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2023-03-31-accounts

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Company Registration No. 01161029 (England and Wales) Charity Registration No. 503238

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Julian Rodriguez Emma Cheshire Sophie Gerrard Kevin Docherty Sarah Evans Usmaan Ashard (Appointed 27 February 2023) Secretary Anne McNeill Charity number 503238 Company number 01161029 Principal address Centenary Square Bradford BD1 1SD Registered office Impressions Gallery Centenary Square Bradford BD1 1SD Independent examiner Alison Whalley FCA Azets Audit Services Ltd Carlton House Grammar School Street Bradford BD1 4NS Bankers Virgin Money 46 Coney Street York YO1 9NQ

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

CONTENTS

Page
Trustees' report 1 - 6
Statement of Trustees' responsibilities 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the accounts 11 - 23

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report and financial statements for the year ended 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)”

Objectives and activities

The Charity's objects are:

This is achieved through the presentation of high quality exhibitions, to offer a selection of these to other galleries and arts organisations both nationally and internationally, and to offer the public a range of educational events, activities and learning opportunities.

In setting our objectives and planning our activities our trustees have given serious consideration to the Charity commission's general guidance on public benefit and in particular the advancement of education, arts and culture, and consider they comply with the duty in section 4 of the 2011 Charities Act.

The Board of Trustees take reasonable steps to ensure that Impressions Gallery operates policies which ensures the following:

Impressions Gallery works to its Equal Opportunity Policy, this policy is supported by our Equality Action Plan.

Impressions Gallery works to its Environmental Sustainablity Policy. This policy is supported by our Environmental Action Plan.

The Charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Charity continues and that the appropriate training is arranged. It is the policy of the Charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Achievements and performance

Impressions Gallery is a charity that helps people understand through photography and acts as an agent for change. We believe photography is for all and our mission is to get people looking, thinking, doing, and talking about photography. We do this by collaborating with photographers, other charities, and organisations locally and nationally to commission, exhibit and publish photography. We work in partnership to present the best of contemporary photography to wide and culturally diverse audiences.

Our artistic, learning, engagement, audience development, community and event programmes are devised to help people see people see things differently, and/or to empower them to reach their potential through photography. We stage our activities because we believe photography is for everyone and should be open to all.

The charity had another successful year attracting 16,561 visitors to the gallery, and reaching 3,100 people online through our artistic digital programme.

We presented three exhibitions in our main gallery space that addressed issues of identity, gender, race, class,

community and popular culture.

In spring we staged Care, Contagion, Community – Self & Other , a contemplative exhibition commissioned by Autograph, a London based charity that works internationally in photography to champion cultural identity, race and representation. Ten UK-based visual artists (Mohini Chandra, Poulomi Desai, Joy Gregory, Othello De’Souza-Hartley, Sonal Kantaria, Ope Lori, Dexter McLean, Karl Ohiri, Silvia Rosi, Aida Silvestri) created new work responding to the wider contexts of Covid-19, and the impact of the pandemic, exploring ideas of loss, family, home, belonging and diaspora.

Our autumn exhibition Invisible Britain: This Separated Isle, explored how concepts of ‘Britishness’ can reveal a range of opinions and understandings about our national character. The exhibition showcased thirty-three engaging portraits of a diverse range of people by some of the UK’s leading photographers. It was a partnership with likeminded cultural organisations, Ffotogallery, Cardiff and Street Level Photoworks, Glasgow.

The winter exhibition was Bringing the Beat Back to Bradford a new community sourced exhibition, commissioned by Bradford Live and funded by the National Heritage Lottery Fund. This showcased the history and the many memories of the much-loved building previously known as the New Victoria, The Gaumont, and Bradford Odeon, receiving 215 submissions of photographs, objects, artefacts and memories by 92 people. This was complimented by Flashback Friday , social media programme, sharing photographs and artefacts that uncovered its history. This year long campaign reached and engaged with more than 32,000 people. Our overall ambition for Bringing the Beat Back to Bradford was to help people understand the rich cultural heritage of the building and the role it has played in the lives of Bradford’s communities over time.

We produced two interactive 3D virtual digital exhibitions, which provided high-quality online walkthroughs of our ‘real life’ exhibitions. Viewed online via our website, on mobile and in virtual reality, these were accessed by 3,100 people worldwide.

Two of our touring exhibitions travelled throughout the UK, plus the work by five refugee women from our Putting Ourselves in the Picture project was shown in London, as part of the inaugural exhibition at the Centre for British Photography. Our touring programme reached and engaged 70,000+ visitors, meaning that more people had the opportunity to experience high quality photography exhibitions. This helped us maintain our reputation as a centre of excellence, beyond Yorkshire and England. Our touring portfolio supported non-specialist venues, equipping them with contemporary photographic knowledge and expertise.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The internationally acclaimed Our Plastic Ocean by award winning Mandy Barker addressed the current global crisis of marine plastic pollution was exhibited at Gallery Oldham, Lancashire. This exhibition also toured to four venues in Scotland, launched in the summer in North Berwick at the Scottish Seabird Centre, a charity dedicated to educating people about the marine environment. The exhibition toured in the Highlands, showing at both Inverness Museum & Art Gallery and Thurso Art Gallery. Under the auspices of Fife Cultural Trust, the exhibition concluded at Dunfermline Carnegie Library and Galleries.

Being Inbetween by Bradford based photographer Carolyn Mendelsohn, a series of powerful photographic portraits of girls exploring the complex transition between childhood and young adulthood was shown at Bishop Auckland Town Hall, County Durham.

We co-published a new hardback publication Putting Ourselves in the Picture , with Trolley Books and four national partners, including the National Galleries of Scotland, and Work, Show Grow, an educational online community for creatives. This showcased the transformative work of eight refugee women who graduated from our mentoring programme designed to develop their skills and confidence in photography. We are grateful to The Rotary Club of Bradford Bronte for their youth award which provided financial support for one of the participating women.

New Focus, is our young people’s collective consisting of talented and committed individuals, aged 16 to 25 who live in Bradford. With our support fourteen young people who had previously little access to the arts gained professional skills to become the creatives, artists and cultural leaders of the future.

Girl Power , a film made by New Focus, shared the hopes, fears and aspirations of three pre-teen girls from Bradford was screened, as part of an UNESCO collaboration, at the Fabriano Film Festival in Italy.

A ‘mini seed’ research and development grant awarded by Bradford 2025, UK City of Culture enabled ten New Focus members to visit other cities to see diversity celebrated through cultural projects. This included the inspirational Apna Heritage Archive, housed at Wolverhampton City Archives and a meeting with the revered photographer Vanley Burke. From this grew a successful proposal for a key project for the UK City of Culture 2025, in which Bradford’s diversity will be celebrated through the voice of its people.

People are at the heart of what we do. We created and delivered multiple opportunities that widened and actively supported people, of all ages, and culturally diverse backgrounds, to express their creativity in various ways. A wide range of 112 events and sessions took place to accompany our exhibitions, with 1,690 children, young people and adults taking part.

Our Look, Think, Talk & Do learning and education programme provided a year round offer of workshops and resources to schools, colleges, universities and community groups. We worked with 29 groups from across Bradford, the north and the wider UK, and 482 people took part, with a teacher feeding back that “Many students pointed out that they have never seen art in gallery before, so our visit has truly developed the culture of our students.”

On 4 November 2022 we honoured the charity’s 50th anniversary with a celebration event, attended by the Lord Mayor of Bradford, with a toast led by Shanaz Gulzar, Creative Director of Bradford 2025, and a live broadcast by Bradford Community Radio (BCB). This marked our history and legacy as one of the first specialist photography galleries in the country, and the vital role we have played in changing the way people think about photography.

It was also a special year for our esteemed Director, Anne McNeill, as she received a very well-deserved life time achievement award as the 2022 recipient of the Royal Photographic Society (RPS) Curatorship Award. This recognises sustained excellence, over a period of time, in the field of photographic curatorship, through exhibitions and associated events and publications.

Our artistic and community programmes received positive press and reviews in local (Telegraph & Argus); regional (Yorkshire Post); national (The Guardian) media, and specialised journals (Royal Photographic Society, British Journal of Photography) both in print and online. This coverage converts into an equivalent advertising spend of £15, 750 which translates as a PR value of £47,250. Broadcast media coverage included both BBC Look North and ITV Calendar.

We continue to value greatly the year-on-year financial contribution of Arts Council England, Bradford Council and in-kind support from Spectrum Photographic.

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes’. The charity does not actively raise funds from the public either directly or via use of an agent, accordingly no such amounts are presented in the financial statements for the year under review. The charity has received no complaints in relation to fundraising activity for the year under review.

Given the nature of the funding of the charity the Trustees consider that it remains appropriate not to be voluntarily bound to be regulated by the Fundraising Regulator.

Financial review

Income for the year amounted to £305,016 (2022 £344,204) with expenditure amounting to £297,976 (2022 £323,096) resulting in a net income of £7,040 for the year (2022 £21,108).

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three months' operating costs, equivalent to £85,000. This amount has been designated by the Trustees in order that it is ring fenced. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. Unrestricted, undesignated funds at the year end amounted to £163,704 (2022 £139,328).

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Charity is a company limited by guarantee and was incorporated in England and Wales on 22 February 1974, number 01161029, and registered as a charity on 7 June 1974, number 503238. The registered address is Centenary Square, Bradford, BD1 1SD. The charity is governed by its articles of association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and to the date of signing the accounts were:

Julian Rodriguez Emma Cheshire Sophie Gerrard Kevin Docherty Sarah Evans Usmann Arshad Appointed 27 February 2023

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The recruitment and appointment of new trustees is the responsibility of the existing Board of Trustees. Potential new trustees are initially interviewed by the Chairman of the Board of Trustees and the Executive Director. The second stage of the process is to attend the next Board of Trustees meeting as an observer and to meet all of the trustees. The Board of Trustees appoint the new trustees by a simple vote.

This process ensures the right mix of artistic and commercial experience appropriate to the gallery's needs are represented across the whole of the Board of Trustees.

Before being appointed as a trustee they have an informal meeting with the Chair and Executive Director. This is followed up circulating Impressions Gallery’s Business Plan, strategies & policies and annual budget. They also attend a board meeting as an observer. Once elected they received an induction from both the Chair and Executive Director.

Once elected as a trustee, the Executive Director manages a simple process of induction for new trustees to ensure they are familiar with the staff, the gallery, the governing documents and the artistic aims and objectives. The precise nature of the induction process varies depending upon the artistic or commercial background of the new trustee and is tailored to the needs and interests of the new trustee.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

During the year costs of £822 were incurred for trustees indemnity insurance (2022- £791).

The charitable company is governed by a Board of Trustees, supported by specialist sub-committees with responsibility for finance and the artistic programme. The gallery is managed by an Executive Director responsible to the Board and supported by the members of staff of the Gallery.

Day to day management of the charity has been delegated by the trustees to Anne McNeill, the Company Secretary and Executive Director.

All staff are issued with the staff handbook that defines employees' rights and obligations whilst in employment with Impressions Gallery. It is updated as and when statutory regulations and employees' conditions of employment change.

Staff appraisals with the director and the relevant staff are conducted annually. This covers, amongst others, training and development.

Staff meetings are held weekly.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Artistic Sub Committee

The purpose for which the charity is established is 'to further and advance photography as an art and to promote public knowledge, appreciation, and understanding thereof' (Memorandum of Association).

The artistic sub-committee made up of members of the Board of Trustees and programming team meet twice a

year to review the exhibition policy.

The staff programming team meets every six weeks to plan and evaluate the exhibition and education programme. This is conducted using Partnerships for Learning evaluation guidelines which are endorsed by Arts Council of England.

Finance Sub Committee

Impressions Gallery produces timely, accurate and transparent financial information resulting in effective management control of expenditure.

The Finance Officer produces monthly management accounts.

The finance sub-committee of the Board of Trustees meets regularly throughout the year to ensure Impressions Gallery is operating with appropriate systems and with proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity.

These records are discussed by the finance sub-committee and are presented at Board of Trustees meetings.

This report is prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustees' report was approved by the Board of Trustees.

Julian Rodriguez

Trustee Dated: 18 December 2023

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees, who are also the directors of Impressions Gallery of Photography Limited for the purpose of company law, 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).

Company Law 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, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

I report on the financial statements of the Charity for the year ended 31 March 2023, which are set out on pages 9 to 23.

Respective responsibilities of Trustees and examiner

The Charity’s Trustees, who are also the directors of Impressions Gallery of Photography Limited for the purposes of company law, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of ICAEW.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Alison Whalley FCA Independent Examiner Azets Audit Services Ltd Carlton House Grammar School Street Bradford BD1 4NS

Dated: 18 December 2023

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
4
240,809
27,800
Charitable activities
3
9,742
-
Other trading activities
5
4,619
-
Investments
6
3,450
-
Other income
7
18,596
-
Total income
277,216
27,800
Expenditure on:
Raising funds
8
1,119
-
Charitable activities
9
255,544
41,313
Total resources
expended
256,663
41,313
Net income/(expenditure) for
the year/
Net movement in funds
20,553
(13,513)
Fund balances at 1 April
2022
304,747
13,513
Fund balances at 31
March 2023
325,300
-		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
268,609
269,688
12,900
9,742
7,307
-
4,619
6,581
-
3,450
206
-
18,596
47,522
-
305,016
331,304
12,900
1,119
3,262
-
296,857
281,130
38,704
297,976
284,392
38,704
7,040
46,912
(25,804)
318,260
257,835
39,317
325,300
304,747
13,513		 Total
2022
£
282,588
7,307
6,581
206
47,522
344,204
3,262
319,834
323,096
21,108
297,152
318,260

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds
Designated funds
18
General unrestricted funds		 2023
£
36,917
380,557
417,474
(98,770)
161,596
163,704		 £
6,596
318,704
325,300
-
325,300
325,300		 2022
£
62,678
305,511
368,189
(60,348)
165,419
139,328		 £
10,419
307,841
318,260
13,513
304,747
318,260

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on 18 December 2023

Julian Rodriguez

Company Registration No. 01161029

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

1 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

Company information

Impressions Gallery of Photography Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Impressions Gallery, Centenary Square, Bradford, BD1 1SD.

2.1 Accounting convention

The accounts have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

2.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

2.5 Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Raising funds are the costs of goods for re-sale.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

2.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 3 years straight line Computers 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

2.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Accounting policies

(Continued)

2.9 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Charitable activities

Touring Unrestricted
Unrestricted
2023
2022
£
£
9,071
6,844
671
463
9,742
7,307
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
4,056
1,271
1,100
2,371
248,803
243,417
11,800
255,217
15,750
25,000
-
25,000
268,609
269,688
12,900
282,588
206,003
206,003
-
206,003
-
2,214
9,000
11,214
1,800
-
-
-
16,000
10,000
-
10,000
-
12,000
-
12,000
-
5,635
-
5,635
25,000
-
-
-
-
-
1,300
1,300
-
-
1,500
1,500
-
7,565
-
7,565
248,803
243,417
11,800
255,217		 Unrestricted
Unrestricted
2023
2022
£
£
9,071
6,844
671
463
9,742
7,307
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
4,056
1,271
1,100
2,371
248,803
243,417
11,800
255,217
15,750
25,000
-
25,000
268,609
269,688
12,900
282,588
206,003
206,003
-
206,003
-
2,214
9,000
11,214
1,800
-
-
-
16,000
10,000
-
10,000
-
12,000
-
12,000
-
5,635
-
5,635
25,000
-
-
-
-
-
1,300
1,300
-
-
1,500
1,500
-
7,565
-
7,565
248,803
243,417
11,800
255,217
2022
£
6,844
463
Gallery workshops and events
Donations and legacies
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
4,056
-
Grants listed below
221,003
27,800
Donated in kind services
15,750
-
240,809
27,800
Grants receivable for
core activities
ACE NPO
206,003
-
Arts and Humanities
Research Council
-
-
Bradford Culture Co
-
1,800
Bradford Council
15,000
1,000
Bradford Council - Covid
-
-
Coronavirus Job
Retention Scheme
-
-
HLF (Bradford Live)
-
25,000
Leap Mind the Gap
-
-
Counterpoints
-
-
Bradford Council
Kickstart
-
-
221,003
27,800
7,307
Total
2022
£
2,371
255,217
25,000
282,588
206,003
11,214
-
10,000
12,000
5,635
-
1,300
1,500
7,565
255,217

4 Donations and legacies

Donated in kind services

Print and on-line press coverage for our work converted into a marketing value of £15,750 (2022 £25,000). Equivalent PR value amounts to £47,250 (2022 £75,000).

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Other trading activities

6
7
8		 Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Sales of purchased goods
4,619
6,581
Investments
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
3,450
206
Other income
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
HMRC Museums Relief Refund
18,596
47,522
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Trading costs
Purchased goods
1,119
3,262
1,119
3,262		 Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Sales of purchased goods
4,619
6,581
Investments
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
3,450
206
Other income
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
HMRC Museums Relief Refund
18,596
47,522
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Trading costs
Purchased goods
1,119
3,262
1,119
3,262
3,262

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9 Charitable activities

Staff costs
Touring and exhibition costs
Marketing and audience development
Marketing received in kind
Research
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 2023
£
109,088
54,042
3,952
15,750
4,181
187,013
106,062
3,782
296,857
255,544
41,313
296,857		 2022
£
131,182
62,459
2,311
25,000
-
220,952
95,465
3,417
319,834
281,130
38,704
319,834

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Support costs

Staff costs
Depreciation
Premises costs
Insurance
Telephone
Computer and IT
Printing, postage and
stationery
Book keeping and payroll
Bank charges
Travel and subsistence
Sundry expenses
Taxation services
Independent examiner's
fee
Board meeting costs
Indemnity insurance
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
46,849
-
3,823
-
32,249
-
5,269
-
2,084
-
3,033
-
1,209
-
2,433
-
89
-
3,849
-
1,740
-
3,435
-
-
2,960
-
-
-
822
106,062
3,782
106,062
3,782		 2023
£
46,849
3,823
32,249
5,269
2,084
3,033
1,209
2,433
89
3,849
1,740
3,435
2,960
-
822
109,844
109,844		 Support
costs
Governance
costs
£
£
41,038
-
2,307
-
33,004
-
5,030
-
1,356
-
2,259
-
1,767
-
4,225
-
48
-
1,059
-
1,322
-
2,050
-
-
2,400
-
226
-
791
95,465
3,417
95,465
3,417		 2022
£
41,038
2,307
33,004
5,030
1,356
2,259
1,767
4,225
48
1,059
1,322
2,050
2,400
226
791
98,882
98,882

Support and governance costs are allocated to the only charitable activity.

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

Included in the board administration costs are travel costs reimbursed amounting to £nil paid out, (2022 -£nil).

During the year costs of £822 were incurred for indemnity insurance for the trustees (2022- 797).

12 Taxation

As a charity the company is exempt from tax on income falling within part II of the Corporation Tax Act 2010 and on gains falling within s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the charity.

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Employees

Number of employees

The average monthly number employees during the year was:

Charitable activities
Management and administration
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
5
1
6
2023
£
144,642
7,895
3,400
155,937		 2022
Number
7
1
8
2022
£
158,782
9,741
3,697
172,220

There were no employees whose annual remuneration was £60,000 or more. (2022: none)

14 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
At 1 April 2022
22,626
15,869
At 31 March 2023
22,626
15,869
Depreciation and impairment
At 1 April 2022
14,797
13,279
Depreciation charged in the year
2,704
1,119
At 31 March 2023
17,501
14,398
Carrying amount
At 31 March 2023
5,125
1,471
At 31 March 2022
7,829
2,590		 Total
£
38,495
38,495
28,076
3,823
31,899
6,596
10,419

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
200
20,181
16,536
36,917		 2022
£
612
51,209
10,857
62,678

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Deferred income
Trade creditors
Other creditors
Accruals		 2023
£
296
8,608
947
88,919
98,770		 2022
£
-
2,002
379
57,967
60,348

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Balance at
Incoming
Resources
Balance at		 1 April 2021
resources
expended
1 April 2022
resources
expended
31 March 2023		 £
£
£
£
£
£
£		 Lighting for Gallery
1,387
-
(1,387)
-
-
-
-		 In Which Language Do We Dream
-
1,500
-
1,500
-
(1,500)
-		 Putting Ourselves In The Picture
-
9,000
(9,000)
-
-
-
-		 Leap Mind the Gap
-
1,300
(12)
1,288
-
(1,288)
-		 Research and Development
-
-
-
-
25,000
(25,000)
-		 Open Out Programme
37,930
500
(27,705)
10,725
-
(10,725)
-		 Youth Photography
-
600
(600)
-
-
-
-		 New Focus Threads of Time Project
-
-
-
-
1,000
(1,000)
-		 New Focus
-
-
-
-
1,800
(1,800)
-		 39,317
12,900
(38,704)
13,513
27,800
(41,313)
-		 Research and development was funded by HLF (Bradford Live) and also included curation, presentation and production for the Bringing the Beat Back to Bradford Exhibition which ran from November 22 to March 23. New Focus Threads of Time Project was funded by Bradford Council. New Focus was funded by Bradford 2025 City of Culture.
17

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

Restricted funds
(Continued)		 Prior year:- Lighting for the gallery represents the value of the lights after depreciation. The balance will be depreciated over the lights useful life. In Which Language Do We Dream was a newspaper and symposium funded by Counterpoints. Putting Ourselves In the Picture, workshops and mentoring with eight refugee women enabling them to become photographers . The Leap (Mind the Gap) project is a new focus project working with Asian women and a youth group. The Open Out Programme was funded by Bradford Business Improvement this year and the Arts Council the prior year. Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Balance at
Resources
Transfers
Balance at
Resources
Transfers
Balance at		 1 April 2021
expended
1 April 2022
expended
31 March 2023		 £
£
£
£
£
£
£		 Fixed asset fund
694
(920)
10,645
10,419
(3,823)
-
6,596		 Reserves policy fund
-
-
85,000
85,000
-
20,000
105,000		 Reserves policy fund
-
-
85,000
85,000
-
20,000
105,000		 Contingency fund
105,000
-
(85,000)
20,000
-
(20,000)
-		 Re-location
-
-
50,000
50,000
-
-
50,000		 105,694
(920)
60,645
165,419
(3,823)
-
161,596		 The fixed asset fund represents the net book value of fixed assets held for charitable purposes and will reduce as the assets are depreciated. The reserves policy is in respect of 3 months running costs to enable the sourcing of funding should there be a drop in funding levels. The amounts are not expected to be spent in the foreseeable future. A transfer has been made in the year to consolidate the contingency and reserve funds. A transfer has been made in the year to consolidate the contingency and reserve funds.
17 18

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

Transfers
Balance at 31		 March 2023 £
£		 -
-		 -
161,596		 -
160,801		 -
322,397		 Restricted
Total		 funds 2022
2022		 £
£		 -
10,419		 13,513
307,841		 13,513
318,260
Incoming
Resources		 resources
expended		 £
£		 27,800
(41,313)		 -
(3,823)		 277,216
(255,743)		 305,016
(300,879)		 Total
General
Designated		 funds
funds		 2023
2022
2022		 £
£
£		 6,596
-
10,419		 318,704
139,328
155,000		 325,300
139,328
165,419
Balance at 1 April 2022 £ 13,513 165,419 139,328 318,260 Restricted funds 2023 £ - - -
Transfers £ - 833 (833) - Designated funds 2023 £ 6,596 - 6,596
Resources expended £ (5,401) (2,859) (271,055) (279,315) General funds 2023 £ - 318,704 318,704
Funds Balance at 1
Incoming		 April 2020
resources		 £ Restricted Funds
4,718
40,000		 Designated Funds
107,720
-		 General Funds
70,342
353,687		 182,780
393,687		 Analysis of net assets between funds Fund balances at 31 March 2023 are represented by: Tangible assets Current assets/(liabilities)
19 20

DocuSign Envelope ID: 6DC6AD70-6442-4D52-8E10-EF0D506590C6

IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

Aggregate remuneration
Transactions with related parties		 2023
£
91,215		 2022
£
83,080

There were no transactions with related parties in the current or prior period.