CompaThy registration nuniber. 04239932 Chartty r¢gistrdtioTr nwDber: 1097377 Artes Mundi Prize Limited (A mpally limited by guarante¢} Annual Rcpjrt and Financial State]nents foT th¢ YearEnded 31 March 2025 HSJ Alt Lirllitcd Stsltutory Auditor S¢v¢m Howe Hazcll DriY6 Newport South we$ NP108FY
Art Mulldi PrrLe Limit1 Contents Tru5tee8' Report I to 17 Independent Al110[3, Ret l8to21 Stai¢m¢nt of FloaThci Activities 22to23 Baillncr Shttt Not&s to th¢ Fi[l81 Statements 25to36
Art&% Mundi Pri Liniited Trustees, Report Th¢ triutees, v4ho are directors for the putposcs of compally lthw, pftsetst the aDnuai ]rport together with the finanGiaI 5tatsm¢J]ts and audito, report of th¢ charitable compaDy for the year ¢nded 31 March 2025. MtSSIOY AND AIMS Artes Murndx is the key ithtematio]dty f(8ed fi08ship visual arL8 orgaDisatioD in we$ generating unique opporbjnities for individuals and local wmmunities to en8age creatively witii the urgent i&sues of our time in wdys which Rsonat¢ with us all. We ar¢ committed to stimulating dialogue and debate, internationa]ly and locally, th d¢Yelops gffat¢r understanding of ou]selve4 of 0thffl5, ar of the ftlatiDUS b¢tw¢en fwniliar 8nd distant cuithres. FouDded in 2002 &% a bienni exhlj >itii)n prize, w¢ have Fxomc one of the best-known visual arts tsrgani5atlO ID the UK with an extensive nationwide and interDatiollai profile, attd criticat reputstioll. The exhibition and prize remain at th¢ ¢ore of Artes Mulldi's prngramme of ac¢ivity, which has expanded over th¢ past 23 to IllGIe. ¢xhibitions and MMi&S1o with artists of international Imwta¢, oft¢n a5swiated with lls as previous parti¢iponts olld with venues and Pthiejs across Cardtff. Wales w)d beyond ¢otDU01ty engagement projects of significanc¢ arml consa]llen¢¢ ev¢llts that Cotrtribute to eulturdi delmte ill Wales atwj beyond th¢ key rol¢ as a culra1 ambassador for Wal¢4 the UK and internationally Arte5 Mundi bring5 ¢x¢eptional and chatletiging work by int¢mationai artists kn weS that resonates locally in ways whi¢h are tneanitLgfu] in our everyday Ityes. Thi5 widely praised. worl&class eyent is Wales, most significaDt eoDtetnpordry visual art ¢xhibition and int¢mational initiative. The scale and alnbition of Artes Mvndi sits alongside major intemali(wl ithstituiio. We hold a signifi¢ant plaix in the cultllral caletmlar internationally and ar¢ often the first organisatioth to IntrdIe the artists to UK audiences, exhibiting work by thos¢ including John Ak0. Theth Gate5. Tania Brugu¢r4 KjaT1all5, Teresa M2TgDlles and Kara wk¢t. Past exhibitions bave included jmbitio and diverse array of work acrnss rnedia including painting, photogrdphy, fil installation, socially ettgaged prac4i¢e, pthmiance and sculpture. Through thcir work. the artists we work with reswnd to C4)ntemp)rary i&%tts such &s idelltity, citizenship, ImmiatIon, the environment and coThfiict. topics seek to continually address. SucSsi¥e shortlist5 have brought togdher artists who qtsestiOD what it rneat to live in our SWTld today, commenting and ¢ritiqiiing the s(Kial, potttical alld Gultural contex¢ a way that has global rrlevance, while imwrtrLlltly having I{ resonw¢e for our audiences in Wrjes. Artes Mundi Prize Limited is a not-forrofit ooanisation wlKJse ¢haritsble obje¢tiv¢ is "to advance th¢ ediiratlDn of the publtc by 1creasing their knowled8e and appreoiatÈoD of illterllii)nal coLtEmporary art.. While thcr6 is no sp¢cific theme, artists are select1 in reSte to their work in relation to social rcalities and the hiunan ¢ondition and what it means to live iti our wDrld at this momeoL Over th¢ last 23 years Artes Mundi iw develop¢d and exwanded into wbat the ArLs CounGiI irf Wales h&8 de5¢r[i "i)ne of Wol¢s' most impre&8ive arts organisl0n8" We ¢ontiDU¢ to leAd IMItant partnership ac4yvities acro and beyond Wales, iucluding exhibition5, comtnissions ond perforn)aThce4 cojnmunity regenera¢ion and seniinors and workshops. Our appToa¢h, linking exceptional experiert closely to community engagemenL altwts serious attention ftOTn the l¢aders of major arts org8llisaLioJL8 elsewhff¢ An the UK and the AM stsff tcgm in d¢malld as speakers in thc UK and overseas. Artes nd1 15 w¢ll plathl to creat¢ opFwtimities for dialogue, deb and ndwoTkiDg tbat lbnscend Datiollal. lingui.sti¢ and ¢ultural Utar1Es. Social evenL% talk5, mentonhips. CDnllnissions and development progran]mes. all create oprtlitieS for We15h artists aryl curatots to network with colleagues from actt)ss the world and help to foster Pluctiv¢ relatiO$Ips, AJeThYorLs and wllaboration. Our values ¢etttre on illCTeasing Itural pprticipatioll, widening acc tt) illten)ionai WO of extraordinary quality a1 building a viknt o)ntemporary art5 CCOSyStem AJ] Wa1¢5 thtough partuersbip other5. Page I
knto¥ Mundi Prrze Limitwl Trn5t, Report At the wr¢ of ArtQ8 Muudi 15 the brlief that art LM and do¢s a vitsl ID our liv¢s. Art¢s Mundi'5 development been a story of i[uVatIon Atrj *hievemenL but there is sts"Il huge potential for development and groT¥th. New iwtiatives. ¢ommissioll5 aud events ¢stsblishd for Artes Mulldi 10 provide the neccssary undwork and Indir$ toth potential futUfE e]Mleavouts. Our int¢tttion is to build ots this su¢ces& twting this important in¢¢mational project mi)re rMIY into the fabric and cutiute of Wales for the b¢nefLt of alL in partners]]ip and ¢ollatx)rdtion with like-millded OrganilnS Cardiff. WaL¢s, the UK and inE¢rrthtL0n1}. OBJEcfivES AND AcfiviTIES The rnain objectives fr>r the year ¢Thdl 31 March 2025 were: ro plan at)d sthedllle delivery of the elenth Art&g Mundi I I bienniol exhibition, the second a paTrWales working collaFd)ratiYely with multipl¢ v¢nv¢ partners. Ittrading large iiumbers of visitors. athievillg a wsitive rea¢tion from n#tioD21 alld internationaI audien. and generating a sth)ng critical and m¢dia profile To deliv¢r a successful internation rel&trd pllbiic PTDgrart]me of talks. w0shOps, events activitie5 To oward the Artes Mundi I I Priz¢ To work with the Ikr¢k Williams Tn]sL N'atiollal Museum Cardiff and other partsiers to strengthen national collection of contemporary art for Wales To wmplete and rontinue to develop ernunimity engagewl projects alld around Cardiff and Wales, in associatiott with community groups. artists. oth¢rs To work wittt ¢stablished community groups to engage 8nd build relatio]]ships with new and existti irtdividua15 and mMunitI who experiellcE barriers to participation Kn contemporary art To consolidat¢ and enbance our Ttiternational nehvoTks alld PUtatiOn, giving Artes Mundi an imrtant voice in ¢ulturai dialogue. aDd afm basis f¢r internatLODai collaborations To continue to MY>dt knyatds a styong funding b&8e for firtutt activity, in¢luding attta¢ting & diverse portfolio Of private sector sllprt and making the for reawllable and wur¢ levels of public fundiD8, for a project that is widety recognise4J as a haying real ngtiODal al intsrn&tional significance Ill determining the cknity's objectivcs and activities the Trustees have CODJplied with the duty to hwe due regard to the public benefit guithice published b> the Charity C(mmissts)n. The ac¢ivities Ulld¢keft during the year Iliat show public benefit arc in the following page& SIGiYIFICANT ACHIEVEMKrfr& ACTivrrxFS Af4D PERFORMANCE Artu Mundi 11 Exbibltlon and Pri Tb¢ Tnte¢S believe that Art¢s fvtundi h&8 clearty deonStrat over successive prize c.yGles, with th¢ most r¢c¢nt t¢Lth exhibition distributed exhibition acn)ss Wale5 and within the cont¢xt of die continuing Circumstances of eC0Mi¢ and envirojjtnclltsl ctises, that its ability to deliver Yd world-elass, Critic[Y accl&imed art8 experien¢¢ for the people of W¥l¢s is iindirnm. (hjr ducation and public prOgrmMing work 15 re¢trgnised as innov8tive and exemplary. our community c{tIon work is acknowledged key m(rflel, and our comini85iOll5 and exhibition5 Colltinue to be well ¢¢iV. both populatly and ¢Nti¢a]ly. Within the rtsouxes avail8bl¢, the Trustees art det¢mJitThl that Artts Mutsdi should c4)ntinue to deliver ex¢mpl&ry Projects that brinu intemational quality to Wal¢5 and help to develop tbe Country's artistic reputstion and infrastrvcturc TrvhÈle rooting thi% within and partsierships of local and na¢ional sigllific4n¢¢. Page 2
Art Mundi Prize Limited Tnte¢s, Report For Artes Mundi 11. artist nominatM)S opened oll 10 April and cl¢)sed 31 May 2024, and were follDwed by lon8 listing and shortiisting merfin during the summer with our ¢uratorid s¢l¢¢tion panel whith cofftpri5es Sohrab Mohebbi, Director of S¢ulplureCenter, New YO Previou%Ey hc sced as the Kathe and Jim Patrillos Curator of th¢ 58ttL Carnegie IntrIatiOnal. curdtor aDd writer Zoe But4 founding Dittsr of 'in-tangible instittite. wbich seeks to inforn a robIt ¢¢ology for localty res1Ve curatori81 tol¢Dt in Southeast Asi& She was fornierly Artistic Director, F2¢10ry Coniemp)rary Arts Centre, Ho Chi .Ifinh City" and m1¢ Hélène P¢r¢irA S¢nior Curator for Perft)rniative Practi¢¢s at Hius dcr Kulbjren der Welt (HKWI, Berlin, Gertllany. Pereira has been a memb¢r of RAW Material Coulpany. Dakar. SeThegai since its inGq)tion in 2011 and was preyiotisly its Director of Programm¢s {201222). They jOIn us as the jury to award thc Artes Mumli Prize in 2026. D¥tes for tILe ¢xhibilion are 24 (ktobu2025 to 01 Mar¢b 2026. Artists takiDg part ar¢: Jum8naEmil AbErf)Lid IUKIPai&¥tine) ADawan4 H8loba(Norw&yfzambia) Kameelah Jallan R&8hid {USA) Antonio Paucar (GertnanylPeru) Sancintya Mahini Simpson (Australia) SaWangw[85e YaT1&hwe (Th¢ N&heriandslMyanmar) The Lxbibitiott will be delivered awv&s o r¢vised distributed nM)del with the National hosting a gTOllP exhibition of all artists aditig &$ a c¢thtral bub with Dther v¢llue5 h05ting 5010 pr¢sEntstions of individual aitlsts. We plall ¢0 revisit this model due to the great suc(%&8 of AMIO and to provide Lts with infonn10Th whereby we ¢wi refle¢1 upon this a potential firtIe dircction ith i¢rms of sustsinability aThd capacity. Venue partners firnxed are.. Aberysttlyth Arts Centre, Atrystwyth-AuawaDa Haloba and Sawaugww YawnpJ)w¢ Chapter. Cardiff- Sancintya Mohini Simpson Glythn Viviall Art Gallery, SwatL8ea- Katneelth Janan Raqheed Mostyn. Llandudno- Jumalla Emil Ab)ut Antonio Pauc4r NatioThal hthseutti Cardiff- all six artists For the remainder of 2024 and throughoul 2(125. work o)ntinu¢d with the artists 18 stsjdio and site visits. work s¢le¢tion, cooribnatioo and plotining wtth vettue partDers. aDd a si8llific4nt futsdraisillg campaign ill SllPtx>rt of ea¢h arti and the exbibilloll public p8rdIn[De as a whole. The DeT¢k Willim Trust Artcs Mundi Purchase Priz¢ will again be but the annout)cemellt will fonn part of the award reception for the Artes Mundi Pri7£ tr> be beld at the NatiollAI Museum Cardiff on 15 Jauary 2026. Joiming AM director Nigel Prin¢6 and Ceri Yo¢5. Hcad of ArLs at NMC to detemiine the winner, will be Jamie Scaton &8 a representative fiu]n the TrsL The Artes MutLdi I I publication will be chaDged for this ¢diti(04 IS tIe pr(Klu¢ing a free 72 p¢ thll colour, bilin8ual exhibition 8uid¢ for visit(Ys. Thi5 is a result of rE$AdItig kn f¢bk receiv thiring th¢ Evaluaiion ofAMIO. Page 3
Art&¥ Mllndi Prrle Limited Trustees. Report Artes Mundi J I Pulth Prowjn A similarly robust kd faNeachiog public prograTJlllle for Artes Mundi I I will be delivered with $IfiC priorities align¢il to partsier venues and their corn1ty relatiothips providing key targets to ¢ttgage differing and diven¢ Eomtnuni¢ies and constitscnci&% acD)ss Wai¢& fwusing on adults, scbLX)Is, families. children and others crcatin8 a brcadtb of Pgralming OPtMTrthitie5. Th¢ fi)¢lls toward a mix of hybrithleud¢d d¢liYw'y of in person with some oniille work inellthl a range of ProeS embedding aesS with and for Disabl¢ Deaf and JJ¢urodiverg¢nl audience Alongsid¢ dedicated tours to be d¢livcred by AM stsff for supp)rteo fullders and profE5siona] peers. the progrdmc of events and xtivities plaDnLNI so far will comprlse: Online Exhibitiin Ihjcumentation #nd ititeNetfveVide4bs Still photography af the &xbibition at all venu&s ry)mbined with interactive 3D instsllation Views ellabling V15itor5 to our website to engage in an online tour of Pfesentstion Online T%]k8 Programme-Atthe ioble wlth ... Pres¢nted ill partnership with British CwDcii Wales. six free inpwnv¢ryation panel disc&10$. one for of th¢ AMI I shortlisted artists. Onlkne videos of tsllis Recorded versiotL8 of sknrt ÈAt¢rviews with the artists avaii4ble viaour w¢bstt¢. Pode4$ts An extract from each of the talks to be dited alld k&s¢d as WMic&sts via our wcbsite in Jau8ry 2U26 and availabl¢ via all &JOr )dcast pl&tfom)s. ExhlbltAOD tours A sui of publi¢ tours across ea¢b venue in Welsh 8lld Englith Incl1]ng s¢ifi[lY focused deltvery tsf two BSL-l¢d iours per venue, Alldi04e5CriPtiOn tours and 'knsory Friendly. Dr'sensory Tours.. Workin8 with the 'Ckn Visual Worlds, project team {Jiynlly Cotsw Torn G(vldarf Jane Simpson and Hther Williams). we will deliver a dedi¢ated prograrnuEe of two tours per venue wotkthg with the D¢af ¢aliVeS trailled during AMIO, a lastin8 leg4cy of individuals able to deliver such events across W¢Jsh visu arts v¢nues. Audio Deserlptlon tsurs for Bllnd Vtsu*lty Imp4ir¢d ¥udiencts A Lx)mpreheJ]5ive training pxkage is identified for the Artes Mwjdi teaw and br our venue portners. Our Six ngagemet Producers will und¢rtak¢ trdining In writtng audio des¢iiptioDs of visual art works - again nurturing lent and creating a diversity of inclusionary opp0m[lieS for audiences- ty be proth in W¢lsh and English Snd available via QR codes in th¢ gaLleri&s. Our &]gag¢m¢ni Producers and venues will lead in the design and deliv¢ry of subsequent Audio D¢s¢ription tQUTS. People with seDWTy proce5sitig eotsdltioD8 A major l¢arning fro AMIO w&5 that the demo8raphi¢ of &luhs with S¢TL4Jry PrnWsiTrg conditioDs is so vast that it is tt possible io Cater for all nee&s in one evffli. As a resulL we att planning tQW8rd diff¢rent 'types' of tours being designed &$ well as a s¢nwry range of atal$ aThl spa¢es to be me Avaitable for visitors. Page 4
Art Mundi PriTk Limited Trustees, Report S¢hooWColl¢gdUniveE5ityICollununity F•mity wgrkshops & Our school programm¢ for AMII will be developed in collaiKJratioL all our venue paikners a5 a .s¢ri¢s of Schools Packs d¢sign¢d for Year 9, 10 and 11. also adaptable for 8¢ for FE and HE. They will include Anfomi&tion about each exhibiting artisl key prompts, and questions for teachers to ask in gallery spatts. plus a glossary of tern]s and W00p Xtivities. prfyjueed iti lth Eogiish and in Welsb. These will also be avaslable oll ourw¢bsite. Online Journal Over th¢ year, to b¢ published alongside AMII. a new iteration of writing c4mmissions for Welsh and Wales4ased writers as origillal content ID W¢lsh and English ThEre planne(L led by Dylan Huw as a collaboration with 'Testua testun,. Sfvdio 108. Artist D¢velopnMt •nd Meutorship Progr4mme for We18h 4Trd W91¢5 bgsed grtists Builditig on a GOlJtinuitL8 programme deli¥ered throughout th¢ ye4r, Artes Mulldi will provide a series of one-to-one tytorials with ¢ontributors from the AMI I public programm¢ and staff over a ¢oiir3¢ of at least 25 se5SiOt)s. Perfornianee Progrmrne Various wfornwices ar¢ bei08 pl8md by Sallcintya Mohini Simpson at Chapter and Jumalla Emil Abboud at Mostyn for the openillg nights. Thcse may be supplemented by additional 8UC5t perfOrntive $)seS at other venues. We a150 plaTh to support prodw¢ion of new perfomi8n¢es by Anronio Paucar at the Nation Museum Cardiff and MostyD. iyrHER PROGRAMMING IN 225 Oth¢r projertg completed and in in¢lude: Our 'Perspe¢tive(s) project, A Fyonlier peh wtth the National Roman Le8Koti Museum, Caerle4)n and artist Hannat) Jones ¢ulminaÉed tn April 20?5 wtth a series of public olltcomes iEJclllding an ¢xhibition of a trilogy of new 16mm films presented the Sbjdio at the National Roman Legion M¥5eum from 12-25 Apri] 2025" a sequ¢nc¢ of four monthly cotDmunity worksbops a[ tWD t1CUrn tours with an intergenerationai group pr loc participants from different social networks and orgaiiF5ation5 within the NewErtHt area. a s¢lection of their largevscale ¢eJvmi¢ work produced activated by sound recordings ma(k by 15 Co[llulty participants with Hatknan during the wotslLOPS pr¢5ent¢d Ill a vitrine for temtM)rary display at NRLM T]ntil 30 August 2025. a oDe4lay evettt of a six multi<hattnel souod installation in the amphitheatye OD 12 April 124pm- & publication with omni5siolled essays. aTMJ * vinyl record. Thc opening event attrdctrd gn audience of 900 visilors wnd the fvll exhibition run ulltil 30 August w&% attellded by 20,457 vi5itot5 Th¢ exhibition tour of A Perfeci Senlence with the artist Oliver Frdnk Chanaxin contiaued f4t WolverknamptoD Art Ga]lery, 2 NovemFw 2024to 23 February 2025 From A figer in ihe ClIe by thni¢l Triveay, i single Chatm] version of the h¥channel Vid ¢ommjssioll wil] bc pr¢ted ai Gtynn Vivian Art Gauery. Swansea alongside a selection of the r¢Ied photograph5 in the exhibition figers and Drogons." Ind and frYaleJ In BrilL7in, 21 May - 2 Nov¢mb¢r 2025 HopefulIy. a rellewal of the Canadi3D partn¢rship, lyl Tr Oceon wtll emerge once new perssnnel are in pla¢¢ ill th¢ Canodian instithtions latrr in 2025-26 Page 5
Art Mundi Prir Limited Trust, Report COMMUNrrY ourREACH The focus of our wreatiFe partttU5hips with a range of commuNities within and beyond Cardiff has been continllinx withiA the key long-term strategy of W)Lg with specific cominunities including Black and rLOll-Blark P¢opl¢ of Colour living in Wat¢s and disabled. Dea£ neurodiYetE¢n¢ 8nd learning-disabl¢d people. AuTOn Trknlty C.t)Ik¢tive Our tel10ship ntinUed tbrougb a 0)mmissi killg developed via Tn]sÉee Fra[• Sobande with contribution from Artes Mwidi toward Black Oot Hére and 77¥re, fuSing on the lives, histories, ]d dreanis of Black people in Scot]and and Wales. An online exbibitioll comprising creative work le... audio, visual. witten, multi-media) that fow5es oft the tlbjUts, hea and experi¢nc¢s of B1k peopl¢ ill Scotland wtd Wales ¢tsncluded in December 2024. Held Space for BIPOC Welsh Artists The latest phase of the project end¢d in September 2024 due to ¢ompletion of the current fimdin& From survrys and fttdback Completed by rnernb¢rs toword th¢ evaluation there is a sense that this incarnbtion of th¢ Held Space run its Coll¢. Artes Mundi has (x)mmunicat¢d a desire to ¢x)ntinue to work tog¢ther adIor to assist with any appli¢a¢ions that tnight ctthle a fvrtlher p¢riod of work to be ulldertakcn by the Network toHwd full ind¢pendeDCt. The lego¢y of ot]Itne re50urtts lautt¢h¢d on our wcbsite eontinue including dedicatcd video by Phoebe Davi£s rethred on advice aThd guidanc¢ in wrttiDg filg applications ftsr artists. Fomer mgtnbEts of th¢ H¢ld Space. Radha Patel and Ln)ulkhyar Mohamed wvrking together as DARCH. hHve their tKW WUUlli55iÉ>n pres¢4thd al FAcf. Liverp1 as part of the Liverp1 BienDial which opened on 7 Julle 2025. Creatiwity is Mistakn Through th$ work & toolkit prrmlul published (Trn the freativity rs Mtstskes. and Artes Mundi w¢bsite5 ill Sapttmber 2024. Stephanie Roberts Artes Mundi has bccn involved in W[king wtth StephaDie Robths, supwrting her to rts]ise a ontrday event focu8ed on acce&ibility ill the arts fundrd bs a'Cr¢at¢' grdnt she secured. Followll)g this evcnt aE)d due to th¢ depth of iDfornatiort generated and shared. Stepb8ni¢ chwged p]atL8 to undertake two fvrther panels but to focus remaining titne and funds on developing reSOLrn. Artes .Mundi ntinu to me¢t 5eiernl times to help provide additi(al guidatkce ad direthK)n and plans to publish the f0Mhrning report and relat u¢S on our w¢bsite in sprillg 2025. Audience and Profde DeveloPnKI. BuildJn¥ Artes Mundl's Networ Our advwacy role allows w to r¢pr¢sent atld iticftase Wales, culturaj profile the UK and ov¢rsea4 maximises OUT contribution to the Welsh X)nomY and provides the greatest benefit to the people alld C4)mmunitiK of Walts. Most im[K)rtrtly. aim maintaio high-profile press and media coverage and AnGr¢ast it in th¢ UK and kty overseas and reach nOTh-WcSt cthrric audi¢nc¢s. Arte8 hlundi 10 proved to be a moment of celebratiOD of our legw as w¢ll reflecÉÈon On what has b¢en hieved whereby, we eqUIpd the orgauis#tion to ntinue its untque role for weS and Ihe UK. WE also ¢ontinu¢ to set ill place protnotion of Artes Mundi aDd laies in the ¢ountries of the 5hortlisted artists fo¢using oll our advoca¢y rol¢ though tnotthly me¢tiogs wtth the British Coullcil Wales. Page 6
Artes Mundi Prll LiDJited Trustees, Report Staff mefftbern also play a role With this advo¢acylambass&loria] role and promotioD morc broadly, extending our reach locally and internationally. To this eJ]d tbe team contillues to take pgrt ill oogoing Dationwide mectings thtx)ugh Pliis T&t4 in thrt>U8b VAGW alld What NexL a[ the d[ctOr ts ¢Op¢hair of VAGW s1 a rneJnbeT of the Wales in Venice curatorial viSOry o)mmittee. Furthermore, Staff attEMI key n&tional and int¢rThational art events gknbAlly as well &8 bEing supportrd in th¢ir professional development throiigh attendance at conf¢r¢n¢es. ac¢eptillg itsvitstions to writt texts OD artis attd Underta&¢ InTiOUS trdining that eqiiips and ontributts tts the kntswledge and wrienct of the orgaDi5ation as awlM)le. Our n)arketiLg and c01llmuni¢Iotis ¢othinued to 5ucwshlly acro&s all platforms. Over the cout5e of 2024-25, we premiered HaDDaD JoDes' Cosmolechnic Peplum online on 24 lanuary. gathering a total of 146 Vi¢W5 as of 3 mh. OD I? Fel)rnary, our websiie experiaJ¢ed its high¢st traffi¢ spTri ¢ siDce April 2024. with 271 users visiting that day, thou Th) speeifi¢ cause CJD be identified. Our Instsgram following has grown fmm 6292 to 6.370. an IncrE of 78 followetB. The m031 $uccessfvl p05t was alK>ut the online pretlliere of C(Asmofechnic PepluRL whieb r&eived 98 likes, I c4)Tnment, and 13 saves, with a totAI of 3 J13 views. On Linkedln, as a new platfomi iDsti8at¢d to usé we gain1 8 tots] to 514 followers so far. AdditioDally. the Cultural CM)vernance Alliance feaiuml Artes Mundi aThJ our ¢wsiee ea]lout itt their Trustee rM)st. We send out monthly rnewsletters. Those for Dec¢tnbtt, Jatsuary. and Febnwy. aloDg with enikof-ye DirectoF5 update r¢c¢ived 7.815 opens. all illere&se of 6VA compared to the number of opens for the Septemb¢r.November quarter and 360 eltcks. Org•gni84tional Developm¢ot Tbe corc Staff tea secn sigtiificaDt change in 202¢25. The Deputy DirectorlH¢ad of Development left ill D¢¢¢mb¢r 2024 followed by the Curnor in Manh 2025. This Tesutted in a p¢riod when the olliy stair were the Director IFT) and the Op¢ration8 Manager (0.6FtE) altsngside th¢ Markrt & CommunicBtion5 Officer is a consultant employed on a 0.4FIE ¢ontrdcL ReeruRtineiit and interviewing took plA¢e with a new Development Manager joining in May 2025 as a 0.8FfE tK)sitiOD alld thrce As5i5tant Curators jOiniTbg in the sununer, two as 0.5FfE positioll5, 8 third with r¢sy)nsibility for the publi¢ togrdmme, &5 a 0.6FIE )St. All three have be initidlly offered twrlye fflonths Gonkn but the iDt¢lltion is the5¢ will bE 5ub5¢queDtly offerd PErnianent posltions by Mareh 2026. The Dircetor remains the on]y FT Mnber of staff. Th¢ D¢w staff team bas Bignificantly improved the depth aDd range of txperience within the orwdni58tioll attd Equlp liq well for the fiiture. All individuals in full and part-tim¢ p)sitions ar¢ auwent¢d by fixLxI t£rni contract 5tLff and fr¢elan¢ers to deliver key 8spects of our operations and progranjme. &%pe¢i811y the delivery of Arte5 Mundi 11. Additionally, employ the Servic of an 8ccounlaDt to WOTk with u5 on financial pro¢¢eS and measl. Work coDtinued to update and develop various &ycts of ArtES Mundi itfftastsuctswe. polieies and procedures wÈth this work ¢onsistetyily Ur¢T annual review. To end. WO conwleted enMpa$s.. Continuing annua] audit review5 of trustee skill4 knowledge ar nctwotk8 &8 well &8 recwilrn¢llt and r¢newaI of new ttustees Review and updating as nectssary of the Trustee handlxM)k Ongoitig anllual reYisioDS lo existitig Artes Mundi policies and the writiog of new ones tur]g cornpliauce with curtent legislation Working with and OngsIde our commissio]hed bJDdraising stralegy ftom Countereults]re. ongoing is the id¢ntification of a serie5 of fimder prospects Trwond our usual SuprterS a¢ross all areas of ollr (yeTa¢ion and programming Maintainiog and impn)ving our 5toLus of Cymr4e8 for our wY>rk ernbeddlng Wrl$h language into our orgsnisalion, planning, operntions and prograDmiing Page 7
Artes Mi undi Prize Limitsd Trustees, Report ITrY¢sknent in staff through SUP)rting traintllg in Welsh I?e, CaTboTh Lttera¢y, Dtsability AwareLe&s, First Aid, thdan¢e at Arts Marketing AO¢latiOnS CopywriliDg Day supported by an ACW bursary, webinar traiDing OD 'In4ouse wtjtent ereation: laking the most of your resowces,, by HdK ONI traintng 3e&sions on making inforniatton easy ty read and understand SupwtiD8 Staff touttdertske research visits and meThti)rship Staff profwionol dev¢lopm¢M by fillldtng attenda¢¢ at major art events such as bienDales in Venic¢ atKI Liverw)ol FINANaAL REVIEW ArtEs MuThli retaincd its status as a u[Year funded orgwsation in the knvtsImIt Review. Followlttg th¢ initial Dffer ofour grallt rQnfirn1¢d at its 2021-22 level- with almost all our peers &ross Wales- cuts were initiatsd by the Welsh government pauing on thc6¢ rweived direthly to the nation from the UK governmthL This rUlted in a redtIOn to Ol ¢ore operating grnt)t lollowing a Similar reduction sector wide the previous fjscal year. Similarfy, the finan¢ial Pressures present aGross the cultural sector also impxted local authorities with the City and Couttty of Cdiff Councii aM)outlThg it ciitting all culturni support from 2024-25. As one of only four organislltions still ill recript of funds, this fi]rthcr rcductd the eore support for Artes MiuHIi. I'he cutrent $ituatton is olle of prcssure and incre&%ed comp¢tition fw fiwds frorn exterllal %M]rces is ke¢nly felt rosS the UK for ¢ultuial oiganiwi¢JDS. FiMn¢i81 posltion Art&8 Mundi a Cycle of a¢tivity that illeyitably Great&8 a surplus in years when the 0$t expensive ac4ivity is being planned Thther than delivered txwsng 202¥25 Art&s Mundi coThtsnued its pro£rdnun& of public ¢ngag¢m¢nl os gmllndwork snd new pr8CtAce alongsid¢ prepariD8 for the Artes Mundi I l exhibitio vAJich opened ID octo¢2025. The ¢harity's total incoming resourc&8 during 202425 wtr¢ £274,870 {?023-24 £621,566). Expendithre in the year £317.05012023-24 £729,928). Net outgoing rourceS ftir 20225 w¢re £42,180. The charity is ethmely grat¢fiLI for confirned menue funding iDcome frnm Arts CouTh¢il Wales during 2024-25. Th¢ ¢lwity retnains OL a fitwKially sound footing ¢arrie5 forwqrd total rcseryes of £124,833 into 2025-26. PriNeip#l knnding fjourc¢s Artes mdI tE¢¢iY&8 its core fiJDdin8 froffj the Arts Comncil of Waleg. Artes Mundi ctIVj a continuing gtwt ullder a thndiog agreement with the Bagri Foundlon for the Aft Mundi I l exhibition and pri. a donation from Th¢ Derek Williams Trust alld grwlts from Herith8e IA)ttery Fuud. and ACW for the 'P¢rsp¢¢tivel5)' programme. Some odditionai supp)rt is developed througb book sai¢s doiiatitsns. investmcttt incom¢ and earned iTheome. The new business model blIShed SI¢¢ the ACVI R&4i11ce Pyogramme. pla¢es a stroDg¢r emphasis on the import8nce of pmmoting ac8 and participation &8 a aNe mi&%ion. giving us the oprtunity to think again about our cas¢ for $uptK)rL Our continuing foc4Js on futhdraisiug for bjtttre in part aligns with rec0MeadaÈlQS commissioned by CowL¢T Culture. AdioA fimdraisiDg irtttiatives has taftgibly bome fmit as ¢viden¢ed by the muiti-yvar 5UPPOrt srtured froj)) the Bagri Foundation for AMIO and AMI I with aD inlerest in e4)ntilluing in som¢ fo twond. plus att cxpansion of identifyiD8 sources fro ov¢neas periin¢nt to the attsts Wotk with ottsUc¢Ye bi¢Lwiai exhtbitioo Page 8
Art Mundi PrrLe Limited Trustees, Report Financial risky The principal fJnan¢ial risk facing Artes Mvndi t9 the rK>&8ibiiity that it wiu Dot raise sutTicient fi]ndy to carry out its activitv platis. Art£s MuThdi CP10y3 a dedieated Developrnent MallageT SUPPOrted by th¢ Director. The Board of Tnistee$ re8u18rl> r¢vi¢ws th¢ dwity's huraiSing plans and achievernents and authoristss major exp¢nditwe only when it is confident that thE lleCESSllry fuDds will be availAble. The Trustees a]$9 r¢cognis¢ that th¢ current wlicy of austerity as ¢viden¢ed bv ACW 8nd Cardiff local authority cuts, g¢u¢raily incr¢a5 firDdraising competitivetKss plus cost of iiYiD8 attd enErgy ¢ris¢s will undoubtÈdly afftct piibli¢ sFnding atMI rdnge, dcfth and type of sllprt available. meaning that revenu¢ llding is unlikely to be iTrcreased 5ub5tantiaiiy in real tern and may wtll d¢ta$¢ th¢ future. In additiott to exploring the possibility of 8¢cessing new fimding slreams assisk41 by the Fundraising Styt¢gy developed through support from ACW R¢silien¢e PrOgrame. this also illvolved pla$ to reduc¢. Whe PLissible, the charity's rxpenditure. Staffwg Artcs Mundi's core teaEtL llU[nbe six ¢mployees. The Direth)r w&8 employr4J on Pd fid14ime bAsi4 with others en)ployed for two and a half or four days per 4srek &$ d¢tail¢d aFrt)v¢. Th¢5e Pertnt rolES will be supplement¢d by one Assistallt cUtOr, a tcafft of six Engagernent Pjvduccrs aod a Digital Content Coordinator to Coordinate and deliv variou5 of proglammillg in 202425 and spe¢ifi¢ally surrDUI)ding Artes Niundi 11. Auditors OUT rnaiD colltact at our audilor8 MHA, Julia Nlortimer reliTed in Janvjry 2025 and we ftcEivcd noti¢¢ that despite re<ngaging them following our tk¢ember 2024 as a ll1t, MHA has rcduced the number of cbarity Clients, and t would be resi18 as accountants and auditors for Artes Mundi Prize Litnited. A disengagemeThi letter was tEccAYed. Trustce. Derek Howell led the appDiothient of new E4uditOT5 followng pproachcs to tender and int¢ryi¢Evs. Reyeryes policy Tht Trustees recogni5C that n%¢rves are needed ro covL¥ timing diff¢renccs bctwccn ittcome and expendiÉure, to sustain operations if anticipated fvnding is delayed or reducd thd to provide for unforeseen costs. The Trustees beli¢vo that the ideaI level of serVes for Art&% Murndi would bc sufficient kn coyer fwr nths, wre Costs and io provide Collfidence that any prOjt to 7whi¢h th¢ ¢harity i5 committed can be ¢arrA¢d through to a satisfactary conclusion. Oli this basis, th¢ TTWStrrs ili¢vB tha¢ the id1 level for free rtserves 0th 31 M8xch 2025 hlis within the r&nge of £70.000 tt) £).000. Ai £124,833 the charity's utsttstricted fr¢¢ reseTr£s are above this range. tn &ddiiion, ¢ore filliding agreements
Thd that will generate substantial inconie in 2025-26 ore already in plac£. The Trustees feel that, although
the environtnent rcmairjs challeJJgitTr& the charity is well p]aced to tneet its financial and artisti¢ ObJtIveS for th¢ wming year and inlo Artes Mundi I l. FtrruRE PLANS Artu mld1 11 Exhibition gjad Priz¢ The focus for the remainder of 2025 will be on the lautth al delivery of Artes Mundi I l across Wal¢5 and wÈth the &rti5ts alld venue5 as detail wlier. Alongsid¢ a robust 1b11¢ progrdmme wiIl seek to engage visittsrs 8nd aUdI¢e$. Page 9
Artes Mundi Pm Limited Trustees, Rert Laut)ch events are planned follow5: 23 OctobEr 2025 Spectal Supportets Preview, M.l)Op Exhibition opelliugs N8tÉooal Museum Cardiff. &8.iM)PllL Chapter. 7-9.pM At Chapter, the11[ be a perfom]arK¢ by S81Dtya Mohini Simpson from 7.30prn 24 October 2025 Exhibition opening Mostyn, Llandudno, (fr8.IXlptll This will include a p¢rformaJ¢e at 7.30p by Jumana Emil Abud iDvotving inefnbers of the comniullity ljave dev¢loped th enew work with the artist centred OL Water Sources and historic spritigs OTh the CJolgortlQth¢ Gr¢a¢ Orme. 25 (ktober 2025 Exhibition opeDing Aberyshvyth Centst 20 November 2025 Exhibition opening Glynn Vivian Art Gallcry. Swansea Work with Sam TallK>t Ltd contitiues folk)wing their reapp)inknent and has u1tCd in a a series of international advertising generating pxess respons¢s and media reviews lill¢d up for the lauTrch and the pri announrnethI. This is very much w)Tk in progrtss but so farJlledia covernge wkil include The Art Newspapei, Art Rl¢w. The Guardi4 the Musewn Joutnal, Maxwell's Museums. Fmpir¢ Line8. Strjdio ltttentiDl)aL Frieze. Similar to AMIO, a press low is b¢ing schduled. begÈllntng It Mostyn on 22 O¢knber 2025 al vistiing tach venue and Meet[DlterVIewS with the six artists over the of ¢wo days. Journalists will be represeDtatives of press from th¢ LK Germany alld ChKD& Alongside the exhibition laun¢h there will be the planning and promotion of an extensive public progrwnme across all v¢Trues with freelanc¢ fixed term stsff re¢nJli] to assist with the delivery. This will illcludc a Assistant Cwator and six Engageme4ht Pr(MIuLzrs. Page 10
Artu Mundi PrrÉe Limited Trustees, Report Tknre will be a series of new WTiting rAjmmi]0ns mpAk in Welsh F1]sh fiymn ernerging Welsh and Wal bas¢d wYiter5 and PTactitioner4 with on¢ piec¢ d¢di¢at¢d to ea¢h AMI l atist. Acting as commissioning editor. t)vlan Huw. is overseeiog the commissio* ond will 8uthor all overarching piec¢ draws thematic links together from acro&% AMII. The first two piece5 will be launched on our website to coincid¢ with the opening of the exhibition with th¢ remoinin8 texts published in Nov¢mkr and Dtteffll. Writers commissioned includ¢- Becca Voel¢ker- wri¢er.thiar and GoldsmittrL8 le¢tur¢r originally fr( Gwyntdd, with int¢rests in land cinema (see forthcomillg boLk and thB ILf, collectiye practiC&8, womcn's labour-
tential iDvitatioll to write withlafterlalongside the work of S]nty Trlobini Simp50 Anushiye Yamell - a cardiff-b&¥ arbsUdancerlperforwKe tD ThTite son]ething ri¢h onlaround Karlle¢lah lanan Rash¢¢d's Hrk. c4)ncerning 'learning', fiJgit(vity. p¢dago8y &lld the soni Lowri Hedd Vaughan - Anglesey4&sed wrtter,,II and activist4)at1Iser invested in grassroots climate action and ecoftminist methods to bring an int¢r¢stin8 lay¢r to themes ID Junwi# Emil Abbolld's work and their relatio1p to north W&les in parti¢ular {fmm a place of Very soulld intematiotth]ist politi¢s)- K8ndace Siobhao Walker- tIartiSt alld freque47t lIaratOr wbose inter¢sts strongly llate wilh th¢m¢s and meth(th (and fK)litics) animatillg Auwana Haloba's wo]k.' , the sonic, th¢ durdtional, the wbisp¢red.. F¢rTh Thomas - arbsvwritu and PhD researcher with St Fagans (on the relationship between its pr¢bistori¢ ee010gY colleetions and COTrteM perfornianctslparticipatory methods}', interested IIL 50ci#L scu]ptLwe, ritswL environnwl sit¢-5)n$1ve practic¢. to resp)nd to the work of Antonio Pau¢ar, Mars da SiIva Sau(k- Aberystwyth.based experimetttal fflllunaker and rr5edrcher whos¢ interest in chives: abstraelion and [x)liti1 land Aberystwyth as a site) to creat¢ i gernerntive dialogue with the of SawangvrfDngse Ya*Thgknwe Arte8 Mundl 11 Publit Programme Planning to b¢ developed includes traitting will be ulldertsken by (MW leam of Engagement Producers who will augtnent the teams at each venue lo dovetail Artes MuDdi sptfiC deliv alongsid¢ some of their existing pr0grd1Des and priority dIenCes. Vario8 Thetworks are confinned for AMI I to work with buitding on legxies established durithg AMIO and with our venue partners. Aspects of training and delivery of the AMI I publi¢ programme is a8r¢¢d with Our Visual World, also as part of tkaf GathErtll8 alld Conwv Live. A sutnmary of other community reldionships and public progrdtThmin8 events and activities for AMII planned so farwith ourvcrtue partslern include.. Training for the curatorial athd visitor assi51aTht team - th[ lsrtts aod sevetal art students - discugs on display with visiti)r5 Se0ry paGk5 for lleurodivergellt wdiences Visitor trsour¢e m for audienc¢s within th¢ gall¢ry s Developm¢nt of S¢hoois Pack Accessible tours for Deaf and Blind audience5: 2 x BSL tours through Our ViBual World, awli(d¢5¢ription tou with our Egagement PnMJu¢er EngagemeDt Prodiicer5 to deitver 12 kshopS for 5chwis and famtlits Weekty luochtime gcneral Cxhibitioh public tours in Welsb ond English Page 11
Artes Mundi PrrLe Limited Truste£¥' Report A series of xtivities for geDernl vtsitor5 and families d¢liverEd by the univetsity's Crezttvc l£arAung dept. a kcy priority Clwt¢r Sensory wks for neurdivergent audicntts Dev¢lopmeTht of Sch(K)Is Pack Accessible tour5 for D¢afaudienees as part of D( Gatheritig (21-23 Nov¢mber}.. tours and w)rkshop5 during this peri(Kl as part of that offering Accessible tours for Deaf and Blird 8udicncc5: 2 x BSL toutE tbrough Our Visual World. audio-descriplion touts with (YrEllgag¢nt ProdLE¢eT Engagement Producers to delivery 12 WDEksbops for fatnilieslchildren Public tours Welsh and English Events and xtivities seek to deltverto key pri(*ity audi¢nc¢s including Global majority. famlieS. Deaf & disabled. 1fv30 yeats old, LGBTQtA+ Glytjn Vivi¥n Art Gauery ScttsL)ry pack% for neurodivergent audiences D¢veloprn¢nt ofschwls PaGk Accessible toiirs for Deaf and BlitNJ audi¢llces: aUdidE5Cription with our Engagemellt P[rylUr, BSL tours throu8h OurVi5ual World Etsgag¢tn¢ttt Producers to d¢liver 12 toulw0pS forsdwls alld kniiies in Welsh aJJd En8]ish Work with 'Thr¢ads' coJnmuALity again on aJers of ts]ks, tours and workshops Ditector delivering a public tslkon 7 November Kam¢elah will contribute ideas to fami1ylchildsch¢jS TrkShopS involving printing with Welsb Neurodivergent tour- b&8ics and awareness Work with Young Art For¢¢ - hom¢ ¢dwated lots wtK> are ND. have bad ShggleS with mainstr¢am edllcation Engagemeut Producets to delivery 12 w0hOpS for familieslchtldren Mogtyn Sensory packs for ttetrodiverg¢ni audiences SclK)ol progromme throu exhibition pack which will be takn into the sctM)ols Att¢ssible tours for Deaf atLd Blittd awliences". audiithription tours with our &)gw¢Dt Producer. BSL tours through Our Visual World ED8a8ement Producers to deLiv¢r 12 for scIlS al famiiieslchildren FblIC ¢xhÈbition tOUTS in Welsh •Ad English &blIC workshops for a group of yow)g pPIC with met1 I1th conditions plLs other possible rommunities that Mostyn have collneciions with. for exanple, Blind Group& Mental Health for Adults, Adults with Learning DiffiLX]lti&% C(M)wy ConuKt National MUSEU Cardiff A¢SSIble tours for Deaf at]d Blind audiences.. audidescri[lott tour5 With our Engagement ProducEr, BSL tours through Our lSUal World Pa8¢ 12
Artes Mundi PrrLe Limited Trustees, Report W¢tsh Learners t(Hw Ellga8eEuellt Pr[xlU¢-attelld NMC for$plfi¢ ¢v¢nVwothshop delivery S¢hoois - focus on 5elf-led tours throughout the nm. AdditIonlY. will programm¢ ¢wo 'School$ Weeks, where we call offer sChIS WrkshopS at hmc, led by Engagement Prnlucths thr(>ug NMC staff rather than offering woJthops for th¢ whole nu Monthty Saturday wothp with the following ¢onthJuDity groups: Ty HAfan. FIyiDg StaT4 Welsh REfugc¢ Councll and St Mary the Virgin School. EnwdgaDcnt Proth WAII lettd one woPKshop per group for these organisaiiork8 Contribute to exi5tin8 progrdtllme of mnthiy xtivity: ItL%PiT&ng MOrIeS. with dementia Public tours in We15h and EDglrsh Other Progrgmmlng Following the cyMBren reSe8h exthange visits SiDce 2022. Artes MuAdi ¢ontillues to play th¢ central orgallising role in sllpport of the fidS raised oll behalf of VAGW to develop subsequent ollaborntions betThren W¢L8h venues atKi possible partoers in Britlany. Approximalety 55/0 of the VAGW, held funds are cotnmlttd. A mlling deadiille 15 in oAllOn and VAGW mcmbcTS have becn reminded in aTJnual meIDgS in Julle and AugusL and at the fortheoming tWdaY conferellcc in November to consider further ideas and DJak¢ proFM)sals. The UK and Europe txbibition tour of A Perfeci Seprtence with the artist Oliver Frnnk Chonarill has ow ended followiug its prtsentation in Wolv¢rhamptoD, with news received from Fornia that th¢ National Museum Cardiff a8 th¢ planned next venue for the toiw in 2026 has pulld OUL As Agree41 and suppjrted by the Art Fund, the ac4uisition of one of the e41itions of th¢ compl¢te photogrdphic surveyy however. is underwzy by the museum. Oiw appli¢atioll to repreMt Wales at Venice ill 2026 with artists HannaTr Jon¢5 aDd Sadia Pit]eda Hameed and itwolving W¢bh Fnit¢r/critiG Dvlan Huw aThJ a rn)ge of pwtners iiot succfill. We were ODe of three Organi10[ sIrt[iSted and Invit for an irntErview on 24 June. Feedbk folklg the dttision was very p)sitive a5 a strong pn)pDsal we are en¢ournged to reapply for 2028. There is fith news coThceJning the project lyl oce Remembers, a pathrship with Art Gallery of Nova S¢otia and Grenfell Art Gallery working with Canadian artist CamillE Turner for a rilm screening, panEI discussion aDd with g39. Platming contit)ues ill Ollr WO witlk the Aiirora Trinity Collective to lead some tours of AMI I dedi¢atsd t Cardiff bd communtties partof the broader publi¢ programm¢. S¢veral member5 of the Collective ar¢ aiso rking with Jumana Emil Abboud to pmduce a series of embN)ideries ce]etwlg both Palestilliall and North WaJ¢s bi5toriral 5priD&s. ThEy wfftll be displayed at M05tyn alld fonn part of Jiimana's spok¢D Word pertomiance. Valley Kids tijo will take part a tow at th¢ Natio11 Muse4mi C4rdi The l¢gHcy of ODline resouw launrhd on our EiL%ite for the H¢ld Spa¢¢ Network for BIP1 Artists continues as does the toolkit deyeloped with Disabillty Arts Cymru &$ part of the Creativsty is Mistsk¢s ultiy¢ar project. Page 13
Arte5 Mundi Prrze Limited TrllSt' Rewlrt srRucfuRQ GOVERNANCE AND MANAGEMENr GDverniDg dOettt Artes Mundi Prize Limited is a &)mpany lijnticd by gu8mte¢ aDd a registered ¢hHtrity goYern¢d by its memordndutn and articles of association. Artes Mundi Pri7£ Limiia wxs in¢oTpor&ted on 22 June 2001 and the constilution was amended 8 March 2(Kll 17 Juty 21x12. and 28 Sepknbey 2007. Recrnitment And appointm¢Dt of Trustees Artts Mundi is Ined by the Board of Trusttt4 whi¢h meds four or five times a yw. Tn1 are aPlted by el¢ctioll at the AntLU81 G¢n¢rnl Meeting. Th¢ Trustees may als) a memF£ to fill a vacancy in their ufflber. The balance of skills, ¢xperieDce a1 qualifications of existin8 Trustets is examined anlltmlly including review and skills audit in terns of membership its Otration. Th¢ Ttustee5 undertake this work as g basi$ for su¢¢¢ssion planning with the aitll of developing an appropriate balance of cultyrol WKI geographic background, gender. artistic judgemenl diversity, busfftcss expertis¢ and profession profile. Tke ¢harit) s constitutio .tion. During provides that otle-third ot the Twstees should Tetire eaGb year, but Jttirets are cligible for re-ele- 2024-25, the I'ru$ttt5 reviewtyj and optK)inted ncw Erf)aTd members, particularly following an iudit of skill sets. assessing itiversity and inclusion litte with ACW 8t Welsh Govtrnment guidelines, and Arte5 Mundi's stratcgy ain)s. This p¢riiMJ of board renewal rUlted in six Trustees rejoioing Wlltinutng annually. The view of the Trustee5 ntInUeS ¢)&ide work ill ¢5tablishing reyised terms of rcfer¢ttce, advisory sub¢ommitt¢es and board retrEats fi)r longer Iwm 3trdte8ic pLathniDg. One Trustee retired - 05ei Bo$. New Tnte¢S recruited to join in 2025 are Dr. Debbie Savage alld Elai Cabu OryllAyxtlonal stru¢tur¢ The Tnle¢S have a Chairn18n's Group io o)nsider promtnellt i&8ues that aris¢ bets¥een trustees, m¢¢tings or niatterg referred to it by the Board. This Group periodidly )I]SiderS th6 m8ior risks facing the charity and keeps under miew the effe¢tiven¢ss of the charity's finatt¢iaJ controls atMI is authortsed lo tske uJ¥¢n¢ de¢isiQDS khalf of the Board of Truses. It meets as TKcessary atMI reports kn the Board of Trustee5. The Trustc£s have agreed and documented th¢ authority Éklcgated to offjCc and staff to make decisions and take actions on behalf of the charity. Major decisions su¢h as the approva] of cbarity wli¢ies 8NI budgets, galary stnjchtres, 5Ègnificani Capi ¢xpffldits]r4 long-tenn coll]mithnts a[ control of the drity'S bank a¢wuDts are resced for th¢ TNstees. Day.to4lay admÈnistration is the restsibIlity of the Di[tor, who EfP)rts to the Trustees. The 1]rY relating to delegated aLthority is r¢vi¢w¢d amuaily. Indction and of ntw Tn1¢¢$ New TtustCC5 tre prtrwded wth comprehensivc Tnfornjatton rel•illg to their duties and responsibilities und¢r ¢harity and company law. They atso receive an inforniation p4¢k covering the charitys a¢tivitie5 aDd finan¢¢s illcluding & T¢¢¢ Handb(K>k Key magent reMlleratIon Ail Ttostees give of their time freely 8nd trustee reitived the year. Th¢ Truskts wiodically Thiew atkl set the salaries of senior manag¢m¢nt personnel. CODsid¢ritig the level of responqibility each staff memt*r catries. the sdaries paid in siu]ilar dwities and th¢ ¢urrent inflatiott rate. P8ge 14
Artf8 Mundi Prize Limitwl Trustees, Report Rtsk MIgeMe1}t The Trustees wiodically review ttrL¢ major risks facing the charity and th¢ systems sn placc to malge those risks. Artes Murldi Works in & sector where risk is Th)t ollly iDevitable but alg) tmporlan¢ part of its cotnmitment to hitving excellenee. Even if it were p085ible to create eDtirely risk-free operating environment it would be desirable for an or8anisation working in th¢ field of ¢Ont¢Mpor vi8ual orts where artistiG risk is an iThtegral component of an exciting cultural ¢xp¢ri¢ll(%. The Trustees hav¢ adopted a risk maDagema)t lleY and culture that gtves f]ng partners. SUPPOrtE, trustrts, statT and suppliers greater CODfidenGe WhE dealing with Arte5 MuDdi. The risk nianaganent w)licy seeks to.. id¢Dtify the risks to the orÉ8nisatioll alld evaluate the ffttiai dom8ge they wuld c4u5e take preventative action where reaqonabty practithk tske steps to Mini the harnh if the risk F*comes a reality r¢thicx any potential liability A risk r¢gister is rnaintsined aDd re8ulthy updated. Referenre AdtlltnistrAtive D¢tsi Charity iiegislratton NuTnber.' 1097377 Company Regi5tr8tioTr Nllrnt. 04239932 R¢8l$ter¢d Office: National Museum Cardiff RrM)ms S05IMG & S05..03b th Park Caerdydd CFIO 3NP Auditor. HSJ Audit Limited Statutory Auditor Severn House Hazell Drive Newwrt South Wales NPIO 8FY Solicitor8: Geldards LLP Soli¢it¢)TS Dlunfries Place Cardiff CFIO 3ZF Bankers.. CarditT Queell Street CFIO 2AN Page 15
Artu Mundi Pri Limited Trustees, Report Trustees #nd offKers The trllstees and offi¢ers seThing during the year alld since theyear end wer¢ a5 follows: TrLte¢s. Dr FrnTJca Olu((knbo Wilson Sobande Leyla Pope [apTnI¢d 12 Dnber 20241 Prnf. Mich&1 Tooby. Ch8ir Derek Howell Adam Salkeld Cllr. Peter Wong{appointed 12 Drf¢mb¢r 2024) Chief ExecirtlYE OtS¢er. Nigel I¥iDC¢ ststement of trusttts, responsibiliti£¥ The trustees Iwkn are aJ50 th¢ dire¢lors of Art¢s Mlllldi Prize LimitrAI for the puryM)ses of wwpany law) arE re5pon5ible for preparing the tn]stec5' rert alld the stoteeThts accordance with appli[] law and United Kingthm Aecoullting Stsmlar& (United KingdoTn Gcnerally Acceptcd Accounting Practicem in¢ludittg FRS 102 me Financial Reporting St2nd8rd applicable in the UK ond Rq)ublic of Ir¢land'. Company Ig4W requires th¢ tn]stets to prepare finatsciRI SeMents for each finallcial year. Uttder company law the trustees lIst not approve the fEtJancial 5taternet they ase satisfied that they give a tNe alld fair view of the state of affairs of the ¢haritabl¢ company and of the iucoming wur¢es and application of rOUr¢¢I incliiding its income 2nd eXndItUTe, of the charitable company for period. In preparitig thtse financial stat¢m¢nts. th¢ twtvs are rquired to: s¢l¢¢t suitsble aw)utrtill8 pJli¢ie5 and appty thtrn COllSiStentty: observe the n)eththls and principles inthe aarities SORW. tllake judgements and ¢stimates that at¢ reasonable and slate whether applicable a¢countiog sfandsr&%. cotl]PTi5itig FRS IQ2 have been fi)Ilowed. subjeet to 8ny materi61 d¢partutt% di5c105cd and explained in the fiThollcial statallents: and prepare the slat¢met)ts on th¢ going C4)ncem b&%i8 unless it is inappropriate to rrtsum¢ that the ¢haritable ¢ompaThy will continue in bu8iriess. The tNste¢s are r¢5P0115ible for keeping proper aCunting rc¢ords that Can disclose with re&80nable accuracy at any time the fmancial wsition of the charitable compally and enable them to ensure the finaiKial stat¢rnents mply with the Companies Art 2(K. They are a]so rcsponsible for safeguarding the assets of the charitable compllny and bence for taking reosonabl¢ steps forthe prevention dete¢tion oFfraud and other irregularities. The trustees are r¢sls]ble foT th¢ Maillte and iThtegrity of the corpornte financial information included OD the charitable cOrnpan9 website. Legislation governing the preparation and dissemination o riDatL¢ial statem¢rnts may diff¢r frotn legisl*ion in other jurisdietiolls. Page 16
Art Prize Limited Trnstees, Report Disdo8ur¢ of infonutioD to 4uditor Each trn5t¢e has tskeTr Steps that they ought to have tsken as a trustee in ord¢r tt) m8k¢ th¢mselves aware of any r¢l¢vant audit inf0mlion and to 45tablisb that the ¢harity'S auditor is aware tsf that infomiation. The trustees confttm that ther¢ is no rel¢wont inforn)ation that th¢y kW of and of Tryhicb they ktM)wthe auditor is unawgre. The annua] rel approved by the tr&8ttes of the charity on 11 tk¢ember 2025 st Sied on its b¢half by.. Prof. MtGha¢l Tooby, Chair Thtee Page 17
Art Mundi PriY* Limit] Independent Auditor's Report to the Members of Artes Mundi Prize Limited Opinion W¢ havE allIed the fittanciai sla¢emeDts of Artes MIU1 pri Limitd (th¢ 'charity') for the yesr ended 31 March 2025, which compFi5e the Statanent of Financial Aaivities, Balance Shrt attd Notes to the FinaTh¢ial Statements, in¢ludin8 a sumw of si8nifi¢8nt wiKwoliDg lICIes. Th¢ financial retxKting fratncwork that has beett app]id in their preporatioii is UftE Kingdom Aceounting Standards. comprising Chariti¢s SORP - bRS 102 The FiThan¢ial RertItig Standard appii¢abl¢ in the UK aNI Republic of Irelad, wlicable law IUJ)ited Kingdom Gener[Y Aepted Accourntillg Prndice). In our opinion the finaucial statem¢t. give 8 tre alld fair vlew of the state of the ¢harÈty'5 affai &s at 31 March. 2025 and of its incoming r¢sources alld appiicatiott of resources, in¢luding its InMe arKI ¢xtthdithre, for the yeat then ended. have been propttty pwwed in a¢cordoD¢e with United Kiogdom fjetserally AcceptEd Aocounting Prn¢tic¢.' have becn pr¢par¢d trn a¢¢ordan¢e the wuirements of th¢ Cotnpallies Act 2006. Bas for¢Jpinlo We conducted our audit in acwrdaDce wtth International Standards on AudÉting (UK) (ISAS (UK)) and applicable law. Our r¢spoThsibilitieg under those standards are further descrilKd in tbe audiror r¢sponsibilitÉes for tbc %Ludit of the financiaI statements seclion of our retrt)rt. We are inderKndent of the charity in a¢¢ordan¢e with the ethical requirernents that are relevant to our audit of the finCIal sratemeDts the UK, including the FRC'"s Ethi¢al Standard, and we have fjjlfilled our other ethiGal re5PDnslljl1les in accor1¢¢ with these T¢quirenients. We beltEve that the alldit evidenec have obtailled is sufficient olld appropriate to provid¢ a b&sis for our opiDion. C4)mclusion$ reting t• going tontern In aiiditittg the finatt¢ial statements, have con¢luded that the trustees use of the goitig eoncern basis of a¢counting ID the pryaration of the financial st8tements ts appp)priat¢. Based on the WO we have perfornied we bave aot Identifi aDy material un¢etlainti¢s tYlatiDg to events or ¢ondition8 thal indiTridually or coll¢¢tively, may cast significant doubt on the charitys ability to eontinue as a going concern fora p¢riryl of at lea%t tw¢tY¢ ThTrth3 from the origin fwJan¢iai stat¢ments weTe authorised for issue. Our respDnsilTril(ties 8nd the respo]Jsibiliti¢s of the trllst with respect lo going concern are descrsbed ID the relevant 8e¢tions of this wrL Page 18
Art&8 Mundi Pyr Limited Independenl Auditor'8 Report to the Members of Artes Mundi Priy£ Limited Other informdon The tNste¢5 are rsw>nsibl¢ for tts¢ other infom)ation. The other infom)ation comprises the infonllatioll In¢11¢d ill the annual report, other than the fthancial statanents our aiiditor's rew)rt thereon. Our opinion on th¢ fioancial staten)ents does not cover the other infomuti(Fn alld. except to the extent otherwise explicitly ststed ID our repo¢ we do not expr¢ss any forn of assura ¢onclwion th¢Jroll. tn conne¢tioft with our audit of the fiDall¢ial $tatcmeDts. our re$[KJib]lIty is to read tbe other tnforniation and. in doing so. eoDsider whether the other iDfornJatioTh is materialt>' inconsistellt with the fillanci statements or our knowled8¢ obtained in the audit orotherwise appears to be materially misst8t¢d. If we identify 51IGh material inrnn515t¢n¢ies or apparcnt mater&al tnisstate]llert%. we are required to d¢t¢Mli whether there IB R material misstaternent in the fiuancial 5tatenents or a material rni&8tatemellt of the other infomiatiot). IC b&ged on the work we bave performed, we con¢lud¢ that (her¢ is a mate¥ial InitateMent of thi% Other inforniion. we arE reqiiired to report th8t fa¢t We have nothiD8 to retx)rt in this rewd. Oplnlon on other mitter pres¢rlbed by tht Comp#nld Aet 21J06 In our op10 based on the WO undertaken in the ¢ours¢ of the audit: the information giyen the Trustees. Repon for the fJnwKixl year for which the fin8n¢1 stat¢ments 8T¢ prepared is consistent with the financiai sta¢ements' and the Tru5k¢s' Rrt prepared 1]) accordauce with applicable legal re4uirements. Matters on which we Are reqlreA to report by exeeptlon Its the light of our knowldge and und¢rstanding of the charity and its environment obtaiDed in the COUT5e of the audiL w¢ hav¢ Trot identified merial mi8Statements in the Ttustees, RewtL We IVe nothiti8 to report in rcspect of (he following where the Companies Act 2006 requires vs to report to you if, in our opinion.. adequat¢ &Lxounting rewrds hav¢ noi been k¢pL or rdunk8 for our MidtE h8V¢ th)t been re¢eiY¢d frotD branches not visited by us,. or the fitLanGia] statrments are not in agreement with the )ul1ng rccords aThd retums. or cejtsio disclosures of tswttts ranutterntion specified by law Th)t made. or we have not rtteiyed ajl th¢ iDforroation aDd explanatio require for our audiL Respon8ibilitie5 oftrustee% As explaitted more Fully iD the Sl&temerLt of trustees, responsibilities (set out on pag¢ 16). the trtee8 are responsible for the prq)aration of the fjnancial sthtements and for beiDg satisfied that they giv¢ a tru¢ and fair vi¢w, and for su¢h internal control os ibe trustees detem]ine is De¢¢ss8ry to ¢nable the prewdration of financiai ststemtnts that are fr¢% from material misstatemenu whcthcr due to fraud or error. In preparing th¢ financial stat¢m¢nt& the tnttts aw resp)nsible for oss¢5sing the charity's ability to ¢onlinu¢ as a going wn¢tm. di1051& a5 applicablq matt¢ts related to going cimcern and using the going concern l)asi5 of oiillting l¢S5 tIL6 trustce5 either intend to liquidatr the charity or to c£ opcrntions, or have no realisti¢ alternative butto do so. Pag¢ 19
Art Mundi Pri7* Limlted Independent Auditor's Report to the mem1r5 of Artrf Mundi Prizk Limited Auditor respoThgÉbilitits for the gudit Df the fln#th¢i•l st4te4neDts Our objectlFes are to obtaith re&wDable assurnne¢ aErf)ut whdhcf the fin¢]81 stat¢m¢nrs a whole are free from matuial mi3StateJJJent, whdher due to frad or ¢rwr. and to i&%ue att auditot's report that includes our opinioD. Re&8onable &4sur8n¢e is a high level of Utnce, is Th)t a guarantec that an audit conducr¢d i Accordance with ISAS (UK) will alwd)s detect a rnateriai Tni&staiement it exists. Misstatemenl5 can arise from fraud or error and are eonsidercd maieriai rf, illdiyidually or in the aggtrgate, they C4Mdd rcasonably be eXPt to itLfiu¢nc¢ the e¢onorni¢ decision5 of uy¢r5 taken on the b&sis of these fmancial statetnellts. Th# extent to whi¢h our pn)c¢dvres 2re Gapabl¢ of del¢¢tin¥ iThegularitie5. iucluditig fraud is detsiled below. Enquiry of management and t1¢ charged with governance ar0d athal and p)tentio1 litsgalion and ¢laim8' Enquiry of management and those charged with govem8nc¢ to identify any inSlan of nOnnpl18nCC with laws and regulatiorK8' P¢rforniing audit work oyerthe risk of maDagem¢nt ovetride of wntrols, in¢ludtng testing ofjoumal entries and other adjusLmeTtts for z4ppropr1atens, ¢valuattng ihe IM]SinS rntionale of signifi¢atht tratiOnS outside the omhal course of bwsin¢ss and reYiewiDg e£¢ounting eStiOte5 for bi&s' Reviewing millutes of mectillgs of tF¥)se ¢barg¢d with govern#n¢e" Reviewing financial ststement disclosur and testing to supporting th)cuctatIDrt to a&s¢ss ¢omplian¢¢ with 8pplicabl¢ lawg and regulations. Be¢aus¢ of the inherent limttations of 8n audiL there is a risk that we will not detect oll irregularitLe3, itKludillg those leading io a materiol tllKsstate]nent in the fitJan¢iai stst¢mwts or nOnOp1]allct with r¢gulation. This risk increases th6 Tl)ore tilat compliance with a law or regUl10n is re[lV from the everts and transadiollB refl¢¢t¢d in the fillallcial 5tatem¢nK as we will k Itss likely to b0m¢ awaTe of instances of non-compliance. The risk is also grtattr tegarding irregularili¢s occurring duc fraud rather than error. fraud iThvolves intentiort concealment, forgery, collusion, omission ormisrepreselltatiott. Page 20
t Mvndi Pr Limited Independellt Auditor's Report to the Members of Artes Mundi Prize Limited use of our report This report is tnade solety to the charitable company's Irustces, as a Ix>dy. iti accord8mce with Chaptsr 3 Df Part 16 of th¢ Companies Ad 2006. Our 8udit work Iw been WHI¢ell 50 that we ight sthte to the dtarity's trustees those matters K are required to stat¢ to them in an audilor's TetK)rt and for no other purpose. To the tullest extent pIttEd by law. we do not accept or &w]me rN)nSIbility to allyone other thaD the clwitable compally aThd its ttU5tee5 as a Erfjdy, for our auditw)rt for this reporL orfor the opinio1 w¢ have fornied. r ADdrewHill FCCA ACA DChA BFP (Senior Slatutory AJItOr} For aTLd on behalf of HSJ Audit Lilled. Statutory Auditor Severn Hous¢ Hat¢ll Driv¢ Newport South Wales NPIO 8FY 12 Decernr 2025 Page 21
Artes lldI Prize Limited ststemellt of Financial A¢¢ivities for the Yexr Ended 31 March 2025 (Includiwg Inwme and Expendlture Account 4nd St3t¢m¢nt of Total Reeognised Gains and Losses) Unr&¥trIrt RutTietsl futtds Totsl 2fy25 Note Ittcomt ind Endowments fTIIm: Donation5 and legacies Charitable activiti Inv&stnicnt Ie 216.419 476 1,157 56,819 273,238 470 1.157 TO tncome 218.052 56,819 274.871 Expemditiire oll: Raising funds Cliaritable tIviti&l (51475) (148.959) (51474 (264.575) 1115,616 Tofal expenditu (201.4341 115,616} 3 17,050 Net income/lexpenditllre) Trdnsfers between fiinds 16,618 (58.797) 20,684 {42.1791 Nct Yet¢t in funds 37J02 (79,481) (42,179) Reconcllltion of funds Total funds brnllght forlvatd Tot&1 fvnds tarried fonwd ¥6.428 80,584 167,012 16 123,730 1,103 124,833 The Thrtes on page5 25 to 36 fomi an inte8rn1 part of th¢se fJnanciAi statements. Pag¢ 22
Art£s Mundi Prize Limited Statement of Finalleial Aetivitioq for the Year Ended 31 March 2025 llcluding Ineome EIpenditure Aw)unt and Statsment of Total RegnISed Gains 2nd SS) Uurestrleted fun(L8 Re5tricte41 nds TotAI 2024 Note IncoKlle ind Endowmellts fTOm: Donations and lewies Charitable activities tllveBtmetLt itKon 411.940 5.851 3,039 2,736 612,676 5,851 3,039 Total inwme 420.830 200,736 621,566 Eipenditur¢ Raising fld5 Charitable a¢tivili¢s (46.0871 474,436) (46,087) (683,8411 209,405 Total eXditUr¢ (520.523) {21>9.405) 729,928} Net expellditure 99.693) 8.669) I08,362 Net Inovement ill fimd8 (W,693) (8.669) (108,362) Re¢onfi11otlou of funds Total fujjds brought forward 186,122 89253 275,375 Totsl funds Carried fon*ard 16 86.4?9 80.584 167.013 All of the thrity's activities d¢riv¢ from ¢¢)ntinuing ¢)p¢rations d4wingth¢ alx)ve two perio. The funds breakdomj for2024 15 shown in oote 16. Th¢ t£S oll pages 25 to 36 forn) ao integrai part of these fmancial 8tatemeAts. Pag¢ 23
Artes Mundi Pry Limited (Regk¥tra¢ion number: 04239932) Balance Sheet as at 31 March 2025 2025 2024 Flxed w¢t$ Tawble assets 13 362 1533 Currettt assets Debto C&sb at ballk 8nd in hand 14 70,480 78,787 58.305 140,539 149267 198,844 Creditors: Amounts falliug due withill on¢ ye4r 15 24,796) 33 Net currellt assets 124,471 165.480 Net assets 124,833 167013 Futtds of the cbgrlty: Restri¢ted Ill¢ funds Restricted furtds 1,103 80.584 Unrestri¢t¢d ineom¢ flllld8 Unrestrictea funds 123,730 86,429 Totsl fuDd5 16 124.833 167,OlJ The finatjcial statements on pages 22 to 36 were approved by th¢ tNst¢e4 ond authorised for issue on I I Decemb¢r 2025 Slld signed ou their behalf by.. Prof. Mich1 Tooby. Ch Tnthe The ts)t¢s 00 pages 25 ts 36 fonD an inlegrnl part of these financial stst¢mS. Page 24
Artes Mundi PrFze Limited Notu to the Financial Statements for the Year End¢d 31 March 2025 I Charity staths The charity is limited by guarant¢¢, Incor[al¢d in England & WaEe& o)nwueDtly do&8 nDt have share eapitHI. Ea¢h of the Intstees is liable io contribute an arnount >t exeeeditig £1 towwds the assets of the Gharity ID the event of Iiqutdation. The addr of its regist¢red office is: National Museum Cardiff Rooms S05:04c & S05:036 Cathays Park Cardiff Caerdydd CFIO 3NP These financial statan¢tts were authorised for issu¢ by the tnLes on I l Tk¢ember 2025. 2 Ac¢ouDting poiiei¢J Summxry of 5ignifiunt accovntitkg policies kry accoulltiDg estlmatts The principal accoulltiDg policie5 applied ill the preparation of these fuw)cial sfatemeuts are se¢ out below. Thes¢ poli¢i¢s hav¢ been nsist¢ntty appli¢d ttTr all th¢ yeaT5 preknte¢L utt1 othW[se statd. Ststement of eomplianct The finanGial 5tatc]Dc]rt5 of the charitsble romwty, wbith is a publiG beefit etttity under FRS I2. have been preparcd in accordanee with the CharitiL% SORP (FRS 102)'Accoiinting and Reporting by Chgrities". Statlle[LI of RewttuneDded Prdctice applicable to charitie5 prepartDg their a¢¢A)unts in aw41rdance with ihe Financial Reporting Standard applicable in th¢ UK and R¢publi¢ of Irel9J (FRS 1021 letTecttve l 2019}'. Financial Reporting Standd 102 Tr Financial ReponiTh8 Stslldard applicable in the UK and Kepublic of Ireland, and the Companits Act 2006. The fiDancial stm¢tsts have been prepared under the historic&i eost ¢onvention. Basis of preparitio Artes Mimdi Prire Limited m¢&$ the defmition of a publi¢ iv)efit entity utlder FBS 102. Assets and liabiliti are initially recoglli5ed at histOTical (x)5t OT tratLsactioll values unlw otherwise stated in the relevanl accoiinting licy note(s). Tb¢ fj]mDei state£ts are prepated in Sterling {£1 the fiwctional currency, alld rowided kn tbe nearest wund. Coing Concern With £123,368of free reserves at 31 March 2025 and ¢or¢ ftding agreements and grants llt will g¢neraie substantia] inconie in 2025-26 alrewty in plac4 the trustees feel thaL although the roThlent rernains ehallenging the chority is Mrll pla¢ed to meet its rmanc1 and artistic objectiY¢s for the colAg year and for IlJknLre Art¢5 Mundi EX7)it&011 The tnts 4r¢ collfid¢nt that Artes Mundi Limtted wiu be able kn tsilor servic¢ provision ill line with the fitnding Kvailable and will ¢ontinue to look to obtsln additional fimding, ttw are satisfied that it Li appropriate for the compally's finallc1 statements to be prepared ort a golljg Cl¢¢M bL8i5. P25
Artes Mundi Prrz Limit Not lo the Financial Statements for the Year Ended 31 Mxreh 2025 Ineome nd endowments All income is ognISed in the StateuLeDI of Financial Activiii On the ¢harily h&3 entitlement to the fimd& it is probable that the income wiIl be weiv¢d al the can be m¢Ured lIablY. This includes t¥pitaI gr8nts. Donadorts thndlegaeles Donatiotls and l¢ga¢i¢s ino)me includes donations. gifL4 attd gmts th8t ptovade ¢ore fundiDg or are ora general nature and are recognised where there is eniitiem¢DL prohbi]ity of receipt athd the amount Can be m¢8sured with siiffici¢nt reliability. Such income is only def¢rr¢d when the dowr SlfIe8 it must be used in accoiinting PEriods or the donor ha5 imposed wnditiO which must be met before the cbarity has unconditiollal entitIemenL Gratttsrecel&1£ Gvdnts ore reCOlS¢d when the ch#rity entttlement to th¢ aDd any conditioDS linked to the grants have beeD met. Whtre PErfM1Ce conditron5 are aliaclled to the grant aAd are vet to be mel the inc0e i5 recognised a5 a liability and Ancluila on th¢ balance sheet as deferred income to be rel¢d. o¢her trading odvtii¢f Jncome from other tradin8 activities includes iticme TwRiv¢d under contrdcL This income 15 recoghised &q the r¢lated serviw are provid¢d and Ihere is enlitiemen4 probabiltty of elpt and the amouDt ¢aTh bc measured with 511ffi¢ient r¢liability. In¢ome is deferted kn the amounts rtteived are ill adw¢¢ of the perfor&¢ of the service or event to which tlw r¢Jat¢. Invwtm¢llt income is recognisa oll a rec¢ivable b&sis. Charilrtble oclivilia Inwtne from charitable &tivities in¢ludes i1me received undu colltsact or where entitlement to gmt funding is subject to specific p¢rformancc conditi008. This inwrne is rKognis¢d as the related servi5 ¥re provid and there is entitlement, probability of receipt and the atlloullt can b¢ measured with sutTi¢icnt reliability. Income is deferred the atllounts r¢kxived are in adY8n¢¢ of the [thr[]l¢e of the servi¢e or event to which they relate. xpellditsre Liabilities aTe recogllised as expenditure &8 On L8 there is a legal or constructive obligAtAon comrnit¢ing tl charity to thal expenditure. it is prDb&ble that a transfer of CnOMiC benefits will be required in s¢ttlern¢lll and the amount of the obligation w be MUred reliably. ExpEnditure is a¢¢ounted for on an &15 basis and bas been ¢las5ified undcr IadIngS that aggr¢gdt¢ ail eosts related to the category. Whu£ costs rAnnot b¢ directly attributed to P8rtiwlar heading5 they have b¢en all(MAted to ¥tivities on a ba5i5 COnSiStent with th¢ use ot r¢EA)urces. RoiJlngfuAdY Expenditure on costs of raising futth irKlude costs of fundraisin& sJvertisill& markding a1 direct LI materials as well L8 a proportson of salaries bd on an appmxinulion of titne in thÈ5 area. Pag¢ 26
Art Mundi Prize Limited Wotes to the FiDaD¢ial Statsments for the Year Ended 31 March 2025 ChorihTble octivili Expenditr]re on charitsble activiti cotthprises th0 costs illcurtEd by the chlty in th¢ delivery of its activities and services for its t1¢fiCiaTi¢8. It includ¢s costs that can be auocated dirEctly to such #ctivities ad those osts of an indire¢t nature necessary to support them. Oiher cweKdl¢ure All Gosts are allocattd betwren thE txyenditure categories on a b¥is designLxI to reflcct the use of tbe resource. Co$ts r¢iatin8 lo a particu]ar activity are allocated direetty. others are apportioned on an appropriate bL%is. Support tojts Support ¢osts are those w5ts thaL whilst 1CeSSary to deliver an &tivity. do not themselves produce or ¢onstituts th¢ output of the charitable activity. This iludeS gov¢rnance costs whith 8r¢ those ¢05ts 8ssociat¢d with m¢ding the ¢oJ]stitutional Statutory 1equir¢mts of th¢ charity and tn¢lude the accouLtall¢y fees and Costs linked to the strategic managern¢nt of the clwity. G&verDan¢e costs These include the costs attributable to the charity's wmpli8nce with constitulional attd stolutory requir¢meDts, including audiL strategic managemetst and trustees meetings arrfl reimbursed expenses. TOtIOn The charity is ¢oThsidertd to P8S5 the tests sd out ill Paragraph I sChul¢ 6 of the Pinallce Act 2010 atLd therefore it meets the definition of a charitsble coillpsny for UK conK>rntion tax purposes. Aw)rdingly. Ib¢ Charity is potemtiaily ex¢mpt from taxation in Tesp¢£t of inrne or capital gtiills rettived within categories covered by Chwter 3 Part I l Of the Corw)rntion TAX Act 2010 or Section 256 of the T&xatioi) of Chargeable Gains Act IW2. to the extcnt tbat 51Lch income orgaitis Ire applied ex¢lusively ty) tharit8bl¢ PU05¢S. Tangibk fixed gssets Individual fjxed assets costing £500.00 or more are initially rccordd at C5( less any subsequ¢n¢ ¢]ulated depreci&tion and subwuent a¢¢umulated impallTheni losses. Depreeigtton aDd 4mrlnis4tion Depreciation is provided on tangible fjxd a8sd5 50 to WEite off the cost or Va]uWtio estitnated residual valu4 over their ¢xpKt¢d useful ¢OrnIe life &$ follows: Awt el¥ss Fixtyr¢s 4t)d fittings Depreciation method alld rat¢ 25% on cost ReseaT¢h d¢velopm¢nt Rese and dcvelopment ¢x[ltUre is written off &8 incurred. TrJde dtbtor5 Debiors with no staled interest rate and receivable within one year are recorded at tralactiOn price. Any losses arising from impairTStent are rttognised in expIdItit. Page 27
Artes Mundi Pri Limiied Notes to the Financial Statements for the Year Ended 31 March 2025 Cash and rAsh wuiwllents Cash and Ga5h equivaitnts i))mpris¢ ¢&sh on hand and CAII d¢rrt)sits. alld other sIK)rt-[e htghly IRquid investments tha¢ ar¢ readily convertible lo a alllou1 of ¢8sb and are subject to Sn iosi8nificant risk of chanse in Y&lue. Trnde er¢dl¢ors Creditors arc recognisd the charity a present obligation resulttng frorn a past event that will pmbably result in the trat)sfer of funds to a third party and the amourtt due to settle the obligation can be measured or estimated reliably. Cr&litors or¢ nornially recognised at their settleent atllount after allowing for any trade dis¢y)unts due. Foreign exdange Assets and liabilities in foreign cwr¢n¢igs are traDslated into sterling at rates of exchange tuliDg at the balanc¢ sheet date. TratL8aCtiolls in fOlg ¢wren¢i¢s ar¢ translated into sterlin8 &t the rate of exchange tuling at the date of transactioll. Lxchan8e diff¢Tenc are taken itito account in attiving at the operating regulL Vund Stntcthre Unr£stricted ndS are donatiow alld other locom8 resources reGeiwdble or generthl for th¢ obj¢cts of tbe charity without further sptcified purw)se and available as general fund5. Restricted fvnds are to b¢ used for Splfie pu1w)S laid down by the ¢knor. Expendityr¢, whi¢h ]neets these criteri& is Charged to th¢ firf tog¢ther with a fairgllocation of support and governance o)sts. Further explanation of the llath al pulp0 of cach futKI 15 included in the nokg to the finallCi statements. Hir¢ purchase rtd fmnce leas Rtnta15 applicable lo operating l¢a5u. where 5ubstsntiaily all of the benefits risks of owllership remaiti with the Is0[, are charged kn Tbe StaterneArt of Finwial Activities paid. Pellsiom other Post retireJDent obligations The charity operate5 a defined cotrtrib¥Jtion pensiott s¢herne for employ¢es. Th¢ assets of the scheme are held separately from those of th¢ clwity. Contributions pay8blc forthe yeat a Chata in th¢ Stat¢m¢nt of Fillancial Activities. Fiti8D¢i*l instrnrnents Cl4&firiOl Th¢ tharity onty has fimnciai Se and finanthal liabilities of a kiNI that qualify as b&sic 6nanGial instruments. Basic financial instwm¢nts ar¢ initially reg[sed at transaaion value and subsequently rnca5ud at their settlement value.
Artes Mundi Pri Limited Not to the Financial Statements for the Year Knded 31 March 2025 3 Incom¢ from dollations 4nd l¢g*eie8 UDreslrlctl fTmd GeTrergl Total 2025 Totsl 2024 Donations and Itgacies. Donations indtviduals G}1% including capital grants. Grauts from oth¢r ¢harttieS 5,917 216.419 56,819 273.238 606.759 216.419 56.819 273,238 612,676 Grants rcc¢Av¢d, in¢luded itt the alw are &$ fi>llows: 2025 2024 ArLq Coun¢il of Wales- core fillwjing ColwinstOD Charitable Tr1 146.411 150,164 50,000 20,960 50,000 23.026 40,000 54.273 55,000 5.000 54,882 15.0( Cardiff CouDty Courncil Welsb Government 20.960 Australia Cowicil for the Arts Foyle Foundation Arts Council of Wal¢s- CollDt & Flourish Bagri Foundation Disability Arts Cyrtmi Arts Council of Wales-AMIO Create Public PtDgrJmm¢ Arts Coun¢il ofwdes-.P¢rspectives Arts Coiincil ofWaies-AM Cymru FlS 10 Partncr5hip Arts Council of Wales- Cost ofLiving Aw8rd 202&23 Mondriaan FUD 55.000 24,821 1,670 10,203 71581 Nationd Heritage Lottery Fund DeIek Wii&iams Tntst Heritage Lottery FuDd 24,046 273238 606.759 P88¢ 29
Artos Mundi Limited IYote5 to the Fiwancial StstenTrents for the Year Ended 31 March 2025 4 1M¢om¢ from ch8ritsble Aetivitie funds General Total 2025 Totsl 2024 Sundry incotNe alld sbarcd costs Cataiogue sal¢8 442 34 442 34 4,257 1,594 476 476 5,851 5 1nvestmeDt incom¢ fllnds Gwer•l Totsl I5 Totsl 2024 Interest receivable and Similar in(¥Jme' Int¢st reiVable on bank dqM)8its .157 1,157 3.039 6 E4nd1thre on funds 4) Costs Dftrgdlng activitie5 Total 2025 Totsl 2024 Dirert costs Other direrttt)sts Staff ¢osts 15,459 37.016 15.459 37,016 46,087 51475 51475 46.087 Page 30
Artes Mundi Prrze Limited Not to the Finalleial Stalements for the Yewr Ended 31 March 2025 7 Expenditure on tharitsble *dlvltieJ Uftreslyitted funds Generni TotAI 2025 TotAI 21124 Note Exhibition costs Education and Outreach Marketing D¢pre¢iation, amortisation and other similar costs Staff costs Allocate4 support costs 38J89 38.589 278,55 1 43,073 25.981 43,073 25.981 148508 32.449 1,171 33.949 1.171 110.976 1.484 167,084 77.027 39.785 39.785 5,01 50,848 4,917 148.959 115,616 264.575 683,841 Page 31
Artes Mllndi Prize Limited Notes to the Financial Statements for the Year Ended 31 March 2025 9 Net incomingloutgolng re8ourcc4 N¢t outgoing rOurceS forthe year includ¢.' 21ns 21124 Audit fees Depreciation of fixed s.0 1,171 4.870 1.484 10 Trn$iee8 rernunergtion •nd exp¢ns¢s No trust¢es. llor any ptrsons ¢OThthe¢ted wtth the have received any remuThera¢ion from the charity during the yeaT. No t¢¢¢$ have received any reimburwj penSeS orany otherben¢fJts from th¢ thartty during the year. 11 Stsff eo8ts Th¢ aggTegate payroll ¢0Sts wer¢ as follows: 2025 2024 Staff costs durtng the yur F¢r¢: Wages and so1] Social strlty costs P¢nsion costs 128,120 14,875 4.997 194,796 12,762 5,613 147,992 213,171 The mollthly avernge number of petsons (ittcludiog senaor manwent I leadership teatn) employed by the harity during the year exwessed &8 fjJU titlle equiyalents was &5 folk)ws: 21)25 2024 No Direct Gharitablc aetivtties No employe¢ re¢eived emolumellts of more than £60.000 duiitig the yeu. Pag¢ 33
Artw Mundi Pr Limited Notes to the Financial Slatements for the Year Ended 31 Mah 21125 12 T4Xation The clwity is a retfIed charity and is therefore exc4npt from tsxatio 13 TAngible fi assets Furnithre and ]uipmeDt Totsl Cost At l April 2024 At 31 March 2025 16,221 16,221 16.221 16,221 Depreeiati&ll At l April 2024 Charg¢ for the year A¢ 31 March 2025 14,688 1,171 14.688 1,171 15,859 15.859 Ntt book vjlue At 31 Mar¢h 2025 362 362 At 31 March 2024 1,533 1.533 14 Debto 21125 2024 Trade d¢bts)rs Prepayments Accrned ixJ¢ome 20.960 3.M3 46.077 12,500 45.805 70.480 58.305 15 Creditors: falling due withiD ODe yur 2025 2024 Trade CT¢ditors Other t&xation and s(Kiai seeurity VAT grant r¢payable Other creditors Ae¢ru2ls 469 1.758 10,760 4,173 92 1756 15,583 1,305 21.264 24,796 33,364 Pag¢ 34
ArtL8 Mundi Prrts Limit Not&¥ to the Financial Statements for the Year Ended 31 March 2025 16 Fun¢ts BalDCt At 31 March 2025 Blg11¢¢ at A April 21124 ReJoureeg pended Tr*ngfer8 Unrestricted fllttth General G¢nernl fund 86.428 218,052 (201.434) 20,634 123,730 Restritted fwnds Arts Council of Wal¢s- Connect & Flourisb Arts Council orw¢S- Per$ctIVeS AMIO Create Public 8,048 {8.048) 30.970 24,821 (34,004) {20.684) 1.103 41J66 7952 (49J18) AMIO Publi¢ Pro¢ Hertrage Lottery 24,046 (24,046) 115,61 80J84 20.684) 1,103 Totlll funds 167.012 274,871 317.050 124.833 Ba]Ante it I April 2Q23 Incoming resoutets Resources tJp¢nded Balance at 31 MArfh 2024 Uurestriettd funds GeAÉr General fllnd 186,122 420,8JO {520523) 86.429 Reslrlcted funds Arts Council of Wal¢s- Connect & Flourish Arts Council of Wales- PepeCtiVeS AMIO Create Public Prograrnme Wal¢s V¢ni¢e 10 AMIO Public Progrn Heritage Lottery 54.273 (46.885} 8.048 30.OiN) 45.422 13.171 15,1 54.882 {14,030) {58.738) (18.171) 30.970 41.S66 71.581 71.581 89.253 200.736 209,405 80.584 Totsl fitnds 275.375 621 566 729,928) 167,013 Page 35
Artes Mundi PrrLe Limited Not&8 to the Financial Slatements for the Year Ellded 31 March 2025 The spe¢ifi¢ for whith the fithds Are to be appliedare &s fDIIows: Arts Council of Wale8-AMiO Create Public Proae Fiinding from the Art8 CounGiI of Wa1¢5 forthe lblIC En8agernent Prngramme. Arts Council of Wale8- Pw5PXtives Artes Mundi is one of Seven organisalions sel¢ct¢d to tske trt itL'Petsptdiv¢(s)', in partnership with ACW and ALgUeddfa CymnL The pmj¢ct is 18-month Commission for a Global M4ority cre4tiv¢ bas¢d in Wales to work with Arte5 Mundi and one of the scven Ain8Lddfa Cymm sites. Arts Council of Wale8-Wai¢s Venice 10 Fllllding received to.. - support wtiimissioti OprnitiCS for 3 Welsh or Wales4Ased visual artists as support toward the developmeot al produ¢tion of a new projeet or artY)rk: and - deliver the professional developmeot programme fi)rthe Wales Venice 10 fellowshtp. Arts Council of Wales- ConnLYt & Flourish FulldiDg received fortb¢ development of collth>r4tiYG pro15 or88niSaÉio individuals and eative professionals workithg together to create oppOrnitieS for ldIVIdual artists aJ)d creative professiothals from all bkgroUn{ to work with CatiVe organisations. AMIO Public Programme Heritage tlle We have been 5Utr¢5sful in se¢uring suptK>rt from Haitage Lottery Found¥tAon for the AMIO Publi Programm¢, to coTt]plernent the support fmrn N8tIon LowIArts Coun¢il W¢S, Create Fund. The funding is t[bling us t() deyelop partner5bip pri)jttts witb o)mmunity groups arou1 Wales. in whi¢h they investigate the local resonaL¢e of the AMIO sbortlisted artists, rk, ¢ontiibuting their ideas to the Artes Mundi pod¢ast series d ccreating events as part of the Public Pmgramme. Pathers irKIth Welsh Refugee Coun¢il, Kurdish Community, Valley Kids. 018 One World CIMJir. Chapter. Oriel Davie& Glynn Vivian and Mostym on this programme anllgst othery. 17 AnAtysis of net asyets between fvnds Uttrestricted funds Tot•1 funds At 31 Maryh 2025 Restiicted Tangibl¢ fixd &ets Current ets Current liabiLiti&¥ 362 148.164 24,796 362 149,267 24,796 I.103 Totsl net &uets 123,730 1,103 124,833 Total funits gt 31 March 21n4 fid5 Cf4¢T81 Re5trteted Tongibl¢ fL &v¢ts .533 106.604 {21.7081 86.429 1,533 198,844 33,364) 92,240 11,656) Current liabiliti& Total ttet &*%ets 80,584 167,013 Page 36