Registered number Charity Registration No. 1000001
The Arts Foundation Report and Accounts
31 December 2020
The Arts Foundation Company Information
Trustees
Mr Howell James - CBE (Chairman) Ms Virginia Hodge Mr Dennis Chang Mr Jonathan Reekie Mrs Jan Dalley Mr Matthew Slotover Mr Simon Prosser Ms Frith Kerr Ms Monika Parrinder Mr John Booth Ms Kully Thiarai Mr Andrew Comben
Secretary
Miss Shelley Warren
Charity Number 1000001
Principal Address The Arts Foundation Brighton Junction 1a Isetta Square 35 New England Road Brighton BN1 4GQ
Bankers
CAFCash Ltd PO Box 289 West Malling Kent ME19 4TA
Solicitors John Cohen Clintons 55 Drury Lane London WC3B 5SQ
Investment Advisors Investec Wealth and Investment ltd 2 Gresham st London EC2V 7QN
Independent Examiner
Lesley Alexander 5 Ferrymans Quay William Morris Way London SW6 2UT
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The Arts Foundation Charity Number 1000001 Trustees' Report
Accounts
The Trustees submit their report and the audited accounts of the Arts Foundation for the year ended 31[st] December 2020.
Constitution
The Arts Foundation is a charity No. 1000001, registered in accordance with the Charities Act 1960 and was established by a declaration of Trust dated 16[th] July 1990. A Deed of Variation was agreed by the Charity Commissioners and was signed by the Trustees on 4[th] May 1995. This provided for the change from the Arts Council of Great Britain to the Arts Council of England as referred to in the original Declaration of Trust. On 5th December 2000 a deed of variation was signed by all Trustees increasing the maximum number of Trustees to 15. In addition Trustees would from the date of the deed be appointed for a term of three calendar years after the expiry of which they may be appointed for a further term of three years. On the 9[th] September 2008 this clause was removed and amended to allow the Trustees to remain as long as they saw fit but should all but two Trustees agree the Trustee in question would be obliged to stand down.
Objectives
The Arts Foundation was established with the specific purpose of helping the individual artist through a fellowship programme. The purpose of the Fellowships are to provide unrestricted support for talented, emerging artists at a time in their careers when they need help most – after commitment but before fame, and to encourage communications and interaction between the artists themselves.
Statement of Trustees' Responsibilities
The Trustees are required under the constitution of the charity to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its results for that period, and which comply with the Declaration of Trust dated 16[th] July 1990 and the Charities Acts 1960 and 1992. In preparing these financial statements, the trustees are required to:
a. Select suitable accounting policies and then apply them consistently;
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b. Make judgements and estimates that are reasonable and prudent;
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c. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity, and to enable them to ensure that the accounts comply with the Charities Act 1993 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Review of the Foundations Activities
Along with the exhibition at the Comics Museum and talk at the Design Museum in December 2019, the Arts Foundation produced a further event to promote the finalists for the Experimental Film Award 2020. The New Experimentalists was held at the ICA on January 12th as part of the London Short Film Festival, and featured the four finalists Jessica Ashman, Natasha Austin-Green, Onyeka Igwe and Alan Warburton. The event showcased work from each artist which spanned CGI to drawn animation, documentary, film and video and included Q&As with the filmmakers themselves. The event was sold out and well received.
The 2020 AFFAs (Arts Foundation Futures Awards) were held at London’s ICA with Guest of Honour, Oscar winning film director and fellow of the Arts Foundation Asif Kapadia who announced these five award winners; Esther MacManus (Comics), Klein (Experimental Music), Ima Abasi-Okon (Visual Arts supported by the Yoma Sasburg Estate), Bethany Williams (Social Innovation in Materials Design supported by the Clothworkers’ Company) and Onyeka Igwe (Experimental Film supported by the David Collins Foundation). All fellows received £10,000 fellowships with £1,000 going to each of the 15 runners up. Over 250 people attended from all walks of the arts.
Outside of the awards themselves, access and inclusion to the fellowship scheme were areas of focus for the board with targets set and included on the website. All participants of the scheme were asked to complete a questionnaire devised by the board covering areas such as diversity, geographical spread and disability which would be reviewed annually. The board also developed an ethical policy for the Foundation.
With regards to fundraising, the Board raised £4,200 from the ‘Friends of the Foundation’ scheme and secured a three-year sponsored theatre award through the Maria Bjornson Memorial Trust. In December it was confirmed that the PRS Foundation would support the ‘Sound for Change’ Award for 2022.
The lockdown in the UK caused by the Corona virus pandemic caused some of the Foundation’s activities to be cancelled including an exhibition by recipients of the David Collins Foundation at the Milan Design Fair scheduled for April 2020. In early April the Board agreed to maintain the 2021 fellowship scheme in light of the growing need of support for artists during this unprecedented time. The Foundation contacted all past finalists and sent information about different support schemes available at this time. All meetings were conducted online, including the judging of the award and the application system became fully digital.
In order to increase the profile of the artists the Foundation supports, 2020 brought more focus on the Foundation’s social media platforms. Innovative ways of promoting the fellows as well as more consistent posting resulted in a 130% increase in followers on Instagram. Twitter followers increased to 4,000 followers.
The trustees continued selecting both broad and niche categories for the awards. This mixture continues to define the Arts Foundation which has a catalysing agenda as well as a broader creative one. The board selected; Theatre-Makers (supported by the Maria Bjornson Memorial Trust), Environmental Writing (supported by the Yoma Sasburg Estate), Choral Composing, Visual Arts (supported by the David Collins Foundation) and Materials Innovation (supported by the Clothworkers’ Company). Judging for the 2021 awards took place in September and October, and included Wasfi Kani OBE, Priya Chanchandani (Design Museum), John McGrath and Lubaina Himid. The board was joined by a new member, Andrew Comben, Director of the Brighton Dome and Festival.
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The Arts Foundation
Charity Number 1000001 Trustees' Report
With regards to the Foundation’s investment portfolio, in June the Foundation moved both its Investec and Fundsmith portfolio to more ethical ‘sustainable’ funds. On the 31st December 2020, the Fundsmith portfolio was valued at £731,843 on 31.12.2020, making a return of 9.37% with the total value including Investec Wealth and Investment (IW&I) portfolio amounting to £967,638. The total return of the whole portfolio was 15.60%.
The Foundation received donations of £80,363 which together with investment income of £12,766 contributed to the Fellowship grants of £65,000 and administration costs of £66,934. The total funds of the Foundation increased during the year by £84,839 to stand at £931,509 at 31st December 2020.
Trustees and Principal Officers
These are stated under company information.
Signed of behalf of the Trustees
Mr Howell James
Chairman
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The Arts Foundation Statement of Financial Activities for the year ended 31 December 2020
| Notes Total Incoming Resources Direct Charitable Expenditure Indirect Charitable Expenditure Other source of funds Net Resources Gained/(Expended) Funds Brought forward TOTAL FUNDS CARRIED FORWARD |
2020 £ 93,129 (65,000) 28,129 (66,934) 123,644 84,839 84,839 931,509 1,016,348 |
2019 £ 35,310 (65,000) (29,690) (64,123) 76,303 (17,510) (17,510) 949,019 931,509 |
|---|---|---|
There were no recognised gains or losses other than those included in the statement of financial activities.
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The Arts Foundation Balance Sheet as at 31 December 2020
| Notes Fixed assets Tangible assets 2 Investments 3 Current assets Cash at bank and in hand Net current assets Net assets Capital and reserves Funds Bfwd Net resources utilised Shareholders' funds |
48,707 | 2020 £ 3 967,638 967,641 48,707 1,016,348 931,509 84,839 1,016,348 |
57,512 | 2019 £ 3 873,994 873,997 57,512 931,509 949,019 (17,510) 931,509 |
|---|---|---|---|---|
The accounts were approved by the Trustees on
and signed on their behalf by
Mr Howell James – Chairman
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The Arts Foundation Notes to the Accounts for the year ended 31 December 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the inclusion of investments at market value.
The financial statements have been prepared in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in October 2000.
Incoming Resources
Voluntary income and donations are accounted for as received. Investment income is accounted for as it becomes payable.
Resources expended
Expenditure is recognised on an accruals basis with the exception of Artistic Grants and Fellowships.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Office Equipment
20% straight line
2 Tangible fixed assets
| Cost At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Office Equipment £ 4,191 4,191 4,188 4,188 3 3 |
|---|---|
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The Arts Foundation Notes to the Accounts for the year ended 31 December 2020
3 Investments
| Cost At 1 January 2020 Additions/Disposals Revaluation At 31 December 2020 Listed investments |
2020 £ 967,638 |
Other investments £ 873,994 (30,000) 123,644 967,638 2019 £ 873,994 |
|---|---|---|
Investments are included at closing market bid value at the balance sheet date. Any gain or loss on valuation is taken to the Statement of Financial Activities.
4 Employees
There was one employee during the year. No remuneration was paid to trustees during the year.
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The Arts Foundation
Income and Expenditure Account for the year ended 31 December 2020
for the information of the directors only
| Income Direct Charitable Expenditure Indirect Charitable Expenditure Excess of Expenditure over Income |
2020 £ 93,129 (65,000) 28,129 (66,934) (38,805) (38,805) |
2019 £ 35,310 (65,000) (29,690) (64,123) (93,813) (93,813) |
|---|---|---|
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The Arts Foundation
Schedule to the Income and Expenditure Account for the year ended 31 December 2020
| Income Donations Investment Income Direct Charitable Expenditure Artistic Grants & Fellowships Indirect Charitable Expenditure Employee costs: Travel and subsistence Premises costs: Rent Room Hire General administrative expenses: Administration Fees Award Expenses Stationery and printing Subscriptions Bank charges Telephone Computer and software Legal and professional costs: Accountancy fees Advertising and PR Other Source of Funds Revaluation of Investments |
2020 £ 80,363 12,766 93,129 65,000 432 432 4,375 1,393 5,768 44,543 8,528 117 - 60 210 2,348 55,806 1,250 3,678 4,928 66,934 123,644 |
2019 £ 2,203 33,107 35,310 65,000 1,128 1,128 3,500 636 4,136 35,192 15,563 583 129 70 560 3,486 55,583 1,000 2,276 3,276 64,123 76,303 |
|---|---|---|
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