The Arts Foundation
Report and Annual Accounts
31 December 2025
Charity Registration No. 1000001
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Trustees
Mr Saadi Soudavar - Chair of the Board of Trustees
Mr John Booth Mr Dennis Chang Mr Andrew Comben Ms Jan Dalley Ms Virginia Hodge Ms Frith Kerr Ms Monika Parrinder Ms Kully Thiarai
Director
Mary Jane Edwards
Charity Number 1000001
Registered Charity Address
The Arts Foundation c/o Adding Value Accountants Studio 21, The Bluecoat School Lane Liverpool L1 3BX
Bank
CAF Bank Ltd 5 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4JQ
Solicitors
Clintons 55 Drury Lane London WC3B 5SQ
Investment Advisors Rathbones 30 Gresham Street London EC2V 7QP
Independent Examiner Matthew Brown Adding Value Consultancy Ltd Studio 21, The Bluecoat School Lane Liverpool L1 3BX
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Trustees’ Report
The Trustees present their report and accounts for The Arts Foundation for the year ended 31st December 2025.
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 16th July 1990 (subsequently amended in 1995, 2000, 2004 and 2008).
Objectives
The Arts Foundation was established with the purpose of supporting the artistic development and livelihoods of individual artists in the UK. The purpose of the foundation’s fellowship programme, delivered through the Arts Foundation Futures Awards, is to provide financial support to artists and creative practitioners at a pivotal moment in their careers. Through unrestricted funding, the foundation aims to enable artists to concentrate on their creative development, experiment, help realise their artistic potential, and encourage dialogue and exchange between artists.
Public Benefit Statement
In considering the objectives and activities, the Trustees have considered Charity Commission guidance on public benefit to ensure that the organisation is meeting its public benefit requirements.
The Arts Foundation is a registered charity that supports individual artists and creatives in the UK with unconditional financial fellowships through the Arts Foundation Futures Awards.
Since 1993, the Arts Foundation has awarded grant funding to the most promising artists in the UK at a pivotal moment in their careers to enable them to concentrate on their creative development, experiment, and realise their artistic potential.
Historically, the annual Arts Foundation Futures Awards has provided five transformative £10,000 Fellowships, with all Shortlisted Artists receiving £1,000 towards the development of their practice. In February 2025, the Arts Foundation raised the Fellowship Award amount to £20,000 to ensure it continues to have the same life-changing impact, responds to inflation, the ongoing cost of living crisis and low artist income precarity experienced across the contemporary arts in the UK.
Each year, the awards focus on broad and innovative art forms across Craft, Design, Film, Literature, Music, New Media, Performing Arts, and Visual Arts.
The vital contribution of the Arts Foundation Futures Awards to the arts in the UK is demonstrated by its past Fellows, many of whom are regarded as contemporary pioneers and have gone on to become leaders in their respective art forms, including: Wayne McGregor (1994), Alice Oswald (1996), Joy Gregory (1996), Sarah Kane (1998), Hannah Starkey (2000), Asif Kapadia (2001), Ali Smith (2001), Rufus Norris (2002), Carol Morley (2003), Lynette Yiadom-Boakye (2006), and more recently, Simon Fujiwara (2009), Sam Lee (2011), Alice Birch (2014), Hollie McNish (2015), Evan Ifekoya (2017), Holly Hendry (2019), Onyeka Igwe (2020), Klein (2020), and Bethany Williams (2020).
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Review of Activities undertaken during the year
The Arts Foundation Futures Awards
The Arts Foundation Futures Awards 2025 were held at Kings Place, London, on 17 February 2025. The awards featured a special performance from Daniel Casimir (Jazz Composition Fellow, 2024) and welcome address from Guest of Honour, Ambassador and renowned Choreographer Dame Siobhan Davies.
The awards were announced by jury members: Filmmaker, Asif Kapadia and jury members will announce the recipients of the Arts Foundation Futures Awards: Holly Blakey - Choreographer and Director and Freddie Opoku-Addaie, Artistic Director & co-CEO, Dance Umbrella; Sarah Douglas, Design Agent, Consultant & Advisor; Stella Kanu, CEO of Shakespeare’s Globe; and artist, Sinta Tantra.
The five winning fellows were announced as: Dance: Charlotte Mclean; Design: Kaye Song; Film: Tina Pasotra; Theatre: TK Hay, and Visual Art: Leo Robinson, who each received £20,000 fellowships, with all fifteen shortlisted artists receiving £1,000 towards the development of their artistic practice.
The Arts Foundation Futures Awards 2026 categories were announced as: Film, Literature, Music, Theatre and Visual Art, with jury meetings taking place in Autumn.
The Film Award jury members were announced as: Danny Leigh, Asif Kapadia and Lindsay Poulton.
The Literature Award is supported in partnership with The Adrian Brinkerhoff Fund of the Sidney E. Frank Foundation, and jury members were announced as: Raymond Antrobus, Imtiaz Dharker and Ted Hodgkinson.
The Music Award is supported in partnership with The David Collins Foundation, and jury members were announced as: Suzy Klein, Tom Service and Rakhi Singh.
The Theatre Award jury members were announced as: Tosin Cole, Francesca Moody MBE and Rufus Norris.
The Visual Art Award is supported in partnership with the Yoma Sasburg, and the independent jury members were announced as: Sook-Kyung Lee, Eva Langret and Simeon Barclay.
2024 Fellows
The 2024 artists shared the impact the Fellowship had on their work and artistic development.
Tatenda Shamiso, Theatre Writing Fellow 2024
“Becoming an Arts Foundation Fellow in Theatre Writing has truly changed my life. I received the Fellowship at a pivotal moment in my career, where I was gaining traction in my work but scrambling to make my practice at all financially, practically or spiritually sustainable. As an early career writer, commissions don’t come very quickly or plentifully: our industry’s lack of funding means our institutions have lost the financial flexibility to take risks on new talent. This means that unless you have the time and money to self-produce your work, or write it for free in the hopes it will eventually get picked up, it can feel near impossible to get a career in writing off the ground. Thanks to the Arts Foundation, I’ve had the opportunity to invest the time, space and confidence to fully commit to my practice and to push myself in new directions. Unsurprisingly, this has fundamentally transformed my artistry.
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On a personal level, the Fellowship has had a profound impact on my view of myself as an artist. Prior to being awarded the Fellowship, I wasn’t yet calling myself a writer by trade – I worried I wasn’t experienced or prolific or simply old enough to claim that title. When the Arts Foundation recognised me for my craft, I was pushed to do the same, and that change has opened so many doors. I’ve been able to move away from juggling zero-hour jobs and unpaid projects, and I’m now working fully freelance as a writer, director and dramaturg. I had the time to figure out how I wanted my voice to ring in our culture, what kind of mark I wanted to make on my discipline, and the true luxury of making decisions slowly, rather than snapping up every opportunity that came my way out of necessity.
In the past year I’ve written the first draft of my next play, which has received support from the Royal Court, and I’ve been able to invest in growing my practice as a screenwriter. I had the time to meet with over 35 different television development companies, create samples of my writing to share with producers, and as a result I served on two writers’ rooms for new Channel 4 series, and created a treatment for the TV adaptation of my solo show NO ID, which is now in ongoing development with Fifth Season.
The Fellowship also gifted me the resources to explore other sides of my work as a multihyphenate artist, especially my music. I was able to buy a piano, recording equipment and editing software, which has created so much ease and freedom in my work as a musician. Being able to write and record my own compositions has already started to feed back into my writing and directing practice, and I’m working towards releasing a new EP soon.
This Fellowship has also given my practice a level of credibility which has led to opportunities I once thought were out of reach. I’ve worked as a dramaturg with Inua Ellams on a new piece at Sadler’s Wells, led a six-week playwriting course for queer people of colour at Theatre Peckham, and lectured, directed and tutored at several drama schools and universities.
I can’t overstate how much I treasured the residency aspect of the Fellowship. Spending a week at Hawkwood with other Fellows and shortlisted artists was inspiring in ways I didn’t expect: aside from delighting in a stretch of dedicated time with nothing to do but care for my practice, I also got to become part of a little community of incredibly talented artists across a wealth of disciplines, exchanging knowledge, experiences and many laughs. Our residency has also led to some real-life collaborations: this year Dan Guthrie (shortlisted for Visual Art in 2024) commissioned me to write a response to his exhibition ‘Empty Alcove/Rotting Figure’ at Chisenhale Gallery, and our whole cohort is still in regular contact, supporting each other constantly.
This fellowship has been one of the greatest blessings of my career so far. It’s given me belief, space and resources that will keep shaping my work for years to come, and I couldn’t be more grateful.”
Daniel Casimir, Jazz Composition Fellow, 2024
“I am deeply grateful to have received the Arts Foundation Fellowship for Jazz Composition. The timing of this award has been both crucial and transformative for my career. It has not only supported my current and future compositional work but also enabled me to take greater ownership of the narrative surrounding my artistic output.
Before receiving the fellowship, I was widely regarded as a jazz bassist and performer. This perception was reinforced by accolades such as the Worshipful Company of Musicians’ Young Jazz Musician Award early in my career, and more recently, Jazz FM’s Instrumentalist of the Year. While I remain proud of these achievements, they have at times unintentionally limited how I am viewed, particularly as I now seek to be recognised primarily as a composer.
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To begin shifting this perception, I created my album Balance as a kind of musical business card demonstrating my ability to compose for strings, brass, and woodwinds. The release of Balance coincided with the fellowship, which powerfully reinforced this transition. As a result, the critical response focused more on my compositional voice. Reviewer Hannah Compton noted: “A master at his craft, Casimir produces exceptional arrangements that make him ‘an artist to watch’ within the UK Jazz scene and beyond. In 2024, Casimir released his latest album Balance. The project delivers a 7-song masterpiece which features some rising stars and phenomenal musicians as collaborators.”
Most recently, I completed three orchestral arrangements for the Nu Civilisation Orchestra. This is an opportunity that may not have been possible without the validation and momentum provided by the fellowship. I remain truly grateful for the award and for the new pathways it continues to open in my creative journey.”
Rhea Thomas, Regenerative Design Fellow 2024
“The past 12 months as an Arts Foundation Futures Awards Regenerative Design Fellow have felt like a blessing after blessing, from being nominated, to winning, being featured on the BBC and experiencing my first artist residency. This Fellowship has marked one of the most transformative milestones in my life and creative practice.
Receiving the award gave me a profound sense of validation. It didn’t just boost my confidence in my work, it gave me permission to believe that Seasprout was worth betting on full-time. With the financial support of the Fellowship, I had the breathing room to focus entirely on it. Overnight, my project transformed into a registered company in the UK. I now run Seasprout full-time, something that still feels surreal to say out loud.
The morning after the award was announced, I woke up to find my story featured in a BBC News article. By that evening, I was being interviewed live on BBC television. The following day, my inbox was flooded with messages from companies interested in exploring how they could use my material to replace existing packaging solutions. This momentum led to Seasprout being accepted into the Undaunted Greenhouse Climate Tech Accelerator, a program that continues to support our growth and scale.
The artist residency that came as part of the Fellowship offered me something just as valuable: time and space. Being surrounded by nature gave me the mental clarity to reflect on my broader practice, how I want to use biomaterial innovation not just to create eco-friendly alternatives, but to inspire people to rethink waste altogether, building on the idea of biomaterials as tools for community engagement and environmental education. A co-design workshop, ‘Blueprints’, created during that time, will be facilitated during the World Design Assembly in September 2025.
The support from the Arts Foundation made me feel seen and encouraged in ways I hadn’t imagined. The Fellowship didn’t just recognise my work, it amplified it. The visibility and validation it offered gave my practice a platform, a voice, and a future I once only dreamed of, for which I am truly grateful.”
Cherish Oteka, Short Documentary Film Fellow 2024
“Receiving the Arts Foundation Fellowship has been an invaluable and transformative experience — both creatively and professionally. As someone whose career has largely involved responding to external briefs, the fellowship allowed me to step outside the constant rhythm of working to someone else’s direction and gave me the rare opportunity to explore what it means to make work on my own terms.
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It came at exactly the right moment in my creative journey—at a time when I was craving the space to express myself in new ways. I was able to shift my focus toward artistic curiosity and exploration, which are often sidelined in the fast pace of the industry. With the support of the fellowship, I reconnected with what excites me about making work —not just the final outcome, but the process itself.
The fellowship created a protected window of time—one where I had the freedom to pause, reassess, and be intentional about the kind of work I chose to take on. Without the pressure of deadlines or commissions, I had space to ask deeper questions: What do I actually want to make? How do I want to work? Who do I want to collaborate with? This time helped me reset my creative compass and develop a more thoughtful and values-aligned approach to future projects.
It also allowed me to develop new skills and experiment with tools I had long wanted to explore. I completed a short photography course and began taking pictures regularly—something that has since become a meaningful parallel practice. Photography has offered me a new way of seeing and documenting the world, a medium that is less structured than filmmaking but equally expressive. It’s opened up another creative outlet that now informs and enriches my visual storytelling.
More broadly, this experience has been a powerful reminder of how essential it is for artists to have space that isn’t tied to immediate output. Time for discovery, trial, and play often leads to more meaningful and lasting creative growth than constant productivity. The fellowship has had a grounding effect—it’s helped me slow down, recalibrate, and reaffirm the value of process-driven, exploratory work.
Thank you so much for this opportunity. It’s difficult to overstate how impactful it has been. The space to breathe, learn, and rediscover joy in the work is something I’ll carry with me— and build on—for a long time to come.”
Rebecca Bellantoni, Visual Art Fellow 2024
“Becoming the Arts Foundation Fellow for Visual Art 2024, was the start of a very grounding moment for me as an artist. Working as an artist in any major city is a struggle, with studios being highly priced, residential rents soaring and the cost of caring for a child raising at ever increasing rates, the financial element of the award was a welcome life raft.
At the time of the ceremony I was in the middle of preparing for my first solo show and was struggling to give the making as much time as I wanted and the award allowed me to give as much time as needed to focus. Those moments in my studio, with both the rent for my home and studio paid, with time to make, was blissful and only possible because of the award. I remember feeling overwhelming waves of gratitude.
At the end of my fellowship year I find myself surer and more ready to develop my practice in the ways that feel most fulfilling to me. Thank you to The Arts Foundation and the Yoma Sasburg Estate for the support. It has aided my persistence.”
Other Partnerships
Following the announcement of a new partnership with Hawkwood Centre for Future Thinking in 2023, the 20 artists of the Arts Foundation Futures Awards 2025 will enjoy a unique fiveday residency in the heart of the Gloucestershire countryside. The week-long self-directed artist retreat will take place in early 2026.
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We continued a successful partnership with London Short Film Festival to present a special screening and Q&A hosted by Anu Henriques (BBC Film), featuring the shortlisted filmmakers of The Arts Foundation Futures Awards 2025 for Film in January 2025.
Artist Support, Profile-raising and Communications
The Arts Foundation continues to support the development and profile-raising of current and past fellows and shortlisted artists through ongoing dialogue, marketing, communications, PR activities and online branded content. The fellows were featured in various publications and online media.
The foundation continued to grow its audience and supporters across social media platforms, reaching over 20,000 engaged followers, alongside mailing list subscribers and usage of the artist directory on our website.
Organisation Development
There were no changes to senior staff or the Board of Trustees.
Future Plans
Over the next year, the Arts Foundation intends to deliver the Arts Foundation Futures Awards in early 2026 and begin planning for the next awards in 2027. The Arts Foundation aims to continue to broaden its reach and nominations and jury networks to ensure it is responsive to and represents the interests of artists across the UK.
Fundraising and Development
The Foundation has continued to develop its Friends and Patrons initiative to support the Fellowship Programme by curating one-off events and gatherings that foster connections and dialogue about the importance of art and creative practice.
The Director and trustees will also focus on strategic planning in 2026-2028 to increase development and fundraising activities, including legacy giving, award partnerships, sponsorship and opportunities to grow earned income.
Equality, Diversity, and Inclusion
Outside of the awards themselves, the Arts Foundation continues its commitment to Equality, Diversity and Inclusion and exceeded all internal targets set to ensure the fellowship programme is accessible and representative of contemporary UK society, with a particular focus on geography, ethnicity and disability.
Financial Review
Income for the year totalled £80,362 (2024: £50,318) and total expenditure in the year was £211,517 (2024: £188,575)
With regards to the Foundation’s investment portfolio, on the 31st of December 2025, the total value of the Fundsmith portfolio and Rathbones Wealth and Investment portfolio was £757,212 (2024: £941,389), as a result of £144,000 of disposals and a reduction in value of £40,177 during the year.
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As a result, there were net outgoing resources for the year of £171,332 (2024: net outgoing resources of £79,403), which has decreased total funds to £798,300 (2024: £969,631)
Going Concern
The financial statements have been prepared on a going-concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for the twelve months from authorising these financial statements. The trustees assess the charity to be a going concern based on review of financial performance of the current year to date, the management accounts forecast for the remainder of the current financial year, and longerterm plans and forecasts for 2026 and beyond. As a result, the trustees are satisfied that these accounts can be prepared on a going concern basis.
Statement of Trustee’s Responsibilities
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently
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observe the methods and principle in the Charities SORP
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make judgements and estimates that are reasonable and prudent
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue as a going concern
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state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the financial statements.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
Approval
This report has been prepared in accordance with the requirements of the Charities Act 2011. This report was approved by the Board of Trustees on 28[th] April 2026 and signed on their behalf:
Mr Saadi Soudavar
Chair of the Board of Trustees
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INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report to the trustees on our examination of the accounts for the year ended 31[st] December 2025
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). The trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed.
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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 Act.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Matthew Brown, CPFA Adding Value Consultancy Ltd Accountants and Financial Management Consultants
Date: 28[th] April 2026
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Statement of Financial Activities for the year ended 31 December 2025
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Income | |||
| Grants and Donations | 74,825 | 44,374 | |
| Investment Income and Other Earned Income | 5,537 | 5,944 | |
| 80,362 | 50,318 | ||
| Expenditure on Charitable Activities | 211,517 | 188,575 | |
| Revaluation of Investments | (40,177) | 58,854 | |
| Net Incoming (Outgoing) Resources | (171,332) | (79,403) | |
| Funds Brought Forward | 969,631 | 1,049,035 | |
| Funds Carried Forward | 798,300 | 969,631 |
All income and expenditure relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised during the year.
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Balance Sheet as at 31 December 2025
| Notes | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | |||
| FIXED ASSETS | ||||
| Tangible Fixed Assets | 2 | 0 | 0 | |
| Investments | 3 | 757,212 | 941,389 | |
| 757,212 | 941,389 | |||
| CURRENT ASSETS | ||||
| Cash at Bank and in hand | 40,692 | 30,304 | ||
| Trade Debtors | 0 | 0 | ||
| Accrued Income | 2,535 | 0 | ||
| CREDITORS | ||||
| Amounts fallingdue within oneyear | 2,140 | 2,062 | ||
| NET CURRENT ASSETS | 41,087 | 28,242 | ||
| TOTAL NET ASSETS | 798,299 | 969,631 | ||
| FUNDS | ||||
| Unrestricted Funds | 775,869 | 969,631 | ||
| Restricted Funds | 6 | 22,430 | 0 | |
| TOTAL FUNDS | 798,300 | 969,631 |
These accounts have been prepared in accordance with the requirements of the Charities Act 2011. The accounts were approved by the Trustees on 28[th] April 2026 and signed on their behalf:
Mr Saadi Soudavar Chair of the Board of Trustees
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Notes to the Accounts For the year ended 31 December 2025
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 requirements of the Charities Act 2011 and the Statement of Recommended Practice for Charities.
Incoming Resources
Voluntary income and donations are accounted for as received. Investment income is accounted for as it becomes receivable.
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
| 2 - Tangible Fixed Assets | ||
|---|---|---|
| Office Equipment | ||
| £ | ||
| Cost | ||
| At 1 January2025 | 4,191 | |
| Additions/disposals | 0 | |
| At 31 December 2025 | 4,191 | |
| Depreciation | ||
| At 1 January2025 | 4,191 | |
| Charges duringtheyear | 0 | |
| At 31 December 2025 | 4,191 | |
| Net Book Value | ||
| At 31 December 2025 | 0 | |
| At 31 December 2024 | 0 |
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Notes to the Accounts cont.
For the year ended 31 December 2025
3 - Investments
| 3 - Investments | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Listed Valuation at start ofyear 1 January | 941,389 | 882,535 | ||
| Additions/ (disposals) | (144,000) | 0 | ||
| Revaluation | (40,177) | 58,854 | ||
| Listed Valuation at end ofyear 31 December | 757,212 | 941,389 |
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
The average number of employees during the year was 1 (2024: 2) There were no employees who received employee benefits of more than £60,000 in the year.
5 – Related Party Transactions
A total of £16.70 of travel expenses was paid to one trustee during the year (2024: £0)
6 – Restricted Grants
| Brought | Incoming | Outgoing | Carried | |||||
|---|---|---|---|---|---|---|---|---|
| forward | resources | resources | forward | |||||
| £ | £ | £ | £ | |||||
| The David Collins Foundation | 0 | 35,000 | 35,000 | 0 | ||||
| The Sidney E Frank Foundation | 0 | 22,430 | 0 | 22,430 | ||||
| 0 | 57,430 | 35,000 | 22,430 |
With thanks to our funders:
The David Collins Foundation:
Partnership support for the Theatre Award 2025
The Sidney E. Frank Foundation: Partnership support for the Literature Award 2026
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DETAILED STATEMENT OF FINANCIAL ACTIVITIES
This page does not form part of the statutory financial statements
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| INCOME | |||
| Grants and Donations | 74,825 | 44,374 | |
| Investment Income | 5,063 | 3,647 | |
| Earned Income | 0 | 0 | |
| Other Income | 474 | 2,298 | |
| 80,362 | 50,318 | ||
| Other Sources of Funds | |||
| Revaluation of Investments | (40,177) | 58,854 | |
| (40,177) | 58,854 | ||
| EXPENDITURE | |||
| Artist Grants & Fellowships | 115,000 | 65,000 | |
| Artist Promotion and Events | 15,081 | 9,583 | |
| Awards Activities and Expenses | 24,658 | 43,748 | |
| Research and Development | 6,160 | 2,717 | |
| Artistic Advisors | 3,336 | 2,400 | |
| Staffing Costs | 33,291 | 55,829 | |
| Travel, Subsistence and Hospitality | 2,528 | 1,081 | |
| Office Rent and Room Hire Costs | 4,910 | 802 | |
| General Expenses, Insurance, Recruitment | 2,065 | 1,935 | |
| IT costs including software and support | 2,250 | 2,835 | |
| Accountancy and Professional Fees | 2,172 | 2,560 | |
| Depreciation | 0 | 0 | |
| Bank Charges | 66 | 85 | |
| 211,517 | 188,575 | ||
| Net Resources Gained (Expended) | (171,332) | (79,403) |
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