| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 30 November 2024 |
| for |
| The John Kobal Foundation |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 30 November 2024 |
| for |
| The John Kobal Foundation |
| The John Kobal Foundation |
| Contents of the Financial Statements |
| for the Year Ended 30 November 2024 |
| 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 2024 |
| 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 |
| In 2024, the Foundation continued to support of the biannual John Kobal Foundation Fellow, which was awarded in 2023 to the South African photographer Lindokuhle Sobekwa. |
| The Fellowship, worth £50,000, 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. |
| In the first year of his fellowship, Sobekwa became a full member of Magnum Photos, and the second year saw the publication of his first photography book, I carry Her photo with Me (MACK). In March 2024, a solo show of his work, Umkhondo: Going Deeper, opened at the Johannesburg Art Gallery. This followed his FNB Art Joburg Award, given in 2023. FNB Art Joburg is the leading and longest running contemporary African art fair on the continent. |
| The Foundation Fellowship includes an annual lecture given by the Fellow in the first year and in the second by an invited guest, or group, on a subject related to the Fellow's work The first lecture was delivered in 2023 in partnership with Tate Modern. In 2024 the Tate was unable to continue this partnership after changes in policy due to financial constraints. We look forward to commencing the selection process for the second JKF Fellowship, which will be awarded in Spring 2026 |
| As part of the agreement with the Hood Museum of Art in the US, which acquired the John Kobal Foundation Collection of vintage Hollywood photographs in 2021, the Foundation supports an annual lecture given by a specialist on a subject related to the collection. This year's lecture, "The Narrativization of Glamour in Film Noir", was given in March 2024 by Patrick Keating, professor of Communication at Trinity University, San Antonio Texas. |
| Professor Keating teaches courses in film studies and video production and serves as the chair of the interdisciplinary minor in Film Studies. A recording of the lecture is available on YouTube, as is the inaugural lecture given in 2023 by the filmmaker and film historian Kevin Brownlow. |
| In July 2024, Fabulous Faces from Classic Hollywood, by two of our trustees, Simon Crocker and Robert Dance, was published by ACC Art Books in the UK and USA |
| Alongside these awards and events, the Foundation continues to receive annual revenue from its sales of licenced images through Getty Images.com, and from the sale of photographic prints, available through the Foundation's website. |
| 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 £294,407. 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. |
| The John Kobal Foundation (Registered number: 02743893) |
| Report of the Trustees |
| for the Year Ended 30 November 2024 |
| 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 |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| 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 |
| The John Kobal Foundation |
| Statement of Financial Activities |
| for the Year Ended 30 November 2024 |
| 30.11.24 | 30.11.23 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Other |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 308,905 |
| The John Kobal Foundation (Registered number: 02743893) |
| Balance Sheet |
| 30 November 2024 |
| 30.11.24 | 30.11.23 |
| Total | Total |
| funds | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 9 |
| Unrestricted funds | 308,905 |
| TOTAL FUNDS | 308,905 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 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 2024 |
| 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 |
| The John Kobal Foundation |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2024 |
| 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 | - |
| Computer equipment | - |
| 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 |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank interest | 1,565 | 885 |
| The John Kobal Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Depreciation - owned assets |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| Trustees' expenses |
| There were no trustee's expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023. |
| Trustees' remuneration |
| The were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Total |
| EXPENDITURE ON |
| Other |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 308,905 |
| The John Kobal Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Vintage | and | Computer |
| prints | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 December 2023 and 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| VAT |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Trade creditors |
| Other creditors |
| Accruals and deferred income |
| 9. | MOVEMENT IN FUNDS |
| Net |
| At | movement | At |
| 1.12.23 | in funds | 30.11.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 308,905 | (15,291 | ) | 293,614 |
| TOTAL FUNDS | (15,291 | ) | 293,614 |
| The John Kobal Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 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 | 17,797 | (33,088 | ) | (15,291 | ) |
| TOTAL FUNDS | ( |
) | (15,291 | ) |
| Comparatives for 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 |
| Comparative 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 | ) |
| 10. | RELATED PARTY DISCLOSURES |