Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Registration No. 01161029 (England and Wales) Charity Registration No. 503238
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Julian Rodriguez Emma Cheshire Sophie Gerrard Kevin Docherty Sarah Evans Usmaan Ashard Secretary Anne McNeill Charity number 503238 Company number 01161029 Principal address Centenary Square Bradford BD1 1SD Registered office Impressions Gallery Centenary Square Bradford BDI 1SD Independent examiner Alison Whalley FCA Azets Audit Services Ltd Carlton House Grammar School Street Bradford BD14NS Bankers Virgin Money 46 Coney Street York Y019NQ
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED CONTENTS Page Trustees, report Statement of Trustees, responsibilities Independent examinerfs report Statement of financial activities Balance sheet Notes to the accounts 10-23
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The accounts have been prepared in accordance wth the accounting policies set out in note 1 to tFE accounts and comply with the Charity's Memorandum and Articles of Association, Ihe 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). The Legal and Administration page fom)s part of this report. Objectives and activities The Charity's objects are.. To further and advance photography as an art and to promote public knowledge, appreciation and understanding thereof., To organise and conduct public exhibitions of photographs and photographic art and apparatus- To acquire, collect and preserve for the public benefit examples of photography and photography apparatus of historic and artistic interest or importance- By means of research, instruction, infomiation advice. lectures. publications. sources of reference and otherwise to increase and to make publicly available information conceming photography and photographic art apparatus and history. 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 intemationally, and to offer the public a range of educational events, activities and leaming opportunities. In setting our objectives and planning our activities our trustees have given serious consideration lo 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 thi¢h ensures the following.. The Gallery is operating efficiently and effectively in accordan with the Gallery's stated purpose and objectives Gallery assets are safeguarded against unauthorised use or disposition Proper records, including financial records, are mainlained Financial information used within the charity or for publication is reliable The gallery complies with relevant laws and regulations An annual budget is approved and any variance is reported and subsequently agreed Artistic policies are approved, with key performance indicators reviewed and evaluated Delegation of authority and segregation of duties to the director and the staff team are appropriate for the size and nature of the organisation. Impressions Gallery works to its Equal Opportunity Policy. this policy is supported by our EqualityAction Plan. Impressions Gallery works to its Environmental Sustainability Policy. This policy is supported by our Environmental Action Plan. 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 stsff 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.
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Impressions Gallery is a charity that helps people understand through photography and acts as an agent for change. We believe pholography 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 things differently, andlor 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 17,810 visitors into the gallery, and reaching more than 1 million people through our outdoor, digital and touring programmes. We presented four exhibitions in our main gallery spa, two addressed themes of cultural identity, gender, race, and class, while one bore witness to The Holocaust. and one shone a spodight on human stories behind war. In spring we staged Zaibunnisa {Urdu work meaning the beauty of women) an exhibition of photographs by award winning artist Maryam Wahid who uses photography to convey her identity as a British Pakistani Muslim woman. This emotional exhibition traced V4Èhid's joumey to her mother's childhood home in Lahore. On tour from Midland Arts Centre "Crying while seeing it. l am from Pakistan, just came here 3 months ago .Love everything about this exhibition." Initiated by Sedachius Museum, Finland. and toured as a partnership with Impressions and Photo Museum, Ireland, our summer exhibition Trish MolSseY.. Autofictions was the UK premier of Morrissey's major survey show featuring 20 years of photography and film. Morrissey artworks use 'perfomiance and wt as tools to investigate feminism. the exhibition brought back to the gallery Morrissey's seminal photographic series Seven Years and Front both commissioned by Impressions in the earfy 2000s. "One of the best imme1Ve art eXperienS I've seen here. Thanks ImpreSsnS for being here in the heart ol Bradford." Our autumn exhibition Marc Wilson's A Wounded Landscape." Bearing nesS to the Holocaust. was a poignant reminder of the atrocities committed by the Nazis and their collaborators across a vast and varied landscape. Instigated by his own family history Wilson embarked on a profound six-year joumey from 2015 to 2021, documenting 130 locations across 20 countries. "Incredibly touching accounts fn)m all Ihe many people's lives here. Their stories are some that have been both heartbreaking and inspiiing into showing the peeve(a and spirit of some people despite the tragic events that had taken place." In winter we launched the exhibition We Are Here. Because You Were There.. Afghan Interpreters in the UK a collaborative project by photographer Andy Bamham and University of York researcher Dr. Sara de Jong, which documented the experiences of Afghan interpreters who were employed by the British Amiy in Afghanistan and resettled in the UK in 2021. This exhibition told the interpreters, experiences of employment and resettlement through portraiture and quotes, and photographs from Afghanistan. "A very moving exhibition, I've leamed things I didn't know beft) about nt history."
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Commissioned by Historic England and Bradford Council. Picturing Bradford was an outdoor photography exhibition celebrating Bradford's high streets. During the summer months large-scale photographs animating the city centre were presented on shopfronts and windows, in City Park, Kirkgate Shopping centre, Darley St and Godwin Street. This exhibition was launched as part of the BD.'FESTIVAL weekend., with an estimated 25,000 visitors, and foolfall of 700,000 at Kirkgate Centre, Darley St and G0dVn St,. 300,000 at City Park for the duration of the exhibition. We presented four 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 2.200+ people worldwide. Two of our touring exhibitions travelled throughout the UK. The internationally acclaimed Our Plastic Ocean by award-wnning Mandy Barker addressed the cuent global crisis of marine plastic pollution, exhibited at Dunfemline Carnegie Library and Galleries. Being Inbelween by photographer Carolyn Mendelsohn, a series of powerful photographic portraits of girfs exploring the complex transition between childhood and young adulthood was shown at Bishop Auckland Town Hall, County Durham. This touring programme reached and engaged 14,000+ visitors, meaning that more people had the oppcrtunity 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. New Focus, is the charity's young people's collective consisting of talented and committed individuals, aged 18 to 25 who live in Bradford. Vmth our support eight young people who had previously little access to the arts gained professional skills to become the creatives. artists and cultural leaders of the future. Following a series of mentoring sessions from our curatorial team, New Focus presented Belongings photographs and stories in a series of concertina books within a specially designed exhibition space in the gallery's bookshop. Their stories ranged from a celebration of Northern Soul and a shared belonging to a subculture, through to honouring family members who escaped war. This project was funded by Bradford Community SOUP and Bradford council. People are at the heart of what we do. Wle created and delivered multiple opportunities that widened and actively supported people, of all ages, and lturallY diverse bad(grounds, to express their creativity in various ways. A wide range of 160 events and sessions took pla to accompany our exhibitions, with 2,885 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 wth 29 groups from across Bradford, the north and the wider UK, and 582 people took parl, wth a teacher feeding back that "Many students poinled out that they have never seen art in gallery befo, so our visrt has tnjly developed the Cultu of our students.. Our artistic and community programmes received positive press and reviews in local (Telegraph & Argus)., regional (Yorkshire Post)- national rfhe 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 £35,400 which translates as a PR value of £106,200. We continue to value greatly the year-on-year financial contribution of Arts Council England, Bradford Council and in-kind support from Spectrum Photographic. 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 f(K 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 adivty 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.
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Income for the year amounted to £348,456 {2023 £305,016) with expenditure amounting to £377,106 (2023 £297,976) resulting in a net expense of £28,650 for the year (2023 £7,040 net income}. It is the policy of the Charity that unrestricted funds which have not been designated for a specffic use should be maintained at a level equivalent to three months. operating costs, equivalent to £95,000. 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 wll 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 £138,253 (2023 £163,704). 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, BD11 SD. The charity is govemed by its articles of association. The Trustees, who are also the directors for the purpose of company law, and vtho served during the year and to the date of signing the accounts were= Julian Rodriguez Emma Cheshire Sophie Gerrard Kevin Dochety Sarah Evans Usmann Arshad The recruitment and appointment of new trustees is the responsibility of the existing Board of Trustees. Potential new trustees are initially interviewed by the Chaimian 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, stralegies & policies and annual budget. They also attend a board meeting as an obsetver. Once elected they received an induction from both the Chair and Executive Director. Once elected as a trustee, the Executive Director manages a simple prOsS 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 Insuran {2023- £822).
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The charitable company is governed by a Board of Trustees. supported by specialist sul>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 M¢Neill, 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 vthen statutory regulations and employees, conditions of employment change. Staff appraisals with the director and the relevant staff are conducted annually. This covers, anngst others, training and development. Staff meetings are held weekly. 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<ommittee made up of members of the Board of Trustees and programming team meet twce 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 Leaming evaluation guidelines which are endorsed by Arts Council of England. Finance Sub Committee Impressions Gallery produces timely, accurate and transparent financial infomiation 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 disdose with reasonable accuracy, at any time, the financial position of the charity. These records are discussed by the finance sub<ommittee 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. ned by.. hl¥w 92919 Julian Trustee Dated: 19 December 2024 FV riguez
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 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 acrdanCe wth 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 gwe 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.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going ¢oncem basis unless it is inappropriate to presurre that the Charity will continue in operation. 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 statemerts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and here for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 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 2024, which are set out on pages 8t023. 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 Charilies Act 2011 (the 2011 Act) and thal an independent examination is needed. The charity's gross income exeded £250,000 and l 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.. examine the financial statements under section 145 of the 2011 Act., (li) 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 (iii) to state whether particular matters have come to my attention. Basis of independent examiner's port My examination was carried out in accordan wth the general Directions given by the Charity Comm ission. 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 disdosures in the financial statements, and seeking explanations from you as trustees con¢eming any such matters. The procedures undertaken do not provide all the evidence that Uld 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 examinetrs statement In connection with my examination, no matter has come to my attention" (a) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordan with section 386 of the Companies Act 2006,. and (li) to prepare financial statements which accord wth the accounting records, comply wth the accounting requirements of section 396 of the Companies Act 2006 and wth the methods and principles of the Statement of Recommended Practi.. Accounting and Reporting by Charities,. have not been met or (b) to which, in my opinion, attention should be dravm in order to enable a proper understanding of t financial statements to be reached. Svjned by.. Isonbthartey¥cA Independent Examiner Azets Audit servIs Ltd Carlton House Grammar School Street Bradford BD14NS Dated: 19 December 2024
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 UnstriCted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 259,483 12,032 4.824 16.997 28.380 26,740 286,223 12,032 4,824 16,997 28,380 240,809 9,742 4,619 3,450 18,596 27,800 268,609 9,742 4,619 3,450 18.596 Total income 321.716 26.740 348,456 277,216 27,800 305.016 Raising funds 3,417 3,417 1,119 1,119 Charitable activities 346,949 26,740 373,689 255,544 41,313 296,857 Total resources expended 350.366 26.740 377,106 256,663 41,313 297.976 Net (expenditure)lin¢ome for the yearl Net movement in funds {28,650) (28,650) 20,553 (13,513) 7,040 Fund balances at 1 April 2023 325,300 325,300 304,747 13,513 318,260 Fund balances at 31 March 2024 296.650 296,650 325,300 325,300 The statement of financial activities indudes 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.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 14 3,397 6,596 Current assets Debtors Cash at bank and in hand 15 38,488 383.429 36,917 380,557 421.917 417,474 Creditors: amounts falling due within one year 16 (128,664) (98,770) Net current assets 293,253 318,704 Total assets less current liabilities 296,650 325,300 Income funds Unrestricted funds Designated funds General unrestricted funds 19 158.397 138.253 161.596 163.704 296.650 325.300 296,650 325,300 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 2024. The directors acknowledge their responsibilities for cornplying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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. These financial statements have been prepared in accordan wth the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 19 December 2024 Svjned by.. Mr 829 Julian Trustee F44tKJ.. riguez Company registration number 01161029
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Impressions Gallery of Photography Limrted is a private company limited by guarantee incorporated in England and Wales. The registered office is Impressions Gallery, Centenary Square, Bradford, BD1 1SD. 1.1 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 Enlity 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. 1.2 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 Tru%tees continue to adopt the going cOnM basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted fvnds 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. 1.4 Income 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 wll be received. Cash donations are recognised on reipt. Other donations are recognised once the Charity has been notified of the donation, unless perfomiance 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. 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. 10-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.5 Expenditure Liabilities are recognised as soon as there is a legal or constructive obligats-on 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 indudes both costs that can be allocated directly to such actiwties and those costs of an indirect nature neSSary to support them. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient 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 Computers 3 years straight line 3 years straight line The gain or loss arising on the disposal of an asset is detennined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the Charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indtIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss {if any). 1.8 Cash and cash equivalents Cash and cash equivalents indude 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. 1.9 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 Chartys balan 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. 11
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 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 ServIS 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. 1.10 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. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 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 carying 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 (lY that period, or in the period of the revision and future periods where the revision affects both current and fvture periods. 12-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Unrestricted Unrestricted 2024 2023 Touring Gallery workshops and events 11,440 592 9,071 671 12,032 9,742 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted nds funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Grants listed below Donated in kind services 2.900 221,183 35.400 3,010 23,730 5,910 244,913 35.400 4,056 221,003 15,750 4,056 248,803 15,750 27,800 259.483 26,740 286.223 240,809 27,800 268,609 Grants receivable for core activities ACE NPO Photoworks Bradford Culture Co Bradford Council HLF {Bradford Live) 206,183 2CE,183 22,070 206,003 206,003 22,070 1,800 1,000 25,000 1,800 16,000 25,000 15.000 1,660 16.660 15,000 221.183 23,730 244.913 221,003 27,800 248,803 Donated in kind services Print and on-line press coverage for our Yrk converted into a marketing value of £35,400 (2023 £15,750). Equivalent PR value amounts to £106,200 (2023 £47,250). 13-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trading activities Unrestricted Unrestricted funds funds 2024 2023 Sales of purchased goods 4,824 4,619 Investments unstrICted Unrestricted funds funds 2024 2023 Interest receivable 16,997 3.450 other income Unrestricted Unrestricted funds funds 2024 2023 HMRC Museums Relief Refund 28,380 18.596 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Tradin costs Purchased goods 3,417 1,119 3,417 1,119 14-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Staff costs Touring and exhibition costs Marketing and audience development Marketing reiVed in kind Research 145,001 65,811 5,786 35,400 4,790 109,088 54,042 3,952 15,750 4,181 256,788 187.013 Share of support costs {see note 10) Share of governance costs (see note 10) 112,889 4,012 106,062 3,782 373,689 296,857 Analysis by fund Unrestricted funds Restricted ndS 346,949 26,740 255,544 41,313 373,689 296,857 15-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Support costs Support Governance costs costs 2024 Support Governance Costs costs 2023 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 51.435 3.823 32.258 5.217 1.965 534 51,435 3.823 32.258 5.217 1.965 534 46.849 3,823 32,249 5,269 2,084 3.033 46,849 3,823 32,249 5,269 2.084 3.033 1,560 4,596 144 4,643 3,499 3,215 1,560 4,596 144 4,643 3,499 3,215 1,209 2,433 89 3,849 1,740 3,435 1,209 2,433 89 3,849 1,740 3,435 Independent examiner's fee Indemnity insuran 3,190 822 3,190 822 2,960 822 2,960 822 112,889 4,012 116,901 106,062 3,782 109,844 Analysed beeen Charitable activities 112,889 4,012 116,901 106,062 3,782 109,844 Support and govemance costs are allocated to the only charitable activity. 11 Trustees None of the Trustees (or any persons connected with them) reiVed any remuneration or benefits fr¢Jn the Charity during the year. Induded in the board administration costs are travel costs reimbursed amounting to £nil paid out, {2023 -£nil). During the year costs of £822 were incurred for indemnity insurance for the trustees (2023- £822). 12 Taxation As a charity the company is exempt from tsx on income falling within part 11 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 charty. 16-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Employees Number of employees The average monthly number employees during the year was: 2024 Number 2023 Number Charitable activities Management and administration Employment costs 2024 2023 Vwdges and salaries Social security costs Other pension costs 180,439 11,814 4,183 144,642 7,895 3,400 196,436 155,937 The number of employees whose annual remuneration VMS £60.000 or more were.. 2024 Number 2023 Number £60,000- £70,000 14 Tangible fixed assets Fixtures and rIngS Compute Total Cost At 1 April 2023 Additions 22,626 624 15.869 38.495 624 At 31 March 2024 23.250 15.869 39,119 Depreciation and impaimient At 1 April 2023 Depreciation charged in the year 17,501 2,843 14,398 980 31,899 3,823 At 31 March 2024 20,344 15,378 35,722 Carrying amount At 31 March 2024 2,906 491 3,397 At 31 March 2023 5,125 1,471 6,596 17-
Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Debtors 2024 2023 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued income 2,400 28,259 7,829 200 20,181 16,536 38,488 36,917 16 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 715 17 296 8,608 947 88,919 2,790 1,720 123,439 128,664 98,770 17 Deferred income 2024 2023 Other deferred income 296 Deferred income is included in the financial ststements as follows.. 2024 2023 Brought forward ReiVed in year Released in year 296 296 (296) Deferred income carried forward 296 18-
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Docusign Envelope ID.. EBFDC106-A79641 D7-B2S&FBE5CF8BE4 IMPRESSIONS GALLERY OF PHOTOGRAPHY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Related party transactions Remuneration of key management personnel 2024 2023 Aggregate compensation 99,985 91,215 Transactions with related parties There were no transactions with related parties in the current or prior period. -23-