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2024-03-31-accounts

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31[ST] MARCH 2024

Legal Name: CAMDEN ARTS CENTRE (A Company Limited by Guarantee)

Charity No. 1065829 Company No. 02947191

Supported by:

Camden Arts Centre Company Information

Board of Trustees: Adele Bezzetto (Appointed 21.10.24)
Eliza Bonham-Carter (Vice Chair) (Resigned 15.06.24)
Tia Counts
James Fobert
Joshua Gaskin (Resigned 21.10.24)
Guy Halamish (Chair)
Anne Hardy (Resigned 21.10.24)
Sarah Hilliam (Appointed 23.10.23)
Tam Joseph (Appointed 21.10.24)
Porus Jungalwalla (Treasurer)
Allison Katz
Eva Langret (Vice Chair) (Appointed 21.10.24)
Merissa Marr (Resigned 21.10.24)
Livia Paggi (Appointed 21.10.24)
Ben Rawlingson-Plant (Resigned 15.06.24)
Karen Sanig
Jonathan Simpson
Senior Management Team: Director: Martin Clark
Deputy Director: Moya Malekin
Registered Office and Camden Arts Centre
Business Address Arkwright Road
London
NW3 6DG
The legal name is Camden Arts Centre, however we now operate under
the name Camden Art Centre, which is used throughout this document.
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
London
EC1Y 0TG
Bankers Barclays Bank Plc
131 Finchley Road
London
NW3 6HY
Solicitors The Charity Team
Russell-Cooke Solicitors
2 Putney Hill
London
SW15 6AB

Camden Arts Centre Contents Page

Page
Trustees’ Report 1 - 28
Independent Auditor’s Report 29-31
Statement of Financial Activities 32
Balance Sheet 33
Statement of Cash Flows 34
Notes to the Financial Statements 35 - 48

Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Executive Summary

In 2023-24 we welcomed 102,603 (22/23: 82,008) people to our building and programmes, surpassing 100,000 visitors for the first time. Our exhibitions programme received extremely positive responses from press and public, particularly for the Martin Wong exhibition and New Contemporaries which returned to Camden Art Centre after more than 20 years. Our learning and public programmes engaged 10,847 people over the year, over 247 sessions, including 3,798 children and young people under 20. We presented 38 public programme events, working with over 150 artists, 73% of whom have protected characteristics.

In February, Camden Art Centre was named a leading venue in The Times by Waldemar Januszczak, in his List of London’s Leading Contemporary Art Galleries - making number #2 “Camden Art Centre performs miracles…Always stimulating, always fresh, CAC is proof of how far a true love of art can take you with limited resources.”

The was our first year under a reduced Arts Council England National Portfolio grant for the period 202326, which despite positive feedback was reduced from previous levels by 36%. The lower level of funding unfortunately resulted in a reduction of our staffing and learning programmes, with a primary focus now on work with children and young people including our SEN programme. Our community programme, originally planned to increase from 2023-24 was pulled back, with some relationships maintained through existing young people’s projects or provision of space for self-led activity.

We were awarded Transform grants 1 and 2 from Arts Council England corresponding with the NPO funding period, with overheads and business development investment to enable our transition to this lower level of public funding. This process involved regular discussion on financial sustainability with trustees and planning consultancy, with a resulting focus on how we best utilise our building and intellectual assets and opportunities for partnership working whilst remaining true to our values, and relevant to our communities. This has aligned with renewed dialogue with London Borough of Camden, from whom we rent our building, to agree the purchase of a 99-year long lease. We were delighted to have the Heads of Terms signed in May 2024, and are now working on fundraising £1,760,000 to purchase our building, securing its future for art and artists for the next 100 years. This is an exceptional opportunity to invest in our long-term future, protecting what makes Camden Art Centre so special for so many artists and audiences at a time of increasing pressure and uncertainty.

We also continue to invest in our digital capabilities, including improved measuring tools, and were delighted to be accepted onto cohort 3 of the Bloomberg Digital Accelerator programme, commencing from October 2023. This project involves increasing our on-demand content of existing programmes through digital equipment and specialist staffing provision, enabling us to enrich our content and expand audiences.

Our focus going forwards remains on delivery of broad ranging programmes of excellent standards, diversity and innovation across all operations, talent development and collaborative partnerships, and financial and environmental sustainability.

Principal Activities/Aims and Objectives

Since 1965 Camden Art Centre has been a place for art and the people that make it. Rooted in our local community and internationally acclaimed, we foster a sense of belonging and a deeper relationship to art. We aim to push boundaries and connect people to their own creativity through our exhibitions, residencies, events and learning programmes.

Originally built as a public library, the building now combines historic architecture with open, modern spaces and a secluded garden with free entry for all. Camden Art Centre has always led the way supporting artists and audiences to create and engage with the most vital and inspiring contemporary art and culture today.

Our vision

For us all to be empowered to explore our creativity and to deepen our enquiry of the contemporary world

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Camden Arts Centre

Trustees’ Report for the year ended 31[st] March 2024

Our mission:

To be a space to look, make, think and talk about the most vital and inspiring contemporary art and culture today; a place to connect to your creativity.

Our values are to be:

Open Thoughtful Challenging Rigorous and to centre creativity in everything we do.

Camden Art Centre has championed over-looked and under-represented artists from every generation. From early shows like ‘Contemporary African Art’ in 1970, to the very first UK exhibitions of then littleknown figures like Hilma af Klint in 2006, Forrest Bess in 2022 and Martin Wong in 2023. For over 50 years, we have worked ahead of the curve, giving early support and exposure to artists including Phyllida Barlow, Sophie Calle, Martin Creed, Mary Heilmann, Kerry James Marshall, Mike Nelson, Laura Owens, Veronica Ryan, Yinka Shonibare, Kara Walker, Christopher Wool and more recently Allison Katz, Walter Price and Mohammed Sami.

Our world renowned exhibitions programme supports artists at every stage of their careers, enabling them to make work that is relevant for today: brave, challenging, engaging and vital.

The Trustees believe that the continued commitment to education and accessibility at Camden Art Centre fulfil the Charity Commission’s requirements to give due consideration to Charity Commission published guidance on the operation of the Public Benefit requirement, including the guidance ‘Public Benefit: Running a Charity (PB2)’. The Board reviews the Centre’s aims and objectives in the light of this guidance.

Annual Review 2023/24

The organisation’s key objectives are:

These objectives are realised through Camden Art Centre’s activities and facilities, which include:

Our activity has been reviewed against the Arts Council England ‘Let’s Create’ strategy for 2020-2030, across Outcomes and Elements as below:

Outcomes: Creative People

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Outcome: Cultural Communities

Outcome: A Creative and Cultural Country

Staff and trustees also work within and towards 4 Investment Principles: Inclusivity and Relevance; Ambition and Quality; Dynamism; Environmental Responsibility.

SORP
designation ↓		 Arts Council
Outcomes →		 Creative People Cultural
Communities		 A Creative and
Cultural Country
Exhibitions Exhibitions √
Elements: I, J
√
Elements: M, N, O, P, Q,
R
Public
Programme
(including HE
Partnerships)		 √
Elements: M, N, Q, R
Residencies √
Elements: M, R
Education Learning:
Schools		 √
Elements: A, B, D, F, G		 √
Elements: I, J, K
Learning:
SEN		 √
Elements: A, D, F, G, H		 √
Elements: Q
Learning:
Youth		 √
Elements; A, B, E, G, H		 √
Elements: I, J, K
Learning:
Families		 √
Elements: B, C, E		 √
Elements: I, J

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Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Achievements and Performance

Exhibitions:

During 2023/24 our exhibitions programme involved the work of 59 artists from Britain and abroad over three exhibition slots.

This major survey exhibition of work by celebrated Chinese-American artist Martin Wong (b. 1946 Portland, USA–d. 1999, San Francisco, USA) spanned the breadth of his practice including painting, drawing and sculpture, and was the first solo exhibition of his work in a UK institution. It was one of the most acclaimed exhibitions in London over the year. Celebrated by audiences, peers and press alike, the exhibition introduced the work of an unduly overlooked and underappreciated artist to audiences in the UK. Over the course of the exhibition we attracted 32,423 visitors to the building.

Wong’s practice merges diverse visual languages, including Chinese iconography, portraiture, urban poetry, graffiti and sign language. Recognised for his depictions of social, sexual and political scenographies in the United States from the 1970s to 1990s, Wong was influenced by his immediate surroundings and poetically wove together narratives of queer existence, marginal communities, and urban gentrification.

Initiated by KW Institute for Contemporary Art, Berlin, this exhibition was curated by Krist Gruijthuijsen and Agustín PérezRubio, and produced in collaboration with Museo Centro de Arte Dos de Mayo and Stedelijk Museum. We brought together an important selection of Wong’s work in painting, sculpture as well as video footage of him at work in his studio – a rare insight into the practice of this extraordinary artist. The exhibition did not set out to be a retrospective, but rather a focused survey.

An extensive exhibition catalogue was co-published with Verlag der Buchhandlung Walther und Franz König with texts by Julie Ault with Danh Vo and Heinz Peter Knew, Sofie Krogh Christensen, Christopher ‘Daze’ Ellis, David J. Getsy, Mark Dean Johnson, Marci Kwon as well as the guest curators. We also commissioned a new File Note essay by London-based American curator and writer Zolomon (Zully) Adler. A symposium, held on the penultimate day of the exhibition in Gallery 3, was organised in partnership with the Courtauld’s Centre for American Art with presentations from Zully Adler, Barry Blinderman. Margo Machida, Louise Siddons and Al Hoyos-Twomey.

Press coverage included The Times, The Sunday Times, The Observer, the Financial Times, Art Monthly, Flash Art, Art Review, Art Forum (Must See), Studio International, Frieze (Editor’s Picks), Time Out (number 4 in their top 82 Things To Do in London round up), RA Magazine, and World of Interiors.

“A survey of the Chinese American artist confirms him as one of the most unusual, ingenious and forceful painters of his time.”

“If all attempts at neatly historicising the promiscuous, itinerant life’s work of Martin Wong are doomed to failure, Malicious Mischief gets satisfyingly close, while allowing myriad versions of the artist to co-exist, in all their enigmatic indelicacies.”

“From the late 1960s until his death, Wong’s work captured images of a changing world, filtered through a kaleidoscopic, cross-cultural vision.”

“In the pantheon of Manhattan depictions, this art deserves to be ranked alongside Edward Hopper, George Bellows and Frank Stella. It's that good.”

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Tamara Henderson ’s (b. 1982, New Brunswick, Canada) major new commission comprises sculpture, installation, painting, live performance and film and was developed over the previous 3 years. The central concerns of Tamara’s practice involve ecology, the environment, sustainability and the material world as imbued with sentience and consciousness. Focused on earthworm ecology and the processes of decay and transformation in compost soil, it takes us on a journey through Henderson’s practice, from experiments made in her studio and garden in Australia to a major new film commission, a series of 12 paintings, a sound installation and sculptures in ceramic, glass, bronze and textiles. The project evolved into four distinct characters who structure the entire exhibition: The Gardener; The Director; Sound; and Light. Henderson’s virtuosic ability to work with new and unconventional materials in tandem with more traditional processes of ceramic, glass, wood and metalwork, gives rise to a distinctive artistic language that casts archetypal characters in an animistic worldview, exploring how we are implicated in wider cosmologies that relate us to the planet and to the universe.

Having made an environmental pledge to limit international shipping, and with the artist being based in Australia, we were committed to delivering this exhibition with the lowest carbon footprint possible. Most of the work was developed in situ a 5-week residency with the support of a team of assistants. It was enriching to have such active production taking place on site, grounding Camden’s activities in the practice of making and this has been a positive way to model future commissioning structures where the artist lives overseas.

Jennifer Higgie wrote the essay for our File Note series.

Supported by The Henry Moore Foundation.

Green in the Grooves received reviews by Hyperallergic, Studio International, Il Giornale dell'Arte; was highlighted as a ‘Must See’ exhibition by Art Review, Ocula, Toast; and recommended in roundups by Artforum, DAMN Magazine, Artsy and ARTnews, and Sadie Coles for Ocula.

“Green in the Grooves is impressive in its entangled expansiveness, echoing the energetic vitality of composting that runs evocatively throughout the exhibition.”

“With its many sensory pulses, Green in the Grooves makes us take notice of the world around us, particularly what ecological systems unfold beneath our feet or out of sight. It asks us to think about our place among the natural world and how we can help ensure its survival.”

Marina Xenofontos (b.1988, Limassol, Cyprus) lives and works in Athens, Greece. Encompassing sculpture, writing, and film, her work examines the material and personal manifestations of ideology and knowledge. As the recipient of the 2022 Camden Art Centre Emerging Artist Prize at Frieze, Xenofontos presented a new commission in Camden Art Centre’s Gallery 3 for her first institutional solo exhibition in the UK, responding to the architecture, light and space of Camden’s Gallery 3 with a minimal installation of three sculptures.

The entrance is reconfigured with an aluminium security door removed and imported from Cyprus and adjusted to the gallery where it will remain for the duration of the exhibition. Commonly found in working class neighborhoods from the late 1970s and onwards, these silver-and-gold-anodized doors had once symbolised middle class aspirations of wealth, class mobility, success and potential. In a kinetic sculpture reaching from floor to vaulted ceiling - two bronze-cast, silver-plated, columns rotate in opposite directions. Their forms are cast from modest wooden walking canes, stacked end to end, reminiscent of the sticks that the artist’s grandfather used to make. Hung beside each other, their rotation brings them close enough to almost touch, before ebbing back away, describing a solemn choreography of proximity and distance - an ancestral monument of sorts. This deeply personal content of the work is set in tension to the ubiquitous and often overlooked cultural materials that contribute to the fabric of civic life. Alluded to in the title, Public Domain, Xenofontos explores the sense in which modern social relations are largely mediated by representations that come to replace directly-lived experience. Some of these mass-produced objects feature in the exhibition, including castaway Monobloc chairs – the worlds most common garden furniture, withdrawn from an undifferentiated realm of circulation, singled out and salvaged by the artist who invests them with personal significance, elevating their status in the exhibition site.

Sabrina Tarasoff wrote a new essay for Marina’s File Note.

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Coverage has included, Frieze, Mousse Magazine, Flash Art and Kathimerini (Greece’s national broadsheet newspaper).

Visitor comments:

The Camden Art Centre Emerging Artist Prize at Frieze is supported by Alexandra Economou, Noach Vander Beken, Nicola Blake, Anne-Pierre d’Albis, Huma Kabacki, Suling Mead, Ralph Segreti, Sophie and Ronald Sofer, Batia Ofer, Alma Zevi and Indira Ziyabek.

New Contemporaries has been supporting emerging and early-career artists from established and alternative art programmes since 1949. It has provided development opportunities for artists, helping them to successfully transition from education into more established pathways. This year it featured 55 of the most exciting artists emerging from UK art schools and alternative peer-to-peer learning programmes, selected by internationally renowned artists Helen Cammock, Sunil Gupta and Heather Phillipson. First opening at The Grundy Art Gallery in Blackpool (September – December 2023) the exhibition travelled down to London where it was well received with consistently high audience figures and favourable feedback from visitors.

The exhibition presented an important picture of emerging practices taking place across the UK today. Recurrent themes in the artists’ work included care, kinship, climate justice, world-building, geographical borders and identity politics, and were explored through diverse approaches and mediums. The show provided emerging artists the opportunity to present their work to a wider audience, alongside a programme of artist development opportunities to support the growth of their practice.

Through costume, textiles, performance, moving image and painting artists including Savanna Achampong, Bunmi Agusto and Jame St Findlay navigate embodied identities and reflect on their lived experience through fantasy and dream. Melodrama, cliché, the surreal and cinematic devices also inform many of the artists’ approaches. Fact, fiction, and memory are blurred and reinvented in the works of Jennifer Jones, Matthew Burdis and Elena Njoabuzia Onwochei-Garcia while identity is explored through familial, romantic, and non-human relationships and systemic ableism is probed at in various approaches by Korallia Stergides, Charan Singh and Ranny Macdonald. Pagan rituals and theuse of sacred symbols are enacted through the works of Iga Koncka, Osman Yousefzada and Sarah Cleary as forms of care or protection. The complex matrix of geographies, borders, environmentalism, the natural environment, racialised oppression and socio-political structures intersect in many of the artists’ works including Hester Yang, Harmeet Rahal and Samuel Zhang that draw from archival materials and first-hand research and experience. Agriculture and extractivism are interrogated through the works of Helen Clarke Joseph Ijoyemi and Haneen Hadiy in a consideration of our dependence upon and abuse of the land and the planet’s resources.

Our Assistant Curator Arese Uwuoruya contributed a piece of critical writing published on the New Contemporaries online platform.

Over the run of the exhibition, our exhibitions team gave several tours to groups including The Cultivist, Whitechapel MA Curating Programme, Sotheby's Institute, Chelsea College of Arts, Anson Primary School, Young New Contemporaries, and London College of Fashion. There were also a number of independent group visits from University of Middlesex BA Fashion textiles students, Anglia Ruskin University, UCA Group 8 students, Birmingham Art College, St George Monarch College, Women's Chelsea Arts Club, London Art Salon, and Kings College Foundation year art students, to name a few.

The exhibition at Camden Art Centre received a total of 46 pieces of coverage, with an estimate of 1.19m views. The vast majority of this was positive, with exhibition reviews in The Observer/Guardian ★★★★,

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The Telegraph ★★★★, TimeOut, and arts press Art Monthly, Artsy and Plaster. The exhibition was highlighted in ‘best exhibition’ roundups by Guardian’s Saturday Magazine, The Evening Standard, Harper’s Bazaar, Dazed, Wallpaper, Apollo and Ocula among others. New Contemporaries was also promoted in popular newsletters by Jonathan Jones (for the Guardian), Katy Hessel (Great Women Artists) and Lou Mensah (Shade Art Review).

Visitor comments:

In the show, Nishikawa intuited ceremonial artworks and movements that honour co-creation as a mode of retrieval and exploration. Sculptural work, installation, smell, sound, and moving image combined in the space to make for an affective sensory experience. Visitors were incredibly receptive to this show, with many compliments on the atmosphere of the gallery.

In addition to the exhibition, two public performances and two workshops were organised for the week, all of which were well received and well attended by visitors and guests. The performances involved Nishikawa’s collaborators: Millicent Hodson a local choreographer and a master of Chinese martial arts; Naima Nefertari (aka Karlsson) an interdisciplinary artist, musician and composer based in London and Sweden; Zinzile - a multi-medium artist and mover.

Public Programme:

Our Public Programmes are delivered onsite in our building or garden; online through our website and distribution platforms Soundcloud, YouTube and Camden Art Audio - a content platform for Camden Art Centre accessed via iTunes, apple music and Spotify; and offsite with partner venues. The programme includes:

Public Knowledge : a space for knowledge production and exchange through informal or experimental presentations, discussion, and performance between creative practitioners including artists, musicians, filmmakers, and writers from diverse cultural backgrounds. Exhibitions Related: events specifically around the exhibition programme.

In Conversation : a space for public dialogue between two or more practitioners on their ongoing interrelated practices.

Garden Nights : A programme of live music and screenings in the unique setting of the Camden Art Centre Garden.

Book launches, and partnerships with Higher Education and other cultural institutions.

We presented 38 public programme events over the year, working with over 150 artists, 73% of whom have protected characteristics. For the New Contemporaries exhibition period, we invited and worked with 45 artists to contribute to Camden Art Centre Public Programme:

Highlights include:

Kobby Adi: This project consisted of the burial of 400 feet of 16mm motion picture film in Camden Art Centre’s garden. The film is unexposed and will remain ‘factory fresh’ within a container. The duration of the project will be for an indefinite period. A limited-edition map designed by the artist detailing the location of the burial was available free of charge.

The Jobs Market: Susan Finlay’s The Lives of the Artists and Sally O’Reilly’s Help in Cucumbers (both JOAN, 2023) explore the often awful, hilarious, and unexpected jobs that artists undertake to pay the bills. To celebrate the launch of these titles, the authors and their publisher organised an events programme and impromptu market stall of literature, music and multiples that also explore the themes of artists’ day jobs and alternative economies.

Voices BURST LDN x MACC: Voices was an evening of experimental performance, mischief, and communal activities hosted by BURST LDN and MACC. Working with artists and musicians across street art, sculpture, and U.K. hip-hop, they created an interdisciplinary, multi-cultural ‘hub’ that seeks to resonate with the Nuyorican Poetry Cafes found in the Lower East Side of New York in the 1980s. The event

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Trustees’ Report for the year ended 31[st] March 2024

presented performances alongside artworks, inviting audiences to engage with Martin Wong’s multi-vocal, diverse, community-driven practice through the lens of emergent London-based artists and musicians. Organised by the students of MA Curating and Collections at Chelsea College of Arts, in partnership with Camden Art Centre.

Garden Nights with Gaister, Ghostlore of Britain and Nik Colk Void: An evening of live electronic music and moving images in the Camden Art Centre garden courtesy of Nik Colk Void, Ghostlore of Britain (Kieron Livingstone & Sarah Rosamond Hartnett), and Gaister, a musical encounter between experimental soprano Olivia Salvadori, producer and songwriter Coby Sey and drummer, Akihide Monna.

City Flower’s launch in Camden’s outdoor space activated the garden with a unique evening of experimental and collaborative music. It featured intimate performances, by an ensemble jazz-soul fusion collective, followed by a dub-reggae act which was ‘toasted’ over by the celebrated poet James Massiah. City Flowers is an initiative by Flock Together founder, Ollie Olanipekun whose work is to connect established artists with emerging artists of non-traditional backgrounds and democratise access within the art world.

Chains of Desire: Presentations on Martin Wong: An afternoon of presentations exploring the art and life of Martin Wong, paying particular attention to his time spent on New York City’s Lower East Side. A prolific period of cultural production and political activism in the city with the explosion of the East Village art scene renewed discourses on class, race and gentrification and the bourgeoning spectre of the AIDS crisis.

Gardeners Bar: A series of events centred around the Tamara Henderson exhibition, including: Worm charming, rural characters and queering the land with Georgia Gendall shedding light on her various animal collaborations, and an audience invited worm-charming session by torchlight in the Camden Art Centre garden. Stephen Watts and other poets; responding to themes and subjects presented in Tamara Henderson's exhibition. Beau Beaumont Per.mutation (); this piece explored auditory art forms and sonic experimentation informed by synthesis and the senses of touch, coding techniques and the interpolation of movement in our ecosystem.

Programme listings:

Camden Arts Centre

Trustees’ Report for the year ended 31[st] March 2024

Community Learning:

Our learning programmes aim to be inclusive and representative of artists and participants from a wide range of social and cultural backgrounds, and embeds talent development, diversity, and in-depth engagement across the whole programme, with a key strategic aim to ‘nurture talent of young people’, and ‘nurture life-long enjoyment of contemporary visual arts’.

We have worked on long-term in-depth projects with mainstream primary and secondary schools, SEN specialist schools, our youth programme including outreach activity and family programmes.

Our learning and public programmes engaged 10,847 people over the year, over 247 sessions, including 3,798 children and young people under 20.

All of our programmes have prioritised the experiences of children and young people as collaborators. We prioritise a focus on process over product, an approach which is difficult to nurture in formal arts education and strive to create environments where young people can experiment, learn new skills and take creative risks in a supported way.

We have also been able to work with more artists by utilising the New Contemporaries exhibiting artist talent pool, as part of this we provided 16 recently graduated artists with opportunities to take part in paid work within our learning programme, many of whom had limited experience working directly with audiences.

Youth Programme: Transformative Futures

Our Youth Collective is a space for young people aged 15-24 to meet regularly and encounter the arts in an open and welcoming environment, to critically engage, feel empowered and stay connected. Our youth programme Transformative Futures is hosted onsite through regular Saturday sessions and occasional offsite events, and includes a residency programme, takeover and culminates in an exhibition in summer 2024.

The programme over 2023/24 included sessions led by a diverse range of emerging artists. Highlights included sessions with Joshua Woolford making abstract soundscapes and Alannah Cyan’s look at photography and storytelling. The Transformative Futures Takeover took place in the Artists Studio and was programmed entirely by the participants with support from the artist leads and CAC team. The gallery hosted participant led workshops, collaborative and interactive displays and the group also contributed to a zine which was shared with attendees and participants. Seven applicants were selected to take part in a

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Trustees’ Report for the year ended 31[st] March 2024

month-long residency in the Drawing Studio and provided with a materials budget, studio space and an artist mentor who supports their practice through the month, and an open studio weekend.

We have continued to develop pathways for participants of our youth programme into paid work with four new Learning Assistants employed through the year. Illustrating the long-term journey we take with programme participants, Lucie Macgregor and Asha Fontenelle, who initially attended our youth programme, were recently awarded Developing Your Creative Practise grants from the Arts Council supported by our letters of recommendation.

“It's been such an amazing experience. I really enjoyed having a place to develop my art practice, it's not something I always had. I learned a lot about contemporary practices. It's a very enriching environment. Personally, I have learned to experiment and try new things without the pressure of the outcome, and let go of perfectionism. I'm taking great value from these sessions.”

“It’s been great for a few reasons, expanding my artistic knowledge and how I can create art, the influence of the artists and the staff has also been great, also the social side has been positively impacted and it gives me a reason to be social and creative each week. Overall, it’s been a great environment to learn more and share ideas.”

Over 2023/24 academic year we delivered 28 sessions, with 308 total attendance and 158 individuals. 16 produced work for our Takeover Weekend. 44% of attendees were new to Camden Art Centre and broadly from target backgrounds:, 42% were of a global majority non white background, 51% live in the most deprived areas (ONS deprivation deciles 1 - 4), 24% identified as having a disability or mental health issues.

Of youth collective participants questioned 100% (target 75%) responded that their participation in the Transformative Futures Programme had given them transferable skills they feel can be used elsewhere. 100% (target 75%) responded that their participation in the Transformative Futures Programme had given them creative skills they felt they could use elsewhere and increased knowledge of career routes in the creative industries.

Of youth collective participants questioned 100% (target 50%) responded that their participation in the Transformative Futures Programme had positively impacted their confidence and self-belief; and 100% (target 25%) that participation had positively impacted their wellbeing and or mental health.

SEN Schools Programme

Camden Art Centre’s Special Education Needs (SEN) School Programme works in collaboration with young people, teachers and artists. The project addresses the lack of access for people with learning disabilities to creative experiences, learning and careers in the visual arts. It aims to increase creative opportunities for people with profound and multiple learning disabilities; to foster a sense of belonging at the centre and to encourage confidence and independence through collaborative activities that champion all forms of communication and self-expression.

Over 23/24 we worked with pupils and teachers from Swiss Cottage School and The Village School. The schools had 100% pupils with Special Educational Needs and included a higher-than-average proportion of pupils eligible for free school meals (Village 37.5%; Swiss Cottage 54.3%) or pupil premium (Village 39%; Swiss Cottage 44.7%). The project Den was led by the artist team of Lucie Macgregor, Declan Leslie (supported by Action Space) and Tom James, and. explored natural resources, waste materials and the idea of shelter.

We prioritised a non-formal approach to developing a sculptural language together. The workshops included mapping the Centre and their places within it, foraging for materials to make ink from, making charcoal with fire in the garden, constructing a pulley system to communicate and creating large collaborative canvases painted with the foraged and formed materials. Later workshops included gathering of abandoned items and natural resources and repurposing them to make new sculptural pieces such as re-felting wool, weaving laundry bags and constructions made of wood off cuts. These open-ended approaches to making together encouraged creative risk taking and collaboration, nurturing a supportive environment. By the celebration day at the end of the year the pupils were so confident and at home at the gallery that they were guiding the accompanying adults around the

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Trustees’ Report for the year ended 31[st] March 2024

exhibition and navigating the entirety of the building almost independently. The 2023/24 project culminated in an exhibition in summer 2024 within our Artists Studio and a wheelchair accessible den in the garden in a previously underused area.

“We have had 100 % engagement of all the students who now feel part of a community at Camden Art Centre and are having fun together. They have found new ways of understanding/connecting with the world - Art, Environment, Recycling, passing time. All students have a growing love for art and craft and always look forward to the sessions”

Our aim for this project was that young people with learning disabilities are engaged and empowered through access to high quality creative activities. As reported by teachers from The Village School and Swiss Cottage School 100% (target 75%) of the pupils engaged attained new transferable skills and experience. 100% (target 50%) of the pupils engaged have demonstrated increased self-confidence in their creative abilities.

Primary Schools Project

This project Dreamscape was a yearlong collaboration with every pupil at Anson Primary School in Brent. Artist Amy Leung led a series of workshops investigating the relationship between play, space, memories and architecture. This allowed the school to increase their arts offer considerably. The school included a higher-than-average proportion of pupils eligible for free school meals (29.9%) or pupil premium (24.68%). 96% of the pupils had never visited Camden Art Centre before despite the school only being 1.5 miles away.

We aimed to advocate for the pupils having a real stake in their environment. Activities included exploring feelings, shapes, colour and different ways of making art together. Each pupil from year 1 through to year 6 contributed ideas, drawings and designs to a collaborative visual language that grew throughout the year and was incorporated into a growing catalogue of artworks. The pupils started with photographs of various spaces at the school and collaged their own designs for new spaces into them designing zoos, climbing frames and castles from a range of collage materials. After looking at photos of experimental architectural spaces they then transformed their designs into 3D using recycled materials, straws, plasticine and tape.

Highlights included tours of the New Contemporaries exhibition with our Assistant Exhibitions Curator and the speedy collaborative construction of a tent from painted fabric and bamboo sticks in the Drawing Studio.

The project culminated with a whole school assembly by Amy where we gathered feedback and celebrated the project together, and a showcase at Camden Art Centre. The artworks were then transformed and installed at the school playground over Summer 2024.

The project has been a great success so far and we have felt a huge benefit of the staff supporting the development of the project between sessions. Amy has recorded videos introducing the project and the terms’ activities that have been played in whole school assemblies meaning that pupils across the school are excited by the project beyond their individual participation. The school have been a hugely enthusiastic and pro-active partner allowing us to maximise our impact and legacy within the school. We will continue to work with them for the 2024/25 academic year in order to build on this.

“The children really enjoyed being able to explore using different objects to mix paints on fabric. They were free to really get stuck in without holding back... it has given me ideas about exploring different resources for creating art and allowing the children the freedom to explore this”

“This project has shown that anybody can create anything beautiful using their imagination… amazing experience they should be proud”

Our aim was for young people from our target groups to demonstrate improved agency and emotional and mental wellbeing through participation in creative activities. Primary School feedback from the whole school was developed using the NHS Five Ways to Wellbeing framework and questions were designed around this.

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80% (target 50%) of participants reported feeling increased self-confidence and self-belief in their abilities; based on feeling creative (80%), included (90%), learning a new skill (85%) and learning something new about a classmate (65%).

88.75% (target 25%) of participants reported positive improvement in their emotional and mental wellbeing compared to the start of the project; based on feeling inspired (90%), relaxed (80%), happy (95%) and energised (90%).

Secondary Schools Project

A series of workshops ‘A Gap in the Fence’ was led by artist Eva Jonas with year 9 pupils from Maria Fidelis School (54.7% free school meals eligibility, 59% pupil premium). The project was designed in response to the class teachers’ observation that pupils’ worlds seemed very small, despite them living near central London. This is an issue that has been observed among teenagers across the country exacerbated by COVID-19. The workshops prioritised pupil voice, collaboration and a focus on process.

This project looking at mapping the inner and outer worlds of the class began with a range of workshops focusing on collaboration and engaging a class who were quite disengaged with creativity at school. Eva introduced a range of techniques including drawing with charcoal attached to bamboo that allowed the pupils to collaborate and use new materials to overcome their inhibitions around representational artwork and drawing.

We developed an approach that focused on collective activity and individual connection allowing each pupil to feedback and communicate in an informal way with us as external staff. In the latter sessions the pupils have become very engaged and confident in creating artworks individually and together, using woodblock prints, large scale drawing and medium format photography. The group have fed back on several occasions that they didn’t know the activities were doing could be classed as art and have incorporated their interests and memories into the pieces in really imaginative ways. A visit to our Centre (none of the group had visited before) allowed the group to work much larger than at the school, scaling up to room size interventions.

The project was highly successful in channelling the energy and creativity of the group, during our final session participants said that we had created a new environment where they felt like mistakes weren’t penalised.

Cai Bellis (who exhibited in New Contemporaries) ran sessions with year 9 pupils from UCL Academy School, Swiss Cottage (41.1% Free School meals eligibility, 49% Pupil Premium) focussing on drawing from movement and sound.

For the second session with each group Cai brought in ballet dancer Shardae Rose to act as a life model, dancing to various types of music and guiding different drawing activities. The sessions were a great success, with the pupil’s focus being maintained throughout and several of the group indicating that they didn’t realise that what they were doing could be considered “art”.

Working on a long-term project with a year 9 class was a key highlight and through the 12 sessions we were able to observe significant changes in the groups approach. Our first session in December saw pupils very resistant to engagement and fearful of doing something “wrong” or drawing in a way that didn’t live up to representational ideals. By building in more collaborative activities and creative techniques that disrupted the process of drawing we allowed opportunities for the group to shape the project. This approach allowed us to maximise the inherent creativity of the group and embraced their appetite for playful disruption and build a programme that they shaped together. The culmination will be an installation for display in the main lobby of the school, co-designed by the group and featuring their photographs, drawings, and collages.

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Camden Arts Centre

Trustees’ Report for the year ended 31[st] March 2024

Family Workshops & Family Open Studio Sessions

Our family programme offers a fun, creative and relaxed space to explore playing and making with materials. Our facilitated sessions and open studios attracted 1,640 parents/carers and children over 39 sessions.

Inspired by Martin Wong’s Malicious Mischief exhibition the summer 2024 Family Takeover workshop series was led by Asha Fontenelle over July and August and explored how chance and fortune can inspire creativity. As part of this strand we connected with and accompanied families from Doorstep (local temporary housing organisation) to join sessions, aiming to establish and support more pathways for local families to join future family workshops. We received really positive feedback from participants, with many participants attending multiple sessions and we noted that the audience seemed more diverse and representative of our local areas than in previous iterations. A family resource was also made available for visitors attending the galleries.

With funding from Camden Council, we were able to continue our family activity from autumn 2023. Inspired by Tamara Henderson’s exhibition, artist Maymana Arefin led the Otherworldly Creatures family workshops, sessions included “sun printing” cyanotypes and creating upcycled sculptural characters and created a resource for visitors to use. We received lots of positive feedback from new and returning participants.

The spring family workshops were led by exhibiting artists in New Contemporaries. Emma Sheehy’s work uses craft, history and humour to create vibrant bold pieces carved from wood. Her workshops explored a playful combination of craft and medieval imagery to create a variety of artworks including hybrid drawings, painted creatures and relief tiles. Sarah Cleary’s work explores the idea of care through meticulous chalk carvings. Adults were invited to make their own carvings while children used air drying clay to create offerings for someone special to them. These meditative workshops allowed both adults and children to work together on individual pieces with a shared concept. The season concluded with sessions by Iga Koncka who connects Polish folklore with play and character creation.

In addition, we began to open the Drawing Studio for drop-in use by families. This free drop-in space allows participants to use our resources to make work and reflect on the exhibitions. The Family Friendly Drop-In has been formed through a series of conversations with our Front of House staff and volunteers about how to make the building more welcoming and accessible to families. The space has been well used and FOH staff have received very positive feedback from participants.

"The highlight of the session was imaginative play and thinking about family memories. We enjoyed not knowing where it will take us."

"We love it, please continue to host."

"Very nice reception by the entire team. Spaces for children and families are really needed in this area." “creative time with my daughter in a lovely, friendly environment. love these sessions, a great way to introduce kids to art, inspiration for activities at home, wonderful atmosphere. thank you!”

Youth Outreach Project

We began a new collaboration with nearby Sidings Community Centre, led by artist Shepherd Manyika. This focussed on moving image as a creative tool. Through keeping the activities in fortnightly sessions deliberately broad in order to best adapt around the interests of the group, we were able to engage with a group of teenagers who had previously been dismissive of Art projects.

We found the group were immediately keen, creative and energised by artist Shepherd Manyika’s open brief to make short videos using iPads. We were particularly impressed with the group’s confidence on camera and their experimental approach to story-telling. Subsequent sessions have involved further filming, looking at reference pieces and experimenting with establishing shots and how this affects the pace and tone of a film. The next phase of the project will involve editing the footage and developing a soundtrack with Shepherd. The year of the project will culminate in a showcase of work created by the group and curated by Shepherd at Sidings in September 24.

Working consistently with Siding’s Community Centre’s Youth Group and Shepherd Manyika has taught us a lot about underrepresented local young people and the work required to nurture trust and engagement both with participants and stakeholders. The establishment of a long-term relationship with the staff at

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Trustees’ Report for the year ended 31[st] March 2024

Sidings and those they support will allow us to be mutually beneficial project partners in the coming years of the project and in wider terms as a community asset.

Camdonian Project

The Camdonian Restored project around the restoration of Camdonian, a sculpture by Barry Flanagan permanently installed in Lincoln’s Inn Fields is delivered in partnership with Camden Council and Camden Spark. Commencing in Spring 2023 artist Millie Layton has been working with local school groups to looks at the creative, technical and social aspects of public art and encourages the participants to consider who makes and who owns public art.

Starting with a visit to the sculpture and a workshop looking at transforming 2D shapes into 3D structures the groups were encouraged to look at the sculpture and the marks that have been left on it over time (rust, bird feces, rain marks etc) and think about the role of art in public spaces. The groups then used the ceramics studio at Camden Art Centre to construct ceramic versions of their designs. Introducing the pupils to the processes of building maquettes and the practicalities and risks of using clay, Layton led participants on a sped-up version of designing and fabricating sculptures for public display.

The project then continued into workshops with older groups exploring the relationship between art and public space and how this affects public perception and community understanding. The project was elongated due to availability of the schools involved, and is due to conclude autumn 2024 with the work produced and insight from the project going into a learning resource developed by artist Millie Layton and the Camden Art Centre learning team, and being distributed to Camden borough schools.

Research and Development

Through Summer 2023 we conducted an R&D project supported by The Mildred Fund focused on our youth offer and how we could further support young people in the local area. We were particularly focused on reduced engagement within schools, the ongoing difficulties within Arts Education and how these issues are affecting engagement. During this time we spoke to local teachers, youth group leaders, community group leaders about their work and what they saw as the issues facing young people they engage with. We also spoke with a range of young people in groups and one-to-one sessions about the barriers they face to engaging with structured extracurricular art offers.

As part of this we worked with artist Maymana Arefin who led sessions with local groups, some of which we had pre-existing relationships with, some we had not worked with previously.

Maymana met with young people at The Hive (a mental health support centre for young people based on the Finchley Road) and spoke to them about their interests before developing and leading sessions at the centre plus further sessions at Camden Art Centre using our ceramics facilities, an area of interest they identified. We had very positive feedback on the sessions and hope that this will provide a pathway for participants to engage with our Youth Collective.

The relationships we have built on and established and the learnings from this work will inform our development of our youth offer moving forward. We have also secured three years of project funding from The Mildred Fund for further youth programming starting in early 2024.

Partnerships

Between April and December 2023, we had a partnership with Mudbelly Ceramics, founded by previous Ceramics Fellow – Phoebe Collings-James. The organisation is an intersectional black queer feminist pottery space that seeks and intimate and reciprocal approach to learning offering free ceramics classes for black people in London taught by black ceramicists to disrupt the multifaceted access barriers caused by endemic racism.

At a pivotal moment in the organisation's expansion, Mudbelly has been looking to build on its Learning programme, extend its reach by working across key sites in London as well as developing the open resources for its community. We were approached to be a partner organisation supporting their recent successful Arts Council grant. As part of this partnership, Camden Art Centre has been hosting two 12week sculptural ceramics courses at the Centre to 29 course participants with the aim to bring new audiences to the Centre and support the ongoing creative development of Mudbelly Ceramics. All participants had previously not been to the Centre before and had minimal experience of working with ceramics.

Alongside the courses we also providing in-kind location support for a set of tutorial films produced by Mudbelly as an online resource which look to introduce Mudbelly teachers and their practices to a wider

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Trustees’ Report for the year ended 31[st] March 2024

audience as well as sharing how-to style techniques integral to their work. These short films will form part of a growing archive of resources available to Mudbelly students and their wider community.

We also hosted sessions with Writers in Exile, North London Cares, Kilburn Older Voices Exchange, The Mosaic Rooms and ActionSpace, and welcomed a wide range of group visits from educational institutions.

Audience Development:

2023/24
(Target)		 2023/24
(Actual)		 Notes
Physical Engagement
Visitors 100,000 102,603
Digital Engagement
Website
Sessions (new
metric)
Botanical Mind
Microsite/One in
the Other
Total
(new metrics)		 0
0
0		 250,507
17,861
268,368		 Affected by 3-month loss of data, and Google
Analytics 4 changes (users not accepting
cookies no longer being counted).
Twitter,
Facebook,
Instagram,
TikTok
(new metrics)		 0 184,616 Increase of 9% Instagram, with Twitter
remaining flat.

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Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Upcoming Activity

Exhibitions

Our exhibitions programme for 2024/25 commences from April – June 2024 with exhibitions from Matthew Krishanu in galleries 1, 2 and central space, and Andrew Omoding in gallery 3, reading room and central space.

Matthew Krishanu’s (b. 1980, Bradford, UK) major exhibition will include both paintings and works on paper. The artist’s atmospheric, pared-back compositions depict scenes from his life, including his childhood years in Bangladesh growing up with his brother and their parents who were Christian missionaries. Seemingly familiar narratives are alluded to but destabilised, and the viewer’s own projections are called upon to fulfil the interpretive loop, raising questions about childhood, religion, race, power and the legacies of empire. Working in series, one painting segues into the next as a natural telling of the artist’s own journey through the joys and sorrows of life, with deeply personal subject matter that speaks to the human condition in all its complexity.

Andrew Omoding (b. 1987, Uganda) was Artist-in-Residence at Camden Art Centre in 2019. Following the success of his open studio he is returning to Gallery 3 for his first major solo exhibition in London. Working site-responsively, his largely autobiographical works emerge intuitively—reclaiming abandoned materials from his immediate surroundings, Omoding layers, weaves, threads, binds and wraps them into vibrant assemblages of contrasting colour, texture and form.

Over the summer from July – September 2024 Lonnie Holley exhibits in galleries 1, 2, artists studio and central space.

Active across more than four decades, Lonnie Holley is recognised as an important figure in the Black Art tradition from the southern states of America, as well as a significant artist in the mainstream of international twentieth century and contemporary art. This exhibition will be his first institutional solo show in the UK and will include new and recent work in painting, sculpture and sound. His ambitious works— multimedia assemblages that often combine man-made materials and detritus—serve as thematic tools that reflect his investment in aesthetic traditions, narratives of futurity, and the inherent complexity that resides in found objects. He works with an improvisational creativity, transforming materials and objects into complex figurations that carry histories of Black tradition and culture. A celebrated musician, Holley will perform a live concert at Camden Art Centre on 5 July.

From October – December 2024 we present a retrospective of Nicola L. in galleries 1, 2 and central space, alongside Jack O’Brien, the Frieze Emerging Artist prize winner for 2023.

This major survey of work by Nicola L. (b. 1932, El Jadida, Morocco) will be the first time the full breadth of her practice has been explored in the UK and Europe. Recognised and celebrated in the context of Pop Art, Nouveau Realism, Feminism and design, this exhibition will explore the expansive themes of her work which ranged across cosmology, environmental concerns, sexuality, activism and political resistance. It will be accompanied by a new monographic publication. Supported by Alison Jacques and The Nicola L. Estate. In collaboration with Frac Bretagne, Kunsthalle Wien, and Museion—Museum of modern and contemporary art, Bolzano/Bozen.

Jack O’Brien (b.1993, London, UK), a London-based artist who works across sculpture, drawing, and painting, is the 2023 recipient of Camden Art Centre’s Emerging Artist Prize at Frieze. For his first institutional solo exhibition in the UK, he will present a major new sculptural commission, produced in response to the unique architecture of the galleries. O’Brien’s practice combines industrial, fashion-design and architectural techniques to consider the production of desire, histories of consumption, and the ruptures and infiltrations that ripple through public spaces. Supported by donors to the Camden Art Centre Emerging Artist Prize at Frieze.

This follows in January – March 2025 an exhibition of work by Greg Bordowitz across galleries 1, 2 and central space.

Gregg Bordowitz’s (b.1964, Brooklyn, US) art includes video, installation, performance, poetry, and prints—different modalities all organised around the artist’s central commitment to writing as an activity of thought. Words are gestures are images are letters in this ongoing transdisciplinary project, deeply shaped by his experience of being a long-time survivor of HIV for over thirty-six years. In collaboration with Bonner Kunstverein and supported by Kulturstiftung des Bundes.

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Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Public Programmes

Some highlights for 2024/25 include:

Learning Programmes

For the 24/25 Learning Programme we will continue the core strands of the Youth Programme, Youth Outreach Projects, Family Takeover series, SEN Schools Programme and mainstream Schools projects.

The Youth Programme will resume working with new artist leads and will focus on providing the participants with new practical skills and ways of elevating their voice and creative practice. Through the year we will provide opportunities for the participants to learn from guest artists including workshop leads Nikki Mendu and Henry Bradley, plus curators and provide opportunities to feed into the wider Camden Art Centre programme. The year will culminate with a Youth Takeover event that will be programmed by the participants and co-produced with the artist leads and CAC team followed by a month-long Youth Residency for up to five participants.

The Youth Outreach projects supported by the Mildred Fund will continue our relationship with Siding’s Community Centre’s Youth Group connecting their participants with artists and ways of creating together. We will also be working with a group from The Hive, a mental health youth centre on the Finchley Road through the year. We will also work with two local secondary school year 9 classes to rethink perceptions on what art can be and who can make it.

The SEN Schools programme will continue with project partners ActionSpace and the same artist team of Lucie Macgregor, Tom James and Declan Leslie. We will work again with Swiss Cottage School and The Village School but with new classes. Using the learnings from last year and the strengths of the programme we will begin by focussing on the individual needs and interests of the new cohort of students and find activities and progression routes for them to find their voice collectively and individually. We will also begin to think about how we can successfully translate this journey into the end of year celebrations

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and given ongoing consideration to widening the reach of the programme. We plan to build towards a symposium event to coincide with the launch of the exhibition in summer 2025.

The Primary School project will work again with artist Amy Leung on a project working with every pupil at Anson Primary School in Brent following a successful year of the project which culminated in the installation of temporary playable artworks designed by pupils in the schools’ playground in summer 2024. We will be looking at a range of hands-on techniques and approaches to collaboration. The project will conclude with celebratory events at Anson Primary and at Camden Art Centre in the summer of 2025.

The Family Takeover project will run seasonally alongside the new exhibitions programme with activities inspired by the themes and ideas explored through the shows. Designed for adults and children working together these workshops provide free access points for local families to engage with the gallery and feel at home making together.

Fundraising

In response to rising industry costs and the need for organisational financial resilience and dynamism, we will continue to expand our fundraising activity and focus in 24/25 and beyond, supported by a growing Development staff. To bolster this resilience, we are developing a long-term strategy of advance and multiyear fundraising to mitigate risk, starting the financial year in a strong position with at least 40% of target pledged, with the aim of perpetuating this for 25/26 and subsequent years.

In parallel with our much-needed revenue fundraising, in 24/25 we will be conducting a swift capital campaign to fundraise towards the purchase of our building’s lease, and so have been building a detailed strategy, pipeline and implementation plan to ensure both funding streams can thrive.

With an unusually short timeframe within which to conduct our capital fundraising, we will look to engage support from existing and historical supporters of Camden Art Centre including grant-giving trusts, individuals, commercial galleries and the artist community, who are already strong advocates of our work.

For revenue, we will accelerate the growth of our core Patron cohort by conducting the first major update to our Patron scheme in over ten years, through a detailed review of the existing giving bands and the introduction of a new Artists’ Circle.

We will place renewed focus on exhibition fundraising, with giving circles for shows including Matthew Krishanu, Lonnie Holley and future exhibitions planned for 25/26, and expand on the success of the Emerging Artist Prize, now in its 6th year, by growing the supporter circle to address increased delivery costs of the prize recipient’s exhibition. We will also explore funding avenues for additional key programme areas such as the relaunched Residency Programme and the Public Programme.

In line with stepping up our individual and major giving activity, and in response to our growing cohort of international philanthropists, we will launch the US Friends of Camden Art Centre, a CAF America Friends Fund which receives full exemption form the IRS under section 501(c)(3).

We will continue to build on our historic strength in Trust fundraising as the backbone of our learning programme funding, and focus on building new mid- and large-scale trust relationships, for multi-year partnerships and those that will contribute towards core costs.

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Finance review

2023/24 remained a solid year with revenues above £2.5m as we continue to focus on the delivery of our broad range of programmes and plan towards future development. This includes our lease renewal work and fundraising planning.

We were awarded Transform grants 1 and 2 from Arts Council England corresponding with the NPO funding period, with overheads and business development investment to enable our transition to this lower level of public funding.

We ended the year with free reserves being maintained at the target level of £347,000.

The accounts show a decrease in unrestricted funds for the year of £110,000 - represented by a (£60,000) reduction in donated stock, (£55,000) decrease in designated funds and £7,000 reduction in pension which do not impact free reserves.

The Trustees have reviewed our reserves and cashflow position and remain fully aware of the need to protect our funds whilst ensuring that the key charitable objectives are fulfilled in the short and medium term. It is recognised that fundraising is becoming increasingly competitive and that in the economic climate it is necessary to work even harder to maintain productive relationships with all funders and donors, to review our operating models, and to continue diversifying income particularly from individual giving and earned income.

Income generation

During the year, Camden Art Centre relied upon a range of external funding sources in order to achieve the Centre’s objectives. Many donations were to directly support an exhibition or education project, and the Arts Council England support continued to be a major source of income supporting the overall running costs of the Centre.

Total turnover of £2,568,000 was 18% (£413,000) higher than the previous year, due to new fundraising in relation to building lease purchase (£170,000), development and corporate fundraising to support future projects, including Bloomberg Digital Accelerator Programme (£125,000), and a £150,000 legacy gift to support community and learning.

The largest source of income remained Arts Council England (ACE) funding (£953,000), though £353,000 of this was transform funding covering business development and consultancy costs to support future organisational change, which is non-recurring. There was a reduction in of £336,000 in the National Portfolio Organisation grant amount. Overall, Arts Council England grants represented 37% of total income, 6% lower than the prior year mainly due to additional other income referred to above.

Income from other trading activities of £207,000 (2023: £217,000) includes the stock value of donated artworks and bookshop sales.

The café is currently franchised and has no financial impact on our income generation, nor does it represent a financial risk.

Restricted revenue income for the year totalled £908,000 (2023: £206,000), mainly comprised of:

Grants and donations £765,000 (2023: £163,000)

Arts Council England £133,000 (2023: £0)

Exhibitions income £9,000 (2023: £43,000)

Trusts and foundations income is also raised towards our education, exhibitions, residency and public programmes, and individual donations towards our exhibitions and education programmes. Trust income includes grants from AKO Foundation, John Lyons Charity and A.C. & E. Foundation. We also benefited from individual donations towards our programmes including the Emerging Artist Prize in partnership with Frieze, and individual exhibitions. We also received £24,000 (2023: £52,000) in-kind donations relating to lease work support, exhibitions and communications activity.

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Camden Arts Centre

Trustees’ Report for the year ended 31[st] March 2024

Expenditure

Overall expenditure saw a year-on-year increase of £51,000 (2%). This included increase in staff costs (£66k) and office costs (£40k), which included future development costs supported by transitional Arts Council funding, and a decrease in direct costs of £80k, which is mainly exhibitions related.

Reserves Policy and Going Concern

Camden Art Centre aims to have a general reserves pot to cover on average 3 months operating costs (currently calculated at £347,000). We also have a designated building fund of £60,000 which allows for repairs and maintenance to the building the Centre is housed in, £53,500 remaining from the transitional fund from unrestricted donations received in FY22/23 and £26,000 remaining from the lease renewal designated fund.

The general reserve is intended to cover potential fluctuations in income as expenditure over the years is planned to remain relatively stable.

The current general reserves position is:

Total unrestricted reserves
Add back pension liability
Less designated funds
Less donated artworks for resale
General funds
Less unrestricted fixed assets
Free reserves		 £
726,390
75,559
(140,074)
(287,019)
374,856
(27,623)
347,233

The proceeds of our Artists for Artists fund auction in 2016-17 which raised £284,000 are restricted to support artist-led projects, commissions and residency programmes that will enable artists to continue to take risks with new ideas and to push the boundaries of their own practice. This fund will be drawn down over a 10 year period to support charitable activities, with the intention to continue adding to the fund. The fund currently stands at £82,040.

The Restricted Capital fund represents grants received in previous years for building works, which are held in reserve and reduce as annual depreciation is charged against them.

Trustees have reviewed our financial position in relation to the impact of our Arts Council funding agreement level for 2023-26, on current and future operations. A review of cashflow, secure income, reserves position and budget reforecasting means that at the time of writing there are no material uncertainties regarding the charity’s ability to remain a going concern. However we continue to monitor this closely and to review the long-term impact and any necessary adjustments to mitigate against this. We continue to work on the renegotiation of the lease for the Centre with London Borough of Camden and will be focussed on fundraising towards this capital programme alongside ongoing revenue development.

Risk management

The key risks to the Centre are financial, strategic and reputational. The Board is focussed on the financial and strategic risk whilst the reputational risk is mitigated through the programme as outlined in this report. The risk register was updated by the board on 21[st] October 2024.

The principal risks and uncertainties currently relating to the organisation are:

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Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

These risks are managed through regular and targeted trustee engagement (including through our Finance and Operations Committee, Executive Committee and Fundraising Working Group, and strategic planning working groups in relation to business adjustment) maintaining tight cost control and efficiencies, taking action in a timely manner, and long-term programme and budget planning to ensure we adapt and evolve, maximise fundraising and communications campaigns.

Structure, Governance and Management

We benefit from core funding as an Arts Council England National Portfolio Organisation from 2023-2026, however at level reduced by 36%. We have successfully applied for additional ACE funding over this period through the Transform programme, with trustees committed to reviewing our business operating models in order to diversify income. We continue to seek opportunities for developing our building asset, partnership working, audience development, and improving evaluation to further demonstrate our impact.

Governing Document

Camden Arts Centre (legal name) is a company limited by guarantee (number 02947191) and is a registered charity (number 1065829) governed by its Memorandum of Association, incorporated 11 July 1997 and amended by special resolutions dated 26 January 1999 and 9 November 2009.

Our objectives:

The objectives are to advance the education of the public in the understanding and appreciation of the arts. The charity operates Camden Art Centre, north London's leading venue for contemporary visual art of regional, national and international significance incorporating galleries for temporary exhibitions, studios and workshops for educational activities.

Recruitment and training of Trustees

New Trustees are inducted and given training appropriate to their knowledge and ability. In addition, all Trustees are issued with a copy of Charity Commission Welcome Pack , The Essential Trustee and Charity Finance, and provide information for their registration with Companies House. Conflicts of interest are registered during Board meetings. Trustees are offered the opportunity to attend training as appropriate.

Board Development:

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Trustees’ Report for the year ended 31[st] March 2024

Organisation structure

Day to day operation and management is delegated to Camden Art Centre staff, headed by the Director who is supported by the Deputy Director and departmental budget holders.

Martin Clark, Director Additionally responsible for delivery of the exhibitions, learning, public programmes and residencies.

Moya Malekin, Deputy Director Responsible for finance, legal, personnel, retail operations, building management, communications and IT.

Departmental budget holders are:

Martin Clark, Director (Exhibitions, Residencies, Learning, Public Programme) Moya Malekin, Deputy Director (Administration, Premises, Communications) Neil Debnam, Head of Development (until August 2023) Julia Lammer, Interim Head of Development (August – October 2023) Ruth Piper, Head of Development (from October 2023) Jacqueline Jeffries, Bookshop and Editions Manager

There are four Trustee meetings a year, with a programme of key topics. In addition to this the Finance and Operations Committee, Chaired by the Vice-Chair of the Trustees, provides an assurance and monitoring role. An Executive Committee, Chaired by the Chair of the Trustees monitors organisational development and goals.

A number of staffing changes took place within 2023/24:

The Development team structure was reviewed, with the departure after 7 years of Neil Debnam our Head of Development. Ruth Piper took on the role from October 2023, and new roles of Development Manager and Development Researcher and EA to the Director were recruited alongside increased hours for our Trusts and Foundations Manager.

Management of our hires and events programme was moved to a new department and post of Commercial and Events Manager, increasing the capacity of the fundraising team and supporting longer term ambitions around adjusting our business models for earned income.

We recruited a new Assistant Exhibition Curator with the previous post-holder taking on a position within the Tate curatorial team. Our Ceramics Studio Manager departed in November 2023 with the role under review alongside plans for our ceramics studio.

Our Gallery Manager departed after 5 years to work with V&A East working on their major storage project and our Administration and Personnel Manager left in January 2024 after 5 years.

Our Communications Manager went on maternity leave with the role covered until September 2024.

Our volunteer front of house programme continued, with 175 volunteers taking part during the year over 9,592 hours, including for support of our archive and family open studio activity. Our programme included a range of workshops and social events.

During the year staff participated in two workshops with Arts Ideas Realised, exploring business models for increased income generation.

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Camden Arts Centre

Trustees’ Report for the year ended 31[st] March 2024

Pay policy for senior staff

The board of directors and the senior management team comprising the Director and Deputy Director are the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in note 8 and 10 to the accounts.

The pay of the senior staff is reviewed annually alongside all employees, with pay scale incremental points being awarded annually until the mid-point of the scale is reached, and a cost-of-living percentage increase, with a final decision on any awards made annually by trustees. This is in accordance with the provisions set out in the company Policy Handbook which does not form part of contracts of employment and may be varied from time to time.

Building and Infrastructure:

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Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Fundraising Practice

Our approach to fundraising:

Fundraising at Camden Art Centre is planned and delivered by fundraising professionals employed within its Development Department. This work is overseen by a working group of the Board of Trustees (Fundraising Working Group) and is attended by the Director, Deputy Director and Head of Development. Fundraising activities are undertaken under the auspices of the Fundraising Regulator’s Code of Fundraising Practice and the Centre’s own Ethical Fundraising Policy and Development Strategy.

Participation in fundraising regulation and compliance with codes:

Camden Art Centre is a signed-up member of the Fundraising Regulator and the Centre’s fundraising activities adhere to and are compliant with the Regulator’s Code of Fundraising Practice. The key tenets of the Regulator’s Code of Fundraising Practice form part of the Centre’s Ethical Fundraising Policy, which was adopted by Camden Art Centre Trustees in March 2018.

Any non-compliance with any code:

Camden Art Centre fundraising activities are compliant with current legislation as it applies to charities and fundraising (including data protection) and with the Fundraising Regulator’s Code of Fundraising Practice and there are no current areas of non-compliance.

The number of complaints received:

Camden Art Centre has received no complaints about its fundraising practice in this period.

How Camden Art Centre protects vulnerable people:

As part of its Ethical Fundraising Policy, Camden Art Centre has developed a procedure for dealing with vulnerable people in the context of our fundraising activities, which sets out the procedures for working with children and adults deemed to be vulnerable.

How Camden Art Centre monitors fundraising activities undertaken by third parties:

Camden Art Centre carefully monitors the work of third party fundraisers through regular project management meetings and reporting with particular attention to managing any audience-facing materials or activities.

24

Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Thank you

Camden Art Centre is grateful to all our supporters who help keep our work adventurous and free.

Lead Support

Arts Council England AKO Foundation Guy and Alexandra Halamish Donald Porteous

Learning Support

Camden Council Cultural Education and Learning Support Fund Chapman Trust The Charlotte Bonham-Carter Charitable Trust The John S Cohen Foundation Girls on Tour Kusuma Trust John Lyon’s Charity The Mildred Fund The Estate of Rosemary Phelps The Stephen Bloch Image of Disability Charitable Trust

Programme Support

The A.C. & E. Foundation The Atkin Foundation Cathy Wills Charitable Trust Bloomberg Philanthropies Jane Hamlyn and James Lingwood Parasol Unit Foundation

Exhibition Support

We are thankful to all our Exhibition Circles and those who supported our major shows.

Henry Moore Foundation High Commission of Canada in the United Kingdom The Martin Wong Foundation Pat Wang Maugüé Simon Parris Rennie Collection, Vancouver Terra Foundation

Emerging Artist Prize Supporters

Anne-Pierre d'Albis-Ganem

Alexandra Economou and Noach Vander Beken The Heller Family Suling Mead Batia Ofer Ronald and Sophie Sofer Ralph Segreti and Richard Follows Alma Zevi Indira Ziyabek

Founding Patrons

Mike Davies CBE and Liz Davies Neville Shulman CBE and Emma Shulman Anita Zabludowicz OBE and Poju Zabludowicz

Patrons

Charlotte and Alan Artus Marlene von Carnap Sabine and Thomas Casparie Erin Bell and Michael Cohen Loraine da Costa

25

Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Tom Cole Prue O’Day and Don Anderson Michael Ezra Heidi Ferid James Freedman and Anna Kissin Stephanie Garcia Daniela Gareh Joanna Gemes Elissa Goldstone Matthew Greenburgh Alex Haidas Guy and Alexandra Halamish Hauser & Wirth The Heller Family Fabian and Harriet Hielte Pippy Houldsworth David Hubbard Philip Hughes Alison Jacques Porus Jungalwalla Matthew Slotover and Emily King Angela Koulakoglou James Maltz Merissa Marr and Julian Pritchard Massimo de Carlo Hayfa Matar and Tariq Baloch Karen Midgen Lavinia Mildmay Blundell-White Leonie Mir Bozena and William Nelhams Isabelle Paagman Pace Gallery Maureen Paley Anjali Pathak Alexander V. Petalas Francesca and Carlos Pinto Alex Sainsbury and Elinor Jansz Jeremy Scholar Diane Silverthorne Karen and Mark Smith Alexandra Soveral and Jorj Aleem Maria Sukkar Christoph and Marion Trestler Tom Woo Natalia Zett David Zwirner New York / London And all those who wish to remain anonymous.

Young Patrons

Alice Amati Taymour Grahne Huma Kabakci Frank Krikhaar Amanda Kern Lambert Andreas Leventis and Kate Baird Ken Li Jona Lueddeckens Lizzy Mason Pietro Pantalani Ayo Shonibare and Daniek Godschalk Alma Zevi Indira Ziyabek

26

Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Corporate Support

Land Securities The MBS Group TFA London

Artists for Artists

We are grateful to the following artists who have who generously contributed towards our Artists for Artists Fund, either by donating works to our anniversary auction or having been honoured at our annual Gala.

Hurvin Anderson Mamma Andersson Phyllida Barlow Phoebe Collings-James Martin Creed Jesse Darling Adam Farah-Saad Mary Heilmann Thomas Hirschhorn Anish Kapoor Allison Katz Glenn Ligon Kerry James Marshall Christodoulos Panayiotou Michelangelo Pistoletto Walter Price Veronica Ryan (honoured at Gala in 2023) Zeinab Saleh Wilhelm Sasnal Yinka Shonibare (honoured at Gala in 2020) David Shrigley Amy Sillman Vivien Suter Wolfgang Tillmans Kara Walker (honoured at Gala in 2019) Christopher Wool Toby Ziegler

Support Us

Camden Art Centre is a charity, and we depend on the generosity of our supporters to help us invest in art and artists and ensure that our independent voice continues to be heard.

You can support our work today by making a donation, by joining as a Patron, or by purchasing an artist edition.

To find out more about supporting our work, please speak to a member of staff at our Shop.

27

Camden Arts Centre Trustees’ Report for the year ended 31[st] March 2024

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Camden Arts Centre for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of its income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP has indicated its willingness to continue in office and is deemed to be reappointed under sections 487(2) of the Companies Act 2006.

Small company rules

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was considered and approved by the Board of Trustees on 21[st] October 2024 and signed on behalf of the Board by:

Guy Halamish, Chair of Trustees

28

Independent auditor’s report

To the members of Camden Arts Centre

Opinion

We have audited the financial statements of Camden Arts Centre (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Camden Arts Centre'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.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

29

Independent auditor’s report

To the members of Camden Arts Centre

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

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

30

Independent auditor’s report

To the members of Camden Arts Centre

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 5 December 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

31

Camden Arts Centre

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

Note
£
Income from:
3
1,220,362
4
216,031
4
972
5
207,350
10,710
1,655,425
6
312,469
6
1,211,385
6
241,238
1,765,092
(109,667)
Reconciliation of funds:
836,057
726,390
Total funds brought forward
Total funds carried forward
Raising funds
Net expenditure for the year
Total expenditure
Charitable activities
Exhibitions
Education
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
Other trading activities
Exhibitions
Education
Unrestricted
funds		 Note
£
Income from:
3
1,220,362
4
216,031
4
972
5
207,350
10,710
1,655,425
6
312,469
6
1,211,385
6
241,238
1,765,092
(109,667)
Reconciliation of funds:
836,057
726,390
Total funds brought forward
Total funds carried forward
Raising funds
Net expenditure for the year
Total expenditure
Charitable activities
Exhibitions
Education
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
Other trading activities
Exhibitions
Education
Unrestricted
funds
Restricted funds
Restricted funds		 2024
2023
Total
Total
£
£
2,124,264
1,703,974
224,870
152,343
972
79,840
207,350
217,491
10,710
1,603
Revenue
£
898,902
8,839
-
-
-		 Capital
£
5,000
-
-
-
-
1,655,425 907,741 5,000 2,568,166
2,155,251
312,469
1,211,385
241,238		 -
170,995
194,141		 -
71,495
166,821		 312,469
249,442
1,453,875
1,324,764
602,200
743,267
1,765,092 365,136 238,316 2,368,544
2,317,473
(109,667)
836,057		 542,605
163,042		 (233,316)
997,934		 199,622
(162,222)
1,997,033
2,159,255
726,390 705,647 764,618 2,196,655
1,997,033

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the financial statements.

32

Camden Arts Centre

Balance sheet

Balance sheet
As at 31 March 2024 Company no. 02947191
Note
Fixed assets:
12
Current assets:
13
14
Liabilities:
15
17
19a
20a
Restricted funds
Restricted income funds
Restricted capital funds
Total restricted funds
Total unrestricted funds
Stock
Debtors
Total assets less current liabilities
Funds:
Unrestricted funds:
Designated funds
General funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Cash at bank and in hand
Tangible assets
Total funds		 312,851
416,252
967,005
1,696,108
(228,000)		 2024
£
792,106
792,106
1,468,108
2,260,214
(63,559)
2,196,655
705,647
764,618
1,470,265
140,074
586,316
726,390
2,196,655		 2023
£
1,025,013
1,025,013
369,627
238,764
690,693
1,299,084
(256,776)
1,042,308
2,067,321
(70,288)
1,997,033
163,042
997,934
1,160,976
195,000
641,057
836,057
1,997,033

Approved by the trustees on 21 October 2024 and signed on their behalf by:

Porus Jungalwalla Guy Halamish Treasurer Chair

33

Camden Arts Centre

Statement of cash flows

For the year ended 31 March 2024

Note 2024 2023
£ £ £ £
Net cash provided by/(used in) operating activities 21 286,749 64,461
Cash flows from investing activities:
Dividends and interest from investments 10,710 1,603
Purchase of fixed assets (21,147) (198,467)
Net cash (used in) investing activities (10,437) (196,864)
Change in cash and cash equivalents in the year 276,312 (132,403)
Cash and cash equivalents at the beginning of the year 690,693 823,096
Cash and cash equivalents at the end of the year 967,005 690,693

34

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies

a) Statutory information

Camden Arts Centre is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address and principal place of business is Arkwright Road, London, NW3 6DG.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Please refer to the going concern section in the annual report section for further disclosure.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income related to exhibitions at the Centre which span the year-end are accounted for in the year in which the major part of the exhibition takes place.

Touring income from exhibitions organised by the Centre and touring to other venues is accounted for on a receivable basis when income is confirmed.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Donations of works of art for the benefit of the charity are accounted for when gifted, and recognised on the basis of the value on the open market.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

35

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

˜ Raising funds 13%
˜ Exhibitions 59%
˜ Education 28%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £5,000. Items above £1,000 on discretion dependent on future intended use. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

˜ Building Development Over the term of the lease
˜ Furniture & Equipment 5 years
˜ Computer equipment 3 years
˜ Capital Refurbishment 5 years

The Building Development represents expenditure on the re-development of the Camden Art Centre. The development work is being depreciated from 8 March 2004, the date of practical completion, to 9 September 2027, the date of the expiry of the 25 year lease. Assets funded through the recent ACE capital expenditure programme and the London Borough of Camden capital funding are depreciated over five years on a straight line basis.

36

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

m) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

p) Cash at bank and in hand

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

q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

s) Pensions

The company contributes to a defined benefit pension scheme operated by the London Borough of Camden for one employee. The charity's position is one of a stand alone arrangement, the employee has retired and the charity's remaining obligations in relation to this pension fund have been confirmed with the London Borough of Camden. These are accounted for in accordance with FRS 102 at the net present value of future obligations and the liability is accounted for at the balance sheet date.

The company makes contributions of 3-9% of gross pay to a defined contribution stakeholder pension scheme for eligible staff and contributes to the defined contribution personal pension schemes of some staff. The pension funds are held in externally administered schemes and the pension charge represents the amounts payable by the company to the funds in respect of the year.

37

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

2 Detailed comparatives for the statement of financial activities

Income from:
Donations and legacies
Charitable activities:
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Total expenditure
Net income / expenditure for the year
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Unrestricted
funds
£
250,648
Arts Council England
820,000
Friends and patrons
49,253
Donated goods and services
32,451
Fundraising events
68,010
1,220,362
Exhibitions
Charitable activities:
Education
Education
Exhibitions
Grants & donations
Income from donations and legacies (current year)		 Income from:
Donations and legacies
Charitable activities:
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Total expenditure
Net income / expenditure for the year
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Unrestricted
funds
£
250,648
Arts Council England
820,000
Friends and patrons
49,253
Donated goods and services
32,451
Fundraising events
68,010
1,220,362
Exhibitions
Charitable activities:
Education
Education
Exhibitions
Grants & donations
Income from donations and legacies (current year)		 Unrestricted
funds
£
1,381,876
109,404
79,840
217,491
1,603		 Restricted funds Restricted funds 2023
Total
£
1,703,974
152,343
79,840
217,491
1,603
Revenue
£
163,261
42,939
-
-
-		 Capital
£
158,837
-
-
-
-
1,790,214 206,200 158,837 2,155,251
249,442
980,266
533,252		 -
254,490
56,757		 -
90,008
153,258		 249,442
1,324,764
743,267
1,762,960 311,247 243,266 2,317,473
27,254
-		 (105,047)
-		 (84,429)
-		 (162,222)
-
27,254
(19,952)		 (105,047)
-		 (84,429)
19,952		 (162,222)
-
7,302 (105,047) (64,477) (162,222)
2024
Total
£
1,021,550
953,000
49,253
32,451
68,010		 2023
Total
£
535,599
936,595
38,291
8,745
184,744
Revenue
£
765,902
133,000
-
-
-		 Capital
£
5,000
-
-
-
-
1,220,362 898,902 5,000 2,124,264 1,703,974

3a Income from donations and legacies (current year)

Arts Council England (ACE) income includes a National Portfolio Organisation grant of £600,000 (2023: £936,595), an ACE Transform grant of £220,000 (2023: £0), and a restricted ACE Transform grant of £133,000 (£0) as described in Note 20c.

38

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

3b Income from donations and legacies (prior year)

Donated goods and services
Grants & donations
Arts Council England
Friends and patrons
Fundraising events		 Unrestricted
funds
£
213,501
936,595
38,291
8,745
184,744		 Revenue
Capital
£
£
163,261
158,837
-
-
-
-
-
-
-
-
163,261
158,837
Restricted funds		 2023
Total
£
535,599
936,595
38,291
8,745
184,744
Revenue
£
163,261
-
-
-
-
1,381,876 163,261 1,703,974

4 Income from charitable activities

Exhibitions
Donated goods and services
Other Public
Publication sales
Artwork sales
Sub-total for exhibitions
Education
Fees for courses and events
Sub-total for education
Total income from charitable
activities		 Unrestricted
£
15,333
171,477
15,343
13,878		 Restricted
£
8,839
-
-
-		 2024
Total
£
24,172
171,477
15,343
13,878		 Unrestricted
£
-
85,169
19,318
4,917		 Restricted
£
42,939
-
-
-
42,939
-
-
42,939		 2023
Total
£
42,939
85,169
19,318
4,917
216,031
972		 8,839
-		 224,870
972		 109,404
79,840		 152,343
79,840
972 - 972 79,840 79,840
217,003 8,839 225,842 189,244 232,183

Income from educational courses or any surplus from the courses is applied across the whole of the Charity's activities.

5 Income from other trading activities

Income from other trading activities
Bookshop sales
Gallery and Studio hire
Donated artworks
Other income		 2024
Total
£
122,624
48,487
23,670
12,569
207,350		 2023
Total
£
88,349
31,885
72,336
24,921
217,491

All income from other trading activities is unrestricted.

39

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

6a Analysis of expenditure (current year)

Staff costs (Note 8)
Direct costs
Marketing and advertising
Office costs & fees
Property costs
Recruitment
Legal and professional costs
Depreciation
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising funds
£
108,459
227
-
50,725
-
-
-
-		 Charitable activities Charitable activities Governance
costs
£
-
-
-
-
-
-
17,675
-		 Support
costs
£
325,376
473
68,490
278,107
197,700
7,225
31,401
254,054		 2024
Total
2023
Total
£
£
976,129
909,490
478,076
558,294
68,566
80,735
337,707
297,351
197,710
183,162
7,225
2,420
49,076
28,532
254,054
257,489
2,368,543
2,317,473
-
-
-
-
2,368,543
2,317,473
Exhibitions
£
368,760
374,975
-
8,875
10
-
-
-		 Education
£
173,534
102,401
76
-
-
-
-
-
159,411
150,112
2,946		 752,620
691,239
10,016		 276,011
321,476
4,713		 17,675
-
(17,675)		 1,162,826
(1,162,827)
-
312,469 1,453,875 602,200 - (1)
249,442 1,324,764 743,267 - -

40

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

6b Analysis of expenditure (prior year)

Staff costs (Note 8)
Direct costs
Marketing and advertising
Office costs & fees
Property costs
Recruitment
Legal and professional costs
Depreciation
Support costs
Governance costs
Total expenditure		 Raising funds
£
101,054
171
-
34,681
-
-
-
-		 Charitable activities Charitable activities Governance
costs
£
-
-
-
-
-
-
14,650
-		 Support
costs
2023
Total
£
£
242,531
909,490
1,170
558,294
80,540
80,735
219,423
297,351
183,122
183,162
2,388
2,420
13,882
28,532
257,489
257,489
1,000,545
2,317,473
(1,000,545)
-
-
-
-
2,317,473
Exhibitions
£
343,585
387,284
-
43,098
40
32
-
-		 Education
£
222,320
169,669
195
149
-
-
-
-
135,906
111,316
2,220		 774,039
543,178
7,547		 392,333
346,051
4,883		 14,650
-
(14,650)
249,442 1,324,764 743,267 -

41

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 254,054 257,489
Auditor's remuneration (excluding VAT):
Audit 12,150 11,350

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

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Consultancy
Social security costs
Employer’s contribution to defined contribution pension schemes		 2024
£
829,875
70,957
35,467
39,830		 2023
£
792,254
67,713
35,326
14,197
976,129 909,490

The following number of employees received employee benefits in excess of £60,000 (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£80,000 - £89,999 1 1

The total employee benefits (including employer pension contributions and employer's national insurance) of the key management personnel were £170,559 (2023: £158,373).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £0 (2023: £0).

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 34 (2023: 36). The FTE were as follows, split across the key activities of the charity:

Bookshop and reception
Premises and administration
Raising funds
Education
Exhibitions		 2024
No.
2.5
8.5
4.0
2.5
5.0		 2023
No.
2.5
8.5
5.5
1.5
4.5
22.5 22.5

42

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

10 Related party transactions

Aggregate donations from trustees were £187,570 (2023: £6,000).

Restricted donations from related parties were £3,000 (2023: £nil), which was from the Charlotte Bonham-Carter Charitable Trust, of which trustee Eliza Bonham-Carter is a trustee.

There was one related party payment during the year: a membership fee payment of £256 made to FRANK, a community interest company of which Trustee Anne Hardy is a director and the Charity is a founding member: she was not involved in the decision to make payment (2023: £256 for equivalent transaction).

11 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

12 Tangible fixed assets

At the end of the year
At the start of the year
Net book value
At the start of the year
Additions in year
At the end of the year
At the end of the year
At the start of the year
Charge for the year
Depreciation
Cost
Disposals in year
Eliminated on disposal		 Building
Development
£
4,598,087
-
-		 Furniture &
Equipment
£
85,227
7,895
(2,731)		 Computer
equipment
£
20,257
1,562
(3,000)		 Capital
Refurbishment
£
576,708
11,690
(4,886)		 Total
£
5,280,279
21,147
(10,617)
4,598,087 90,391 18,819 583,512 5,290,809
3,774,235
183,078
-		 61,397
11,335
(2,731)		 16,873
3,065
(3,000)		 402,761
56,576
(4,886)		 4,255,266
254,054
(10,617)
3,957,313 70,001 16,938 454,451 4,498,703
640,774 20,390 1,881 129,061 792,106
823,852 23,830 3,384 173,947 1,025,013

Building development comprises the cost, including relevant fees, of the refurbishment of the Centre's leasehold premises. The premises are held on a 25 year lease from Camden Council. The realisable value of the lease is limited as it specifically states that the premises can only be used "for the purpose of the advancement of the education of the public of the understanding and appreciation of the Arts". The lease also states that any disposal of the lease will be restricted in accordance with Section 117 of Charities Act 2011.

Arts Council England has a mortage on the property and a floating charge over the other assets of the charity worth £2,914,783 for a 25 year period from 18 September 2002.

All of the above assets are used for charitable purposes.

13 Stock

Bookshop stock
Donated artwork stock		 2024
£
25,832
287,019		 2023
£
22,483
347,144
312,851 369,627

43

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

14 Debtors

Debtors
VAT
Accrued income
Other debtors
Prepayments
Trade debtors		 2024
£
37,568
343,546
29,295
279
5,564		 2023
£
23,146
144,344
61,307
417
9,550
416,252 238,764

All financial instruments, both assets and liabilities, are measured at amortised cost. The carrying values of these are shown above and also in note 15 below.

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Deficit reduction plan pension liability (note 18)
Accruals
Deferred income (note 16)
Trade creditors
Taxation and social security
Other creditors		 2024
£
88,470
20,497
16,659
88,724
1,650
12,000		 2023
£
165,120
17,911
5,421
54,391
1,933
12,000
228,000 256,776

16 Deferred income

Deferred income comprises education fees received in advance of the period the educational activity occurs.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2024
£
1,933
(1,933)
1,650		 2023
£
2,167
(2,167)
1,933
1,650 1,933

44

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

17 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Deficit reduction plan pension liability (note 18):
Amounts due within two to five years
Amounts due in more than five years		 2024
£
40,191
23,368		 2023
£
40,191
30,097
63,559 70,288

18 Pension scheme

Amounts included in Creditors under "Deficit Reduction Plan" represent a liability to the London Borough of Camden to settle amounts due under a superannuation scheme which has now closed. The amount of the liability is being paid in equal instalment of £12,000 per annum over a 15 year period commencing in the charity's 2017/18 financial year. This liability is accounted for in full at net present value, taking account of an imputed interest rate of 7.5%. These assumptions and the resulting liability may vary depending on changes to underlying interest rates over time.

19a Analysis of net assets between funds (current year)

Long term liabilities
Tangible fixed assets
Net current assets
Net assets at 31 March		 Unrestricted funds
£
27,488
762,461
(63,559)		 Restricted
revenue funds
£
-
705,647
-		 Restricted
capital funds
£
764,618
-
-		 Total funds
£
792,106
1,468,108
(63,559)
726,390 705,647 764,618 2,196,655

19b Analysis of net assets between funds (prior year)

Net assets at 31 March
Net current assets
Long term liabilities
Tangible fixed assets		 Unrestricted funds
£
27,214
879,131
(70,288)		 Restricted
revenue funds
£
-
163,042
-		 Restricted
capital funds
£
997,799
135
-		 Total funds
£
1,025,013
1,042,308
(70,288)
836,057 163,042 997,934 1,997,033

45

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

20a Movements in funds (current year)

Restricted funds:
Total restricted funds
Total designated funds
General funds
Strategic Investment Fund
Education
Lease Work
Exhibitions: Artists for Artists
Business
ACE Transform Funding
Unrestricted funds:
Building Fund
Revenue funds
Capital funds
LB Camden s106 project
LB Camden CIL project
Total unrestricted funds
Total funds
Minor works
Building Development
Building development
LB Camden CIL 2
Exhibitions
Designated funds:		 At 1 April 2023
£
-
-
-
27,501
31,001
104,540
3,120
27,931
143,031
823,852
-		 Income & gains
£
133,000
170,000
140,000
323,258
141,483
-
-
-
-
-
5,000		 Expenditure &
losses
£
(75,434)
-
(21,000)
(165,211)
(80,991)
(22,500)
(1,162)
(17,318)
(35,758)
(183,078)
(1,000)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-		 At 31 March
2024
£
57,566
170,000
119,000
185,548
91,493
82,040
1,958
10,613
107,273
640,774
4,000
1,160,976 912,741 (603,452) - 1,470,265
90,000
60,000
45,000		 -
-
-		 -
-
-		 (36,500)
-
(18,426)		 53,500
60,000
26,574
195,000 - - (54,926) 140,074
641,057 1,655,425 (1,765,092) 54,926 586,316
836,057 1,655,425 (1,765,092) - 726,390
1,997,033 2,568,166 (2,368,544) - 2,196,655

46

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

20b Movements in funds (prior year)

Restricted funds:
Total restricted funds
Total designated funds
General funds
Revenue funds
Exhibitions
Total unrestricted funds
Lease Work
Total funds
Staffing Transition Support
LB Camden CIL 2
Education
Building development
Strategic Investment Fund
LB Camden s106 project
Audience Development
Exhibitions: Artists for Artists
Capital funds
LB Camden CIL project
Unrestricted funds:
Designated funds:
Building Development		 At 1 April 2022
£
2,685
133,364
127,040
5,000
10,284
45,197
-
1,006,930		 Income & gains
£
81,573
124,627
-
-
-
-
158,837
-		 Expenditure &
losses
£
(56,757)
(226,990)
(22,500)
(5,000)
(7,164)
(17,266)
(35,758)
(183,078)		 Transfers
£
-
-
-
-
-
-
19,952
-		 At 1 April 2023
£
27,501
31,001
104,540
-
3,120
27,931
143,031
823,852
1,330,500 365,037 (554,513) 19,952 1,160,976
-
60,000
27,950
-		 -
-
-
-		 -
-
(27,950)
-		 90,000
-
-
45,000		 90,000
60,000
-
45,000
87,950 - (27,950) 135,000 195,000
740,805 1,790,214 (1,735,010) (154,952) 641,057
828,755 1,790,214 (1,762,960) (19,952) 836,057
2,159,255 2,155,251 (2,317,473) - 1,997,033

20c Purposes of funds

Purposes of restricted funds

ACE Transform Fund - Transitional funding from Arts Council England which covers business development and consultancy costs to support future organsational change.

Building Fund - Fundraising in relation to building lease purchase and development.

Business - Corporate fundraising to support future projects, including Bloomberg Digital Accelerator Programme.

Exhibitions - income from individuals through Exhibition Circles, Trusts & Foundations and UK and international arts agencies and commercial gallery partners, as well as funds raised through our Emerging Artist Prize, for the purpose of presenting exhibitions of UK and non-UK artists.

Exhibitions: Artists for Artists - Fund that created in 2017 through fundraising events for the Gallery's 50th Anniversary to support artist-led projects, commissions and residency programmes that will enable artists to continue to take risks with new ideas and to push the boundaries of their own practice.

Education - Income mainly from Trusts & Foundations supporting our learning programmes including Special Educational Needs, Family, Schools and Youth programmes.

47

Camden Arts Centre

Notes to the financial statements

For the year ended 31 March 2024

20c Purposes of funds (continued)

Purposes of restricted funds (continued)

LB Camden s106 project - A grant of £172,323 from London Borough of Camden S106 funds towards a series of improvement works completed between 2016-2021. Works include environmental building upgrades such as solar panels, rainwater harvesting tanks, a computerised building management system and interior LED lighting, and improvements to public areas such as our garden walkway. Expenditure represents depreciated costs.

Community Infrastructure Levy (CIL) awarded via LB Camden - A grant of £76,729 in 2019/20 towards a series of improvement works in our café and garden.

CIL 2 - A further grant of £158,837 awarded by LB Camden in 2022/23 towards our shop and lobby refurbishment.

Building development - the depreciation cost, including relevant fees, of the refurbishment of the Centre's leasehold premises. The premises are held on a 25 year lease from Camden Council.

Minor works - Restricted grants including Rose Foundation grant in FY23/24 in relation to building improvements.

Purposes of designated funds

A designated funds for building development costs was set up in 2018/19 for unforseen and urgent building works. A staffing transition fund was created in 2021/22 to support the introduction of co-ordinator posts from 2022/23, following a staffing restructure during the coronavirus pandemic. A new fund was set up in 2022/23 to support antipcated future lease renewal costs, including anticipated legal and fundraising expenses. A new strategic investment fund was set up in 2022/23 from unrestricted donations received at the end of the year to support next year's budget.

21 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net (expenditure) / income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends and interest from investments
Decrease in stocks
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operating activities		 2024
£
199,622
254,054
(10,710)
56,776
(177,488)
(35,505)		 2023
£
(162,222)
257,489
(1,603)
50,083
(88,487)
9,201
286,749 64,461

22 Operating lease commitments

The Centre's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
Two to five years		 2024
2023
£
£
7,466
2,432
34,289
11,552
41,755
13,984
Equipment		 2024
2023
£
£
7,466
2,432
34,289
11,552
41,755
13,984
Equipment
41,755 13,984

23 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

48