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2020-12-29-accounts

Zabludowicz Art Projects (A charitable company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 29 December 2020

Charity Registration No. 1120067 Company Registration No. 06269259

Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 DECEMBER 2020

The trustees submit their report and the financial statements of the charity for the year ended 29 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity number: 1120067 Company number: 06269259 Registered office: 41 Dover Street London W1S 4NS ADVISORS Statutory Auditor: RSM UK Audit LLP The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP Solicitors: Ashfords LLP Ashford House Grenadier Road Exeter EX1 3LH Bankers: Barclays Bank Level 27 2 Churchill Place London E14 5RD Advisory committee: Brian Boylan Thomas Dane James Lingwood

In addition, advice on each exhibition may be sought from the guest and/or resident artist/curator.

DIRECTORS AND TRUSTEES

The directors of the company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving since incorporation are as follows:

Chaim Zabludowicz (Chairman) Anita Zabludowicz (Director) David Halpern FCA (resigned 3 June 2021) Dr. Fabio Botterini de Pelosi (Liechtenstein)

SECRETARY

Richard Lloyd ACA

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is a company limited by guarantee registered and incorporated in England and Wales and is governed by its Memorandum and Articles of Association dated 5 June 2007.

Appointment of trustees

As set out in the Articles of Association the trustees have the power to appoint new trustees. There is no maximum limit to the number of trustees in office. However, there must be a minimum of three trustees in office at any time. At each annual general meeting, a third of the longest standing trustees must retire from office. In each case each outgoing trustee is eligible for re-appointment.

Trustee induction and training

All trustees appointed on incorporation, together with the Advisory Committee, are briefed on the charitable objectives and their responsibilities as trustees.

Organisation

The board of trustees administers the charity. The Director appointed by the trustees manages the day-to-day operations of the charity. Zabludowicz Art Projects is managed by the Director and two secondees from the Zabludowicz Art Trust, viz. the Artistic Director and the Collection Manager, each of whom has an assistant employed by the charity. The finances are managed by Dr. Botterini de Pelosi. All report to the Chairman.

The trustees also rely on the Advisory Committee whose remit is to advise and comment upon the organisation’s achievement of its charitable objectives, public activities, marketing, position and role.

The charity has had regard to the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity (PB2)’, in preparing the trustees’ report and the financial statements.

Pay policy for senior staff

The trustees consider the board of trustees, who are the charity’s directors, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in note 3 to the accounts. The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings as appropriate.

Related parties

The charity has had close but informal relations with the following parties over the past 12 months:

Testing Ground

Lynton Talbot & David Dibosa Artists: Alison Green, Central St. Martins Alvaro Barrington, Birkbeck, Varda Caivano, Curators : Nir Evron, Rosa Abbott, Richard Ayodeji Ikhide, Krishna Balakrishnan, Laura Lima, Kate�ina �uprov�, Mohamed Namou, Celina Loh, Nam June Paik, Hao Long Seth Price, Gaia Maggio. Hiraki Sawa, Raqib Shaw, Nobuko Tsuchiya, Francis Upritchard Saya Woolfalk Other : White Cube (loan)

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

Masterclass

Doug Fishbone Yarli Allison Una D'Aragona Theo Ellison Ed Florance Mani Kambo Alexander Rosenberg Beth Shapeero Benjamin Warner

Masters

Judith Bernstein Antony Gormley Thomas J Price Joey Holder Invited specialists Jon Sharples Gabriela Cala-Lesina Toby Ziegler

Hot With Excess

(postponed in 2020, ultimately cancelled in 2021) Production Assistant: Lara Monro

Lead artists: Sam Belinfante, Trulee Hall, Richard Kennedy, Benjamin Orlow, Marijke De Roover and Alexandre Singh. With performers and collaborators: Conductor: Michael Coleby Choreographer: Jessica Emmanuel Performers: Sebastian Angelique (dancer/singer), Jonathan Luke Baker (dancer/singer), Michelle Buckley (chorus), Bonnie Callaghan (Holy Tongue), Kate Cox (chorus), Tylor Deyn (dancer/singer), Freddie Love (Golden Whore), Chloe Levaillant (chorus), Rose Lucas (chorus), Lucas Marcheselli (dancer/singer), Phoebe Pimlott (Holy Tongue), Marv Radio (beatboxer), Nara Taylor (Golden Whore) Musicians: Charlotte Amherst (violin), Alex Fryer (oboe, vocals, flute), Merlin Jones (percussion), Sophie Haynes (cello) Thomas Heyes, Tim Merrifield, Frida Josefin Österberg Oliver Brignall (tenor), Simon Limbrick (percussion), Loré Lixenberg (soprano), Neil Luck (composer and performer), Musarc, and Gwen Reed (double bass)

Orchestra:

Elise Bevers (clarinet), Chris Denissen (horn), Katleen De Beukelaer (alto sax), Amanda Kovac (piano), Ann Leemans (bassoon), Gert-Jan Schoup (trombone), Toon Spiessens (guitar/bass), Vicky Van Hoof (flute), Jeroen Vrancken (clarinet), Daan Ubaghs (trumpet), Koen Ubaghs (clarinet), Sander van der Kloot (drums and percussion), Zita Ysewein (trumpet) Crew: Anneleen Hooghe Lina Lapelyte, Lucia Pietroiusti, Shirley J. Thompson and Igor Toronyi-Lalic. Olin Caprison (guitar and bass), Isaiah Cook (drums), Xander Gaines (performer/costumes), Richard Kennedy, Kyle Kidd (featured vocalist), RaShonda Reeves (co-composer/pianist) Alissa Brianna (featured vocalist). Others : Time Out, CAVE (Centre for Audio Visual Experimentation), Green Rooms, Markson Pianos

Invites :

Laurence Owen Lychee One Gallery Grant Foster, artist

Trulee Hall (Annual Commission) Michele Maccarone

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

360 VR Room Filip Kostic Rachel Maclean The Swan Collective

DIGITAL PROGRAMME Trulee Hall works in Focus: Guy Oliver

Instagram Live’s Down For Whatever (DFW) Mamiko Motto Sofie Hiele Dario Tronchin (Chevel) Lorenzo Marz Stefano Berra Mauro Romanz Tianzhou Chen (Asian Dope Boys)

Invites Focus Instagram and web series Athena Popadopalous Guy Oliver Lucy Tomlins Kate Lyddon Puck Verkade

Instagram Live’s Talking Collecting with Anita

Eva Dichand Richard mishaan Ulrike Rosenbach Alison Myners Eugenio De Rebedengo Hans Ulrich Obrist Cathy Vedovi Russell Tovey Georgina Cohen Kenny Schachter

Women + Health Charity Exhibition

(online)

Gemma Tighe, Director of Women +Health Lesia Haliv, Trustee of Women + Health Cass Wedd, Trustee of Women + Health Kate Minton, Trustee of Women + Health Frances Borzello, Art Historian Susie Orbach psychotherapist and writer Bella Keegan, videographer

Women’s Lockdown Art Exhibition

Afsoon Marielle Albers Frances Aviva Blane Ruth Batham Renin Bilginer Dorit Braun Honor Brogan Tereza Buskova Alice Channer Cecilia Charlton Ann Churchill Julie Clark Agata di Masternak Renata Fernandez Sally Fitter Chloe Fremantle Blegva Oona Grimes Marcelle Hanselaar Nicky Hodge Kayley Holderness Helga Joergens Barbara King Rachel Kneebone Caroline Lee Robyn Litchfield

Kate Lyddon Charlotte Mann Abigail McGourlay Elise Mendelle Pandora Mond Katy Moran Adriette Myburgh Ishbel Myerscough Maureen Nathan Caroline Pick Sarah Pickstone Yelena Popova Candida Powell-Williams Tal Regev Marie-Thérèse Ross Eva Rothschild Daphne Selfe Pamela Thorby Rachel Walters Oriane Wedd Marie Claire White Alison Wilding Vicky Wright Stefania Zocco

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

Families Creates

Rosemary Cronin Anne Harild Tom Pope

Artists in Virtual Reality: publication

Rebecca Allen Peter Burr Jeremy Couillard Philip Hausmeier Rachel Maclean Paul McCarthy Florian Meisenberg Mélodie Mousset Jon Rafman Rachel Rossin Jakob Kudsk Steensen Theo Triantafyllidis Jordan Wolfson

Khora Contemporary Werkflow. Maitreyi Maheshwari (Head of Programme, FACT, Liverpool) Michael Connor (Artistic Director, Rhizome, NYC) AR experiences by: Jeremy Couillard Florian Meisenberg Daata Mila Askarova, Gazelli Art House Peter Bonnell: QUAD Daphne Economou: University of Westminster

The Tramshed Project Dom Cools-Lartigue Tarek Gjonnes Graeme Robertson Ivan Clarke Aindrea Emelife Gosia Perek Williams and Hill

Artists : Fiona Morley Aime Dicke Rashid Johnson Glenn Ligon Damien Roach Alvaro Barrington Georgie Hopton

Finnish Residencies (postponed until 2022) Artists : Jake Elwes Gabrielle Beveridge Kate Newby SOiL (Torey Thornton) Jesse Reaves Holly Hendry Galleries : Stuart Shave & Jimi Lee / Modern Art The Sunday Painter Stephen Friedman Seventeen Herald Street Informal support: Procreate projects Portugal Prints London School of Mosaic

The charity also continued its relationships with those parties disclosed in earlier trustees’ reports.

In addition to the above, the charity also relied on the Zabludowicz Art Trust for its funding during the period and will do so for the foreseeable future. Mr. Zabludowicz and Dr. Botterini de Pelosi are trustees of the Zabludowicz Art Trust.

Details of transactions with related parties are given in note 11 of the financial statements.

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

ACHIEVEMENTS AND PERFORMANCE

OBJECTIVES AND ACTIVITIES

The charity’s objectives, as set out in its governing document, are: to promote, encourage and increase the public’s appreciation and understanding of contemporary art by establishing and maintaining a venue for the exhibition of contemporary art in various media; undertaking and promoting self-initiated exhibitions and commissioning works for exhibition by contemporary artists and curators; and advancing the education of the public in contemporary art through exhibitions, publications, seminars, lectures, talks and similar events.

Activities

During 2020 the charity continued to manage the exhibition space at 176 Prince of Wales Road, London (the “gallery”). The charity’s original plans for 2020 included two major exhibitions in the main spaces during the year as well as the smaller series of exhibitions known as Invites and 360. However, as a public-facing organization, the charity was affected greatly by the Covid-19 pandemic. Where possible projects were postponed but inevitably the charity was forced to cancel some of its 2020 programme.

One of the major exhibitions planned involved a new strand of performance programming entitled “Hot With Excess”, which focused on contemporary artists working with Opera. The first live event, a specially commissioned opera by American artist Trulee Hall, was held but the rest of the programme was initially postponed. Unfortunately, as many of the artists involved were unable to commit to future performances, in June 2021 the charity decided to cancel the programme.

The other major exhibition planned was a collaboration between the Julia Stoschek Collection and the Zabludowicz Collection showcasing the works of the late artists Barbara Hammer and Carolee Schneemann. This exhibition was cancelled amid the global Pandemic.

As the charity was unable to present its vision to the public during the UK’s lockdown, it increased its online presence; conserving resources and ensured that it was well placed to continue its objectives in the future. The charity’s digital programming included a series of Instagram Live interviews with the charity’s Director, Anita Zabludowicz: Talking Collecting , and an initiative to support cross disciplinary practices called Down For Whatever (DFW) in collaboration with Music and Art Director Mamiko Motto. The Invites programme also moved online with Invites Focus , using materials from the archive and behind the scenes material from previous Invites exhibitions.

Promotion of new media in contemporary art continued with the creation of a dedicated virtual reality publication with specially commissioned Augmented Reality (AR) works by Jeremy Couillard and Florian Meisenberg. This replaced 360 The Virtual Reality Room , which was put on hiatus during 2020 due to concerns over the health risks and visitor comfort with VR headsets.

From April 2020 a weekly e-newsletter began to be circulated to over 8,000 individuals, with a 28% open rate.

The mood of the cultural sector also changed significantly during 2020 with increased hostility and suspicion of philanthropy and active calls for organizations to address any residual or hidden racism. The charity strengthened its support of artists and people of colour and conducted research into its audiences over the summer 2020 period with a view to further promoting its objectives.

The charity continued its free weekly Saturday afternoon drop-in workshops, Families Creates, for children and families by migrating the workshops to being exclusively online.

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

Programme Overview

Gallery programme:

Exhibition
Attendance		 Daily Average Exhibitions/Programmes
16 Jan – 23
Feb 2020		 2,133 75 Testing Ground, Master Class, ZC Invites: Laurence
Owen Hot with Excess Performance Trulee Hall
(176)
8 Oct – 13 Dec
2020		 1,639 69 2021 Annual Commission: Trulee Hall

Testing Ground for Art and Education

For the 12th consecutive year, Testing Ground focused on opportunities for the creative and professional development of emerging artists and curators. Testing Ground collaborated with educational and artist-led organizations to develop experimental exhibitions and events that facilitate the consideration and testing of new ideas and modes of practice.

Testing Ground: Master Class

Now in its eighth year, Master Class was a week-long intensive programme for emerging artists developed in collaboration with artist Doug Fishbone. Master Class offered eight emerging artists from around the UK the opportunity to discuss and examine their practice with a group of their peers providing them with the insights of more experienced and established artists as well as the practice support that they can often miss after leaving art school.

The "Masters" are comprised of artists whose work is associated with the Zabludowicz Collection and who have experienced public recognition and success. Led by artist Doug Fishbone, the 2020 Masters were: Judith Bernstein, Antony Gormley, Thomas J Price and Joey Holder.

Annual Commission: Trulee Hall

In Hall’s first institutional solo show in the UK new videos and sculptural installations commissioned by Zabludowicz Collection were presented alongside key recent projects. The works exhibited were linked by an exploration of female sexuality. At the centre of the exhibition was Tongues Duel the Corn Whores, An Opera, a commission that began as a performance of the same name, realised in the space. An exploration of ritual and sexuality, the work weaved together Hall’s original score, libretto and choreography with an elaborate set, costumes, and props, rendered in her often-used trifecta of CGI, clay animation and live footage. The opera revolves around two female archetypes: the conservative and spiritual ‘Madonna’ and the hedonistic and provocative ‘Whore’. The exhibition was accompanied by a programme of live and online events, and the launch of Hall’s first monograph publication, Zabludowicz Collection Annual Commission: Trulee Hall, Tongues Duel The Corn Whores, An Opera (2020).

Zabludowicz Collection: Invites

The Covid-19 pandemic curtailed the planned Invites programme which only held one solo exhibition by Laurence Owen a UK-based artist without commercial UK gallery representation. The Invites exhibition was a collaboration with Lychee One Gallery in East London.

Each of the above exhibitions was accompanied by a series of public events, talks and screenings which were held concurrently with the exhibitions. Publications for the Trulee Hall exhibition were published in October 2020.

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

Online programme:

Website
Uni
q
ue
Page Views		 Website
video
Views		 Instag
ram
Vi
d
e
o
Views Total		 Instag
ram
Post Likes		 Instag
ram
Accounts
Reached		 Instagram
saves
TOTALS 1687 2123 28274 2574 32209 255
Families Create 767 301 1451 109 5327 10
DFW 252 3567 330 9085 45
Hall work in Focus 153 154 2034 259 7566 27
Playlists Mamiko NOSH 239
Hall Virtual Tour 150 539 596 44 1850 7
Video of in conversation with Trulee Hall 47 24 377 38 1410 5
Bedtime stories read bykids to launchpublication 79 1922 188 6971 11
(over 4p
osts)
TalkingCollectingwith Anita 1105 18327 1606 150

360 The Virtual Reality Room

VR works from the Zabludowicz Collection were exhibited in 2020 until the COVID pandemic necessitated its temporary closure and a publication was completed during 2020 in readiness for release in 2021. AR works were included in collaboration with daata and exploration of Mixed Reality and collaboration with Varjo in Helsinki was initiated also in collaboration with daata.art.

Offsite exhibitions & activities

Women + Health Fundraising partnership

Zabludowicz Collection are proud to be supporting Women + Health's online exhibition of artwork produced by women during the pandemic. Changes in government guidance during the pandemic prevented the physical exhibition from taking place. However, the exhibition moved online and was held between November 2020 and January 2021. This was Women + Health’s first fundraising exhibition and the charity helped raise over £14,000. In total, 2,278 people visited the web exhibition.

Tramshed Project: Loans & cultural consultancy

In summer 2020 the charity was approached by Dom Cools-Lartigue, an entrepreneur and TV personality, about partnering on his new restaurant and community initiative: The Tramshed Project. The charity developed a proposal for cultural events and programming as well as an arrangement whereby artworks by Black and Female artists from the Zabludowicz Collection were lent to the project. Due to ongoing national lockdowns the planned in-depth programming partnership was not possible, but the artworks lent were viewed by several thousand people who would otherwise not have access to these works. QR codes allowed viewers to access further information on the works on show.

A further discussion is in development for another site in the future.

Total attendance (onsite, offsite and online) during 2020: 41,050 (2019: 18,960)

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

Online Presence

The challenges of 2020 caused the charity to increase its online activity giving rise to positive results.

Instagram

While this was the main platform for digital programme in 2020, Twitter and Facebook were also used to promote and drive traffic. Engagement, the total number of likes and comments, increased by 26% on the previous year and video post interactions increased by 75%.

While follower numbers were volatile, the charity was pleased that it now had a more engaged online audience as evidenced by an increase in follower interactions.

Website

During 2020 the charity’s website received 67.5k visitors (2019: 83.5k). Of these 85% were new and viewed 2-3 pages whilst visiting. The charity’s global presence improved due to an increase in visitors from USA and China.

E-Shop

The charity’s online shop received over 6k visits during 2020 and orders increased by 86% when compared to the previous year.

E-Newsletter

A weekly curated mailer with details of the charity’s digital programme and other external initiatives. On average the campaign reached the following audience: UK 48.7%, USA 26.9%, Germany 5.2%, Finland 3.6%, France 2.8%.

FINANCIAL REVIEW

The results for the year ended 29 December 2020 are set out on the statement of financial activities on page 17. The position at the end of the period is shown in the balance sheet on page 18.

The trustees are satisfied with the results for the period.

Risk Management

The trustees have a risk management strategy which comprises:

The specific risks are identified as follows:

Sources of Income

The charity has no regular source of income other than the donations it receives from the Zabludowicz Art Trust. However, the Zabludowicz Art Trust is committed in its support of the charity. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 20.

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Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES’ REPORT

General Risks

As the public face of the Zabludowicz Collection there are risks relating to: safety of the visiting public; staff safety; theft of/damage to art works being exhibited and damage to the building and its fixtures and fittings. The gallery’s management team, led by the Artistic and Administrative Directors ensure that staff are trained in health and safety matters. While the exhibition space is open to the public, gallery invigilators are present to ensure the safety of the public, the works and the surroundings. During busy times, such as public opening evenings, security services are retained. The gallery followed UK government coronavirus guidance in respect of its opening during lockdown periods and its interactions with the public during non-lockdown periods.

Investment Powers and Policy

Under the Memorandum and Articles of Association the charity may invest for the sole purpose of furthering its charitable objectives. No investments were held during the year ended 29 December 2020 (2019: £nil).

Reserves Policy

As at 29 December 2020:

(i) restricted funds of the charity amounted to £nil (2019: £nil).

(ii) unrestricted funds amounted to £57,718 deficit, (2019: £65,829 deficit) of which £12,106 (2019: £15,568) was represented by fixed assets and £69,824 deficit (2019: £81,397 deficit) was represented by net current liabilities.

The Zabludowicz Art Trust continued its support of the charity and is committed to its future support of the charity. The trustees are satisfied with the level of reserves held.

Sponsorship Policy

In line with the charitable objects, the charity will from time to time provide financial support to artists. The Director is responsible for identifying and recommending suitable candidates to the other trustees who then decide whether support is provided.

FUNDRAISING

The charity does not carry out any fundraising activities but raises some funds via artist’s editions, publications and the on-site café. No editions were made during 2020, however, two monographic publications were launched: Trulee Hall and Marianna Simnett.

FUTURE PERIODS

The uncertainty arising from the UK’s lockdown protocols during the Covid-19 pandemic has resulted in a reduced programme of events for 2021.

The charity chose not to proceed with the 2021 Annual Commission instead preferring to focus on the 2022 Annual Commission with Chinese multimedia artist Lu Yang. The charity and the artist are planning a national touring show in collaboration with KARST in Plymouth.

2021 Testing Ground: No thing is Waiting, curated by students from MA Curating and Collections, the annual Master Class. The 2021 Master Class was held online with guest tutors: Julia Scher, Emma Talbot, Ryan Gander and Isaac Julian. The artists participating in this year’s initiative are: Gerard Carson (Northern Ireland), Robert Cervera (London), Karen Maxted (Scotland), Susie Olczak (Southeast), Duncan Poulton (Midlands), Jonathan Michael Ray (Southwest) and Katie Tomlinson (North).

Invites 2021: Tal Regev and Rosie Gibbens.

October 2021

The Stand In’s (Working Title) an exhibition sourced from the Zabludowicz Collection investigating the current trend of figuration and avatars in contemporary painting.

As a result of the restrictions imposed on the gallery’s public events by the pandemic the charity continues to increase its online presence.

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Zabludowicz Art Projects (Limited by Guarantee) STATEMENT OF TRUSTEES’ RESPONSIBILITIES

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

Company law requires the trustees to prepare financial statements for each financial year under company law the trustees must not approve the financial statements unless they are satisfied that they 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 charitable company for that period. In preparing these financial statements, the trustees are required to:

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

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Zabludowicz Art Projects (Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS

Opinion

We have audited the financial statements of Zabludowicz Art Projects (the ‘charitable company’) for the year ended 29 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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Zabludowicz Art Projects (Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS

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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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Zabludowicz Art Projects (Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, and tax legislation. We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to any new or unusual transactions which may not be in accordance with the governing documents.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to Health and Safety at Work, etc Act 1974 and the Management of Health and Safety at Work Regulations 1999. We performed audit procedures to inquire of management whether the charitable company is in compliance with these law and regulations and enquired as to any correspondence with regulatory authorities of which there was none.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates.

15

Zabludowicz Art Projects (Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS

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

Use of our report

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

SARAH MASON (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants The Pinnacle 170 Midsummer Boulevard Milton Keynes Buckinghamshire MK9 1BP Date

16

Zabludowicz Art Projects (Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account) for the year ended 29 December 2020

Note
INCOME FROM:
Donations and legacies
1
Other income
1
TOTAL
EXPENDITURE ON:
Raising funds
2
Charitable activities
2
TOTAL
NET INCOME/(EXPENDITURE)
4
TOTAL FUNDS BROUGHT
FORWARD
TOTAL FUNDS CARRIED
FORWARD		 Total
Unrestricted
Funds
2020
£
Total
Unrestricted
Funds
2019
£
754,919
1,154,969
172,069
26,552
926,988
1,181,521
23,079
49,297
895,798
1,153,051
918,877
1,202,348
8,111
(20,827)
(65,829)
(45,002)
(57,718)
(65,829)

17

Zabludowicz Art Projects (Limited by Guarantee) BALANCE SHEET As at 29 Decemkn 2020 v No: 06269259 N(ves 2020 2019 FIXED ASSETS Tangibl¢ &ssers 15.568 CURRENT ASSETS Debior5 Cash at bank and in 22.025 6.412 25.057 2,666 28.437 27.723 CURRENT LIABILITIES Creditor5.' amounts fdllin8 due withffin year (98261) (109.1201 r4ET CURRENT LIABILITIES (69.8241 (81.3971 NKT LIABILITIES (57.718) {65.829) THE FUNDS OF THE CHARrrY 157.718) (57.718) {65,829) (05.8291 The financtal ststements have beat pre￿¢d in xc{ydan￿ with the provisions applicabk to companies subject io the small companies. regime. Approve41 by the authorised for ￿uC on 2 Sepmber 2021 and SI￿ on irs behalf by CHAIM ZABLUDOWICZ CHAIRMAN AND TRUSTEE 18

Zabludowicz Art Projects (Limited by Guarantee)

CASH FLOW STATEMENT For the year ended 29 December 2020

Notes
OPERATING ACTIVITIES
Cash generated from operations
10
NET CASH FROM OPERATING ACTIVITIES
INVESTING ACTIVITIES
Payments to acquire tangible fixed assets
NET CASH USED IN INVESTING ACTIVITIES
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR
ANALYSIS OF CHANGES IN NET DEBT
At 29
December
2019
Cash at bank and in hand
2,666		 2020
£
4,719
4,719
(972)
(972)
3,747
2,666
6,413
Cash flows
3,747		 2019
£
3,061
3,061
(3,330)
(3,330)
(269)
2,935
2,666
At 29
December
2020
6,413

19

Zabludowicz Art Projects (Limited by Guarantee)

ACCOUNTING POLICIES for the year ended 29 December 2020

BASIS OF ACCOUNTING

Zabludowicz Art Projects is a private company limited by guarantee and a registered charity. It is registered, domiciled and incorporated in England. The registered charity and company numbers and its principal activities are shown in the Trustees’ Report.

The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

GOING CONCERN

The charity’s business activities, together with the factors likely to affect its future development and position, are set out in the Trustees’ Report on pages 1 to 11.

The charity has net liabilities. The charity is reliant on the support of the Zabludowicz Art Trust. The trustees consider it appropriate to prepare the financial statements on the going concern basis as the Zabludowicz Art Trust has indicated its willingness to continue to support the charity for at least 12 months following the signing of these financial statements.

FUNCTIONAL CURRENCY

The financial statements are presented in sterling which is also the functional currency of the charity.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

DONATIONS AND LEGACIES

Donations are credited to the Statement of Financial Activities when conditions of receipt have been met and in accordance to the periods to which they relate. All other income is recognised on an accruals basis.

DONATED SERVICES

Donated services are included in income when the benefit to the charity is reasonably quantifiable and measurable. These are valued by the trustees at the amount the charity would have been willing to pay on an open market.

RAISING FUNDS

Income from trading operations represents the invoiced value of goods sold and services provided to visitors to the gallery where the charity displays its collections.

GOVERNMENT GRANTS

Government grants are recognised on a receivable basis if there are no specific conditions attached in terms of where or when spent. Otherwise, government grants are treated in line with the conditions attached to them.

20

Zabludowicz Art Projects (Limited by Guarantee) ACCOUNTING POLICIES (continued)

EXPENDITURE

Expenditure is recognised when a liability is incurred. Direct costs are defined as those costs directly attributable to areas of charitable activity and support costs are those not directly attributable. Total expenditure is allocated between Expenditure or Raising Funds and Charitable Activities as follows:

EXPENDITURE ON RAISING FUNDS

These are costs incurred in activities to raise funds.

CHARITABLE ACTIVITIES

Comprises those costs incurred by the charity in the execution of its activities.

TANGIBLE FIXED ASSETS

Fixed assets are stated at historical cost.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Leasehold improvements 10% straight line Computer equipment 25% straight line Fixtures, fittings and equipment 10% straight line Office equipment 25% straight line

STOCK

The cost of stock is expensed through the Statement of Financial Activities as it is incurred.

UNRESTRICTED FUNDS

Unrestricted funds are those funds which the Trustees are free to use in accordance with the charitable objects.

RESTRICTED FUNDS

Restricted funds are used for specific purposes as laid down by the donor or grant making body. Expenditure which meets the necessary criteria is allocated against the funds, together with a fair allocation of overheads. There were no restricted funds to recognise.

VALUATION OF GIFTS IN KIND

Gifts in kind are included in the accounts on the basis of historical cost, or if this is not readily obtainable by reference to the market value at the time the gift was made.

IRRECOVERABLE VAT

The charity is not registered for VAT. The irrecoverable VAT is reported as part of the expenditure to which it relates.

RETIREMENT BENEFITS

During the year the charity operated a defined contribution pension scheme. The amount charged to the Statement of Financial Activities in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

21

Zabludowicz Art Projects (Limited by Guarantee) ACCOUNTING POLICIES (continued) for the year ended 29 December 2020__________

FINANCIAL INSTRUMENTS

The charity has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS 102, in full, to all of its financial instruments.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Financial assets

Basic financial assets, which include other debtors and accrued income, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Financial liabilities

Basic financial liabilities, which include trade creditors and accruals, are initially measured at transaction price and subsequently measured at amortised cost.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions including the total amount of expenditure to be accrued at the start of each project. These estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

22

Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 29 December 2020

The charity’s income and net income were all derived from its principal activity which arose wholly in the United Kingdom.

A breakdown of the income is shown below:

Donations and legacies
Gift/Coffee Shops Income
Other Income
Total income
2
EXPENDITURE
DIRECT COSTS
Salaried staff
Seconded and recharged staff costs
Purchases
Project costs
TOTAL DIRECT COSTS
SUPPORT COSTS
Property expenses
IT expenses
Travel & entertaining
Other office costs
Legal & professional
Depreciation
Telecommunications
Governance costs including audit
Security
Bank Charges
Advertising
Exchange differences
Donations made
Annual Return
Insurance
Bank Interest Payable
TOTAL SUPPORT COSTS
TOTAL EXPENDITURE		 Raising
Funds
£
-
4,596


8,138
-
 2020
£
754,920
16,397
155,671
926,988
Charitable
Activities
£
435,709
127,756
-
127,158
690,623
26,125
2,607
277
7,943
109,615
4,434
5,250
19,800
3,008
393
-
684
24,817
13
147
62
205,175
895,798		 2019
£
1,154,969
26,552
-
1,181,521
Total
2020
£
435,709
132,352
8,138
127,158
703,357
26,125
2,607
1,461
7,943
109,615
4,434
5,250
19,800
3,008
393
9,161
684
24,817
13
147
62
215,520
918,877
12,734
-
-
1,184
-
-
-
-
-
-
-
9,161
-
-
-
-
-
10,345
23,079

23

Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 29 December 2020

The expenditure for the year ended 29 December 2019 were categorised as follows:

DIRECT COSTS
Salaried staff
Seconded and recharged staff costs
Purchases
Project costs
TOTAL DIRECT COSTS
SUPPORT COSTS
Property expenses
IT expenses
Travel & entertaining
Other office costs
Legal & professional
Depreciation
Telecommunications
Governance costs including audit
Security
Bank Charges
Advertising
Exchange differences
Donations made
Annual Return
Accountant’s Fees
Bank Interest Payable
TOTAL SUPPORT COSTS
TOTAL EXPENDITURE		 RaisingFunds
£
Charitable
Activities
£
2,011
475,337
4,112
160,263
23,680
-
-
262,976
29,803
898,576
-
35,345
-
7,144
5,949
1,630
-
12,922
-
135,307
-
6,976
-
6,247
-
20,747
-
1,697
-
958
13,545
-
-
842
-
18,050
-
13
6,480
-
117
19,494
254,475
49,297
1,153,051		 Total
2019
£
477,348
164,375
23,680
262,976
928,379
35,345
7,144
7,579
12,922
135,307
6,976
6,247
20,747
1,697
958
13,545
842
18,050
13
6,480
117
273,969
1,202,348

24

Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 29 December 2020

3
EMPLOYEES
The average monthly number of persons employed by the charity
during the year was:
Staff costs of the above persons:
Wages and salaries
Social security costs
Pension costs		 2020
No.

22


2020
£

371,969

29,804
22,116

423,889
 2019
No.

24

2019
£
405,557
33,570
25,330
464,457

No employee’s emoluments exceeded £60,000 (2019: Nil).

There are informal arrangements in place where employees of related parties are seconded to the charity. The time spent by each secondee is recognised in the accounts as a donated service to the charity on the basis of employer cost.

During the year staff costs of £95,077 (2019: £106,199) and £37,275 (2019: £58,176) were donated by the Zabludowicz Art Trust and Tamares Real Estate Investments (UK) Limited respectively.

Contributions outstanding at the year-end in respect of the pension scheme were £2,960 (2019: £2,605) and are included in other creditors.

The key management personnel of the charity are Anita Zabludowicz, Elizabeth Neilson and Virgine Morysse. The total key management remuneration during the period, which comprised salary and pension benefits, were £82,620 (2019: £116,376) and Employers National Insurance of £nil (2019: £3,982).

The Trustees received no remuneration or expense reimbursements during the year (2019: £Nil).

25

Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 29 December 2020

NET EXPENDITURE
2020 2019
£ £
The net expenditure for the year is stated after charging:
Auditor’s remuneration;
– statutory audit 19,800 17,500
– tax compliance
7,200		 6,480
Depreciation (owed assets) 4,434 6,977
Exchange losses 684 842

5 TAXATION

The charity is exempt from corporation tax on any surplus derived from its charitable activities.

6 LIMITED BY GUARANTEE STATUS (MEMBERS’ LIABILITY)

The liability of members is not to exceed £10 a member. At 29 December 2020 there were 2 members (2019: 2 members).

TANGIBLE FIXED ASSETS
Cost
As at 30 December 2019
Additions
As at 29 December 2020
Depreciation
As at 30 December 2019
Charged in the year
As at 29 December 2020
Net book value
As at 29 December 2020
As at 29 December 2019		 Leasehold
Computer
Fixtures,
fittings &
Office
Improvements
£
equipment
£
equipment
£
Equipment
£
13,455
80,094
101,380
13,637

-
-
972
-
13,455
80,094
102,352
13,637
13,455
77,596
88,310
13,637
- 833
3,601
13,455
78,429
91,911
13,637
-
1,665
10,441
-
-
2,498
13,070
-		 Total
£
208,566
972
209,538
192,998
4,434
197,432
12,106
15,568

7 TANGIBLE FIXED ASSETS

26

Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 29 December 2020

8 DEBTORS 2020 2019
£ £
Prepayments and accrued income 10,168 22,268
Other debtors 11,857 2,789
22,025 25,057
9 CREDITORS: Amounts falling due within one year 2020 2019
£ £
Trade creditors 22,935 47,472
Other taxation and social security 11,741 11,308
Other creditors 2,960 2,605
Accruals and deferred income 60,625 47,735
98,261 109,120
10 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH GENERATED FROM
OPERATIONS
OPERATIONS
Net Income/(Expenditure)
Adjustments for:
Depreciation of tangible assets
Operating cash flows before movements in working capital
Decrease in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2020
£
8,112
4,434
12,546
-
3,032
(10,859)
4,719		 2019
£
(20,827)
6,977
(13,850)
13,397
(8,560)
12,074
3,061

11 RELATED PARTY TRANSACTIONS

Name of party Relationship Description Value of transactions Value of transactions Balance at year Balance at year
of Transaction in year end
2020 2019 2020 2019
£ £ £ £
Zabludowicz Art C Zabludowicz Donations
 622,568 989,094 - -
Trust Trustee received
Zabludowicz Art C Zabludowicz Donated 95,077 106,199 - -
Trust Trustee services
received
Tamares Real C Zabludowicz Donated
 37,275 58,176 - -
Estate Investments Director services
(UK) Limited received
Tamares C Zabludowicz Donated
 -
30,325		 - -
Administration and Director services
Advisory Services received
Limited

27