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 A￿lt Lirllitcd Stsltutory Auditor S¢v¢m Howe Hazcll DriY6 Newport South w￿e$ NP108FY Art￿ Mulldi PrrLe Limit￿1 Contents Tru5tee8' Report I to 17 Independent Al￿110[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 w￿e$ 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 F*xomc 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 IllGI￿e. ¢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 ¢ot￿DU01ty engagement projects of significanc¢ arml consa]llen¢¢ ev¢llts that Cotrtribute to eulturdi delmte ill Wales atwj beyond th¢ key rol¢ as a cul￿ra1 ambassador for Wal¢4 the UK and internationally Arte5 Mundi bring5 ¢x¢eptional and chatletiging work by int¢mationai artists kn w￿eS 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 Intr￿dI￿e the artists to UK audiences, exhibiting work by thos¢ including John Ak0￿￿. Theth Gate5. Tania Brugu¢r4 KjaT1all5￿, Teresa M2TgDlles and Kara w￿k¢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, Immi￿atIon, the environment and coThfiict. topics ￿ seek to continually address. Suc￿Ssi¥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-for*rofit ooanisation wlKJse ¢haritsble obje¢tiv¢ is "to advance th¢ ediiratlDn of the publtc by 1￿creasing their knowled8e and appreoiatÈoD of illterll*ii)nal coLtEmporary art.. While thcr6 is no sp¢cific theme, artists are select￿1 in reSt￿e 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 organis￿l0n8" We ¢ontiDU¢ to leAd IMI￿tant 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 ￿Ut￿ar1Es. Social evenL% talk5, mentonhips. CDnllnissions and development progran]mes. all create op￿rt￿litieS for We15h artists aryl curatots to network with colleagues from actt)ss the world and help to foster P￿luctiv¢ relatiO￿$￿Ips, AJeThYorLs and wllaboration. Our values ¢etttre on illCTeasing Itural pprticipatioll, widening acc￿ tt) illten)*ionai WO￿ of extraordinary quality a￿1 building a viknt o)ntemporary art5 CCOSyStem AJ] Wa1¢5 thtough partuersbip other5. Page I knto¥ Mundi Prrze Limitwl Trn5t￿, Report At the wr¢ of ArtQ8 Muudi 15 the brlief that art LM￿ and do¢s a vitsl ID our liv¢s. Art¢s Mundi'5 development been a story of i[u￿VatIon Atrj *hievemenL but there is sts"Il huge potential for development and groT¥th. New iwtiatives. ¢ommissioll5 aud events ¢stsblishd for Artes Mulldi 10 provide the neccssary undwork and Indi￿r$ toth potential futUfE e]Mleavouts. Our int¢tttion is to build ots this su¢ces& twting this important in¢¢mational project mi)re r￿MIY into the fabric and cutiute of Wales for the b¢nefLt of alL in partners]]ip and ¢ollatx)rdtion with like-millded Organi￿l￿nS Cardiff. WaL¢s, the UK and inE¢rrthtL0n￿1}. OBJEcfivES AND AcfiviTIES The rnain objectives fr>r the year ¢Thd￿l 31 March 2025 were: ro plan at)d sthedllle delivery of the ele￿nth 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. w0￿shOps, 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 im￿rtant 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 sllp￿rt 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¢ Tn￿te¢S believe that Art¢s fvtundi h&8 clearty de￿onStrat￿ 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 eC0￿Mi¢ 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 prOgr￿mMing 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 Tn￿te¢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 sc￿ed as the Kathe and Jim Patrillos Curator of th¢ 58ttL Carnegie IntrI￿atiOnal. curdtor aDd writer Zoe But4 founding Di￿ttsr of 'in-tangible instittite. wbich seeks to inforn a robI￿t ¢¢ology for localty res￿￿1Ve curatori81 tol¢Dt in Southeast Asi& She was fornierly Artistic Director, F2¢10ry Coniemp)rary Arts Centre, Ho Chi .Ifinh City" and m￿1¢ 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 {201￿2￿22). 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 Ya￿T1&h*we (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 infonn￿10Th whereby we ¢wi refle¢1 upon this a potential firtI￿e dircction ith i¢rms of sustsinability aThd capacity. Venue partners ￿￿firnxed are.. Aberysttlyth Arts Centre, At*rystwyth-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 p￿8rdIn[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 Ja￿uary 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 Tr￿sL The Artes MutLdi I I publication will be chaDged for this ¢diti(04 I￿S tI￿e pr(Klu¢ing a free 72 p￿¢ thll colour, bilin8ual exhibition 8uid¢ for visit(Ys. Thi5 is a result of rE$￿AdItig kn f¢￿b￿k 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 $￿IfiC priorities align¢il to partsier venues and their corn￿1ty relatiothips providing key targets to ¢ttgage differing and diven¢ Eomtnuni¢ies and constitscnci&% acD)ss Wai¢& fwusing on adults, scbLX)Is, families. children and others crcatin8 a brcadtb of P￿gral￿ming OPtMTrthitie5. Th¢ fi)¢lls toward a mix of hybrithleud¢d d¢liYw'y of in person with some oniille work inellthl a range of Pro￿￿eS embedding a￿esS with and for Disabl¢ Deaf and JJ¢urodiverg¢nl audience Alongsid¢ dedicated tours to be d¢livcred by AM stsff for supp)rteo fullders and profE5siona] peers. the progrdm￿c of events and xtivities plaDnLNI so far will comprlse: Online Exhibitii*n Ihjcumentation #nd ititeNetfveVide4bs Still photography af the &xbibition at all venu&s ry)mbined with interactive 3D instsllation Views ellabling V15itor5 to our website to engage in an online tour of Pfesentstion Online T%]k8 Programme-Atthe ioble wlth ... Pres¢nted ill partnership with British CwDcii Wales. six free inpwnv¢ryation panel disc￿&￿10￿$. 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$ts An extract from each of the talks to be dited alld ￿k&s¢d as WMic&sts via our wcbsite in Ja￿u8ry 2U26 and availabl¢ via all ￿&JOr ￿)dcast pl&tfom)s. ExhlbltAOD tours A sui* of publi¢ tours across ea¢b venue in Welsh 8lld Englith Incl￿1]ng s￿¢ifi￿[lY focused deltvery tsf two BSL-l¢d iours per venue, Alldi04e5CriPtiOn tours and 'knsory Friendly. Dr'sensory Tours.. Workin8 with the 'Ckn Visual Worlds, project team {Jiynlly Cotsw Torn G(vldarf Jane Simpson and H￿ther Williams). we will deliver a dedi¢ated prograrnuEe of two tours per venue wotkthg with the D¢af ￿¢aliVeS trailled during AMIO, a lastin8 leg4cy of individuals able to deliver such events across W¢Jsh visu￿ arts v¢nues. Audio Deserlptlon tsurs for Bllnd Vtsu*lty Imp4ir¢d ¥udiencts A Lx)mpreheJ]5ive training pxkage is identified for the Artes Mwjdi teaw and br our venue portners. Our Six ngageme￿t Producers will und¢rtak¢ trdining In writtng audio des¢iiptioDs of visual art works - again nurturing lent and creating a diversity of inclusionary opp0m￿[lieS for audiences- ty be proth￿￿ in W¢lsh and English Snd available via QR codes in th¢ gaLleri&s. Our &]gag¢m¢ni Producers and venues will lead in the design and deliv¢ry of subsequent Audio D¢s¢ription tQUTS. People with seDWTy proce5sitig eotsdltioD8 A major l¢arning fro￿ AMIO w&5 that the demo8raphi¢ of &luhs with S¢TL4Jry PrnWsiTrg conditioDs is so vast that it is t￿t possible io Cater for all nee&s in one evffli. As a resulL we att planning tQW8rd diff¢rent 'types' of tours being designed &$ well as a s¢nwry range of ￿a￿tal$ aThl spa¢es to be m￿e 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 W0￿￿0p 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 ￿10￿8. 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 Progr*mrne Various wfornwices ar¢ bei08 pl8m￿d by Sallcintya Mohini Simpson at Chapter and Jumalla Emil Abboud at Mostyn for the openillg nights. Thcse may be supplemented by additional 8UC5t perfOrn￿tive ￿$￿)￿seS at other venues. We a150 plaTh to support prodw¢ion of new perfomi8n¢es by Anronio Paucar at the Nation￿ Museum Cardiff and MostyD. iyrHER PROGRAMMING IN 2￿￿25 Oth¢r projertg completed and in in¢lude: Our 'Perspe¢tive(s) project, A Fyonlier pe￿h wtth the National Roman Le8Koti Museum, Caerle4)n and artist Hannat) Jones ¢ulminaÉed tn April 20?5 wtth a series of public olltcomes iEJclllding an ¢xhibition of a trilogy of new 16mm films presented ￿ the Sbjdio at the National Roman Legion M¥5eum from 12-25 Apri] 2025" a sequ¢nc¢ of four monthly cotDmunity worksbops a[￿ tWD t￿1￿CUrn tours with an intergenerationai group pr loc￿ participants from different social networks and orgaiiF5ation5 within the NewErtHt area. a s¢lection of their largevscale ¢eJvmi¢ work produced activated by sound recordings ma(k by 15 Co[ll￿u￿lty participants with Hatknan during the wot*slLOPS pr¢5ent¢d Ill a vitrine for temtM)rary display at NRLM T]ntil 30 August 2025. a oDe4lay evettt of a six multin pres¢4thd al FAcf. Liverp￿1 as part of the Liverp￿1 BienDial which opened on 7 Julle 2025. Creatiwity is Mistakn Through th￿$ work & toolkit prrmlu￿l 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 a￿d direthK)n and plans to publish the f0Mh￿rning report and relat￿ ￿u￿¢S on our w¢bsite in sprillg 2025. Audience and Profde DeveloPnK￿I. 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)rt￿rtly. 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 eqUIp￿d the orgauis#tion to ￿ntinue its untque role for w￿eS and Ihe UK. WE also ¢ontinu¢ to set ill place protnotion of Artes Mundi aDd l*aies 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 s￿1 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 w*rienct 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 m￿h. 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 gain￿1 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¢ t*ogrdmme, &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 M￿nber 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 en￿Mpa$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 t￿ur]￿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 Sup￿￿rterS 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 A￿O¢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 knvtsIm￿It Review. Followlttg th¢ initial Dffer ofour grallt r￿Qnfirn1¢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 r￿Ulted in a red￿tIOn 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 C￿diff Councii aM)out￿lThg 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 r￿ourceS ftir 202￿25 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 m￿dI tE¢¢iY&8 its core fiJDdin8 froffj the Arts Comncil of Waleg. Artes Mundi ￿ctIV￿j a continuing gtwt ullder a thndiog agreement with the Bagri Found￿lon 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&4i11￿ce Pyogramme. pla¢es a stroDg¢r emphasis on the import8nce of pmmoting ac￿8 and participation &8 a aNe mi&%ion. giving us the op￿rtunity to think again about our cas¢ for $uptK)rL Our continuing foc4Js on futhdraisiug for bjtttre in part aligns with rec0￿MeadaÈlQ￿S commissioned by CowL¢T Culture. AdioA fimdraisiDg irtttiatives has taftgibly bome fmit as ¢viden¢ed by the muiti-yvar 5UPPOrt srtured froj)) the Bagri Foundation for AMIO and AMI I with aD inlerest in e4)ntilluing in som¢ fo￿ twond. plus att cxpansion of identifyiD8 sources fro￿ ov¢neas periin¢nt to the attsts Wotk with ottsUc¢￿￿Ye bi¢Lwiai exhtbitioo Page 8 Art￿ Mundi PrrLe Limited Trustees, Report Financial risky The principal fJnan¢ial risk facing Artes Mvndi t9 the rK>&8ibiiity that it wiu Dot raise sutTicient fi]ndy to carry out its activitv platis. Art£s MuThdi C￿P10y3 a dedieated Developrnent MallageT SUPPOrted by th¢ Director. The Board of Tnistee$ re8u18rl> r¢vi¢ws th¢ dwity's hu￿raiSing plans and achievernents and authoristss major exp¢nditwe only when it is confident that thE lleCESSllry fuDds will be availAble. The Trustees a]$9 r¢cognis¢ that th¢ current w*licy of austerity as ¢viden¢ed bv ACW 8nd Cardiff local authority cuts, g¢u¢raily incr¢a5￿ firDdraising competitivetKss plus cost of iiYiD8 attd enErgy ¢ris¢s will undoubtÈdly afftct piibli¢ sFnding atMI rdnge, dcfth and type of sllp￿rt available. meaning that revenu¢ ￿llding is unlikely to be iTrcreased 5ub5tantiaiiy in real tern￿ and may wtll d¢￿ta$¢ 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 PrOgra￿me. 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 Per￿￿t￿nt rolES will be supplement¢d by one Assistallt cU￿tOr, 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 ret 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 announ￿rnethI. This is very much w)Tk in progrtss but so farJlledia covernge wkil include The Art Newspapei, Art R￿l¢w. The Guardi￿4 the Musewn Joutnal, Maxwell's Museums. Fmpir¢ Line8. Strjdio lttten￿tiDl)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[D￿l￿terVIewS 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 F￿1]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 I￿Lf￿, 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 H￿rk. c4)ncerning 'learning', fiJgit(vity. p¢dago8y &lld the soni Lowri Hedd Vaughan - Anglesey4&sed wrtter,,I￿I 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 relatio￿￿1p to north W&les in parti¢ular {fmm a place of Very soulld intematiotth]ist politi¢s)- K8ndace Siobhao Walker- ￿￿tIartiSt alld freque47t ￿lIa￿ratOr 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¢ ￿e￿￿e010gY 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)liti￿1 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 sp￿tfiC deliv￿ alongsid¢ some of their existing pr0grd1D￿es and priority ￿dIenCes. Vario￿8 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[￿ ￿ls￿rtts aod sevetal art students - discugs on display with visiti)r5 Se￿￿0ry 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 E￿gagement 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. fam￿lieS. 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: aUdi￿dE5Cription with our Engagemellt P[rylU￿r, BSL tours throu8h OurVi5ual World Etsgag¢tn¢ttt Producers to d¢liver 12 toul￿w0￿pS 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 fami1ylchild￿sch¢￿jS ￿T￿rkShopS involving printing with Welsb Neurodivergent tour- b&8ics and awareness Work with Young Art For¢¢ - hom¢ ¢dwated lots wtK> are ND. have bad Sh￿ggleS with mainstr¢am edllcation Engagemeut Producets to delivery 12 w0￿hOpS 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 scI￿lS al￿ famiiieslchildren F￿blIC ¢xhÈbition tOUTS in Welsh •Ad English &￿blIC workshops for a group of yow)g p￿PIC with met￿1 I￿1th 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.. audi￿descri[￿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$p￿lfi¢ ¢v¢nVwothshop delivery S¢hoois - focus on 5elf-led tours throughout the nm. AdditIon￿lY. will programm¢ ¢wo 'School$ Weeks, where we call offer sCh￿IS W￿rkshopS at hmc, led by Engagement Prnlucths thr(>ug NMC staff rather than offering woJ*thops 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 M￿￿OrIeS. with dementia Public tours in We15h and EDglrsh Other Progrgmmlng Following the cyMBre￿n reSe8￿h exthange visits SiDce 2022. Artes MuAdi ¢ontillues to play th¢ central orgallising role in sllpport of the fi￿dS 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 o￿AllOn and VAGW mcmbcTS have becn reminded in aTJnual me￿IDgS in Julle and AugusL and at the fortheoming tW￿daY 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 succ￿fill. We were ODe of three Organi￿10[￿ sI￿rt[iSted and Invit￿ for an irntErview on 24 June. Feedb￿k folk￿l￿g 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 b￿d 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]etw￿l￿g 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¢ Natio1￿1 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 dO￿￿ettt 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 In*￿ed by the Board of Trusttt4 whi¢h meds four or five times a yw. Tn￿1￿ are aP￿l￿ted 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 a￿1 qualifications of existin8 Trustets is examined anlltmlly including review and skills audit in terns of membership its Ot*ration. 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$ttt5 reviewtyj and optK)inted ncw Erf)aTd members, particularly following an iudit of skill sets. assessing itiversity and inclusion litte with ACW 8t￿ Welsh Govtrnment guidelines, and Arte5 Mundi's stratcgy ain)s. This p¢riiMJ of board renewal r￿Ulted in six Trustees rejoioing Wlltinutng annually. The view of the Trustee5 ￿ntInUeS ￿¢)￿&￿ide work ill ¢5tablishing reyised terms of rcfer¢ttce, advisory sub¢ommitt¢es and board retrEats fi)r longer Iwm 3trdte8ic pLathniDg. One Trustee retired - 05ei Bo￿$￿. New Tn￿te¢S recruited to join in 2025 are Dr. Debbie Savage alld Elai Cabu OryllAyxtlonal stru¢tur¢ The Tn￿le¢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 Trus*es. 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]mith￿nts a[￿ control of the d￿rity'S bank a¢wuDts are resc￿ed for th¢ TNstees. Day.to4lay admÈnistration is the rest￿sibIlity of the Di[￿tor, who EfP)rts to the Trustees. The ￿1]rY relating to delegated aLthority is r¢vi¢w¢d amuaily. Ind￿ction and of ntw Tn￿1¢¢$ 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 ma￿￿gen￿￿t reM￿lleratIon 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 MI￿geMe1}t The Trustees wiodically review ttrL¢ major risks facing the charity and th¢ systems sn placc to mal￿ge 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: TrL￿te¢s. Dr FrnTJc￿a Olu((knbo Wilson Sobande Leyla Pope [ap￿TnI¢d 12 D￿nber 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' re￿rt alld the stote￿eThts 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 S￿eMents 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 r￿OUr¢¢I incliiding its income 2nd eX￿ndItUTe, 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 aC￿unting 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¢s￿l￿s]ble foT th¢ Maillte￿ and iThtegrity of the corpornte financial information included OD the charitable cOrnpan￿9 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 inf0m￿lion 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 k￿W 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￿ Si￿ed on its b¢half by.. Prof. MtGha¢l Tooby, Chair Th￿tee Page 17 Art￿ Mundi PriY* Limit￿] Independent Auditor's Report to the Members of Artes Mundi Prize Limited Opinion W¢ havE a￿llIed the fittanciai sla¢emeDts of Artes MIU￿1 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 Re￿rtItig Standard appii¢abl¢ in the UK aNI Republic of Irela￿d, wlicable law IUJ)ited Kingdom Gener￿[Y A￿epted Accourntillg Prndice). In our opinion the finaucial statem¢t￿. give 8 tr￿e 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 In￿Me 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 fin￿CIal sratemeDts the UK, including the FRC'"s Ethi¢al Standard, and we have fjjlfilled our other ethiGal re5PDnsl￿ljl1les in accor￿1¢¢ 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$ re￿ting 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¢ Th￿Trth3 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 inform*don The tNste¢5 are rsw>nsibl¢ for tts¢ other infom)ation. The other infom)ation comprises the infonllatioll In¢1￿1¢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 $tatcmeDts. our re$[KJ￿ib]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 Ini￿tateMent of thi% Other inforni*ion. 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 op￿10￿ 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' R￿￿rt prepared 1]) accordauce with applicable legal re4uirements. Matters on which we Are req￿lreA 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 m￿erial mi8Statements in the Ttustees, RewtL We I￿Ve 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 ￿)ul￿1ng 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 tr￿tee8 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 tn￿ttts aw resp)nsible for oss¢5sing the charity's ability to ¢onlinu¢ as a going wn¢tm. di￿1051￿& 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 mem1￿r5 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 fra￿d or ¢rwr. and to i&%ue att auditot's report that includes our opinioD. Re&8onable &4sur8n¢e is a high level of ￿Ut￿nce, 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 eXP￿t￿ 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 ar0￿d athal and p)tentio1 litsgalion and ¢laim8' Enquiry of management and those charged with govem8nc¢ to identify any inSlan￿ of nOn￿npl18nCC 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 z4ppropr1aten￿s, ¢valuattng ihe IM]Sin￿S rntionale of signifi¢atht tra￿tiOnS outside the omhal course of bwsin¢ss and reYiewiDg e£¢ounting eStiO￿te5 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)cu￿c￿tatIDrt 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 nOn￿O￿p1]allct with r¢gulation. This risk increases th6 Tl)ore tilat compliance with a law or regUl￿10n is re[l￿V￿ from the everts and transadiollB refl¢¢t¢d in the fillallcial 5tatem¢nK as we will k Itss likely to b￿0m¢ 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 p￿IttEd by law. we do not accept or &w]me r￿N)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 A￿JItOr} For aTLd on behalf of HSJ Audit Li￿lled. Statutory Auditor Severn Hous¢ Hat¢ll Driv¢ Newport South Wales NPIO 8FY 12 Decern￿r 2025 Page 21 Artes ￿ll￿dI 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 I￿￿￿e 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) Reconclll*tion 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 Re￿gnISed 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 fl￿d5 Charitable a¢tivili¢s (46.0871 474,436) (46,087) (683,8411 209,405 Total eX￿ditUr¢ (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. Mich￿1 Tooby. Ch Tnthe The ts)t¢s 00 pages 25 ts 36 fonD an inlegrnl part of these financial stst¢m￿S. 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 tnL*es 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￿ oth￿W[se statd. Ststement of eomplianct The finanGial 5tatc]Dc]rt5 of the charitsble romwty, wbith is a publiG be￿efit etttity under FRS I￿2. have been preparcd in accordanee with the CharitiL% SORP (FRS 102)'Accoiinting and Reporting by Chgrities". Stat￿lle[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 Stand￿d 102 Tr Financial ReponiTh8 Stslldard applicable in the UK and Kepublic of Ireland, and the Companits Act 2006. The fiDancial st*m¢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 ll￿t will g¢neraie substantia] inconie in 2025-26 alrewty in plac4 the trustees feel thaL although the ￿roTh￿lent rernains ehallenging the chority is Mrll pla¢ed to meet its rmanc1￿ and artistic objectiY¢s for the co￿lAg year and for IlJknLre Art¢5 Mundi EX￿7)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 C￿l¢¢M bL8i5. P￿25 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 S￿lfIe8 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 reCO￿lS¢d when the ch#rity entttlement to th¢ aDd any conditioDS linked to the grants have beeD met. Whtre PErf￿M￿1Ce conditron5 are aliaclled to the grant aAd are vet to be mel the inc0￿e 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 i1￿me received undu colltsact or where entitlement to gmt funding is subject to specific p¢rformancc conditi008. This inwrne is rKognis¢d as the related servi￿5 ¥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 C￿nOMiC benefits will be required in s¢ttlern¢lll and the amount of the obligation w be M￿Ured reliably. ExpEnditure is a¢¢ounted for on an ￿￿&15 basis and bas been ¢las5ified undcr I￿adIngS 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 a￿1 direct ￿LI materials as well L8 a proportson of salaries b￿d 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 ch￿lty in th¢ delivery of its activities and services for its t￿1¢fiCiaTi¢8. It includ¢s costs that can be auocated dirEctly to such #ctivities a￿d 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$ts r¢iatin8 lo a particu]ar activity are allocated direetty. others are apportioned on an appropriate bL%is. Support tojts Support ¢osts are those w5ts thaL whilst 1￿CeSSary to deliver an &tivity. do not themselves produce or ¢onstituts th¢ output of the charitable activity. This i￿ludeS gov¢rnance costs whith 8r¢ those ¢05ts 8ssociat¢d with m¢ding the ¢oJ]stitutional Statutory 1equir¢m￿ts of th¢ charity and tn¢lude the accouLtall¢y fees and Costs linked to the strategic managern¢nt of the clwity. G&verDan¢e costs These include the costs attributable to the charity's wmpli8nce with constitulional attd stolutory requir¢meDts, including audiL strategic managemetst and trustees meetings arrfl reimbursed expenses. TO￿tIOn The charity is ¢oThsidertd to P8S5 the tests sd out ill Paragraph I sCh￿ul¢ 6 of the Pinallce Act 2010 atLd therefore it meets the definition of a charitsble coillpsny for UK conK>rntion tax purposes. Aw)rdingly. Ib¢ Charity is potemtiaily ex¢mpt from taxation in Tesp¢£t of in￿rne or capital gtiills rettived within categories covered by Chwter 3 Part I l Of the Corw)rntion TAX Act 2010 or Section 256 of the T&xatioi) of Chargeable Gains Act IW2. to the extcnt tbat 51Lch income orgaitis Ire applied ex¢lusively ty) tharit8bl¢ PU￿05¢S. Tangibk fixed gssets Individual fjxed assets costing £500.00 or more are initially rccordd at C￿5( less any subsequ¢n¢ ￿¢￿]￿ulated depreci&tion and subwuent a¢¢umulated impallTheni losses. Depreeigtton aDd 4mrlnis4tion Depreciation is provided on tangible fjxd a8sd5 50 ￿ to WEite off the cost or Va]uWtio￿ estitnated residual valu4 over their ¢xpKt¢d useful ¢￿￿OrnIe life &$ 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 tra￿lactiOn price. Any losses arising from impairTStent are rttognised in exp￿IdIti￿t. 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 alllou￿1 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 settle￿ent 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 fO￿lg￿ ¢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 locom￿8 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 Sp￿lfie 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 fm*nce leas Rtnta15 applicable lo operating l¢a5u. where 5ubstsntiaily all of the benefits risks of owllership remaiti with the I￿s0[, 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￿ Cha￿ta in th¢ Stat¢m¢nt of Fillancial Activities. Fiti8D¢i*l instrnrnents Cl4&firi￿￿Ol￿ 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 re￿g￿[sed at transaaion value and subsequently rnca5u￿d 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 UDreslrlct￿l 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 Tr￿￿1 146.411 150,164 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- CollD￿t & 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 F￿lS 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 I￿5 Totsl 2024 Interest receivable and Similar in(¥Jme' Int¢￿st re￿iVable on bank dqM)8its .157 1,157 3.039 6 E4￿nd1thre 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 r￿OurceS 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 str￿lty 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 Ma￿h 21125 12 T4Xation The clwity is a re￿tfIed 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 Bal*DCt At 31 March 2025 B*lg11¢¢ 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- Pe￿peCtiVeS 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 Pro￿a￿￿e Fiinding from the Art8 CounGiI of Wa1¢5 forthe l￿blIC En8agernent Prngramme. Arts Council of Wale8- Pw5PXtives Artes Mundi is one of Seven organisalions sel¢ct¢d to tske t￿rt itL'Petsptdiv¢(s)', in partnership with ACW and A￿LgUeddfa 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 Ain8L*ddfa Cymm sites. Arts Council of Wale8-Wai¢s Venice 10 Fllllding received to.. - support wtiimissioti Opr￿￿nitiCS for 3 Welsh or Wales4Ased visual artists as support toward the developmeot al￿ produ¢tion of a new projeet or art*Y)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 pro￿15 or88niSaÉio￿ individuals and ￿eative professionals workithg together to create oppOr￿nitieS for l￿dIVIdual artists aJ)d creative professiothals from all b￿kgroUn{￿ to work with C￿atiVe ￿ organisations. AMIO Public Programme Heritage t￿lle 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 c￿creating events as part of the Public Pmgramme. Pathers irKIth Welsh Refugee Coun¢il, Kurdish Community, Valley Kids. 0￿18 One World CIMJir. Chapter. Oriel Davie& Glynn Vivian and Mostym on this programme an￿llgst 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 fi￿d5 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