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← Artsadmin

2025-03-31-accounts

Company Number: 2979487 Charity Number: 1044645

ARTSADMIN (A Company Limited by Guarantee)

AUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ARTSADMIN REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS Page
Reference and administrative information 1
Trustees’ Report 2
Independent Auditor’s Report 21
Statement of Financial Activities 24
Balance Sheet 25
Statement of Cash Flows 26
Notes to Financial Statements 27

ARTSADMIN REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

Directors and Trustees Anna Cornelius
Daisy Hale
Christoph Jankowski
Kathryn Martindale
Jeremy Smeeth (Chair)
Company Secretary Cath Longman-Jones
Chief Executives Raidene Carter, Artistic Director
Ben Cooper Melchiors, Executive Director (to 12 July 2024)
Cath Longman-Jones, Chief Operating Officer (from 6 January 2025)
Registered office Toynbee Studios
and operational address 28 Commercial Street
London
E1 6AB
Auditors Goldwins
75 Maygrove Road
London
NW6 2EG
Banking Lloyds Bank
25 Gresham Street
London
EC2V 7HN

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ARTSADMIN TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025

A NOTE FROM THE CHAIR

It is my privilege to introduce Artsadmin’s Trustees’ Report for the financial year 2024-2025.

Firstly, I would like to acknowledge that this was a challenging and complex year, with a lot of reflection and careful consideration given to a reshaping of our organisational structure to prepare us for the years ahead. On behalf of the board, I give heartfelt thanks to the artists, staff team, trustees and consultants who worked through the changes with us. We said goodbye to a number of dedicated creatives, producers and managers, including some longstanding team members and artists. We are incredibly grateful for their deep commitment to Artsadmin and involvement in so many amazing and impactful projects over many years.

Despite these challenges, I’m pleased we are able to present a report which demonstrates a very full year of inspiring projects, creativity and support for and with an incredible range of brilliant contemporary artists.

As the opening sections of this report reflect, we are clear on the ongoing importance of our four core and interlinked ways of making space for contemporary artists, with refreshed values of generosity, commitment, truth, collaboration and change to guide us, and a strong focus on how we do things as well as what we do. It is also always worth reminding ourselves why we do this work at Artsadmin: because art and artists are essential, get to the essence of what it is to be human, and bring us together. In an increasingly divided world, we need the kinds of artists we work with now more than ever.

We have an exciting future ahead, and I look forward to Artsadmin making as much space as possible in the years to come for unconventional, unforgettable artists and audience experiences.

Jeremy Smeeth, Chair

INTRODUCTION

The trustees present their report together with the financial statements for the year ended 31 March 2025.

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).

CHARITABLE PURPOSE AND PUBLIC BENEFIT

The charitable purpose for which Artsadmin is registered is 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 and activities, the trustees have considered the Charity Commission's guidance on public benefit. Careful consideration is given to setting pricing and pay structures to ensure the widest possible access and benefit to the general public:

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WHAT WE DO

Artsadmin makes space for brilliant artists to develop and share compelling new work generating connection, hope and change in the world.

We’re here to make sure contemporary performance, socially engaged and live art practice in the UK is fuelled by the most exciting, genre-defying artists. We work with artists who have things to say about the world in unconventional ways, supporting them to shape their ideas and create unforgettable audience experiences.

We care about art that stirs emotion, removes barriers and encourages connection. Working locally, nationally and internationally, often in partnership and always collaboratively, we focus on developing and presenting work that is direct, truthful and matters, now.

We make space for artists in four ways:

WHY WE DO IT

Art and artists have always been essential to humanity. In an increasingly divided and brittle world, we strongly believe we need art from artists with all sorts of perspectives and experiences more than ever. The artists we work with are brilliant at questioning the world, challenging how we think, feel and behave, exploring what it is to be human.

We will continue to work towards a world where a hugely diverse range of art and artists are widely engaged with, celebrated, respected and supported for their fundamental role in breaking down barriers and connecting us to each other.

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OUR APPROACH

Taking care of both artist and the business of art-making, Artsadmin’s founders made the humble and practical act of arts administration our name. We now call this work producing. Humility, practicality and care still sit right at the heart of our values. As producers and managers, we operate mostly in the background and let artists’ work speak for itself, staying mindful of our role in reaching and selecting the artists we foreground.

We use our knowledge and skills as producers, convenors and facilitators to build relationships and communities around art and artists with social engagement at the heart of their practice. We centre artists' expectations, needs and ideas throughout. We have a deep legacy of working in this way, and our home at Toynbee Studios represents our approach in the way it is run, encouraging daily interaction between artists, creatives and producers from across the industry.

We believe it’s essential to think and work in ways that are accessible, inclusive and sustainable, and that reach across and beyond borders. This is where you’ll find Artsadmin regularly using our influence to drive change.

By accessible, we mean removing barriers to supporting, creating and experiencing art – cultural, educational, financial, health, physical, psychological, racial, social and more.

By inclusive, we mean being welcoming and supportive to everyone, being clear about behaviour that’s not ok, and consciously creating the conditions for safer and braver spaces for artists and audiences.

By sustainable, we mean actively looking after people, planet, projects, money, buildings and things as best we can, so that we minimise harm and can all keep going long term without running out of energy and resources.

By reaching across and beyond borders, we mean being inspired and influenced by creative practice and producing from all over the world, thinking and working expansively, openly and dynamically, and not placing ourselves at the centre.

We understand that all of these are connected and complex, and we are firmly committed to ongoing learning and purposeful action.

Some examples of our action in recent years are:

There’s plenty more to do. We challenge ourselves and the arts sector to be honest about how and where real change is showing up, and to do better.

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OUR VALUES

These values guide how we work as a team, as trustees, with artists, collaborators and audiences:

Generosity: Approaching our work and relationships with care, warmth, positivity, curiosity, openness and equity

Commitment: Meaning and doing what we say; taking action, being clear and rigorous, and not giving up

Truth: Working with artists to draw out the truths within their work; building authentic and straightforward relationships; reflecting honestly on progress and setbacks; being transparent and fair in all that we do Collaboration: Continuously practising working well together to understand needs, support each other, grow skills, and strengthen the reach and impact of artists’ work

Change: Embracing change as a constant, ready to respond and influence the world around us; advocating for change especially around access, inclusion and sustainability; remaining resilient, flexible and hopeful

ABOUT THE TOYNBEE STUDIOS COMMUNITY

Since 1995, Artsadmin has run Toynbee Studios in Aldgate, East London, leased from our neighbours, Toynbee Hall. From the outset we’ve rented out workspace to artists and arts organisations and hired out the rehearsal studios and the 280-seat theatre to companies for performances, workshops, gatherings and rehearsals.

Influential arts organisations a-n, Artichoke, China Plate, Complicité, Dance Consortium, Dash Arts, and LIFT work here, along with talented artists Franko B, Richard DeDomenici, Laura Daly, Nigel Edwards, Graeme Miller, Mark Morreau and Stephen Watts, and many regular rehearsal studio hirers across the arts and culture sectors.

Rooting this community of early-career and established artists, creatives and producers in a building where work is constantly being imagined, rehearsed, tested and shared all around us is core to who we are and what we believe in. Spread across five floors, this is an inspirational, friendly, hard-working place alive with creativity.

2024-2025 OBJECTIVES

This was a pivotal year of change for Artsadmin. As explained in last year’s Trustees’ Report, the draft 2024-2025 budget presented to the board of trustees in February 2024 projected a significant deficit for the charity. This budget was not considered feasible. The new Artistic Director sharpened the focus on underlying issues with the financial model for the programme of activities, and its ability to sustain a viable income for the organisation in the current financial and funding climate.

A team of consultants were appointed to work with the executive team and board on an organisational restructure, commencing June 2024. The aim was to reduce the core staffing cost base alongside reviewing overall artistic strategy, to inform a new business model for Artsadmin. Recruitment and induction of new trustees to replace those standing down in 2023-2024 and 2024-2025 was also part of the brief.

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A revised budget with a manageable in-year deficit was subsequently approved, including investment from reserves which prioritised advisory and restructure costs supporting the development of a new business model.

Alongside this essential focus on organisational development, other objectives for the year concentrated on maintaining the key programme outputs and outcomes across our four ways of making space for artists. We sought to ensure that existing project commitments were met, that good relationships with collaborators were prioritised, and that artists continued to be supported in multiple and meaningful ways during this period of change.

Objectives for the year can be summarised as:

Measures of success: working within the approved budget; a reduced staff structure with recruitment completed for new senior posts; key elements of the future artistic strategy clarified; a sharper understanding of areas of risk and opportunity for the financial model; plans in place for trustee recruitment; continued focus on access and inclusion including anti-racism

Measures of success: all programme strands delivered to a high quality for the benefit of participating artists, with pathways established for Abel Holsborough (artist in residence 24/25)

Measures of success: income targets met, high level of occupancy maintained, core services delivered to a high standard

Measures of success: planned commitments upheld, high quality work delivered to audiences, and artists well supported throughout, regular reflection and strategy meetings with key artists established

Measures of success: appropriately skilled and experienced development producing of Gen X Gen Z, maintenance of Unlimited commissioner partnership, and heightened support of the artists involved

Measures of success: Another Route evaluation and reflection completed with all participating artists and key delivery partners resulting in actionable feedback to inform future work

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ACHIEVEMENTS AND PERFORMANCE

Strategic Development of Artsadmin: towards a sustainable, future facing business model

Objectives: Making significant progress towards a sustainable, future facing business model for Artsadmin, with reduced staffing aligned with a reviewed artistic strategy, and clear plans for development of the board of trustees

Between June 2024 and January 2025, Artsadmin worked closely with an experienced team of consultants from People Make It Work on a significant staffing restructure, review of the artistic programme, and development of the board of trustees, all essential to a sustainable, future facing business model.

The producing team structure has seen the most significant restructure, aligned with anticipated shifts in the artistic strategy, moving from 7 Producers and 1 Assistant Producer to a programming team of 5: Head of Programme, 2 Producers, 1 Assistant Producer and a Programme Coordinator.

Overall three new senior roles were recruited this year as part of the restructure: the Chief Operating Officer and Head of Programme were in post by January 2025, with the General Manager joining in June 2025.

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with an accountancy background started in January 2025, immediately reviewing and updating internal financial reporting, coding and budget tracking systems, and assessing improvements needed to income-related databases.

We have committed to sharing diversity data in this annual report which will inform our journey. The statistics below are a starting point and we are mindful of the intersections at play here. Over the coming year, we will be considering further how the data we capture reflects our commitment to be honest about how and where real change is showing up, and supports us to do better. As well as the areas below, we are interested in gathering insightful data about class, which remains a significant barrier to engaging with the UK subsidised arts sector, including reaching leadership positions.

Some diversity statistics
at 31 March 2025		 Board &
Leadership		 Salaried staff
excluding
Leadership		 Freelancers and
consultants
including Artists
Survey return rate 100% 100% 36%
Global majority, white, info not
available		 17%, 83%, 0% 45%, 55%, 0% 13%, 21%, 66%
D/deaf or disabled, not D/deaf or
disabled, info not available		 17%, 83%, 0% 36%, 64%, 0% 9%, 23%, 69%
Neurodivergent 17% 64% 13%
Female, male, other genders, info
not available		 50%, 33%, 17%,
0%		 45%, 27%, 18%,
9%		 22%, 7%, 8%,
64%
Under 35, 35-49, over 50, info not
available		 17%, 66%, 17%,
0%		 82%, 9%, 9%,
0%		 14%, 15%, 7%,
64%
Info not available means the surveyed individual has expressed that they prefer not to say or they did not
answer the question or respond to the survey

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Delivering a support and development programme bringing artists, creatives and practitioners together to develop their skills and practice, expand ideas, pool resources, reflect, imagine and hope

Objectives: Continuing all Artist Support programme strands, including completion and review of a oneyear Artist In Residence programme

All advertised artist support programme strands were delivered with consistency and to a high quality in the year, strengthening new partnerships to expand our reach to more emerging artists from a variety of backgrounds, here and abroad.

In reviewing the consistency, frequency and quality of our artist support programme, we have now recognised this area of work as the most resource-intensive and dynamic area of the Artistic Programme. It serves as an accessible gateway to Artsadmin’s work, and a connecting ‘glue’ to other opportunities. Appreciation must be given to the Artist Support team across this period for developing care-filled, artist-centred approaches that are now being expanded and explored through developed systems, structures and focused evaluation and feedback.

Our work with salaried artist in residence Abel Holsborough officially finished in August 2024 but has been extended into 2025-26 with our continued support of a legacy project in the form of a living evaluation report - The Exit Interview - a playful take on office-based work culture. Taking over Artsadmin’s Archive Room for much of his time with us, Abel chose to make the evaluation report a ‘zine’ cataloguing his time as an employee with Artsadmin, which we are looking to install and exhibit as new artwork for the building later next year.

Highlights of the Artist Support programme this year include:

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Across all Artist Support programme threads we worked with 55 lead and collaborating artists, plus a further 285 creatives benefited from support sessions and workshops.

Running our home, Toynbee Studios, as welcoming and affordable rehearsal, event and work spaces, creating an environment where supportive communities of artists and arts organisations grow

Objectives: Running core services at Toynbee Studios throughout, maintaining income generation and continuing to serve and develop the community of artists and arts organisations

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flagship Steve Whitson studio used the most, closely followed by our next largest space, Studio 3. In the tenanted units, we were delighted to welcome Dance Consortium mid-year, but sadly said goodbye to longtime resident Coney in January. Nearly all tenant units were occupied by year end, with remaining vacancies expected to be filled in the first quarter of 25/26.

“The venue was fantastic at communicating, organising and setting up the booking. This was matched by the hospitality and accommodating nature of the staff… The rehearsal studios themselves are also fantastic – large airy rooms that are ideal for those longer rehearsal stints.”

“Great to work with a team of venue staff… who are sensitive to the nuances of how a production gets made, and what’s involved. Wonderful holistic 360º support. The project felt less like a hire and more like a collaboration.”

18 years on from reopening following a major renovation of Toynbee Studios, and working with its 85-year-old structure, wear and tear from near constant use is taking its toll. General refurbishment, maintenance and repair work is needed throughout the building and most urgently to deal with multiple roof leaks, worn out studio flooring, internal doors and ageing sanitary ware. Some roof and flooring work was added to plans for 2025-2026. Further work is needed on the financial model before annual maintenance budgets can be increased to a more appropriate amount for a building of this age and use profile. The heating system, comprising new boilers installed in autumn 2023 to run with the existing radiators and pipework, also continues to be problematic. A series of separate issues interrupted the heat supply this winter, and the promised zonal temperature control remains unsolved. Huge thanks to the operations team for keeping the interruptions to a minimum for our community.

Caffe Alba ran our café space throughout the year, providing excellent coffees, a range of snacks and light lunches, and experimenting with an evening bar and events offer. However, general public footfall remained minimal, opening hours and staffing needed to reduce, and ultimately the model was unsustainable for them, while also creating some limitations for Artsadmin’s programme and regular building users. Caffe Alba continues at Whitechapel Gallery where the public footfall is much more suited to their offer. We entered 25/26 testing out the café space as a communal third space for tenants and hirers, to be reviewed mid-year.

Producing and managing projects and tours , connecting powerful art with audiences in all sorts of ways and all sorts of places, near and far

Objectives: Continuing with confirmed Project & Touring plans, including artistic works entitled Dominoes, The Making of Pinocchio, Benched, Up In Arms, Sentence, Moving Worlds, Wild Dress and multiple projects by Tania El Khoury

Continuing to develop new Projects with artists where funds had been committed and agreed, including Gen X Gen Z by Tink and Abra Flaherty, supported by an Unlimited R&D commission

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Our producing and management of artists projects continued as a key feature of our Artistic Programme, inclusive of international touring, localised community and youth engagement, UK presentations and new work development.

Overall, we met approximately 136,728 audiences (including an estimated figure of 117,000+ for Dominoes in Toronto), worked with 474 participatory volunteers and engaged 438 participants with our produced and managed projects.

Changing who gets to make, produce and experience art through specific, purposeful partnerships and actions aiming for a more accessible, inclusive and sustainable sector

Objectives: Completing the evaluation and reflection process for multi-year collaboration Another Route, a programme focused on internationalising creative practice.

Our work in facilitating and being part of broader conversations to achieve more impact, collaboratively, on matters of access, inclusion and sustainability began to take shape later in the year as our new

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Artistic Director settled into role and was able to begin connecting the threads between existing projects and networks with developing areas of strategic interest, specifically in support of international influence and reputation.

FINANCIAL REVIEW

Income

From donations and legacies: We remain grateful to Arts Council England for continued National Portfolio Organisation (NPO) annual funding (2025 and 2024: £542,881), and in particular for their consistent guidance and support this year. NPO funding anchors the charity’s business model, enabling us to deliver across our four interlinked ways of making space for artists, including leveraging income from other sources to support artists, run the studios, deliver impactful projects and to champion access, inclusion and sustainability.

Given the focus on strategic development this year and delivering against existing commitments, minimal fundraising was carried out and therefore minimal income from donations, mostly grants, in year: just £2,731 compared with £509,185 in the previous year, which saw the culmination of multiple Arts Council, Creative Europe and capital funded projects. A number of the grants received last year were originally presented within income from charitable activities (Note 4); since there were no performance related conditions, they are now re-presented in the comparables to Note 3.

From charitable activities: Income generated from running Toynbee Studios (Studios Management) saw a healthy increase compared to last year (£460,685 from £359,096) as already noted, countered by a reduction in fees earned from producing and managing artists’ project and tours. One-off sponsorship towards last year’s festival What Shall We Build Here was not expected to be repeated this year. Overall, the increase in space hire fees and recharges outweighed the reduction in producing and project management income (£545,141 compared with 2024: £518,772).

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Expenditure

Raising funds: Direct costs of raising funds, which includes time spent managing grant relationships and reporting to funders, mostly comprised allocations of senior staff time. There were no dedicated fundraising staff during the year.

Charitable activities: Direct expenditure on activities was weighted towards Projects and Touring (including Artist Management), with staff and freelancer costs as the main expenditure areas, typical for the types of projects we support, as the touring projects we produce and manage travel fairly light. There were fewer one-off projects this year, reflected in a significant reduction in total direct costs (2025: £306,415 compared with 2024: £792,824). Direct expenditure on Artist Support and Studios Management strands was mostly on staff costs and freelance fees, up from last year as more staff resource was dedicated to Studios Management (2025: £247,018 compared with 2024: £224,447).

Support costs: The largest support costs continue to be depreciation, which includes the cost of the fully-funded building lease premium and renovations spread across the life of the lease, and building running costs, with the majority of both naturally being allocated to the Studios Management strand. Both saw a modest increase on last year (2025: combined £454,801 and 2024: combined £446,489); however, as noted earlier, building running costs should really be higher than this, to keep the building well maintained for its almost constant use, and avoid lengthy periods of downtime later.

Core staff support costs is the other major support expenditure, and these were slightly lower than last year (2025: £337,996, 2024: £348,264) reflective of the overall reduction in staff costs this year.

Other Overheads were £18k higher due to one-off recruitment costs and additional annual IT support services required to support two redeveloped databases. A £61,170 investment in Strategic Development was a one-off cost this year.

Results

The overall result was an in-year deficit of -£427,887 (2024: deficit of -£349,169). This year’s deficit is caused by depreciation of fully funded fixed assets, planned spending down of restricted funds received in earlier years for specific projects, and the agreed investment from free reserves towards strategic development. In the prior year, similarly, depreciation and the spending down of existing restricted and designated funds for specific projects accounted for the majority of the deficit.

Year end position

Total funds held by the organisation at the end of the year amounted to £2,128,762, made up of £14,028 restricted and £2,114,734 unrestricted funds (2024: £2,556,649, made up of £2,315,677 restricted and £240,972 unrestricted funds).

Restricted funds comprise £11,424 project funds and £2,604 unspent capital funding (2024: £98,395 project funds, £21,306 unspent capital funding and £2,195,976 held as fixed assets).

Artsadmin holds designated funds which have been set aside by the Trustees for a particular purpose. This year, for increased transparency, all funds representing the net book value (undepreciated value) of fixed assets have been transferred to designated funds. The majority of these funds were previously held within restricted funds, given the initial restrictions over the use of the grants awarded. Since the restrictions were satisfied on the purchase of the assets, a transfer to designated funds is appropriate. At 31 March 2025 the full designated funds value of £1,972,780 represents fixed assets, and other previously held funds have been spent or released to general unrestricted funds (2024: £21,409 designated towards projects and programme development and £46,871 asset replacement fund).

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At 31 March 2025, unrestricted general funds stood at £141,954 (2024: £172,692).

For a detailed breakdown of funds movements, see Notes 15 and 16 to the financial statements.

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 costs including the replacement of assets.

The Trustees have assessed the risks affecting the income and expenditure of the charity and they have agreed that free reserves equal to three months’ core operating costs should ideally be maintained, to enable the charity to meet its commitments in the event of an unforeseen shortfall in income. Core operating costs are considered to be support costs (overheads) which are more or less fixed and/or involve a contractual notice period, all salaried staff costs, and a reasonable contingency for committed project costs.

As at November 2024, three months’ core operating costs have been calculated at approximately £250,000 (November 2024: £250,000).

The free reserves of the charity are defined as unrestricted general funds not tied up in fixed assets nor designated for specific planned projects. Free reserves as of 31 March 2025 are £141,954 , 57% of target (2024: £210,108, 84% of target).

Artsadmin will continue to prioritise the maintenance of adequate free reserves, although we recognise that building up reserves to meet the policy level will be particularly challenging over the next few years. Trustees monitor and review the effectiveness of the reserves policy throughout the year, particularly through the quarterly scrutiny of detailed management accounts, budgets and cashflow forecasts by the Finance & HR Committee, and their reporting to the full Board.

Although free reserves are unlikely to reach target in the near future, this is taken into account in the charity’s plans, forecasts and risk management. Based on plans and forecasts for the twelve months from the signing of these accounts, the Board continues to assess Artsadmin as a going concern, able to meet its anticipated liabilities as they fall due.

Principal Risks and Uncertainties

The trustees have reviewed the major financial and non-financial risks to which the organisation is exposed, and the systems and procedures in place to mitigate those risks. Risks are identified in a Strategic Risk Register, ranked in terms of impact and likelihood using a scoring and traffic light system, and discussed at quarterly board meetings.

The highest risk areas being closely monitored by the board and leadership at the time of writing are:

Risk area Mitigations
Income:Inability to generate sufficient income
to support artists and their work, due to an
increasingly challenging arts fundraising
climate, limited staff capacity and shorter lead-
in times, and heavy reliance on a stretched arts
sector grappling with rising costs themselves for
our earned income		 Invest in a thorough review of income
generation opportunities across all strands of
work; continue to submit funding applications
where Artsadmin’s work and values are
strongly aligned with the funder’s priorities;
continue to dedicate time to building trusting
relationships with our community of funders,
artists, tenants and hirers

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Risk area Mitigations
Local area development:Local planning
decisions may impact our ability to operate
effectively from Toynbee Studios medium term
(proposed Whitechapel High Street /
Commercial Street development)		 Maintaining strong local networks with cultural
sector peers as well as societies and collectives
leading action on local development proposals;
taking all available opportunities to respond
formally at the different planning stages
Costs:Unsustainable increases in Toynbee
Studios overheads, especially energy, business
rates and repairs and maintenance, as prices
continue to rise and building wear and tear is no
longer manageable		 Regularly benchmark energy prices and buy
ahead where beneficial; maintain good
relationships with trusted contractors and
interrogate quotes carefully; seek to increase
maintenance budgets through related income
generation
Perception:Artsadmin’s internal focus during a
significant period of restructure and
transformation leads to loss of momentum,
confidence and support for the organisation		 Develop an external communications strategy
to tell the story of the changes and highlight the
relevance and importance of Artsadmin’s work
now; focus on meaningful partnerships and
relationships which demonstrate that we mean
what we say; maintain confidence about the
importance of investing significant time and
care in the internal culture and values

The trustees are satisfied that appropriate mitigations are in place to manage the organisation’s exposure to risk.

Investment policy

The charity’s relatively 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.

FUNDRAISING APPROACH AND KEY POLICIES

Artsadmin aims to be a responsible and ethical organisation, mindful of our responsibilities to our communities, the arts and the environment. We encourage relationships with organisations that actively operate for the positive benefit of people and planet 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 minor checks for income less than £50,000. We follow an internal written ethical fundraising process and will decline funding offers under certain circumstances outlined in this process. The current policy and process was developed by Artsadmin staff and trustees during the action-research Catalyst programme, funded by Arts Council England.

The majority of Artsadmin’s voluntary income comes from other charitable bodies. Artsadmin staff and freelance consultants do undertake some direct fundraising activity involving individual donors via email, direct mail, fundraising events and sponsored events. We only provide information about

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opportunities to get involved that an individual has requested to receive. We protect donor’s personal details in line with Artsadmin’s Data Protection Policy and we do not work with door to door or telephone campaign fundraisers. Artsadmin has a Safeguarding Policy in place to protect children, young people and adults at risk, including in a fundraising context.

There were no complaints about our fundraising practices during the year.

PLANS FOR THE FUTURE

Across our four ways of making space for artists working in contemporary performance, socially engaged and live art practice, and our organisational development, we have identified the following overarching objectives for the next two years:

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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. Trustees meet at least quarterly to support the organisation’s strategic planning and risk management and to monitor progress against plans and budgets. A finance sub-committee provide additional support and expertise on analysing financial performance, risk and controls. Day-to-day management is delegated to the joint Chief Executives, who manage all staff members, either directly or via line managers. As well as full time and part time salaried staff, the organisational structure is enhanced by sessional and regular or project based freelance staff.

Recruitment and appointment of new trustees

The trustees serving at the time of signing this report and accounts are shown on page 1. Trustees who served during the year including appointments and resignations are shown below:

Ama Josephine Budge Johnstone (resigned 25 June 2024) Feimatta Conteh (resigned 28 November 2023) Stephanie Cullen (resigned 30 April 2024) Daisy Hale Christoph Jankowski Kathryn Martindale (appointed 4 March 2025) Alex Rinsler (resigned 25 June 2024) Jeremy Smeeth (Chair)

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 new trustee to three consecutive terms of three years, with a third term only in special circumstances and with justification for it recorded. 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.

Induction & training of trustees

Trustee recruitment packs with information about Artsadmin, the skills, experience and diversity sought and a role description are made available to all interested parties. The recruitment process always includes meetings with the Chair, at least one other trustee, and the Joint CEOs to gain insight into the governance, operations and plans of the charity. Final shortlisted candidates attend at least one board meeting as an observer before being formally invited to join as a trustee.

New trustees are provided with information on their role and responsibilities as a trustee, including a copy of the Charity Commission’s fundamental guidance The Essential Trustee: what you need to know, what you need to do , together with a copy of the Memorandum and Articles of Association, the latest audited Report and Financial Statements, current Strategic Plans and Action Plans and recent board papers.

An induction plan is agreed with each new trustee which incorporates discussion of Artsadmin’s values, identifying and addressing any specific training and development needs, and the offer of pairing with a board buddy. Once appointed, trustees are kept up to date as appropriate with developments within the

P a g e | 18

ARTSADMIN TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025

charity and arts sectors including governance matters, with access to resources, learning opportunities and networks to support their development in the role.

Remuneration

Artsadmin has a Remuneration Policy which is available to all staff. The organisation is committed to paying its staff fairly and reviews salary levels regularly, taking into consideration inflation and cost of living. The charity periodically benchmarks salaries against similar organisations in the sector and benchmarks its lowest pay band against the London Living Wage. Our staff are broadly banded into Directors, Senior Managers, Managers, and Officers/Assistants, with pay ranges set and reviewed annually for each band.

Salary changes are agreed during the annual budget setting process, with detailed scrutiny from the finance sub-committee prior to full board discussion and approval.

We aim to offer above statutory minimum provisions wherever this is operationally and financially viable, including employer pension contributions, paid holiday, statutory leave and absence and a health care scheme.

Related charities and companies

Artsadmin historically provided project management, financial management and fundraising services for charity Station House Opera Ltd and limited company Rosemary Lee Projects; these arrangements are now ending as both entities are winding down their operations.

The charity provides project management, financial and secretarial services to artists via company limited by guarantee Arts Initiative which shares several directors with Artsadmin (Jeremy Smeeth, Christoph Jankowski and Daisy Hale, joined post year end by Kathryn Martindale).

Artsadmin regularly 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 regularly receives funding from charitable trusts and foundations. Several of our tenants at Toynbee Studios are also charities.

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:

P a g e | 19

ARTSADMIN TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025

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.

In so far as we are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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 3 November 2025 and signed on its behalf by:

Jeremy Smeeth Trustee

P a g e | 20

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 2025 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.

P a g e | 21

ARTSADMIN INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARTSADMIN

Opinions on other matters prescribed by the Companies Act 2006

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

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.

P a g e | 22

ARTSADMIN INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARTSADMIN

Capability of the audit in detecting irregularities

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

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.

A Hh ony Epten 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: 10 December 2025

P a g e | 23

Artsadmin

Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Artist Support
Studios Management
Artist Management
Projects and Touring
Investment income
5
Total income
Expenditure on:
Raising funds:
6
Fundraising
Charitable activities:
6
Artist Support
Studios Management
Artist Management
Projects and Touring
Total expenditure
7
Transfers between funds
Net movement in funds
Reconciliation of funds:
16
Total funds brought forward
Total funds carried forward
Net expenditure for the year		 Unrestricted
Funds
2025
£
543,933
3,494
460,685
40,216
-
555		 Restricted
Funds
2025
£
1,679
-
-
-
40,746
-		 Total
Funds
2025
£
545,612
3,494
460,685
40,216
40,746
555		 Total
Funds
2024
£
1,052,066
1,650
359,096
112,101
45,925
599
1,048,883 42,425 1,091,308 1,571,437
62,663
195,132
381,303
278,362
207,996
1,125,456
(76,573)
1,950,335		 4,766
14,841
241,920
21,171
111,041
393,739
(351,314)
(1,950,335)		 67,429
209,973
623,223
299,533
319,037
1,519,195
(427,887)
-		 59,748
141,370
537,864
321,161
860,463
1,920,606
(349,169)
-
1,873,762
240,972
2,114,734		 (2,301,649)
2,315,677
14,028		 (427,887)
2,556,649
2,128,762		 (349,169)
2,905,818
2,556,649

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.

Page | 24

Artsadmin Balance sheet

As at 31 March 2025

Note
Fixed assets:
10
Current assets:
11
12
Liabilities:
13
16
Total unrestricted funds
Unrestricted funds:
Designated funds
Restricted funds
General funds
Total funds
Tangible assets
Stock
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds		 2025
£
-
109,258
203,285		 2025
£
1,972,780
155,982		 2024
£
604
190,969
218,479		 2024
£
2,245,173
311,476
312,543
(156,561)		 410,052
(98,576)
1,972,780
141,954		 68,280
172,692
2,128,762 2,556,649
14,028
2,114,734		 2,315,677
240,972
2,128,762 2,556,649

The financial statements were approved and authorised for issue by the trustees on 3rd November 2025 and signed on their behalf by:

Jeremy Smeeth Trustee

Company registration no. 2979487

The attached notes form part of the financial statements.

Page | 25

Artsadmin

Statement of cash flows

For the year ended 31 March 2025

Note
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
17
Cash flows from investing activities:
Interest/ rent/ dividends from investments
Sale/ (purchase) of fixed assets
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		 2025
£
554
(34,680)		 2025
£
18,932
(34,126)		 2024
£
599
(379,233)		 2024
£
277,252
(378,634)
(15,194)
218,479		 (101,382)
319,861
203,285 218,479

Page | 26

Artsadmin

Notes to the financial statements

For the year ended 31 March 2025

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 (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) 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.

c) Income

Income is recognised when Artsadmin has evidence of entitlement to the income, it is probable that the economic beneifts associated with the transaction or gift will flow to the charity, and that the monetary value or amount can be measured reliably.

Income from grants and donations, whether to support general expenditure or capital expenditure, is recognised when Artsadmin has unconditional entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from charitable activities comprises income earned from artist support, studio management, artist management, and projects and touring activities, plus any performance related grants where the grantgiver has imposed specific conditions related to the provision of services covered by the grant.

Grant and donation income is only deferred to a future period when specific terms and conditions that limit recognition of the income have not been met.

d) 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.

e) Donated services and facilities, including volunteers

Donated professional services and facilities are recognised as income when Artsadmin has control over the item or has 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. Donated services and 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.

In accordance with the Charities SORP (FRS 102), volunteer time is not recognised but is described in the the Trustees' Report where relevant.

Page | 27

Artsadmin

Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies

f) 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 or estimated reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is included with support costs and allocated between cost of raising funds and charitable activities, or included within the cost of fixed assets and depreciated.

Allocation of support costs

Support costs are those costs that support across the work of Artsadmin but cannot be directly allocated to one or more project or activity. Support costs include general office and building running costs, finance, staff, HR, marketing, strategic development and governance costs. These costs have been allocated between cost of raising funds and expenditure on charitable activities on a fair and reasonable basis, as detailed in Note 6.

g) Fund accounting

Unrestricted general funds are available to spend on any activities that further any of the purposes of the 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 funds where the donor or contracted party has specified they are to be used solely for specific projects or purposes.

h) Tangible fixed assets

Items of equipment are capitalised with a purchase price or £500 or more are capitalised at cost. Depreciation is expensed 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 straight line over the life of the lease Major building renovations straight line over the rest of the lease or life of the renovation if shorter Fixtures/fittings/equipment 3-25 years straight line depending on the asset

i) Stock

Stock relates to consumable items held for sale at the café bar. It 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.

Page | 28

Artsadmin

Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies

j) 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.

k) 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.

l) Creditors and provisions

Creditors and provisions are recognised where there is 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.

m) 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.

n) 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.

Page | 29

Artsadmin

Notes to the financial statements For the year ended 31 March 2025

Income from:
Donations and legacies
Charitable activities:
Artist Support
Studios Management
Artist Management
Projects and Touring
Investments
Total income
Expenditure on:
Raising funds:
Fundraising
Charitable activities:
Artist Support
Studios Management
Artist Management
Projects and Touring
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
2024
2024
2024
574,954
477,112
1,052,066
1,650
-
1,650
359,079
17
359,096
112,101
-
112,101
19,031
26,894
45,925
599
-
599
1,067,414
504,023
1,571,437
57,218
2,530
59,748
113,463
27,907
141,370
302,798
235,066
537,864
307,561
13,600
321,161
367,503
492,960
860,463
1,148,543
772,063
1,920,606
(81,129)
(268,040)
(349,169)
(17,845)
17,845
-
(98,974)
(250,195)
(349,169)
339,946
2,565,872
2,905,818
240,972
2,315,677
2,556,649

Page | 30

Artsadmin

Notes to the financial statements

For the year ended 31 March 2025

General and Project funding
Arts Council England: NPO Funding
Arts Council England: for Another Route
Arts Council England: for Arrivals + Departures
Bloomberg Philanthropies: Digital Accelerator
Capital Group
City of London: for What Shall We Build Here
Centre for the Understanding of Sustainable Prosperity
Department for Work and Pensions
EC Creative Europe, Culture: for Be Part
EC Creative Europe, Culture: for Art, Climate, Transition
Jerwood Arts: for Another Route
Shape Arts
Tower Hill Trust
Donations from individuals
Transformative Actions capital project:
Arts Council England: Small Capital
Greater London Authority
London Legacy Development Corporation		 Unrestricted
Restricted
Total
Total
£
£
£
£
2025
2025
2025
2024
542,881
-
542,881
542,881
-
-
-
198,931
-
-
-
4,990
-
-
-
25,000
-
-
-
21,000
-
-
-
10,000
-
-
-
9,770
-
179
179
585
-
-
-
44,229
-
-
-
29,949
-
-
-
5,000
-
-
-
240
-
1,500
1,500
-
1,052
-
1,052
1,303
-
-
-
19,788
-
-
-
6,400
-
-
-
132,000
543,933
1,679
545,612
1,052,066

Page | 31

Artsadmin

Notes to the financial statements

For the year ended 31 March 2025

4 Income from charitable activities

Artist Support
Delivery fees
Other fees and recharges
Total for Artist Support
Studios Management
Space hire fees and recharges
Tenants rent and services
Total for Studios Management
Artist Management
Project management and collaboration fees
Other fees and recharges
Total for Artist Management
Projects and Touring
Tania El Khoury project fees and recharges
Sponsorship fees: Aldgate Connect BID for What Shall
We Build Here
Other fees and recharges
Total for Project
Total income from charitable activities		 Unrestricted
Restricted
Total
Total
£
£
£
£
2025
2025
2025
2024
1,750
-
1,750
1,650
1,744
-
1,744
-
3,494
-
3,494
1,650
345,254
-
345,254
248,899
115,431
-
115,431
110,197
460,685
-
460,685
359,096
40,216
-
40,216
82,415
-
-
-
29,686
40,216
-
40,216
112,101
-
40,746
40,746
26,894
-
-
-
16,000
-
-
-
3,031
-
40,746
40,746
45,925
504,395
40,746
545,141
518,772
5
Income from investments
Bank interest		 Unrestricted
Restricted
Total
Total
£
£
£
£
2025
2025
2025
2024
555
-
555
599
555
-
555
599

Page | 32

Artsadmin

Notes to the financial statements For the year ended 31 March 2025

6 Analysis of expenditure

Analysis of expenditure
Core Staff Costs
Programme Costs: Freelance Fees
Programme Costs: Other
Marketing & Communications
Access, Inclusion & Anti-Racism
Audit Fees
Legal and Professional Fees
Building Running Costs
Strategic Development
Other Overheads
Depreciation
Support costs: General
Support costs: Governance
Total expenditure 2025
Total expenditure 2024		 £
33,014
387
-
-
-
-
-
-
-
-
-
Cost of
raising
funds		 Artist
Support
Studios
Management
Artist
Management
Projects &
Touring
Support
costs:
General
Support
costs:
Governance
2025
2024
£
£
£
£
£
£
£
£
84,778
136,731
148,376
57,366
301,494
36,502
798,261
842,797
13,502
377
-
52,454
-
-
66,720
307,988
5,732
5,898
-
48,218
-
-
59,848
254,839
-
-
-
-
11,299
-
11,299
9,902
-
-
-
-
6,147
-
6,147
14,103
-
-
-
-
-
8,000
8,000
8,000
-
-
-
-
1,234
1,234
2,903
-
-
-
-
147,729
-
147,729
144,671
-
-
-
-
61,170
61,170
-
-
-
-
-
51,715
51,715
33,585
-
-
-
-
307,072
-
307,072
301,818


Charitable activities
33,401
31,495
2,533		 104,012
143,006
148,376
158,038
887,860
44,502
1,519,195
1,920,606
98,073
469,372
139,905
149,015
(887,860)
-
0
-
7,888
10,845
11,252
11,984
-
(44,502)
-
-
67,429 209,973
623,223
299,533
319,037
-
-
1,519,195
59,748 141,370
537,864
321,161
860,463
-
-
-
1,920,606

Support costs have been allocated to Costs of raising funds and Charitable Activities in proportion to Direct Costs, except for Building Running and Depreciation costs, which have been weighted towards Studios Management activities in proportion to core Studios Management staff time, as the majority of these costs are generated by this area of activity.

Of the total expenditure, £1,125,456 was unrestricted (2024: £1,148,543) and £393,739 was restricted (2024: £772,063).

Page | 33

Artsadmin Notes to the financial statements For the year ended 31 March 2025

7 Net income / (expenditure) for the year

This is stated after charging / (crediting): 2025 2024
£ £
Depreciation 307,072 301,818
Interest payable - 756
Auditor's remuneration: audit fees 8,000 8,000

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:
Salaries, wages and fees
Social security costs
Employer’s contribution to defined contribution pension schemes
Redundancy and termination costs
Other staff benefits		 2025
2024
£
£
628,949
724,309
53,586
68,901
18,134
34,681
80,975
-
16,617
14,906
798,261
842,797

Redundancy and termination costs include £21,501 in ex gratia payments paid to two employees (2024: nil). Salaries, wages and fees includes the cost of freelance and casual staff covering core staff roles.

The following number of staff received employee benefits (excluding employer pension) during the year between:

2025 2024
No. No.
£60,000 - £69,999 1 1

The total employee benefits including pension contributions of the key management personnel were £132,038 (2024: £82,236).

The key management personnel are considered to be the Joint CEOs and the charity trustees. The charity trustees were not paid and did not receive any other benefits from employment in the year (2024: £nil), neither were they reimbursed expenses during the year (2024: £nil). No charity trustee received payment for services supplied to the charity (2024: £nil).

Staff numbers

The average monthly number of staff during the year was 19 (2024: 26), being the average monthly head count of full time and part time staff included within the staff costs noted above . The average monthly full time equivalent (FTE) number of staff during the year was 15 (2024: 22). The average FTE staff allocation across activities and support costs is stated below:

Fundraising
Artist support
Studios management
Artist management
Projects and Touring
Support including marketing and governance		 2025
2024
No.
No.
1
1
2
2
2
3
3
5
1
2
6
9
15
22

Page | 34

Artsadmin Notes to the financial statements For the year ended 31 March 2025

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
Reclassification
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
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
5,096,222
754,767
7,475,989
-
-
33,649
33,649
-
(351,369)
351,369
-
-
-
(9,365)
(9,365)
Short
Leasehold
property
Major Building
Renovations
Fixtures,
Fittings &
Equipment
1,625,000
4,744,853
1,130,420
7,500,273
1,052,080
3,538,063
640,673
5,230,816
67,708
198,993
40,371
307,072
-
-
(10,395)
(10,395)
1,119,788
3,737,056
670,649
5,527,493
505,212
1,007,797
459,771
1,972,780
572,920
1,558,159
114,094
2,245,173

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

Stock
Café bar consumables 2025
2024
£
£
-
604
-
604

12 Debtors

Trade debtors
Other debtors
Prepayments and Accrued Income		 2025
2024
£
£
82,693
111,149
2,047
2,434
24,518
77,386
109,258
190,969

Page | 35

Artsadmin

Notes to the financial statements For the year ended 31 March 2025

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
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		 2025
2024
£
£
27,088
49,039
19,195
10,489
30,987
34,788
79,291
4,260
156,561
98,576
2025
2024
£
£
4,260
36,280
(4,260)
(36,280)
79,291
4,260
79,291
4,260

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 £18,134 (2024: £34,707) The outstanding balance at the year-end was £Nil (2024: £Nil).

15 Analysis of net assets between funds Current year 2024-25

Tangible fixed assets
Net current assets
Net assets at the end of the year		 General
unrestricted
Designated
unrestricted
Restricted
Total
funds
£
£
£
£
-
1,972,780
-
1,972,780
141,954
-
14,028
155,982
141,954
1,972,780
14,028
2,128,762

The free reserves of the charity total £141,954 represent unrestricted funds not tied up in fixed assets nor designated towards specific upcoming projects (2024: total £210,108, being £148,214 within general unrestricted funds and £61,894 within designated funds).

Previous year 2023-24

Tangible fixed assets
Net current assets
Net assets at the end of the year		 General
unrestricted
Designated
unrestricted
Restricted
Total
funds
£
£
£
£
24,478
-
2,220,695
2,245,173
148,214
68,280
94,982
311,476
172,692
68,280
2,315,677
2,556,649

Page | 36

Artsadmin Notes to the financial statements For the year ended 31 March 2025

16 Movements in funds

for the current year

Restricted funds:
Building capital projects
Building
City Bridge Trust
The Foyle Foundation
Transformative Actions (capitalised)
Transformative Actions (unspent)
Another Route
Arrivals & Departures
Bloomberg Philanthropies (capitalised)
Bloomberg Philanthropies (unspent)
DWP - Access to Work
Tania El Khoury
Tower Hill Trust - Biome
Total restricted funds
Unrestricted funds:
Designated funds:
Another Route
Asset Replacement Fund
Programme Development Fund
Fixed assets
Fixed Assets - Leasehold Property
Fixed Assets - Major Renovations
Fixed Assets - FFE
Total designated funds
General funds
Total unrestricted funds
Total funds		 Transfers
£
£
£
£
£
1,732,760
-
262,494
(1,470,266)
-
38,071
-
4,207
(33,864)
-
1,834
-
1,400
(434)
-
423,311
-
26,229
(397,082)
-
21,306
-
308
(18,394)
2,604
20,681
-
20,681
-
-
1,787
-
1,787
-
-
24,719
-
6,824
(17,895)
-
19,862
-
3,607
(12,400)
3,855
-
179
179
-
-
31,346
40,746
64,523
-
7,569
-
1,500
1,500
-
-
At the start
of the year Income & gains
Expenditure &
losses
At the end of
the year
2,315,677
42,425
393,739
(1,950,335)
14,028
6,386
-
4,479
(1,907)
-
46,871
-
-
(46,871)
-
15,023
-
15,023
-
-
-
-
-
505,212
505,212
-
-
-
1,007,797
1,007,797
-
-
-
459,771
459,771
68,280
-
19,502
1,924,002
1,972,780
172,692
1,048,883
1,105,954
26,333
141,954
240,972
1,048,883
1,125,456
1,950,335
2,114,734
2,556,649
1,091,308
1,519,195
-
2,128,762

Transfers between funds

Transfers between funds represent:

Page | 37

Artsadmin Notes to the financial statements For the year ended 31 March 2025

16 Movements in funds

Purposes of Restricted Funds

Building capital projects

These funds represented grants received specifically for the purchase of fixed assets: the leasehold building, major renovations and fixtures, fittings and equipment. The funds were depreciated over the expected useful life of the assets. The majority of assets were represented in the Building fund; in more recent years, separate funds were held for specific improvement projects at Toynbee Studios, namely City Bridge Trust - funding to improve access at Toynbee Studios, Foyle Foundation - funding 2019-2024 towards technical upgrades at Toynbee Studios, and Transformative Actions - funding to improve access, digital resilience, energy efficiency and environmental sustainability from Arts Council England, London Legacy Development Corporation, Greater London Authority, LinburyTrust, Foyle Foundation, Theatres Trust, and London Borough of Tower Hamlets. At 31 March 2025 all building capital projects funds were transferred to designated fixed asset funds as a better representation of the status of these expended funds, given that restrictions over the application of this funding no longer apply.

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. The final project activity took place in 24/25.

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 and was presented in London, Brighton, Yorkshire, Redcar, Norwich, Milton Keynes, Hull, and internationally in Brooklyn and Zurich. The final project activity took place in 24/25.

Bloomberg Philanthropies

Funding for staffing and development costs for significant digital upgrades to the main CRM database and investment in a new recruitment & artist opportunity portal.

DWP - Access to Work

Department for Work and Pensions grants received and spent on equipment for staff access needs.

Tania El Khoury

Funding and fees received and spent worldwide on various projects created by live artist Tania El Khoury, managed by Artsadmin. All income and related expenditure is treated as restricted in accordance with the agreement with the artist.

Tower Hill Trust - Biome

Funds received and spent in relation to artist Zoë Laureen Palmer's artist in residence project biome: experiments in radical kinship at Toynbee Studios. The final project activity took place in 24/25.

Purposes of Designated Funds

The Another Route and Programme Development Fund were funds set aside towards final activity on Another Route and an Artist in Residence initiative in 24/25. Remaining unspent Another Route designated funds were transferred to general funds at the end of the project.

The Asset Replacement Fund was established to ensure there are adequate funds in the organisation for the replacement of general fixtures, fittings and equipment at the end of their useful life. These funds have been transferred to general funds to support the general operations of the charity at this time, with a view to rebuilding an asset replacement fund in the future.

Fixed Asset Funds

These new fixed asset funds represent the net book value of funds tied up in fixed assets, to ensure these funds are clearly distinguishable from the charity's general funds.

Page | 38

Artsadmin

Notes to the financial statements For the year ended 31 March 2025

16 Movements in funds

for the previous year 23/24

Movements in funds
for the previous year 23/24
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
Another Route
Next year projects
Asset Replacement Fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 Transfers
£
£
£
£
£
1,993,774
-
261,014
-
1,732,760
42,278
-
4,207
-
38,071
3,234
-
1,400
-
1,834
98,101
-
26,159
351,369
423,311
215,237
158,188
750
(351,369)
21,306
-
10,000
21,920
11,920
-
-
842
842
-
29,680
39,949
75,622
5,993
-
11,251
34,229
45,412
(68)
-
7,867
4,990
11,070
-
1,787
36,555
26,895
32,104
-
31,346
103,763
203,930
287,012
-
20,681
-
-
-
24,719
24,719
24,132
25,000
4,551
(24,719)
19,862
At the end of
the year
At the start
of the year Income & gains
Expenditure &
losses
2,565,872
504,023
772,063
17,845
2,315,677
26,943
-
-
(11,920)
15,023
-
-
-
6,386
6,386
46,665
-
3,433
(43,232)
-
46,871
-
-
-
46,871
120,479
-
3,433
(48,766)
68,280
219,467
1,067,414
1,145,110
30,921
172,692
339,946
1,067,414
1,148,543
(17,845)
240,972
2,905,818
1,571,437
1,920,606
-
2,556,649

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
Decrease in stock
Decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2025
2024
£
£
(427,887)
(349,169)
307,072
301,818
(554)
(599)
604
1,049
81,711
390,845
57,986
(66,692)
18,932
277,252
Cash flows
£
£
£
£
218,479
(15,194)
-
203,285
At 1 April 2024
Other
changes
At 31 March
2025		 2025
2024
£
£
(427,887)
(349,169)
307,072
301,818
(554)
(599)
604
1,049
81,711
390,845
57,986
(66,692)
18,932
277,252
218,479
(15,194)
-
203,285

18 Analysis of cash and cash equivalents

Page | 39

Artsadmin Notes to the financial statements For the year ended 31 March 2025

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

Artsadmin is the corporate company secretary of Arts Initiative Ltd, a company limited by guarantee which shares its company directors with Artsadmin. Previously some Artsadmin staff members were company directors of Arts Initiative Ltd. Arts Initiative Ltd is a vehicle for managing funds for individual artists and Artsadmin provides producing, general management and bookkeeping services to these artists via Arts Initiative Ltd. Current company directors and trustees of Artsadmin have been appointed directors of Arts Initiative: Jeremy Smeeth (appointed 1 April 2024), Christoph Jankowski (appointed 1 April 2024), Daisy Hale (appointed 9 January 2025) and Kathryn Martindale (appointed 3 June 2025). Outgoing Artsadmin staff member Nicola Childs resigned as director of Arts Initiative Ltd on 31 December 2024.

During the year, net amounts of £39,214 (2024: £39,752) were billed to Arts Initiative by Artsadmin, and at the year end £16,151 (2024: £Nil) was owing to Artsadmin.

The company directors of Artsadmin and Arts Initiative are reviewing the purpose and operations of Arts Initiative to ensure it is fit for purpose to support future plans and strategies.

Page | 40