Rogislered number: 03012557 Charity number: 1045363 The Art In Perpetuity Trust (A Company Llmited by Guarantee) Trustees, Report and Flnanclal Statements For the Year Ended 31 March 2024
The Arl In Perpetulty Trust (A Company Llmlt8d by Guarantee) Conlenls Page Reference and Administrative Dglalls of the Charlty, Its Trust8es and Advlsers Trustae$' Report Chalr's Statamenl and Traasurevs Statement Independent Audltors, Report on the Financial Statements Stat8ment of Financlal Actlvltles 10-13 14 Balance Sheel 15 Slalement of Cash Flows 16 Notes to the Flnanclal Statements 17-32
The Art In Perpetulty Trust (A Company Limited by Guarantee) Raference and Administrative Detalls of the Charlty, Its Trust88s and Advlsers For the Year Ended 31 March 2024 Trustees Ann Gilmore Sarah Kogan Jenny White Tim Hollaway Alessandro lobbi, Treasurer Tejinderkeet Kaui Padam Ema O'Donovan (co-opted 8 Maroh 2023, retired 31 August 2023) Charley Peters (co-opted 12 July 2023) Company reglstered number 03012557 Charlty registered number 1045363 Reolstered olfic8 Harold Works Harold Wharf 6 Creekside Deptford London SE8 4SA Co-chalrs ol Truslees Ann Gilmore & Jenny White Ind8pendent audllors Acuity Professional Partn8rship LLP Chartered Accountants and Registered Auditors Unil 2.02 High Weald House Glovers End Bexhil I East Sussex TN39 SES Bankers The co.operative Bank plc 151 Lewisham High Str9et London SE13 6AA Page 1
The Art In Perpetully Trust (A Company Limited by Guarantee) Trustees. Report For the Year Ended 31 March 2024 The trustees present their annual report together with the audited f Inancial stat9ments of the Charity for the ygar 1 April 2023 to 31 March 2024. The Annual Raport seNes the purposes of both a trustees, report and a directors, report under company law. The trustees confirm that the Annual Report and financial statements of the charitable company comply with th8 current statutory requirements, the requirements of the charitable company's governino document and the provisions of the Statement ol R8commended Practice ISOFIP) applicablg to charities preparing iheir accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic ol Ireland (FFiS1021 (effective 1 January 2019). Since the Charity qualifies as small under section 382 of tho Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omilted, Oblecllves and actlvities a. Pollcles and objectlves The Art in Perpetuity Trust IA.P.T} is a charity that encourages participation i n the visual arts through crgative practice, exhibitions and education. The objects of A.P.T are to promote, maintain, improve and advance, education for the benefit ol the public, in particular by the encouragem8nl of the arts including the arts of painting, drawi ng, sculpture, photography, gsign, architecture, printmaki ng, musio, singing. poetry, literature, lithography, ballet, dance and drama, In Setting objectives and planning for activities, the trustees have given due consideration to general guidance published by tho Charity Commission relating to publiG benef it, including the guidance 'Public benefit: running a charity (PB2)'. b. Strategles lor achlevlng objectives A.P.T's mission is to encourage and reward creative thought and artistic vision. A. P.T offers public benefit and charitable support, both f inancial and i n-ki nd, to its educational projects, including the selected exhibition programme, the Creekside Open and August Collectives, talks & seminars, studio & gallery visits, and thg annual Open Studio weekend. The ethos behind A.P,T is to provide long-term security for its artist-members through the provision of affordable studios, the income from which enables the organisation ta realise its charitable aim to support and reward cieativily. A. P.T was established i n 1995 as a registered charity and company limited by guarantee. It owns the freehold of Harold Wharf on Deptford Creek, and the 1,800 sq m site comprises a ihree-storey studio building, a si ngle-storey studio block comprising six accessible studios, a gallery, office and sculpture yard. c. Actlvities undertaken to ach18ve objectlves We continued lo advance aducation through a mixture of activity. 23 èxhibilions took place between April 2023 March 2024, fealuiing work of over 293 artists and 7693 visitors. Complimantary to these exhibilions we delivered 88 educational events,. talks, workshops and open studios, engaging with 2,035 members of the public. Open Studio continues to be our flagship educational event each year, in 2023 we welcomed 1,000 visitors into our studios off ering opportunities to engage with A.P.T artist members and learn about the process Df making art. In total we welccme 9.728 visitors into our Studios & Gallery across 2D23 - 2024 Page 2
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Trustees, Report (continued) For the Year Ended 31 March 2024 Objectives and actlvltles {coniinued) d. Maln actlvltles undertaken to furth8r the Charity's purposes for the public benefll The trustegs ensure that every ovent carried out by the Charity has explicit public bonelit, This incl udes, therefore, every exhibition, talk, open studios, workshops and other projects. All A. P.T's activities aro inclusive in respect of age, race, economic status, disability and gender. Central to the realisation of our aims has been our i nsistence, si nce the inc8plion of A.P.T, on maintaining the high quality of the services we offer to the public, both educational and material. Of particular relevance lo material benefit is the Building Sub-committee. This oversees an ongoing and continuous programme of capital improvemenls to the premises, including specif ic reference lo their appropriate use by members of the public, Since the professional A. P.T Artist-members play a major role in del ivering a high quality public benef it, of particular importance is the Vglting Sub-committee. This ensures that applications for studios are granted only when specific criteria are met: a proven traGk-reGord in the arts, potential for contributi ng further lo fing art tradition and to the charitable ethos ol A.P.T. Th9 SUCC8ss of the vetting procedure is indicated by the high rggard in which A.P.T's annual Open Sludi05 event is held, during which all sludios are open to the public. Central to the exhibition program me is A.P.T's belief in the socially ameliorative role that the arts can play in generating cultural well-beino and a sense of community, as well as a h9ightened aesthetic sensibility. .The Gollery & Programming Sub.Committee onsures that the programm8 of exhibitions and educational events, continuous since 1995, is of a consistently high quality. Objective conlirmation is provided by the wide range of external sponsorship, partnerships and collaborations that th9 selected exhibitors have generated. Information about al l exhibitions is made available to the public through a rggular e-newslglter, national advertising and through A.P,T's websi19 (ww.apistudios.orgl. We have increasingly used social media to promote our activities with a strong presence on Twitter, Fac8book and Instagram. Page S
The Art In Perpetuity Trust (A Company Llmlted by Guarantee) Trust88s' Reporl (continued) For the Year Ended 31 March 2024 Objecllves and actlvltles (coniinuedl Achlevements and performance a. Key perfomiance indicators The trustees consider the financial position of Ihe charity to be satislactory. Duri ng the year, the charity generated £165,044 (2023 - £170,076) in income and generated a deficit of £125,851) (2023 - £4,550). b. Raview of activlties A visual archive and a record of all events, activity and visitors to the studio complex are kept. These are summarised below. 2024 2023 APT Gallgry exhibilions Artists exhibiting i n the APT Gallery Education events-total Artist talks Gallery tours Workshops Symposium I pan81 discussion Performances Conversations with Art Films Peer Sessions Studio visits APT Projecl supported Creekside Open Outreach projects Mentoring programmes Flesidenoas Visitors to education events Visitors to exhibitions Total number of visitors to APT 23 782 66 293 88 17 22 io 24 12 12 2,035 7,693 9,728 7,500 5,475 8,975 Page 4
The Art In Perpetulty Twst (A Company Llmlted by Guarantee) Tru8t888' Report (contlnued) For the Year Ended 31 March 2024 Flnanclal revlew Golng concern After making appropriate enquiries, the trusiees have a reasonable 9xpectation thai the Charity has adequate resources to conti nue in operational oxisience lor the foreseeable future. For this reason, they continue to adopt the goi ng concern basis in preparing the f inancial statements. Further details regardi ng the adoption of tho going concern basis can be found in the accounti ng policies. b. Reserves pollcy It is our poliGy to maintain suff icient cash reserves to fund at least six months of running costs of the Charity. These funds arg not ring fenced in a separate account. At th9 balance sheet date the charity held £302,45312023 - 329,238} in restricted funds. Total funds amounted to £1,133,436 (2023 £1,159,288). The majority ol total funds remains lied up in tangib19 assets and are not easily convertable into cash. c. Prfnclpal funding The Ghaiity's main area of funding is via the rental of its studios. Struclure, governance and management a. Constllutlon The Art In Perpetuity Trust is registered as a charitable company limited by guarantge and was set up by a Memorandum ol Association and its regist9rgd Ghaiity number is 1045363. The aim of A.P.T is to promoto, maintain, improve and advance education for the benefit of tho public, in particular by the encouragem9nt of the arts includino the arts of pai nting, drawing, sculplurg, photography, design, architecture, pri nlmaking, music, singing, poetry, literaluie, lilhography, ballet, dance and drama. There have been no changos in the objectives since the last annual report. b. Methods of appolnlmenl or election of trustees The management ol the Charity is the responsibility of the trustees who are elected and co-opted undor tho terms of the Memorandum of Association. Following an initial i ntroduction, a prospective trustee is invited to visit A.P.T to view tho studio complex and meet with the Administrative Director and some of the artist-members. They will then be inviled to attend a Management Committee meeting, as an observer. If willing to stand, the existing trustees meet to decide whether to appoint. Any new trustee remains in post until the next AGM when all trustees resign and are voled back (or not) by tho mambership Page 5
Th6 Art In Perpetully Trust (A Company Llmited by Guarantee) Trust888' Report {conllnued) For the Year Ended 31 March 2024 Struclurej governance and management (conllnued) c. Organisalional structure and declslon-maklng pollcles A.P.T is managed by the Administrative Director who works wth the trustees, artist-membgrs and other staff to deliv8r A.P.T's work. The trustees work voluntarily, each having a specific area of responsibility towards rgalising the aims of the Charity. There are four sub committees, which act as Advisory Bodies lo the trustees: Gallery & Programming. Building, Vetting and Planning. 27 artist members currently make up these sub committees, which report to the Board of Irustees through the Managemgnl Committee, held at eight-weekly intervals. The Management Committee comprises the trustees, the chairs of thg sub committees, three Artist Advisers (from the Artist- members) and four Floor Representatives (likewise from the Artisl.membersl and the Administrative Director. Apart from thg Administrative Director, all members of all committees are eleG19d annually. A.P.Ts subcommittees are essential to the effectiveness of its governance. The collective character of A.P.T outlined above has evolved naturally since 1995. Across the four subcommittees, elected artist m@mbers posilively GontribLrte to the advanment of A.P.T and ils values. The subcommittees provide areas of focus that uti lise the artists, skil Is and expertise, creating an inclusive. effective, and transparent device for making things happen. d. Financlal rlsk management The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity, and are salisf led that systems and procedures are in plac8 to miliga19 exposure to the major risks. Plans for future perlods Our focus lor Ihg year ahead is to sustain our position f i nancially, and to conlinue delivering the Charity'5 aims and objectives. Finishing the year in a secure place we continue to build a resilient organisation in perpetuity. Trustees. liability The Irustees of the Charity guarantee to contribute an amount not oxceeding £1 to the &ssets ol the Charity in the event of winding up. Page 6
The Art In Perpelulty Trust (A Company Llmlted by Guaranlee) Trustees, Report (contlnued) For the Year Ended 31 March 2024 Statement of trustees, responslbllltles The trustees (who are also the directors of the Charity for the purposes of company law) are responsible lor prgparing the trustees, report and the f Inancial stalements in accordanco with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the trustees to prepare linanoial statements for each financial year. 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 Charity and of its incoming resources and application of resources, i ncluding its income and expenditure, lor that period. In preparing those f inancial statements, the trustees are required to: select suitable accounting policies and then apply them consistenlly- observe the methods and principles ol the Charities SORP (FRS 1Q2} make judgments and accounting eslimales that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the fi nancial statem8nts,- prepare the f inancial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in busin9SS. The trustees are responsible lor keeping adequate accounting records that are sufficient to show and explain thg Charity's transactions and disclose with reascnable accuracy at any timg the financial posilion of the Charity and enable them to ensure that thg financial statements comply wtth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taktng reasonable steps for the prevenlian and d9tection Df f raud and other irregularities. Dlsclosure of Informatlon to auditors Each of the persons who are trustees at the time when this Trust8es' Report is approved has confirmed that.. so f ar as that trustee is aware, there is no relevant audit information ol which the charity's auditors are unaware, and that trus199 has taken all the steps that ought to have been laken as a trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, Acuity Professional PartMer8hip LLP, have indicated thei r willingness to continue i n office. Tho designated trustees will propose a motion reappointing ihe auditors at a meeting of the trustees. Approved by order of the members of the board of truste88 and signed on their behalf by: Ann Co-chair Date.. re Jonny Whlte Co-Ghair gio4 Page 7
The Art In Pèrpetuity Trusl (A Company Limited by Guarantee) Chairfs and Troa8urerfs Statemenl For the Year End8d 31 March 2024 The Co- Ghaiis present their statement for the year. We are happy to note that 2023 started wth raised Confidence and certainty after two years of a global pandemic which had an adverse effect on Ihe arts and tho artist community. APT saw an inGr9ase in activity with 23 exhibitions showng work by 293 artists, attended by 7,693 visilors. Even without a dedicated educalion space, APT was able to provide 88 educatlon events With 2,035 attendees. We are proud to state that total number of visitors to APT in 2023-24 was 9,728, almost 3,000 more than 2022-23. Open Studios continuos10 be a popular with APT artists opening thgir studios lo ovgr 1,000 visitors on a September weekend. These higher visitor numbers show that APT continues to mark its place Nvtthin Iha contemporary art scene, locally, and further af ield One of A.P,Ts prominent education programmes is our annual Montoring Award, it recognises the importanc9 of supporting artists at the beginnino of their careers. Funded from 2020-24 by the Fenton Arts Trust, the APT & Fenton Arls Mentoring Award offers free studio space and mentoring by an A.P.T artist for one year. In the second year of the programme, APT artists ViGtoria Rance and Sheila Vollmer mentored artists Millie Layton and Eleni Zervou and in July 2023 we welcomed AP Nyug8n and Stanley Tilyard-French onto the third and final year of Ihis award, mentored by APT artists Chri5 Marshall and Bernice Donszelmann. APT extends their gratitude for Fenton Arts Trust's support over the last three years, We look forward to a new source of funding for this programme in remembrance of the late Clyde Hopkins and APT Honorary Member, to be called th9 Clyde Hopkins Mentoring Award. From 2024 - 2026 this award vvill continue to enable vital support for artists during the period bgtween education and professional practice with free studio space and mentoring. APT trustees, assisted by Sarah Walsh, conducted a thorough review and self-evaluation of skills on the board and we w9r9 able lo appoinl two new trustees, Tejinder Padam who has extensive knowledge of fundraising, and artist, curator and lecturer Charley Peters. Through this extensive process, we discovered thg most effective methods of recruiting new Iruslees and created guidelines lor future recruitment campaigns. APT welcomed Sarah Beth LDcke as Venue Technician in September 2023. Sarah Beth works across both the Studios and Gallery, liaising with exhibilors. supporting exhibitions and maintaining eflici9nt building operations. This has been an invaluable support to Sarah Walsh. APT'S Administrative Director who continues to work across all areas of APT with proficiency and good humour. The Gallery Handbook was completed which provides exhibitors guidance wh9ll preparing, installing and delivering thei i exhibition, events and education progiammes to ensure they are using the space in the safest and most efficient way. The Handbook brings together key APT policies on Health & Safety, Code ol Conduct, Complaints, Equal Opportunities to ensure that all visitors ar9 usi ng the space aligned to our operational procedures. We would like lo thank both Sarah and Sarah Beth for ensun'ng APT'S operations and facilities run smoothly and elf iciently. We began the complex and lengthy process of renewing all artists leasgs this year and Sarah Walsh and the Gallery Subcommiltge worked logethgr over many months to write APT'S Education Strategy which underpins APTS expanding education programme. The Co-chairs would like to thank our lellow trusiees for their support and gxpertise over the last year. We would also like to thank APT artists for thgir éynamic conlribulion5 to the vitality of the creative community in Deplford and also their role in strengthening APT'S position within the global contemporary art scene nn Gilmore & Jenny White Date: io Page 8
The Art In P8rpeluity Trust (A Company Limited by Guarantee) Chalr's and Treasurer's Statement (continued) For Ihe Year Ended 31 March 2024 Treasurer's Statement This has been an important year lor A.P,T, which has managed to renew Ihg existing leases for another 7 year period. The legal costs required for the leases, renewal, representing a one.off, impacted the f unds balance which olhewise would have remained positive. Donations and Rental Income remain aligned with pr9ViOUS year. Alessandro lobbi Date.. Page 9
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Independent Auditors, Report to the Members ol The Art In Perpetuity Trust Oplnlon We have audited the financial stalements of The Art In Perpetuity Trust (the 'charitable company'} for the year ended 31 March 2024 which comprise the Statement of Financial Aotivities, the Balance Sheet, the Statgment of Cash Flows and the related notes, includi ng a summary of significant accounling policies. The linancial reporti ng f ramework that has been applied i n their preparation is applicable law and United Kinodom Accounting Standards, including Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Flepublic of Ireland, (United Kingdom Generally Acc8Pted Accounting Practice). In Dur opinion the financial stalemgnts: give a true and fair view of the state of the charitablg company's affairs as al 31 March 2024 and of its incoming resources and applicalion of resources, i ncluding its income and expenditure for the year Ihen have been properly prepared in accordance wilh United Kingdom Generally AGGgPt9d Accounting Practice., and have been prepared in accordance with the requiiernents of the Charities Ast 2011, Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are f urther described in the Auditors, responsibilities for the audit of the f inancial slatements section of our rgporl. We are independent of the charitable company In accordance wth the ethical requirements that are relevant to our audit of the f inancial statements in the United Kingdom, incl udino the Financial Reporti ng Council's Ethical Standard, and we have fulfilled our other ethical responsibilities i n acGordance with these requirements. We believe that the audit evidence we have obtaingd is suffici9nl and appropriate to provide a basis f or our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparalion of the fi nancial 51atemenls is appropriate. Based on the work we have performed, wg have not identified any material uncertainties relating to events or conditions that, i ndividually or collectively, may cast significant doubt on the charitable company's abilily lo continue as a going concern for a period of at least twelve monlhs 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 seclions of this report. Page 10
The Art In Perpeluity Trusl (A Company Llmlted by Guarantee} Independent Audltors, Report to the Members of The Art In Perpetulty Trust {contlnuedl Olher Inlormatlon The other information comprises the information included in thg Annual Report other than the financial statements and our Auditors, Report Iheieon. The trustees are responsible for the other information contained within tha Annual Report, Our opinion on ihg linancial statements does not cover the other Inlormaiion and, except to thg extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. OLtr responsibility is lo read the other information and, in doing so, consider whether tho Other information is materially inconsistent with the f inancial statements or our knoedge obtained in the ¢ourso of th9 audit, or olherwisg appgars to be materially misstated. 11 we identify such material inconsistencies or apparent malerial misstal8ments. we arg required to delermine whether this givgs rise to a matetial misstatement In the financial statements themselves. If, based on the work we have performed, wa conclude that there 19 a material misstatement of this other information, we are requi red to report that fact. We have nothing to report in this regard. Mallers on which w8 arg required to report by exc8Pllon We have nothing to report in respect ol the following matters where the Charities (Accounts and Reports) Regulations 2008 r9qui res us to 1gPQrt to you if, in our opinion,. the information given in the Trustees, Report is inconsistent in any material respect with the financial statements. or suflicient accounti ns records have not been kept,. or the f inancial statgments are not in agreemgnl with the accounting reGords and returns. Dr we have not received all the information and explanations we require for our audit. Responsibilities of Irustees As explained more f ully in the Trusteos, Responsibilities Statement, the trustees (who are also the directors of the charitable company for Ihe purposes of Gompany lawl ar9 responsible for the preparation of the f i nancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 determ ine 15 necessary to enable the preparation of f inancial slatemenls that are free f rom material misslatemgnt, whether due to fraud or error. In prepari ng the f i nancial stalemenls, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters ielateé tD going concern and using the going concern basis of accounting unless the Irustges eilh9r intgnd to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page11
The Art In Perpetuity Trust (A Company Llmited by Guarantee) Independent Audltors, Report lo the Members ol The Art In Perpetulty Trust (continued) Audltors, responslbllltles for the audll of the financial statgments We have been appointed as auditor under section 145 of the Charities Act 2011 and repcrt in accordance wilh the Act and relevant regulations made or having effect thereunder. Our objeclives 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 Auditors, Report that includes our opi nion. Fleasonable 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 misstatemenl when it exists, Misstatements can arise Irom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeGted to influence the economic decisions ol usgrs taken on the basis cf these financial statements. Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures i n li ne with our responsibi lities, oullined above, lo detect material misstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregulariti8s, i ncluding fraud is detai led below., We have assessed the susceplibillty of the entity's financial statements to material mlsstatement. including how fraud might occur, as low by way of enquiry, prior knowledg9 and currgnt year analytical review and testing We have enquired wth management and those Charged with governance to obtain an understanding of the legal and regulatory f ramework applicable to the entity and, through our audit testing, our findings have confirmed Ihat the entity is complying with the relevant frameworks We have enquired with management and those charged wtth governance to obtain an understanding of th9 entity's polici9s and procedures relating lo compliance with laws and rggulations. Through our testing, we have reviewed all relevanl documentation and confirm that there have been no inslancgs ol non- compliance Through enquiry, analytical review, walkthiough tesling and substantive testing we have obtained an understanding ol the entity's pclicies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud. We hav9 confirmed that the engagemenl team collectively had the appropriate Competen and capabililies to identify or racognise non-compliance with laws and regulations and fraud Lisled above is Ihe extent of procedures we havg taken to dgtect material misstatements I n respect of irregularilies, including fraud, to which we have found no instances. Because of the inherent limitations of an audit, Ihere is a risk that we wtll not delecl all irregularities, incl uding those leadi ng to a material misstatement in the f i nancial statements or non-compliance with regulation. This risk increases the more that Compliance wtth a law or regulation is removed from tho 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 f raud rather than error, as fraud involves intentional concaalment, forgery, collusion, omission or misrepresentation, A f urther description of our responsibilities for the audit of the financial statements is located on the Fi nancial Roporting Council's website at.. www.frc.or . Ltklaudito onsi Auditors, Report. This description forms part of our Page 12
The Art In Perpetuity Twst (A Company Limited by Guarantee) Ind8pendent Auditors, Report to the Members of The Art In Perpetuity Trust (conllnuedl Use of our report This rep)rl is made solely lo the charitable company's trustees, as a body, in accordance with Part 4 of the Charilies (Accounts and Fieportsl Regulations 2008, Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we aro required lo state to them in an Auditors, Fieport and for no Other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than Iha charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Acuity Professlonal Partnership LLP Chartered Accountanls and Rggistered Auditors Unit 2.02 High Weald House Glovers End Bexhill Ea51 Sussex TN39 SES Date.. Acuity Professional Parln9rship LLP are eligible lo act as auditors in terms of seclion 1212 of the Companies Act 20Q6. Page 13
Th8 Art In perpU1tY Trust (A Company Llmited by Guarantee) Slatement of linancial activit185 (incorporallng Income and expenditure account) For the Year Ended 31 March 2024 Unrestrlcted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations Charitable activilies Rental income Other incoma 6,670 6,670 10,294 142,116 5,964 7, 760 17,002 132, 698 12,616 10,294 142,116 5,964 Total Income 158,374 6,670 165,044 170, 076 Expendlture on: Charitable activities 157,442 33,453 190,895 165,526 Total expendituro 157,442 33,453 190,895 165,526 Net movement in tunds 932 {26,783) {25,851) 4.550 Reconclllatlon ol funds: Total funds brought forward Net movement in funds 830,052 932 329,236 (26,783) 1,159,287 (25,851) 1,154,737 4.550 Total funds carried forward 830,984 302,453 1,133,437 1, 159.287 The Statement ol Financial Activities includes all gains and losses recognised in the year, The notes on pages 1710 32 form part of these financial stalements. Page 14
The Art In Perpetulty Trust (A Company Llmlled by Guarantee) Registered number: 03012557 Balance Sheet A8 at 31 March 2024 2024 2023 Noto Fixed assats Tangibl8 assets Currenl assets 963,914 981,524 Debtors Cash at bank and in hand 10 13,340 214,201 26,298 223,284 227,541 249,582 Creditors.. amounts falling due within one year (47,498) (53,280) Net current assets 180,043 196,302 Total assets less current Ilabllltles 1,143,957 1,177,826 Creditors.. amounts falling due after more than one year (10,521) {18,538) Tolal net assets 1,133,436 1,159,288 Charlty funds Restricted funds Unrestricted funds 302,453 830,983 329,236 830, 952 Toial funds 1,133,436 Y,159,288 The entity was entitled to exemption from audit und8r section 477 ol the Companios Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with seolion 476 of the Companies Act 2006. However, an audit is required i n accordance with section 145 01 the Charities Act 2011. The trustees acknowledge Iheir responsibilities for complyi ng wilh the requiroments of the Act th respect to accounting record3 and preparation of financial slatemenls. The finanGial statements have been prepared in accordance wth the provisions applicable to entities subj'ect to the small companies regime. Thef ataments were approved and authorised lor issue y the trustees and signed on their behalf by: Ann Gll Co-chai Jenny White Co-chair Data.. The noies on pages 17 to $2 form part of these financial statements. Page 15
The Art In Perpetulty Trust (A Company Limlted by Guarant8e) Statement of Cash Flows For the Year Ended 31 March 2024 2024 2023 Cash flows from operallng actlvities Net cash used in operating activities 6,742 17,507 Cash flows from Investlng aclivllles N81 cash providod by Invesllng activltles Cash flows from flnanclng actlvllles Repayments of borrowi ng Fixed asset purchases (15,825) (14,894) (92S) Net cash u8ed in financing actlvltles (15,825) (15,820) Change In cash and cash èquivalents In the year Cash and cash equivalents at the beginning of the year (9,083) 223,284 1,687 221,597 Cash and cash equivalents at the end of the year 214,201 223,284 The noles on pages 17 to S2 form part of Ihese fir]anGial statements Page 16
The Art In Perpeiulty Trust (A Company Llmited by Guarantee) Notes to the Financlal Statemants For the Year Ended 31 March 2024 General Information The Art In Perpetuity Trust is a charity, limited by guarantee, incorporated In England and Wales. Its registered off ice is Harold Works, Harold Wharf, 6 Creekside, Deptford, London SE8 4SA, Accountlng pollcies 2.1 Basls of preparatlon of flnanclal statemenlg The financial slatem9nls have been prepared in accordance wtth the Charilies SORP IFRS 102> Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordanc8 wilh Ihe Financial Reporting Slandard applicable in the UK and RepubliG of Ireland IFRS 1021 (effective 1 January 2019). the Financial Fleporting Standard applicable in the UK and Fiepublic of Ireland IFRS 102) and the Companies Act 2QO6. The Art In Perpetuity Trust meets the d8finilion of a public benefit entity under FFIS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in th9 relevant accounling policy. The li nancial statements are prepared in sterling which is the functional currency of the charity and roLAnded lo the near9St £. 2.2 Going concern The net income for this f inancial year has i ncreased slightly. Thorelore tho trustees believe that the Charity will continue lo operate as a going concern during the twelve months after the approval of these financial statements and f or the lorseeable fLrture. Page17
The Art In Perpetulty Trust (A Company Llmlted by Guarante81 Notes to the Flnanclal Statements For Ihe Year Ended 31 March 2024 Aocounting pollcles (contlnued) 2,3 Income All income is recognised once the Charity has enlitlement to the income, it is probable that the income wtll be received and th9 amount of income receivable can be measurgd reliably. The 18cognilion ol income f rom legacies is dependent on establishing entitlement, the probabil ity of receipt and the ability to estimate with sufficient accuracy the amount r9ceivable. Evidence of entitlement to a legacy exists when thg Charity ha8 sufticient evidence thal a gift has begn lelt to them (through knowleclge of the existence of a valid will and the dealh ol the benefactor) and the executor is salisfied that the property in question will not b8 required lo satisfy claims in the estate. Receipt ol a legacy must be recognised whgn it is probable that it will bg received and the fair value of the amount receivable, which wil I ganerally be the expected cash amount to be distributed to the Charity, Can be reliably measured. F(ental income relates to income receiveable in letting out studios to artists ai an appropriate aflordable rale in accordance with the Charity's objgctives. Rental income is recognised on a straight line basis over the lease terms. Charitable activities, income relates to incomg rgceiveable from exhibitions held on the Charitys premises. in accordance with the Charity's objectiV88. Donated services or lacilitigs are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic b8nefit from Ihe use of the company of the item is probable and that economic benefit can be measured reliably In accordance with the Charities SORP IFRS 1 D2}, the general volunteer time is not recognised and refer to the Trustees, report for more information about their conlribution. On receipt, donated prof9ssional services and donated f acilities are recognised on the basis of the value of the gift to the company which is the amount the company would have bean willing to pay to obtain setyices or facilities of equivalent economic benefit on the open market,. a corresponding arnount is then iecognised in expenditure in the period of receipt. Grants are included in the Statement of Financial Activitios on a receivable basis. The balance ol income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, ils recognition Is deferred and included in creditors as deferred income. Where entitlemgnt occurs before income is received, the income is accwed. Other income Is recognised in the period in which it is receivable and to the oxtent the goods have been provided or on completion of tha service. 2.4 Expenditure Expenditure Is recognised once there is a legal or constructive obligation to transfer oconomic benefit to a third party, it is probable that a transfer ol economic benefits will be required in S8tt1gment and tho amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activily are al located directly to that activity. Shared cosls which contribute to more than one aclivity and support costs which are not altributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the assel's use. Page 18
The Art In Perpetully Trust (A Company Llmlted by Guarantee) Notes lo the Flnanclal Statemants For the Year Ended 31 March 2024 Accounting pollcles (contlnuod) 2.4 Expendlture (continued) Expenditure on charitable activitiss is incurred on directly undertaking the aolivities which furthor the Charity's objectives, as well as any associated support Costs. All expendituro is i nclusive of irrecoverable VAT. 2.5 Tanglble Ilxed assets and depraciallon Tangible fixed assets Gosting £100 or more are capitalis and recognised when future econornic benefits are probable and the cost or value of the asset can be measured reliably. Tangib19 fixed assets are initially recognised at cost, After recognition, under the cosi model, tangible fixed assets are measured at cost less accumulated depreciation and any acGumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocatg the cost of tangible fixed assets less thei I residual value over their estimated useful lives, Depr8ciation is provided on th9 following bases: Freehold properly Office equipment Freehold land /0 Straight ling basis 25.10 reducing balance Not depreGiated 2.6 Debtors Debtors are recognised at the selllem8nl amount. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes Cash and short-term highly liquid investments with a short maturity of threg months or less from tho date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be roquired in settlement, and the amount ol the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il wtll pay to settle the debt or tho amount il has received as advanced payments for the goods or services it must provide, Provisions are measur9d at the best eslimata of the amounts required to sett19 the obligation. Where the effect of the time value of money is material, th9 provision is based on the present value of those amounts, discounted at the pre-tax discount rate Ihat reflects the risks specific to the liability. The unvwnding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 19
The Art In Perp8tuity Trust (A Company Llmiled by Guaranlee) Noles to Ihe Financial Slalements For the Year Ended 31 March 2024 Accounllng policie8 (continued) 2.9 Flnanclal Instruments The Charity only has f inancial assets and financial liabi lities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognisod ai transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently mgasured al amortised cost using the effective interest method. 2.10 Penslons The Charity operates a d9fin9d contribution pension scheme and the pension charge represents thg amounts payable by the Charity lo the fund in respect ol the year. 2.11 Fund accounting General f unds are unrestricted funds which are availablg for use at the discretion of the trustees in furtheranco ol the general objectives of Ihe Charity and which have not been designat9d for olher purposes. Designated funds comprise unrestricted funds that have bgen set aside by th9 Irustees for particular purposes. The airn and use of each designated fund is set out in the notgs to the linancial statements. Restricled funds are f unds whiGh are to be used i n accordance wwth specif ic restrictions i mposed by donors or which have been raised by the Charity for particular purposes, The costs ol raising and administering such funds are charged against tha specific fund. The aim and use of each restricted f und is set out in the notes lo the f inancial statements. Income from chariiablo actlvitles Unrestrlcted funds 2024 Total funds 2024 Tot funds 2025 Income from charitable aotivities - Gal lery Exhibitions 480 9,814 9,814 76,995 Total 2024 10,294 10,294 17,002 Total 2023 17,902 Y7,002 Page 20
The Art In P8rpetuity Trust (A Company Limited by Guarantee) Notes to th8 Flnancial Statements For the Year Endad 31 March 2024 Analysls of expenditur8 on Charitable activities Summary by fund type Unrestricted Restrlcled funds funds 2024 2024 Total 2024 Expenditure on oovernance Direct costs,, Gallery Administrative expenses 4,740 503 152,199 4,740 16,224 169,931 15,721 17,732 Total 2024 157,442 33,453 190,895 Unr8Stricteo funds 2023 Restricted funds 2025 Total 2023 Expenditure on governance Direct costs.. Gallery Administrative gxpenses 5,490 2,954 14Q,413 5,490 7,273 152, 763 4,319 12.350 Total 2023 148,857 16,669 165, 526 Analysls ol expenditure by activities Dlrect aclivities 2024 Support costs 2024 Total funds 2024 Expenditure on governance Direct costs: Gal lery Administrative expenses 4.740 4,740 16,224 169,931 16.224 169,931 Total 2024 18,224 174,671 190,895 Page 21
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Notes to the Flnanclal Statements For the Year Ended 31 March 2024 Analysis of expendilure by activltle8 (contlnued) Direct aotivities 2025 Supporl costs 2023 Tot funds 2025 Exp8ndilure on govornance Direct costs.. Gallery Administrative expenses 5,490 5,4gO 7,273 152, 764 7,275 152, 764 Total 2023 7,273 158,254 765,526 Analysis of support costs Tolal funds 2024 Total funds 2023 Staff costs Depreciation Insurance Light and heat Office supplies Equipment leasing Premises, repairs and maintenance T919phone and inlgrnet Licences Legal and professional Water, rates and refuse removal Website and mailoLrt External loan interest Sundry expenses Advertising Froolance Governance costs 64,398 17,610 7,912 1,366 3,517 2,301 15,348 6,751 159 27,251 13,708 2,543 1,236 4,212 1,619 54,503 17,510 8,825 7,47S 2,586 870 28,265 3,251 159 2,041 14,968 5,839 1,232 2,176 712 2,450 5,490 4,740 Total 2024 174,671 758,254 Governance costs includes Auditors, remuneration of £4,740 (2023 - £5,490).Support costs are allocated bas8d on the activity they relate to, Page 22
The Art In Perpetulty Trust {A Company Llmlled by Guarantee) Noles lo the Financial Statements For the Year Ended 31 March 2024 Auditor8, remuneration 2024 2023 Fees payable to the Charity's auditor lor the audit of the Charity's annua accounts 2,580 2,530 Fees payable to the Charity's auditor in respect of: All accounting fees not included above 2,160 2,960 Staff costs 2024 2023 Waoes and salaries Social security costs Contribution lo defi ned contribution pension sch8mes 61,390 1,117 1,890 52, 795 607 I,lQ2 64,397 54,504 The average number of persons 9mployed by the Charity during the year was as follows.. 2024 No. 2025 No. Full time manager Part time administrativo workor No employee received remuneration amounting to more than £60,000 in either year. All staff costs were allocated lo admi nistration. Trustees, romuneration and expenses During the year, no trustees received any remunoration or other benefits (2023- £NIL). During the year ended 31 March 2024, no trustee expenses have been incurred (2023- £NIL). Page 23
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Notes to the Flnanclal Statemenls For the Year Ended 31 March 2024 Tangible flxed assets Freehold land Freehold Office property equipment Total Cost or valuation At 1 April 2023 460,000 849,527 12,706 1.322,233 At 31 March 2024 460,000 849,527 12,706 1,322,233 Depreciation At 1 April 2Q23 Charge for the year 110,000 219,861 16,991 10,848 620 340,709 17,611 At 31 MarGh 2024 110,000 236,852 11,468 358,320 Net book value Al 31 March 2024 612,675 1,238 963,913 At 37 March 2023 350,000 629, 666 1,858 981,524 10. Deblors 2024 2023 Due wlthln one y8ar Other debtors Piepaymenls 6,783 6,557 12, 714 13,340 26,298 11. Cash at bank and In hand Cash at bank and in hand includes amounts held for Artist-members. deposits as shown in the Creditors., Amounts falling due wlthin one year. Page 24
The Art In P8rpeluily Trust {A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2024 12. Credilors: Amounts falllng due wilhin one year 2024 2023 Bank loan Trade creditors Tgnants, deposits Other creditors Accruals BounGe back loan 1,081 13,713 19,357 413 4,418 8,516 8,889 11,291 Y9,655 511 4,418 8,516 47,498 53,280 The bank loan has interest charged at 2.5/0 above the bank's base rate and is secured against the Charity's freehold property. The windows bank loan finished in July 2024. 13. Cradltors: Amounts falling due after more than one year 2024 2023 8ank loan Bounce back loan 734 17,804 10,521 10,521 18,538 The Bounce back loan is a 72 month loan with an interest free window of 12 months and then a fixed interest rate of 2.5¢/¢J pa is charged. 14. In-klnd support In the financial year ended 31 March 2024 the APT Artist-members, and volunteers, in-kind support totalled £15,220 {2023- £14,228}. Page 25
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Notes to the Flnanclal Statements For the Year Ended 31 March 2024 15. Pension commitmgnts The Charity operales a defined conlributions pension schom9. The assets of the scheme are held separately from those ol the Charity in an independently administered fund. Tho pension cost charge r9presents contributions payablg by the Charity to the fund and amount to £1,890 {2023 £1,102). Contributions totalling £250 12023 - £261) were payablo io the fund ai the balance sheet date and are i ncluded in creditors. All perTsion costs are allocated against unrestrictgd funds, 16. Operallng lease commltmenls The Charity had no commitments under non-cancellable operating leases at 31 March 2024. 17. Members, Ilablllty Each trustge member of the charitable company undertakes to contribute to the assels of the company in the event of it b9ing wound up while helshe is a member, or within one year alter helshg ceases to be a member, such amount as may be required, not exceedir)g £1 for the debts and liabilities contracted before helshe ceases to be a member. At 31 March 2024 there wgre 7 (2023 . 5) trustee members. 18. R8lated party transactions The Art In Perpetuity Trust has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity al 31 March 2024. Pagg 26
The Art In Perpetulty Trust (A Company Limiled by Guarantee) No188 to the Financial Slatements For tha Year Ended 31 mNarch 2024 19. Stalement of fund8 statement of funds - currenl year Balance at 31 March 2024 BalanGP at 1 Aprfl 2023 Income Expendlture Unreslrlcted funds Designated funds Designated Funds - all funds 15,381 15,381 General funds General Funds - all f unds 814,671 158,373 {157,442) 815.602 Total Unrestrlcted funds 830,052 158,373 (157,442) 830,983 Restrict8d funds Deplford Challenge Trust {1996) Cieekside SRB (19981 Foundation for Sport & The Arts (19991 Gre8nwich SRB119991 Greenwich SRB119991 London Development Agency (2001) Foyle Foundation120131 City Bridge Trust12015) Arts Council Emergency Fund Creative Land Trust Hardship Fund The Fenton Arts Trust Fund The Art Fund 22,476 67,345 17,193 16,705 52,922 75,343 19,168 40,297 7,153 2,077 8,557 (1,022) (2,806) (688) (668) (2,117) (2,791) (491) (983) (7,153) (2,077) {11,987) (670) 21,454 64,539 16,505 16,037 50,805 72,552 18,677 39,314 6,000 670 2,570 329,236 6,670 (33,453) 302,453 Tolal ol lunds 1,159,288 165,043 (190,895) 1,133,436 Page 27
Th8 Art In Perpetuity Trust (A Company Limited by Guarantee) Notes to the Flnanclal Statements For the Year Ended 31 March 2024 19. Stalomenl of funds (contlnued) General funds are "free reserves" after allowing for any designatgd funds, Designated funds ai8 to be put towards the dovelopment ol a multi-purpose education and gallery space. All restricted f unds, received up unti12D15, have been spent on capitalisad freehold property which is being depreciatgd annually. Funds 19ceived after this date were for projects that focused on increasi ng our digital assets a hardship fund for arlists and a m9ntoring project for emerging artists, Page 28
Th8 Art In P8rpeluily Trust IA Company Limited by Guarantee) Notes lo th8 Financial Statements For the Year End8d 31 March 2024 19. Statement of funds {contlnugd} ststemenl of funds - prlor year Balance ai 31 March 2023 8alance st I April 2022 Income Sxpenditur6 Unrestrlcled funds Designaled funds Designated Funds- all funds 15,381 75,381 General funds General Funds - all funds 801,211 762,317 (148.857) 874,671 Total Unrestrlcted funds 816,592 162,317 (148,857) 830,052 Restrlcted funds DeptFord Challenge Trust (19961 Creekside SFiB119981 Foundation for Swrt & The Arls119991 Greenwich SRB (1999} Greenwich SFIB {1999} London Dovelopmont Aoency120011 Foyle Foundation120131 Gity Bridge Twsi120151 Arts Council Emergency Fund Creative Land Trust Hardship Fund The F9nlon Arts Trust Fund Creative Changg Grant lor project SHAPE Lab 23,499 70, 151 17,881 17,372 55, 039 78, 134 19,659 41,280 7, 153 2,07? 5,900 (1,022) (2,806) {688) (668) (2,117) (2. 791) (491) (983) 22,477 67,345 17,193 18,704 52,922 75,345 19,IS8 40,297 7,155 2,077 8,557 6, 000 (3,343) 1, 760 (1,760) 338, 145 7, 760 (16.669) 329,236 Total ol funds 1,154,737 170,077 (165,526) 7,159,288 Page 29
The Art In Perpetuity Trust (A Company Limlted by Guarantee) Notes to the Flnanclal Statements For the Year Ended 31 March 2024 20. Summary of funds Summary of funds - current y&ar Balance at 31 March 2024 Balance at 1 April 2023 Income Expendlture Designated lunds General funds Reslricted funds 15,381 814,671 329,236 15,381 815,602 302,453 158,373 6,670 (157,442) (33,453) 1,159,288 165,043 (190,895) 1,133,436 Summary of funds- prlor year 5alance al 31 MarGh 2023 Balance al l April 2021 Income Expenditure Designated funds General funds Restricted f unds 15,387 801,211 338,145 15,381 874,671 329,236 162,317 7, 760 (Y48.857) (16,669) 1,154, 737 170,077 (Y65,526) 7,159,288 21. Analysls of net assets between funds Analysis of nel assets betW88n funds - current period Unreslricled Restricled lunds funds 2024 2024 Total funds 2024 Tangiblo lixed assets Current assels Grediiors due within one year Creditors due in more than one year Other 664,031 224,971 (47,498) <10,521) 299,883 2,570 963,914 227,541 (47,498) (10,521) (1) Total 830,984 302,453 1,133,437 Page 30
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Notes to the Financlal Statement8 For the Year Ended 31 March 2024 21. Analysls of net assets between funds (contlnued) Analysis of net assets between funds- prior period Unrestricteo unds 2023 Restricted lunds 202S Tot81 funds 2023 Tangible fixed assets Currani assets Creditors due within one year Creditors due in more than one year 652,288 249,582 (53,280) {18,538) 329,236 981,524 249,582 (53,280) (18,538) Total 830, 052 329,236 I, Y59.288 Reconclllatlon of nel movemenl In funds to net cash flow from operatlng actlvltles 2024 2025 Net incomelexpenditure for the period {as per Statement of Financial Activities) {25,851) 4,55G Adjustments for: Depreciation charges Decreasel(Increase) in deblois Increase in creditors 17,611 12,958 2,024 17,611 (15, 623) 10,989 Net cash provlded by operallng actlvltles 6,742 17,507 Analysls of cash and cash equlvalents 2024 2023 Cash in hand 214,201 223.284 Total cash and Cash equivalents 214,201 223,284 Page 31
The Art In Perpelulty Trust (A Company Llmlted by Guarantee) Notes to Ihe Financi81 Statements For the Year Ended 31 March 2024 24. Analysls of chang88 In net d8bt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 223,284 (17,405) (18,538) {9,083) 7,808 8,017 214,201 (9,597) 110,521) 187,341 6,742 194,083 Page 32