REGISTERED COMPANY NUMBER: 02369267 (England and Wales)

REGISTERED CHARITY NUMBER: 801614

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

198 CONTEMPORARY ARTS AND LEARNING

LIMITED

Page

Reference and administrative details

1

Report of the trustees

2

to

4

Independent examiner's report

5

Statement of financial activities

6

Statement of financial position

7

to

8

Notes to the financial statements

9

to

16

TRUSTEES

B Asante (resigned 30.5.25)

A Ikwe-Tyehimba

L K Johnson

K Theophilus (resigned 30.5.25)

L Johnson

N Lockey

O Williams

J Forson (resigned 1.10.24)

H Aliyu (appointed 18.7.25)

Ms A Green (appointed 18.7.25)

S Harman (appointed 18.7.25)

REGISTERED OFFICE

194 - 198 Railton Road

Herne Hill

London

SE24 0JT

REGISTERED COMPANY NUMBER

02369267 (England and Wales)

REGISTERED CHARITY NUMBER

801614

INDEPENDENT EXAMINER

Leroy Reid & Co

Chartered Certified

Accountants

299 Northborough Road

Norbury

London

SW16 4TR

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of 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

Objectives and aims

The company's objects are specifically restricted to the following;

1. To promote and provide an arts exhibition centre and community centre primarily but not exclusively for the benefit of the inhabitants of the London Borough of Lambeth, the inhabitants of London generally and both national and international audiences, without distinction of sex or of political, religious or other opinions, by associating the local authorities, voluntary or organisations and the inhabitants in a common effort to advance arts education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants.

2. To promote the advancement of education for the public benefit, particularly in relation to the arts and particularly with young people.

3. The relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find employment.

Equal Opportunities

In the furtherance of the Objects the Company shall at all times actively promote and take into consideration the principles of equality of opportunity

Volunteers

The Charity is supported by a large number of volunteers and the trustees would like to acknowledge their contribution to the continued success of the Charity.

There is a Volunteering Policy in place that underpins the way the Charity works with volunteers and details the benefits of volunteering for both the individual and the Charity.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the financial year 24-25, 198 continued to make good progress against our aims and objectives despite a challenging economic climate. Our gallery programme staged a number of strong exhibitions this year commencing with Portals; Bending Spacetime which was curated by Shane Sutherland, 198 curatorial assistant. This was a multidisciplinary group show featuring ten emerging artists creating across video, sculpture, painting, 3D and new media. An exploration of Black imagination and possibility, "Portals: Bending Spacetime" invited audiences to journey through Afro-futurist aesthetics and adjacent themes, highlighting the unique narratives imbued in work created from Black and African Diasporic experiences.

This was followed by a showcase of work by local Lambeth residents who have attended free creative courses via our Step Up programme, funded by Lambeth Adult Learning. Step Up, a joint programme in collaboration with our consortium partner Photofusion, reaches ninety adults aged 19+ per annum with most identifying as belonging to priority groups in Lambeth such as lone parents, carers and care leavers, long term unemployed and refugees and asylum seekers. Collating a broad spectrum of work from our Film & video, Art & Design, LGBTQ+ photography and SEND Art courses, the exhibition titled, ' The Nature of Change' embodied the diverse talents sparked, nurtured and flourishing within our local Lambeth community. We were recommissioned by LB Lambeth to continue delivery of Step Up for the academic year 25-26 so arts education initiatives for our local community will continue to be one of the key strands of activity in our programme next year.

To coincide with the London Art Fairs in the autumn we invited guest curator Susanne Fredricks to curate the exhibition 'Slippage: The Caribbean in Flux 'with new bodies of work by four of the most exciting emerging contemporary artists from Jamaica and Trinidad. The exhibition aimed to challenge thinking in ideas around historical memory, contemporary identity, (not)belonging, and the possibilities that alternative histories/stories hold for the cultural imagination in post plantation societies. This exhibition was a commercial success with all four artists gaining enhanced visibility through the sale of work and a catalogue which was distributed widely.

The final exhibition in this year was 'Hard Evidences', curated by Nimco Hussein, a multidisciplinary exhibition where memory, myth, and history intersected to illuminate the often-hidden forces that shape our contemporary realities. Through the works of Tiffany Wellington, Tamara Al-Mashouk, and Divine Southgate-Smith, the exhibition examined the delicate yet potent power of unveiling truths, confronting erasures, and imagining futures beyond the confines of the past. All exhibitions provided further opportunity for audience engagement through events such artists' talks, workshops, performances and readings.

198 continued to provide space for community members through the hire of workspace and event space. Our six workspaces remained at full occupancy, enabling 198 to benefit from earned income to help support our core costs. We undertook hires in our gallery spaces, drawing in diverse audiences for events led by organisations such as Ubele, Herne Hill Literature Festival and Penguin Random House. We also provided affordable hire space in our community learning studio for organisations such as AWETHU and Brixton Advice Centre.

While delivering a strong programme of activities throughout the year 198 also worked strategically to develop new capital and revenue projects for the year ahead. We continued to work towards installing solar energy, completing our green terrace and undertaking repairs to the exterior of the building and we hope to see results in the coming period. We also aim to continue work on 198's archive, making it accessible to future generations by digitising more materials from the archives of 198 and Clovis Salmon OBE and making them available online.

FINANCIAL REVIEW

Financial position

The Trustees are satisfied with the performance of the charity for the year under review. The deficit for the year was £12,792 (2024 - Surplus £25,113) and reserves of £1,792,482 (2024 - £1,805,274). Further details of the composition of the reserves can be found on page 17 and note 16.

Reserves policy

The trustees have adopted the Charity Commission's guidance in setting a reserve policy which is based on realistic assessments of the needs for the Charity to hold reserves.

This policy takes into account the needs of the Charity to plan for contingencies and to protect both its staff and its clients from any unforeseen adverse circumstances.

FUTURE PLANS

Going forward, we continue to focus on financial sustainability. Our project exploring feasibility and seeking funding to install solar power, to mitigate against rising energy costs, is ongoing. We continued our funding as an Arts Council NPO, and Lambeth Adult Learning provider, completed the production of a series of limited edition artists' prints, and designed a Friends programme. We overhauled and redesigned our website, including setting up an online shop. Further income was generated through workspace rental and venue hire.

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.

Organisational structure

198 Contemporary Arts and Learning Limited has eleven trustees who are responsible for the strategic direction and policy of the Charity.

A scheme of delegation is in place and day to day responsibility for the delivery of services rest with the Gallery Director and the staff team. The Trustees are responsible for ensuring that the Charity delivers the services negotiated and agreed and that quality standards are maintained.

Key management remuneration

The Gallery Director is the most senior employee with the Charity and the requisite remuneration falls within the range of £30,000 - £40,000 per annum.

Approved by order of the board of trustees on 10th December 2025 and signed on its behalf by:

A Ikwe-Tyehimba - Trustee

Independent examiner's report to the trustees of 198 Contemporary Arts And Learning Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Ebenezer Okai, BSc, FCCA

The Association of Chartered Certified Accountants

Leroy Reid & Co

Chartered Certified

Accountants

299 Northborough Road

Norbury

London

SW16 4TR

12th December 2025

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

79,936

4,000

83,936

97,687

Charitable activities

4

Charitable Activities

126,194

155,820

282,014

285,226

Investment income

3

283

-

283

151

Total

206,413

159,820

366,233

383,064

EXPENDITURE ON

Charitable activities

5

Charitable Activities

219,205

159,820

379,025

357,951

NET INCOME/(EXPENDITURE)

(12,792

)

-

(12,792

)

25,113

Transfers between funds

17

47,499

(47,499

)

-

-

Net movement in funds

34,707

(47,499

)

(12,792

)

25,113

RECONCILIATION OF FUNDS

Total funds brought forward

(25,262

)

1,830,536

1,805,274

1,780,161

TOTAL FUNDS CARRIED FORWARD

9,445

1,783,037

1,792,482

1,805,274

2025

2024

Notes

£

£

FIXED ASSETS

Tangible assets

11

1,794,411

1,798,203

CURRENT ASSETS

Debtors

12

26,584

19,346

Cash at bank and in hand

31,047

71,265

57,631

90,611

CREDITORS

Amounts falling due within one year

13

(3,560

)

(3,540

)

NET CURRENT ASSETS

54,071

87,071

TOTAL ASSETS LESS CURRENT LIABILITIES

1,848,482

1,885,274

CREDITORS

Amounts falling due after more than one year

14

(56,000

)

(80,000

)

NET ASSETS

1,792,482

1,805,274

FUNDS

17

Unrestricted funds:

General fund

9,445

(25,262

)

Restricted funds:

Restricted fund

1,783,037

1,830,536

TOTAL FUNDS

1,792,482

1,805,274

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 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.

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 10th December 2025 and were signed on its behalf by:

A Ikwe-Tyehimba - Trustee

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.

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.

Furniture & Fittings and Office Equipment

25% reducing method

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.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Project management

-

-

-

1,195

Sundry income

3,079

-

3,079

2,373

Gifts & Donations

297

4,000

4,297

4,162

Hire of 198 Gallery premises

76,560

-

76,560

89,957

79,936

4,000

83,936

97,687

3.	INVESTMENT INCOME

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Deposit account interest

283

-

283

151

4.	GRANTS RECEIVABLE FOR CORE ACTIVITIES

2025

2024

Charitable

Total

Activities

activities

£

£

Arts Council England, London

223,650

84,711

London Borough of Lambeth

16,613

6,242

Walcot Foundation

9,951

49,885

The Jack Petchey Foundation

1,800

1,800

Peter Cruddas Foundation

-

5,000

Power to Change CBF

-

7,373

Lambeth Adult Learning

-

82,215

Enterprise Development Fund

-

16,000

Freelands Foundation

30,000

30,000

Brockwell Live Community Fund

-

2,000

282,014

285,226

Included in above Grants Receivable for core activities of £282,024, was restricted funds of £155,820. This included Art Council England, London £97,476; London Borough of Lambeth £16,613, Walcot Foundation £9,951; The Jack Petchey Foundation £1,800 and Freeland Foundation £30,000.

5.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 6)

note 7)

Totals

£

£

£

Charitable Activities

373,662

5,363

379,025

6.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Staff costs

128,666

152,091

Utilities - gas, light, rates and water

31,751

36,308

Insurance

6,381

5,750

Telephone and broadband

1,056

1,041

Printing, postage & stationery

5,124

9,147

Artist fee and materials

27,989

14,510

Consultancy

51,579

47,021

Exhibition expenses

9,629

7,934

Project material

4,144

3,432

Furniture and equipment consumable

13,041

739

Cleaning

7,854

7,371

Internet and email

1,037

1,273

Training

1,493

1,058

Travel and subsistence

6,532

5,774

Software expenses

4,480

5,048

Subscription

7,766

6,383

Volunteers

1,543

520

Repairs, renewals and maintenance

5,965

6,885

Staff welfare

5,455

1,225

Work placement fees

3,604

2,965

Project Grants paid out

42,082

31,895

Bad debts written off

2,700

-

Depreciation

3,791

5,055

373,662

353,425

7.	SUPPORT COSTS

Governance

costs

£

Charitable Activities

5,363

Support costs, included in the above, are as follows:

GOVERNANCE COSTS

2025

2024

Charitable

Total

Activities

activities

£

£

Bank charges

464

328

Independent examiner fee

3,498

3,498

MC meetings

1,401

700

5,363

4,526

8.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

3,792

5,055

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.

10.	STAFF COSTS

2025

2024

£

£

Wages and salaries

122,313

144,327

Social security costs

3,984

4,928

Other pension costs

2,369

2,836

128,666

152,091

The average monthly number of employees during the year was as follows:

2025

2024

Core Staff

1

1

Creative Learning

8

8

9

9

No employees received emoluments in excess of £60,000.

11.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2024 and 31st March 2025

1,783,037

60,319

178,210

2,021,566

DEPRECIATION

At 1st April 2024

-

54,258

169,105

223,363

Charge for year

-

1,515

2,277

3,792

At 31st March 2025

-

55,773

171,382

227,155

NET BOOK VALUE

At 31st March 2025

1,783,037

4,546

6,828

1,794,411

At 31st March 2024

1,783,037

6,061

9,105

1,798,203

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

26,584

18,696

Other debtors

-

650

26,584

19,346

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

62

42

Accrued expenses

3,498

3,498

3,560

3,540

14.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans (see note 15)

45,000

57,000

Pension

11,000

23,000

56,000

80,000

15.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due between two and five years:

Other loans - 2-5 years

45,000

57,000

16.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

£

£

£

£

Fixed assets

11,374

1,783,037

1,794,411

1,798,203

Current assets

57,631

-

57,631

90,611

Current liabilities

(3,560

)

-

(3,560

)

(3,540

)

Long term liabilities

(56,000

)

-

(56,000

)

(80,000

)

9,445

1,783,037

1,792,482

1,805,274

17.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

(25,262

)

(12,792

)

47,499

9,445

Restricted funds

Restricted fund

1,830,536

-

(47,499

)

1,783,037

TOTAL FUNDS

1,805,274

(12,792

)

-

1,792,482

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

206,413

(219,205

)

(12,792

)

Restricted funds

Restricted fund

159,820

(159,820

)

-

TOTAL FUNDS

366,233

(379,025

)

(12,792

)

Comparatives for movement in funds

Net

movement

At

At 1.4.23

in funds

31.3.24

£

£

£

Unrestricted funds

General fund

(2,876

)

(22,386

)

(25,262

)

Restricted funds

Restricted fund

1,783,037

47,499

1,830,536

TOTAL FUNDS

1,780,161

25,113

1,805,274

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

185,593

(207,979

)

(22,386

)

Restricted funds

Restricted fund

197,471

(149,972

)

47,499

TOTAL FUNDS

383,064

(357,951

)

25,113