigned 7 December 2023)
Martin Rowson (Resigned 7 September 2023)
Shepard Spink
Alexander Williams
Museum Director:
Joe Sullivan
Company Secretary:
Susan Gamett (Appointed 28 February 2024)
Mark Tullett FCA. Orcom Civvals Limited,
50 Seymour Street. London, W1 H 7JG
Independent Examiner:
Bankers:
The Royal Bank of Scotland plc.
127-128 High Holborn, London, WC1V 6PQ
CAF Bank Limited,
25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Website:
WW¥V.cartoonmuseum.org
Our Charitable Purpose Is to promote, maintain, improve and advance eduGation, particularty by the
encouragement of the art of drawing, with special reference to social and contemporary subjects, and by
instituting and managing exhibitions and establishing, maintaining and operating a museum or museums.
libraries. and places w17ere drawings, cartoon art. caricatures, graphic work and similar 8rt, and related or
relevant literature of an eduGational nature can be exhibited, stored and made available to the public and
generally to encourage the visu81 arts and for that purpose any other art.
Page 1

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Introduction
The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006. submit
their annual report and the unaudited financial ststements for the year ended 31 December 2023.
The financial statements have been subject to an Independent Examination and comply with the Charities
Act 2011, the Companies Act 2006, the Memorandum and Articles of Association of the charity, and
Accounting and Reporting by Charities: Stslement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK arxl
Republic of Ireland (FRS 102).
Public Benefit
The Cartoon Museum champions cartoon and comic art, highlighting its value to our shared culture and
society, and providing a programme of exhibitions. events and workshops.
The TTUStees have adopted the following Statement of Purpose:
The Cartoon Art Trust is dedicated to preserving the best of British cartoons, caricatures, comics and
anlmatK￿. Our museum, gallery, arGhives and innovative exhibitions make Èhe creativity of cartoon art,
past and present. accesslble to all for the purposes of educatm, research and enjoyment.
Through our activitles we aim to:
Conserve and provide access to Britain's cartoon, caricature and comic art heritsge.
Encourage partlclpation in and raise awareness of this popular and important artform.
Support new work by cartoonists and comics artists.
Provide opportunities for learning and participation to help achieve these aims.
The Trustees Gonfirm that we have complied with the duty in section 17 of the Charities Act 2011 to have
due regard to the public benefit guidance published by the Charity Commlsslon in determining the activities
undertaken by the Charity. For more information about the public benellt delivered by the Charity, see the
Achievements and Performance section below.
Structure, Governance and Mana
ement
Constitution and Governlng Documont
The Charlty is a company limited by guarantee and was established on 25 August 1988. It Is governed by
its Memorandum and Articles of Association which were last amended on 20 October 1988.
Recruitment and Appolntment of New Trustees
ApplirAtions for trusteeship are invited from the general public. by word of mouth and through online
advertising. Under company law, one third of all Trustees retire each year in rotation.
New trustees are given an induction which indudes a briefing by the Chair and a personal tour of the
Museum by staff. In addition, Trustees are encouraged to attend specialised training where appropriate.
The Organisational Structure of the Charity
The management of the Charity is by the Trustees. who also comprise the Key Management Personnel of
the Charity. All major decisions regarding the organisation of the Charity are taken by the Trustees to
whom the Director. Joe Sullivan, reports.
The Trustees held four meetings during the year. The Charty also has a Finance and Audit Committee,
chaired by the Treasurer, which reports to the Board and considers all financial issues. induding
management accounts, statutory accounts and annual budgets. This Committee met three times during
the year, immediately ahead of Board meetings, and reported its recommendations to the Board of
Trustees.
There are two further committees that meet on an ad hoc basis when required.. the Museum Acquisitions
Committee approves accessions to the Museum's Collection, and the Events and Exhibition Commlttee
which oversees the Museum's exhibitions and associated programmes.
Page 2

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Ke
Ob"ectives for the Year
We set ourselves a number of important goals for 2023:
Increase charitable and comn7ercial aGtivity
To help close the gap between incoming and outgoing resources, we set out to:
Attract 28,000 total visitors
Host 100 school group visits.
Raise income as follows..
£28,000 workshop income
£80,000 retail income
£20,000 venue hire income
£4,800 in event ticket income.
Invest in our collection and deliver a full exhlbltlon programme
Our curatorial aims for the year included..
Achieving the renewal of our Accredltatlon status with Arts Council England
Delivering three 'ln-Focus' exhibitions
Delivering two longer term temporary exhlbltlons
Conlinue to work on special projects, including collections audit and library cataloguing project
Build on our award-winning engagement work
Having secured funding from the John Lyons Foundation, we committed to deliver the Young Cartoonist
in Residence programme aimed at neurodiverse artlsts. We also planned 8 refugee project and a climate
project with local youth groups.
Address importanf site issues
We want the Museum premises to be safe, welcoming and accessible. To this end we need to address
longstanding issues around the lift and water ingress. In 2023 we set out to:
Crowdfund for the lrft works
Work with our landlord and neighbours regarding water leaking into our premises.
Alongside this we have signed up to the Mayor's business climate challenge and aimed to reduce our
carbon output by 10ty/o by the end of the year.
Re*stablish our Strategic goals
This year was the final year of our interim strategy, and it was cxjr intention to establish a new five-year
business plan and strategy in 2023. Our key strategic goal remains to become a self-sustaining
organisation through increased footfall. commercial revenue and successful fundraising.
Achievements and Performance
Visitors
With continued recovery post the Covid 19 dosures, and the excellent fooffall received for our hugely
popular Wallace & Gromit exhibition, the Museum attracted 28.792 visitors in 2023. This is 4.482 more
Ihan in 2022, and means we met our target of attracting at least 28,000 visitors.
Retsil tumover also increased to £84,242, with events income at £15.627, both exceedlng set tsrgets due
to excellent collaboration between our Commercial Manager, Holly Burrows. and the team at Aardman
Animation. the company behind Wallace & Gromit.
Unfortunately, venue hire Income at £12,947 was £7k below target following later-than-planned recruitment
of a new Events Officer, but we are now making up the lost ground.. we have increased the number of
events, undertaken more promotlonal activities, created new photography of the venue, and signed up to
multiple venue hire platforms. We expect to see the benefrt of this activity in 2024.
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CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Exhlbltlons
There was a full programme of exhibitions in 2023, including a joyful celebration of the iconic anlmated
duo Wallace & Gromit launched for the 30th birthday of the classic film The Wrong Tmusers.
Full programme:
Drawing Lrf8.' The Cartoon Museum Pennanent Collection (permanent display from July 2019)
Boris Johnson.. This Exhibition is a Work Event {July 2022 - March 2023)
Heath Robinson.. Making the Best of Things (October 2022 - February 2023)
Gerry Anderson's TV21 (March - May 2023)
Norman Thelwell Saves th8 Planetl (April - September 2023)
Ella Baron.. Sh8 is my Daughter {June - September 2023)
Wallac8 & Gromit,. 30 Years of the Wrong Trousers (Sepiember 2023 - March 2024)
Oluwasegun Babatunde.. Birth of a Universe (October 2023 - February 2024)
Eduthition including Group and School Visits
During 2023, the Museum delivered 125 workshops to 2,749 adults and child￿n, plus 10 talks and tours
for adult groups. Workshops were held mainly in the Museum's Clore Learning Studlo but also Ihrough
outreach to schools. We welcomed 53 school dasses to the Museum, elther for a workshop or self-guided
vislts, and we also hosted 270 attendees in 9 sold-out famlly workshops run by Aardman Animations. We
also offered a free walk-up verslon of thls workshop at a local communlty event to provide access for
famllles who were not able to afford tlckets. Thls attracted over 150 people.
The learnlng programmlng brought In £25,253 whlch Is sllghtly under our target of £28k but note that
income from the sellout Aardman animation modelling workshops is classed as 'Events Income, rather
than Learning.
Volunteers
The Museum worked with 46 volunteers during 2023. We are very grateful for their help in assisting visitors,
staffing the shop, building exhibitions and supporting our events programme. In the 2023 London Heritage
Volunteering Awards, our volunteer Marie O'sullivan was shortlisted in the 'Developing a Role. category
for her work with our Friends system. We also saw volunteer Mark Cobain step into the role of Volunteer
Coordinator, handling the recruitment and onboarding of new volunteers. This has been very successful
and made a huge Contribution to the way we engage with new volunteers.
We saw some turnover in staff this year which has affected our ability to fully deliver on our ambitions.
Colleclions Manager Kate Owens and Curator. Emma Stirling-middleton both left the Museum in 2023 and,
due to financial con8ideration8, we have not immediately re-recruited for these positions.
After a successful bid to the John Lyons Charity to provide three years of fundlng, Amba Malekin-Goneni,
rejoined the team as Community Engagement Officer.
We also welcomed a new Events Officer, Ray ChadwicK who has made noticeable improvements to our
venue hire activities.
Access
The Museum has a range of Inltlatlves to encourage wlder access to our building and exhibitions. including
an autism programme which was awarded Best Community Engagement Programme at the 2023
Museums and Heritsge Awards. Having successfully gained continuation funding for the next three years,
we are planning to expand our offers for visitors with autism.
There have been longstanding issues with water Ing￿$S from our upstairs neighbour, and also with the lift
not working, which is a major obstacle to full accessibility for the Museum's basement premises. We have
ongoing crowdfunding for the lift and were very grateful to receive £2k from the Adlard Foundation, £5k
from The Linbury Trust and £25k from the John Lyons Charty during 2023 toward8 lift repairs which we
plan to carry out in 2024.
P&Je 4

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Llbrary
The Heneage Library was securely shelved in 2022 and during 2023 a volunteer team began work to
catalogue the collection. This project was halted when the Collections Manager left and has not yet
restarted. The volunteers undertook training in the use of the online cataloguing system, and as a result of
their work we were able to recover records for 2.400 library items that were catalogued over fNe years ago
and thought lost during the site move in 2019.
Environment
During 2023 we took part in the Mayorfs Climate Business Challenge, working with local business partners
to target a 100/0 reduction in energy usage. We achieved this. primarily through changes to our BMS and
through staff training around climate-conscious behaviour. We also used our summer exhibition, Nonnan
Thelwell Saves the Planetl to undertake more advocacy work. encouraging visitors to think about their
own environmental impact, and exploring how to make the exhibition and associated retail and events as
sustainable as possible. We presented our findings and experiences to sector colleagues al the Museums
& Heritage Show in May 2024 and continue to work with local businesses on sustainability.
Collection and Curatorial
We submitted our Accreditation renew81 in July 2023. and were suc￿Ssful In re-attaining accredited
status.
With no Curator in post currently. we have had to rethink our ambitions regarding exhibitions and
cataloguing. As a result we began to look at a new three-year exhibition strategy which will focus on
longer term displays, meanlng we will not undertake further small-scale 'ln Focus. exhibitions which
require significant time and resource to create and stsge.
Thirty artworks were donated to the Museum by artists and Collectors in 2023. These included many of
the works that featured in the Boris Johnson exhibition and ten digital athorks. Our thanks to all t￿se
donors listed below..
Sarah Akinterinwa
Louisa Buck
Steven Appleby
Fred Campbell
Kenneth Baker
AL Cartoons
Jeremy Banks
Eamonn Clarke
Steve Bell
Peter Ellis
Neil Brennan
Nick Newman
Dave Brown
Oliver Preston
Zoom Rockman
Hannah Roblnson
Martin Rowson
Joanne Sarglnson
David Shenton
Annie Tempest
Jane Wilson
Collaborations and Partnerships
The charity is naturally collaborative and works with a range of creative partners. funders and other
organisations lo deliver our charitable mission.
During 2023 many of our educational events and activities were delivered in partnership with others.
Popular model-making workshops were developed with Aardman. we delivered a set of workshops for
young carers through Carers UK, and hosted workshops led by Laydeez do Comics and our Young
Cartoonist-in-Residence. Jadore Nicholas.
We once again worked in partnership wtth the British Cartoonists, Association. particularly to launch and
judge the 2023 Young Cartoonist Awards competition. We also worked closely with and gave in-kind
support to the First Graphic Novel Award, a biennial collaboration with publisher SelfMadeHero and
independent graphic novel editor Corinne Pearlman.
We maintained our strategic relationship with Westminster University's MA Museum course, with our
Museum Director giving a guest lecture and hosting this year's cohort for a visit. Several students
volunteered at the Museum to gain hands-on collections-based experience. We also worked with the
Green Grads programme on an event around sustainable design, ran mental health workshops for MIND
in Harrow, and were able to deliver hvo projects via funding from the Young Westminster Foundation and
Westmlnster City Council. We also worked with local refugee organisation Unfold to produce a comic called
'Living In Brltain.. about the experiences of young refugees coming to the UK and helped classes from two
local schools produce a comic exploring issues around the climate crisis.
P&3e 5

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Museum received a grant worth £120k over three years from the John Lyons Charity to support autism-
related programming including the Young-Cartoonist-in-Residence initiative. We also received £1 Ok from
Westminster City Council 88 part of a contract to set up and administer a Local Cultural Education
Partnership. based on work pioneered by the Museum's Director. We also received important fundlng from
the P F Charitable Trust, the Swire Charitable TrusL the Museum's Friends scheme and other donors. We
are very grateful to everyone who has supported us this year.
The Museum held book launch events for the Professional Cartoonists Association {G￿8t Brltlsh Colouring
Book for Refvgees). Steve Walsh & Keith Page {H8ncock.' The Lad Himseff),. Mark Stafford (Salmonella
Smorgasbord),. Brian & Mary Talbot (Armed with Madness). Alice Loxton {Upmar) and Mlke Molcher (l Am
the Law). We also held seversl ticketed events includirrfJ our annual Cartoon Conference In February," a
late event for our exhibitions This Exhibition is a Work Event and Norman Thejwell Saves the Planetl; a
talk on the work of Gerry Anderson. a talk on a graphic novel called Siberl8n Halku,, a daytime rave: and
several lrfe drawing events. We 81so hosted the Tripwire Avrfards in September 2023 and a London
Museums Group event about accessibility.
Plans for Future Periods
We have set the followlng oblectlves for 2024..
Continue to increase charitable and commeraal activity
Attract 30,000 total visitors
Host 120 school group visits.
Raise income as follows::
£28,000 workshop income
£100,000 retail income
£20,000 venue hire income
£13,000 in event ticket income.
In 2024 we will also expand our learning programme viith a new Session aimed at KS314. an age group
we do not currently cater for.
Invest in our Gollection and deliver an exciting exhibition programme
Our curatorial aims for the year include:
A refresh of the gallery with new graphics and some new art, using feedback gathered from
visitors over the past three years.
Delivering two new temporary exhibitions.
Continuing to work on special projects, including collections audit and library cataloguing project.
Establish a new exhibition programme for the next three years.
Deliver funded projects and seek 8dditional fvndraising
Develop and deliver on the autism work funded by John Lyons Charlty.
Seek grant funding to replace our vacant Curator role.
Continue to crowdfund for support to repair the lfft.
Address Important slte Issues
Complete the lfft repalrs.
Work wlth our landlord and neighbours to prevent vRter leaking into our premises.
Re-establish our Strategic goals
During 2023 a new Strategy and Buslness Plan to 2026 was developed. with elements of the Business
Plan put into action in July 2023. The final draft of the Strategy is still under review to fully sddress the
Museum's fonNard ambitions and in particular our aims for financial sustsinability.
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CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial Review
Net Results for the Year 2023
The overall result for the year was much improved compared to 2022, with a deflclt on the net movement
in fvnds of £10.757 compared to £71,605 in 2022. This reflected improved visitor numbers and successful
fundraising, and we are carrying forward £53k of restricted funding to be applied in 2024 and beyond.
There were no transfers between Restricted and Unrestricted Funds in the year (2022: £nil). and we ended
the year with £0.4m of Restricted Funds and £1.gm of Unrestricted Funds carried forward.
Cash balances at the year-end amounted to £114.722 (2022: £175.516).
The Statement of Financial Activities for 2023 is set out on page 10 of the Financial Statements and is
reviewed below.
Income
Total income during 2023 was £338,212 (2022: £286,157}, the major elements being:
a) Income from Charitable activities of £164.315 (2022: £138.574), of which admissions income vrfas
£111,147 (2022: £88,855)
b) Restricted Grants received amounting to £77,000 (2022: £30,226), of which £67,000 came from
the John Lyons Charity
c) Unrestricted donations of £95,781, (2022: £116,717) which includes Grft Aid
d) Interest received of £1,116 (2022: £640), refiecting Increased market rates
The value of donated cartoons was £nil (2022: £15,100). as informatlon regarding the valuation of the
donated artworks was not available.
Income from activities Includes a donation of £nil (2022: £nil) from the Charity's trading subsidiary
company, the Cartoon Museum Limited. The accounts of Cartoon Museum Limited show that sales of
rnerchandise totalled £74,619, net of VAT in 2023, which is a significant Increase on £48,561 in the prior
year. However, despite thls Improvement, after deducting cost of sales, direct expenses, and a recharge
of overheads (property, stafflng and administration) of £24,633 (2022: £25,807), the subsidiary company's
results show a net loss before tax of £19,766 (2022." loss of £25, 740).
Expenditura
Totsl expenditure amounted to £348.969 (2022: £357.762), including £39,656 (2022: £39,797) spent on
the costs of generating donations and funds, and £348,969 (2022: £357,762) on charitable activities. For
more information see Note 3 to the Flnancial Statements below.
Of the total expenditure. the amount relating to the Restricted Funds detailed above were £24,075 (2022:
£30,226) which related to the John Lyons Charity funding for our autism programme
The costs of staff, administration and other central support costs are apportioned between the core cost of
generating funds and charitable activities on the bases laid out in Note 3 below.
The costs of generating funds from the sales of souvenirs and merchandise are borne by the subsidiary
trading company.
Investment Powers and Reserve Policy
Under the Memorandum and Articles of Association, the Trustees have the power to invest and manage
the moneys of the Company not immediately required in such manner as the Company may from time to
time determine. In practice this is achieved through short-term bank deposits, Interest rates achieved for
2023 were higher compared to 2022 in line with general market conditions.
The Trustees, having regard to the liquidity requirements of operating the Museum and to the reserves
policy, consider that two months of operating expenditure is a minimum cash requirement for the Charity.
Based on the total expendilure of the Charity in 2023, the target for cash reserves is therefore £58.162.
Unrestricted Cash balances at the year end amounted to £61.797 (2022: £175,516) meaning the Charity
has met its target.
Page 7

A¢¢ounting and Roportlng Rosponslbilities
The Financial statements refiect only th8 transactions as they affect the Company. Consolidated group
accounts have not been prepared as there is no legal requirement for them.
Company law ￿qUireS the Trustees to prepare financial statements for each financial year which give a
true and fair view of the situation of the Charty and of its surplus or deficit for that period.
The Trustees confirm that appropriate accounting policies have been used and applied consistently, and
reasonable and prudent judgements and estimates have been made in the preparation of the financial
statements for the year ended 31 December 2023. The Trustees also confirm thai applicable accounting
standards have been followed.
The Trustees are responsible for keeping adequate accounting records. for safeguarding the assets of the
Company and for tsking reasonable steps to prevent and detect fraud and other irregularities.
Going Concern
Allhough the Museum made an operating deficit in 2023. as at the end of the year the Charity had total
cash reserves of £114k, of which £62k was for the general purposes of the charity and the remaining £53k
represents carried forward grant funding from the John Lyon's Charity and others which will be used in
future years to support our autism work and repair the broken lift. The charity has a strong track record of
successful fundraising and is currently awaiting confirmation regarding a number of significant grant
applications for 2024.
The Museum Is an Important part of the cultural map of London, having recorded over half a million visitors
slnce opening in 2006. But with the move from Bloomsbury to Fitzrovia only a few months before the onset
of the global pandemic. we have had to work hard over the last few years to re-establish ourselves in our
new location. We are now experiencing annual growth in visitor numbers as we recover from the pandemic
and, following action to manage Gosts and generate additional revenue, our budget and cash Ilow
projections shows positive growth and improved financial resilience.
As such. and with a comprehensive strategic plan nearing completion, the Trustees are of the view that
the Charity will generate sufficient resources to continue for the foreseeable future. We therefore consider
it appropriate to adopt the going concern principle for the preparation of the finanGial statements.
Ma
or Risks
The Trustees acknowledge their responsibility for assessing and managing the risks faclng the Charity.
The major rtsks to which the Charity is exposed are reviewed annually, and the Charlty malntains a risk
register which captures operational and other risks and identifies relevant mitigaiions.
In 2023, we continued to face financial risks due to the impact of the cost-of-llvlng crlsis on our visitors, the
slow recovery of London tourism, and a change In the demographlcs towards a younger audtence which
has necessitated a shift in the Museum's offering. The Impact was particularly felt in the shop where t￿
amount spent per visitor was significantly less than expected both on tickets and retail. There were also
notable un-budgeted increases in outgoings due to rising prices, as well as an unexpected energy bill from
our landlords for £17k. We were able to mitigate these issues through external grant funding, but of £125k
applied for we received only £15k. demonstrating the effort and reward associated with fundraising. Further
fundraising subsequently raised £50k in December 2023. and we took the difficult decision nol to re-recruit
vacantstaff roles, so a5 to reduce the pressure on the budget. Growing visitor numbers, generating income.
and securing funding remain our most important priorities to safeguard the long-term future of the Charity.
We also continue to experience issues with the building which pose a risk to the smooth operation of the
Museum. Severe and regular leaks from the restaurant on the floor above have affected our shop sales
and damaged stock. We have received pro bono legal advi￿ and are continuing our efforts to ensure
works occur at the restaurant to halt these leaks.
The lift has been out of use for two years, and we anticipate completion of fundraising to enable the
installation of a new lift during 2024.
Page 8

CARTOON ART TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees, R•sponsSbllltl•8 in relation to th• Financlal Stalements
The Trustees (who are also the Directors of Cartoon Art Trust Llmited for the purposes of company law)
are responsible for preparing the Report of the Trustees and the financial statements in accordance with
applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the Trustees to prepare financial statements for each financial year which give a
true and falr view of the state of affairs of the charitable company and of the incoming resources and
applicatlon of resources, induding the income and expendlture, of the charitable company for that period.
In preparlng those financial statements, the Trustees are required to
select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charity SORP
make judgements and estimates that are reasonable and prudent
prepare the financial statements on the going concern basis unless it is inapwopriate to presume
that the charitable Company will continue in business.
The Trustees are responsible for keeping proper accounting records whith disclose with reasonable
accuracy at any time the financial position of the charitable company and to enable them to ensure that
the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the charitable ￿MpanY and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Trustees are responsible for the Maintenan￿ and integrity of the corporate and financial information
included on the charltable company's website. Legislation in the United Klngdom governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
This report is prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to
small companies.
Oliver Preston
Chair of Trustees
24 Septemb
2024
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CARTOON ART TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report to Cartoon Art Trust Limited Trustees on my examination of the accounts for the year ended
31 December 2023 set out on pages 11 to 19.
Respective responsibilities of trustees and examlner
Cartoon Art Trust Limited Trustees (who are also the directors for the purposes of company law) are
responsible for the preparation of the accounts in accordance with the requirements of Companies Act
2006 ('the 2006 Act.).
Hw4ing satisfied myself that Cart(x)n Art Trust Limited is not subject lo audit under Part 16 of Companies
Act 2006 and is eligible for irKlependent examination. it is my responsibilty to:
examine the accounts under Section 145 of the Charities Act 2011 (the '2011 Acf)..
to follow the procedures laid down in the General Directions given by the Charity Commission
{under Section 145(5}(b) of the 2011 Act); and
to state whether particular matters have come to my attention.
Basis of the ind•p•nd•nt examinerfs report
Since Cartoon Art Trust Limited gross income exceeded £250,000 your examiner must be a member of a
body listed in section 145 (3)(a) of the 2011 Ad. I confirm that l am qualifEd to undertake the examination
because l am a member of the Institute of Chartered Accountants In England and Wales, which is one of
the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with
the examination giving me cause to believe:
{1) accounting records we not kept in respect of the Company as required by s.386 of the 2006 Act. or
(2) the accounts do not accord with those accounting records. or
(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other
than any requirement that the accounts give a 'true and fair. view which Ès not a matter considered as
part of an independent examination: or
(4) the accounts have not been prepared in accordance with the methods and principles of the Statement
of Recommended Practi￿ for Accounting and Reporting by Charities [applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applical￿e in the UK and Republic of
Ireland {FRS 102)].
I have no cOn￿rnS and have come across no other matters In connectlon wlth the examination to which
attention should be drawn in thls report In order to enable a proper urKlerstanding of the accounts to be
reached.
Mark Tullett FCA
Orcorn Civvals Limited
50 Seymour Street
London
W1H7JG
24 September 2024
Page 10

CARTOON ART TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating Income and Expenditure Account)
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
Restrlcted
Funds
Unrestrlcted
Fund8
Total
Funds
Income from."
Donations
Charitable £cttvities
Inveslments
Total Income
95.781
164,315
1,116
261,212
77.000
172.781
164,315
1,116
338,212
77,000
Expenditure on:
Raising funds
Charitable activities
Total Expendlturo
39,656
285,238
324,894
39.656
309,313
348,969
24,075
24.075
Net Income l (Expenditure)
(63,682)
52.925
(10.757)
Transfers between Funds
Net Movement In Funds
(63,682)
52,925
(10,757)
Total Funds brought forward
1,948,481
306,772
2,255.253
Total Funds Ca￿led forward
1,884.799
359,697
2,244,496
Movements in Funds are disdosed in Note 12 to the financial statements.
There were no recognised gains and losses other than the above results for the two financial years.
All Income and expenditure derives from Gontinuing activltles.
The company's charitable activities are the operation of a museum and associated learning and
engagement programmes for the public benefit.
Page11

CARTOON ART TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporatlng Income and Expenditure Account . continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
Restricted
Funds
Note5 Unrestricted
Funds
Total
Funds
Income fn>m.'
Donations
Charitable activities
Investments
Totsl Income
116.717
q38.574
640
255.931
30,226
146,943
138,574
30,226
286. 157
Expendlture on..
Raising funds
Chantable aGtivities
Total Expendlture
39,797
287, 739
327.536
39.797
317.965
357. 762
30,226
30.226
Net Income / (Expenditure)
for the year
(71.605)
(71.605)
Transfers between Funds
Net Movement In Funds
1,605
71,605
Total Funds brought forward
2.020.086
306, 772
2,326.858
Total Funds carried forward
1,948,481
306, 772
2.255.253
Movements in Funds are disclosed in Note 12 to the finanGi81 statements.
There were no recognised gains and losses other than the above ￿Su￿S for the Iwo financial years.
All incom8 and expendituTr derives from continuing actlvltles.
The company's charitable activities are the operation of a museum and assoGiated leaming and
engagement programmes for the public benefit.
Page 12

CARTOON ART TRUST LIMITED {REGISTERED NUMBER 02290200)
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes
2023
2022
Flx•d Assets
Heritage assets
Leasehold property
Investments
1.188,217
759,415
1,188,217
797,386
1,947,633
1,985,604
Curr•nt Assets
Debtors and prepayments
Cash
227.041
114.722
341,763
180,769
177,516
356,285
Current Liabilities
Creditors due within one year
44,900
86,636
Net Current assets
296,863
269,649
Creditors due after more than one year
Total Net Assets
2.244.496
2,255.253
Capital and Reserves
Capital"
11
Funds
Unrestricted Funds
Restricted FurKJs
12
12
1,884,799
359,697
1,948,481
306,772
Total Charity Funds
2,244,496
2,255,253
"Note: the Compary is limited by Guarantee and d08s r￿t have a Share Capitsl
The charitable company is entitled to exemption from audit urKler Section 477 of the Companles
Act 2006 for the year ended 31 December 2023. The members have not deposited notlce,
pursuant to s.476 of the Companies Act 2006 requiring an audit of these financial statements.
The Trustees aCknO￿edge their responsibilfties for:
ensuring that the charitable company keeps accounting records that comply with Sections
386 and 387 of the Companies Act 2006. and
preparing financial statements which give a true and fair view of the state of affairs of the
charitable company as at the end of each financial year and of its surplus or deficit for
each financial year in accordance with the requirements of Sections 394 arxl 395 and
which othemise comply with the requirements of the Companies Act 2006 relating to
financial statements. so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to
small charitable cornpanies subject to the small companies. regime.
The financial statements V￿re approved by the Board of Trustees and were signed on its behalf
Chris Gilbert - Treasurer
24 September 2024
Page 13

CARTOON ART TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
ACCOUNTING POLICIES
The following accounting policies have been adopted, together with judgements and key sources
of estimation and uncertainty made in the preparation of the Financial Statements.
1.1 Basis of Pre
ration of Financial Statements
The financial statements have been prepared in accordan￿ with Accounting and Reporting by
Charities: Statement of Recommerxled Practi￿ applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
102, (Charities SORP (FRS 102)). arxl the Companies Act 2006.
The Cartoon Art Trust (the Charity) is a private company limited by guarantee without share
capital and incorporated in England. The company's registered number is 02290200. The
principal office of the Charity is the Museum at 63 Wells St. Fitzrovia. London W1A 3AE which is
also the registered office of the Company. The charity's registration number is 327978
The charlty meets the definition of a public benefit entity under FRS 102. Assets and liabilities
are initially recognised at historical cost or transaction values unless othepNise stated in the
relevant accounting policy note(s).
The charity is a parent company and has taken advantage of s.399 of the Companies Act 2006
not to prepare group accounts.
A Gash Ilow statement has not been prepared as the Charity has taken advantage of the small
charity exemptions that are available under FRS 102.
The financial statements 8re presented in Sterling {£).
1.2 Pre
ration of the accounts on a
oin
concern basis
The charity has cash reserves. secured grant funding and a strong track record of successful
fundraising. There is annual growth in visitor numbers and income and the Trustees have taken
action to manage costs and generate additional revenue. The comprehensive strategic plan
which is nearing completion includes a forward exhibition schedule as well as budgets and
cash flow projections which shows positive growth in corning years. As such, the Trustees are
of the view that the Charity will generate sufficient resources to continue for the foreseeable
future. and we therefore consider it appropriate to adopt the going concern principle for the
preparation of the financial statements.
1.3 Income
Incoming resources are included in the Statement of Financial Activities (SOFA) when the
Charity is legally entitled to the income after any performance conditions have been met. the
amount can be measured reliably and it is probable that the income will be received.
Donations. gifts, grants and interest are recognised when received.
Events and merchandising sales are recognised at the date of the event or sale,
Legacies are recognised when the Charty has entitlement to the legacy (confirmed through the
granting of probate), its receipt is probable and the value of the legacy Can be measured with
reasonable accuracy.
Donated facilities and seNlces are recognised in income when their economic benefit is
probable, the value can be measured reliably and is material, and when the Charity has control
over the Item. A corresponding amount is recognised in expenditure.
The value of the services provided by volunteers has not been included In the accounts. in line
with the Charities SORP (FRS 102).
Page 14

CARTOON ART TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
ACCOUNTING POLICIES (continued)
1.4 Ex
endltu
Expenditure is accounted for as incurred, except that expenditure in respect of events is ￿itten
off against co￿espOndIng income at the date of the everrt.
Support Costs include back-office costs, finance, personnel. payroll arKI governan￿ costs which
support the Charity's programme and activities. These costs are allocated between cost of raising
fijnds and expenditure on charitable activities. The allocation is shown in note 3.3.
1.5 Tan
ible frAed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes
expenditure directly attributable to making the asset capable of operating as intended.
Depreciation
1.6 Amortisation
The leasehold propety is amortised on a straight-line basis over the terms of the lease
commencing from the time it was flrst occupied by the Charity.
No lrnpairment of leasehold propety Is undertaken in the year as it is deemed that the cost of
improvements will be written of over the terms of lease.
1.7 Herita
e Assets
Heritage assets comprise the Charity's collection of cartoons. illustrations, ly)oks, comics and
magazines which has accumulated over Its lrfetime. The majority of the collection has been
donated by collectors or artists. Where practicable. the Charity seeks to value each donated item
at the date of receipt based on the expert oplnion of the Charity's Staff and trustees, andlor by
reference to commercial sales of similar artwork. Where no information exists to aid a valuation.
or such information cannot be obtained at a cost Commensurate with the benefit to the users of
the accounts and to the Charty, then no value Is ascribed to donatiorL8.
The collection now consists of nearty 6,000 Items valued collectively at over £1.1m, and the
Trustees consider it too difficult, time consuming and costly to regularly revalue all Heritage
assets. There has therefore been no change to the carrying value of the collection in 2023.
Heritage Assets are held in perpetuity for public beneflt on the grounds of their Gultural, artistic
andlor hlstoric significance and relevance to the charitable objects of the Charity. Accordingly.
the Trustees consider that it is inappropriate to make any provision for depreciation of the
collection.
1.8 Taxation
The Trustees consider that no provision for corporation tax or deferred taxation is required due
to the charitable status of the Company.
Income is shown exclusive of Value Added Tax (VAT). Expenses are shown net of VAT. The
Company is entitled to recover a variable proportion of the latter in accordance with the formula
agreed with HM Revenue & Customs.
1 .9 Leases
The Company has entered into operating property leases. The rent is charged to the Income and
Expenditure Account on a straight-line basis.
1.10 Pensions
The Company operates a defined contribution pension scheme. Contributions payable to the
pension scheme are charged to the income and expenditure account in the period to which they
relate.
Page 15

CARTOON ART TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 {CONTINUED)
INCOME
2023
Unrestricted Reslricted
2022
rotsl
Total
Donations
Donations
Gfft Aid
Donated arfvk at valuation
Total
93,674
2,107
77,000
170,674
2.107
130,216
1,627
15, 100
146,943
95,781
77,000
172.781
Charltable Activitie8
Friends Membership
Museum admissions
Education and workshops
Museum hire and events
Other income
Total
8,608
115,147
24.389
14,163
2,008
164,315
8,608
115,147
24,389
14.163
2.008
164.315
8,559
88,855
24,675
14.614
1.871
138.574
Interest
1,116
1,116
Total Income
261,211
77,000
338,212
286, 157
3. RESOURCES EXPENDED
2023
Unrestrlcted Restrfcted
2022
Total
Total
3.1 Donations and Fundraising
Direct costs
Support costs
Total
2,000
37,656
39,656
2,000
36,656
39,656
39,797
39.727
3.2 Charltable ActlvStles
Exhibition costs
Education and workshops
Other direct costs
Govemance
Support cost8
Total
12,159
4,218
14.985
8.856
245.020
285.238
12,159
4,218
39,060
8,856
245,020
309,313
11,658
277
47.127
8158
250,745
317,965
24,075
24,075
Total Resources expended
324,894
24,075
348,969
357,762
3.3 Allocation of Support Costs
Basls of
Apportionment
Charitabl•
Activities
Charged to
Subsldlary
Donatlons
Total
Employment costs
Property costs"
Gener81 office
Organisation
Depreciation
Staff utilisation
Space occupied
Estimated activity
Estimated activity
Space occupied
109,581
69.311
15,738
20,393
29,997
245,020
"Propety costs include amortisation of leasehold property
20,293
4,126
3,322
6,118
3,797
37,656
8.117
6,601
2,798
4,079
3,038
24.633
137,991
80.038
21.858
30,588
36,832
309,309
PJJ8 16

CARTOON ART TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
NET INCOMING RESOURCES
Net Incoming Resources are stated after charging fees relating to the independent examination of
£4.020 (2022: £3.900).
EMPLOYEE INFORMATION
2023
2022
Staff costs were as follows
Wages and salaries
Pensions
Social security costs
167,993
3.343
10.405
181,741
78,511
3,661
11,978
194, 150
The average number of employees during the year was 7 (2022: 7)
TRUSTEES REMUNERATION AND EXPENSES
The Trustees are also the directors for the purposes of company law and comprise the Key
Management Personnel of the Company. No remuneration was pald to the Trustees during the year
(2022: £NII). Travel and subsistence expenses totalling £818 (2022.. £751) were paid to one trustee
during the year.
FIXED ASSETS
Horitago
A8sets at Cost
or Valuatlon
Leasehold
Promlses
Total
Cosl or Valuatlon
At 31 DeGember 2022
Purchased at cost
Disposalslwritten off
Donations at valuation
At 31 December 2023
1, 188,217
949.269
2,137,486
1,188,217
949,269
2,137,486
At 31 December 2022
Charge for the year
At 31 December 2023
151.883
37.971
189,854
151,883
37 971
189,854
Net Book Valua
At 31 December 2022
At 31 December 2023
1,188.217
1,188.217
797,386
759.415
1,985,603
1,947.632
Heritage Assets comprise the Collection of cartoons, illustrations, prints, books, magazines
and related materlal. The Trustees have not undertaken a review of the valuatlon of the
collection of cartoons, books and comics as at 31 December 2023, however we conslder that
the current values are the same as the carrying values that are stated in these accounts.
Investments
The charity has a wholly-owned subsidiary company, The Cartoon Museum Limited which was
incorporated as a limited liability company (Registered Number $703160) on 9 February 2006
in England.
The charity's investment in the subsidiary comprises one share of £1 (2022.. £1) plus a balance
on current account of £214,227 (2022: £168,797}. The subsidiary undertakes commercial activity
including the sales of souvenirs and other merchandise. Information regarding the financial
activities of the subsidiary is set out in Note 13.
Page 17

CARTOON ART TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
DEBTORS
2023
2022
Amount owed by subsidiary undertaking
Other debtors
Gift aid recoverable
Prepayments
214,227
168.797
2,920
361
8.691
180, 769
1,264
8,696
227,041
CREDITORS
2023
2022
Amounts falling due within one year".
Subscriptions recelved In advance
Trade creditors
Other creditors
Accruals
Loan Payments Due
Totsl due within 1 year
10,855
1,480
22,743
9,822
12,128
5,045
22,535
9,428
37.500
86,636
44,900
10. OPERATING LEASE COMMrrMENTS
2023
2022
The amounts payable in respect of the
operating leases, excluding VAT are:
In one year
Betsveen two and five years
13,126
15,001
13,126
11. CAprrAL
The company Is Ilmlted by Guarantee and does not have a Share Capital.
Every member of the Company undertakes to contribute to the assets of the Company in the
event of the same being wound up during the Memberfs period of Membership or within one
year aftenNards for the payment of the debts and liabilities of the Company contracted before
the Member ceases to be a member and of the Costs, charges and expenses of winding up
the same and for such amounts as may be required not ex￿edIng in the case of any Member
the sum of £1. There We￿ 26 Members at the balance sheet date. (2022: 26).
12. FUNDS
12.1
Analysis of Net Assets Betwoen Funds
General
Funds
Designated R•strlcted
Funds
Funds
Total
Funds
Fixed assets
Current assets
Current liabilltles
Net Assets at 31 December 2023
759,416
288,838
86,636
961.618
881,445
306,772
52,925
1,947,633
341,763
44.gjo
2,244,496
881,445
359,697
Pag8 18

CARTOON ART TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
12.2
Movement In Funds
At 31 Dec
2022
Incoming
Resources
Outgolng
Resources
Al 31 Dec
2023
Transfers
Unrn8triGted Funds
Designated Funds
Collection fund
Gener81 Funds
Total Unrestricted Funds
881,145
1,067,036
1.948,481
881,445
1,003,354
1,884.799
261,212
261,212
324,894
324,894
Restricted Funds
Collection fund
John Lyons - L
John Lyons- Grants
Westminster LCEP- Grants
Total Restricted Funds
306,772
306.772
24,210
20,215
8,500
359.697
27,000
40,000
10,000
77,000
(2.790)
(19,785)
1,500
24,075
306, 772
Total Funds
2 255,253
338.212
348,969
2.244,496
12.3 Funds
i Unrestrlcted Funds
The designaled Collection Fund represents the value of the Trust's Collection, acquired by gift or
purchase, otherthan that provided by the Cuthbertson Fund (see paragraph li below), and is considered
by the Trustees not to be available for any of the Charity's other purposes.
11 R¢strictod Funds
The restricted Collectlon Fund represents donations by the late Allan Cuthbertson. These donatlons
consisted of cartoons, Illustrations, books and cash. In addltlon, a cash gift was used for catalogulng,
restoring and exhibiting the collection as well as for acquisltlons by the Trust.
13. RELATED PARTY TRANSACTIONS
Many of the Charity's Trustees a￿ themselves well known cartoonlsts and artists who may from
tlme to time, donate items to the Museum Collection or loan items for display in the galleries and
exhibitions. Steve Bell, Oliver Preston and Martin Rowson donated artworks to the Charity this
year. No entries have been made In the financial records for such donations or108ns in 2023
(see note 1.7 above).
Where the Museum Shop sells commerclal v￿rkS by Trustees (such as books of cartoons), this
is done vla the same commercial arrangements as for other suppliers and managed by the
Charity's subsidiary trading company, Cartoon Museum Limited.
Cartoon Museum Limited is considered a related paty. Its tumover for the year ended 31
December 2023 was £74,619 (2022: £48,561) including other income. cost of sales was
£44,020 (2022: £24,202) and expenses of £50,421 (2022.. £50,099), (including a contributlon of
£24,633 (2022.. £25,807) lo the Charity's office and organisation costs). These resulted in a
loss for the year before taxation and interest of £19,766 (2022.. £25,740) from which a donation
of £Nil (2022.. Nil) was made to the Charty.
The balance due from the subsidiary, the Cartoon Museum Llmited, as at 31 December 2023
amounted to £214,227 {2022.. £168, 797). The Trustees consider this amount repayable when the
subsidiary is in a position to pay without prejudicing its working capltal requirements.
There were no other related party transactions during the year which require disclosure.
Page 19