Print Quarterly Publications

	Page
Trustees' Report	1—4
Independent Examiner's Report	5
Statement of Financial Activities (including Income and Expenditure Account)	6
Comparative Statement of Financial Activities (including Income and Expenditure Account)	7
Balance Sheet	8
Notes to the Financial Statements	9—15
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account)	16—17

The trustees present their report and the financial statements for the year ended 31 December 2025.

Objectives and Activities

Aims and Objectives

The purpose of the charitable company is the advancement, promotion and encouragement of education and research in the field of art history and the contemporary arts, in particular in the medium of prints. The dissemination of the results of such research will primarily be achieved through the publication of the Print Quarterly magazine.

Public Benefit

In fulfilling the main clauses of the Charitable Company’s Memorandum of Association and its role in providing a public benefit, Print Quarterly has continued to strive to advance the understanding and enjoyment of arts, culture and education in the history and appreciation of prints and printmaking.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Main Achievements

The charity continued to operate smoothly with two part-time administrators and the editor.

The journal continues to maintain a global scope. In 2025 several articles on Polish subjects were published by authors based in Poland, as well as an article on a Chinese subject by a scholar from mainland China. In total, 93 authors contributed to the journal during the year.

Total income from trading activities was almost identical in 2025 compared with 2024. with small increases of around £600 and £300 to subscription income and advertising income respectively. Production and distribution costs also remained broadly consistent. Support costs increased by around £15,000, due to increased staff costs. The increase relates to ongoing salary increases in line with inflation.

Excluding donations and gifts, total income amounted to £110,113. Total expenditure, excluding the Curating Prints seminar, was £219,600, resulting in a shortfall of £109,487, which was offset by ongoing donations.

Print Quarterly successfully organised the final seminar in 2025, generously funded by the Getty Foundation Paper Project. Thanks to careful planning over the previous years, we benefited from an increased budget in 2025, which allowed us to expand the itinerary to include Paris alongside London. The seminar took place across both cities from 19 March – 26 March 2025, with ten participants. By the end of the 2025 fiscal year, the total funds of the grant had been spent on programme activities as per the initial budget. Thanks to the success of the seminars, we have successfully secured a new sponsor for 2027 (Tavolozza Foundation).

Financial Review

Financial Position

Although the aim in every financial period is to generate sufficient income to cover its expenditure on both trading and charitable activities, the charity is dependent on donations to achieve this aim. In the 2025 year, donations were received of £78,758 (2024 - £76,397) which supplemented income from the Journal of £108,265 (2024 - £108,290). Overall, an operating deficit of £29,229 was incurred after expenditure of £218,100 (2024 - £203,435).

Seminar costs relating to the Curating Prints Project increased slightly within the year and expenditure for the year was £37,156 (2024 - £32,930), covered by the restricted funds originally provided by the Getty Foundation in 2019.

The balance sheet shows total funds of £12,104 (2024 - £79,989), which is represented by an unrestricted general funds deficit of £1,752 (2024 - £3,299 surplus), an endowment fund of £13,856 (2024 - £13,856) and restricted funds solely relating to the Curating Prints Project of £0 (2024 - £62,834). This followed a transfer of the remaining restricted funds at the end of the Curating Prints Project, into unrestricted funds, with the consent of the Getty Foundation.

Reserves Policy

The income from the permanent endowment funds may be used for general purposes of the charitable company and is therefore included as part of unrestricted funds. However, the endowment fund balances themselves are ‘capital’ and must be invested and held indefinitely by the charitable company.

The restricted funds represent a grant from the Getty Foundation to support a series of travelling seminars.

The unrestricted general fund represents the charitable company’s “free reserves.” The charity operates without setting a target for free reserves due to a donor’s commitment to provide funds, as needed, to allow the charity to continue to meet any immediate financial requirements and continue its core activity of publishing the Print Quarterly Journal.

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Print Quarterly Publications

Trustees' Report (continued)

For The Year Ended 31 December 2025

Investment policy

The endowment funds are held risk free in cash in a premier interest account, so as to generate some interest and to have the money readily available if required.

Structure, Governance and Management

Governing Document

Introduction

The charity is a company limited by guarantee incorporated in England and Wales (registered number 2677762) and is governed by its Memorandum and Articles of Association dated 15 January 1992. It is also registered with the Charity Commission, charity registration number 1007928. In the event of the company being wound up the members would each be required, if necessary, to contribute to the assets of the company a sum not exceeding £1.

Key management personnel

The directors consider that the Board of Directors, and an employee whose principal role is as Editor of the Print Quarterly Magazine, comprise the key management personnel in charge of directing and controlling, running and operating the charity on a day to day basis.

The directors received no remuneration.

Changes to pay and benefits are determined by the Board of Directors.

Directors

The directors constitute trustees of the charity for the purposes of charity legislation. The following persons shall be entitled to be directors/members:

Not more than six Members nominated by the Subscribers.
Any Member formally proposed, seconded and listed in the notice convening the first Annual General Meeting or any subsequent General Meeting of the Company and who shall be duly elected.

The following members served throughout the financial period and to the date of this report, where:

D Alexander

N Barker

D Bindman (deceased 29/05/2025)

H Chapman (appointed 15/07/2025)

A Griffiths

D Landau

J Martineau

E von Baeyer (appointed 15/07/2025)

Risk management

The directors have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charitable company and its finances. In view of the size of the charitable company and its operations, they have established effective systems to mitigate those risks.

The directors consider that financial sustainability is the principal risk faced by the charitable company. In order to mitigate this risk the directors recognise that most publications are struggling financially because of decreasing advertising revenue and subscriber numbers. However, both advertising revenue and subscriber numbers have been relatively stable for the Journal. The directors keep a close eye on these key financial indicators and, should the need arise, will reassess cheaper production models, including printing on demand, offering an online version behind a paywall, or being an online Open Access journal.

The charity relies heavily on donations and needs to ensure that they will continue. The directors have received a reassurance from the charitable company's main donor that he will cover any shortfalls in its finances and eventually endow the charity to ensure its financial stability.

Reference and Administrative Details

Trustees

Mr David Alexander

Mr Nicolas Barker

Mr David Bindman (resigned 29/05/2025)

Mr Antony Griffiths

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Print Quarterly Publications

Trustees' Report (continued)

For The Year Ended 31 December 2025

Dr David Landau

Jane Martineau

Mr Hugo Chapman (appointed 15/07/2025)

Emanuel Von Baeyer (appointed 15/07/2025)

Company Secretary

Dr Rhoda Eitel-Porter

Charity Number

1007928

Company Number

02677762

Registered Office

10 Chester Row

London

SW1W 9JH

Independent Examiner

Nicholas Weller FCCA

Simmons Gainford Professional Services Ltd
14th Floor, 33 Cavendish Square
London
W1G 0PW

Bankers

Lloyds Bank Plc Paddington Branch

167-169 Edgeware Road

London

W2 1EY

Solicitors

Payne Hicks Beach

10 New Square

Lincoln's Inn

London

WC2A 3QG

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Print Quarterly Publications

Trustees' Report (continued)

For The Year Ended 31 December 2025

Post Balance Sheet Events

Print Quarterly remains committed to the successful publication of the journal, continuing to deliver high-quality articles, informative notes, obituaries, and reviews of current books and exhibition catalogues.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Print Quarterly Publications for the purposes 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. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

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

The trustees' report was approved by the board of trustees and signed on its behalf by:

Mr Antony Griffiths

Trustee

02/10/2026

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Print Quarterly Publications

Independent Examiner's Report to the Trustees of Print Quarterly Publications

For The Year Ended 31 December 2025

Independent Examiner's Report to the Trustees of Print Quarterly Publications

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of Print Quarterly Publications (‘the charitable company’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and Basis of Report

As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent Examiner's Statement

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

accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the financial statements 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 financial statements to be reached.

Nicholas Weller FCCA

02/10/2026

Simmons Gainford Professional Services Ltd
14th Floor, 33 Cavendish Square
London
W1G 0PW

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Print Quarterly Publications

Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 December 2025

Statement of Financial Activities (including Income and Expenditure Account)

					2025	2024
		Unrestricted funds	Restricted funds	Endowment funds	Total funds	Total funds
	Notes	£	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	78,758	-	-	78,758	76,397
Charitable activities:
Print Quarterly magazine		108,265	-	-	108,265	108,290
Investments	4	494	-	-	494	1,279
Other	5	1,354	-	-	1,354	925

		188,871	-	-	188,871	186,891

EXPENDITURE ON:
Charitable activities:	6
Project costs - Curating Prints		(1,500 )	(37,156 )	-	(38,656 )	(32,930 )
Print Quarterly magazine		(218,100 )	-	-	(218,100 )	(203,435 )

		(219,600 )	(37,156 )	-	(256,756 )	(236,365 )

NET EXPENDITURE		(30,729 )	(37,156 )	-	(67,885 )	(49,474 )

Transfers between funds	16	25,678	(25,678 )	-	-	-

NET MOVEMENT IN FUNDS		(5,051 )	(62,834 )	-	(67,885 )	(49,474 )
RECONCILIATION OF FUNDS:
Total funds brought forward		3,299	62,834	13,856	79,989	129,463

TOTAL FUNDS CARRIED FORWARD	16	(1,752 )	-	13,856	12,104	79,989

The notes on pages 9 to 15 form part of these financial statements.

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Print Quarterly Publications

Comparative Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 December 2025

Comparative Statement of Financial Activities (including Income and Expenditure Account)

					2024
		Unrestricted funds	Restricted funds	Endowment funds	Total funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	76,397	-	-	76,397
Charitable activities:
Print Quarterly magazine		108,290	-	-	108,290
Investments	4	1,279	-	-	1,279
Other	5	925	-	-	925

		186,891	-	-	186,891

EXPENDITURE ON:
Charitable activities:	6
Project costs - Curating Prints		-	(32,930 )	-	(32,930 )
Print Quarterly magazine		(203,435 )	-	-	(203,435 )

		(203,435 )	(32,930 )	-	(236,365 )

NET EXPENDITURE		(16,544 )	(32,930 )	-	(49,474 )

Transfers between funds	16	1,500	(1,500 )	-	-

NET MOVEMENT IN FUNDS		(15,044 )	(34,430 )	-	(49,474 )
RECONCILIATION OF FUNDS:
Total funds brought forward		18,343	97,264	13,856	129,463

TOTAL FUNDS CARRIED FORWARD	16	3,299	62,834	13,856	79,989

The notes on pages 9 to 15 form part of these financial statements.

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Print Quarterly Publications

Balance Sheet

As At 31 December 2025

Balance Sheet

					2025	2024
		Unrestricted funds	Restricted funds	Endowment funds	Total funds	Total funds
	Notes	£	£	£	£	£
CURRENT ASSETS
Stocks	11	1,154	-	-	1,154	686
Debtors	12	6,519	-	-	6,519	15,260
Cash at bank and in hand		35,780	-	13,856	49,636	115,319

		43,453	-	13,856	57,309	131,265
Creditors: Amounts Falling Due Within One Year	13	(45,205 )	-	-	(45,205 )	(51,276 )

NET CURRENT ASSETS (LIABILITIES)		(1,752 )	-	13,856	12,104	79,989

TOTAL ASSETS LESS CURRENT LIABILITIES		(1,752 )	-	13,856	12,104	79,989

NET ASSETS		(1,752 )	-	13,856	12,104	79,989

FUNDS OF THE CHARITY
Endowment Funds					13,856	13,856
Restricted Funds					-	62,834
Unrestricted Funds					(1,752 )	3,299

TOTAL FUNDS	16				12,104	79,989

For the year ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

On behalf of the board

Mr Antony Griffiths

Trustee

02/10/2026

The notes on pages 9 to 15 form part of these financial statements.

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Print Quarterly Publications

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Print Quarterly Publications is a company limited by guarantee, incorporated in England & Wales, registered number 02677762 and registered charity number 1007928 . The registered office is 10 Chester Row, London, SW1W 9JH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements 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 charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

Included in the trustees' assessment was a consideration of the commitment received from the charity’s main donor that donations will continue to be made to the charity and at a level to provide sufficient cash reserves to allow the charity to meet its operational expenditure and financial commitments.

The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

2.3. Significant judgements and estimations

The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the directors’ to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the directors’ best knowledge of the amount, event or actions, actual results may differ from those estimates.

The directors do not consider that there are any sources of estimation uncertainty or key judgements made in the preparation of the financial statements.

2.4. Fund Accounting

The endowment funds comprise monies which will be held indefinitely as capital.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

The restricted fund represents grant income received from The Getty Foundation for the Curating Prints Project.

2.5. Incoming Resources

Income from donations is recognised in the period in which the charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably. Donations include gifts of services provided to the charity free of charge. These are measured at fair value using the estimated market value of the services received.

Charitable activity - Print Quarterly Magazine includes magazine subscriptions and advertising income. Subscription and advertising income is deferred when received in advance.

2.6. Resources Expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It includes VAT which cannot be recovered.

Project costs include all expenditure related to the Curating Prints project. Support costs include staff and office costs directly attributable to charitable activities. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs are those which are directly attributable to the management of the charity’s assets and the necessary legal procedures for compliance with statutory requirements.

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Print Quarterly Publications

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Financial Instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities and their measurement basis are as follows: Financial assets – subscriptions and advertising income and accrued income are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – accruals, trade and other creditors are basic financial instruments and are measured at amortised cost. VAT and other taxes and social security liabilities are not financial instruments. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.

2.11. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

3. Income from Donations and Legacies

	2025	2024
	Unrestricted	Unrestricted
	funds	funds
	£	£
Donations and gifts	78,758	76,397

4. Investment Income

	2025	2024
	Unrestricted	Unrestricted
	funds	funds
	£	£
Bank interest receivable	494	1,279

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Print Quarterly Publications

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Other Income

	2025	2024
	Unrestricted funds	Unrestricted funds
	£	£
Other income	1,354	925

6. Analysis of Expenditure

			2025
	Activities undertaken directly	Support costs (see note 7 )	Total
	£	£	£
Print Quarterly magazine	61,450	156,650	218,100
Project costs - Curating Prints	38,656	-	38,656

	100,106	156,650	256,756

			2024
	Activities undertaken directly	Support costs (see note 7 )	Total
	£	£	£
Print Quarterly magazine	60,667	142,768	203,435
Project costs - Curating Prints	32,930	-	32,930

	93,597	142,768	236,365

7. Support Costs

	2025
	Print Quarterly magazine
	£
Employee costs	120,612
Premises expenses	25,081
General administration	8,310
Depreciation	547
Governance costs	2,100

	156,650

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Print Quarterly Publications

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	2024
	Print Quarterly magazine
	£
Employee costs	108,888
Premises expenses	24,351
General administration	7,525
Depreciation	504
Governance costs	1,500

	142,768

Governance costs consist of independent examiner fees.

8. Independent Examiner's Remuneration

	2025	2024
	£	£
Independent examination of the financial statements	2,100	1,500

9. Staff Costs

Staff costs were as follows:

	2025	2024
	£	£
Wages and salaries	115,701	102,923
Social security costs	3,356	4,866
Other pension costs	5,735	4,949

	124,792	112,738

The number of employees whose employee benefits (excluding employer pension costs) for the reporting period exceeded £60,000 was:

	2025	2024
£60,000 to £69,999	-	1
£70,000 to £79,999	1	-

10. Average Number of Employees

Average number of employees during the year was: 3 (2024: 3)

11. Stocks

	2025	2024
	£	£
Stock	1,154	686

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Print Quarterly Publications

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	2,519	8,268
Other debtors	4,000	6,992

	6,519	15,260

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,475	2,455
Other creditors	-	559
Taxation and social security	1,046	1,531
Accruals and deferred income	42,684	46,731

	45,205	51,276

14. Deferred Income

Deferred income movements in the year were as follows:

	2025	2024
	£	£
Balance at the start of the period	43,505	42,834
Income deferred in the current period	36,499	41,137
Amounts released in income from previous periods	(40,920 )	(40,466 )

Balance at the end of the period	39,084	43,505

Deferred income represents subscriptions received for the 2025 calendar year of £36,645 (2024 - £38,417) and advertising income £2,439 for future magazine issues (2024 - £5,088).

15. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £5,735 (2024: £4,949).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

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Print Quarterly Publications

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Movement in Funds

	As at 1 January 2025	Income	Expenditure	Transfers	As at 31 December 2025
	£	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	3,299	188,871	(219,600 )	25,678	(1,752 )
Restricted funds
Project costs - Curating Prints	62,834	-	(37,156 )	(25,678 )	-
Endowment funds
Permanent:
Endowment fund	13,856	-	-	-	13,856


Total funds	79,989	188,871	(256,756 )	-	12,104

	As at 1 January 2024	Income	Expenditure	Transfers	As at 31 December 2024
	£	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	18,343	186,891	(203,435 )	1,500	3,299
Restricted funds
Project costs - Curating Prints	97,264	-	(32,930 )	(1,500 )	62,834
Endowment funds
Permanent:
Endowment fund	13,856	-	-	-	13,856


Total funds	129,463	186,891	(236,365 )	-	79,989

The restricted fund represents a grant from the Getty Foundation to support a series of travelling seminars, originally to take place from 2020 onwards but, due to covid, delayed until 2023 onwards.The original grant was made in June 2019 for a total of £141,000, of which £1,500 represented an honorarium to reimburse the charity for preparation costs in supporting the seminars. The honorarium was retained on restricted funds and the transfer in the year ended 31 December 2025 represents the charity’s reimbursement for costs it has incurred. An additional transfer to unrestricted funds was made in the year ended 31 December 2025, totalling £24,178. This consisted of funds retained from the grant at the end of the Curating Prints project, with the consent of the Getty Foundation, as well as £1,500 of Independent Examiner fees allocated to the project.

17. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

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Print Quarterly Publications

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Related Party Disclosures

Key management personnel (including directors) received compensation of £92,026 (2024: £77,549)

During the year Print Quarterly entered into the following transactions with D Landau, a director of the charity:

a. received a gift of services in respect of office space and utilities which have been measured at a fair value of £24,900 (2024: £24,175); and

b. received cash donations amounting to £50,400 (2024: £50,400).

Additionally, a further arrangement was entered into with E Von Baeyer, another director of the charity. E Von Baeyer hosted a launch party for the September 2025 edition at his personal gallery, in exchange for the magazine advertising the gallery.

19. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

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Print Quarterly Publications

Detailed Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 December 2025

Detailed Statement of Financial Activities (including Income and Expenditure Account)

	2025	2024
	Total funds	Total funds
	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies

Donations and gifts	78,758	76,397

	78,758	76,397

Charitable Activities:
Print Quarterly magazine
Current magazine sales (subscriptions)	71,315	70,704
Sale of back issues and individual issues	1,632	2,479
JSTOR income	3,063	3,257
Slipcase	495	440
Advertising revenue	31,760	31,410

	108,265	108,290
Investments

Bank interest receivable	494	1,279

	494	1,279

Other

Other income	1,354	925

	1,354	925


	188,871	186,891
EXPENDITURE ON:
Charitable Activities:
Print Quarterly magazine
Opening stock and work in progress	(686)	(630)
Printing and production costs	(31,152)	(29,572)
Author fees	(6,668)	(4,985)
Editing of proofs	(2,789)	(6,608)
Image fees	(8)	-
Slipcases	(494)	(452)
Postage and packing	(19,976)	(19,106)
Advertising, marketing, direct mail and publicity	(831)	-
Closing stock and work in progress	1,154	686
Wages and salaries	(111,401)	(98,638)
Employers NI	(3,356)	(4,866)
Employers pensions - defined contributions scheme	(5,735)	(4,949)
Subcontractor costs	(70)	(58)
Travel expenses	(50)	(377)
Rent	(23,257)	(22,580)
Light and heat	(1,643)	(1,595)
Premises insurance	(181)	(176)
Computer and IT consumables	(2,275)	(2,144)
Stationery	(1,988)	(2,069)

...CONTINUED

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Print Quarterly Publications

Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued)

For The Year Ended 31 December 2025

Project costs - Curating Prints
Advertising and marketing costs	(105)	(94)
Accountancy fees	(1,885)	(1,726)
Professional fees	(47)	(35)
Royalties and licence fees payable	(137)	(125)
Bank charges	(1,680)	(1,319)
Sundry expenses	(193)	(13)
Foreign exchange deficit	(547)	(504)
Independent examiner's fees	(2,100)	(1,500)

	(218,100)	(203,435)
Materials	(279)	(40)
Wages and salaries	(4,300)	(4,285)
Travel and subsistence expenses	(34,077)	(26,894)
Marketing and advertising costs	-	(1,711)

	(38,656)	(32,930)

	(256,756)	(236,365)

NET EXPENDITURE	(67,885)	(49,474)

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