2022-03-31-accounts

Reglstered number: 03012S57 Charlty numbor.. 1045363 The Art In Perpetuity Trust (A Company Llmlted by Guarantee) Trustees, Report and Flnanclal Statements For the Year Ended 31 March 2022

The Art In Perp•tulty Trust IA Company Limited by Guarantee) Content8 Page Referenc• and Administratfve Dgtalls of th• Charlty, Its Trustses and Advisorn Tru8to•s' Report Chalrfs Statement and Tr6asur•rf• Ststement Indop•ndont Audltorn, Report on the Fin4n¢lal Statgments statèmgnt of Flnanclal Actlvltl88 8-10 15 BalaTr￿ Sheet 16-17 Statement of Cash Fl¢)w8 18 Notes to th• Financial Ststements 19-34

The Art In Pfjrpetuity Trust (A Company UmStad by Guarantee) Rof•r•nce and Admlnlstratlve Dotalls gf the Charlty, its Tru8tee$ and AdvisOTB For lh• Y•ar Endod 31 MarGh 2022 Trustees Ann Gilmore Sarah Kogan Gillian Laidlaw (resigned on 6 November 20271 Julian sherw￿d, Treasurer Jenny While Tim Hollaway Company r•gl8tsrod numbor 03012S57 Charfty regl$ter•d number 1045383 Regl$tered office Harold Works Harokl Vvharf 6 Cre8kside Deptrord London SE8 4SA Co-chalrs of Trust99S Ann Gilmore & Jenny While Independent auditows Acuity Professional Partnership LLP Chartered Accountants and Registered Auditor8 11 Leadenhall Street London EC3V 1LP 8ankor¥ The C￿Perative Bank plc 151 Lewsham High Street London SE136AA Page 1

Tho Art In Porpetulty Trust IA Company Limitsd by Guarant•e) T￿$t09$, Report Forthe YearEnd•d 31 March 2022 The Iruslees present Ih6ir annual report together with the audited thnanaal Statements of the Ch8rfty for th8 year l April 2021 to 31 March 2022. The Annual Report serves the purposes of both a tnjslees, report and a directors, report under ￿mpanY law. The trustees confirm that the Annual Report and financial Slal8menls of the ch8ri1able company Comp￿ with tho current statutory requirements. the requirements of the charitable ompany's goveming document and the provisions of the Slalemenl of Recommended Practice ISORP} applicablg lo charities preparing their accounts in aC￿[danCe with the Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019). sin￿ the Charity qualifies as small und&r section 382 of the Companies Act 2006, the Strategie Report required of medium and large companies under tho Companies Act 20(￿ {Stralegic Report and DirectOf8' Report} Regulations 2013 has been omitted. Objeetives and actlvlties a. Pollclos and obj•dive8 The Art in Perpetuity Trust (A.P.Tl is a charlty that encourages parbeipation in the visual arts through ¢reat(ve practice. exhibitions and education. The oLiecls of AP.T are to promote. maintsin, improve and advance, education for the benefit of the publi¢, in particular by the encouragement of the arts including the arts of painting, drawing, sculpluro, photography, design, ar¢hilecture, printmaking, music, singing. poetry, literature, lithography, baliel, danc& and drama. In selling objectives and planning for acti￿11&$, the trustees have given du8 considèration lo general guidance published by the Charity Commission relating to publi¢ benefit. including the guidance'Public ￿nefit.. running harity {PB21'. b. Strat•gie8 for a¢hl•ving objoCtIvoG APT'S mission is to encourage and reward creative thought and artistic vision. APT offers public benefit and charitable stspport, both financial and in-kind. to its educational projects. including the selocted exhibition programme. thg Creekside Open and August Collectives, talks & sgminars. sludwJ & gallery visits, and the annual Open Studio weekend. The ethos behind APT 18 to providg long-temi security for Ils artist-members through the provision of affordable studios. the In￿Me from which enables the organisalion to realise ils charitable aim lo suppgrt and reward creativity. APT was established in 1995 as a registered charity and company limited by guarantee. 11 owns thg freehold of Harold Wharf on Deptford Creek, and the 1,800 sq m site comprisgs a Ihree-slorey studio building, a $ing18-Storey studh? block ccmpri8ing six accessible studios, a galiery, office and Sculpture yard. c. A¢tivltl•$ und•rtak•n to a¢hlgvg obJo¢tlv•8 We continued lo advance educatlon through a mixturg ol activify. 20 exhib￿lon8 took place between May 2021- March 2022, featuring work of over 310 artists. Complimentary to these exhibilions we were able lo d&liv8r 58 eduGalional events that look place both online and physi¢alty wthin the Gallery. After careful consideration th8 Management Committee decided not to dallver our annual Open Studios again this yaar, due lo the conlinE5ed threat of COVID. Operating with capacity restrictions and across 8 reduced 37-week cal8ndar, we were still able lo welwme 5, 134 visitors into our Gallery. Page 2

The Art In Perpetuity TnMI (A Company Umlted by Guarnnt•o1 Trustgos, Roport {continugd} For tho Y•ar End￿ 31 March 2022 Objoctlvos and aG¢ivItI￿ Icontlnued) d. Main activiti9$ undertak•n to further the Charlty'8 purp08eA for the publie b•n•fit The trustees ensure that every ovent cartied out by the Charity has expllcil public benefit. This includes, the￿fOre, exhibition, talk, open studios, workshop5 and other projpGts. All A.P.T's adivities are inclu$we in respect of age. ra¢8, economic status, disability and gender. Central to the r8alisation of our aims has been our insistence, since the inception of AP.T, on maintaining the high quality of the service5 W8 offer lo the public, both educational and material. Of particular relevance lo material benefit is the Building Sul>Committ88. This oversees an ongoing and conlinuoLfS programme of capital improvements to the premises, including specific raf8rgnce to their appropriate use by memb8is of the public. Since the professional A.P.T Artisl-members play a major rok in delivering a high quality publ￿ b&nefil, of particular importanee is the Votting Sublommittee. This ensur&s that applications for studios are granted onty when specific crtteria are met.. a proven Irack-record in tho arts. potential for contributing further lo fine art tradition and to th8 charitable ethos of KP.T. The success of the veth.ng procedufè is indicated by the high regard in which A.p.fs annual Open Studios event 1$ held, during which all studios are open to the public. Central to the exhibition piogramme is A.p.f$ belief in the socially ameliorative role Ihat the arts can play in generating cultural well*8ing and a sense of community, as well as 8 hebghlened aesthetic sensibility. The Gallery Sub£omrnittee ensures that the programme of exhibitions, eontinuous since 1995, is of a consislenlty high quality. Objective confirmation is provKJed by the wid8 range of extemal sponsorship. partn8r8hlps and ollaboralions that the selected exhibitors have generated. Information about all exhlbilions is made available to the public through a regular e-newsletter, national adverts'sing and through A.p.fs wabsite Iwbvw.aptsludios.org). We have Increasing￿ used social media to promote our activities with a strong presence on Twtter, Facebook and Instagram. Aehiovgments and perfom)ance a. Key porfomianGe indlcators The trustees consider the financial position of the charity lo be satisfactory. During the year, the Charity generated £204,51712021- £193,734) in income and generated total fvnds of £80,09812021- £35.616). Page 3

Th• Art In Perpetuity Twst IA Company Limitsd by Guarant99 Tru$toes' Report {contSnued) For the Year Endod 31 March 2022 A¢hi•v•ments and parformancg (contlnuod) b. R•vi•w of actlyltles A visual archlv& and a iecord ol all events. actsvlly and visitors lo th8 Studio complgx are kept. These are summari5ed beh)w. 2022 2021 APT Gallery exhlbitions Artists exhibiting in the APT Gallery EducatKsn avents-lotal Artists. talks by Gallery exhibilo Gallery vistts Woikshops Symposium I panel discussion South London Art Map L8$1 Fridays- events & tours Events / perfomiances IAPT LIVE 20181 ConversalK)ns with Art Sharing shorts film nights Peer Sessions TuJps Banana $ludio visrts Fact findinglsludio visits APT Project supported Creekside Open Outreach projects I meeting8 Mentoring programmes Sludenl Placements Collaborators / funding oiganisatKin8 Visitors lo Open Studios Total number ol vlslloFs to all events of APT 310 58 131 10 5.134 Flnanclal revi•w a. Golng eoncgrn After making appropriate enquiri8s, the trustees have a reasonable expèctation that the Charity has adequat8 re8ourtss Its continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going conc8m b8sis can be found in the accounting policies. Page 4

Th• Art In Per￿t￿lty Trust IA Company Limitod by GuarantMI Tru8te81' Report Icontinu•dl For th? Year Ended 31 March 2022 b. Re8erv•$ pollcy 11 is our policy to maintain suffit4enl cash reserves lo fund al least six months of running eL)$ls of the Chaiity. Thesg funds are not rfng fenGed in a separat8 ac¢ounL At the balanc8 shget date the charity held £338,145 (2021- 349,7111 in restricted funds. Total funds amounted to £1, 154,73712021- £1,074.639). Tha majority of total funds remains ligd up in tangible assèts and are not aasity convertable into cash. c. Prlnclpal funding The charity's main a￿3 of fvndin9 is via th8 rental ol its studios. Structur¢, govornane• and management . Constltution The Art In Perpetuity Trust is registered as a charitsble eompany limited by guarantee and wos $91 UF* by a Memorandum of A880ciation arKI its registered charity nUM￿r is 1045363. Tho aim of APT is to promote, maintain, improve and advanca education for the benefrt of the public. in particular by the encouragement of the arts induding the arts of painting, drawing. sculptule, photography, design. architsGlure, prinlmakn'ng, muslc, singing, poetry. literature, lrthography, ballet. dance and drarna. There have been no changes in the otieclives Since the last annual report. b. M¢thod$ of appointm8nt or •l•¢tton of trust•o¥ The management ofthe Charity is the respon5ibilty of the trustees who are elected and wled under the tomis of the Memorandum ofAssociation. Following an initial introduction. a prospective Iruslee is inwled lo visit A.P.T lo wew the studio tt)mplex and meet with the Administrative Director and some of the Artist-members. They will then be invited lo allend a Management Committee meeting, as an observer. If willing to stand, the existing Iru8lees meet lo d&Gide whother lo appoint Any new trustee remain$ in post until the next AGM wh8n all trustees resign and are voted back lor not) by the membership. Page S

The Art In Pèrpatulty Trust IA Company Limit•d by Guarantae) Tr￿le08. Report (continued For tho Y•ar Endgd 31 March 2022 strU￿ure. govemanee and management {¢ontinu•d) Organlsatlonal structura and doclslon￿ak1ng pollcl68 A.P.T is managed by the Administrative Director who works with tho trustees. artist-mmbers and other staff lo deliver AP.T's work. Tha Iruslees worf( voluntarily, eath havlng a specific area of responsibility towards realising the aims of the Charity. There are five sub committees, whith act as Advisory Bodies to the trustees.. Gallery, Events & EngagemenL Building, Vetting and Planning. 29 artist members currenlty make up these sub committees, which report to the Board of Irusl8es through the Management Committee, held al eight-weekly intervals. The Management Committee comprises the twstees, the chairs of the sub committe8s. three Artist Adviser8 {fTom the Artist-members) and four Fli)or RepresentstThies (likewise frorn the Artisl-rnembersl and tha Administrative Dirgctor. Apart frorn the AdminislralNe Director, all members of 811 committees are el8Ctgd annualty. APTS Subcommittees are essential to the effectivenes8 of its governance. The colleGb've character of A.P.T outlined above has evolved naturally since 1995. Acr08s the 5 subcommillees. elected artist members Positively contribute lo the advancement of APT and ils values. The subcommillees provide areas of focus that utili5e the 8rtisls' skills and exportise. creating an inclusNe, effective, and transpargnl device for making things happen. d. Flnancl•l ritsk management The trustees have assessed the major risks to which the Charity is exposed. in parttcular those related to the operations and finances of the Charity, and are satisfied that Systems and procedures are in place to mrbgalo exposura to the major risks. Pl•ns for futuro perfods Our fwu5 for the year ah6ad is to 8UStain our position financially. and to continu8 in delivering th8 Chari￿$ aims and objectives. Although th& pandemic has been challenging for all al A.P.T, we finish the yoar in a secure place as we continue to build a re$iliftnt organisation In perpetuity. Tru8toeg' Ilabllity The trustees of the Charity guarantee to contribute an amount not exceedin9 £1 to the assets of the Charity in the event of winding up. Page 6

The Art In Perpetulty Trn8t IA Company Limit•d by Guarantee) Trustees. Report Icontinu•dl For th• Year Endgd 31 March 2022 Statemont of tru8teo8' rospon8ibiliti The truslge$ (who are also the dirg¢tors of the Charity for the purposes of company lawl are r8sponsible for preparing the Iruslees, report and the financral statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requir￿ the trustees to prepare financial $talemenls for each financkgl . Undgr company law, the Iru$lees musl not approve the finanaal statements unless they are satisfied that they give a true and fair vigw of the stale of affairs of the Charity and of ils in￿ming resources and application of resource3, including its income and expenditure, for that period. In preparing the8e financial slaloments, the trustees are required to.. select Suitable accounting wlicies and then apply them consislenlty., observe the methods and principle5 of the Charities SORP IFRS 1021 make judgrnenls and accounting eslimat9S that are reasonable and prudent,. state whether applicable UK A¢￿UntIng Stsndards (FRS 1021 have bgen foll¢)wed, subject lo any material departures disclosed and explained in the finanual 51al8ments', prepare the financial statements on the going Concern bg$i$ unless it is inappropriat8 lo presume that the Charity will continue in business. The twslees are responsible for keeping adequate accounting records that ara sufficieftt lo show and explan. the Charity's transactions and disclose with ￿aSonable accufacy al any time the financial position of the Charity and enable them to ensure that the financial stslemenls compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for laking reasonable steps for th8 prgvenlion and detection of fraud and other irregularities. Disclo8urg of Infomiatlon to audltorn Each of the persons who are trustees al the lime when th18 Trustees, Report Is approved has confimiod that". so far as that Iru$lee is aware, there is no relevant audit infomation of which the charity's auditors are unawa￿, and that trust88 has taken all the sl&ps that ought to have bean tsken as a trustee In order to be awar8 of any relevant audit information and to 88tablish that the charity's auditors are aware of that information. Auditors The auditor8, Acuity Professional Partnership LLP, have indicated their willingness lo continue in office. The destqnats(i trustees will propose a motion reappointlng the auditors at a m881ing of the trustees. Approved by order of the members of thg board of trustees and slgned on their behalf by.. Ann Coryc air Jènny Whlt C¢>Chair Dal8. ?litslzoZL Page 7

The Art In Perpetuity Trust {A Company Llmlt•d by Guarante8) Chai￿$ and Troasurefs Statemenl For tho Yoar End•d 31 March 2022 The Co- Chairs pyesent the 8talemenl fc the ￿r. This year tgan. much like it ended. wtth o#)vernmenl restricts'ons due to the Covid pandemt creating a very challenging time for APT artlsls and the organisation. APT was abl8 to nawgate these well wlh enhanced Covtd protocol. As the reStr￿t￿S eased in Aprll, the gallery programme opened to finish the 2021-2022 year wlh 20 exhibitions over 37 wwks. welcomlng 5.134 vl$ltors to view work ty over 310 artigts. This enabled APT lo recover ils. Income stream. whl¢h along with the previous year's grants th8 bounce back loan, enabled APT to be in a seujre financial postibn. Although restrictions meant thal the Open Studh)s We￿ not able to be held this year. our worf( extemal partners ¢ontinued and APT artlst Chris Marshall renewed APT'S collaboralion wlth Le4￿shaM and Greenwich Hospital Trust to stage an exhlbttlon of APT artists. work in the Elixir Gallery at Lthmsham HospW from A￿]IJune 2021. Our Administrative Director. Sarah Walsh. conllnued lo evaluate APT'S intemal syBtems to develop and embed overall organisat￿nal policies. This is viewed as an otY4oiro process as the office, trustees and Management Committee work together lo shape APT'S Internal structure. The work wtll help to develop core stralegles for both the Events, Engagement arxl Gallery prcJrammes and c¥eate a Structure for the subcommitteeg. APT syas a¢￿pIed on the Trustlaw progTarnme. led by Thomson ReLrters Foundation, which wll provtde APT wtth pr bono18gal 6UPPOrt and guidance for all of APT'8 tdlcles. Indudlng such Health & Safety, and Prlvacy. We woukl like to thank all membws of the Management Commlttee. In addluon. we would like lo thank the Chalrs of each subcommittee, Artist Advisors and Floor Reps for thelr 8UPPOrt and counsd with the office and Trustees during this pr￿$. The board's chalr, Glllian Laldlaw, stepped do￿ at the last AGM (November 2021) and the members and trustees and staff thanked her for her contribution over the la8t 7 years aTrd her supFort in guiding APT through these difflcull tlmes wrth the pandem￿. Jenny While and Ann Gilmore, agreed to be temporary CTrchairs for Financial Year 2021-22. Th8 board numbered five trustee5 and il was decided to recrull more Iruslees to in¢r8ase certaln ar8as of experlse. A board skills audrt was cxjmpleled in November as the first stage in a reGruitrngnl for Iru51ees. After frve years at APT as Gallery Asslstant, Alice Thompson left in November 2021 and we thank her f￿ her )rk and wsh ￿ well, and the offlce recelved additional support by Kale Arkvrright while recnJf(ment was vnderwayfor the enhanced role of Gallery and BuildirKJ Coordinator. This role, on a 3 day a week permanent ¢ontra¢l ￿11 provide rnuch needed support to Sarah, particularfy In galkny and exhibition managemenl. APT was thrilled to welGome its, first Fenton Arts Trust menlees, Ned Am)slrong and Lottie Sloddart. who we mentored by APT Artists. Mali Mcffris and Reb8cca Harper. An appllcatSon for further fundiro of £12k was awarded by Fenton Arts Tru$l. whKh ¢)ffers tsvo more years of menlorlng and the Boar(i would like lo thank APT artist Mali Morris her work on this. The APT & Fenton Arts Mentorlng Award, has shown that th8 one-to-one mentoring support duriro the periorj belween education and professional lffe, has been a valuable experience for these young emerging artists. Chloe Farrwlgft in Juno 2021 from the annua Graduate Studio SGheme. We were also sad lo hear of the passing of Honorary Memt*r ArKJrew Carmichad. APT Iwld a memoiia exhibition and event In APT'S galleries in September 2021 for friends and family. APT ended the year with a rAlebralion of female APT artists and supporters on tho website for Internatlonal Wom8n's Day on 8 March 2022. Exh artlst was asked about the female artK%ts that made an impact on thelr practice and a piece of adwce that inspi￿￿ thgm in lrfe and work. Page 8

The Art In P•rpatuity Trust IA Company Limited by Guarant￿) Chi* and Trnasur•r's Stst•m•nt (continuodl For the Year Ended 31 March 2022 We woukd like to thank all the artist membership and our Administrative Director, Sarah Walsh for navigating safety and successfully another challeDging year and we look forward lo APT'S ￿ntInued success. Ann ilmore & Jenny While Page 9

Th• Art In Perpethlty Trust IA Company Llmited by Guarantgo) Chairfs and Treasurots Statement (continued) Forlhe Y•ar Ended 31 Mar¢h 2022 Treasurers Stalement Another good year for APT with totsl funds increasing by £80K The In¢￿ase in revenue and the reducth)n in expenditure have r85ulled in a strong Inc(wne statement and balance sheeL APT ha8 emerged from the pandemic in a favourable position. Julian Shgrwood FCA FCCA Dale." +1 Lbl Page 10

The Art In P•rp•tulty Tru8t (A Company Llmlted by Guaranto•) Independent Auditors. Roport to tho Memb•rn of Tho Art In P8rp•tuity Trust Opinlon We have audited the financial statements of The Art In Perpoluity Trust {the 'charitable company'l for the year ended 31 March 2022 which comprise the Slalemenl of Financial Activities, the Balanc& Sheet, th& Ststsmenl of Cash Flows and the related notes, induding a summary of signrficant accounb'ng poliues. Thè financial reporting framework that ha$ been applied in their preparation is applicable law and United Kingdom Acc£Junling Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Aceounbng Pra¢ts'cel. In our opinton the financial st*ement&' give a true and fair view of the stale of the charitable company's affair5 as al 31 March 2022 and of its incoming we5ou￿8 and application of r&sources, including its inwme and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Pr8clice'. and hove been prepared in accordance wrfh the roquiremenls of the Charrties knt 2011. Ba818 for oplnlon We Conduded our audit in accordance with Inlemational Standards on Auditing (UKI (ISAS {UKII and applicable law. Our r8sponsibilities under those standards aro further descnbed in the Auditors, responsibilities for the audit of the financi81 slalements section of our report. W8 are independent of the charrtable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Stsndard, and w9 havo fulfilled ouf other ethical responsibilities in aC￿rdan￿ with these requirements. W8 beli8ve that the audit evidence we have obtained 15 suificienl and appropriate lo provide a basis for our opinion. ConGluslons relaUng to golng concern In auditing the financial stalemenls, ￿ have concluded that th& trustees, use of the going GonrRrn basis of accounting in the preparation of the financial statements is approPr￿te. Based on the work we have pgrformed, we have not identified any material Ur}￿rtainl1es relating to events or conditions that, indNidually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial slalemènts are authorised for issue. Our re5pon$ibililies and the responsibilities of tha truste8$ with respect lo going concem are described in the relevant sgctions of this rewrt. Page11

Th? Art In P•rpetuity Trust IA Company Limited by Guarantee} Independent Auditors. R•port to the Memb•rs of Th• Art In Perpotslty Trust (¢ontlnuad) Othor Informatlon The other infomiation compriseg the information included in tho Annuai Report other than the financial statements and our Auditors, Report Ihereon. The trustees are responsible for the other infomialion contained within the Annual Report. Our opinion on the financial statements does not Cover the other infomiation and. except lo the extent otherwise explicidy 8lal&Y In our ieport, we do not express any form of assurance conclusion thereon. Our iesponsibility is to read the othei infonnation and, in doing so. consmder whether the other information 1$ materially inconsislenl with the financial ststemgnls or our knowledge obtsined in the course of the audit, or otherwise app&ars lo be materialty rnisstaled. If we identify such material irKonsislenci88 or app8￿fit material misslatsmenls, we are required to del8rmino whether this gives rise lo a material mi88tslem8nt in thè financial slalements themselves. If, based on the work we hava pgrfomied, we cor￿Ude that there is a material misslalement of Ihls other information, ￿ ale required to rew)rt that fact. Wè have nothing to rgFQrt in this regard. Mattern on whlch w• aro rtqulred to rnport by oxc•ptlon We have nothing to report in rospgcl of the following matters where the Charities {Accounts gnd Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the infomation given in the Trustees. Report is incon$islenl in any material respect with the finanaal statements., or sufficient aecounling records have not been kept., or the financial ststements are not in agreement with the accounting rècords and rglums,. or we hav& not received all the infomalion and axplanatK)ns we require lor our audiL Responsibllltle$ of trustees As explained more fully in Ihfj Trustees, Responsibilities Statement, the Iruslees (who are also the directors of the charitable company for tha purposes of eompany lawl are responsible for the preparation of the financial slalements and for being $ali$fied that they give o truo and fair view. and for suth internal control as the Iruslees determine is necessary lo enable the preparat￿n of financial statements that are free from malerral misststement, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsibl8 for a￿essing the charitable company's ability to continu8 as a going concern, disdosing, as applicable, ￿atterS related lo going concern and using the going concem basis of ae¢ounb"ng unless the trustees esther intend lo liquidate th& charitabl¢ company or lo cease operatKJns. or have no realistic alloinattve but to do so. Page 12

Th• Art In P•rpotulty Trust {A Company Llmited by Guarant￿) Ind•p•nd•nt Auditors, R•port to th• Membors of Tho Art In Pgrpgtuity Tn￿ (contlnued Audltorn, r08pon8lbllltles for the audtt of tha flnanclal $tstements We have been appointed as auditor under sedion 145 of the Charities Act 2011 and report In accordance wtth the Act and relevant regulations made or having 8ff8¢1 thgr&under. Our cbjectiV88 ar8 to obtain Teasonabfe assurance about whether the financial statements as a whole are free from material misstatement, whether due to fiaud or etror, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a hKJh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 det¥1 a material misstslement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individualty or in the aggregate. they could rgasonably be expected lo influence the economi¢ decisions of users tsken on the basis of these financial statements. Irregutarilies, including fraud. are instances of non-compliance with laws and regulations. We design proeedures in line with our responsibilities, Olrtlined above, lo delecl material misstatements in reS￿ct of irregularrties. including fraud. The extent to which our procedures are ￿Pable of detecting irregularities. including fraud is detsiled b81ow'. We have assessed the su5ceplibility of the entity's financial slalements lo material misslalement, including how fraud mKJht occur. as l¢)w by woy of onquiry, prior knowledge and current year anatyt￿l review and testing We have enquirgd with management and those charged with governance to obtain an understanding of the legal and ragulatory framework applicable lo the entty and, through our audit testing, our findings have nfirmed that the entity is comptying with the relevant frarneworks Vve have enquired Y￿th managemènt and those charged with govemance to obtain an understanding of the entity's policies and procedures relating lo compliance with laws and regulations. Through our tgsting, we have reviewed all relevant documgntstion and confirm that Iheie have been no instanc9$ of non- comF4iance Through enquiry, analytical review, walkthrough testing and subst8ntive testing wè have ¢)blained an understanding of the entity's policies and prO￿dureS on fraud risks, including kno￿edge of any actual. suspected or alleged fraud. We have confimied that the engagement team collectivety had the appropriate eompetence and capabilities to identify or reGognise non-Gompliance with laws and iegulatlons and fraud Listed above is the exlonl of procedures we have taken lo d8t8ct material misststemenls in respect of irregularities, including fraud. to which we have found no in$tsnces. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, induding those ieading to a material misslalement in the financial stslements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalgments, as we wll be less likety lo bgcome aware of instancas of non<ompliance. The risk 1$ also greater regarding irregul8rib.es occurring due lo fraud ralhgr than error, as fraud involves intentional concealment, forgery, collu￿On. omission or misreprosgnlation. A further description of our responsibilities for the audit of the finanThal statements is located on thè Fin8ndal Reporting Council's website al.. www frG.or .uklaudik)rsres onsibil¢tigs. This doscripb'on fom)8 part of our Auditors. Report. Pag8 13

Th• Art In P•rp•tulty Tru•1 IA Company Llmlt•d by Guarantm) Indèpèndent A￿ditors, R•port to the Membor• of Th• Art In P•ry•tulty Tru•t (contlnuod) U•e of our rnport This report is mado solety to the charilakAe company'8 tru8t688. a8 a bthjy, in accDrdan¢g with Part 4 of th Charrtie5 (Accounts and Reports) Regu￿tIOnS 20C18. Our audll work has been undertakan so that wo might stsle to the Charita￿è Companys trustees those matters we are required to state lo them in an Auditors. Rep)rt and for no other purpose. To the fullest extent pennitt8d by law, w8 do not accept or assume responsibilty to arwone other than the charitable company and its members. 88 a body. for our audit wth, for Ihisreport. orfor the opinrons have lonned. AG4 Ffèps, J ULP Slo Aculty Prof•s•lon•l Partnorshlp LLP Chartered Accountants and Registered A￿litC 11 Leadenhall Stre¢l flAL4fG L rp￿ FCA ( SclYLO￿ STtfiLirw London EC3V 1LP Dale.. 1011012022 Acuity Professional Partnership LLP aTO eligible to act a6 auditors in tems of seclion 1212 of the Compani88 Act 2006. Page 14

The Art In Peypetulty Tru8t (A Company Llmtted by Guarantfj•) Statgment of flnanclal activities lincorporatlng Incomo and 6xpandlture account) For the Y•ar Ended 31 March 2022 Unwtri¢tgd funds 2022 Restrictèd funds 2022 Total funds 2022 Total funds 2021 Noto Income from: Donations Charitable activiti&s Rental incom8 Othar in¢om& 42,563 1, 742 142,464 6.965 12,938 135,349 66.230 12,938 135,349 Total Incom• 204,517 204,517 193.734 Expendlturo on." Charitsble aetivilies 112,853 11.566 124A19 158. 118 Total •xp•ndltur• 112,853 11,566 124.419 158,118 Not movement ID funds 91.664 (11.S661 80.098 35,616 Reconclllatlon of funds.. Total fund3 brought forward Net movement in funds 724.928 91.664 349,711 111,5681 1,074.639 80.098 1.039,023 3&616 T4)tsl fund8 carrfod fop4vard 816.592 338,145 1.154,737 1,074.639 The Statement of Financlal A¢b'vities includes all gains and losse$ recognised in the year. The notes on pages 19 to 34 form part of these finan¢ial statements. Page 15

Tho Art In Perpetuity Trust {A Company Limit•d by Guarant••l Reglstorod numbor. 03012557 Balance Sheot As at 31 March 2022 2022 2021 Note Fixod a$s•ts Tangibte assets Currnnt assets 998209 1,015,71T Debto Cash al bank and in hand 10 10,674 221.598 16, 587 131, 155 232.272 147, 742 Creditors.. amounts falling due within one year 12 (39,3071 (38,398) Not curront assets 192,905 109,344 Total assets 1088 current IIAbllltle8 1,191,174 1. 125,061 Ciedilors.. amounts falliny due after more than one year 13 136N371 (50,422) Total net assots 1,154,737 1,074,639 Chartty fund8 Restricted funds Unrestricted funds 19 19 338,145 816,592 349,711 724,928 Total funds 1.154,737 1,074,639 The entity was entitled to ex8mplion from audit undor section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the ye8r in question in accordance wrth section 476 of the Companies Act 2006. H¢)wever, an audit is required in accordance with section 145 of Ihfr Charrtles Act 2011. The tru8tees acknowledge thelr responsibilitie$ for ￿MplyIng with the requirements of the knt respect to accounting records and preparation of finan￿al statements. The financial $talemenls have been prepared in accordance with the provl8lon& applicable to enlilies subjecl to th8 Small ¢ompanie$ regime. The financial statements were approverl and auittorised for issue by the Iruslees on and signed on their behalf by: ?11(4bJl L Ann C￿c ore Jonny Whlte Co£h8ir air Page 16

The Art In Perpetuity Trust (A Company Llmlt•d by GurntM) R•gSstered number. 03012557 Balanco Sheet Icontlnuèd} A8 at 31 March 2022 Julian Sh•nvood FCA FCCA Treasurer The notes on pages 19 10 34 fomi part of thgse financial statements. Page 17

Th• Art In Pèrpétuity Trust (A Company Llmited by Guarant•e) statemant of Cash Flov For th• Ygar Ended 31 March 2022 2022 2021 Cash flows from opardting aGtlvltlg$ Nel cash used in operating aGtivitses 103,738 22,357 Cash flows from Investing activities Net cash provlded by investing activltl•s Cash flows from flnanclng activities Repayments of boirowing New k)an8 Iq3,296) (16,004) 40,000 Ngt cash Iu80d In)Iprovld•d by flnancing actl¥ltl•8 113,296) 23.996 Chang¢ in Cash and cash equlvalents in the y•ar Cash and cash equNalents at the beginning of thg year 90.442 46,353 84,802 131.155 Cash and ca#h equlvalents at the end of the year 221,597 131. 155 The notes on pages 19 10 34 fom part Df these financial statements Pag818

The Art In Perpetuity Tru$t IA Company Limitod by Guar*nt•• Notes to the Financial Statement¥ For thg Year Ended 31 March 2022 G•neral infomiatlon The Art In Perpebjity Trust is a charity, limit8d by guarantee, incorporaled in Eryland and Wales. Its registered office is Harold Works, Harold Wharf, 6 Creekside. Deptsord, London SE8 4SA. Accounting pollcles 2.1 Bas18 of proparation of flnan¢lal statements The financial statements have been preparad in accordancé with th8 Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Pmclice appli￿ble to charities preparing Iheii accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland (FRS 1021 {8ffeclive 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Art In Perpetuity Trust meets the definition of a public benefit ontity under FRS 102. Assets and liabilities are initially recognisgd at historical cost or transaction value unless otherwse staled in the relevant accounting policy. The financial stslements are prepared in Sterting which is the functional currency of the Gharily and tounded to the nearest £. 2.2 Golng ¢on¢orn The nel ineome for this financial year has increasod slighuy. Therefore the Iruslegs believe that the Charity will Gonlinue to operate as a going concern durinu the tsvelve months after the approval of these financial statements and for the forseeable future. Page19

The Art In P•rpetuity Trust (A Company Limitsd by Guarnnlo•) Notss to the Finanolal Statgment8 For the Y•ar Ended 31 March 2022 Accountlng pollcl08 {contlnued 2a Income All inc¢Jme is reeognised once the Charty has enlitiemenl to the income, il 1$ probabie Ihal the income will be received and the amount of income receivable can be measuied reliably. The iecognition of income from legacies is dependent on establishing enlitlemenl. the probability of receipt and the ability to estimate with 8ufficienl a￿UracY the amount receivable. Evidence of enlrtlemenl to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through know￿dge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required to satisfy claims in the estgle. Receipt of a legacy musl be recognisad when it is probable that il will be received and the lair value of the amount receivable, which will generally be the expectgd cash amount to be distributed lo the Charity, can be reliably mea$uf&l. Rentsl income relate8 to ineome receiveable in lelling out Studios to artists at an appropriate affordable rate Sn accordance with the Charity8 objectives. Rentsl income is rec(¥nised on a $traKJht line basis over the lease te￿s. Charitabie activities. income relates to income rac8ivoabl8 from exhibitions held on tho Chaiity's premises. in accordance wth the Charity's o*'ectives. Donated sorvices or facilities are rerKJgnised when the company ha$ Gonlrol over the ttem, any conditions assoaaled wlh the donated item hava been mèt, the receipt of economic benefit from the use of the company of tha ilom is probable and that economic benefit can be measured rgliabty. In accordance with the Charities SORP (FRS 1021, the ggneral volunteer time is not recognised and refer to the T￿￿tee$. report for more infomiation about their contribution. On receipt, donated professional servi¢e$ and donated facilities are recognised on the basis of the value of tl7& gift lo the company which is the amount the c¢mpany would have been willing to pay to obtain servi¢xs or facilitses of equivalgnt economic benefit on the open market.. a corresponding amount is then recognised in expenditure in the period of receipt. Gran15 are included in Ihe Statement of Financial Activities on a receivable basis. The balance of income received for specrfic purposes bul not expended during the period is shown in the relevant fvnds on tha Balance Sheet. Where income is received in advan￿ of enlitlemenl of 'rec8ipt, 118 recognition is deferred and included in creditors as deferred income. Where entitlement Occurs before income is received, the In￿Me is accfued. Other income is recognised in the Feriod in which it is receivable and to the extent th8 goods have been provided or on completion of the sermte. 2.4 Ex￿ndItuTe Expendrture is recognis•J oncg there is a legal or ¢onstru¢tive obligation to transfer eMnomic benefit to a third paty, il is probable that a transfer of e￿nOmiC benefits will be iequir8d in settlement and the amount of the obligation can be measurod reliably. Eypendilure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to 8 single activity ara allo¢aled directly to that activity. Shared costs which ts)nlribule lo more than one activity and support costs which are ryjl allrtbutsble lo a single activity are apportioned bets¥een those activities on a basi8 conslstenl with the use of resources. Central stsff ￿$1$ are allocated on the basis of time spent. and deprectalion charges allocated on the porlion of the assevs use. Page 20

The Art In Perpetuity Tn￿1 (A Company Limitsd by Guarantao Note* to tho Financial Statem•nts For the Year Endod 31 March 2022 Accountlng policie$ Icontlnu9d) 2.4 Expenditure <continu•dl Expenditure on charitable activities Is IneuTred on diredy undertaking the adiwlies which further the Charity's objectives. as well as any associated supp)rt CO81s. Grants payable are charged in the year %then the offer 1$ made except in Ih¢)8e cases where the ¢ffer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subieel to eondilions which have not been mel al the year end are noted as a commitsnenl, bul not accrued as expenditure. All expenditure is indusive of irrecoverable VAT. 2.5 Govemrn8nt grants Government grants relating to tsngible fixed assets art treated as daf9rred income and released lo the Ststement of Financial Activities over the expected usefvl lives of the assets Concerned. Other grants are credited eo the Statement of Financial Aeliwlies as the related expenditure is inwrred. 2.6 Tangible fixod assats and depreciation Tangible fixed assets costing £100 or more are witslised and recognis8d when future economi benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed ass9ts are initially recngnised al cost. After recogn￿0￿, under the cost model, tangible fixed assets are measured 8t Cost le3$ accumulated depreeiation and any accumulated impairment losses. All costs incurred lo brlng a tangible fixed asset into ils intended worknng condition shoukl be included in the m&asuremgnt of cost. Depreuation is charged so as to ￿locate the cost of tangible fixeil assets less their residual value over Ihair esttmaled useful lives, Depreciatv)n is provided on the following bases-. Freehold property Office equipment Freehold18nd 2% slraighl line basis 25% reduring balanc8 Not dep￿clated 2.7 Dèbtor• Debtors are recognised al the settlement amount. Prepayments are valued at the amount prepald nel of any trade discounts due. 2.B Cash at bank and In hand Cash al bank and in hand includes Cash and 5hort-term highty liquid investmen15 Wth a 8hort maturity of three months or ￿$8 from the date of acquisition or opening of the deposit or similar account. Page21

Th• Art In Perpetuity Trust IA Company Limit•d by Guaranto01 Notes to the Financial Ststsments For the Year Ended 31 March 2022 Accounting pollclos {contlnu•dl 2.9 Llablllties and provl8lon$ Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benefft will be required in settlement, and the amount of the 5ollL9menl can be estimaled reliably. Liabilities are recognised 8t the amount that the Charity ant￿pate$ il will pay to sellle tha d9bl or the amount it has r￿@￿ed as advanced payments for the good8 or services it must provide. Provisions ale rneasu￿d at the te$1 estimate of tha amounts required 10 Settle the obligation. Where tho effect of the lime value of money is material, the prowsion is based on Ihg present value of those amounts, dlscounled al the pr&tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recogriised in the Statemènt of FinancAI Aclivili8s as a finance cost. 2.10 Flnancial in$trum•nts The Chartty only has financial assets and flnanci81 liabilities of a kind that qualify as basiG financial instruments. Basic financial in8lnJmenls are inrtially reeognised al transaction valu8 an¢J Subsequent￿ measur9d at their settlement value with the exception of bank loans wh￿h are subsequendy m8asured at amortised cost using the effective interest method. 2.11 PènsloTrs The Charity operates a d8fined contribution pension scheme and the pen$ion charge ￿preSentS fh8 amounts payable by the Charity to the fund in respect of the year. 2.12 Fund accounting General funds are unreslricled funds whth are available for use al the discretion of the Iruslees in lurtherance of the general objectives of the Charity and which have not been designated for other purposes. Designatod funds comprise unrestricted fvnds Ihal have been set aside by the trnslees for particular purposes. The aim and use of aath designated fund is Set out in the notes to the finanaal stalemenls. Restricted funds are funds which are to be used in accordance with spectfic reslriclions imposed by donors or which have been raised by the Charity for particular purposes. The ￿$ts of raising and administering such funds are charged against the 8pecrfic fund. The aim and use of each ieslricted fund is sel out in the note¥ lo the financial statements. Pago 22

Th• Art In Perpetuity Tru$t {A Company Llmited by Guarantee) Notes to the Flnancial Stat•ments For thè Yoar Ended 31 March 2022 Incom8 from ¢haritablo acttvltles Unre*trictfrd funds 2022 Total fund$ 2022 Total funds 2021 Income from charitable activities- Gallery Exhibitions 98 12,840 98 12,840 232 1,510 Totsl 2022 12,938 12,938 1,742 Tot812021 1,742 1, 742 Analysls of expendituro on charftable acllvlll•s Summary by fund typ Unr•strl¢t•d R￿tri¢tOd fund8 funds 2022 2022 Total 2022 Expenditure on governance Dirfjd costs.. Gallery Administrative expenses 4,410 2,507 105,936 4,410 2,607 117.602 11,566 Total 2022 112,853 11,566 1x419 UnRslncted fvnds 2LY21 Rest17Cted nds 2021 Total 2021 Expandilure on governan¢9 Direct costs.. Gallery OireGI costs.. Donations Administrative expenses 4,200 2,310 4.200 2.310 16. T45 134,863 16.745 11.566 123,297 Tot812021 t29,807 28,311 158,118 Page 23

Th8 Art In P•rp•tuity Trust {A Company Llmlted by Guarantee) Notes to the Flnanel•l Ststements For the Yaar Endod 31 March 2022 An•ty$is of •xp•ndlture by activitros Direct activities 2022 Support C06ts 2022 Total funds 2022 Expenditure on govemance Direct costs." Gallery Administrative expenses 4,410 4,410 2,507 117,602 2,507 117,502 Total 2022 2,507 121,912 124,419 D1￿ct aCtNit￿S 2021 Grant lunding 2021 Support cost$ 2021 Total funds 2021 Expendrture on govgmance Direct C03ts.. Gall&ry Direct costs.. Donations Administrative expenses 4,200 2,310 2,310 16, 745 134,863 16,745 134.863 rotal 2021 2,310 16,745 139.063 158, t 18 Anatysis of support co Page 24

Th• Art In Perp8tuty Trusl IA Company Limited by Guarant•e Notss to the Flnanclal Stat8m•nts For the Y•ar Ended 31 March 2022 Anatysl$ of oxpondlturo by •dvlti88 Icondnuodl Analys18 of 8UPFbOrt costs (¢ontlnuod) Total funds 2022 Tol81 funds 2021 Staff costs Depreciation Insurance Light and hoat Office supplies Equipment leasing Premises, repairs and maintenance Telephong and inlemel Licencos Legal and professional Water, rates and refuse removal Health and safety Bank charges Website and mailoul Extemal loan interest Sundry expenses Advertising Freelance G0veMan￿ costs 47,508 17,508 7,509 3,940 2.264 1,428 16,164 3,076 323 13 10.659 53,120 17.681 7,071 5,449 5,421 2.204 14,419 158 13 10,251 1,434 168 432 31 2,028 1,236 1,224 725 1,900 4NI0 13,580 4,200 Total 2022 121,912 139,063 Governance costs includes Avdilors, remuneration of £4,410 {2021- £4,2001-Support co$1$ are all￿ated based on the activity they relale to. Auditorn. remuneration 2022 2021 Fees payable to the Charity's auditor for the audit of the Charitls annual accounts 2A10 2,200 Fees payable to the Charity's auditor in respect OP. All a￿0￿￿ting fees not included above 2.000 2,000 Page25

Th• Art In Porpotulty Trust {A Company Llmlted by Guarantee) Notes to the Flnanclal Statèments For the Year Endod 31 March 2022 Staff c08ts 2022 2021 Wages and salaries Social security costs Contribution lo defined contribution pgnsion schemes 45.892 712 1,102 47.336 3.932 1.852 47,506 53,120 The average number of petsons employed by the Charity during the year was 85 follows.. 2022 2021 Full time manager Part lime adminislralive worker No employee received remuneratron amounting to more than £60.000 in fjither year. I staff costs were allocated lo administration. Tntstees, remunoration and •xpens During the year. no trustees ro¢eived any remuneration or olh8r benefits (2021- £NILJ. During the year ended 31 March 2022. no trustee expenses have been incurr8d Q021- £NIL). Page 26

Th• Art In P•rpeluty Tru$t A Company Llmited by Guarantse Notes to th8 Flnan¢ial Ststsments For the Yaar Endod 31 March 2022 Tanglbl• flxod 4880ts Fr90hold land Froohold propgrty Offlco equlpment Total Cost or valuatlon Al 1 April 2021 460,000 849,527 11,780 1,321,307 At 31 March 2022 460.000 849.527 11,780 1,321.307 Depreclation At 1 April 2021 Charge for the year 110,000 185.879 16.991 9.711 517 305.590 17,508 At 31 March 2022 110.000 202.870 10,228 323,098 Not bookvaluè At 31 March 2022 350.000 646,657 1,662 998.209 At 31 Ma￿h 2021 350,000 663,648 2.069 1,015,711 10. Debtor8 2022 2021 Due within on• ygar other debtors Aecrued income Prepayments 8,600 4,407 10,OIJO 2,180 2,074 10.674 16,587 11. Cash at bank and In hand C8sh at bank and in hand includes amounts held for Arti$14nembers' deposits as shown in the Creditors.. Amounts falling due within one year. Page 27

The Art In Ptrpotuity Trust IA Company Limitod by Guaranté•} Notes to tho Financial Statement• For tho Year Ended 31 March 2022 12. Credltorn: Arnounts falllng du• withln one year 2022 2021 Bank loan Othar ¢rgdilors T8nants' deposits Deferred income Accruals Bounce back loan 8.210 37 19.655 250 4,410 6,745 7,519 29 19.655 259 4,200 6.745 39.307 38.398 The bank loan has inter88t charged al 2.5% above the bank's base rale and 13 58curgJ against the Charity's freehold proporty. The loan expl￿6 in May 2024. 13. Crodltor8.' Amounts falling due after more th•n on• yoar 2022 2021 Bank k)an Bounce back loan 17,167 33.256 27.643 36,437 50,422 The aggregate amount of liabilitips payable or repayable wholly or in part more than five year$ after the reporting dale is.. 2022 2021 Payable or repayablg by instalments 8,519 The Bounce back loan is a 72 month loan with an interest free wndt)w of 12 months and then a fixed interest rate of 2.5% pa is charged. 14. In-klnd support In the financial year gnded 31 March 2022 thè APT Artis1-member8' and vdunleers, in-klnd support totslled £21.123 (2021- £8.4751. Page 28

The Art In P•rpetulty Tru8t IA Company Limited by Guarant•o} Notes to the Financlal Statements For the Y•ar Ended 31 March 2022 15. P•nsion ¢ommltmonts The Charity oper*s a defined contributions pension scheme. The assets of the scheme are hekl separatety fiom those of the Charty in an independently administered fund. The p￿slon L¥J$l charge represents contributions payable by the Chaitty to the fund and amounted to £1,1Q2 12021 £1,852). Contributions tolalling £Nil 12021 £Nil} were payable to the fund al the balance sheel dale and are included in credilois. Al pension costs are allocated against unr8$tricted funds. 16. Operating l•as• commltmonts Al 31 March 2022 the Charity h8d commitmgnls lo make future minimum Iw¢ payments under non- canc611abl6 operoting188ses as follows.. 2022 2021 Not later than 1 year 347 The following lease payments have been ￿CognIsed as an expense in the Statement of Financial Activitie& 2022 2021 Operating lease rentals 347 347 17. M•mbers' liability Each trustee member of the charitable Company undertakes lo contribute to th8 assets ofthe eompany in the event of it being wound up while helshe 1$ a membar, or within one yoar after helshe ceases to be a member, such amount as may be required, not exceeding £1 ft)r the debts and liabililios contracted before helshe eeases lo bg a member. At 31 March 2022 there w8r8 512021- 61 Iruslee members. 18. Relat￿ party tran•artions The Art In Perpetuity Trust has not enter8d into any related party transaction during the year, nor are there any outstanding balances owing behveen related parties and the charity al 31 March 2022. Page 29

The Art In Perpotuity Trust IA Company Llmit•d by Guarante0} Notes to th• Flnancial Statements For th• Y¥ar Endod 31 March 2022 19. Stat•mgnl of fund8 Statement of fvnds. Current y•ar Balancè at 31 March 2022 Balan¢9 at 1 April 2021 InGome Expenditvrg UnrestriGtgd funds Dewign•tgd fund8 Designated Funds- all fund$ 15.381 16.381 General funds General Fund$- all fijnds 709,547 204.S17 (112,863 801.211 Total Unrostrlctgd fund8 724,928 204,617 (112.853) 816,592 Rostrlctod funds Deptford Challenge Twst11996) Creekside SRB {19981 Foundation for Sport & The Arts {19991 GreenW￿h SRB11999) Greenwich SRB119991 London Development Ag8ncy12001) Foyle Foundalion120131 City Bridge Trusl12015) Elke Lacey M8morial Trust120f91 Arts Council Emergency Fund Cre8tiv8 Land Trust Hardship Fund 24,521 T2,957 18.669 18,040 67.156 80,925 20.1SO 42.263 7.153 2,0 (1,0221 (2,8061 1688) {868) (2.117) {1791) {4911 1983) 23.499 70,151 17.881 17.372 55.039 78,134 19.659 41,280 7,153 2.077 5,900 349,711 (11,6661 338.145 Total of funds 1,074639 204517 1124.4191 1,154.737 General funds are'yree reserves" after allowing for any designated funds. Designated funds are to be put towards the d¢velDpment of a mult￿PurPOSe educailon and gallery space. All r8Strided funds have been spent i)n capitali88d freehold property which is being dopreciated annually. Page 30

The Art In Perp•tulty Trust (A Company Limit•d by Guarant•o) Notes to the Flnanclal Statemonts For the Year Endod 31 March 2022 19. Statsment of funds (conunugd) ststemont offund&- prioryear Balance al 31 March 2021 Balance gt l Apnl 2020 Income Expenditu Unr•strlcted fund$ Deslgnated fund$ Elke Laeey Memorial (20191 4,693 10,688 15,381 Gonoral fund8 General Funds- all fvnds 688. 183 151,177 (129.807} 709,547 T¢)tal Unre8tri¢tgd fund8 692.87fj 161.859 (129.807) 724,928 Re#trictod funds Deptford Challenge Trust119961 Creekside SRB {19981 Foundation for Sport & The Arts 11999) Greenwich SRB11999) Greenwieh SRB119991 London Dgvelopmenl Ag8ncy12001) Foyle Foundalion120131 City Bridge Trust {2015} Arts Council Emergency Fund Creative Land Trust Hardship Fund The Fenton Arts Trust Fund 25,543 75, 763 19,257 18.708 59,273 83,716 20,641 43,246 (1,022) (2,806) (688) (668) (2,117) (2, 791) (491) (983) (2,822J (13.923) 24,521 72,957 18,569 18,040 57,156 80,925 20,150 42.263 7,153 2,077 5.900 9.975 16.000 5.900 346, 147 31.875 (28,311) 349, 711 Total of fund8 1,039,023 193, T34 {158, 118) 1,074,639 Page 31

Tho Art In Perpetuty Trust IA Company Limit•d by Guarantofy) Nots8 to the Financial Statements For the Year Ended 31 MarGh 2022 20. Summ•ry of funds Summary offund*-¢urrnnty•ar Balance at 31 March 2022 Balanc8 at 1 Aprll 2021 Income Exp•ndltur• Designated funds General funds Restricted fiJnds 15,381 709,547 349.711 15.381 801.211 33&145 204,517 {112.853) (11,5661 1.074.639 204.617 {124,419) 1,154,737 Summary of funds. priorygar 8alan¢¥ at 31Ma 2021 Balan¢9 at l April 2020 Income Expenditu Designated thjnds G8neral funds R8strkted funds 4,693 688, 183 346.147 10.688 151,171 31.875 15,381 709,547 349, 711 {129,80T) (28,311) 1,039,023 193,734 (158,118J 1,074,639 21. Analysls of not assets b•twa•n fund¥ Anaty818 of not a880ts between funds - curr•nt year Unrg$trl¢t¢d Ro¥triotgd fund8 funds 2022 2022 Totsl funds 2022 Tangible fixed asset$ Current assets Credrtors due within one year Creditors due in mfft than one year 660,064 232.272 139,3071 136,43n 338.145 998,209 232.272 {39,307) (36,437} Total 816,592 338,145 1,154,737 Page 32

Th• Art In Perp•tulty TruBt (A Company Limit•d by Guarantee) Not•s to tho Financlal Ststoments Forthe Year Endèd 31 March 2022 21. Anaty818 of net augts betw6on fund8 {continu¢dl Analy$ls of net a880ts belwoon fvnd8- prlor year UrJ￿St￿ded Reslnctod funds lunds 2021 2027 fvnds 2021 Tangible fixed assets Current assets Creditors du¢ wilhin one year Crediltsrs due in more than one year 681, 136 132,612 (38,398) (50.422) 334,581 1&130 1.015,717 147, T42 {38,398J (50.422) Totsl T24.928 349,711 1,OT4,639 Recon¢llialion of not movgment In funds to net cash flow from oporatlng actlvltl¢8 2022 2021 Net in¢ome for the year las per Statement of Financial Activiliesl 80,098 35,616 Adjustm8nts for. Depr8cialh?n charges Decreasel{Increasel in debtors Increaselldecfeasel in creditors 17,508 6.914 218 17,681 (9,280) (21,660) N•t cash provided by oper•tln9 actlvltl 103.738 22,357 23. Anlysl$ of ca¥h and cash equlvalents 2022 2021 Cash in harKI 221.597 131,155 Totsl cash nd cash equlvahnts 221,697 131. 155 Page 33

Th• Art In Porpotulty Trust (A Company Limited by Guaranteg) Not88 to the Financlal StateM￿ts For thg Year End8d 31 Mar¢h 2022 Analysis of ¢hange* in not debt At 1 Aprll 2021 Cash Ilows At 31 March 2022 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 131,155 (14.2641 150,422) 90N43 (6911 13.986 221,598 114,955) <36,437 66.469 103,737 170,206 P￿0 34