2025-03-31-accounts

REGISTERED COMPANY NUMBER: 05115045 (England and Wales) REGIsfERED CHARITY NUMBER: 1104301 projectart works (A Company Limited by Guarantee) Group Report of the Trustees and Consolidated Audited Financial Statements for the Year Ended 31 Marth 2025 MICHELLE ROBERTS: RED, BLUE, UP Image.. Red Blue Up'michelle Roberts exhibition, De La Warr Pavilion in collaboratson with Outsideln andPmjettArt WoH(s Deek5 Evan5 Audit Se￿1￿5 Limited Ststutory Auditor First Floor, West Bam North Frith Fami, Ashes Lane, Hadlow Tonbridge Kent TNII 9QU

Project Art Works Contents of the Consolidated Finanaal Statements for the Year Ended 31 March 2025 Page Report of the Trustees I to 5 Report of the Independent Audltors 6 to 8 Consolidated Statement of Financial Activities Consolidated Balance Sheet io Company Balance Sheet li Consolidated Cash How Slatement 12 Notes to the Consolldated Finanaal Statements 13 to 24 Detslled Statement of Financial Actlvltles 25 to 26

Project Art Works Report of the Trustees for the Year Ended 31 March 2025 Charitable Activities Project Art Works is an independent charity and visual arts organisation that collaborates with people who have complex support needs, families, caregivers, and people workn'ng in culture and care. Our vislon is a society that places value on the capabilities of people with complex needs, families and support workers, and invests in stsble and sustainable support and care so they can realise their potential. We believe that art can, through both its process and its final form, reflect and articulate ideas that trans￿nd difference and reach people. Our mission is to change lives through art by exploring potential and promoting works by neurodivergent artists and makers through a wide range of projects, partnerships and exhibitions. Our programmes evolve through personalised, supported studio practice and radiate out to awareness raising, long-term collaborations, and skills development with social care and cultural partners. Our work aspires to ex￿llenCe in contemFK)rary visual art and is uniquely positioned to bridge the social care and cultural sectors in ways that promote sustainable relationships and bring people with complex needs into the heart of civic and cultural life. Our programmes and projects evolve through creative practice and radiate out to awareness raising in the cultural and care sectors - promoting more diverse representation of neurodiverse artists and maker5, and those who care for them. PROGRAMMES Art Freedom Care: Specialist arts provision for 48 leaming disabled andlor autistic artists. During 24125 we provided 336 creative sessions in our studios in Hastings, Tuesday-Friday, for 40 weeks of the year. Each session is tailored to each person's needs and interests through a personalised approach that facilitates choice and expansive creative practice. Artists have ac￿$$ to a wide range of media and creats've processes including painting, drawing, printmaking, collage, sculpture, animation and photography. Club Build: A responsive programme, centred around community-based, supported studio sessions for autistic and or leaming disabled people who present behaviours of distress. We held 53 creative sessions and provided other support through meets'ngs with parentlcarers and circles of support. Art Breaks: In 24125, 297 places for children and young people with SEND between 5-18yrs old we offered through 67 creative workshops held on Saturdays and school holidays. The Support Collectlve: In 24125, families and carers met across 48 sessions that covered free specialist training, peer support, PATH personalised a5pirational planning sessions, and creative workshops. In addition weekly, individually tailored sessions of one to one advocacy and SUPF¥)rt for families experiencing periods of crises in their interaction with se[Vi￿$. Explorers: A collaborative national programme of art and action that opened up routes into artistic practice for neurominorities, aiming to dismantling attitudinal and 5yStemic barriers to representation and rights in art and society. ProjeLt Art Works collaborated with eight partners across England, creating pla￿OrMS for neurodivergent artists t() show their work and represent themselves in cultural SPa￿S. We worked with cultural organisations to dee￿n their understsnding of neurodiversity, and we Commi￿lOned writing and other forms of communicab'on to help change the discourse of how neurodivergent artists are tK)sib'oned and described in culture. Bethlem Gallery and National Autism Unit (NAU): Project Art Works collabotated with the projett partners at South London and Maudsley Hospital (SLAM) in Croydon, over a five-week residency in the NAU, to explore sensory and participatory art practi￿5. The aim was to inform the SLAM art strategy and potential art Commi￿10n5 for a proposed new NAU. The work focussed on accessibility, creativity and inclusion within neurodiverse Spa￿5, and the potential for further more involved programmes of work with aub'stic inpatients. Through d(Kumenting, refletting on and learning from the ideas of those who engaged with a temporary studio Spa￿, the project explored how slte-respon5ive art can play a key role in enhancing and 'humanising' the clinical environment. Tate Modem Collaboration: Project Art Work5 was commissioned by Tate Modern to create workshops that responded to their major exhibits'on Expre55ionist5: Kandinsky, Munter and The Blue Rider. We set-up an environrnental installations at our studio base in Hastings, using colour fields of blue, white and black, projections of paintings and works by artists intended to stimulate imagination and connection to the works of Der Blaue Reiter. Documentats'on of the prO￿sS including works produced and photcgraphy were published a5 part of the companion booklet Dialogues: Expres5ioni5ts available in the Tate Modern. Page I

Project Art Works Report of the Trustees for the Year Ended 31 March 2025 RESIDENTIAL exhibition and publication.. Baltic Centre of Contemporary Art, Gateshead and Copenhagen Contemporary Project Art Works has an archive of over five thousand physical works accumulated over 25 years, that embody a visible trace of people who are often hidden in the world. These were presented at Baltic in a Project Art Works artists group exhibition of large-scale paintings over 5 months. Presented alongside a new film, I've Got Ideas, Don't You Wory, that sat within the exhibits'on revealing the subtle and expansive nature of speaking and non-speaking creativity and communication. The exhibition included a programme of workshops for local people, families and caregivers, including a studio installats.on next to the main space that hosted a series of workshops and events that brought partners and collaborators, audien￿5 and 3rt15ts together in creative production. Residential then toured to Copenhagen Contemporary, which was o￿n for 10 fflonths. Kaleidoscopic Realms Nottingham Castle Museum & Art Gallery presented an installation of artworks and film by eight contemporary artists including Project Art Works artists Michelle Roberts and Siddharth Gadiyar, revealing a colourful insight into intuitive mark- marking in its many forms. Red Blue Up, Michelle RoL￿rtS Michelle Roberts has been a siudio artlst with Project Art Works for more than 15 years, and her solo exhibition at the De La Warr Pavilion was programmed in collaboration with Outside In, following the artist winning first prize at Outside In's national open exhibits'on, Humanity in 2023. Corporate Partnerships We continue to partner with Premier Inn who feature reproduction5 of athorks by several Project Art Works art15ts in their hotel rooms across the UK and Germany. Capital Development: Securing funding from Arts Council England, Levelling Upi Hastings Ski115 Capital Fund and various trust5 and foundations, Project Art Works entered an ambitious penod of capitsl development across t￿0 neighbouring sites: Arch 3.. demolition and new build of I￿0 studios, replacing the outdated inaccessible building with new faalities that include sustainable heating, a Changing Place facility, Imo new light filled and accessible studios and a lift. Arch 2: high quality rcconpJtruction of a condemned wall to retum the building into safe use. Trinty Hall.. sustsinable heating, upgrading existing brokcn window5 and doors, construction of accessible level access and installats'on of a 5ens0ry garden and extemal workshop space. This pha* of the capitsl work is scheduled for completion in summer 2025. Diversifying income: The online gallery and shop Untitled Gallery has been enhan￿d to improve user experience and drive an increase in sales. We have secured funding to develop a new role focused on income generation and high net worth patrons. The trading arm has been estsblished. PEOPLE Our collertive: You can find out about all of the people who form our organisation here.. https:Ilprojectsrtworks.orglthe-organisation/collectivel Senior Management Team Kate Adams MBE 15 an artist, advocate and activist. She is CEO of Projett Art Works and has curated many responsive, collaborative projects with neurominorities, families, care services, artists and galleries. Kate co-founded Project Art Works in 1997 to explore an expanded cOn￿pt of art that was and continues to be influenced by Paul Colley, her son, who has complex support needs and who regularly participates in our creative programmes in Hastings. Tim Corrigan is an artist filmmaker and Creative Dirertor at Projett Art Work5. He has extensive experien￿ of video production, both as a cameraman and editor and leads on Projert Art Works. ffloving image productions. In collaboration with the creative team, Tim leads on workshops and the installation of bespoke environments for t￿rSonalIsed creats've facilitstion of a wide range of neurodivergent communities, having collaborated with Projett Art Works Sin￿ rts early years. Helen Charlton, Development Directori joined Projett Art Works in 2019 and leads on fundraising, funder relationships, and projett development. Wendy Routley, Head of Finan￿ & Operation5, joined Project Art Works in 2003 and works dosely with the team on financial and operational planning. Page 2

Project Art Works Report of the Trustees for the Year Ended 31 March 2025 Representation of neumdiveryent people and careglvers on our Board: We have explored different approaches to increasing representation at board level. The nomiative environment of a board meetings, and the legal requirements associated with acting as a trustee, are not accessible to many of the people we work with, many of whom do not have voice or cognitive privilege so we have a group of neurodivergent advisers to the board that provide critical insight from lived experience. Supported volunteerlng.. Responding to requests from neurodivergent artists who are part of our regular studio, we introduced informal opportunities for supported volunteering across our organisation. They are now involved in supporting facilitators working with children and young people on Art Breaks, representing the organisation at awarenes5 raising events and training sessions with other cultural institutions, advising the board, and leading tour5 of our studio when we have visitors. Governance: Three new Trustees were appointed during this year with two resignations. The board consists of 8 trustees and 2 neurodiverse artistladvocates. The Board provides guidance, expertise and support to the organisation. A skills audit has been LJndertaken to enable the organisation to recognise the strengths of existing board members and identify gaps in expertise that are needed to support strategic objectives and organisational development Financial Review Project Art Works continues to develop and renew relationships with a wide range of Trusts and Foundations and Ststutory funders. The financial climate continues to be challenging with increased costs and inflationary pressure. Whilst remaining suc￿Ssful in securing funds for our ongoing programme and core costs, we remain mindful of the challenges ahead. The Suc￿sS rate of new applications has dropped over the past few months, with funders reporting an increase in applications and pressure on limited resources. Many funders are reviewing their funding criteria in response to societal challenges and reducing the number and funding level of grants awarded. Development of our trading arm, roles and securing patrons will support the ongoing financial challenges. The capital programme remains in budget. Reserves policy The Trustees annually consider the reserves policy and the risks facing the organisation. We aim to achieve 3 months rese￿eS and contingent costs within the next five years. Ideally, rese￿e5 should be further developed to cover costs for a 6-month period thereby providing Jrome protertion for the organiJeation through fallow pcriod.. ReJCry￿a incomc 15 gcncratcd through sales, commis5ion5, licencing and Art on Loan. ReseNes were identified for two distintt areas: l. Building the Trustees conside￿d potential risks not covered by insurance or planned expenditure. II. Operational - the Trustees considered that reserves should be built up to cover potential risks as follows.. a. 3 months operational costs b. redundancy costs, contingency for outstanding liabilities, and professional costs c. contingency for fluttuations in funding cycles. At the end of 24-25 financial year reserves increased to £115,205 against an initial target of £210,000. In 2024-25 we missed our annual target to build reserves by £3,415. Our annual target to build reserves to this level is £23,743 per annum over the stated period of five years. Fuifilment of Public Benefit Requirements of The Charities Act 2022 Proiett Art Works is a unique visual art organisation that creates opportunits-e5 Wlth and for children, young people and adults who have complex needs to engage with the world and express themselves through art. Projert Art Works is based in Hastings, East Sussex and runs a range of projects, programmes and exhibitions that have a national reach. STRATEGIC REPORT srRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Trustees New trustee5 are appointed on the nomination of the Tru5tee5 made in the light of the Charity's needs and following an interyiew. Their induction includes meeting office stsff, being briefed on procedures, and addressing any training needs they may have. Page 3

Project Art Works Report of the Trustees for the Year Ended 31 March 2025 Management The day to day management has been delegated to K Adams. The trustees held four board meetings during the year which were also attended by key personnel. Major risks have been have been reviewed and systems and procedures have been established to manage the risks. Risk management The trustees have a duty to identfy and ￿VIeW the risks to which the charity is exposed and to ensure appropriate controls are in pla￿ to pmvide reasonable assuran￿ against fraud and error. The major risks have been ￿VieWed and systems and pr￿edureS have been established to manage those risks. Throughout the course of the year, Trustees were kept appraised by senior rnanagement of potential external threats and opportunities to the organisation. REFERENCE AND ADMINIsfRATIVE DETAILS Registered Company number 05115045 (England and Wales) Registered Charity number 1104301 Registered OlTice Arch 3 Braybrook TerTr Hastings East Sussex TN34 ITD Trustees C Whistler J N Cannell Ewbank S E Young M.E L Sexton GLPugh V H Hooper K J Balukiewicz (appointed 27.1.25) Company Secretary W Routley Auditors Deeks Evans Audit SeNices Limited Statutory Auditor First Fl(K)r, West Barn North Frith Farm, Ashes Lane, Hadlow Tonbridge Kent TNII 9QU Page 4

Project Art Works Report of the Trustees for the Year Ended 31 March 2025 TRusfEES' RESPONSIBILrrY srATEMENT The trustees (who are also the directors of Project Art Works for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law requires the trustees to prepare finanaal statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitsble company for that period. In preparing those financial ststements, the trustees are required to selert suitable accounting policies and then apply them con51Stently; observe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charitable company will continue in business. The tru5tee5 are responsible for keeping proper accounts'ng records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tskn'ng reasonable steps for the prevention and detection of fraud and other irregularitie5. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDrroRS We, the trustees of the charitable company who held office at the date of approval of these Financial Ststements, as set out at￿Ve, each confirm that as far as we aware, that: there is no relevant audit information of which the charitable company's auditors are not aware; and we have tsken all the step5 that we ought to have taken as trustees in order to make ourselve5 aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. AUDrroRS The auditors, Deek5 Evans Audit servI￿s Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the tnjstees, incorporating a strategic report, approved by order of the board of trustee5, as the company directors, on 6 November 2025 and signed on the board's behalf by.. Trust Page 5

Report of the Independent Auditors to the Members of Project Art Works Opinion We have audited the financial statements of Project Art Works (the'charitable company,) for the year ended 31 March 2024 which comprise the Ststement of Financial Activits'e5, the Balance Sheet, the Cash Flow Ststement and notes to the financial ststements, including a summary of significant accounting policies. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and applicatr.on of resour￿5, including its income and expenditure, for the year then ended; have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿, including FirTrancial Reporting 5tsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Companies Att 2006. Basis for opinion We condutted our audit in accordance with International Standards on Audrting (UK) (ISAS (UK)) and applicable law. Our responsibilits'es under those standards are further described in the Auditors. responsibilities for the audit of the financial ststements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical reswnsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee5' Use of the going con￿rn basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material un￿rtaIntieS relating to events or conditions that, individually or collettivelyi may cast significant doubt on the charitable company's ability to continue as a going con￿rn for a period of at least t￿e1ve months from when the financial statements a￿ authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other inforniation The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Audrtors thereon. Our opinion on the financial statements does not cover the other informats'on and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran￿ conclLrsion thereon. In connection with our audit of the financial rtatomonts, our re.ponJibility IJ to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misststements, we are required t() determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial Statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtsined in the course of the audit, we have not identified material misststements in the Report of the Trustees. Page 6

Report of the Independent Auditors to the Members of Project Art Works We have nothing to report in respett of the following matters where the Companies Act 2006 requires us to reFK)rt to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we requi￿ for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the trustees (who are also the directors of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the prepaTrtion of financial statements that are free from matenal misststement, whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liqui(Jate the charitable company or to cease operations, or have no ￿alistiC alternative but to do so. Our responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial 5tstementS 35 a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assuran￿ is a high level of a55urance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered matertal if, individually or in the aggregate, they could reasonably be experted to Influen￿ the economic decisions of users tsken on the basis of these financial statements. The extent to Ih our prcKedures are capable of detecting Irregularities, IIing fraud Is detailed below.. Audit procedures carried out to detect irregularities including fraud were as follows.. A risk assessment in respect of the detection of irregularities including fraud addressed income, expenditure and management override in particular. A sample of grant applicats'ons made were substantively tested and vouched to award letters and funds received or to rejection correspondence. A sample of expenses were substanb'vely tested by being vouched to supporting paperwork. Where applicable the expenses were checked to ensure that they were valid in terms of the grant conditions associated with the funding re￿Ived. For large and unusual expenses the rationale of the transactions were evaluated. Journal entries made were reviewed and were found to be substantially transfers ￿￿een projects and core costs. A sample ot such journals were tested to confirm the transfers were bona fide. for large and unusual Journals the ratlonale of the transactions were evaluated. An assessment of how fraud might occur. Income 15 substantially received by dI￿rt payment into the bank account. Petty cash transactions are trivial. Authorisation for expenses is geared to the value of transactions. There is a hierarchy of who can sign for increasing amounts with duplicate authorisation required for high value transactions. Control accounts are maintained and reconciled monthly for debtors, cash at bank and in hand and creditors. Fixed as5et5 registers are reviewed and checked. ObseNation and enquiry during the course of the audit confirmed the assessment. An assessment of judgements and estimates. No judgements have been incorporated in the accounts. The only estimates are for depreciation which is considered low risk. Rl assessment of the audit teams competence and capability to identify or recognise non-compliance with laws arld regulations Enquiry of management and those charged with govemance in respect of actual and potential litigation and claims. Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-compliance with regulations. This risk increases the more that compliance with the law or regulation is removed from the events and transaction5 reflected in the financial statements, as we will be less likely to become aware of the instan￿$ of non-complian￿. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 7

Report of the Independent Auditors to the Members of Projert Art Works Use of our report This report is made solely to the charitable company's members, as a body, in accordan￿ wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companvs members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, V￿ do not accept or assume responsibility to anyone other than the charitsble company and the charitable companvs members as a LM)dy, for our audit work, ft?r thi5 reporL or for the opinions we have foffl￿d. Richard Young (Senior Statutory Auditor) for and on behalf of Deeks Evans Audit Services Limited Statutory Auditor Flrst H￿r, West Barn North Frith Farm, Ashes IAne, Hadlow Tonbridge Kent TNII 9QU 6 November 2025 dge8

Project Art Works Consolidated Statement of Financial Activitles for the Year Ended 31 March 2025 2025 Totsl funds 2024 Totsl funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 373,049 1,791,954 2,165,003 960,930 Other trading attivities Investment income 95,696 41,828 137,524 187,809 Total 490 940 1833 782 2 324 722 1 164 472 EXPENDITURE ON Raising funds 29,309 941 30,250 18,119 Charitable activities Projerts 838 683 1735 449 1322 467 Total 926 075 839 624 1765 699 1340 586 NEf INCOMEI{EXPENDrruRE) Transfers between funds (435,135) 492 329 994,158 492 329) 559,023 (176,114) 20 Net movement in funds 57,194 501,829 559,023 (176,114) RECONCILIATION OF FUNDS Total funds brought foward 297,655 768,144 1,065,800 1,241,914 TOTAL FUNDS CARRIED FORWARD 354 850 1269 973 1624 823 1065 800 The note5 form part of these financial statements Page 9

Project Art Works Consolidated Balance Sheet 31 March 2025 2025 2024 Notes FIXED ASSETS Tangible assets 12 773,993 781,723 CURRENT ASSErs Debtors Cash at bank and in hand 13 23,198 1 161431 39,230 1,184,629 987,654 CREDrroRS Amounts falling due within one year 14 (83,984) (411,008) CURRENT ASSETS 1 100 645 576 646 TOTAL ASSEfs LESS CURRENT UABILrrIES 1,874,638 1,358,369 CREDITORS Amounts falling due after more than one year 15 (249,815) (292,569) NET ASSETS 1624 823 1065 800 FUNDS un￿strICted funds Restricted funds 20 354,850 1269 973 297,656 TOTAL FUNDS 1624 823 1065 800 The financial statements were approved by the Board of Trustees and authorised for issue on 6 November 2025 and we signed on its behalf by.. Trusttr rr ii)gl Trustee vil-< L 3f The notes form part of these financial ststements Page 10

Projert Art Works Company Balance Sheet 31 March 2025 2025 2024 Notes FIXED ASSErs Tangible assets Investments 12 781,723 781,723 773,994 781,724 CURRENT ASSErs Debtors Cash at bank and in hand 13 45,696 1130 710 36,139 1,176,406 984,563 CREDITORS Amounts falling due within one year 14 (75,762) (407,917) NEf CURRENT ASSETS 1.100644 576 646 TOTAL ASSETS LESS CURRENT LIABILITIES 1,874,638 1,358,369 CREDITORS Amounts falling due after more than one year 15 (249,815) {292,569) NEf ASSETS 1624 823 1065 800 FUNDS Unrestricted funds Restricted funds 20 354,850 1269 973 297,656 TOTAL FUNDS 1624 823 1065 800 The finanaal strdtements were approved by the Board of Trustees and authorised for issue on 6 November 2025 and were signed on its behalf by: Trustee CWaK)&LL Trustee rrf.& The notes fomi part of these financial statements Page 11

Project Art Works Consolidated Cash Flow Statement for the Year Ended 31 March 2025 2025 2024 Notes Cash flows from operating actlvitles Cash generated from operations Interest paid 23 599,324 (134,541) Net cash (used in)Iprovided by operating attivities 580 018 168 387) Cash flows from investing activities Purchase of tangible fixed assets Interest re￿iVed (113) Net cash provided byl(u5ed in) investing activities Cash flows from financing activities New loans in year Loan repayments in year 374 805 Net cash (used in)Iprovided by financing activities 374 805) 88 516) Change In cash and cash equivalents in the reporting period Cash and cash equlvalents at the beginning of the reporting period 213,008 (250,883) 948 424 1 199 307 Cash and cash equivalents at the end of the reporting period 1 161432 The notes form part of these financial Statements Page 12

Project Art Works Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Accoufttlng conventlon The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounts'ng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the ex￿ptIOn of investments which are included at market value. Incoming resources All incoming resources are included in the statement of financial activits'es when the charity 15 entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Voluntsry income is received by way of donation5 and gift5 and 15 included in full in the statement of financial activities when r￿1ved. Non Government Grants, including grants for the purchase of fixed assets, are recognised at fair value when the charity has entitlement after any performan￿ conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Income from investments 15 included in the year in which it is receivable. Resources expended Expenditure is recognised on an accrual basis as a liabilty is incurred. Expenditure indudes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates. Costs of generating funds comprise the costs associated with running specific projects. Charitable expenditure iiiinprises those costs inCUr￿d by the charity in the delivery of its attivities and *rvices for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Suprort costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and includes the audit fee. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. Short leasehold Fixtures and fittings over the lease term 500/0 on reducing balan Where freehold property has not been depreciated this is because the trustees believe the cUr￿nt value to be reasonable. All assets with a net book value of less than £100 were written off in the year. Debtors receivable and Credito￿ payable within one year Debtors and creditor5 receivable and payable within one year are recorded at transaction price. Anylosses arising from impairment are recognised in expenditure. Taxation The Charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trusteess. Page 13 continued.....

Project Art Works Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Fund accounting Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitsble company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Operating leases Rentals paid under operating leases are charged to the Ststement of Financial Activities on a strdight line basis over the period of the lease. Going concern The financial statements have been prepared on a going con￿rn basis as the trustees believe that no material Un￿rtain￿e$ exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of ￿SerVeS for the charity to be able to continue as a going concern. DONATIONS AND LEGACIES 2025 2024 Donab'ons Gift aid Grants HMRC employment allowance Other income 24,474 154 2,106,853 5,000 17,879 759 927,877 5,000 2 165 003 960 930 Grants received, included in the above, are as follows: 2025 2024 Other The Three Guineas Trust The Paul Hamlyn Foundation East Sussex County Council The Magdalen and Lasher Charity The National Lottery Esmee Fairbairn Foundation Garfield Weston Foundation The Isabel Blackman Foundation The Clothworkers Foundats"on - Capital The Wolfson Foundation - Capital Emest Kleinwort Charitable Trust Architectural Heritsge Fund The Foyle Foundation Arts Council England Arts Counal England NPO funding Arts Council England Lottery Funding Arts Council England- Capital Development Funding Hasting Borough council Skills Capitsl Funding Partnerships and Projects Funded by the UK Government through Hastings Borough Council 28,185 175,000 68,750 12,000 5,000 19,627 157,500 68,750 5,000 83,500 75,000 60,000 5,000 loo,000 50,000 5,000 10,000 50,000 5,000 513,500 500,000 39,795 322,028 70,236 605,859 2 106 853 927 877 Page 14 continued,.,..

Project Art Works Notes to the Consolidated Flnanclal Statements - continued for the Year Ended 31 March 2025 OTHER TRADING AcfivITIES 2025 2024 Fees Earned Sale of works 137,524 128,024 137 524 INVEsfMENT INCOME 2025 2024 Rents re￿iVed Deposit account interest 14.400 9,600 RAISING FUNDS Other trading artivities 2025 2024 Participants artwork Postagei printing & stationery Travel & subsistence Artists & design fees Bank charges Payment fees 426 4,238 3,492 12,530 279 357 2,349 3,025 12,289 456 CHARrrABLE AcrIvrrIES COSTS Support costs (see note 7) Direct Costs Totals Projects 1464 674 279 703 1744 377 SUPPORT cosrs Governan costs Management Totsls Projects 154 225 125 478 279 703 Support costs, included in the above, are as follows.. 2025 2024 Total activitie5 Projetts Wages Social security Pensions Rent, utilities & insurance Telephone & internet Postage & Stationery Travel & subsistence 112.944 12,507 5,564 15,130 3,662 1,964 108,918 11,871 5,457 22,199 3,068 2,865 Carried foNard 153,029 156,497 Page 15 continued.....

Project Art Works Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025 SUPPORT cosrs - continued 2025 2024 Total attivities Projects Brought fornard Repairs Bank charges Bad debts Depreciation of tangible and heritage assets Auditors, remuneration Professional fees Capital project overheads Interest payable and similar charges 153,029 1,196 156,497 1,339 55 23 3,031 15,600 3,400 22,200 3,600 80,372 19 3008 213 791 NET INCOMEI{EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting).' 2025 2024 Auditors, remuneration Depreciation - owned assets 22,200 15,600 TRusfEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. io. srAFF cosrs 2025 2024 Wages and salaries Social security cost5 Other pension costs 386,732 39,699 414,553 41,939 444 686 476 518 The average monthly number of employees during the year was as follows.. 2Q25 li 2024 12 Programme & Administration staff The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2025 2024 £60,001- £70,000 Key personal remuneration benefits for the year were £217,981 (2024 - £203,859). Page 16 continued...

Project Art Works Notes to the Consolidated Financial Statements - contlnued for the Year Ended 31 March 2025 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted funds Restritted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies (28,083) 989,013 960,930 Other trading artivities Investment income 98,323 89,486 187,809 Total 1080 281 1 164 472 EXPENDrruRE ON Raising funds 13,487 4,632 18,119 Charitable activities Projects 220 968 1 101499 1322 467 Total 234 455 1 106 131 1340 586 NET INCOMEI(EXPENDrruRE) (150,264) (25,850) (176,114) RECONCILIATION OF FUNDS Total funds brought fornard 321,051 (321,051) TOTAL FUNDS CARRIED FORWARD 170 787 12. TANGIBLE FIXED ASSETS - Group and charlty Fixtures and fittings Freehold property Short leasehold Totsls cosr At l April 2023 Addition5 750,131 97,443 55,644 903,218 At 31 March 2024 750 131 903 218 DEPRECtATION At l April 2023 Charge for year 69,3033 52,192 121,495 At 31 March 2024 129 225 NEf BOOK VALUE At 31 March 2024 750 131 773 993 At 31 March 2023 750 131 Included in c05t or valuation of land and buildings 15 freehold land of £750,131 (2024 - £750,131) which is not depreciated. Page 17 continued...

Project Art Works Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025 13. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR Group Charlty 2025 2024 2025 2024 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 21,740 23,477 21,532 22,706 10,993 9,393 14. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR Group Charity 2025 2024 2025 2024 Other loans (see note 16) Trade creditors Social security & other taxes Other creditors Accrued and deferred income 35,394 11,884 8,823 7,183 368,915 7,335 10,572 9,486 35,394 9,931 8,823 5,714 368,915 7,244 10,572 9,486 411008 407 917 15. CREDrroRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Group Charlty 2025 2024 2025 2024 Other loan: 4CC notc 16) 2d9 815 292 569 815 292 569 16. LOANS An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due within one year on demand: Other loans 368 915 Amounts falling between one and two years,, Other loans - 1-2 years Amounts falling due between two and five years: Other loans - 2-5 years 116 240 116 240 Amounts falling due in more than five years: Other loans more 5yrs instal 140 935 Page 18 continued.....

Project Art Works Notes to the Coftsolldated Flnanclal Statements - continued for the Year Ended 31 March 2025 17. LEASING AGREEMENTS Minimum lease payments under nOn-Can￿lIable operating leases fall due as follows: 2025 2024 Within one year Between one and five years In more than five years 17,500 70,000 166 250 17,500 70,000 253 750 120 247 18. SECURED DEBTS The following secured debts are included within creditors.. 2025 2024 Other loans Nesta Arts & Culture Impart LLP have a fixed and floab'ng charge over the freehold property. 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS - Group 2025 Total funds 2024 Total fijnds Unre5tritted funds Restricted funds Fixod assets Current assets Current liabilits'es Long term liabilities 781,289 (116,857) (59,767) 249 815) (7,296) 1,301,486 (24,217) 773,993 1,184,629 (83,984) 249 815) 781,723 987,654 {411,008) 292 560) 354 850 1269 973 1624 823 1065 800 20. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.25 At 1.4.24 Unrestricted funds General Designated funds ReseNe 202,779 (435,135) 472,001 239,645 115 205 297,656 (435,135) 492,329 354,850 Restricted funds Capital Projects National Lottery Arts Council (30,452) 523,694 42,272 232 630 70,236 532,685 34,397 109,704 (42,272) 594 158) 74,181 1,168,083 768 144 994 158 492 329 1269 973 TOTAL FUNDS 1065 800 559 023 1624 823 Page 19 continued....,

Projert Art Works Notes to the Consolldated Financial Statements - continued for the Year Ended 31 March 2025 20. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming sour￿$ Resources expended Movement in funds Unrestrlcted funds General Designated funds Reserve 460,194 (895,329) (435,135) 460,194 (895,329) (435,135) Restricted funds Caprtal Projects Nats'onal Lottery Arts Council 70,236 1,293,465 (70,236) 534,685 (758,780) 470 081 389 237 1833 782 839 624 994 158 TOTAL FUNDS 2 293 976 1734 953) 559 023 Comparatives for movement in funds Net movement in funds Transfers belMeen funds At 31.3.24 At 1.4.23 Unrestricted funds General Designated funds ReSe￿e 32,835 (154,677) 324,621 202,779 126,868 {150,263) 321,051 297,656 Restricted funds Capital Projects National Lottery Arts Council Paul Hamlyn - projects Paul Hamlyn - core 120,000 601,498 34,792 296,256 32,500 {137,432) (332,049) 73500 370,130 (13,020) 254,245 (66,020) (433,756) (32,500) -(30,452) 523,694 42,272 232,630 1 115 046 321051 768 144 TOTAL FUNDS 1241914 176 114) 1065 800 Page 20 continued...

Project Art Works Notes to the Consolidated Flnanaal Statements - continued for the Year Ended 31 March 2025 20. MOVEMENT IN FUNDS - contlnued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General Designated funds ReSe￿e 70,503 (225,180) (154,677) 74,917 {225,180) (150,263) Restricted funds Capital Projects National Lottery Arts Council (137,432) (792,577) (137,432) (332,040) 73,500 370 130 460,528 73,500 546 253 176 123) 1080 281 1106 132 TOTAL FUNDS 1 155 198 1331312 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers bel￿een funds At 31.3.25 At 1.4.23 Unrestricted funds General Designated funds Reserve 32,835 {589,812) 796,622 239,6945 115 205 126,868 (585,398) 813,380 354,850 Restrlcted funds Capital Projects National Lottery Arts Council Paul Hamlyn - projects Paul Hamlyn - core 120,000 601,498 34,792 296,256 32,500 (67,196) 202,636 73,500 759,367 21,377 363,949 (108,292) (1,027,914) (32,500) 30 000) 74,181 1,168,083 27,709 1115 046 968 307 813 380 1269 973 TOTAL FUNDS 1241914 382 909 1624 823 Page 21 continued...

Project Art Works Notes to the Consolidated Finanaal Statements - continued for the Year Ended 31 March 2024 20. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resourtrs expended Movement in funds Unrestricted funds General Designated funds Reserve 530,697 -(1,120,509) (589,817) 535,111 (1,120,509) (585,398) Restricted funds Capital Projects National Lottery Arts Council Paul Hamlyn - projects Arts Council - core Paul Hamlyn - core 70,236 1,753,993 73,500 1,016,334 (137,432) (1,551,357) (67,196) 202,636 73,500 759,367 (256,967) 2 914 063 1945 756 968 307 TOTAL FUNDS 3 449 174 3 066 265) 382 909 Purpose of funds Purposes of unrestricted funds The General Designated fund represents the amounts re￿iVed by the charity designated by the trustees to cover core costs and specific ongoing projects.. The Reserve fund represents funds held as a contingency in line with the reserves policy of the charity as detailed in the Report of the Trustees. During the year £20,328 (2024 - £844) was added to the fund. Purposes of restricted funds These a￿ projects where grant condib'ons have been imposed on them. The restricted capitsl fund repre*nts the net book value of tsngible fixed assets used in projects. Each year an amount is transferred to or from the fund representing the movement in the net bwk value of tsngible fixed assets which were acquired from restricted projects Transfers Transfers are made between core costs and individual projects to redistribute funding in line with conditions attaching to the grants originally received. 21. EMPLOYEE BENEFIT OBLIGATIONS Defined benefit pension contributions of £21,288 (2024 - £20,026) are recognised in the Statement of Financial activities. These pension contributs'ons are allocated to fund on the same basis a5 the gr055 5alarie5. Included in other c￿dItorS is £3,882 (2024 - £3,447) in respett of pension contributions. Page 22 continued.....

Project Art Works Detailed Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacles Donats'ons Gift aid Grants HMRC employment allowance Other income 24,474 154 2,106,853 5,000 17,879 759 927,877 5,000 2,165,003 960,930 Other trading activities Fees Eamed Sale of works 137,524 128,024 137,524 187,809 Investment Income Rents re￿iVed Deposit account interest 14,400 9,600 Total Incomlng resources 2,324,722 1,164,472 EXPENDITURE Other trading activities Participants artwork Postage, printing & stationery Artists & design fees Bank chatrges Payment fees 426 4,238 3,492 279 357 2,349 3,025 12,289 456 21,322 18,119 Charltable activities Wages Social security Pensions Artist fees Artist planninglinduttion staff training Projett evaluation Archivist Professional fees Materials Photography & film Installation Fees, submissions & art fair5 Exhibition costs Equipment and venue hire Rent, utilitie5 & insurance Computer & webslte costs Carried fomard 273,788 27,192 12,591 159,826 4,505 2,904 1,445 15,103 40,955 20,847 305,635 30,068 14,569 188,245 7,115 4,212 7,7776 14,538 53,485 47,398 2,800 19,337 3,803 27,294 29,010 13,550 652,334 32 12,178 13,597 43,912 11,104 756,664 The pages does not form part of the statutory financial statements Page 25