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2023-03-31-accounts

ARTSADMIN

(A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Company Number: 2979487 Charity Number: 1044645

ARTSADMIN

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MAR 2023

CONTENTS Page
Reference and administrative information 1
Trustees’ Report 2 – 12
Independent Auditor’s Report 13 – 15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to Financial Statements 18 - 33

ARTSADMIN

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MAR 2023

Directors and Trustees Ama Josephine Budge Johnstone
Alex Rinsler
Christoph Jankowski
Daisy Hale
Feimatta Conteh (resigned 28 November 2023)
Jeremy Smeeth
Katherine Ferris (resigned 28 November 2023)
Marcia Van-Loo (resigned 31 March 2023)
Stephanie Cullen
Yiwen Goh (resigned 28 November 2023)
Chief Executives Róise Goan, Artistic Director (until April 2023)
Ben Cooper-Melchiors, Executive Director
Registered office and operational address Toynbee Studios
28 Commercial Street
London
E1 6AB
Auditors Goldwins
75 Maygrove Rd
London
NW6 2EG

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INTRODUCTION

The trustees present their report together with the financial statements for the year ended 31 March 2023.

The reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the 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) (Charities SORP (FRS 102), Second Edition effective 1 January 2019).

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of management and advice services for artists, the producing of artistic projects, and the management of Toynbee Studios.

OBJECTIVES AND ACTIVITIES OF THE CHARITY FOR THE PUBLIC BENEFIT

The objectives for which Artsadmin is registered are to promote, maintain, improve and advance education by the encouragement of the arts, particularly by the acquisition, possession and management of places where the arts may be practised for the benefit of the public.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit. Careful consideration is given to pay all members of staff and freelance contractors at London Living Wage or above in line with best practice industry standards, to offer good quality advice for free or low charges, and set admission prices at accessible levels for those on low incomes.

MISSION, VISION, VALUES AND STORY OF CHANGE

Artsadmin creates the conditions for art to explore the spaces in-between . Our work and projects explore the areas between social and environmental justice, the hyper-local and the international.

Values-Driven

Artsadmin works with artists , communities and collaborators in the development of creative work and conversations. Ensuring the success of these requires us to be led by our values, and to live them across everything we do.

What we do

We are a collaborative partner , working with artists as they explore and develop new projects, contexts and ways of working. Everything we do is part of a unique curated artistic programme, from one-off hour-long creative support sessions at our east London home Toynbee Studios to multi-year global partnership platforms.

How we do it

Everything we do is project-based . Some are artist-led, and some are conceived and led by Artsadmin. We work to develop and produce these projects and, with venue and festival partners, bring them to audiences locally and globally. At its heart, our work is about collaborating with artists so their projects find the right context, partners and support.

We champion projects that speak to the ‘here and now’ really clearly, where artists are asking questions that feel urgent and essential. We value projects that align with our long-standing insistence that the arts have something to say about

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the climate emergency and social injustice. We are drawn to projects with an intuitive and rigorous enquiry rather than those making statements about the way the world is or should be.

The work we produce is neither defined or confined by any one particular artform. We produce creative, risk-taking projects that connect with the DNA of Artsadmin and the post-punk political context in which it was founded in 1979.

Why we do it

The world is complex, polarised, and full of siloes, echo chambers and barriers. Artsadmin creates the conditions to explore and make meaningful, high-impact connections in the space in between these, taking shape through diverse people, places, art forms, dialogues and social change topics. With partners, artists and communities of interest and place, we create art and art experiences that change people’s lives in the following areas—and which could not exist or be sustained otherwise.

By ‘justice’, we mean the inspiration of behavioural change, perception and attitudinal change, connectivity, empowerment, and empathy around the climate and critical social issues of our time.

We produce projects with artists that audiences don’t just attend, but that they experience in multi-sensory ways, in unique contexts. These are projects that deeply move their audiences, and that people remember for years. They stretch the imagination and create an immersive frame to perceive the world in new and unexpected ways, creating shared experience, and promoting connection and empathy in an increasingly polarised world.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company is incorporated under the Companies Act (Company Number 2979487) and its governing document is its Memorandum and Articles of Association.

Organisational structure

Artsadmin is managed by a board of trustees, chaired by Jeremy Smeeth. The trustees are also the directors of the charitable company for the purposes of company law, as well as being members of the company. Members of the board meet on a quarterly basis. Day-to-day management is delegated to the joint Chief Executives, Róise Goan and Ben CooperMelchiors who manage all staff members, either directly or via the senior management. At 31 March 2023, there was a headcount of 25 core staff (3 on parental leave) on a cumulative 23.8 FTE (3.0 FTE on parental leave) including part-time employees, alongside sessional and regular or project based freelance staff.

Recruitment and appointment of new trustees

The trustees who served during the year are shown on page 1.

As set out in the Articles of Association new trustees are appointed by the existing trustees. In May 2020, a Special Resolution was ratified by the board as a formal amendment of the Articles of Association, limiting any trustee to two consecutive terms, with a term remaining three years in length. In special circumstances and with justification recorded, the board can vote to extend this to a maximum third term. At each Annual General Meeting the trustees reaching the end of their first or second term may put themselves forward for re-election by a vote.

Diversifying board membership has been a significant achievement in recent years and will remain an important driver in any future board recruitment. At 31 March 2023, of ten trustees, 50% identify as Black or Global Majority, 50% as female, 10% as non-binary, 33% as disabled, 20% as neurodivergent, and 40% as LGBTQ+.

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Committees

Artsadmin’s Board of Trustees is actively involved in the organisation’s strategic planning and fundraising activity. The Finance & HR Committee supports recruitment and staff well-being during a challenging year as well as monitoring Artsadmin’s financial situation and health in between board meetings.

Induction & training of trustees

New trustees are provided with information on their role and responsibilities as a trustee, together with a copy of the Memorandum and Articles of Association, the latest audited Report and Financial Statements, and current business plan. They meet with the directors to gain insight into the operations of the charity and attend a board meeting as an observer before being formally invited to join the board of trustees. Trustees are kept up to date as appropriate with developments within the charity, such as the delivery of its Anti-Racism Strategy & Action Plan, and the sector, such as the importance of embedding the four Arts Council England Investment Principles across its operations.

With greater focus on access, inclusion, and anti-racism, an enhanced induction/re-induction process for new and existing trustees has been developed in the year by one new trustee, one trustee in their final term, and staff for implementation in 2023-24.

Remuneration

Artsadmin is committed to paying its staff fairly and reviews salary levels regularly, taking into consideration cost of living changes. It periodically benchmarks salaries against similar organisations in the sector and during recruitment. Salaries are agreed during the annual budget setting process which takes place from October, culminating in board approval at their February meeting.

Our staff are broadly banded into Directors, Senior Managers, Managers, and Officers/Assistants. A Remuneration Policy and other ways of improving transparency around possible progression in the company was developed in the year and approved by the Finance & HR Committee and full board in June 2023.

We offer pensions that exceed government guidelines by 1% and the following benefits to all employees:

Access, Inclusion and Anti-Racism

Artsadmin has continued to increase its commitment to developing and implementing polices to support greater equity, diversity and inclusion. As a result of the all-team collaborative work on our Anti-Racism Strategy, we continued to deliver against out two-year milestone plan which culminated in the year, leading to an extensive evaluation of our Anti-Racism Strategy from 2020 to 2022, including actions and milestones set as well as the co-creation process utilized in those periods. Our Researcher in Residence aided staff in co-evaluating and co-drafting the report, which was reviewed by the board and published in Sept 2023. We continued to provide opportunities for staff to explore and better understand decolonisation in our practices and communications, including regular staff Access and Inclusion meetings, and an informal staff reading group focused on intersectionality. Meanwhile, we began planning on the next stage of our antiracism journey by searching for a new facilitator and action plan to start in 23-24.

Several capital projects were either completed or commenced, improving either access or inclusive working practices. Our five-year, multi-stranded project Transformative Actions adapted our canteen foyer guaranteeing independent access and a welcoming environment, and planning continued to refurbish our Quiet Space dedicated to rest particularly for artists, staff and tenants with access needs. We were awarded a £150k Bloomberg grant over two years to rebuild

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our CRM and recruitment portal to sustain our decolonised data collection and strengthen inclusive recruitment practices. Staff, artists and external communities were consulted on all of these in the early planning and final decision stages.

Lastly, following a deep organisational strategic review from 2020-22 that refined vision and values, we created a new visual identity for the organisation using a co-creation process. This process involved a variety of artists and other stakeholders so that voices of Disabled artists and artists of the Global Majority were represented.

Related charities

Artsadmin undertakes project management, financial and fundraising for two other companies, charity Station House Opera Ltd and limited company Rosemary Lee Projects. Artsadmin assisted the company directors of limited company Curious International Ltd with a voluntary closure and striking off completed in December 2022. Several of Artsadmin’s tenants at Toynbee Studios are also charities.

Artsadmin works in collaboration with other charitable organisations such as theatres, galleries, festivals, other artistic promoters, non-arts related charities and educational institutions on specific projects and initiatives. It receives funding from several charitable trusts and foundations. We provide financial and secretarial services to artists via Arts Initiative of which Gill Lloyd, Judith Knight, (former employees of Artsadmin as of 2018 and 2019, respectively) and Nicky Childs (employee of Artsadmin) are directors.

Principal Risks and Uncertainties

The trustees have reviewed the major risks, financial and non-financial to which the organisation is exposed, and the systems and procedures established to mitigate those risks. Risks are identified and ranked in terms of impact and likelihood using a traffic light system. The trustees are satisfied that appropriate systems are in place to manage the organisation’s exposure to risk with the most significant risk factors relating to the current economic climate, fundraising opportunities post-pandemic, staff capacity and churn.

Our top three current risks identified as of November 2023 and the plans and strategies for mitigating these are:

  1. The cost-of-living crisis has impacted staff and increased building costs. Staff retention is challenged as the cost of living has risen, which in turns affects our capacity; and as operational and staffing costs increase, funds for our core artistic programme are squeezed.

A significant achievement in 22-23 was making the decision to close the Arts Bar & Café following a decade running at a deficit of £30-45k per year. We successfully tendered for a new canteen operator in a special, values-based partnership, saving £49k per year. (See more in Organisational Development on page 9 below.)

We also completed fundraising £385k to replace our boiler and heating system with a low carbon model to reduce our energy and maintenance costs (see more on page 9). Our 5-year utilities contract significantly lowered energy costs from 23/24 onwards, and we increased tenant rent by 10% in 22-23 and 5% in 23-24 following a freeze during the pandemic while ensuring they remain considerably less than market rates.

The board approved an inflationary increase for staff in 22-23 and 23-24, including an ongoing commitment to the London Living Wage which saw an 8.2% increase in April 2023 for the lowest paid staff. A Remuneration Policy was approved to provide clarity and equity around decisions regarding pay, and job descriptions, terms, organisational structures, and capacity have been carefully considered amidst many successful recruitment campaigns.

The board continue to meet quarterly, and the Finance & HR committee meet at least quarterly in between board meetings to monitor the impact of the inflation, energy and cost of living crisis on Artsadmin’s income and expenditure.

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  1. The loss of income due to Brexit and the barring of UK partners in Creative Europe, including our three longstanding network partnerships, has created a growing budget gap of £50-100k per year for our programme and core costs starting now and particularly from 24/25 onwards. This is exacerbated by over a decade of standstill Arts Council England NPO funding and a 25% inflationary increase in operational costs over that period—all prior to the cost-of-living crisis outlined above.

We maintain strong relationships with international partners to support our programme and touring despite the loss of income. This risk marked for the long-term is now more immediate, and we are in year four of a sixyear plan to pivot our fundraising strategy and strategic communications to position the charity and its longstanding impact clearly.

We have restructured the Head of Marketing & Development role into a Head of Development & External Relations and a Communications Manager to provide focused leadership and capacity to both fundraising and communications, while continuing to implement Embedding Reflection, a new evaluation methodology led by Dr Malaika Cunningham to ensure the existing outcomes of our work are measured and illustrated. Alongside these, we have issued a manifesto, an organisational story of change, a refreshed brand identity, and continue to reinvigorate existing and cultivate new funder relationships. This led to Bloomberg inviting us in 22-23 to apply for and secure an unsolicited grant of £150k to reinforce our digital infrastructure, encompassing a CRM and an application portal which better meet our anti-racism, inclusion and access targets.

  1. A lack of staff capacity was an ongoing risk during the pandemic, and this continues to be flagged in 23-24 for new reasons. Staff turnover post pandemic and new maternity periods led to 14 recruitment campaigns in 2223 with an accompanying administrative and induction requirement alongside a newly installed and highly skilled team. Significant, high-cost capital projects have brought transformational operational benefits but could not be outsourced, placing a demand on senior leaders.

The board and SMT have each undertaken parallel reviews of both our working and governance practices with the wider staff team, with the identification of key outcomes such as a dedicated staff working group in autumn 2023 focusing on capacity and forward planning, further planning around a senior role to better resource our aims within people, culture and policy management, creating stronger mechanisms for decision making around time, capacity and projects, and preparing for a refreshed business plan in 2024.

OBJECTIVES FOR THE YEAR UNDER REVIEW

ACHIEVEMENTS AND PERFORMANCE

During 2022-23, despite the ongoing impact of the Covid-19 pandemic, Artsadmin remained resilient and achieved a significant amount of artistic output and organisational development, in line with and beyond its plans for the year. We increased the reach of our artist support programme, expanding our decolonised data collection process to reveal that we welcome artists who identify as Black and/or Global Majority, disabled or LGBTQ+ at levels that exceed both UK and London population averages. We supported Unlimited in their transition to independence, which was realised at the beginning of 22/23.

Our work in 2022-23 contributed towards the three outcomes of Arts Council England’s Let’s Create Strategic Framework. Following introductions in 2021, we also began to embed their Investment Principles in our planning, organisational development work, and through a dedicated board NPO Subgroup which supported the executive team and staff team with our NPO application for 2023-2026 in late spring 2022. This secured a place in ACE’s National Portfolio and core funding for the next three year starting in April 2023 and running until March 2026.

Following a strategic review, we reframed our programme into five key pillars to flatten hierarchies, better communicate hidden work, and enable our programme to become more interconnected.

Key achievements across the 5 P’s include:

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1. Projects: We curate, develop and produce works with artists that connect with audiences locally, nationally and internationally.

Our 22/23 projects championed the voices of artists who have been historically excluded and underrepresented in the arts in presenting urgent, bold cross-artform works to audiences of 72,963 in national and international contexts:

2. Platforms: We develop and deliver ongoing series and multi annual programmes, often in partnership, that progress our artistic agenda and drive important conversations.

3. Portals: We make space to share knowledge, expertise and insight to further ways in and ways forward in our sector for artists and arts-workers at all stages of their career.

4. Pilots: We enquire, explore and innovate to address gaps in our field of enquiry, and find new models, ways of working and tools that push these forward.

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trusting relationships within the diverse communities that live and work in the Whitechapel, Spitalfields, Aldgate areas; and in supporting an artist with the kind of contract that allows them the time to develop collaborative practice and research.

5. Place: Artsadmin’s home is Toynbee Studios in the heart of Tower Hamlets; a creative eco-system that houses other arts organisations, provides accessible studio hire, and a welcoming, creative cafe. We use our spaces to deepen understanding, engagement and relationships in our hyperlocality through our engagement and public programmes.

The year in numbers:

The engagement figures below are a testament to the determination of the artists we work with and the hard work of our team to realise projects in a challenging period stepping out of the pandemic:

Maintaining European partnerships and projects with Creative Europe funding

We continued to work on artists’ projects about the most important issue of our time, the climate emergency, with long-standing partners across the EU, through ACT (Art Climate Transition). We attended the network meeting at Kampnagel, Hamburg and artists were sent to ACT Summer Labs in Riga, Latvia and Skopje, Macedonia. We continued planning for our hyperlocal climate and performance festival What Shall We Build Here and ACT Symposium in June 2023.

BE PART is a 4-year project with EU partners exploring the ethics of participatory arts practice with 10 international cocreators. We attended the network meeting as part of the Santarcangelo Festival and the

Be Part International Assembly at VIERNULVIER in Ghent, Belgium. The project supported Jennie Moran’s artist residency Say Yes to Who or What Comes Up in the Artsadmin Canteen with a series of events and installations intertwined with her operation of the café as a socially engaged artist and entrepreneur.

Following our commissioning, producing and premiere of Buddleia: The Unchained Story the previous year, the film was invited to screen at the international City of Women Festival in Slovenia and nominated for best documentary at the 2022 British Urban Film Festival.

Create to Connect > Creative to Impact, the third of the Cooperation Projects funded by Creative Europe, supported Arrivals + Departures by artist duo YARA + DAVINA exploring life, death and the journey in between as well as a yearlong project called Arty Parties led by artist Tarik Elmoutawakil with the children of the neighbouring Canon Barnett

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Primary School that commenced in 21/22. We submitted our final report for the project, bringing it to a close.

We also consulted and provided case studies for Arts Council of Ireland through Dublin based consultancy CHL, informing the Visual Arts Production Capacity Report.

ORGANISATIONAL DEVELOPMENT

We began developing the organisation’s first Story of Change (see page 2-3 above), to articulate not just what we do, but who it is for, who is deciding the need for our work, how it is done and most importantly—why we do it. This has informed our fundraising strategy and wider communications, as well as a deepening a shared understanding of our vision, values and 40-year producing methodology.

Building on our Story of Change as well as the strategic review of our programme with Wove across 2020-22, we again worked with Wove and sister company Studio AAD to refresh our visual identity, taking into account 36 questionnaires, 7 interviews, 23 feedback forms, and multiple workshops and individual consultations, through a co-design process with our staff, board, artists, stakeholders and audiences from a range of backgrounds, identities and perspectives. This was launched across our website, social media, building and other channels.

Our Transformative Actions capital project continued to improve the accessibility, digital resilience, and environmental sustainability of Toynbee Studios. A successful Capital Kickstart grant awarded from Arts Council England provided further support to our aims to transform the visitor experience and improve independent access to the main entrance, canteen, and reception area. We have been fundraising since 2018 for substantial capital funding to replace a failing boiler with a low-carbon solution. The redesign includes an air source heat pump on the roof, highly efficient condensing boilers, smaller, more energy-efficient water cisterns, and new building management system enabling zonal heating of only hired studio spaces when is use through wireless radiator valves. We commissioned project manager Pulse Consult Ltd and mechanical services consultants Watermans who advised and aided in securing £385,000 for the sub-project through ACE, LLDC, GLA, Linbury Trust, Foyle Foundation and the Theatres Trust. We tendered and appointed contractor Kiasu, with the fit out scheduled for summer 2023.

To protect income risk post-Brexit, we closed our management of the Arts Bar & Café following a decade running at a deficit of £30-45k per year. Redundancies for two staff and one casual worker were unavoidable and made in year. Following a successful pop-up pilot in autumn 2022, we tendered for an external canteen operator with peppercorn rent and recharged operational costs within a values-based partnership. Following an extensive EOI, tender and interview process including staff, trustee and community involvement, we appointed Caffè Genco who successfully launched in May 2023 and have been trading well. This has provided us a £49k saving in staffing and operational costs per year while sustaining a public café with occasional artistic programming in the space now renamed the canteen.

FINANCIAL REVIEW

Total funds held by the organisation at the end of the year amounted to £2,905,818 (21-22; £3,028,142) made up of £2,565,872 restricted and £339,946 unrestricted funds.

Restricted funds of £2,565,872 include £213,248 for multi-year programme activity, £215,237 of unspent funds for the capital project Transformative Actions, and restricted fixed assets of £2,137,387. The value of the latter decreased by £278,725 during the year, being the depreciation on the building and capital assets. The remaining £483,199 decrease in restricted funds is caused by project expenditure. Unrestricted funds increased by £39,048 to £339,946 (21-22; £300,898) by the end of the year.

Our Arts Council England NPO core funding of £542,881 remained at the same level for the year. An extension year agreement for 2022-23 was secured in December 2021, and in October 2022, ACE awarded our full request for the same level per year for 2023-2026. Received with gratitude, this secures a strong future and anchors the charity’s business model enabling us to leverage four times this value from other sources to support artists and deliver projects that address social justice and climate justice.

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Income for the year is £1,719,969 compared with £2,311,127 in 21-22. £547,774 was received in charitable activity income compared with £1,187,891 in 21-22. This was primarily due to the large, multi-year platform projects Season for Change in partnership with Julie’s Bicycle and Unlimited in partnership with Shape Arts finishing the previous year.

Earned income from the café, office rentals, studio hire, consultancy and other sources increased by £58.3k to £349,067 (21-22: £290,775), an improvement after the Covid-19 pandemic.

Total expenditure for 22-23 was £1,842,293, a decrease of £868,523 compared with the 21-22 total of £2,710,816, due to major platforms projects noted above finishing the previous year.

Reserves policy

The reserves policy is to maintain a level of unrestricted funds to enable Artsadmin to respond to any unforeseen changes in income and provide a reserve for replacement of assets. The Trustees have assessed the risks affecting the income and expenditure of the charity and they have agreed that a minimum level of free reserves equal to three months budgeted operating costs should be maintained, to enable the charity to meet its commitments in the unforeseen event of a shortfall in income.

Free reserves as of 31 March 2023 are £262,910 (£272,464 at March 2022 and £220,773 in 2021).

As of November 2023, three months’ operating costs have been budgeted at approximately £250,000 (£280k in 22-23). We have been able to bring down this cost by securing a 5-year energy contract and working to reduce overheads while increasing inflationary uplifts for staff amidst the energy and cost of living crisis. This policy cost also includes forecasts for unavoidable redundancy and programme costs should a winding down scenario ever be faced. With our work to increase reserves over time and reduce operating costs, we are meeting 100% of our reserves policy target and have earmarked the additional 5% (£13k) for important access and programme costs in 23/24 that could not be supported by the in-year budget.

The ‘free reserves’ of the charity are defined as unrestricted general funds not tied up in fixed assets (£189,096) as well as unrestricted funds designated for asset replacement and future programme development (£73,814 combined). Funds designated for projects in 2023-24 are excluded from free reserves. The Trustees consider setting aside these free reserves as designated funds to be a useful management planning tool. We endeavour to continue building the reserves to the meet the policy level excluding these two permanent designated funds, and the Trustees will continue to monitor and review the reserves policy annually, particularly through quarterly meetings of the Finance & HR Committee.

This committee has assessed Artsadmin as a going concern regularly during the first half of 23/24 and reported to the quarterly board meeting in the light of their ongoing scrutiny, prioritising the maintenance of reserves as much as possible.

As noted above, Artsadmin has total designated funds of £73,814 which have been set aside by the Trustees for a particular purpose. There is £26,943 designated as a Programme Development Fund and £46,871 as an Asset Replacement Fund to underwrite unavoidable asset replacement expected over the next 3 to 5 years that cannot be supported through other means. For a detailed breakdown of reserves see Notes 15 and 16 in the financial statements below.

Investment policy

The charity’s modest level of reserves requires an investment policy which prioritises accessibility of funds. An account is held with the COIF Charities Deposit Fund, and cash funds surplus to day-to day requirements are regularly transferred to the account. A two years Fixed-rate account (Capital Millennium Bond) is also held with Hodge Bank.

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FUNDRAISING APPROACH AND PERFORMANCE

Artsadmin aims to be a responsible and ethical organisation, mindful of our responsibilities to our community, the arts and the environment. We encourage relationships with organisations that actively operate for the positive benefit of people, animals and the environment in a fair and transparent way. Our Ethical Fundraising Policy outlines clearly our aims and values for receiving funds from donors, sponsors and commercial partners and can be found on our website.

This policy applies to donations and grants above £1,000 with very minor checks for income less than £50,000. We follow an internal written ethical fundraising process and will decline a funding offer under certain circumstances, which are outlined in the policy, which was developed by Artsadmin staff and Board of Trustees during the actionresearch Catalyst programme, funded by Arts Council England.

The majority of Artsadmin’s voluntary income comes from other charitable bodies, however Artsadmin undertakes direct fundraising activity involving individual donors via email, direct mail, fundraising events and sponsored events. There have been no complaints about our fundraising practices in the year. We protect their personal details in line with Artsadmin’s Data Protection Policy and only administer transactions (online and offline) and provide information about the events, resources and services that an individual has requested. Our policy is on our website: https://www.artsadmin.co.uk/privacy-and-cookies

In 19/20 the charity worked with independent consultants Something Good in delivering fundraising activity and in 21/22 with Achates Philanthropy in reviewing our fundraising strategy, both of which adhere to the Fundraising Code of Practice and Artsadmin’s own policies.

Artsadmin has a Safeguarding Policy in place to protect children, young people and adults.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of Artsadmin for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the net movement in funds, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements 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.

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In so far as we are aware:

SMALL COMPANY EXEMPTIONS

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Board of Trustees on 28 November 2023 and signed on its behalf by:

Jeremy Smeeth Trustee

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ARTSADMIN INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARTSADMIN

Opinion

We have audited the financial statements of Artsadmin (‘the charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Artsadmin’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

13

ARTSADMIN INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARTSADMIN

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

14

ARTSADMIN INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARTSADMIN

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior statutory auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead LONDON, NW6 2EG

Date: 14 December 2023

15

Artsadmin

Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2023

Note
Income from:
Organisational Grants and Donations
3
Other trading activities: Artsadmin Canteen
Charitable activities:
4
Artist Management
Studios Management
Artist Advisory
Projects
Investment income
5
Total income
Expenditure on:
Raising funds:
6
Fundraising
Artsadmin Canteen
Charitable activities:
6
Artist Management
Studios Management
Artist Advisory
Other Projects
Total expenditure
7
Transfers between funds
Net movement in funds
Reconciliation of funds:
16
Total funds brought forward
Total funds carried forward
Net income / (expenditure) for the year		 Unrestricted
Funds
2023
£
571,573
10,036
132,371
339,031
1,200
46,323
174
1,100,708
63,172
35,647
354,393
359,029
152,058
116,070
1,080,369
20,339
18,709
39,048
300,898
339,946		 Restricted
Funds
2023
£
251,381
-
-
-
3,600
364,280
-
619,261
-
-
94,767
91,980
36,234
538,943
761,924
(142,663)
(18,709)
(161,372)
2,727,244
2,565,872		 Total
Funds
2023
£
822,954
10,036
132,371
339,031
4,800
410,603
174
1,719,969
63,172
35,647
449,160
451,009
188,292
655,013
1,842,293
(122,324)
-
(122,324)
3,028,142
2,905,818		 Total
Funds
2022
£
819,068
23,472
140,732
280,550
-
1,047,159
146
2,311,127
996
58,341
618,672
476,866
1,380,164
175,777
2,710,816
(399,689)
-
(399,689)
3,427,831
3,028,142

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

16

Artsadmin Balance sheet As at 31 March 2023

Note
Fixed assets:
10
Current assets:
11
12
Liabilities:
13
16
Total unrestricted funds
Stock
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds
Tangible assets
Unrestricted funds:
Designated funds
Restricted funds
General funds
Total funds		 2023
£
1,653
581,814
319,861		 2023
2022
£
£
2,167,758
4,868
288,040
446,776
739,684
(122,903)
738,060
2,905,818
2,565,872
77,529
223,369
339,946
2,905,818		 2022
£
2,411,361
616,781
903,328
(165,268)
120,479
219,467
3,028,142
2,727,244
300,898
3,028,142

28/11/2023

The financial statements were approved and authorised for issue by the trustees on …...............and signed on their behalf by:

Jeremy Smeath Trustee

Company registration no. 2979487

The attached notes form part of the financial statements.

17

Artsadmin Statement of cash flows For the year ended 31 March 2023

Note
2023
£
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
17
Cash flows from investing activities:
Interest/ rent/ dividends from investments
174
Sale/ (purchase) of fixed assets
(45,357)
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18		 Note
2023
£
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
17
Cash flows from investing activities:
Interest/ rent/ dividends from investments
174
Sale/ (purchase) of fixed assets
(45,357)
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18		 2023
2022
2022
£
£
£
(81,732)
(14,904)
146
(48,824)
(45,183)
(48,678)
(126,915)
(63,582)
446,776
510,358
319,861
446,776

18

Artsadmin Notes to the financial statements For the year ended 31 March 2023

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

Artsadmin meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The financial statements are prepared in sterling, which is the functional currency of Artsadmin. Monetary amounts in these financial statements are rounded to the nearest £.

b) Reconciliation with previously Generally Accepted Accounting Practice (GAAP)

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required.

Critical accounting judgements and key sources of estimation uncertainty In the application of Artsadmin's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

c) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is recognised when Artsadmin has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when Artsadmin has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Income from charitable activities - Income from artist management, studio management, artist advisory and sundry other income is included in income in the period in which the relevant activity takes place. Project specific funding – when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in income of restricted funds when it is probable that the income will be received and the amount of income receivable can be measured reliably.

19

Artsadmin Notes to the financial statements For the year ended 31 March 2023

1 Accounting policies

e) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when Artsadmin has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by Artsadmin of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

Voluntary income received by way of donations is included in income when it is probable that the income will be received, and the amount of income receivable can be measured reliably. The value of services provided by volunteers has not been included. Investment income is recognised on a receivable basis and recognised as Income in the accounts on receipt of cash in bank (within 2 weeks of claim being submitted).

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to Artsadmin which is the amount Artsadmin would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by Artsadmin; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of Artsadmin which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of Artsadmin’s work or for specific projects being undertaken by Artsadmin.

h) Expenditure and irrecoverable VAT

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. Expenditure is classified under the following activity headings:

Governance costs associated with the constitutional and statutory requirements of the charity. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

20

Artsadmin Notes to the financial statements For the year ended 31 March 2023

1 Accounting policies

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000 (or £500 in the case of items that combine to make a larger piece of equipment, or assets such as computer equipment) or more are capitalised at cost. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Short leasehold property over the life of the lease Building renovations over the life of the lease or lifetime of the plant if shorter Fixtures/fittings/equipment 20% straight line or lifetime of the equipment if shorter Computer equipment 20% straight line or lifetime of the equipment if shorter

l) Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount Artsadmin would have been willing to pay for the items on the open market.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o) Creditors and provisions

Creditors and provisions are recognised where Artsadmin has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Financial instruments

Artsadmin only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

q) Pensions

The charity operates a defined contribution pension scheme for its employees. The scheme and its assets are held by independent managers. Contributions are accounted for when they are payable.

21

Artsadmin Notes to the financial statements

For the year ended 31 March 2023

2 Detailed comparatives for the statement of financial activities from 2022

Income from:
Donations and legacies
Other trading activities: Arts Bar & Cafe
Charitable activities:
Artist Management
Studios Management
Artist Advisory
Projects
Investments
Total income
Expenditure on:
Raising funds:
Fundraising
Arts Bar & Cafe
Charitable activities:
Artist Management
Studios Management
Artist Advisory
Projects
Depreciation
Total expenditure
Net income / expenditure
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
2022
2022
2022
590,936
241,379
832,315
23,472
-
23,472
140,732
-
140,732
267,303
-
267,303
-
92,717
954,442
1,047,159
146
-
146
1,115,306
1,195,821
2,311,127
996
-
996
58,341
-
58,341
516,896
-
516,896
378,082
-
378,082
115,908
-
115,908
43,494
1,297,755
1,341,249
22,322
277,022
299,344
1,136,039
1,574,777
2,710,816
(20,733)
(378,956)
(399,689)
28,715
(28,715)
-
7,982
(407,671)
(399,689)
292,916
3,134,915
3,427,831
300,898
2,727,244
3,028,142

22

Artsadmin Notes to the financial statements

For the year ended 31 March 2023

3 Income from organisational grants & donations

Income from organisational grants & donations
Unrestricted Restricted Total Total
£ £ £ £
2023 2023 2023 2022
Arts Council England: NPO Funding 542,881 - 542,881 542,881
DWP Kickstart Scheme Grants 5,103 - 5,103 10,529
Capital Group 23,000 - 23,000 -
Arts Council England: Small Capital - 114,781 114,781 -
Greater London Authority: Transformative Actions - 31,600 31,600 -
Linbury Trust: Transformative Actions - 50,000 50,000 -
Theatres Trust: Transformative Actions - 5,000 5,000 -
Foyle Foundation: Transformative Actions - 50,000 50,000 -
LB Tower Hamlets Grants - - - 17,250
Arts Council England: Culture Recovery Fund Grant - - - 232,379
Arts Council England: European Touring Guide Grant - - - 9,000
Coronavirus Job Retention Scheme - - - 5,896
Donations 589 - 589 1,133
571,573 251,381 822,954 819,068
Income from Other Trading Activities: Arts Bar & Cafe
Unrestricted Restricted Total Total
£ £ £ £
2023 2023 2023 2022
Other Trading Activities: Arts Bar & Cafe 10,036 - 10,036 23,472
10,036 - 10,036 23,472

23

Artsadmin Notes to the financial statements

For the year ended 31 March 2023

4 Income from charitable activities

4
Income from charitable activities
Artist Management
A New Direction
Partner contributions
Earned income
Other income
Total for Artist Management
Studios Management
Centre for the Understanding of Sustainable
Prosperity
Earned income
Other income
Total for Studios Management
Artist Advisory
Creative Europe: Be Part
Earned income
Total for Artist Advisory
Projects
Creative Europe: Be Part
Bloomberg Philanthropies: Digital Accelerator Project
Arts Council England: Another Route
Jerwood Arts: Another Route
Centre for the Understanding of Sustainable
Prosperity
Other income
Total for Project
Total income from charitable activities
5
Income from investments
Bank interest		 Unrestricted
Restricted
Total
Total
£
£
£
£
2023
2023
2023
2022
5,000
-
5,000
-
37,189
-
37,189
-
64,065
-
64,065
-
26,117
-
26,117
140,732
132,371
-
132,371
140,732
4,000
-
4,000
13,247
330,010
-
330,010
-
5,021
-
5,021
267,303
339,031
-
339,031
280,550
-
3,600
3,600
-
1,200
-
1,200
-
1,200
3,600
4,800
-
-
16,400
16,400
-
-
125,000
125,000
-
-
149,199
149,199
-
-
42,740
42,740
-
29,122
-
29,122
39,375
17,201
30,941
48,142
1,007,784
46,323
364,280
410,603
1,047,159
518,925
367,880
886,805
1,468,441
Unrestricted
Restricted
Total
Total
£
£
£
£
2023
2023
2023
2022
174
-
174
146
174
-
174
146

24

Artsadmin Notes to the financial statements For the year ended 31 March 2023

6 Analysis of expenditure

Basis of
allocatio
n
Core Staff Costs
Staff time
Freelance Fees & Casual Wages Staff time
Direct Costs
Direct
Communications
Staff time
Access, Inclusion & Anti-Racism Staff time
Overheads
Staff time
Legal and professional fees
Staff time
Audit fees
Staff time
Depreciation
Staff time
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022
Artist
Management
~~Studios~~
Managemen
t
Artist
Advisory
Projects
Support
costs Governance
2023
2022
£
£
£
£
£
£
£
£
£
98,573
190,252
208,820
79,489
116,178
131,501
30,231
855,044
754,657
-
8,619
-
18,810
171,811
-
-
199,240
402,955
246
18,665
17,379
1,431
230,776
-
-
268,497
1,089,273
-
-
-
-
-
20,982
-
20,982
27,449
-
-
-
-
-
5,926
-
5,926
2,902
-
-
-
-
-
194,194
-
194,194
110,061
-
-
-
-
-
-
1,450
1,450
9,175
-
-
-
-
-
-
8,000
8,000
15,000
-
94,767
91,980
36,234
55,745
10,234
-
288,960
299,344
Cost of
raising
funds
Charitable activities
98,819
312,303
318,179
135,964
574,510
362,837
39,681
1,842,293
2,710,816
-
123,365
119,736
47,169
72,567
(362,837)
-
-
-
-
13,492
13,094
5,159
7,936
-
(39,681)
-
-
98,819
449,160
451,009
188,292
655,013
-
-
1,842,293
59,337
618,672
476,866
1,380,164
175,777
-
-
-
2,710,816

Of the total expenditure, £1,080,369 was unrestricted (2022: £1,136,039) and £761,924 was restricted (2022: £1,574,777).

25

Artsadmin Notes to the financial statements For the year ended 31 March 2023

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Interest payable
Auditor's remuneration:
Audit fees		 2023
2022
£
£
288,960
299,344
756
-
8,000
12,950
Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Redundancy and termination costs
Other staffing costs (Including training and staff benefits)		 2023
2022
£
£
725,486
629,181
69,522
57,153
24,253
23,641
10,918
-
24,865
44,682
855,044
754,657

The following number of employees received employee benefits (excluding employer pension) during the year b t

£60,000 - £69,999
b t		 2023
2022
No.
No.
2
2

The total employee benefits including pension contributions of the key management personnel were £142,614 (2022: £ 129,790).

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2022: £nil) neither were they reimbursed expenses during the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed including casual and part time staff) during the year was as follows:

Artist Management
Studios Management
Arts Bar & Cafe
Artist Advisory
Marketing & Support
Projects
Administration		 2023
2022
No.
No.
5
12
4
7
3
2
3
3
5
0
3
0
2
3
25
27

26

Artsadmin Notes to the financial statements For the year ended 31 March 2023

9 Taxation

Artsadmin is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10 Tangible fixed assets

Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Total
£
£
£
£
1,625,000
681,546
4,744,853
7,051,399
-
45,357
-
45,357
-
-
-
-
Short
Leasehold
property
Fixtures and
fittings
Building
Renovatio
ns
1,625,000
726,903
4,744,853
7,096,756
916,664
583,296
3,140,078
4,640,038
67,708
22,260
198,992
288,960
984,372
605,556
3,339,070
4,928,998
640,628
121,347
1,405,783
2,167,758
708,336
98,250
1,604,775
2,411,361

Arts Council England has a fixed and floating charge, dated 26 November 2014, over the property and other assets of the charity.

All of the above assets are used for charitable purposes.

11 Stock

Raw materials
Debtors
Trade debtors
Other debtors
Prepayments and Accrued Income		 2023
2022
£
£
1,653
4,868
1,653
4,868
2023
2022
£
£
85,998
132,004
-
8,258
495,816
147,778
581,814
288,040

12 Debtors

27

Artsadmin Notes to the financial statements For the year ended 31 March 2023

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income
Deferred income
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2023
2022
£
£
48,546
58,800
23,295
6,561
669
6,745
56,478
46,797
36,280
4,000
165,268
122,903
2023
2022
£
£
4,000
-
(4,000)
-
36,280
4,000
36,280
4,000

14 Pension scheme

Artsadmin operates a defined contribution pension scheme for its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from Artsadmin and amounted to £24,253 (2022: £23,641) The outstanding balance at the year-end was £79 (2022: £Nil).

15 Analysis of net assets between funds Current year 2023

Tangible fixed assets
Net current assets
Net assets at the end of the year		 General
unrestricted
Designated
unrestricted
Restricted
Total
funds
£
£
£
£
30,371
-
2,137,387
2,167,758
189,096
120,479
428,485
738,060
219,467
120,479
2,565,872
2,905,818

¹ The 'free reserves' of the charity total £262,910 representing £189,096 of general unrestricted funds not tied up in fixed assets noted above and £73,814 held in two other designated funds. Funds held in the designated project funds for 2023-24 are excluded from free reserves. The trustees consider setting aside these free reserves as designated funds to be a useful management planning tool. See more on the Reserves Policy on page 10.

Previous year 2022

Tangible fixed assets
Net current assets
Net assets at the end of the year		 General
unrestricted
Designated
unrestricted
Restricted
Total
funds
£
£
£
£
24,719
-
2,386,642
2,411,361
198,650
77,529
340,602
616,781
223,369
77,529
2,727,244
3,028,142

28

Artsadmin Notes to the financial statements For the year ended 31 March 2023

16 Movements in funds for the current year 2023

Restricted funds:
Capital
Building
City Bridge Trust
The Foyle Foundation
Transformative Actions (capitalised)
Transformative Actions (unspent)
Creative Europe - ACT
Creative Europe - Be Part
Creative Europe - Create to Impact
AM Nabirye & A Saunders
Arrivals & Departures
Tania El Khoury
Another Route
European Touring Guide
Bloomberg Philanthropies
Total restricted funds
Unrestricted funds:
Designated funds:
Programme Development Fund
Asset Replacement Fund
Projects in 23-24
Total designated funds
General funds
Total unrestricted funds
Total funds		 Transfers
£
£
£
£
£
2,254,788
-
261,014
-
1,993,774
46,485
-
4,207
-
42,278
4,634
-
1,400
-
3,234
71,181
39,024
12,104
-
98,101
9,553
212,357
1,600
(5,073)
215,237
58,589
-
15,050
(13,859)
29,680
11,019
20,000
19,768
-
11,251
-
3,477
3,700
223
-
921
(921)
-
-
0
50,914
10,461
53,508
-
7,867
54,526
16,308
34,279
-
36,555
164,634
192,795
253,666
-
103,763
-
760
760
-
-
-
125,000
100,868
-
24,132
At the start
of the year
Income &
gains
Expenditure
& losses
At the end
of the year
2,727,244
619,261
761,924
(18,709)
2,565,872
26,943
-
-
-
26,943
46,871
-
-
-
46,871
3,715
-
3,715
46,665
46,665
77,529
-
3,715
46,665
120,479
223,369
1,100,708
1,076,654
(27,956)
219,467
300,898
1,100,708
1,080,369
18,709
339,946
3,028,142
1,719,969
1,842,293
-
2,905,818

29

Artsadmin Notes to the financial statements For the year ended 31 March 2023

16 Movements in funds continued

Purposes of Designated Funds

The Programme Development Fund has been established to support the future development of the programme and organisation.

The Asset Replacement Fund has been established to ensure there are adequate funds in the organisation for the replacement of fixed assets at the end of their useful life.

Purposes of Restricted Funds

Capital

These funds consist of grants received specifically for the purchase of fixed assets. The funds are depreciated over the expected useful life of the assets.

Transformative Actions

This £476,096 capital fund has reduced Toynbee Studios' carbon footprint by at least 43%, made it more accessible for diverse artists, audiences and other building users and improved digital resilience across 201924. Infrastructure installed includes solar panels, recycling, composting, connectivity and access equipment. Significant changes were achieved in 22-23 with the project fully realised in 23-24 with the installation of an air source heat pump, new highly efficient boiler, BMS and zonal heating control. Funders include £189k from Arts Council England, £132k from London Legacy Development Corporation, £38k from Greater London Authority, £50k from Linbury Trust, £50k from Foyle Foundation, £5k from Theatres Trust, and £11.9k from LB Tower Hamlets.

Foyle Foundation

Funding towards a technical upgrade for Toynbee Studios in 2015.

Backstage Trust

Funding for renovation to improve accessibility to Toynbee Studios in 2017.

Programmes of Activity

Creative Europe Project - ACT

The European Commission’s Creative Europe scheme continued to support activities of the Imagine 2020 Network of European arts organisations through cooperation project Art, Climate, Transition (ACT). Funding has supported a three-year programme of work focused on climate change and environmental sustainability. The project will end in 23-24.

Creative Europe Project - Be Part

This European Commission-funded cooperation project supports 10 international co-creators, artists and organisations to collectively challenge and explore power structures within participatory arts practice. The project will end in 23-24.

Creative Europe Project - Create to Connect > Create to Impact

Create to Connect > Create to Impact is another European Commission-funded cooperation project, bringing together 13 European cultural and research organisations to create long-lasting connections between artists, cultural operators, researchers and audiences and new public arenas for dialogue or participation. The project ended in 22-23.

30

Artsadmin Notes to the financial statements For the year ended 31 March 2023

16 Movements in funds continued

Arrivals + Departures

An outdoor public art project by artists YARA + DAVINA with an accompanying programme of talks, events and workshops. It was awarded a Without Walls commission and an Arts Council England project grant and across Sept 2020 - Oct 2022 has been presented in London, Brighton, Yorkshire, Redcar, Norwich, Milton Keynes, Hull, and internationally in Brooklyn and Zurich.

Tania El Khoury

Tania El Khoury is a live artist based across London, New York, and Beirut who creates immersive and challenging performances in which the audience is an active collaborator. In 22-23, her existing productions As Far As My Fingertips Take Me and Cultural Exchange Rate were presented in Chemnitz, Germany and Michigan, US, respectively.

Another Route

A consortium project with Forest Fringe and Total Theatre Network supported by ACE, British Council, Jerwood Arts to deliver a fellowship for 12 artists to internationalise their creative practice.

European Touring Guide

A fund awarded by Arts Council England to prepare a publish a sectorial guide on post-Brexit touring in Europe.

Bloomberg Philanthropies

This £150k fund over two years will underwrite staffing and development costs of a new coding base for our CRM known as KIWI and recruitment & artist opportunity portal to replace our technically redundant 11 year old tool, to strengthen our commercial income, digital resilience, and accessible & anti-racist recruitment practices.

31

Artsadmin Notes to the financial statements For the year ended 31 March 2023

16 Movements in funds continued for the previous year 2022

Movements in funds continued
for the previous year 2022
At the start Income & Expenditure At the end
of the year gains & losses Transfers of the year
£ £ £ £ £
Restricted funds:
Capital
Building 2,515,802 - 261,014 - 2,254,788
Transformative Actions (capitalised) 47,507 32,385 8,711 - 71,181
Transformative Actions (unspent) (5,311) 14,864 - - 9,553
Backstage Trust 687 - 687 - -
City Bridge Trust 51,701 - 5,216 - 46,485
The Foyle Foundation 6,034 - 1,400 - 4,634
ACE: Diverse Actions 16,800 - 16,800 - -
ACE: Unlimited 3 4,839 - 4,839 - -
ACE: Unlimited Transition 214,387 403,352 617,739 - -
Creative Europe - ACT 47,158 26,929 15,498 - 58,589
AM Nabirye & A Saunders 1,640 - 719 - 921
Arrivals & Departures 35,376 85,987 70,449 - 50,914
Be Part 23,360 12,128 24,469 - 11,019
Cockayne 214 - 214 - -
Creative Europe - Create to Connect 5,306 13,811 19,117 - -
Allen & Ovary Ben Ogden Memorial Fund 2,500 - 2,500 - -
Season For Change 143,130 60,500 199,915 (3,715) -
The Simon Gibson Charitable Trust 5,000 - 5,000 - -
Tania El Khoury 18,785 103,287 67,546 - 54,526
Another Route - 199,199 34,565 - 164,634
Apocalypse Reading Room - 2,000 2,000 - -
European Touring Guide - 9,000 9,000 - -
Cultural Recovery Fund - 232,379 207,379 (25,000) -
Total restricted funds 3,134,915 1,195,821 1,574,777 (28,715) 2,727,244
Unrestricted funds:
Designated funds:
Artists Bursary Scheme 26,943 - - - 26,943
Asset Replacement Fund 46,871 - - - 46,871
Project Commissioning Fund 20,000 - 20,000 - -
Projects in 22-23 - - - 3,715 3,715
Total designated funds 93,814 - 20,000 3,715 77,529
General funds 199,102 1,115,306 1,116,039 25,000 223,369
Total unrestricted funds 292,916 1,115,306 1,136,039 28,715 300,898
Total funds 3,427,831 2,311,127 2,710,816 - 3,028,142

32

Artsadmin Notes to the financial statements For the year ended 31 March 2023

17 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
Interest, rent and dividends from investments
(Increase)/ decrease in stock
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2023
2022
£
£
(122,324)
(399,689)
288,960
299,344
(174)
(146)
3,215
2
(293,774)
60,085
42,365
25,500
(81,732)
(14,904)

18 Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 Cash flows
£
£
£
£
446,776
(126,915)
-
319,861
At 1 April
2022
Other
changes
At 31
March 2023
446,776
(126,915)
-
319,861

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

20 Related party transactions

Gill Lloyd, Judith Knight (previous employees of Artsadmin as of 2018 and 2019 respectively) and Nicola Childs (a current employee) are directors of Arts Initiative, a company which acts as a vehicle for channelling Arts Council funds to artists. Artsadmin provides producing and financial services to the artists and secretarial services to the limited company, which are charged by agreement through Arts Initiative. During the year, net amounts of £26,135 (2022 : £11,130) were billed to Arts Initiative by Artsadmin and at the year end £11,635 (2022: £5100) was owing to Artsadmin. The company directors and Artsadmin's board of trustees are reviewing the governance structures of Arts Initiative.

33