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THE SAATCHI GALLERY, LONDON

Registered charity 1182328 · accounts filings on the Charity Commission register

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Latest income
£4.9m
Latest spending
£7.2m
Registered
2019
Accounts read
FY2024

Financial health, per its FY2024 accounts

The accounts state that the charity reported a net loss of £2,228,554 for the year ended 31 December 2024, resulting in accumulated deficits of £3.6m. The trustees note that the organisation is dependent on securing future funding and adjusting costs to suit lower revenue projections from partnerships, but maintain a reasonable expectation of continuing to operate for the foreseeable future.

What the accounts disclose

Reserves position: below the charity's own stated reserves policy
“A reserves policy has been considered by the trustees and will be updated once the accumulated deficits of £3.6m (2023: £1.3m) have been erased, which is the initial objective.” — page 8
Per its FY2024 accounts as filed with the Charity Commission.
Going concern: noted by the trustees or auditor
“As such, in 2025, a special emphasis has, and will, be placed on recruiting a team that can drive this key revenue line. In addition, costs will be carefully considered and adjusted to suit the lower revenue projections from our partnerships team.” — page 8
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Management services paid to Jet Support Services, owned by a trust of which trustee Mr. Eliasch is the settlor.
“During the year, Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, made payments to Jet Support Services amounting to £216,008 (2023: £217,008) in respect of management services. Jet Support Services is owned by a trust of which Mr. Eliasch, a trustee of Saatchi Gallery London, is the settlor.” — page 30
“Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, is party to an intellectual property agreement with True Blue Limited, which is owned by a trust of which Mr. Eliasch, a trustee of the charity and director of Saatchi Gallery London Limited, is the settlor. Under this agreement, True Blue Limited is entitled to receive an annual fee of £500,000. These fees were waived from 2019 to 2024 representing £3,000,000 of support from TrueBlue Limited” — page 30
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: IP agreement with True Blue Limited, owned by a trust of which trustee Mr. Eliasch is the settlor. Fees waived in 2024.
“During the year, Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, made payments to Jet Support Services amounting to £216,008 (2023: £217,008) in respect of management services. Jet Support Services is owned by a trust of which Mr. Eliasch, a trustee of Saatchi Gallery London, is the settlor.” — page 30
“Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, is party to an intellectual property agreement with True Blue Limited, which is owned by a trust of which Mr. Eliasch, a trustee of the charity and director of Saatchi Gallery London Limited, is the settlor. Under this agreement, True Blue Limited is entitled to receive an annual fee of £500,000. These fees were waived from 2019 to 2024 representing £3,000,000 of support from TrueBlue Limited” — page 30
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Trustee expenses reimbursed via director's loan account.
“During the year, Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, made payments to Jet Support Services amounting to £216,008 (2023: £217,008) in respect of management services. Jet Support Services is owned by a trust of which Mr. Eliasch, a trustee of Saatchi Gallery London, is the settlor.” — page 30
“Saatchi Gallery London Limited, a wholly-owned subsidiary of the charity, is party to an intellectual property agreement with True Blue Limited, which is owned by a trust of which Mr. Eliasch, a trustee of the charity and director of Saatchi Gallery London Limited, is the settlor. Under this agreement, True Blue Limited is entitled to receive an annual fee of £500,000. These fees were waived from 2019 to 2024 representing £3,000,000 of support from TrueBlue Limited” — page 30
Per its FY2024 accounts as filed with the Charity Commission.
Trading subsidiary: Saatchi Gallery, London Limited
“The charitable entity owns 100% of a subsidiary called Saatchi Gallery, London Limited. No other subsidiaries exist.” — page 11
Per its FY2024 accounts as filed with the Charity Commission.

Accounts audited by Carston ETL. Discloses 3 of 6 completeness components.

Structured financials (annual return, FY ending 31/12/2024)

Total income
£4.9m
Total spending
£7.2m
Reserves (reported)
£26k
Employees
49

Reported reserves equal ~0.0 months of spending — in the bottom quarter for charities its size (median 4.8 months; benchmarks).

Trustees

Trustee list from the Charity Commission register (current, not historical).

Operates in: Throughout London

Income and spending

Financial year endIncomeSpending
31/12/2024£4.9m£7.2m
31/12/2023£8.7m£7.8m
31/12/2022£8.3m£3.5m
31/12/2021£2.9m£4.7m
31/12/2020£2.3m£4.8m

Common questions

Is THE SAATCHI GALLERY, LONDON financially healthy?

The accounts state that the charity reported a net loss of £2,228,554 for the year ended 31 December 2024, resulting in accumulated deficits of £3.6m. The trustees note that the organisation is dependent on securing future funding and adjusting costs to suit lower revenue projections from partnerships, but maintain a reasonable expectation of continuing to operate for the foreseeable future. Its FY2024 accounts were audited by Carston ETL.