REGISTERED COlJtPANY NUMBER: 04239932 (England and Wa1è51 REGISTERED CHARITY NUMBER: 1097377 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCTrI 2024 FOR ARTES MUNDI PRIZE LIMITED MHA Chartered Accountants and Ststutory Auditor Elfed House Oak Tfee Court Cardrff Gale Busine5$ Park CARDIFF County of Cardrfr ¢F23 8RS ARTES MLINDI PRIZE LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report ofthe Trustees 1 to 15 Report of the Independent Audltors 16 to 17 statement of Financlal ActEvlt5es 18 Balance Sheet 19 Cash Flow Statement 20 Note8 to the Cash Flow Statsment 21 Notes to the Financial Statements 22 10 30 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees. who are also directors of the ¢harily for the purposes ol Ihe Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The Iiuslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practicè applirable lo charities prepar*ng their a¢xounts in accordance with the Finanu81 ReFX)rting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffect¢ve 1 January 20191. MISSION ANO AIMS Artes Mundi is the key intemationally focused flagship visual arts organisation in Wales generaling unique opportunities for individuals and local communities lo engage creatively with the urgent issues of our time in ways which resonate Mlh us all. We are committed to stimulating dialogue and debate, intemallonally and locally. Ihal develops greater undwsl8ndir¥J of ourselves, of others, and of the relations between familiar and distant ¢ullures. Founded in 2002 as a biennial exhibition and pryze. we have become one of the best-known wsual art$ organisations in the UK wth 8n extenswe nationwide and intemational proffile, and critical reputation. The exhlbrtion and prize remain at Ihe core of Artes Mundi's programme of activity. which has ¢xp8nded over the past 21 years lo Indude.. exhibitions and o)mmissions wkh grtists of inlemabonal importance, often 8$sOryated wÈth us as previous participants and with venues and partners acr085 Cardiff, Wales and beyond-, community engagement projects of depth. significance and consequence.. events that contiibuie to cultural debate in W¥les and beyond., the important role as a cultural ambassador for Wales, across the UK and intèmalionalty. Artès Mundi brings exceptional and challenglng work by inlemational artists to Wales Ihat resonalas locally in ways whlch are meaninglul in our everyday lives. This widely praised, wodd-class event is Wales, most significant contemporary visual art exhibition and international inilialive. The scale and amtxtion ol Artes Murldi 51ts alongside major intem8tion81 inslilubons. We hold a signtficant place in the cultural calendar intemab"onally and ?re often the first organisation to introduce the artists to UK audien￿$, exhibiting wort by those including John Akomfrah. ThÈasler Gates. Tania Bruguera, Ragnar Kjartansson, Teresa Margolles and Kara Walker. Past exhibilions hove induded an ambitious and dlverse arrdy of work a¢x)ss rnedia induding pa#itiThJ, photography, )Ilm, installat¢on, socially èngaged practice, perlomance and sculpture. Through their work, the artists we work wilh respond to contemporary issues suth as identity, cityzenship, immigration, the environment and conflict, toptex we seek to conlinualfy address. Successive sFK)rtlisl$ have brought together artists whg question what it means to live in our worfd today, commenting and ¢riliquing the social. political and cultural Corrtext Tn 8 way that has global relevance, while importantly having local rasonance for our audiences in Wabs. Artes M4Jndi Prvze LSmited is a not-for-profil organisation whose charitsble oblg¢tive Is "to advance the edUCat￿n of the public by increasing Ilieir knowledge 8nd appreciation of intemational contemporary arr. Vvhile there is no speofic theme, artists are selected in ￿sponse lo their work in relab'on to social fealities 8nd the human condition and what il means to live in our worfd at this moment. Over the last 22 years Artes Mundi has developed and expanded into what Ihe Arts Counal of Wales has described as "one of Vvales. most impressive arts oiganis81ions" We continue to lead important partnership activities acros5 and beyond Wales. induding exhibiti"on5. commissions and perfomian¢es. community regeneration and seminars and woikshops. Our approach, linking èxceptional artistic experiences ¢10soly lo community engagement. attracts serious attention from the leaders of major arts org8nisalions elsewhere in the UK and the AM staff team are in demar￿ as speakers in the UK and overseas. Artes Mundi is well placed to ¢real$ opportunities for dialogue. debate and networking that transcend national, Ilnguisli¢ and cultural boundaries. Social everts, talks, rnenlorships, commissions and development programmes, all create opportunities lor Welsh artists and ¢ur81or$ to nefv￿rk colleagues from a¢ross the worfd and help to foster productive relationships, n81woYks and collaboration. Our values Cefttre on iTKiea$ing cultural participation, widening access to intemational worf¢ of exlraordinary quality and building a vibrant contemporary arts ecosyslem in W8le5 through partnership with othgrs. At the core of Artes Mundi is the belief that art can and does play a vital part in our lives. Artes Mundi's development has been a story of innovation and 8chievement. but there is still huge potential for development and growth. New initiatives, commissions and events established for Artes Mundi 10 provide the necessary groundwork and indicators toward potenttal future endeavours. Our inlenlion is to build on this succèss, rooting this important intemational project more fimily into the labric and culluTe of Wales for the benèfit of all, in partnership and collaboration with like-minded organisation$ in Cardiff. Wales, the UK and intemalionalty. Page 1 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Objeelives and alms Thè rnain objectives for the year ended 31 March 2024 were-. To deliver the lenlh Aries Mundi 10 biennial exhibition. the first 8$ 8 pan-Wale8 edition. attracting large numbers of ￿5*torS, achieving 8 positive reaclson from the national and lntèmat￿nal audiences arKI lo generate a strong crit￿5 and media profile To deliver a successfvl inlemational related public programme of talks. wotkshops, evenl$ and aclivib'es,. To 8W8rd the Artes Mundi 10 Prize.. To work Mth the Derek Williams Trust. National Museum Cardiff and other partneT8 lo slrenglhen the nationol ojllÈction of ￿r￿empOrary art for Wales,. To complete Ènd ¢onlinue to develop communty engagement prole¢#s In and around Cardiff and Wales, li association wilh community groups. artists, and olhers., To work wlh estsblished commun*ty groups to engage and build rdationships with new and existing indNiduals and communiti¢s who experience barriers lo partiapation in contemporary art., To consolidate and enhanc2 our tnternalional ne￿0th$ and reputation. g*ving Artes Mundi an important voice in cultural di31ogue, and a firm basis for international collaborations.. Tts continu8 Its work towards a strong funding base for f4Jture activity. in¢luding attracting a diverso portfolio of private sedor support and making the case for reasonable and secure levels of public funding, for a project that is wld&ly recognls¢d ¥$ a having real national and intemational significan￿. In delemining the charitys objectives and activities the trustees have complied ￿t￿ the duty lo have (Jue regard lo the public benefit guidan￿ published by the Charity Ccrfnmission. The aclivities undertaken during the year that demonstrate public benefit are set out In the followtng pages. Page 2 ARTES MUNDI PRIZE UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 SIGNIFICANT ACHIEVEMENTS, ACTivmES AND PERFORMANCE Artes MLTndl 10 Exhibltion and Prtze The trustees believe that Artes Mundi has dearly demonstrated, over succes￿Ve prize wdes. wlth Ihe most ￿Cent tenth exhibition a8 8 distributed exhibition across w￿e$ and wthin the ¢onlext of the contin¢Jing ctrcumstances of Èconomic and environrnental crises, that its ability to delivec a world-ciass. critically acdairned arts experience for the people of Wales is undimrred. Our education and public progT8mming work 13 recognised as innovative and exemplary,. our mmunily ¢o-cre8lion work is acknowledged as a key model. and our commissions and exhibitions continue lo be well received, both pppularty and critically. thin the resources available, the Irustees are detomiined that Artes Mundi should continue to delThier exemplary proj¢¢ts th* bring inlemational quality WO￿ to Wales and help lo develop the country's artist￿ reputation ar Infrastructure roottng th¢5 within work and partnerships of10181 and national significance. For Artes Mundi 10 IAMI01. the exhibition ran from 20 October 2023 to 25 February 2024. For the first time, it was 8 pan-walés presentation al venue partners.. Mo$tyn Ll8ndudno Oriel Davies Gallery. Newtown Glynn Vivian Art Gallery. Swansea National Mustsum Cardrff Chapter. Cardiff We worked the following artists.. Rushdi Anwar {Born Kurdi5tsn. Lives and works between Thailand 8nd Au5tr81i3) Carolina Caycedo (Bom UK lo Colombian parents. Lives and works in USA) Alia Faiid (Bom Kuwait. Liv95 and works belween Kuwait City and Pu¢rto Rico) Naomi Rincon Gallardo (Born USA. Lwes and works in Mexico) Taloi Havani {Born Bwgainville {Nakasl Hako tribe). L4ves and works in Austrafia} Nguyen Trinh Thi18om and continues lo l*ve and work in Vietnam) Mounira M Solh IBOM Lebanon. Llves and works in The Nelherlands} CollectNety they represented a breadth ol media en¢omp8ssing painting, sculpbjre. texts'les, installation. film. video and performance. Work was presented as folbws.. T81tsi Havini- new video and photographic work al tV40 9alleries in Mostyn plus ta new photographic and Ilghlbox instalLqlion in the cafe at Chapter., Nguyen Trinh Thi- an immersNe lighvsound Instsllation at Glynn VNian plus a screening programme of her films al Chapter and Glynn Vivian., C8rolirt8 Caycedo - new and existing woths at Orrel Davies Gallery (Induding loans of Greenham Commcn banners from the Peace Museum, Bradfoidl plus a nèw piece in Ihe light box above the entrance at Chapter,. Naomi Rincon Gallardo the premiere piesenlalion of a trilogy of new video works alongside a seleGtion of relatsd watercolours and sculptural work in the gallery.. Mounira Al Solh. Rushdi Anwar and Alia Farid all $howing a mix ol new and existing sculpture, perfcmance, photc¥raphs, paintings, sound and video at the National Museum Cardiff. 302.921 exhibition visits marked a 215°A incr83se in allendance al the Artes Mundi 10 exhibition across five vènues, ¢￿[￿Pared lo 96,023 visits at ￿ venues during Arte$ Mundi 9. Furthemiore, our evaluation cleafly demonstrates some significant achievements induding a 4.7 out of S star razing w￿h 910/0 of AM10 audiences and participants rated their experierice as 'Good or 'Very good,; 60Vo audiences were new to Artes Mundi programming-, 34°A average new audien¢e$ lo e8th of the partner venues were recorded for th& exhibition. Tanging be￿en 28 /¢ and 42% of people visiting e8¢h of the respective venues lor the first time to experience Artes Mundi 10, and 18Vo of visitors to exhlbilion were new lo any of the partner venues, demonstrating the exhibrtion's role in attrathng new audiences to these locations. We welcorned aUdIen￿S Irom over 20 countries, induding. A*Jstralia. Canada. China, England, France. Gemany, the Isle of Man. India, Ireland. Italy, Kuwait, Mexico, Netherfands. Norway. the USA, Singapore, Scotland, Sweden, Vietnam and Wales. Of these. 21.1 /ts of suNeyed attendees to AM10 identified as Deaf or disabled, matching the per¢entage ol disabled people in Wales as recorded by the 2021 census.. 13.3% of s¢Jrveyed AM10 audiences and participants were from Global Majority communities. surpassing Wales eenstss figures for 2021 {6QA Global Majority population} and 29Vo of surveyed attendees were Welsh speakets, surpassing the national average of 17.8QA among the Welsh population over 3 years old. Page 3 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 MARCH 2024 OWECTIVES AND ACMVITIES £6,538,637 in direci economi¢ impa¢t wa5 generated by AM10 for Wales 8$ 'lh& host econom￿, based on tr)urisrn attracted to Wales as a direct resuts of the programme, as well as Artes Mundi's ¢)wn investment in the Welsh economy. Alongside the AM10 exhibition, Ihgre was one presentation of past Derek Wlli8mg Tnjst Artes Mundi Purchase Prize winners - Berni sear￿ IAM11, 'Sntsw Vvhite, at National Museum Cardiff ès 8 compkmentary initiative celebrating our legacy. FL*rther adding to the oxpansive celebrations for this our 20th year anniversary, we presented Ncheta, a first solo exhibitson in a public museum by the Aurora Trinity Collectsve, as a new installation cornpiising a large-scale textile work. sound and photographs, tn the ¢enlr81 atrium of Glynn Vivian Art Gallery, a ¢ulminalion of our longstanding partnership. Collectively these created a clèar dgmonslralion of the work we do ot signiflcant profile frorn a local to intemalional level. Followng the AN10 launch events al National Museum and Chapter in C8rdrff. in the aftemLX)n of 20 O¢lober. there were perfonrances as part of Mounira Al Solh's exhibilKsn invofving a pro￿5510￿ and vocal perfomiances from the foyer to the west wing galleries, invofving the Oasis One World Choir. Thls fomied part of the delivery of community projects where different stories and histories of contemporary wa￿ were captur¢d and celebrated. as part of the overall AM10 public programme. The Artes Mundi 10 Prize wnner was selected by 8 jury comprising Katya Garaa Anlon, Wanda Nanibush and Gabi Ngcobo. The annoUn￿ment took pla¢¢ al an event al the Ternple of Peace. Cardiff on 25 January 2024 attended by over 120 supporters and partners. followed by an 3fter party al Bacareto. The AMIO Prizg was aw?rde(I to Taloi Havini. a first for Artes ￿￿nd1 in working with an Indigenous artist. The Derek Wlliams Trust Artes Mundi Purchase Prize was again awarded vsa a discrete public announcèment and panel discussion at the National Museum Cardrfl alongside a dedicated Press evenl. Joining AM director Nigel PriwKe and Ceri Jones, Curator at NMC to detemine the winner, was Sian Wlliams as a representabv• frL¥n the Trust. The winning artist was Mounira Al Solh with five textile works acqui￿￿ from her series In Love in Blood. The Artes Mundi 10 publication was again woduced wth London publisher Black Dog Press as a fully bAiAgual worf( contributin9 toward athieving one of OUT Strategic aims ¢on¢eming Welsh language with copies avadable Ihiou9h our online shop a$ part of our website and at all exhibition venués. Artes Mundi 10 Public Programme A similarfy robust and lar-reaching public programme for Artes Mundi lo wa$ delivered with 8pecific priorities aligned to partner venues and their community relationships providing key targets lo gngage differing and diverse cornmut)ilies 8nd constituenoes across Wale5. focusing on ad*Jlts. sChO￿s. fatNiliès. chitdren and others creating a breadth of programming opportunities. The foojs toward a mix of hybridlblended delwery of in person with 30me online wotk included a range of programrnes embedding access with and for Disabled. D6af and neurgdivergenl audien￿ members as well as involving representslwes from these communities via a Ccmmunty Advisory Panel working alongside AM and venue staff. 5,475 partictpants In 171 events deliVe￿d across the AM10 Public Programme r&pres￿le(l 8 34% increase from Ihe 4.082 attendees durtng th¢ Artes Mundi 9 programme period. The programme ofevents and activities comprised= Onlln8 Exhlbltlon D¢¢umentatlon and Interactlve Vldeos Still photography of the exhibi140n al 811 venues and a series of interacbva 3D installation views enabling v¢sitors lo our website to engage In 8n online lour of each presentation. Onllnè Talks Progr•mme- At the table with... Presented in partnership with Bri115h Council Wales, seven free In-conversat￿ panel disCUS5ions, cfie for each of I AM10 shortlisted 8rli51$'. Nguyen Trinh Thi in conversation with Philippa Lovatt, Lè¢tur¢r in Film Studies at University of St Andrews,. May Adadol In9awanti. writer, curator and Professor of Cinematic Arts at the UniveTs*ty of Westminster wherts Sho ¢tsdire¢ts th$ Centre for Reseafch and EdU￿tIOn in Arts 8nd Media., 8rtd Zoe Butt, curator and writer and Foundermirector of intangible insttlule. Alia Farid in conversation with Bridget Guarascl. Associate Professor. Depl. of Anthropology, Franklin & ma￿hall College, Lancaster, PA and Environmental Anlhfopologisl,. and Am81 Khalaf, Curator. Artist and D1￿ctor of Programme5 al Cubitt, London., Page 4 ARTES MUNDI PRIZE UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Naorni Rincon Gallardo in ¢onver5ation with Nina Hoechtl, researcher, curator and teacher, based in UNAM'$ Cenler of Gender Research and Sludies {CIEGI, Mexi¢o', and Laura Guitierre2, Ass¢xiate Dean for Community Engagement and Public Pra¢ti¢e in the College of Flne Arts, and Associate Professor in Latinx Studies in tha Department of Mexican American and Latinalo Studies 81 the Universily of Texas al Austin,. and 8eatrll Lobo Britto. Curator at the InslilLrte of International Visual Arts linTrva}, London., Rushdi Anwar in conversation with Dr. Omar Kholeif, author, curator and university professor, and a broadcaster and equality advocate who etjrrenlly seNes as Dirèctor of Collections and Seni¢r Curator at Shariah Art Foundaiion, UAE; Dr. Hawzhin Azeez Co-Director of The Kurdish Center for Studies (English branch) as well as the creator of The Middle Easlem Feminist. Ausltal*a', Shahram Khosravi. Professor of Anthropology at Stockholm University.. C8¥01ina CaY￿d0 in conversation wilh Brissa¢h, Curator 41 the Northern NoThveglan Art MuS￿jn1DavVl Norgga Daiddamusea,. Fem Smith, artist. facilitator, eelebranl, trauma infomied bodyworker and craniosacral Iherapisl, coach and rites of passage guide. She co-fouftded Swanse&based Volcano Theatre Company.. and Barbara Santos, visual artist and independent research¢r with significant experience in th$ jungles ssnce 2005 in the Vavpés and Putumayts region5 {Colombian Amazon) and 15 the author of the book 'La curacion como lecnologla. (Healing as Te¢hnology, i¢Jartes, 20191.. Mounira Al Solh in conversation with Rachel Dedman. Ihè Jameel Curator ol Contemporary Art from the Middle E8St 81 the V8A, London.. Sarah Mady, archeologist. le¢turer 81 Fordham University, NY and an 8djunct lecturer at Monld8ir State University, NJ. and Amak Mahmoodian. artist based in Brisld, UK Taloi Havini in conversation with Wanda Nanibush. Anishina8be-kwe irnage and word warrioT, curator and community organiser Irom Beausoleil First Nation. CLtrrently Nanibu5h 15 the inauguial Curator rrf Indigenous Art and ¢o-he8d of the Indigenotss & C8n8dian Art Department at Art Gallery of Ontario IAGOI, Toronto., and Leanne Belasamosake Simpson, Michi Saagiig Nishnaabeg scholar, writer and artist. who has been widely recognvied as one ol the most compelling Indigenous vol￿S ol her generation. Hoi work breaks open the inteiso¢tions between politics. story and song bringing audien¢es inlo a rich and layereil world of sound. light, and sovereign creatiwly. Onllne vldeos of tslk$ Recorded versions of the 'AI the table ...' talks avallable via oui website. Podcasts An extract from each of the tslks will be edited and added to wtlh community ￿ntribUtiOnS speCI￿C to different areas of Wales and the shortlisted artists. wo￿, then released 8s pod￿$1$ via our website in January 2024 and availablè vi¥ all major podcast platlorms. Exhibltlon tours We delNered a s¢Jite of public tours across each venue. For 8xample, these included w¢gkty Satuftlay public tours 81 Chapter and three tours ond talks led by Bethan Mair Wlliams (wh) grew up between Bougainville and Llandudno and is famity friend ol TaloS Havinil, kn in English and tho third was in Welsh, at Mostyn. The tour package as a whole also included specifically fO￿se￿ delivery including five 8SL-led tours, eight Audio-descriptstsn tours and six 'Sen$ory Friendly, or'sensory Tours. 8SL Working with the 'Our Visual Worlds, project team (Jonny Cots￿, Tom Goddard, Jane Simpwn and Heather Mfilliams). OVW learn recruited seven Deaf creatives to take part in a training programme supported by John Wlson (who delivered BSL tours in AM81 and Rubeena AuTangze&Tariq. wh¢¢h took pla￿ from December-Febwary. All seven reerui(ed creatives completed their training, with tours being by five of the trainees with one of the trainees documenting a tour as opposed to leadin9 It. The fjn81 recruit was unable lo ¢omplele their tour due to being on parental leave. This not onty nijrtured local talent and provided opportunities for diverse ¢realives arKI aUdIen￿S but also leaves a lasthng legacy of trained individuals able lo deliver s￿h events aeross Welsh visual arts venues. Audio Descrlption tours for Blind and Visually Impairgd audiences Research and developmeftl were completed by Sian He81y and Slephanie Roberts. They developed a compr6hansive training packagè lor the Artes Mundi team and for our venue partners. Our seven Engagernent Producers ¢ompleted training in writing audio descriptions ol visual art works - again nurturing talent and crèÈting a diversity ol indusionary opportunities for audiences - and they wrote and iecorded Ihese in Welsh and English which were available via QR codes in the galleries for AMI0. The Artes Mundi learn and members of our venu¢ partners also completed Irt$ual Awareness Training so were better prepa￿d to supp)rt Blind and visually impaired audiences. Sian Healey and Steph Roberts provided this training and additional ¢onsullation for our Engagemènt Producers and venues in the design and del4very of subsequent Audio Description tours. In total, eight tours took plac&, wth Oriel Davies, Chapter and Mostyn all opting to Nn additional AD tours. Page S ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OWECTIVES AND ACTIVITIES Peoplè wlth sensory pro¢essing condltlons This indudes neurodivergent people and people living Wth dement*a, where per￿ptIOn ol sènsory stimuli is atypical. Research on thls was conducted by Booker T. Skelding and 8ddtlion81 Consultation was provided by Booker and Alex Kelgie to Chapter Arts Cenlre, National Museum Cardiff and Glynn Vivian Art Gallery. As a result, we leil six tours auoss Wales- tsvo Bt Oriel D8vies Gallery and National Museum Cardiff, and then one each at Chapter and MostyA- One major leaming from this was that the demographic of adutts with sensory processing condrtions is so vast that it is not possible lo calw for all needs in one event. As a result, we Saw different approaches emerge when wortir¥J wilh our partners and Iwo drferenl lypes, ol tours being designed. In addition to the abovè, with Chapter we held 'Quiet HoLtrs' pcovi$ion on Wednesday and Saturday momings ti-weekly throtsghout the of the exhibilion, October to end of February, lo welcome in audiences with sènsory prc￿￿$S1ng conditions. This aspect of the over811 progomme again has created distinct And po$ilive legacies, not only through training provided bLSt with leaming which can be applied more generalty Ic) ¥ll future tours and public programmes induding AM11 provision. Venue partners have fed back that collaborating on these tours with us has stimulated significant development work which they will be Emplemenling in fulure programmes and through ctsnlinued work with local communities. As with all tours. any leamings which can be applied more 9eneralty lo all ftjlure tours and public programme5 W711 be ulilised for AM11 public programmes. S¢hoolslCollegelUnivetsitylCommunity and Famlly workshops & tour8 Our school programme for AM10 was developed in collaboration with all our venue partner5. We prodU￿d a $efi¢s of Schools Packs designed for Yèar 9, 10 and 11. which were also adaptabb for use for FE and HE, looking at Enwronmenlal JUst￿e and Human Rights, specifically the rights of peopl& displaced from their home nations andlor forced lo live in exile. Welsh Refugee Counetsl collaborated with us on Ihis offer as well as on the lour provision in wh some of the works exhibited at the National Museum Cardiff were led by some of their clients. Packs We￿ available from the beginning of January and induded inftsrrn81ion about each exhibiting artist, key prompts. and questions for teachèts 19 ask in gallery spaces, plus a glossary of lems artd work3hop activities. produced in both English 8nd in Welsh. These ¢onb"nue to be available on our website. Further to this.. At Oriel Davies we worked ¥vith Powys County Coun¢il lo deliver a series of workshops to 811 loc41 luftior schools n the are8 looking at the theme of 'cynefin,' The resulting work produced by students was compiled and turned Into a print gifted to each school that took part., At Gtynn Vivian Art Gallery we ran four worksfrw)ps with lo¢al junior schools,. Al Chapter. we led a workshop with the STEM Riverside group (students from Fitzalan Sthooll and a fijrther fwe sch[￿15, wlleges and universibes tr￿k part in salf-led lours,- At National Mvseurn Cardiff we ran seven tours and workshops for tsjmrnunity groups and schoo￿. and a futher 1S schools, colleges and universities took part in self-l¢d louts. Addllionally, w& also delI￿re￿ family activity as follows: At Glyftn VIvi8n Art Gallery Aurora Trinity Collective led a f￿¢ dropin workshop as part of theii Wnter FeslNal in Décember. and in February half-temi there ￿re a series of workshop activities for families.. Al Ch8Pter, we held famity actiwty days., At National Museum Cardiff we ran two lull famity act￿lty d8ys, 88 well as leading ￿-faM￿Y woth-shops lor closed groups (Vvelsh Refugee Council playgroup and Flying Start Families}.' At Mosiyn, we ran f￿r family workshops a¢ross tho Christmas holidays and February halftem. Typully, these were incredibly well attended. school workshops usually around 30+ stutlents and family days were ex¢eptionally busy, especially during half temis reaching over 120 participants each day. Onllne Journal For AM10 we evolved our joumal offerin9 from AM9. Dylan Huw was appointed as commissioning editor and writer and seven additional writers were commissioned to ￿ale original pieces in response to AM10, rndudin9 thrèe as original Welsh content. Conlfibutors were intemational and of diverse backgrounds but with considerable focus on young Welsh wrilers, hereby nurturing and cièating opportunities for emerging talent. They included J03nna Wrwht. Aaditya Agga￿al, Rebecca Jagoe, Steffan Gwynn, Calrin Menai, Sophie Mak-schram and Taylor Le Melle. All ple￿¥ have been subsequenlly made available produced in tK)Ih En9fish and in Welsh. Page 6 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 0￿EC￿vEs AND ACTlVtTIES Communlty led events and proJects In response to thèrn#ti¢8 of AWt10 exhibltlon and artists Oasi5 Oné Worfd Choir worked with Mounira A Solh on Iwo collaborative perfonnances on 20 October al National Museum Cardiff. She also met with them and created Fk)rtraits of several of their membgrs fi>r her series I believe in ovr light lo be frivolous displayèd as part of her exhibition. Following these perfomian¢e$, we also rganised a ryealive exchange where they mot with Hafren Choir al Oriel Davies Gallery on th$ weekend of 20 January. Hefe both choirs took part in'singing walks., shared rne3ls and perfomed in Carolina Caycedo's $xhibition as part of AM10. Overall, this community project ¢OTTJprised fv40 public events involvlng over 20 partiupants. plus 10 workshops. four interviews for w)cJusion in podcasts, a text produced as a 'p8r&label' p￿seAted alongside Al Solh's work., Valley Kids responded to Alia Farid's work and collaborated with artists Menna Buss and Rebec¢a Wyn Kelly,. their w<)tk then presented in an exhibition at The Factory In Porth in eaty February 2024 called Explore. They held a j¢ynl workshop and exhibit*on opening with members of the Threads group from Glynn VIvi8n Art Gallery on 6 February. In addition to this public event this project involved 16 participants and comprised fwe workshops, four inlorvi¢ws for inclusion in podcasts. a fext produced as a'par8-label' and Imo exchange visrts; Working with the 'Threads' gr0￿p and artist Menna Buss to rÈ5pond lo the work of Ngltyen Trinh Thl at Gtynn Vivian, the group created crochet chillis which were used lo de¢orale the Christmas Tree at the gallery. They also contributèd to t17e Explore exhibition in Porth. working wth Valley Kids, and they visrted Chapter Arts Centre and National MuseDm Cardiff for tours ofAM10. We also enabled the Thre8ds' group to make connecbons with Aurora Trinity C¢lle¢tive during this period wfrtich may lead toward future collaboration to be developed. The project invdved 17 participants and additionally involved six workshops, four interviews for indusion in p¢d¢a$ts, a text prodU￿d as 8 'para-label', and exchange visits.. The Kurdish All Walés Association worked in response to Rushdt Anwarfs work wlh artisl Sarah Grove-whitè 8S a programme of children's Saturday dasses that fomied part of their Saturday school. We also invited them to the National Mu5eurn Cardiff lor a tour ol AM10 attended by ovei 40 people. The W0￿$hopS focused on KAWA were extended as part of Rèfugee Week in June 2024. The proJ"eLt invtslved 42 participants in 8Ctivities including six workshops, two interviews for inclusion in podcasts, a text produced as a'p8r8-18bel'. and one pvblic tour. Working wth Welsh Ballroom Communty in response to Naomi Rincon Gallardo's wgrk with Chapter through series of fourworkshops in the new year. induded a DJ workshop, a workshop on Body C¢)nfidencè. the body and movement w0￿$hOP and a workshop on Trans Excellence. The project was léd by Raven Spileri. who also produced a photo-essay publieAti(>n from the four workshops. The project involved 12 part*¢*p3nts in actiwties including four workshops. four inteThiews for inclusK)n in podcasts, a lexl produced as a'para-label,, and one public lour., Working with Seven Rivers Trust and artlsl Ni¢ky Harris to lead three family days for newty arrived families in Newtown in partnership wth Oriel Davias in response lo Carolina Caycedo's work. W0￿$hopS in¢luded eating willow woven rafts which were launched on the river Hafren and 8 visit lo Ihe National Museum Cardrff in Fébruary 2024 where they met with members of 0g$i$ One Worfd Choir and Aurora Trinity Collective inVo￿ed in joint workshops and perfomiances. In addition, Hafrgn Choir performed a concert of songs insp*red by the work of Carolina Caycedo on 2 December in Newtown. This project involved 42 particApants and comprised three workshops, a text produced as a 'para-label', onÈ exchange visit and one public tour, The project al Mostyn partnered with Oriel Machno in Penma¢hno. It evolved as a 10-day residency in whi¢h artist Gweni LI￿d worked with local commLtn&tses lo create a new mural artwork that mapped out local Connections lo land and famiing. The project Started Iwth a pre5enlalion of Ihe work of Taloi Havini at Oiigl Mathno plus a weekend of family workshops involving 20 participants each day that fed into the commissioned Wofk.. VlThthin all these projects community members have 81$0 been inleryiewed for their cOntribUt￿nS to the AM10 podcast series and they produced text ￿SpOnSe$ which were di5play&J as para-labels throughout the AMIO exhibrbon5 al all venues. Studio Sessions: Artist Developmènt and Mentorship Programme for Welsh and Wales basod artists Building on a continuing programme deliVe￿d throughout Ihe year, Artes Mundi led a series of one-to-one bJlorials wilh onlributors from the AM10 public progromme and AM Staff over 21 sessions for 14 artists. sc￿nIng Programme In parlnership, we produced two screèning events- the firsi al Glynn Wsvian Art Gallery and the s¢cond at Chapter- with both focusing on the work of Nguyen Trinh Thi. Various perfom7ances took pla￿ related to different artists, Pfactices at the National Museum Cardiff, Oriel Davies Gallery and Glynn Vivian Art Gallery. OTHER PROGRAMMING IN 2023.24 A Tiger in the Castle by Daniel Trivedy al Powis Castle and Gard8ns took placè wllh perfomi8n¢e5 on 19 September and 28 August 2024. Alongside this, an exhibition of various photographic panels and a ￿Channel video from the performan¢e were presented with the exhibition rnnnlng from 8 Mar¢h 2024 until 3 November 2024. A book was published by Artes Mundi in Welsh and Engtish containing commi55boned essays by Lauren Craig and Dylan Huv4', Page 7 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Organised by Artes Mundi, assisted by Walès Art Inlemalional, the partnership exchang¢ of the CymnJ-Breton research visit was realised with the Welsh delegation ol representatives from across Wales in Brittany, 2-7 Odober 2023 and the reciprocal visit by French d¢legales happening 1&23 February 2024. Resulbng from Ihis further vistt lo Brittany took place 1￿15 Septembèr 2024 involving fv40 Welsh curators and 8 range of Ilaboralwe projects are planned for 2025 with Artes Mundi taking the lead again in organislng these via funding support provided to Visual Arts Group Wales (VAGW from Art5 CouncAI ol Wales secured by the d1￿clor within his role 8$ consisling primarily of works from AM10 presentation was reviewed In the Markaz Review by Male Halasa. Many of the works in the ￿hibi￿On were also presented in the exhiblllon Hom& 8nd the Wortd at Museum van Loon in Amsterdam,. Whèt Ihe Ocean R8fflembers, a panel discussion and prtrsenlalion of new video by Canadian artist C8mille Turner in partnership with Art Gallery of Nova Scotia and Grenf¢ll Art Gallery is slill in development, stalled due to changes in d1￿Ctor personnel at the museums in Canada. COMMUNITY OUTREACH The focus of our co-creativtr partnerships with a range of commun¢bes wthin and beyond Cardrfl has been Continuing within the key long-term strategy of w¢yknng with specific communities including Black and non-Blad( People of Colour living in Wales and disabled, Deaf. ne￿r￿J1vergent and leaming-disabled people. AlongsKle this we continue to attend the national Co-creative Nelwork meetings. Details of the three main long-tem proje(A5 and programmes which were completed in 2023-24 are-. The Aurora Phenomenon.. Aurora Trinity Collective The National Lottery 'Cont)ect & Flovrish, fijnded project la partnership wilh the Aufoia Trinity Collèctive IATCI and Trinity Cenlrel called The Auroia PheThJmènon' began in Seplernber 2021 and was complet¢d in Marth 2024. The programme comprised a series of creative Sessions, planning retreats. workshops. training and organisalional dgvelopmenl sessions via a steering groLtp oslablished lo lead the communty group. ATC is now a CIC and has $uc¢e3sfully applied for fijnding support using the o￿an1$al￿onal slructUTal development and skills of individuals achieved through Ihis project. Our relatk)nship continue$ through a commission being developed via trustee Fran￿ca Sobande wilh rA)n1ribvt￿n from Artes Mundi toward Black Oot Here and There, focusing on the l¢ves, histories. and dreams of Black people in Scotland and Wales. It is planned to ¢o-ordinate an online exhibition comprising cieative work {e.g., audio, visual. written, multi-media) that fo¢use$ on the thoughts, hearts, and experiences of Black people in Scotland and W81es. This will conclude in Oecember 2024. Held Sy¢e for BIPOC Welsh Artlsts The project continued following the Su￿&£fUl 8ppli¢atton for funding support from National Lottery 'Create lund. Dianna Djokey {laler becorning Beloved Adonai) was appointed as Artist Support Manager and worked with the collective to evelop a programme of year-long actiwty with 8 focus on professional development including talks. mentorship, workshops and training, research visits and produ¢tion assisl8nce, and Ofganisatsonal development. This sat alongside the rnonlhly general assemblies. This latèst phase of the woject ended in Seplember 2024 dL5e to completion of the ¢urrenl funding. From Su￿ey$ and feedback Completed by mernbers toward the evaluation there is a sense that this incam8lion of Ihe Held Space has run Sts ¢ouis¢. Artes Mundt has cornmunicated a desire to continue to wort together antylor to assist with any funding applications thèt might enable a fvrther period of work to be Ltndertaken by the Netr￿rk toward full independence. Creauvity Is Mistskes The 'Connect and Flourish, funded prol¢¢t led by Disability Arts Cymru began in September 2021. The consortium of project partners induded Mostyn. g39. Artes Mundi and ventu￿ Arts. This programmè, Originally $prè8d across two years, was completed in February 2024, planned and delivered a peer-led artist development progr8mm¥. C￿creatiVe community commissions, workshops, studio visits, a talks panel series. and leaming events lo $upport artists based in Wales who identrfy as Deal. dlsabled an(Vor neurodivergent thfough the programme, and in Addrtion developed frameworks for how visu318rts organisalions can better support Deaf. disabted and neurodivorgenl artists in their work. Through this work a toolkit was produced published on the 'Creat&v*ty is Mistakes, and Artes Mundi websites in September 2024. Page 8 ARTES MUNDI PRIZE UMtTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Audlence and Proflle Dèv•lopment.' Building Artes Mundl's Nets¥orks Our advocacy role allows us lo represent and increase Wales. cuttural profile In Ihe UK and overseas. maximises our ojntribubon to the Welsh economy 8nd provide5 the greatest benefrt to the people and communities of Wales. Most importantly, we aim to maintain high-profile press and media coverage and increase il in the UK and key overse85 markets and reach ntsn-western centric 8udiences. Artes Mundt 10 proved to be 8 moment of celebration of our legacy as well as reflection on what has been achieved whereby, we equipped the organisalion lo continue its unique role for Wales and the UK. We also continue to Sel in place promotion of Artes Mundi arkd Wales in the countries of the shortlisted artists focusing on our advocacy role though monthly meetings With the British Council. So(#al media has been forthcoming around the worfd piomoting our talk programme with the ¢ounlries of origin of the artists involved. Staff members also play a fole with4n this advocacylambassadorial role and piomotion more broadly, extending our reach localty and internationally. To this ewl the team continues to take part in on90ing nalionwKle meetings through Plus Tate. in Wales through VAGW and VVh81 Next, and the director is Co-chair of VAGW and a member of the Wales in Venico curatorial advisory committee. Furthernore. staff attend key national and intematitsnal art events globally as well as being supported in their professional development Ihrough attendance at conferene&s, a¢rEptillg invitations to wite texts on arlists, and undertake vartOUS training Ihal equips and contributes to thtr knowledge 8nd experien￿ of the organisation as a whde. Our rnarketing and communications conlinued to grow SUC￿$sfullY across all pLqtfoms. For AM10, we wc¥ked Sam Talbot PR to provide publicty and soclal media 5UPPOrt for AM10, o)mmenang with the announcement of the seven shortlisted artists. Key objeclives included generating high quality regional, national and international rnedia coverage, including specialist art Press. They assisted us in Securing ArtsReview as our media partner for AM10 and o)nsiderab coverage was achieved in national to intèm81ional press and media, including Wales and W¢l¥h language based. A summary, in addition to press gathered foi the AM10 shortli5t announcement, indudes.. More than 155 pieces of coverage 4.43 million e51imaled online views 507 mlllion online readerships 112 news articles 15 arti51 profiles 12 previews and reviews national radio and TV broadcasl pieces For soclal m¢di8 in general, 2023-24 saw wntinuing significant increases In followers. ￿ach and engagement aeross all platfom)s. This wa5 further augmented and amplified by cotKerted campaigns wlh our AM10 venue partners and supportefs such as the Bagri Foundation. For M410 383,409 accounts in tot81 wert reached across Facebook. Twitter and Instagram dLtring th6 piogramming period. Our webstte too has $oen the highest spikes in Iraffic this year during August when $pe¢ifi¢ messaging went otst surrounding the AM10 programme, employment opportunities and integration of this messaging with our quartedy digital newsletters. For AM10 121,490 views of Artes Mundi website pages were iecorded acro$$ 40.813 monthly users during the programming pèriod. OrganlsatSonal Devèlopment The core staff team iemains al $iK indsvidua15 in ftjll and part time posibons augmented by fix￿ contrad staff and freelancers to deliver key aspect5 of our operatsons and programme. New appolftlm¢nls during this period indude an Assistant Curator to work the Wales veni￿ 10 Fellowships and C¢)mmissions, the 'Cr¢alivity is Mi51ake5' project with Disability Arts Cymru. and corrtinue work toward the exhibition and public programme of AA410.. and an Artist Support Manager to work wth our Held Space. Additionally we employ the services of an accountant lo work vrilh u$ on financial process and measures. Work was continued to overhaul, vpdate and develop various aspecls of Arte$ Mundi 1nfraslwctu￿, pdi¢ie$ anLI wocedures with this WO￿ ¢onsistenlly under Feview. To that end, work completed encompassed.. Continuing annual audit reviews of twstee skills, knowled9e arKI networks as w&ll as recruitment and renewal of new trustees. Review and upd*ing as necessary ofthe Tr4Jstee handbook. Ongoing annual rev¢sions to existing Artes Mundi policies and the writing ol new ones ensuring complianc¢ with rrent1¢gislalion. Working with and alongside our commissioned fundraising strategy from Counterculture, ongoing is the identific8tion of 8 series of funder prospects beyond Ouf usual Supporters auoss all areas of our opeTatKsft and progr3mming. Securing status of Cynnig Cymr8e9 for our work emb¢dding Welsh language into (Hjr organisaliors. planning, operations and programming. P8gè9 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE Y&4R ENDEO 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Investment In staff through supporting training in Welsh langua9e. Ca¥bon Literacy. Disability Awareness, Fitst Aid, cr8ab.ve AttÈss Awareness and training sessions on makn.ng inforrnalion easy to read and understand. delivered by Leaming Disability Wales. Supportin9 slaff to undertske research visits and mentorship Staff prtsfessron81 devebpment by fvnding attenda￿e at major art events sud) as biennales in Isianbul, Venice and Liverpotrl. FINANCIAL REVIEW Flnancial position Artes Mundi retained its status as a Portfol￿. regulatly fL*nded organisation in thè Investment Review. Following the inltial offer of our grant reconfirmèd 81 ils 2021-22 level - as with almost all our peers across Vvales - cuts were initiated by thè Wè15h governmènt passing on those received directly to the nation Irom the UK govemmenl. This resulted in a reduction of 2.5% to our core operating grant following a similar reduction sector wde th8 previous fiscal year. Similady. th8 financial pressures present a¢ross the cultural seclor also impacted local authoritle$ wrth the City and County of Cardiff Counal announong it was cutting all cultural support from 2024-25. As one of onty four vganisalions sbll in receipt of fiFnds, this further reduced the core support lor Artes Mundi. The current silu81ion is one of pressure and increased competition for funds fmm external sources and is keenly felt auoss the UK for 811 ¢uMural oryani5ations. Artes Mundi has a cyde of adivity that inevitably creates a surplus in years when the most expensive activity is being planned rather than delThiered. Durin9 2023-24 Artes Mundi continued rts progr8mme5 of public engagement as groundwoik and new practice alongside preparing fof the Artes Mundi 10 exhibKion, whid) opened in October 2023. At £621.566 the charity's overall income was £36,278 less than Ihe inrtial target of £657.844. Expendtture in the year was £729,928. or £41,831 more than the initi81 budgel of £688,097. Net outgoing resour¢¢$ for 202>24 wère £108,362. The charity is extremely graleful for confimed revenuo funding income from Arts Council of Wales and Cardiff CouncAI during 202&24. The charity remains on a financialty sound footin9 and ¢arries forward total reserves of £167,013 into 2024-25. Page 10 ARTES MUNDI PRIZE UMtTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANC5AL REVIEW Prjnclpal fundlng sour¢¢$ Artes Mundi receives ￿S core funding from the Arts Council of Wales. This was the last year of support from the County and City of Cardrfl. From publi¢ support in 202&24, we secured funds from Welsh govemment Major Events Unil, National LotterylACW'Creale' public programme for AM10. the Heritsge Lottery Fund for the community programme of AM10 and from ACW foi the 'Per5pectivelsl' programme. We also received a one￿ff cost of INin9 award from ACW, a sector wide offer. Artes Mundi received a contsnuing grant under a fijnding agreement with the Bagri Foundation for the Artes Mundi 10 exhibition and prize along with other significant support from the Colwinston Charitable Trust, the Foyle Foundation. Contemporary Arts Society lor Wales, Cardiff Metropolitan University. Mondriaan Fun(S, Crea*ve Austral and British Counal Wales towards the Artes Mundi 10 exhibits.on and public programme. Some additional support is develoFed thro¢Jgh bcy)k sales. don8tions, investment fevenue and earned incorne. The new business model established Sin￿ the ACW Resilience Programme, places a stronger emphasis on the importance of promoting 8C¢eS8 and Part￿1patiOft as a core mission, giving u3 the opportunity to think 89ain about our case for support. Our continuin9 focu5 cm fundraising for the future in p8rt aligns with recommendaii'ons comtnissioned by Counter CultL•re. Action upon fundraising inrtialives has tangibly borne Iwit as evidenced by the mults".y6ar 511PPQrt secL*red from the Bagri Foundation for AM10 and AM11 with aft inlere$l In continuing in some fom beyond, plu$ an expansion of idetthing sourees from overseas pertinent to the awtists we work wth on surLessNe ￿'ennIal oxhibilions. Financial rysks The prinupal finanrAal risk faong Artes Mundi is the possibility thal it wll not raise 3uffKienl funds to carry ojt its a¢tNity plans. Artes Mundi employs a dedicated Head of Development supported by the Director. The Board of Trustees gularfy reviews the charitys fundraising plans and athievements and authorisès m8jor expenditu￿ only when it is nfidenl that the necessary funds will be avai18ble. The Iruslees also recognise that the ¢urwnt ptsllcy of ausferity as evidenced by ACW and C8rdift loral authority cuts. plus cost of livin9 and energy crises will undoubtedly affect public spending and range, depth and type of support available. meaniftg that f¥venue funding is unlikely to be incrèased subslanlialty in real terns and may w811 decrease in the f(rture. In addib.on lo exploring the possibility of accessing new fijnding streams assisted by the Fundraising Slrale9y developed thiough support from ACW Resilience Piogramme, this has also inVo￿ed plans to reduea, whore possible, the charivs expendituro. Stafflng Artes Mundi's ¢ore team numbers six employees. The Director and Curalor were employed on & full-time basis, the Deputy DirectorlHea¢J of Development, Curator of Public Programmes, Marketing & Communications OffI￿r and Operations Administrator were all employed for three or four days per week. These permanent roles were supplernenled by three Assistant Curators. a team of seven Engagement Pioducèrs and An Artist Support Manager to coordiTrate and delNer varK)us asp¢(ts of programming in 202&24. Reserves pollcy The Injstees recognise that rtr$erves are needed to cover timing drfferences between inc(￿e and expendiujre, to sustsin operab'ons rf anticipated funding is delayed or reduced and to provide for unfoveseen costs. The trustees believe that the ideal level of reservos for Arte5 Mundi would be sufficient to cover four months. core njnning costs and lo provide confidence that any proj8¢t to which Ihe charity is committe(I can b¢ ¢arried through lo a satisfactory condusion. On this basis. the tiustees believe that Ihe ideal level for free reserves on 31 March 2024 falls within the range of £70,000 to £90.000. At £84.896 the chariV$ unrestricted free reserves are within thls rnnge. In 8dditlon. core fvnding agreements 8nd grants that will generate substantial incorne in 2024-25 are already in place. The tsuslees feel that. although the environment remains challenging. the chafily is well placed to meet rts finana81 and 8rtislic obi'eclives for the coming ￿ar and into Artes Mundi 11. Page 11 ARTES PAUNDI PRIZE UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS ARTES MUNDI 11 For Artes Mundi 11. artist nominat#)ns 0￿r7ed on 10 Aprd and dosed on 31 May 2024, and wère lollowed by long listln9 and shoruisling meetings du*ing the SLTrmmer wtth our curatorial selection panel which eomprises Sohrab Mohebbi, Director of Sculplurecenter, New York. Previovsly he Served as the Kathe and Jim Patrinos Cuialor of the 58th Carnegig Inlernalional.. curator and writer Zoe Butt, founding Director of 'in-langible institute, which seeks lo inform a robust ecojogy for locally responsive curatorlal talent in South-east Asia. She was fomierty Artisfy¢ Director, Factory Contemporary Arts Centre, Ho Chi Minh City,. and Marie Hélène Pereira, Senior Curator for Performative Prath'ces at Haus der Kulturen dei Welt IHKWI, Berlin. Germany. Pereira has been a member of RAW Material Company. Dakar, Senegal since its inceplK*n in 2011 and wa5 previousty its Director of Progiammes12019-20221. Oates for the exhililion are f 7 October 202510 22 February 2026. Artists chosen are.. Juman8 Emil Abboud {UKJPalestine} Anawana Haloba INoNaylZambial Kameelah Janan Rashid {USA) Anlgn¢o Pau¢ar IGermanylPeTuI Sancintya Mohini Simpson (Australia) S8w¥ngwongse YawrIgh￿ve ￿he NetherlandslMy8nmarl Furthemore. we WIN 8gain operate the exhibition across A rèvised d4$1ribuled model. Changes are that the National Museum will host 8 yroup exhibition of all artists acting as a ¢enlr81 hub with other venues hosting solo presentslions of indNidual 8rtists. Venue partners confimied a￿.. Aberyst¥vyth Arts Centre, Aberystsvyth Chapter, Car¢Jiff Glynn Vwian Art Gall¢ry. Swansea Mostyn, Uandudno National Museum Cardiff Oriel Oavies Gallery wants to joln us 8gain but due to building work is unable to use their gallery sp8¢e. Consequenty, should il b8 appropriate, work may be presented in Newtown a5 an off-site proiect. For the remainder of 2024 into earfy 2025. work will continue with the artists as studio and sile visits, work selection. matching artists to venues and b￿Inning of fundraising in support ofeach artist and the exhlbsbon and public programme a5 a whole. Work with Sam Talbot Ltd continued following Iheii reapwntment and has resulted in a successlul public announcement campaigr¥ lor the shortlisted artists alongside inleTn8tional advertising generating press responses and media reviews. The shortlisl announcement generated significant rnedia coverage induding The Art Newspaper, Art Review. Canvas, Metropolis M, MulualArt and Ocula, amongst others. Artnet also covered the announcement in thar weekly news round-up 'Paint Drippings, and Art Asia Pacific in their weekly news bulletin. Simon Stephens of the Museum Joumal (who joined us for tl)e press Irtp last yearl has alw published a news piece for the Museums Assooalion covering the 5hortlisl. OTHER PROGRAMMING other projects currently in progces$ Indude.. Our'Perspectivels)', project with the National Roman LegThTr Museum. Caerfeon and artist Hannan Jones which will culminate in spring 2025 wtlh a series of public outcomes induding a trilogy gf 16mm films k> be presented al the Studio at NRLM., a sequen¢¢ of¢ommunity Workshops with local partiapants from the Newport arÈa,' selection of their large-scal$ ¢eT¥mic work produced activated by sound recordings made by participants wth Hannan during the workshops presented in the garden and the vitiine for temporary display at NRLM.. a one-day event of a mLtIti-ch8nnd sound installation in the amphitheatre; a wbli¢ation with Commissioned e$$8y5.' and a vinyl record,. The exhibiti'on lour of A Perfe¢t Sentence with the artist OINer Frank Chanarin eontinuÈs including al the National Museum Cardiff in 2025-26., Fmm A r@erin the Castle by Dansel Trivety. Ihe Iwo-thannel vidtro Comrnissioned wll be wesenled al Gtynn Vivian Art Gallery 2025 and potentially other venues throughout the ye8r'. Hopefully, a renewal of the Canadian partnership. Mjat Thè O¢¢an Remembe Page 12 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Artes Mundi Prize Limited is a cornpany limited by guarantee and a registered charity governed by ils memorandum and artides of associab'on. Artes Mundi Prize Lirnited was incoTPOTated on 22 June 20018nd the cmslilulion was amended 8 March 2￿2, 17 Juty 2002 and 28 September 2007. Recrultment and appolntmènt of new tru$ts¢$ Artes Mundi is managed by the Board of Trustees, which meets four or fve times a year. Tw51ees are appointed by election at the Annual General Meeting, The trustees rnay also co-opt a member to fill 8 va¢an¢y in their number. The balance of skills. experience and qualifi¢alions of existing trustees is examined ann￿allY including review and skills audit in terms of membership and its op&i8lion. The trustees undertake this woth as a basis for stJc¢es$ion planning wth the aim of developing an appropriate b818nce of cultural and geographic backgr<)und, gender, artisltc judgement, diversity. business expertise and professional profile. The charitys constitution provides that one-third of the tnjstees should retire each year, but retiretss are Èligible ft>r re-election. D¢Jring 2023-24, the trustees rovi¢wed and appointed new board members, particulady assessing diversity and indusion in line with ACW and Welsh Government guidelines, and Artes Mijndi's strategy aims. This p$riod of board renewal resulted in five trustees rejoining and ¢onlinving annually. The Teview of the trustees continues alongside work in estsblishing revised tems of reference, advisary subcomnitiees and board retreals for longer term strategic planning. Two trustee6 retired- Dr Sabrina Cohen-H8tton and Chetsea Pettitt. New trustees recruited to join in late 2024 are Leyla Pope and Cllr. Peter Wong. Organlsational structure The Iruslees have a Chairman's Group to consider prominent issues that arise btheen trustees, meetings or matters referred lo it by the Board. This Group peiiodically ¢onsiders the major risks facing the charity and keeps under review the effectiveness of the charity's fjnancial controls afkl 15 aulhorised to take urgenl decisions on behalf of Iho Board of TrtJslee$. It meets as necessary and reports to the Board ofTrustees. Th¢ trustees have agreed and documented the authority dÈlagaled to officef5 and staff to make deasions and lake 8Ctions on behalf tsf the charity. Major decisions such as the approval of tharity polioes and budgets. salary struchJre5, significant capital expenditure. long-lemi comm¢tments and control of the charity's bank accounts are reserved for the trustees. Day-to-day administration 1$ the responsi￿litY of the Oirectoi. who reports to the trust¢¢5. Thg pdicy Telaling lo delegat¥d authority is revlewed annually. Induction and tralntng of new trustees New tntstees ale provided wilh comprehens¢ve infornation felating to theii dutles and re$pon$iblilie$ under charty and company law. They also re¢ewe an Info￿all0n pack covering the charity's activtties and finan¢e5 including a TrLtstee Handbook. Key management rèmuneratlon All Iruslees give of their b.me fregty and no trustee rece¢ved remuneration in the year. The tnjstees periodl¢ally review and set the salaries of senior management personnèl. tsklng into 8ccounl the level of responsibilrfy each member of stsff ￿Tries, the salaries paid in simi￿r charities and the cutrent infl¥lign rale. Page 13 ARTES MUNDI PRIZE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Iruslees periodicalty review the major risks lacing the charity and the systems in place lo manaoe those risks. Artes Mundi works in 8 sector where risk is not onty inevitable but also an important part of 11$ ￿MM((Ment lo achieving exceljence. Even if il were possible to c￿ate an entirety risk-free operating envir¢nmenl it would be undesirable for an organisalion working in the field of contemporary visual arts where artistic risk is an integral ￿mpOnent of an exciting Cuttural experience. The trustees h8ve adctpted a risk management policy and culture that gives fvnding partnors, SUPPOrters, Iruslees, staff and suppliers a greater confiderKe when dealing with Artes Mundi. The rlsk management policy seeks lo.. idontrfy the risks Its th8 organisation and evaluate the potential damage they could eatjse lake prevenlalive action Whe￿ reasonably practicable lake $lep$ lo minimi5e the harm if the risk becomes a realty Iedueé any potenlial liabilty A risk Tegisler is m8intsined and re9ularfy updated. REFERENCE AND ADMINISTRATIVE DETAILS Registèr￿ Company number 04239932 (England and Wal¢s} Règisternd Charity nuM￿r 1097377 Reglstered offleè Rooms SOS.'Q4C and SOS".038 National Museum Cardiff Calhays Park CARDIFF County of Cardiff CF10 3NP Trustees Prof. Mrchael Tooby Osei Bonsu Derek Howell Adam Salkeld Dr Sabrina Cohen-Hatton Dr Fr8nce5ca Olulokunbo Wilson Sobande Chelsea Pettitt Chair Reslgned 14112123 Resigned 14112123 Manag?ment Nigel Prince Direclor Auditors MHA Chartered Accountants and Statutory Auditor Elfed House Oak Tree Court Cardth Gale Business Park CARDIFF CF23 8RS Sollcltofs Geldards LLP Dumfn'es House Dumfries Place CARDIFF CF10 3ZF Page 14 ARTES MUNDI PRRE LIMITED REPORT OF THE TRUSTEES FOR ThE YeAR EMDED 31 WIRCH 2024 REFERENCE AND AOMINISTFIATIVE DETAILS Bankers Sentsnder 4-6 Queen Street CARDIFF CF10 2AN STATEMENTOF TRUSTEES. RESPONSIBufiES The trustÈe$ Iwho $￿ 8150 Ihe dirtctors of Artes hnundi PrRe Limited for the purp05e5 of company lawl are responsb for preparing the Report of the Tiustees and the fin8ncial Statements in accOrthr￿e wrfth applicab￿ L*w and Uftited Kin9thJm A¢c4unlifig StandHrds {Unit￿ ￿￿Jd0rn Geoer8lly Accepted Accounting Praclicel. Company l&v rewires the trus￿￿$ lo wepare finantral $t#temen15 for each ffnanoal year which 9￿9 a ttrue and fair vvaw of th8 state of 8ff8irs of the charitabk Ccwpany an¢ oflhe Incoming r&￿Ure£S and 8pplicalion olre$wrc*s, Including th¢ IT￿0￿e and e¥perxlitufe. of tl% chwit814p corywy for that Fer￿d. In prapaFing Ihose finanaal statements, the tr￿leaS 8re requir￿ to selectsuitab￿ accounting pol￿￿$ 8nd then aP￿Y Ihern COn￿g18n1￿,. obseNÈ the methods and princip￿5 in the Charity SORP., make judgemenls and estima￿8 that artr reason4b￿ 3rMI prLKJw¢ prepare ttt8 frnan&al stst8mants eft the goirvJ concem basts unlgss it is inappropriate 10 prg$Lm8 that the charttawe cotnppny wil continue In ￿lness. The trEBtee5 are re5pon8ible for keeping proper accounting iecordy whlth disd¢6è with ￿asona)le 8ccur8cy at othy b'mt the fina￿81 position of tho charitatrAa company and to enab￿ them to enstsre that the financial ststements CLYryly ￿7th the CLThyanies Act 2CKJ6. Th2y are 0150 fBsponsibb for safeguarding 8$sets of Ihg ch8ritabl8 company 8nd hence f(¢ tak*ng feasmabla Steps fLYlhe prevention and dete¢tion gFfr4ud and other irogulorthes. STATEMENT AS TO DISCLQSURE OF INFORMATION TO AUDITORS So far as Irustees arè aware, thÈttr no rebvant inloTrnalion105 defined by Se¢iKJn 418 of the CtynpAn￿6Act2￿))&I of which th8 chantsble company's 8uditor8 a￿ unaware. IFUStee ho5 tskEn ¢11 Il* steps that they tsught tu have taken as a truslee in oriler lo make them aware of any 8udit infomalion to establish that the charitable comp8nWs audilots are aw#rt oflh$t infO￿n•t￿n. Approved ty ordarofthe Board ofTru$tses on..1 . and $lgn¢¢ on ils bghalf by". M B To¢by. Tru$t¢e Page 15 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ARTES MUNDI PRIZE LIMITED Oplnion Wè have audiied th• finan¢i81 slatsrnents of Artes Mundi Prize Limil¢d (the 'th8ri18ble companll for the year ended 31 M8r¢h 2024 which Comprise the Slatement of Financial Acb'vities, the Balance Sheet, the Cash Flow Statement and notes lo the financial stslements. iTrduding a summary of si9nifie2nl accounting policies. The financial reporting framework that has béen applied in Iheir preparation is applicable law and United Kingdom Accounting Standards (Untted Klngdom Geneially A¢¢epled Accounting Practice). In our oplnion the fin8nc4al 518lements'. give a true and falr view of the state of the thar*table company's aff8irs 88 at 31 March 2024 and of ts incoming resources and applicatior> 01 ffj50urces, including its income and 8xpènditure, for the year then ended., have been properly prepared in accordance with Unlted Kingdtsrn Generally Accepted Accounting Practice.. and hav8 beèn prepared in accordance with the requirements oflhe Companies Act 2006. Bas1$ for oplnlon We ￿ndUcted our audit in accordance wlh IntematK)nal Standards tsn Audtling (UK) IISAS {UK)l and applicable law. Our responsibllititrs undei those stsndards are fvrther described in the Auditors. responsibilities for the audit of the financial statements seclitsn of our report We are independent of the charitabl¢ ¢omp8rsy in accordance with the ethical requirements that a￿ relevant lo o(¢r audrt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfill¢d our other ethical responsibilities in accordance wllh thèse requirements. We believe that the audit evidence we have obtained is suffvent and appropriate to provide a basis for wr opinion. Concluslons relatlng to goiA9 Concern In auditing the ffinandal statements. we have conduded that the trustees, use of thè going ¢oncem b85is of acLwnting in the preparation of the fingndal $18lements is appropriate. Based on the work we have perform&d, we have not identffied any material uncertainties ￿lating lo events or conditions that, individually or collectivety, rnay ca51 significant doubl on the charitable companV$ abilty lo ¢gntinue as a going CLJncem for a period of at least twelve months from when the *nancial statements are authorised for issue. Oltr responsibilities and the responsibilities of the trustees with respect to going coTh2m are described in the relevant sections of this report. Other Information The trustees are responsible for the other infonnation. The other info￿a￿on comprises ihe infO￿aL0)n induded in the Annu81 Report. other than the financial statements and our Report of the Independent Audltors thereon. Our opinion on the finar￿la1 statements dc*s not coverth¢ other inforrnalion and, except to the extent othervAsè èxplicitly slated In OUT repor¢ we do not express any fomi of assuronce con¢lusk)n Ihereon. In connection with our audit of the finanual statements. our responsibility FS to read the other infomialion and. in doin9 so. ¢onsider whelhgr Ihe other inforniation is materially Inconsistent with the finaAci81 stslements OT our knowledge obtained in thè audrt or otherwise appears to be materially misslated. 11 we idents.fy 5u¢* rnalerial inconsistencies or apparent materi81 misslalements. we a￿ required to determine whethe¥ this gives rise lo a material rni8slatement ift the finanual slalements Ihernselves. If, based on the work wè have performed, we conclude that there is a material mi$slal&m8nl of this other informath)n, we are required to report that fact. ￿ havo iiolhing lo report in this regard. Oplnlorts on other matttrrB prescribed by the Companles Aet 2006 In our opinion, based on the work undertaken in the couise of the audit.. the inforrn8lion gtven in the Report ol the T¥ustees for the finanoal yoai for whith Ihe financial slalements a prepared is consistent with the financtal statements,. and thè Rew)rt oflh8 Trustees has been prepared in accordan￿ ¥vlth appli¢able legal i¢quirements. Matt•rn on which we are requlred to report by exc•ptlon In Ihe light of the kn￿edge and understanding of the charitable company and Trls 8nvironment obtsined in the course of the audit, we have not identified malerial misstatements in the Report of the Trustees. We have nothing lo report in respect of the lollowing matteTS where the Companies Ad 2Q)6 requires us lo repjrt lo you rf, in our opinion.. adequate accounting records have not been kept ￿ ￿tUrnS adequoltr for our audit have r￿1 been rer£Ned from branches not visited by us.. or the finanual statements are not in agreement wilh the accounting records and returns,. or certain disclosures of trustees. remuneration speafied by law are not made- or we have not received all the infom)ation and explanations we require for our 3udil- o¥ Ihe trustees were not entitled to take advantsge of the small companies exemption fiom Ihe requirement lo prepare a Strategic Report or in preparing the Roport of the Trustees. Page 16 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ARTES MUNDI PRIZE LIMITED Responslbllltles of trustèes As explained more fully in the Statement tsf Trustees. Responsibilities, the trustees (who are 81$0 the rfirectors of the charitable company foi the purposes of company lawl are responsible for Ihg preparation of the financial statements an(J for being satssfied that Ihoy give a true and fair view, and for such internal control as the Iruslees determine is ￿e￿$Sary to enable the preparation of ffinancial slalements that are free from material misstal¢menl. whether due lo fraud or error. In preparing the finandgl statements, the tr¢Jslees are responslb16 assessing the charttable oxjmpanls abilty lo continue as a going ctsncem, drsdosing, as ap￿icable, malteis ￿lated to going con¢em and ustng the going concem basis ol accounting unless the trustee5 either intend to liquidate the tharitabk ¢ompany or lo cease operations, or have no realistic altemative but to (k¥ so. Our rosponslbSlltl&s for the audit of the financlal statements Our objeclives are to obtain reasonable assurance about whether the financial statemerhls 85 a whole are f￿e from material misslalemenl, whether due lo fraud or error, and lo issue a Report of Ihe Indepen(lertt Auditors that includes our opinion. Reasonabl& assurance is a high levd of assurance. but Is not a guarantee that 8n audit conducted in accordarte with ISAS (UK} wlll 8lw8ys detect a mateiial misstatement when it exists. Misst8temenl8 can arise from fraud or error and are considered malÈri81 if. individually or in the aggregate. they could rèasonably be expected to influence the economic decisions of users taken on the basis of these finanaal statements. Enquiry of management and those charged with governance around aclual and potential lil&g81ion and claims., Enqltiry of management and those ¢harged with governance to identfy any insiances of non-&)mpliance with laws and wulations- Performing audit work over the risk of management override of controls. including testlng of journal entries arml other adjusiments for appropri8ten6s$, evaluating the business ralionale of significant transactions wtside the normal ￿Urse of business and revi8win9 accounting eslimales for bias. Reviewing rninutes ol meetings ofthose charged with govemance., Reviewing finanaal statement disclosuies and testing to supporting documentatlon lo aswss ¢ompli8nce with applicable laws and regulabons. 8ecause of the Inhe￿nI limitations ol an audit. ther¥ 13 a risk thal we will not delect all irregularities, including those leading lo a material misstatement in the finandal slalemenls or ntsn-cornpliance wth regulation. This risk increases the rnore that compliance with a law or regulation is removed from the events and transactions reflected in the financial 3tslemenls, a5 we wll be Jess likely lo become aware of instances of non-complian￿. The risk is also g￿ater regarding irregularities 0￿U￿ing due to fraud rather than error. as fraud invotves inltsntional concealment. forgery, wllusion, omission or misiepresenlation. A further d¢s¢riptton of our responsibilities for the audlt of th¥ finawal $tatsmgnls 15 located on Ihe FinanrAal R¢portSng Coundl s wgbsk$ 81 ww.frc.¢rg.uklaudilorsTesponsibilities. This d￿ripticI) lomi$ part of our Report of the Independent Auditors. U$¢ ol our réport This report is rTtade solely lo the charitable company's members. as a body, in ac¢oTdan¢è with Ch8Pter 3 of Part 16 of the Companies Act 201￿. Our avdil work has been undertaken so that we might state to the Charitable company's membèrs those matters we are req￿Ired to state to them in an a(tdilors' reF¥)rt and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume iesFy)nsibility to anyone other than the ¢haritsble company and thè charitable company's members as a body, for our audit work, lor this report. or forthe opinions we hav& lormed. Julia Mortimer (Senior S181utory Audit￿} for and on behalf of MHA Charterèd A¢eounlantS 8nd Statutory Auditor CARDIFF CF23 8RS D81e'. MHA is the trading name of Maclntyre Hudson LLP. a limited liability partnersh*p in England and Wales (registered nLtmber OC312313) Page 17 ARTES MUNDI PRIZE LIMITED STATEMENT OF FINANCIAL ACTIWTIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total ftjnds 2023 Total fvnds Unrestricted fund Rgslrtcted fun¢J$ Notes INCOME AND ENDOWMENTS FROM 0onalion$ and legaty¢s 411.940 200.738 612,676 407,7C6 Charitsble activities Promoting contemporary visual art 5,851 5,851 18,373 Investment ino)me 3.039 3.039 459 Total 420,830 200.736 426,538 EXPENDITURE ON Raising funds 46,087 46.087 44.318 Charltable activliles Promoting contemporary visual art 474.436 209.405 683.841 356,210 Total 520.523 729 928 NET INCOMEIIEXPENDITUREI {99,6931 18,869) 1108,3621 26.010 RECONCILIATION OF FUNDS Total funds brought forward 186.122 89.253 275.375 249,365 TOTAL FUNDS CARRIED FORWARD 86,429 80,584 167,013 275.375 The notes fonn part of these ftnan¢ial statements Page 18 ARTES MUNOI PRIZE UMITED BALANCE SHEET 31 ￿R¢￿ 2024 2024 Re5titthd fvnds 2023 Unreslrthd Tc4al fvn FIXED ASSETS T4rfjibk 0559ts 1A33 3,017 CURRÉNT ASSETS Debtor8 Cash at bank 15 36,261 68,305 29,343 10s,e04 9224D 1S8.8 308,1a3 CREDITORS Amounts fallry th ￿thin ono year 16 121.7CO1 I11.8￿) (33,3641 135,8251 NETCURRENT ASSETS TOTAL Assrfs LESS CURRE1￿ UABILFfiES e6,429 167.013 275.$15 t67013 275 375 FUNDS 17 Unr85trKtsJ fiJnd8 Restricted fund5 88,429 186.122 TOTAL FUNDS 167 013 275 375 Th88e fjn8nd&l ¥latsmerts have W preF4￿ Ir¢ K￿l￿gn¢t *lth the ¢ppli¢o* tr) ¢h•rit*L* suii8¢lto th& 8mHII rrnnies regime. Th8 financi81 8IAl8mants wera 8pF%ovad by tIK* Bo•Td of TN$t••s and •uth0ri5ed tr issue On and wer& g￿ned on rt8 b8haLlby'. M B Tcoby- TnAstse Tts nth8 lom yrt 0fthelefth￿n¢ityl stslem¥nts Pag8 19 ARTES MUNDI PRIZE LIMtTED CASH FLOW STATEMENT FOR THE YEAR ENDEO 31 AIARCH 2024 2024 2023 Noles Cash flows from op•rattng activitie5 Cash generated from operation$ 141.340) Nel ￿sh lysed inllprovided by operating actiwbes 141,3401 46.134 Cash flows from Investlng actlvltl•s Interest TeceNed 3,039 459 Net cash provided by Invesllng athits'es 3.039 459 Chan9e In ¢a$h and cash equlvalents In thè reportin9 pèrlod Ca$h 8rtd ¢a¥h ¢qulvalents at the ginning of the reporting period 1138,3011 46,593 278,840 232 247 Cash and cash equivalents at the end of the reporting period 140.539 278,840 The notes fomi part ol these finanaal statements Page 20 ARTES MUNDI PRIZE UMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET IEXPENDITUREVINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net l•xpanditurg}fin¢ome lor the reportlng perlod las perthe Statement of Financial ActiV4tiesl Adlustments for- Depreuation ehar98S Interest ￿eWed (Increaseydecro3s¢ In debtors (Decreaselfincrease in credil¢r8 {108,362} 26,010 1,484 13,0391 128.9621 1.788 {4591 N*t ¢•$h lu$ed inllprovlded by operatlons 141340) 46,134 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash low Al 3113￿4 Net cash Cash 81 bank 278.840 138,301 140.539 138,301 140 539 Total 278,840 138.301 140,539 The notes fomi part of these finanaal statements Page 21 ARTES MUNDI PRIZE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Artes Mundi Prize Limited is a company Inco￿￿rated in Wales wrthin the United Kingdom. The registered office is National Museum Cardiff {Room S01..13}. C¥lh8ys Park. Cardiff, CF10 3NP. The charity is a company limrted by guaranle8 and consequently does not have any share capital. The t￿Slee$ have each agreed to guarantee the compatys debts to the surn of £1 each. The ffinancial statements are prepareil in Sterling (£1. the companys functional ojrrency, and Tounded lo the nearest pound. The prinopal activities and nature of the ¢hartly's opwalions is to advan￿ the edUCat￿n of the pub14c by increa￿ng their knowledge and approoation of inlemational contemporary art. The significant accounting policies applied in the pieparalion of these financial stalernents are set out below. These poliaes have been consistenly applied to all yeats presented unles3 otherwise staled. ACCOUNTING POLICIES Ba515 of preparing the financlal statements The financial statements of the charitable company, which is a public beneff( entity undei FRS 102, have beèn Pfepared in accordance with the Charities SORP IFRS 1021 'A¢counling 8nd Reporting by Chaiitses.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in aCCOTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effe¢tive 1 January 20191,, Financial Reporting Stsndard 102 'The Financial Reporting Standaid applicable in the UK and Republic of Irdand, and Ihe Cornpanies A¢1 20Ckl. The financjal statements have been prepared under the histt)ri¢81 cost cJ)nvention. Artes Mundi Prize Limited meets the definition of a public benefrt entity under FRS 102. Assèts and liabilrties are initsally recognised al histor￿8[ cost or transaction values unless otherwise stated in the relgV8nl a￿ounts.ng policy not&ls1. Golng conc•m Wth £84,896 of free reserve$ 8131 March 2024 and core funding agreements and gfants that Mll generate substantial income in 2024-25 already in place. the tnjstees feel that, although the environment remains challenging, the charity is well plawl lo meet its financial and artistic objectNes for the coming year and for Jlure Artes Mundi Exhiblts"ons. The trustees are confident that Artes Mundi LFmiled will be able lo tailor service provision in line wth the funding available and will continu& lo look to obtsin additional fvnding, they are satisfied that il is appropriate foi the companys finanaal statements to b& prepared on a goin9 concern basis. Income All income is recognlsed in the Statement of Finanrial Adivthes once Ihe charity has enlillement lo the fvnds. it is probabte that Ihe income will L* received and the 8mounl can be measured reliably. This indudes ca￿tal grants. Donatlons and legacles Ineom• Donations and legacies Sncome indudes donations, gifts and grants th8t provide core funding or are of a gonerat nalure and are recognised where there is enlillemenl, probabs'lrty of receipt and the amount can bo rnea5uTed with sirfficient reliability. Such i1￿orne is only deferred when the donor specifies rt must be userj in future accounting periods or the donor h¥s imposed conditions wh￿h must be mel before the charity has uncuKlitional entitlement. Income from eharitsblè activstie$ Income from charitable aolivilie$ indudes income received under o)ntract or where entitlement to grant funding is subject to speufL performance conditions. This income is recognised as the related setvices are provided and there is enlitlemenl. probability of receipt and the amount can be measured with sutfiaent reliability. Income is deferred when Ihe amounts received afe in advance of the perforniance of the servic¢ or event to which they relate. Page 22 ¢ontinued... ARTES MUNDI PRIZE LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES - conUnued Income Income from othèr ￿dIng activities Income from other trading activities indudes income received under contract. This income is reeognised as the related services arè provided and there is entidemenl. probability of receipt and the amount tsn be rneasured wilh sufficient reliabilty. Income is deferred when the amounts received are in advance of the p6rform3nce of the servic& or event to whith they ielate. Investment Incom• Investment income ts re¢ognised on a receivable basis. Basls of recognltion of lialAlltles Liabilrties are recognised as expenditure as soon as thare is a legal or constructive obligatton comrllitting the charity to that expendrture, il is probable that a transfer of economi¢ btrnefits wll be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is accounted for on an accruals basis and has been classified under headings that agg¥egate all costs r8latsd lo the category. ￿ere costs cannot be directly attributed to parti¢ul8r headings Ihey have been all(￿￿ed to 8¢ttvilies on a basis consistent with the use of Tesources. Expendsture on costs of r815ing funds include costs ol fundra>sing, advertising, marketing and dlrect mail materials as weN as a proportion of salaries based on an approximation of lime spent in this area. Expenditure on charitable actFvit￿S cjjmprises those costs inojrred by the charity in the delNery of its activities and services for its benefii#ariès. 11 indudes both o)sts that can be allo¢al¢d directly lo such actsvrties and those osls of an indirect nature necessary lo support them. Support ¢￿sts ale those costs that, whi151 necessary to delwer an activity. do not Ihern$elves produce or constitute the wtput of the eharitablt activity. This indudes governance cost5 whi¢h are those costs associated with meeting the constilutiot7al and st8tirtory ￿quIrernents of the charity and includ8 the 8¢0)Untan￿ fees and Costs linked to the strategic management of the tharity. Allocation and apportionment of costs All ¢¢)sts are allocated btheen the expendrtuw Categories on a basis designed to reflect Ihe use oflhe resource. Costs r&laltng lo ? part(￿lar activity are allocated diie¢ty.' others are apportioned on an appropftole b8WS. Tangiblé fix¢d assets Fixed asset5 are initially recorded at cost, induding the eslimaled o)sl of any th)nated assets. Dep¥eciatKY) IS Provided on langl￿e fixed assets $0 as to write off the cost or valuation. less any residual value, over their expe¢led useful econom￿ l*fe as follow&.' Fixtures and fittings - 250A on co$t Flnaneial in¥tfuments The tharity only has finanaal assets and finaneial li8bililie5 of a kind that qualify as basic financial inslr¢Jments. Bask finan¢ial inslrurnenls are initially ￿CognISed at transaction value and subsequently measured at their sethement valuè. Debtors Debtors with rvj stsled interest rale and receivable vAthin one year are recorded at transacticpn pric&. Arsy losses aiising from imp8iTment are recognised in expenditur&. Crodltors C18dilors are recognised where the charity has a present obligation resulting from a past event that wll probabty sult in the transfer of funds to a third party and the amount due lo settle the obligation can bè rneasured or e31irT2aled reliably. Creditors are normally fecognised al their settlement amoLtnt after allowng for any trade discounts due. Fund a¢counting Unrestricted funds are don8lion3 and olher incoming ￿sOurceS receivable or g*n&rdled for Ihe obje¢is of I charity wthoirt further $pecified purpose and are available as general fvnd$. Page 23 continue