2025-03-31-accounts - The Art In Perpetuity Trust

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COMPANY REGISTRATION NUMBER: 03012557 . CHARITY REGISTRATION NUMBER: 1045363

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The Art In Perpetuity Trust

Company Limited by Guarantee

Financial Statements —

31 March 2025 oo,

ss UHY HACKER YOUNG (S.E.) LIMITED Chartered accountants& statutory auditor 168 Church Road > - . HoveEast Sussex , : . BN32DL

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The Art In Perpetuity Trust

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Company Limited by Guarantee —

Financial Statements "Year ended 31 March 2025

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||)|||||||||||| |||a||||||Page||:|||| |||Trustees’ annual report (incorporating thedirector's|||report)||||+|||||| |||Chair's Statementand Treasurer's Statement|||||oO|9|||||| |||Independent auditor's report tothe|themembers|.||:|44||||-||| |||Statement offinancialactivities(including|(including incomeand||||||||||| |||expenditure account)|||.|||15|||||,| |||||||||||||||| |||Statementoffinancial position|a|a||||16|,||||| |||Statement of cash flows||||||a|18°|||||| |||Notes to the financial statements.|||||||419)||||||

UHY Hacker Young (S.E.) Limited

The Art In Perpetuity Trust ; ; —— _ Company Limited by Guarantee ~ mo Trustees’ Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 ,

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Objectives and activities a. Policies and objectives The Art in Perpetuity Trust (A.P.T) is a charity that encourages participation in the visual arts through . creative practice, exhibitions and education. ; , OS 7 The objects of A.P.T are to promote, maintain, .improve and advance, education for the benefit of the public, in particular by the encouragement of the arts including the arts of painting, drawing, sculpture, photography, design, architecture, printmaking, music, 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 the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2). . a b, Strategies for.achieving 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 financial and in-kind, to its educational projects, including the selected exhibition programme, talks & seminars, studio & gallery visits, and the 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 to realise its charitable aim to support and reward creativity. A.P.T was established in 1995. as a registered charity and company limited by guarantee. it owns the freehold of Harold Wharf on Deptford Creek, and the 1,800 sqm site comprises a three-storey studio building, a single-storey studio block comprising sixaccessible studios, a gallery, office and sculpture yard. :

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c, Activities undertaken to achieve objectives

a We continued to advance education through a mixture of activity. 18 exhibitions took place between April 2024 —- March 2025, featuring work of over 158 artists and 5,172 visitors. Complementary to these _ exhibitions we we delivered 60 educational educational events: talks, workshops and workshops and open studios, engaging with 1,604 _ members of the the public. ~

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exhibitions we we delivered 60 educational educational events: talks, workshops and workshops and open studios, engaging with 1,604 . members of the the public. ~ a’ Open Studio continues to be our flagship educational event each year, in this financial year we oe welcomed 1,000 1,000 visitors into our studios our studios studios offering opportunities to engage with A.P.T artist artist members and ; “learn about the process of making making art. ‘ ; ; a : 4 - In total we welcome 6,846 visitors into our Studios & Gallery across 2024 - 2025

Open Studio continues to be our flagship educational event each year, in this financial year we welcomed 1,000 1,000 visitors into our studios our studios studios offering opportunities to engage with A.P.T artist artist members and “learn about the process of making making art. ‘ ; ; a

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so ~The Art In Perpetuity Trust ) - Company Limited by Guarantee’ . . . Trustees’ Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 |

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_ Objectives and activities (continued) oo
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d. Main activities undertaken to further the Charity's purposes for the public benefit

The trustees ensure that every event carried out by the Charity has explicit public benefit. This includes, therefore, every exhibition, talk, open studios, workshops. and other projects. All A.P.T’s activities are inclusive in respect of age, age, race, economic status, disability and and gender. ;

therefore, every exhibition, talk, open studios, workshops. and other projects. All A.P.T’s activities are . ; inclusive in respect of age, age, race, economic status, disability and and gender. ; , Central to the realisation of our aims has been our insistence, since the inception of APT, on maintaining the high quality of the services we offer to the public, both educational.and material. Of particular relevance to material benefit is the Building Sub-Committee. This oversees an ongoing and continuous programme of capital improvements to the premises, including specific reference to their appropriate use by members of the public. — ; . . - Since the professional A.P.T Artist-members play a major role in delivering a high quality public benefit, : of particular importance is the Vetting Sub-Committee. This ensures that applications for studios are granted only when specific criteria are met: a proven track-record in the arts, potential for contributing further to fine art tradition and to the charitable ethos of A.P.T. The success of the vetting procedure is ; indicated by the high regard in which A.P.T’s annual Open Studios event is held, during which all studios are-open to the public. . oe "Central to the:exhibition programme is A.P.7's belief in the socially ameliorative role that the arts can i play in generating cultural well-being and a sense sensibility. The Gallery & Programming Sub-Committeeof community,ensures thatasthewellprogras a mmeheightenedof exhibitionsaestheticand . educational events, continuous since 1995, is of a consistently high quality. Objective confirmation is \ provided by the wide range of external sponsorship, partnerships and collaborations that the selected exhibitors have generated. ; . ; a ; oe Information about all exhibitions:is made available to the public through a regular e-newsletter, national ° sO, advertising and through A.P.T’s website (www.aptstudios.org). We have increasingly used social media . . . 7 to promote our activities with a strong presence on Instagram. : oe - . Structure, governance and management - a a a.Constitution . Se | , The Art In Perpetuity Trust is registered as a charitable company limited by guarantee and was setup by a Memorandum of Association and its registered charity number is 1045363. * _ The aim of A.P.T is to promote, maintain, improve and advance education for the benefit of the public, . , in particular by the encouragement of the arts, including, the arts of painting , drawing, sculpture, photography, design, architecture, printmaking, music, singing, poetry, literature, lithography, ballet, dance and drama. 4 There have been no changes in the objectives since the last annual report. , ,

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The Art In Perpetuity Trust ~ , . Company Limited by Guarantee , Trustees’ Annual Report (Incorporatingthe Director's Report) (continued) . . | Year ended 31 March 2025 . . : . / _ Structure, governance and management (continued) ; . . _b., Methods of appointment or election of trustees Se . ; The management of the charity is the responsibility of the trustees who are elected and co-opted under , the terms of the Memorandum of Association. - , a Following an initial introduction, a prospective trustee is invited to visit A.P.T to view the studio complex and meet with the Administrative Director and some of the artist’ members. They will then be invited to ao attend a Management committee meeting, as an observer. If willing to stand, the existing trustees meet . te decide whether to appoint. Any’ new trustee remains in post until the next AGM when all trustees resign and are voted back (or not) by the membership. ee . ; c Organisational structure and decision making policies - a A.P.T is managed by the Administrative Director who works with the trustees, artist members and other ' - staff to deliver A.P.T’s work. " Oo . The trustees work voluntarily, each having a specific area of responsibility towards realising the aims of a the Charity. There are four sub committees, which act as Advisory Bodies to the trustees: Gallery & , Programming, Building, Vetting and Planning. 23 artist members currently’ make up thesé sub. committees, which report to'the Board of trustees through the Management Committee, held at eight-§ == weekly intervals. The Management Committee comprises the trustees, the chairs of the sub committees, . three Artist Advisers (from the Artist- members) and four Floor Representatives (likewise from the Artistmembers) and the Administrative Director. Apart from the Administrative Director, all members of alt . committees are elected annually.

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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 a subcommittees, elected artist members positively contribute to the advancement of A.P.T and. it’s values. The subcommittees provide areas of focus that utilise the artists’ skills and expertise, creating an inclusive, effective, and transparent device for making things happen. - d. Financial risk management management : a oe. Oe A broad assessment of the risks to which the charity is exposed and-their financial consequences was undertaken by Trustees, All risks identified — operational, directly financial, legal, premises, external . and reputational - were considered and their potential impact (likelihood and severity) were assessed. Trustees are satisfied systems and procedures are in place to mitigate exposure to major risks. : ; . Achievements and performance ; a -

_ d. Financial risk management management

_ Achievements and performance ; , _ The trustees consider the financial position of the charity to be satisfactory. During the year, the charity generated £173,455 (2024: £165,044) in income and generated a deficit of £18,427 (2024: £25,854). b. Review of activities

Company Limited by Guarantee — -

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The Art In Perpetuity Trust

Trustees' Annual Report (Incorporating the Director's Report) (continued)

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Year ended 31 March 2025

Achievements and performance (continued)

A visual archive and a record of all events, activity and visitors to the studio complex are kept. - These are summarised below.

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |;| |2025|2024| ||AP.TGallery exhibitions|ce|.|18|23| |Weeks|of Programme|-|.|35|42|.| |.|Artists|exhibiting|,|158|293| |Education|events|(total)|59|'|88|;| |Artist|Talks|17|27|.| |Gallery tours|.|-|3|a|7|.| |’|Workshops|a|22|.| |Symposium|/|panel discussion|1| |Performances|:|.|8|7| |Conversations|with Art|:|.|O|0|os| |Films|oo|2|7|oe| |Peer Sessions.|3|2| |Studio|Visits|12|12| |Open|Studios|1|||Ee| |Outreach|Projects|So|;|-|0|;| |-.|MentoringResidences Programmes°|toe|,|41|1.rn| |Visitors|to|education|events|‘|674|1035.| |Visitors|to Open|Studios|1000|1000| |Visitors|to.|exhibitions|5172|7693| ||Total|Number of Visitors to APT|-|6846|9728|.| |.|Financial|review|;| |a.|Going|concern|rz| |'|After|making|appropriate|enquiries,|the|trustees|have|a|reasonable|expectation|that|the|Charity|has|:| |adequate|resources to|continue|in|operational|existence|for.the foreseeable|future.|For this reason,|they|7| |‘continue|to|.adopt|the|going|concern|basis|in|preparing|the|financial|statements,|Further|details|.| |regarding|the|adoption|of the|going|concern|basis|can|be|found|in|the|accounting|policies.|;|:|

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. _ The Art In Perpetuity Trust . . : ’ Company Limited by Guarantee _ Trustees’ Annual Report (Incorporating the Director's Report) (continued) a

. Year ended 31 March 2025 -

‘ ’ Financial review (continued) . : . oo .

_ b. Reserves policy oo, a It is our policy to maintain sufficient cash reserves to fund at least six months of running costs of the . Charity. These funds are not ring fenced in a separate account. — : : At the balance sheet date the charity held £288,317 (2024 -£302,453)in restricted funds. Total funds ‘ oo amounted to £1,115,008 (2024 - £1,133,436). The majority of total funds remains tied up in tangible ~ sk bee assets and are not easily convertable into cash. oe, ; . oo

c. Principal funding

The charity's main area of funding is via the rental of its studios.

Plans for future periods

Our focus for the year ahead is to sustain our position financially, and to continue delivering the Charity’s aims and objectives. Finishing the year in a secure place we continue to build a resilient organisation in perpetuity.

Trustees’ liability : _ 5 The trustees of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up oo

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Trustees’ responsibilities statement . The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicablelaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Company law requires the trustees to prepare financial 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 charitable company arid of the incoming resources. and application of resources, including the income and expenditure, of the charitable company for that ~ — period. .

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Inpreparing these financial statements, the trusteesare required to:

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e — select suitable accounting policies and then apply them consistently;.

— abserve the methods and principles in the applicable Charities SORP; : i,
, . ¢ make judgments and accounting estimates that are reasonable and prudent; - oo e state whether applicable UK accounting standards have been followed, subject to any departures: disclosed and explained in the financial statements, and —

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e thatprepare the charitythe financialwill continuestatementsin business.on the going concernoo basis unless it: is inappropriate ,to presume

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~ The[ Art][In][Perpetuity][Trust]

Company Limited by Guarantee

-Trustees' Annual Report (Incorporating the Director's Report) (continuea)

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Year ended 31 March 2025

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The:-trustees are responsible for keeping adequate accounting records ‘that-are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial a Companiesposition of theAct 2006.charityTheyand areenablealso themresponsibleto ensurefor safeguardingthat the financialthe assets.statementsof the charitycomplyandwithhencethe _ for taking reasonable steps for the prevention and detection of fraud and other irregularities. .

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Disclosure of information to auditors — 7

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Each of the persons who are trustees at the time when this Trustees’ Report is approved has confirmed that: a ;

. so far as that trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and ; ;

that trustee has takén all the steps that ought to have béen taken 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. oS a

\ The trustees’ annual report was approved and signed on behalf of the board of trustees by:

AG Gilnio oO Co-Chair.’ - .

Date: G | 4 Ia5

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JL White mo : Co-Chair mo, . .

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The Art In Perpetuity Trust ) . Company Limited by Guarantee ' -‘Chair’s and Treasurer’s Statement , ' Year ended 31 March 2025 oo 0 ‘The Co-Chairs present their statement for the year. : Founded 30 years ago, A.P.T (Arts in Perpetuity Trust) remains committed to its founding vision: that art should exist and be supported in perpetuity. This belief underpins our work and our commitment to . the encouragement of art for a healthy, creative society.

Challenges & Resilience

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, In 2024-2025, A.P.T faced significant challenges to its historic site in a rapidly evolving urban landscape on the river Ravensbourne in Deptford. The buildings, housing 42 artist studios and the A.P.T Gallery ; were at risk due to: me - Rising water levels threatening structural integrity . - . Ageing infrastructure increasing flood risk ; ; . These threats prompted a strategic review of how best'to preserve and adapt the site to ensure the ‘long-term sustainability of the Trust and its facilities for future generations of artists. In response, we had the opportunity to engage with key partners including Lewisham Council, the Environment Agency, : Thames Estuary Partnership, Creekside Discovery Centre, LVAN (Lewisham Visual Arts network) and mo LAASN (London Affordable Artist Studios Network) to explore sustainable approaches to managing our. ‘infrastructure and reinforce our commitment to maintaining the site in perpetuity. i AP.T Artist Members and the wider Community . Co 7 ; The trustees would like to thank all our artist members, staff, sub-committees, and artist advisors for : their dedication during this critical year. We also extend our gratitude to our trustees, past and present : who generously offer their time, experience, and expertise in support of A.P.T’s mission. We bid . farewell to trustee artist Sarah Kogan and welcomed new trustees architect Nick Haseltine and artist Stephanie Nebbia. . _ oo, , We said goodbye to artists Stanley Tilyard French, Anh-Phuong Nguyen, Jodie Carey, and Theo Dunne : , from the Studio 1.10 residency project. We wish them well for the future. We also mourned the loss of. ; long time A.P.T artist Jeff Dellow, who passed away in December 2024 and whose life and work were 7 ; celebrated in 2025. co, - . We give special thanks to our dynamic staff team Sarah Walsh ard Sarah Beth Locke who achieved oo some great wins for A.P.T with their support for artists and the Gallery users, including: oe . : * Securing 100% discretionary business rate relief a oo, 7 * Obtaining a £7.5k Covid-era refund ‘ ; * Expanding staff hours to better support the artists. and gallery : . a , \ * Establishing new 7-year leases from May 2024 ensuring long-term security for artists _ ; , * Building new partnerships to strengthen A.P.T’s. future ‘ ; Gallery & Education . . The A.P.T A.P.T Gallery hosted hosted a diverse and vibrant year of exhibitions, year of exhibitions, of exhibitions, exhibitions, artist talks talks (17) and workshops and workshops workshops (11), - along with with residencies and festivals featuring featuring extensive public programming. A.P.T artists enhanced the

. . The A.P.T A.P.T Gallery hosted hosted a diverse and vibrant year of exhibitions, year of exhibitions, of exhibitions, exhibitions, artist talks talks (17) and workshops and workshops workshops (11), along with with residencies and festivals featuring featuring extensive public programming. A.P.T artists enhanced the * education provision of nearly 60 education events. with the, community. Feedback was.overwhelmingly =. . positive, with many praising the space and support. .

: “We were. all.delighted with how smoothly our show went, thanks.to the. support of APT and the great reception it received too. Gallery space is wonderful’,

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: The Art In Perpetuity Trust --. Company Limited:by Guarantee ‘Chair’s and Treasurer’s Statement

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Year ended 31 March 2025

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Artist Support & Mentoring

We launched the Clyde Hopkins Mentoring Award, building on the success of the three-year A.P.T and Fenton Arts Trust Mentoring Award for early-career artists. Named in honour of the late A.P.T artist _ Clyde Hopkins—former Head of Art at Winchester Schoo! of Art and Chelsea College of Art—the award supports early ‘career artists to bridge the gap between education and professional practice. Artist Lottie from the first year of the Fenton Award, attests to the benefits of the A.P.T mentoring opportunity:

“The APT & Fenton Arts Trust Award was a fantastic platform upon which | have. been building my ‘ artistié career in the subsequent years., The studio provided a space without financial worries; the mentoring, a touchstone for my developments and investigations; and the final exhibition, a launchpad ’ from which many opportunities have since arisen. | am so grateful for everything this award has provided”. . oe

Celebrating 30 Years

Our 30th anniversary in Jan 2025 marked three decades since our first management meeting in March of 1995. This year we celebrate supporting 30 years of creative independence, sharing profiles of our =” artists, highlights from events and reflections on our journey: © L “It feels like everyone involved at APT is hugely invested and committed to their local community and the succéss and future of APT as a studio building and gallery space that's beautiful and exciting. It contributes both to Deptford people and the local art community and the wider art world. Itfeelslikea - generous welcoming space that is invested in making a difference through art." Gallery exhibitor . As A.P.T artists continue to share their work and exhibit around the world, A.P.T from its buildings ; - alongside the creek in Deptford, remains committed to its mission of encouraging the making, creating, promoting of and participation in art in perpetuity ~ through challenge, change, and collaboration — for generations to come. : oe ;

; RG Gin - St ane Date: 4 ip LOS

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The ArtIn Perpetuity Trust

Company Limited by Guarantee

Chair’s and Treasurer's Statement

Year ended 31 March 2025 .

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Treasurer's Statement

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APT continued to build on its long-standing mission supporting artists and engaging the wider public in __ contemporary visual arts. oO ; Whilst the charity recorded a modest deficit for the year ended 31 March 2025, primarily due to rising maintenance costs, reserves remain strong and the 7-year studio leases secures our[principal] income stream, providing confidence that APT will remain financially stable and able to fulfil its charitable objectives in the years ahead. a . . ; ;

iv ; de. /. . . oO - Alobbi oa Date: 294/4of2ol a :

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‘The Art In Perpetuity Trust Company Limited by Guarantee . os ; Independent Auditor's Report to the Members of The Art In Perpetuity Trust Year ended 31 March 2025 oo : } . a Opinion . ; . We have audited the financial statements of The Art In-Perpetuity Trust (the 'charity’) for the year ended : 31 March 2025 which comprise the statement of financial activities (including income and expenditure . - account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in | their preparation.is applicable law and United Kingdom Accounting Standards, including FRS 102 The . Financial Reporting Standard applicable in the UK and Republic of Ireland (United-Kingdom Generally Accepted Accounting Practice}. ve Lo In our opinion the financial statements: | _ " e ‘give a true and fair view of the state of the charity's affairs as at 31 March 2025 and_of its incoming resources and application of resources, including its income and expenditure, for the year then . ended; oO . , * have been properly prepared in accordance with United Kingdom Generally Accepted Accounting . Practice; — , | , e have been prepared in accordance with the requirements of the Charities Act 2011. ; . "Basis for opinion . . oo oo, ' We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and . 7 . applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the |. : charity in accordance with the ethical requirements that are relevant to. our audit of the financial statements in the UK,including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these. requirements. We believe that the audit evidence we have - obtained is sufficient and appropriate to provide a basis for our opinion, oo, . ‘ Conclusions relating to. going concern OS ; In auditing the financial statements, we have conciuded that the trustees' use of the going concern basis ' of accounting in the preparation of the financial statements is appropriate. oo an Based on the work we have performed, we have. not identified any material uncertainties relating to .. events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to , continue as a going concern for.a period of at least twelve months from when the financial statements are authorised for issue. oe Our responsibilities and-the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ‘ - ; . :

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_ The Art In Perpetuity Trust . . - Company Limited by Guarantee . po (continued)IndependentAuditor's Report to the Members. of The Art In Perpetuity‘ Trust Year ended 31 March 2025 Oo

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Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to . determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there 7 is a material misstatementof this other information, we are required to report that fact. We have nothing to report in this regard. co mo : Matters on which we are required to report by exception — . :

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

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We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: ’ “6 the information given in the trustees report is inconsistent in any material respect with the financial statements; or ; os ; « adequate accounting records have notbeenkept;or ss Oo . . e the financial statements are not in agreement with the accounting records and returns; or _ e we have not received all the information and explanations we require for our audit. ; Responsibilities of trustees . a As explained more fully in the trustees’© responsibilities statement, \the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for ‘such internal control as the trustees determine is necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. ’

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

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The Art In Perpetuity Trust Company Limited. by Guarantee ~ Independent Auditor's Report to the Members of The Art In Perpetuity Trust (continued) . ; Year ended 31 March 2025 4

Auditor's responsibilities for the audit of the financial statements

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We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. . Our objectives are to obtain reasonable. assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an ‘audit conducted in accordance with ISAs (UK}.will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the. economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect _of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: .

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procedures in line with our responsibilities, outlined above, to detect material misstatements in respect . _of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: . Based on. our understanding of the charity and the industry in which it operates, we identified that the principal risks: of non-compliance with laws and regulations related to the acts by the charity which were - 2 contrary to applicable laws and regulations including fraud and we considered the extent to which | : a ; , andCharitiesnoncomplianceregulationsAct 2011mightthatandhave havethe aaCompaniesdirectmaterialimpacteffectAct on on2006.thethe financialpreparationstatements.of the financialWe alsostatements. consideredsuch those. aslawsthe | _ We evaluated management's incentives and opportunities for fraudulent manipulation of the financial . statements (including the risk of override of controls). - Audit procedures performed included: review of the financial statement disclosures to. underlying a supporting documentation, review of correspondence with and reports to the regulators, review of minutes of meetings of those charged with governance, enquiries of management.and in so far as they . related to the finaricial statements, and testing of journals and evaluating whether there was evidence ‘ ; of bias by the trustees that represented a risk of material misstatement due to fraud. . ; Because of the inherent limitations of an audit, there is a risk that we will not detect alt irregularities, including those leading to.a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud . rather than error, as fraud Involves intentional concealment, forgery, collusion, omission or : ; misrepresentation. . “4 A further description of our responsibilities for the audit of the financial statements is located on the : : Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report..: ,

: ot

09/10/2025

: . - ° ,

;

The Art In Perpetuity Trust

_ Company Limited by Guarantee

;

Statement of Financial Activities (including income and expenditure account)

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			Yearended 31 March 2025	Yearended 31 March 2025						.		oo
			oO
					.	.	2025					2024
-			,	;	_	Unrestricted _ funds		Restricted funds		Totalfunds		7s Total funds
				;	“Note		£		£	£0		g
			Income and endowments		:		:
			Donations andiegacies	ssi	5		260		=.	260		6,670
.	.		Charitable activities" Renta! income		6 7	—	.8,900 150,226		- os	>. 159,126		10,294 142,116
	;	.	Investment income		an:		766		-	766		-
			Other income ‘		9		13,303		-	13,303		_§,964
			Total income —				173,455		-	173,455		165,044
			Expenditure , Expenditure on charitable	activities	oo 10,11		177,714		—_ 14,136	an 191,850		190,895
											.
			Total expenditure				177,714	.	14,136	-. 191,850		190,895
			Net losséson investments		13		(32)		=	(32)	.	os
			_
			Net expenditure and net	movementin)			:
		.	funds		:		(4,292)		(14,136)	(18,428)		(25,851)

Reconciliation offunds Total funds broughtforward					:			830,983	7 302,453		1,133,436
			Totalfundscarriedforward				826,691 .		288,317	1,115,008		1,133,436

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. The statement of financial activities includes all gains and losses recognised in the year. Allincome and expenditure derive from continuing activities.

. The notes on pages 19 to 32 form part of these financial statements.

; o ,

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |.|The|Art|In|Perpetuity|Trust|LO| |.|Company|Limited|by Guarantee| |Statement|of Financial|Position|.| |an|31|March|2025|||||.|a| |.|oO||.|sO|2025|2024| |;|Note|'|£O|£| |FixedTangibleassets fixed|assets|..,|—|417»|946,612oe|9635914;| |;|Investments|-|-|18|9,968|-| |.| |||.|ne|956,580|963,914| |Current|assets| |;|:|-|Debtors|.|ve|19|15,069|13,340| |Cash|at|bank|andin|hand:|.|177,916|214,201| |a|CO|192,985|227,541| |Creditors:|amounts|falling|due within|one|year|20|32,551|'|47,498| ||~| |Net|current|assets|~|5|.|160,434|180,043| |Total'assets|less|current|liabilities|1,117,014|=|1,143,957| |.|Creditors:|amounts|falling due after more than one year|21|2,006|10,521| |.|Net. assets|.|:|1,115,008|~~|1,133,436| |||.|Funds|of the|charity|,| |.|Restricted|funds|.|288,317|302,453| |Unrestricted|funds|,|826,691|830,983|-| |_| |;|Total|charity funds|,|23)|1,115,008|1,133,436.| |For|the|year ending|31|March|2025|the|charity|was|entitled|to|exemption|from|audit under|section|477| |of the|Companies|Act|2006|relating|to|small|companies.|oe| |.|’|However,|an|audit|is required required|in|accordance|with|section|145|of the Charities.Act 2011. the Charities.Act 2011. Charities.Act 2011.Act 2011. 2011.| |i|Directors’|responsibilities:| |.|The|members|have|not|required|the company company|to|obtain|an|audit of its of its its|financial statements statements|for the the| |;|:|year|in|question|in|accordance|with|section 476; 476;| |'|The directors acknowledge their responsibilities directors acknowledge their responsibilities acknowledge their responsibilities their responsibilities responsibilities|for complying with the requiremerits of the Act with complying with the requiremerits of the Act with with the requiremerits of the Act with the requiremerits of the Act with requiremerits of the Act with of the Act with the Act with Act with with| |respect|to|accounting|records|and|the|preparation|of financial financial|statements.|;| |,|These|financial|statements|have|been|prepared|in|accordance|with|the|provisions|applicable|.to| |companies|subject|to the the|small|companies'|regime.| |a|a|The|statement|of financial|position|;| |continues|on|the|following|page.|;| |The|notes|on pages|19 fo|32 form|part of these financial statements.|

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. ’ However, an audit is required required in accordance with section 145 of the Charities.Act 2011. the Charities.Act 2011. Charities.Act 2011.Act 2011. 2011. i Directors’ responsibilities: . The members have not required the company company to obtain an audit of its of its its financial statements statements for the the : year in question in accordance with section 476; 476; . ' The directors acknowledge their responsibilities directors acknowledge their responsibilities acknowledge their responsibilities their responsibilities responsibilities for complying with the requiremerits of the Act with complying with the requiremerits of the Act with with the requiremerits of the Act with the requiremerits of the Act with requiremerits of the Act with of the Act with the Act with Act with with respect to accounting records and the preparation of financial financial statements. ; These financial statements have been prepared in accordance with the provisions applicable .to companies subject to the the small companies' regime.

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_-‘ The Art In Perpetuity Trust

. OO

;

‘Company Limited by Guarantee

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_ (continuea) : , .

Statement of Financial Position (continuea)

31 March 2025

These financial statements were approved by the board of trustees and authorised for issue on 9 October 2025, and are signed on behalf of the board by: ;

AG Gilniore Co-Chair j . oO : Date: Q \0 } (w15 .

JL White . _ Co-Chair — . : i

The notes on pages 19 to 32 form part of these financial statements.

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So,

The Art In Perpetuity Trust

Company Limited by Guarantee

;

_ Statement of Cash Flows

;

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Year ended|31|March|2025|.|,| |.| |.|.|:|2025£|2024£| |Cash|flows|from|operating|activities| |Net expenditure|.|(18,428)||(25,851)|.| |Adjustments|for:|.|;| |||OtherDepreciationNet|lossesinterestonofinvestmentsreceivable tangible|fixedand|similarassets|income|~|17,301(768)32|.|17,611--|;| |Interest|payable|and|similar charges|356|1,236|.-| |‘| |Changes|in:|a| |Trade|and|other debtors|ae|(1,729)|12,958|| |Trade and|other|creditors|;|(13,860)|2,024-.| |Cash generated from operations|a|SO,|7|(17,094)|7,978| |‘Interest|paid|oe|(356)|(1,236)|.| |Interest|received|So|766|—|:| |Net cash|(used|in)/from|operating|activities|(16,684)|6,742| |Cash|flows|from|investing|activities|”|oo|;|:| |Purchases|of other|investments|,|(10,000)|-|7| |Net cash|used|in|investing|activities|(10,000)|-|-|.| |-| |Cash|flows|from|financing|activities’|ao|'| |Repayments|of borrowings|.|(9,601)|(15,825)|,|re| |Net cash|used|in|financing|activities|‘|(9,601)|~|(15,825)| |.|Net|decrease|in cash|and|cash|equivalents|,|(36,285)|(9,083)|| |Cash|and|cash|equivalents|at|beginning|of year|214,201|223,284||.|.| |Cash|and|cash|equivalents|at|end|of year|177,916|214,201|~|

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The notes on pages 19 to 32 form part of these financial statements.

;

_ The Art In Perpetuity Trust , _ . Company Limited by Guarantee ; : . Notes to the Financial Statements . aYear ended 31 March 2025 . ; _ 1. General information : oo, The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and-Wales. The address of the registered office is Harold Works, Harold Wharf, 6 Creekside, London, SE8 4SA, England. 2. . Statement of compliance . . of These financial statements have been prepared Reporting Standard applicable in the UK and inthe ‘complianceRepublic ofwithIreland', FRS 102,the 'TheStatementFinancialof o ; . * Recommended Practice applicable to. charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102}) and the Companies Act 2006. So '. The Art In Perpetuity Trust meets the definition of a public benefit entity under FRS 102: Assets a and liabilities are initially recognised at historical cost.or transaction value unless otherwise stated in the relevant accounting policy. ; - \ . mo 3. Accounting policies De . ; Basis of preparation ; a " The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair . value through income or expénditure. , . . The financial statements are prepared in sterling, which is the functional currency of the entity. a “ Going concern . The net income for this financial year has increased slightly. Therefore the trustees believe that — the Charity will continue to operate as a going concern during the twelve months after the approval of these financial statements and for the forseeable future. : sO Fund accounting ee : . 7 General funds are unrestricted funds which are available for use at the discretionof the trustees in _ : > furtherance of the general objectives of the Charity and which have not been designated for other - purposes. ; a a . Designated funds comprise unrestricted funds that have been set aside by the trustees for ; particular purposes. The aim and use of each designated fund is.set out in the notes to the financial statements. . ° : . Restricted funds are funds which are to-be used in accordance with specific restrictions imposed _ . ; by donors or which have been raised by the Charity for particular purposes. The costs of raising . and administering such. funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements..

‘

;

’

The Art In Perpetuity Trust oe . Company Limited by Guarantee ) a Notes to the Financial Statements (continueg) Year ended 31 March 2025 . , 3. Accounting policies (continued) = oe ; . Incoming resources a mo a - All income is recognised once the Charity has entitlement to the income, it is probable that the , income will be received and the amount of income receivable can be measured reliably. . The recognition of income from legacies is dependent on establishing entitlement, the probability . . of receipt and the ability to estimate. with sufficient accuracy the amount receivable. Evidence of ~ entitlement to a legacy exists when the Charity has sufficient evidence that-a gift has been left to : . them (through knowledge of the existence of a valid will and the death of the benefactor) and the : . executor is satisfied that the property in question will not be required to. satisfy claims in the 5 estate:Receipt of a legacy must be recognised when it is probable’ that it will bereceived and the : fair. value of the amount receivable, which will generally be the expected cash amount to be | ; : distributed to the Charity, can be reliably measured. , Rental income relates to income receiveable in letting out studios to artists at an appropriate — affordable rate in accordance with the Charity's objectives. Rental income is recognised on a straight line basis over the lease terms. Charitable activities' income relates to income receivable Oo from exhibitions held on the Charity's premises, in accordance with the Charity's objectives. . 7 * Donated services or facilities are recognised when the company has control over the item, any. : conditions associated with the donated item have been met, the receipt of economic benefit from. ; : ‘ . theIn accordance use of the companywith the ofCharitiesthe itemSORPis probable(FRS and102),thatthe economicgeneral benefitvolunteer can betime measuredis: not recognisedreliably. io ; and refer to the Trustees’ report for more information about their contribution oo , On recei pt, donated professional services and donated facilities are recognised on the basis of the a valueto obtain of theservicesgift to theor facilities companyof which equivalentis the economic amount thebenefit company on the would open have beenmarket; a corresponding willing to pay : amount is then recognised in expenditure in the period of receipt. : . Grantsincome are included in the Statement of Financial Activities on a receivable basis. The balanceof 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, its . recognition is deferred and included in creditors as deferred income. Where entitlement occurs . before income is received, the income Is accrued. ; : Other income is recognised in the period in which it is receivable and to.the extent the goodshave . - . been provided or on completion of the service . . Resources expended . ' . a - Expenditure is recognised once there is a legal or constructive. obligation to transfer economic benefit to a third party, itis probable that a transfer of economic benefits will be required in — settlement and the 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 activity are allocated directly to that activity. Shared costs which contribute to more than one activity ; i and support costs which are not attributable 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 time spent, and depreciation charges allocated on the portion of the asset's use. . inii tN , oO "20

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The Art In Perpetuity Trust . . , Company Limited by Guarantee ‘ Notes to the Financial Statements (continued) ° ) . Year ended 31 March 2025 ; er _— ————— ————————A — - — . LPL 3, Accounting policies (continued) . . ; Resources expended (Continued) , Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well.as any associated support costs. All expenditure is inclusive of ; irrecoverable VAT. - Co . oO Tangible assets . . - ; , Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated ; depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and ‘ wo subsequent accumulated impairmentlosses. __ ; . An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a-charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying oo amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of[financial][activities.] | , Depreciation , _ . Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: . . , Freehold property - (2% straight line . Equipment - .25% reducing balance Oo . Freehold land - « Notdepreciated . . . Investments’ . Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. : - Listed investments are. measured at fair value with changes in fair value being recognised in ° income or expenditure. ‘ , ; ‘impairment of fixed assets . an . ’ A A review for indicators of impairment impairment is carried out at each each reporting date, with the recoverable . "

oo ; - ;

. ’ A A review for indicators of impairment impairment is carried out at each each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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For the purposes of impairment testing, when it is not possible to estimate the recoverable amount. ‘ SS of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit a, to which the asset belongs. The cash-generating unit.is the smallest identifiable group of assets : ; that includes the asset and generates cash inflows that largely independent of the cash inflows __ from other assets or groups of assets. —. :

—

The Art In Perpetuity Trust

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_ * Company Limited by Guarantee Notes to the Financial Statements (continue)

Year ended 31 March 2025

: 3. Accounting policies (continued) : | Financial instruments ae oe Ok . ; a | A financial assetor a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. , , . Basic financial instruments are initially recognised at the amount receivable or payable including . any related transaction costs. _ 7 ; ) _ Current assets and current liabilities are subsequently measured at the cash or other consideration . expected to be paid or received and not discounted. . ; ‘Debt instruments are subsequently measured at amortised cost. . , Where investments in shares are publicly traded or their fair value can otherwise be measured oo reliably, the investment is subsequently measured at fair value with changes. in fair value . recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. : Tk,

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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an ; impairment loss is recognised under the appropriate heading in the statement of financial activities in whieh the initial gain was recognised. . So ,

For all equity instruments regardless of significance, and other financial assets that are individually - - Significant, these are assessed individually for impairment. Other financial assets ‘are either assessed individually or grouped on the basis of similar credit risk characteristics, . Any reversals of impairment are recognised immediately, to the extent that the reversal does not ; : result in a carrying amount of the financial asset that exceeds what the carrying amount would. : have been had the impairment not previously been recognised. , : So "Liabilities and provisions . . - . Liabilities are recognised when there is an obligation at the Balance Sheet date as aresult ofa - . past event, it is probable that a transfer of economic. benefit will be required in settlement, and the amount of the settlement can be estimated reliably. : ; mo, , theLiabilitiesamountareit recognisedhas receivedat theas amountadvanced thatpayments the Charityforanticipatesthe goodsitor willservices pay to settleit must theprovide. debt or 4 ; __ Provisions are measured at the best estimate of the amounts required to settle the obligation. * Where the effect of the time value of money is material, the provision isbased on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the oo ; . liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a . . __. finance cost, : BO

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_ The Art In Perpetuity Trust

. oo

. :

Company Limited by Guarantee

Notes to the Financial Statements (continuca)

Year ended 31 March 2025. a

3. Accounting policies: (continued)

Cash at bank and in hand

— Loe ;

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

. oo

Defined contribution plans

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

4, Limited by guarantee

;

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The Trustees of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. = :

a .

.

5.	Donations	Donations	and	legacies’	legacies’
		.	;								;		Unrestricted		Restricted	Total	Funds
														Funds	Funds.	«2025
					.									£	£		£
	Donations Donations				;	:	.							2600	= =		260		.		. i
	Grants													8	’
-	Grants	receivable												oe	soe	,	=				oo
								;						260	oo		260.				oo
													Unrestricted		Restricted.	TotalFunds
														Funds	Funds		2024			,
	Donations Donations												;	£ -	£ _	gS =					a a
	Grants			Oo												wo		:
	Grants	receivable			:				.			:	;	-	6,670		6,670
										.			oe		6,670.		6,670				.

: ;

;

‘The Art In Perpetuity Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

: .

Year ended 31 March 2025 ot .

;

				6.	IncomefromCharitable	IncomefromCharitable	IncomefromCharitable	activities	activities					.					_
					;					Unrestricted			Total	Funds	Unrestricted			Total	Funds				_
												Funds	_	2025		Funds			2024"
							.					£		£		£			£
poo _					Gallery exhibitions Otherincome from charitable				activities		.	8,900 -	,	8,900 -—		9,814 480		_	9,814 480
				.							8900		=	8,900		10,294		10,294
		-		%		Othertrading		activities		.		‘			.	:

									oa	Unrestricted			Total	Funds	Unrestricted			Total	Funds
;							_	,				Funds £	=~	=2025 £		Funds £			2024 £
			.		Rental income		.				150,226		150,226			142,116.		142,116
													.			.									)
Oe		.		8	Investment income									-			‘		.
		_					.		i	Unrestricted			Total	Funds	Unrestricted			Total	Funds
											_	Funds		2025		Funds			2024
												£		£		£			£
					Bank	interest receivable						766		766		-			-
													.														.
				9.	Other	income			.		.					oo
																							.
						,		,		Unrestricted			Total	Funds	Unrestricted			TotalFunds	Funds		.					)		,
'						.						Funds		2025		Funds		»	2024	-
	.				Other income					_	*	£ 13,303		£ 13,303	—	£ 5,964			£ 5,964			;	;	,

poo _

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Year ended 31 March 2025 .

a — : , . _

;

Se, ; —_

The Art In Perpetuity Trust

. Company Limited by Guarantee ' Notes to the Financial Statements (continues)

. Oo . :

ee

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10.			Expenditure on charitableactivities byfund	Expenditure on charitableactivities byfund	Expenditure on charitableactivities byfund	Expenditure on charitableactivities byfund	Expenditure on charitableactivities byfund	fund type	fund type	,
						Le				Unrestricted				Restricted				Total Funds
			res				—	:		Funds				‘Funds					2025
			Direct charitable activities							2,150						2,570			4,720
			Supportcosts ;							175,564						11,566			187,130
			:					4	'	177,714						14,136			191,850		,
			-							Unrestricted				Restricted					Total Funds
			oo							Funds ‘Eg						Funds &€£			2024- £	-
			Direct charitable activities — Support and governance costs							503 156,941						15,721 17,732			16,224 174,671		;	—
			.			;			157,444							33,453			190,895
11.			Expenditureon charitable			activities by		activity	type
			.					Activities		;									mu	7
			Direct charitable. activities				undertaken directly o£ 4,720			.. Support costs fE 182,149	.			Totalfunds _ 2025 186,869				.	Total fund 2024 £ 186,155		:	.
			Governance costs						-	4,981						4,981			4,740		_
								4,720		187,130					191,850			.	190,895
12.			Analysis ofsupportcosts							-									a	Ce
																						.
							i			Analysis of
			;				:		support costs Se activity				-	Total2025					: Total 2024			—
								.		£-						£			£	oo,
			Staff costs :							. 78,590						78,590			- 64,398
			Premises, repairs and maintenance							46,796						46,796			15,348
			insurance Telephone and internet	—	.	:			.	9,309 6,857						9309 6,857			- 7,912 6,751		,
		.	Equipment leasing Light and heat Officesupplies	:						* 2,570 9,343 3,041		©				2,570 9,343 3,041.			~ 2,301 1,366 = 3,517	—	-
			Licences			:				170						170.			159°
	_		Advertsing . Water, ratesand refuse Sundryexpenses Website and mailout External loan interest	removal			.	,	‘	1,547 2,499 ~ 1,849 797 . 356				;		‘	1,547 2,499 - 1,849 797 356		—		. — 1,619 13,708 4,212 2,543 1,236	.
			Governance costs							4,980						4,980			4,740		:
			Legaland professional Depreciation				.			1,125 17,301						1,125 17,301			27,251 17,610		a
			.							187,130					187,130				174,671

Expenditure on charitable activities by activity type

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. . The Art In Perpetuity Trust

Company Limited by Guarantee

_ Notes to the Financial Statements (continued)

Year ended 31 March 2025.

13. Net losses on investments

oS ,

			.		Unrestricted Total Funds	Funds 2025	Unrestricted Funds	Unrestricted Funds	Total	Funds 2024
					£	£		£		£
			Unrealised gains/(losses) on listed investments .		(32)	(32)		~		-
		14.	Netexpenditure —		oe,		:		.		.
			Netexpenditure is stated aftercharging/(crediting):						.
							2025			2024
			-					£	“	£
	.		Depreciation oftangible fixed assets Fees payabletotheCharity's auditorfor annual accounts	forthe	theauditoftheCharity's		-	17,301 4,981		17,611 4,740
		15,	Staffcosts					a		~,
			The total staffcostsandemployee benefits forthe reporting period areanalysed as						follows:			.
								2025		2024 .
			Wagesand salaries	;				72,563	-	61,390
			Social security costs ; Employer contributions to pension plans				_	2,274 3,753		1,117 1,890
			;		.	:	78,590			64,397		-
‘			The average head countofemployees during theyearwas: 2 (2024: full-time equivalentemployees during the year is analyséd as follows:				2).	-	The average numberof .
								2025		2024
4			Full timemanager Parttimeadministrativeworker .	;				No. 1 4		No. 17 4q		*

4

No employee received employee benefits of more than £60,000 during the year (2024: Nil). All staff costs were allocated to administration 7

Trustee remuneration and expenses. , ’ During the year, no trustees received any remuneration or other benefits (2024 £NIL).

, .

During the year ended 31 March 2025, no trustee expenses have been incurred (2024-(ENIL),

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ee . |

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“ The Art In Perpetuity Trust -° Company Limited by Guarantee

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Notes to the Financial Statements (continuea)

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a

‘ ; DO

. .

||||||Year ended 31 March 2025|Year ended 31 March 2025|Year ended 31 March 2025|||||||||||||||||oo| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||17.|Tangible fixed assets|||||||a||||||||||| ||||||||;|||Freehold|||Freehold|.||||||,|||| |||||||||||.|-land||property|Equipment||||Total|||||| |||||||Cost
|
At 1 April 2024and 31 March 2025||||a|:
460,000|||849527||12,706||= 1,822,233||||||| |||||||Depreciation||||||i|||||||.||||.| |||||||At 1 April.2024
Charge fortheyear|,||a|110,000
-|||236,852
16,994||11,468
310|||358,320
17,301|||||| |||||||At31 March 2025|:|i||110,000|||253,843|.|11,778|||375,621|||||| |||||||Carrying amount|,|||||.|||||7||||||| |||||||At31 March 2025||||350,000|||595,684.||928|||946,612|||||| |||||||At 31 March 2024||me||350,000|||612,675|:|1,238|||963,913|||‘||| ||||||18.|Investments
_|||||||||||||||||| |||||||||||||||||.|||||||| ||||.|||-|||||.||Co||||Listed||||||| |||||||||||||‘||'"
.|°|investments|||||||| |||||||Cost orvaluation|||||;||||||||||||| |||.||||At 1 April 2024
Additions
Fairvaluemovements||||||:|so
.||||-
10,000:
(32)||||||| |||||||At31 March 2025||.|||||||9,968||||||||| ||||||.|Impairment
.
At1 April 2024and 31 March 2025||||.||||,||;||.||a|||| |||||||Carrying amount|||‘||||||||||;|||;|| |||||||At31 March 2025|||||.||||||9,968||||||| |||||||||||||.|||||||||||| |||||||At 31 March 2024|.||||||||||on||||||| ||||||||||||||||||||)||||| |||||||Allinvestments shown above are heid||at|valuation.|||||,|ue||||||||| |||||||-Financial assets held at|fair value||||||||oo|||||-|||| |;|-|||||. Fixed asset investments are initially measured at transaction price excluding transaction costs,
and are subsequently measured atfair value at each reporting date. Changes in fair value are
recognised in bet income/(expenditure) for the year.
Transactions ‘costs are expensed as
incurred,
,|||||||||||||~|:|||:|

. a

The Art In Perpetuity Trust

Company Limited by Guarantee

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Notes to the Financial Statements (continueg)

}

			Yearended 31 March 2025	Yearended 31 March 2025	Yearended 31 March 2025	Yearended 31 March 2025	oo				me				/
													.
		-	19.	. Debtors											oO
	os					a					2025		2024		:
				Prepayments and		accrued income		:			2,074		6,557
				Otherdebtors			DS				12,995		6,783
,				,		.			,		15;069		13,340		-
			20.	Creditors: amounts falling due within one year											a
				)
									oe		2025		2024		SO,
				Bank loans							~		1,081
	-			Bounce back loan			:				8,511		8,516
				Trade creditors	.						190	©	13,713
			.	Accruals and deferred income			:			:	4,418		4,418
				Tenants’ deposits			:				19,019		19,357
				Other creditors					oo,		413		413
											32,551		47,498	_

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Thé bank joan has interest charged at 2.5% above the bank's base rate and Charity's freehold property. The. loan was repaid in May 2024. is secured against. the

Ll ;

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% pais charged ;

.	fixed interest rate of 2.5%2.5% pais charged	;
21.	Creditors:amounts fallingdue aftermorethan oneyear		,
	DS
	:	2025		2024
	Bankloansandoverdrafts	2,006.		10,521

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The Bounce back foan.is a 72 month oan with an interest free window of 12 months and thena fixed interest rate of 2.5% pais charged. a

22,. Pensions and other post retirement benefits

” Defined contribution plans

;

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost . charge represents contributions payable by the Charity to the fund and amounted to £3,753 (2024 a - £1,890). Contributions totalling £250 (2024 - £250) were payable to the fund at the balance sheet date and are included in creditors. :

es The Art In Perpetuity Trust an Company Limited by Guarantee

;

‘

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Company Limited by Guarantee

Notes to the Financial Statements (continued) :

Year ended 31March 2025

. ‘ 7

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: .

	23.	Analysis ofcharitablefunds	Analysis ofcharitablefunds	Analysis ofcharitablefunds
_		Unrestrictedfunds							.
										a		.				At
				At										Gains and	31	March 20
			-	1 April 2024			-			Income		Expenditure		losses		25
				7 g				.		£		£		£		£
	-	General funds Designated Funds- all funds		815,602 Oo 15,381						173,455 , —		(177,714) -		(32) -	:	811,310 15,381
		,	,	830,983						173,455	~	(177,714)		" (32)		826,691
				At	/									Gains arid	31	March 20
				1 April 2023						Income		Expenditure		losses 24
				; £.						£.		£		£		£
	'	General funds Designated Funds - all		814,671		-				= 158,374 ,		(157,444)	-	- .	_	815,602
		funds		15,381						-		-				15,381.
		-		830,052						«158,374		(157,444)		=		830,983,

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_ Notes to the Financial Statements (continued)

_ Year ended 31 March 2025

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The Art In Perpetuity Trust

Company Limited by Guarantee

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		23.	Analysisofcharitablefunds (continued)	Analysisofcharitablefunds (continued)	Analysisofcharitablefunds (continued)							.						mo						;
			Restricted funds					/										,
				At										Gains	and	31	March 20-
			.	1 April 2024				_tncome			Expenditure		.	losses				25
				£					R-			£		£				£
			Deptford Challenge							a									,
			Trust(1996) CreeksideSRB (1998)	21,454 64,539						= -		(1,022) (2,806)		.	~- -			20,432 61,733
			Foundation For Sport &	.					:
			The Arts (1999)	16,505						-		(688)			=			15,817
			Greenwich SRB (1999)	16,037						-		(668)			-			15,369			;
			Greenwich SRB (1999) London Develapment	50,805				.		-		(2,117)	,		-			48,688
			Agency (2001)	72,552						~		(2,791)		o-	o-	>		69,761
			Foyle Foundation (2013)	18,677						=		(491)			=			18,186						;
			City Bridge Trust(2015)	39,314						-		(983)			-			38,331
		-	The Fenton Arts Trust
			Fund	2,570.		—			.	=		(2,570)			~			-.
			an	302,453						-		(14,136)			~			288,317					,
				“At						—				Gains	and	31		March 20	-
			; Deptford Challenge	1 April2023 £				Income -€£			Expenditure £ mo		,	losses g£		;	;	24 £
			Trust(1996) Los Creekside SRB (1998) ~	22,476 67,345	.				~ Se		_	(1,022) (2,806)	.		- ~~			21,454 64,539				.
		Foundation For Sport& "The Arts (1999)		17,193			.			-		oo _ (688)	-		-			oS 16,505	»
			Greenwich SRB (1999) Greenwich SRB (1999) London Development ~ Agency (2001)	16,705 52,922 75,343						- - _		(668) (2,117) (2,791).			- - -	.,		16,037 50,805 72,552					oe		.
			Foyle Foundation (2013) City Bridge Trust (2015)-	19,168 40,297						- -		- (491) (983)			“ =			18,677 39,314					Oo				‘
	.		Arts Council Emergency Fund -	7,153						~		oo (7,153)		;	-			-						;		:
			‘Creative Land Trust	me										,
		’	Hardship fund The Fenton Arts Trust	2,077						-	,	(2,077)			-			-
:			_ Fund , The Art Fund	8,557 -				-	6,000 670.			(11,987) (670)			= -			2,570 -		-			ot	oo
			‘	329,236					6,670			(33,453)			=			302,453							:

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The Art In Perpetuity Trust

Company Limited by Guarantee.

—

;

‘Notes to the Financial Statements (continued)

. Year ended 31 March 2025

ended 31 March 2025 ; a Analysis of charitable funds (continued) . : General funds are "free reserves" after allowing for any designated funds. : ; .

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Analysis of charitable funds (continued)

Designated funds are to be put towards the development of.a multi-purpose education and gallery : space. - 4 '- All restricted funds, received up until 2015, have been spent on capitalised freehold property which - _ is being depreciated annually. Funds received after this date were for projects that focused on increasing our digital assets, a ‘hardship fund for artists anda mentoring project for emerging artists, — -

								24.		Analysis of net assets	between	between	funds		a					a	a	a
											-	ee			‘Unrestricted Funds			Restricted . Funds»	TotalFunds 2025			—.		.
	.														£			£		.€
						:				Tangible fixed assets					658,295			288,317		946,612
										‘Investments				co	9,968			-		9,968
		:								Current assets					192,985	-		~		192,985			,
							:			Creditors less than 1 year Creditors greaterthan1year					(32,551) (2,006)			_ =		(32,551). (2,006) -
																								.
										‘Netassets					826,691			288,317		1,115,008
			;							.	:			se	; Unrestricted Funds			Restricted Funds	-Total Funds 2024		°	_
															£			£		o£
,			! -		,					Tangible fixed assets ~ Investments Current assets Creditors less.than1year Creditors greaterthan 1 year			-		664,030 © -. 224,971 (47,497) (10,521)			299,883 — 2,570 - =	.	963,913 - 227,540 (47,497) (10,521)				,
										Netassets					830,983			302,453	1,133,436					oe
				.				25.		Analysis ofchanges in	netdebt	debt		.	.					:				.
										,					oo			At
	.											;			At 1 Apr2024			Cash flows	31	Mar 2025
										Cashatbankandinhand					214,201			(36,285)		177,916				:
										Debt due within one year					(9,597)			1,086		(8,511)		°
									-	Debtdue afteroneyear			ce		(10,521)		.	8,515		(2,006)
															194,083			(26,684)		167399

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Company Limited by Guarantee .

The Art In Perpetuity Trust

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Notes to the Detailed Statement of Financial Activities

Year ended 31 March 2025. :

26. In-kind support

In the financial year ended 31 March 2025.the APT Artist-members' and volunteers’ in-kind support totalled £19,050 (2024 - £15,220), .

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27, Members’ liability , . Each trustee member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before. he/she ceases to be a.member. At 31 March 2025 there were 7 | : (2024 - 7) trustee members. . _ - 28. Related party transactions . ,

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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 arid the charity at 31 March 2025. | uo