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 advan￿ment 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 kno￿edge 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 perp￿U1tY 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