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REGISTERED COMPANY NUMBER: 02743893 (England and Wales)
REGISTERED CHARITY NUMBER: 1014275














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 November 2023

for

The John Kobal Foundation

The John Kobal Foundation






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Report of the Trustees 1 to 2

Statement of Financial Activities 3

Balance Sheet 4 to 5

Notes to the Financial Statements 6 to 9

The John Kobal Foundation (Registered number: 02743893)

Report of the Trustees
for the Year Ended 30 November 2023


The John Kobal Foundation is a company limited by guarantee. It is a registered charity (Charity no. 1014275)

OBJECTIVES AND ACTIVITIES
Objectives and aims
The John Kobal Foundation is a charity organisation established in 1991. Our aim is to encourage and promote public interest in fine art photography and support emerging photographers by providing financial support.

Chair’s Report
After a selection process involving a panel of judges made up of international curators, trustees of the Foundation and industry professionals, in March 2023 the first John Kobal Foundation Fellowship was awarded to the South African photographer Lindokuhle Sobekwa.

The Fellowship, worth £50,000, is awarded every two years and is open to artists of any age or nationality working in a lens-based medium. It is intended to be a transformative opportunity, offering the financial support to enable an artist to move their practice forward in a way they would not otherwise be able to. The funding for the Fellowship was made possible thanks to the income received by the Foundation from the sale of our print and document archive to the Hood Museum at Dartmouth College in the US.

Along with the establishment of the Fellowship, the Foundation also entered into a partnership agreement with Tate for a John Kobal Foundation Fellowship lecture to be given annually at Tate Modern. The inaugural lecture was given by Lindokuhle Sobekwa in the Starr Auditorium at Tate Modern on the evening of 30 March, followed by a conversation between the artist and the writer and curator David Campany, who is a John Kobal Foundation trustee. The lecture was live-streamed and is available on YouTube, the JKF and Tate websites.

As part of the acquisition agreement with the Hood Museum of Art, Dartmouth, the museum hosted the first of its series of John Kobal Foundation lectures in March 2022. It was given by the Academy Award-winning film maker and film historian Kevin Brownlow. The second lecture in the series is planned for March 2024, to be given by Patrick Keating, professor of Communication at Trinity University, San Antonio, Texas.

We look forward to commencing the selection process for the second JKF Fellowship which will be awarded in Spring 2025.

Liz Jobey & Michael Mack
Co-Chairs

FINANCIAL REVIEW
Reserves policy
The trustees believe that the charity should hold reserves in order to allow it to be managed efficiently and to provide a buffer for uninterrupted management.

Total funds
The balance sheet shows total funds amounting to £308,905. The completion of the sale of the print and document archive to the Hood Museum has returned the charity to a positive financial position which enables the charity to be managed efficiently in providing charitable support to fine art photography.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisation
The charity's base is Studio E, Ground Floor, Emperor House, Dragonfly Place, London SE4 2FL.It has no full-time employee.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02743893 (England and Wales)


The John Kobal Foundation (Registered number: 02743893)

Report of the Trustees
for the Year Ended 30 November 2023

Registered Charity number
1014275

Registered office
67 Westow Street
Upper Norwood
London
SE19 3RW

Trustees
S Crocker Film Producer
R Dance Art Dealer
R C Grey Solicitor
M S Hoppen Gallery Owner
Ms E Jobey Writer & Editor (Co Chair)
Dr M A Mack Publisher (Co-Chair)
T A Pepper Museum Curator
A J J J Sullivan CEO & Founder, Verbatim Photo Agency
N Arthur Curator, British Film Institute
Ms E L Bowkett Director of Photography, Curator
D G L Campany Curator/Writer
Ms S M Mavlian Director

Company Secretary
S Crocker

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 29 August 2024 and signed on its behalf by:





Dr M A Mack - Trustee

The John Kobal Foundation

Statement of Financial Activities
for the Year Ended 30 November 2023

30.11.23 30.11.22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 13,742 15,435

Investment income 2 885 21
Total 14,627 15,456

EXPENDITURE ON


Other 92,652 (21,646 )

NET INCOME/(EXPENDITURE) (78,025 ) 37,102


RECONCILIATION OF FUNDS
Total funds brought forward 386,930 349,828

TOTAL FUNDS CARRIED FORWARD 308,905 386,930

The John Kobal Foundation (Registered number: 02743893)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Total Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 6 2,206 2,308

CURRENT ASSETS
Debtors 7 316 361
Cash at bank and in hand 311,423 388,045
311,739 388,406

CREDITORS
Amounts falling due within one year 8 (5,040 ) (3,784 )

NET CURRENT ASSETS 306,699 384,622

TOTAL ASSETS LESS CURRENT
LIABILITIES

308,905

386,930

NET ASSETS 308,905 386,930
FUNDS 9
Unrestricted funds 308,905 386,930
TOTAL FUNDS 308,905 386,930

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)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 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


The John Kobal Foundation (Registered number: 02743893)

Balance Sheet - continued
30 November 2023

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


The financial statements were approved by the Board of Trustees and authorised for issue on 29 August 2024 and were signed on its behalf by:





E Jobey - Trustee





M A Mack - Trustee

The John Kobal Foundation

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

At present, the charity holds no restricted funds.

2. INVESTMENT INCOME
30.11.23 30.11.22
£    £   
Bank interest 885 21


The John Kobal Foundation

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

30.11.23 30.11.22
£    £   
Depreciation - owned assets 102 151

4. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

There were no trustee's expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022.

Trustees' remuneration
The were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 15,435

Investment income 21
Total 15,456

EXPENDITURE ON


Other (21,646 )

NET INCOME 37,102


RECONCILIATION OF FUNDS
Total funds brought forward 349,828

TOTAL FUNDS CARRIED FORWARD 386,930


The John Kobal Foundation

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Vintage and Computer
prints fittings equipment Totals
£    £    £    £   
COST
At 1 December 2022 and 30 November 2023 1,987 7,846 2,006 11,839
DEPRECIATION
At 1 December 2022 - 7,789 1,742 9,531
Charge for year - 14 88 102
At 30 November 2023 - 7,803 1,830 9,633
NET BOOK VALUE
At 30 November 2023 1,987 43 176 2,206
At 30 November 2022 1,987 57 264 2,308

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
VAT 316 361

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 2,918 1,544
Other creditors 22 240
Accruals and deferred income 2,100 2,000
5,040 3,784

9. MOVEMENT IN FUNDS
Net
At movement At
1.12.22 in funds 30.11.23
£    £    £   
Unrestricted funds
General fund 386,930 (78,025 ) 308,905

TOTAL FUNDS 386,930 (78,025 ) 308,905

The John Kobal Foundation

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 14,627 (92,652 ) (78,025 )

TOTAL FUNDS 14,627 (92,652 ) (78,025 )


Comparatives for movement in funds

Net
At movement At
1.12.21 in funds 30.11.22
£    £    £   
Unrestricted funds
General fund 349,828 37,102 386,930

TOTAL FUNDS 349,828 37,102 386,930

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 15,456 21,646 37,102

TOTAL FUNDS 15,456 21,646 37,102

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 November 2023.