Zabludowicz Art Projects
(A charitable company limited by guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended
29 D¢cember 2021
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 2021
The t￿Stee9 subtnit their report and the financial statements of the chaTity for the year ended 29 December 2021.
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 docu￿¢llt, the Charities Act 2011 and Accounting and
Reporting by Charities.. Statement of Re¢ommended Practice applicable to charities preparing their account5 in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in
October 2019.
REFERENCE AND ADMINISTRATtVE DETAILS
Charity number..
1120067
Company number..
06269259
Registered office..
41 Dover Street
London
WIS4NS
ADVISORS
Siatutory Auditor..
RSM UK Audii LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 IBP
Solicitors..
Ashfords LLP
A$hford House
Grenadier Road
Exeter
EXI 3LH
Bankers..
Barclays Bard(
Level I I
I Churchill Place
Londo
E145HP
Advisory wmmittee..
Brian Boylan
Thomas Dane
James Lingwood
In addition, advice on each exhibition may be sought frorn the guest an(Vor residentartisV¢urator.
DIRECTORS AND TRUSTEES
The directors of the company ale its trustees for the purpose of charity law and throughout this report are
collectively refetred to as the tNstees. 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

Zabludowicz Art Projects (Limited by Guarantee)
TRUSTEES, REPORT
STRUCTURE, GOVERNAf4cE AND MANAGEMENT
GoverniDg Document
The charity is a company limited by guarantee registered and incorporated in Englaud and Wales and is governed
by its Memorandum and Articles of Association dated 5 June 2007.
AppoRn¢ment of trustees
As sei out in the Articles of Association the tnLStees have the power to appoint new tNstees. There is no tnaximum
limit to the number of trustees in office. However, there must be a minEmum of three trustees in offlee at any time.
At ea¢h allnual general meeting, a third of the longest standing ttvstees must rettre fro]n office. In each case each
outgoing trustee is eligible forre-appointment.
Trustee illduction and training
All trustee8 appointed on incotporation. togeth¢r with the Advisory commit￿e, are briefed on tbe charitable
objectives and Their responsibilities as tiiistees.
Org#ni5Hltion
The board of trustees administets 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 TNst, viz. the Artistic Direcloi and the Colle¢tion Manager, each of whom has an assistant
employed by the charity. The fU￿iC¢S are managed by Dr. Botterini de Pelosi. All report to the Chaiman.
The trustees also rely on the Advisory Committee whose remit is to advise and comment upon the orgallisation's
achievement of its Charitable objectives. public activities, marketing. position and role.
The ¢haTity has iwd regard to the Charity Commission's guidance on pubhc benefit. illcluding the guidauce'Public
benefit.. rulllling a charity IPB2}', in preparing the trustees, report alld the financial statements.
Pay policy for senior staff
The trust¢e8 consider the board of trnstees, who are the charity's directors. and the senior mallagement team
comprise the key management personnel of the charity ill charge of directing and controlling. running and operating
the charity on a day-to-day b￿1$. All tNstees give of their time freely and no trustee received remuneration in tILe
year. Details of trustees. expenses and related paty transactions are disclosed in note 3 to the accounts. The pay of
the sentor staff 1$ reviewed allnually and nomially increased in accordallce with average earnings as appropriate.
Related partles
The charity ha5 had close but itiforll￿l relations with the following parties over the past 12 months..
Burgess & Beech
Velonomy
Trlllee Hall
Annual CoJDmis5ion
TNlee Hall and perfomie15 {see list in 2020 report)
Mary Reid Kelley
Mike Kuchar
Nathalie Djurberg
Narcissister
Mika Rottenberg,
Jennifer Juniper Stratford
Shana Moulto
Sonia Gonzalez
David Gryn
Am)a Mustonen
Suzan Pitt
Patrick Kelley
Allison Scbuinik
Han5 Berg
Theo Triantafyllidis
Geneva Jacuzzi
Rachel Maclean
Ericka Becknian
Maecarone Gallery
Barnie Paige

Zabludowicz Art Projects (Limited by Guarantee)
TRUSTEES, REPORT
Master Class Artist-led Professional Develo
ment Pro
ramme Onliiie
Isaa¢ Julien
Etnma Talbol
Gerard Carson
Karen Maxted
Dun¢an Poulion
Katie Tomlinson
Yinka Shonibare
Sophie Ro¥er5
Andrew ￿TreatleY
Polly Wright
Daniel Kelly
Julia Scher
Ryan Gander
Robert Cerveia
Susie Olczak
Jonathan Michael Ray
Doug Fishbone
Guy OliveT
Arn]indokht Shooshtari
Dea Vanagan
Miles Thurlow
No Thln
Is W21tin
Testin Grollnd
Jessica Wan
Korakrit Arunanondcha
Joshanne Dar
Andy Holden
Klara Kristalova
Amanda Ross-Ho
Valerie Snobe¢k
Yung Jake
Kan Xuan
Maria Dinu
Yankee Tsang
aaajiao
Anna Ne5terenko
Alice cha[￿er
Eloise Hawser
Jessica Jackson Huicbins
Jung Min Park
Annan Shao
Jesse Siecklow
Guan Xia
Able Zhang
Phuong Uyen
Alina Savina
The Stand-Ins: Fl
urative Paintin
froDI the Collectio
M&xwell Alexandre
Philip Gusto
Jordan Ka5ey
Maria Lassnig
CIJn"stina Quarles
Dorothea Tanning
Caragh Thuring
Willem Weismantj
Issy Wood
Jakub Julian Ziolkowski
Anna Glantz
Jamian Juliano-villani
Ella Ktuglyallskaya
Kate Lyddot]
Avery Singer
Henry Taylor
Teslaye Urgessa
Robin F. Williams
Rose Wylie
360 VR Room
Mélodie Mousset
Edo Fouilloux
Chiara Passa
Women + Health Charit Exhibition
Genlllla Tighe
Cass Wedd
Judith Millecker
Victoria William5
iLsia Haliv
Kate Millton
Frances BoTzello
Madelaine Dunnigan
Worksho
sIFamAlies CreAte$
Rosemary Cronin
Anne Harild
Puck Verkade

Zabludowicz Art Projects (Limited by Guarantee)
TRUSTEES, REPORT
Informal Su
ort:
Procreate Project&Thlother House Studios
POr￿gaI Prints.. Sikelala Owen. Patrick Conlon. Marta Ga￿110
The Lesser Bohemians- The Drama Centrelcentral Saint Martins.. Vaila Andetson. Kristina
Kapilin, Timothy Kelly, Lal￿¢￿ Carter
The charity also continued its relationships wtth those parties disclosed in eorlier trustees. reports.
In addition to the above. the charity also relied on the Zabludowi¢z Art Trust for its funding during the period artd
will do so for the foreseeable future. Mr. Zabludowicz andDr. Botterini de Pelosiare trustees of the Zabludowi¢z Art
Trust.
Details of transactions with related parties are given in note I l of the fwancial statements.
ACHIEVEMENTS AND PERFORMANCE
OBJECTtVES AND ACTIVITIES
The charity's objectives. as set out in its goveming 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
contemp)rary art invaTitsusrnedia', undertaking and protnoting seif-IDltiated exhibitionsandcommissioning works for
exhibition by contem￿rary artists and curators: and advancing the education of the public in contemporary art
through exhibitions. publications, Seminars. le¢ture5, talks and similar events.
Aetivltles
During 2021 the charity continued to manage the ex￿"bItIOn space at 176 Prince of Wales Road. London (the
"gallery") with two major exhibitions in the main spaces during the year as well as the smaller series of exhibttions
known as Invites and 360. li also continued lis Testing Ground programme of educational professional development.
The gallery's programtne ill 2021 continued to foGus on female artists.
Trulee Hall's Annual Conunission for 2020 was extended into 2021 to compensate foi the Euonths the gallery was
c105ed due to the national lockdowns. The exhibition proyed to be an international success for the artist. increasing
their exposure in the UK and Europe and a partner exhibition was held in April - August 2021 at Villa Schoningen.
Potsdam, Gennany. The 360 The Virtual Reality ROO￿ programme was restarted with a therapeuiic and interactive
musi¢al work by Mélodie Mousset and Edo Fouilloux and second exhibition tsf Chiara Passa later in 2021.
Several charitable parthership projects took place during 2021. An Artist in Residence project was initiated with
Camden Mental Health Charity Portugal Prints (part of Mind in Brent and Wandsworth), support was given to
Procreate Projects to initiate The Mother House Studios for artists with child caring responsibilities and the charity
Contitiued it$ relationship with ca￿dell charity Women + Health.
The Covid-19 pandemic introduced delays and alterations to the planned events during tbe year and. in response.
the charity continued its online digital programming and staff support. Overall, the 2021 programme was reduced
when compared to pre-pandemic years but activities and events have increased when compared to tbo8¢ in 2020. As
expected, digital engagetnent receded and in-person visitor figures were healthy alld encouraging.
The performance festival, Hot with Excess. originally Pla[￿ed for March 2020 was initially postponed until 2021
due to the pandemic. However, as many of the artists originally involved and their works had evolved Since the
initial planning it was felt that the revisions and development needed to realise this exhibition in 2021 was beyond
the possibilities of our budget and resources and the exhibition was cancelled.
dLe light of this, the trnstees decided not to proceed with Ebe 2021 Annual Commission. The ADnual
Collutiission will continue in 2022 with the Chinese multimedia artist Lu Yang.

Zabludowicz Art Projects (Limited by Guarantee)
TRUSTEES, REPORT
Each ofthe eKhibilions ivas accompanied by a sertes of public events, talks and Screenings which were held
concurrently with the exhibition%. During 2021 the printing ol'publicalions was paused and then restarted during
2022 for sale during The Stand Ins eKhibition. The two publications produced ill 2022 were.. Trulee Hall lediled by
Antonia Blocker and designed by Burgess & Bewhl and Artists in Virnial Reality (edited by Paul Lucknaft &
Elizabeth Neilson and des2glled by Burgess & Beeehl
The charity continued it$ free weekly Saturday afternoon drop-in workshops, Families Creates. for children and
families as well as the Saturday staff tours.
Programme Overvle
lu excess of 21,000 people engaged directly with the charity's events and exhibitions in 2021.
Online and Soeial Media Engagement
The Zabludowicz Collection website continues to be the main source of infotmation for all visitors to the gallery
space. A list of current alld future activities 15 regularly updated and video recordings of past exhibitions are available
to be streamed by website visitors and students engaging in research.
The charity also uses a number of social media applications to increase awarenes8 of the gallery's activities.
Instagram 15 the gallery's main plaifotm and 2021 began with 71,421 followers and after a dip in followets between
July and October 202 1, ended with 71,829 followets. Twitter is also used to ensure the gallery's engagetnent in
conversations across the art world and also in more general cultural discourse. Aeross 2021. Twitter followers
decreased from 7,249 to 7,098.
Facebook 15 used to present video content and reaches on 2verage a slightly older demographic. The trnstees believe
that a presence on this platforrn is llece&%ary but they do not regard it as the gallery's leading social media channel.
Across 2021 Facebook activity remained consistent with approximately I 1,000 followers.
Offslte exhibitiolls & activltles
The charityproudly supported Women + Health Fundraising Partnership in the creation of their firsi online exhibition
of artworkproduced by women during the pandetnic entitled Women's Lockdown Art. Due to changes in government
guidance the planlled physical exhibiiion did not take place atLd the exhibition was available to be viewed oniille
between 12 November 2020 and 31 January 2021. The charity helped them raise over £14,000 during their f]rst
fundraising exhibition.
The charity sponsored artist Sikelala Owen to work for 3 months as an artI5t in residence at Portugal Ptiuls, a
therapeutic ￿ental health chariiy based in Arlillgton House, Camden. ApproXi￿atelY 40 artists from Portugal Prints
worked with Sikelala to explore their personal practices. The exhibition lust an Artist... coinprising Works Created
by the Portugal Prints artists was the f￿st Illvites exhibition in 2022.
The charity also supported the Families Create Offsite= Kentish Towll Square project held on 19 August 2021.
From 25 August to 28 August 2021 the charity donated gallery space to alunjtii of the London Dtatlla School. the
occupier5 of 176 Prince of Wales Road before tbe charity, to facilitate the performallce of The Lesser Bobernians.
The gallery also provides a hub for Velonomy Bike Workshops, a local charity. so that they may repairbi¢ycles free
of charge and provide trdining on bicycle maintenallce. doing so the charity wishes to encourage ecological
transport.

Zabludowicz Art Projects (Limited by Guarantee)
TRUSTEES, REPORT
FIIY ANCIAL REVIEW
The results for the year ended 29 Dwember 2021 are set out on the Slate]nent of fmancial activitie5 on page 13. The
position at the end of the period is shown in the balance sheet on page 14.
The irus*es are satisfied with the results for the year.
Risk Management
The trustes have a risk tnanagement strategy which comprises..
A regular review of the risks the charity may face.
The establishment of systems and procedures 10 tnitigate those rssks idenlifIed during the review,. and
The impletnentation of procedures designed to minimise any potential impact on the charity should
those risks materialise.
The specifjc risks are identified as follows..
Soiirees oflncome
The charity has no regular source of income other than the donations it receives from tbe Zabludowicz Art Ttust.
However, the Zabludowicz Art Trubt is committed in its support of the charity. Furtherdetails related to the adoption
of the going concern basis ean be found in the accounting policies on page 16.
GgMerolRisk5
As the public face of the Zabludowicz Collection there are risks relating to.. safety of the visiting public. staff safety,.
tbeft ofldamage to art works being exhibited and damage to the building and its fixwres and fittings. The gallery's
anagement teatn, led by the Artistic and Administrative Directors ensure that Staff are trained in health and safety
atters. While the exhibition space is open lo the public, gallery invigilators are present to ensure the safery of the
public. the works and the surtOUDding8. During busy times, such as public opening evenings, se¢urity services are
retained. The gallery followed UK govemmenl coronavirus guidance in respect of its opening during lockdown
periods and its interactions with the public during non-lockdown periods.
Investment Power5 and Poiiey
Under the memorandu￿ and Articles of Association the charity may invest for the sole purpose of furthering its
charitable objectives. No iuvestments were held during the year ended 29 December 202112020.. £nil).
Reserves Policy
As at 29 December 2021-.
(il restricted fund5 of the charity amoL￿ted to £nil (2020.. £nil).
(li} ￿t￿estricted funds Bmounted to £87,553 deficit, {2020.. £57,718 deficit) of whi¢h £19,072 (2020.. £12,106)
wa5 represented byfLxed assets and £106,625 deficit {2020.. £69,824 deficit) was represented bylletcurrent liabilities.
During the year, the Zabludowicz ArtTrnst colltiDued its support of the cbarity and is Conllllitted to its fu￿re support
of the charity. The tNslees are satisfied with the level of reserves held.
Sponsorship Policy
In line with the charitable objects, the charity will fro￿ time to time provide f]nanciai support to artists. The Director
is iespoDsible for identifying and recommending suitable ¢andidates to the other trustees wbo then decide whether
SUPPOrt is provided.
FUNDRAISING
The charity does not cany out Any direct fundraising activities but raises some funds via artist's editions.
publications and the on-site Café. While llo editions were made during the year, the charity produced
merchandising linked to its exhibitions- uliiD]ately giving the charity another source of income and providiDg
further support to artists by commissionillg tllerchalldising concepts and designs.

Zabludowicz Art Projects (Limited by Guarantee)
TRUSTEES, REPORT
FUTURE PERIODS
Main shows..
The l&st exhibition of 2021, The Stand-In5'. Figurative Painting from the Zabludowicz Collection was extended
past its original end date to 13 February 2022.
Due to diffI¢uliies in arranging a fully completed Masterclass project with a cohesive narrative. the trustees did
not proceed with the 2022 Masterclass eKlll'bilion. Even though the exhibition was cancelled, the Masterclass
events progratnme continued online with the Masters.. Anj Smith (Painterl, Paul Pfeiffer, Matthew Day Jackson
and Shana Moulton.
Among the Machine, an exhibition Created by our senior in-house curator, Paul Luckraft was held from 24 March
to 17 July 2022 and exan]ined the interaction between humans and machineslnon-human entities by asking'how
will we respond to a stage of evolution beyond the human?"
It featured new augrnented reality artwotks created
in direct response to the gallery space by Rebecca AlletTr, lan Cheng, Simon De]my, Aleksandra Domantsvic, Jake
Elwes, Lyr￿ Hersh]nan Leeson. Joey Holder, Maiguerite Humeau, Keiken. Lauren Moffalt. Tabita Rezaire, Theo
Triantafyllidis and Anicka Yi.
The gallery's AUlun￿ exhibition 122 September 2022 to 12 February 2023) is the world premiere of a solo
coniIn15sion from acclaimed Chillese multi-media artist Lu Yang and realises heavily on projection and new
medI￿technOlOgy.
Invites..
Portugal Prints.. 27 January to 13 February 2022.
360.. Jeremy Couillard.. 24 February-20 March 2022
360.. Lauren Moffatt.. 24 March-29 May 2022
No further VR exlll'bitions are planned as the trnstees consider the rtrpurptssing of the VR room in order to make
the space suitable for different activitie&lartistic media.
STATEMETr4T AS TO THE DISCLOStJRE OF INFOR1￿￿TIoN TO THE AUDITOR
In accordance with cotllpany law, as tbe charity's trustees, we certify that..
so far as we are aware, there is no relevant audit itrforniation of which the eharity's auditor is unaware.
and
as the trustees of the ehaTity, we have taken all the steps that we ought to have taken in order to make
ourselves aware of any relevant audit itiforniation and to establish thai tbe charity's auditor is aware of
that infoTrnation.
The auditor, RSM UK Audit LLP, bas indicated its willinglless to continue in office.
This report has been prepared in a¢cordartce with the provtsions a
s￿all Companies. exemption.
able t
companies e
itled to tbe
By order of the trustees
Chairrnau and tNstee'. CHAtM ZABLUDOWICZ
Date.. 13 October 2022

Zabludowicz Art Projects (Liinited by Guarantee)
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The tTUStees (who are also directors of Zabludowicz Art Projects for the purpose8 of company lawl ale responsible
for preparing the Trustee8' Report and the financial stalemet]t% in accordan¢e with applacable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounling Pra¢ti¢el.
Company law requires the trn%tee.% to prepare financial Slalements for each financial year under company law the
trustees must not approve the financial statements unless they are satisfied that they give a ttue and fair view of
the stale of affairs of the charitable company and of the incoming resources and application of iesources, including
the income and expenditure. of the charitsble con]pany for that period. In preparing these fU￿nCIal statements, the
trnstees are required to=
select suitable accounting policies and then apply themconsistently.,
observe the methods and principles in the Charities SORP.,
make judgments and estimate5 that ale reasonable andprudent.
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements: and
prepare the ftnancial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue inbubine5S.
The trustees ait responsible for keepsng proper accouniing records that disclose with reasonable accuracy al any
titne the financial position of the charitable ¢ompany and enable them to ensure thar the fthan¢ial Statements
comply the CoEnpanies Act 2006. They are also responsible for safeguarding the gssets of the charitable
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Zabludowicz Art Projects (Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ
ART PROJECTS
We have audited the financial statements of Zabludowicz Art Projects (the 'charilable eompany,) for the year
ended 29 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow
Staternenl and notes to the financial statements. in¢luding significant accounting policies. The fjnancial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
in¢luding FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United
Kingdom Generally Accepted Accounting Practice).
In our opinion the f￿￿n¢la1 statements..
give a true and fair view of the state of the Charitable company's affairs as at 29 December 202 1 and of its
iIicoItiin8 resources and application of resources, including ils income and expenditure, for the year then
ellded;
have been properly prepared accordallce with United Kingdom Generally Accepted Accounting Practice-
have been prepared in accordance with ihe requirements of the CO￿paniCS Act 2006.
Basis for opinion
We conducied our audit in accordance with International Standards on Auditing IUKI IISAs (UK)) alld applicable
law. Our responbibilities ut]der those standards are further described in the Auditor's responsibilities for the audit
of the fu￿￿¢1￿1 statement8 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 sialements in the UK. including the
FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these
require￿en￿. We believe that the audit evidence we have obtrined is sutTicient and appioptiate to provide a basis
for our opinion.
Collclusiolls relating to going concer
tn auditing the f￿anCIal statement8, 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 WOTk we have perfomied, we bave not identified ally ￿￿terIal uDcertaintie$ 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 froTr wben the fsnan¢ial state]nents are
authorised for issue.
Our responsibilities attd the responsibilities of the trnstees with respe¢t to going ¢oncem are described in the
relevant sections of this report.
Other Informatlon
The other inforniation comprises the information included in the Trustees. Report otber than the fmancial
statements and our auditor's report thereon. The tnjstees are responsible for the other inforn)ation Contained within
the Trustees, Report. Our opinion on the financial statements dots not cover tbe other inforniation and, except to
the extent otherwise explicitly stated in our report. we do not express any forni of assurance Conclusion thereon.
Our responsibility is to read tbe other infomlation alkd, in doillg so, consider whether the other inforniatioll is
materially inconsistent with the f]nancial statements or our knowledge obtsined in the course of the audit or
otberwsse appeals to be ￿ateriallY misstated. If we identify such material inconsistencies or apparent material
IiS5taleD]ents, we are required to detenlline whether this gives rise to a material misstatement in tbe financial
Statements thetllselves.
If. based on the work we have performed. we conclude that tbere is a material
misstatetnent of this other infom?ation. we are required io report that fact.

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 olher matters prescribed by the Companies Act 2006
In our opinion. based on ihe work undertaken in the course 0£ the audit..
the inforn)ation given in the Truslee5' Report, which includes the Directors. Report prepared for the
purposes of company law, for the f￿ancial year for which the financial Sta￿mentS are prepared is consistent
with the fmanctal statements,. and
the Directors. Report included within the Trustees. Report has been prepared in accordance with applicable
legal requiretnent8.
Matters oll which we are required to report by exception
In the lighi 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
Ttustees. 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..
adequate accounting records have not been kept. or returns adequate for our audit have not been received
from branches not visiied by us. or
the f￿ancial statements are not in agreeillent with the accounting records and returns,. or
certain disclosures of INstees' remuneraiion specified by law are not made,. or
we have not received all the info[￿all0￿ and explanations we require for our audit.. or
the Trustees were not entitled to prepare the financial staten]enls in accordallce with the small companies,
regime and take advantage of the small companies ext￿PtIon from the requirement to prepare a Strategic
Report or in prepating the Trustees. ReptsrL
Re5P0115ibilitie5 of trustees
As explained more fully in the Statement of TNstees' responsibilities set out on page 8, the trustees (who are also
the directors of the charitable Company for the purposes of company law} are responsible for the preparation of the
fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as the
trustees detemiine ts necessary to enable the preparation of fU￿ncIal statements that are free from material
isstatement, whether due to fraud or e￿Or.
In preparing the financial statements, the trustees ar¢ responsible for assessing the charitable compally'5 ability to
continue as a going concern, disclosing, as applicable, matters related to going concetn and using the going concem
basis of accounting unless the trnslee5 either intend to liquEdate the Gharitable coD]pany or to cease operations, or
have no realisttc altemative but to do so.
Auditor's re5POD5ibilities for the audit of the financial Statements
Our objectives are ro obiain reasonable assurance aboui whether the f￿ancial statements as a whole are free from
maierial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a ]ll"gh level of assurance but is not a guarantee that an audit conducted in accordan¢e wsth
ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or etror
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
econo￿1¢ decisions tsf users taken on the basis oldLese fnancial statements.
io

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 eapable of detecting irregularities. including fraud
Itregularitles are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain
sufficient appFopT2ate audit evidence regardsng compliance with laws and regulations that have a direct effect on
the detemination of tnaterial atnounts 2nd disclosures in the fll)ancial statements. to perfomi audit procedures to
help identify instances of non-compliance with other laws and regulations that may have a ￿aterIal effect on the
f￿ancIAl 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 misstaiement of the
financial Statements due to fraud, to obtaln sufficient appropriate audit evidence regarding the assessed risk5 of
material misstatement due to fraud IhTough de5ignillg and implementing appropriate ￿pOnseS and to respond
appropriately to fraud or suspected fraud identified during tile audit.
However, it is the primary responsibility of management. with the oveTsight of those charged wEth governance, io
ensure that the entity's operations are Conducted in accordance wilh the provisions of laws and regulations and for
the prevention and dete¢tion of fraud.
In identifying and astse&sing risks of material tnisstatement in respect of irregularities. including fraud, the audit
engagement team..
obtained an understanding of the nature of the sector. including the legal and regulatory framework that the
charitable company operates in and how the charitable Cotnpany is cO￿PIYIng with the legal and regulatory
framework.
inquired of n￿lagement, and those charg¢d with governance, about their own identification alld assessment
of the rtsks of irregularities, includtng any i￿own actual. suspected or alleged instances of fraud,.
discussed matters about non-coinpliance with laws and regulations and how fraud might occur illcluding
assessment of how alld where the fUll￿CIal statements may be susc¢ptible to fraud.
As a result of these procedures we consider the most significant laws and regulations tbat have a direct impact on
the f￿ancial statements are FRS 102. Charities SORP IFRS 102), Cottkpanies Act 2006, Charities Act 2011. the
charitable company's governing document. and t&x legislatiott. We perfor￿ed audit procedllres io detect non-
compliances which may have a material impact on the fllwicial statements which included reviewing the financial
Statements including the TNstees' Report. remaining alert to any new or unusual transactions which may not be i
a¢cordance with the governing documents.
The rnost significant laws and regulations that have an indirect impact on the fillancial statements are those iti
relation to Health and Safety al Work, etc Act 1974 and the Management of Health a[￿ Safety at Work Regulations
1999. We perfornied audit procedures to inquire of management whether the charitable company is in Co￿pIlance
wilh these law and regulations and enquired as to ally cotrespondence with regulatory authorities of which tberc
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 perfom)ed included but
were not limited to testing nmttual journal entries and other adjUSt￿entS and evaluating the business rationale in
relation to any significant. unusual transactions and transactlODS entered into outside the nom)al course of business,
challenging judgments alld estituates.

## 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 

SAR.AH 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 MK91BP Date 14 October 2022 

12 



Zabludowicz Art Projects (Limited by Guarantee)
STATEMENT OF FtNANCIAL ACTIVITIES
(Ineorporating income and expenditure account)
for the ear ended 29 December 2021
Total
Unrestricted
Funds
2021
Total
Uttrestricted
2020
Note
IP4COME FROM..
Donations and legacies
Other incorne
862,418
89,038
754,919
172.069
TOTAL
951,456
926,988
EXPENDITURE ON:
Raising funds
Charitable activities
18,832
962,459
23,079
895,798
TOTAL
981,291
918,877
NET (EXPENDITUREII INCOME
(29,835)
8.111
TOTAL FUNDS BROUGHT
FORWARD
157,7181
(65.829)
TOTAL FUP4DS CARRIED
FORWARD
187,5531
(57,718)
13

Zabludowicz Art Projects (Limited by Guarantee)
BALANCE SHEET
As at 29 December 2021
Com an No.. 06269259
Nol£s
2021
2020
FIXED ASSETS
Tangible as.%ets
19.072
12.106
CURRENT ASSETS
Debtors
14.105
22,025
Cash al bank and in hand
15,639
6.412
29.744
28,437
CURREF4T LIABILITIES
Creditors.. amounts falling due within one year
{136.369)
{98.261}
NET CURRENT LLIBILITIES
1106,625)
(69,8241
NET LIABtLITIES
{87,5531
(57,718)
THE FUNDS OF THE CHARITY
Unrestricted funds
(87,553)
(87.553)
(57.718}
(57.7181
The financial statements have been prepared iti accordance with the provisions applicable to companies subject
to the small cotllpanies, regime.
Approved by the Board
orise
e on 13 October 2022 and signed on it5 beh&lf by
CHAIM ZABLUDOWICZ
CHAIRMAN AND TRUSTEE
14

Zabludowicz Art Projects (Limited by Guarantee)
CASH FLOW STATEMENT
For th¢ ear ended 29 December 2021
Nole5
2021
2020
OPERATtNG ACTtvtTtES
Cash generated from operations
io
23,301
4.719
NET CASH FROM OPERATING ACTIVITIES
23,301
4,719
ENVESTtNG ACTIVITIES
Payments to acquire tangible fixed assets
{14.075)
(972)
NET CASH USED IN INVESTING ACTtvtTIES
{14,0751
19721
NET tNCREASE tN CASH AND CASH EQUIVALENrs
9,226
3,747
CASH AND CASH EQUtVALENfs AT BEGtNNING OF YEAR
6.413
2.666
CASH AND CASH EQUIVALENfs AT END OF YEAR
15,639
6,413
ANALYSIS OF CHANGES tN NET DEBT
At29
Decernber
2020
Cash flows
At29
December
2021
Cash at bank 2nd in hand
6.413
9,226
15,639
15

Zabludowicz Art Projects (Limited by Guarantee)
ACCOUNTING POLICIES
for the
ear ended 29 December 2021
BASIS OF AccouwrtNG
Zabludowicz Art Projects is a private co]npany limited by guarantee and a registered charity. It is registered,
dc>mi¢iled and ineorporaled ][] England. The registered charity and company rtu￿bers and iL8 principal activities are
Show￿ in the Twstees, Report.
The f￿anCIal statements have been prepared under the ILiStori¢al Cost convention and in accordance with the
Companies Act 2006. The financial staletnenL% have been prepared in a¢coidance with the Statement of
Reconunended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective October 20191
and the Charities Act2011.
The Clwity constitutes a public benefit entity as def]ned by FRS 102.
GOING CONCERN
The charity's business activities, together with the factors likely to affect its ￿tUre development and position. are
set out in the Tru8tee5' Report on pages I to 7.
The ¢harily has net liabilities. The charity 15 Teliallt on the support of the Zabludowicz Art Tru8t. The trustees
consider it appropriate to prepare the financEal statements on the going cojicern basib as the Zabludowicz Art Trust
ha8 indicated ils willingne%.% to continue to support the charity forat least l ? month8 following the signing of these
rinancial statements andwill make sufficient funds available durulg 2022 to allow thecharity to rectify its negative
reserve position at the balance sheet date.
FUNCTIONAL CURRENCY
The f]nancial staternellts are presented in sterling which is alsts the functional cutrency of the charity.
Monetary amounis in these f￿ancIal statements are roLmded tg the nearest whole £1, except where otherwise
indicated.
FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are tranblated at the rate of exchange ruling at
the balance sheet date. Transactions in foreign ¢l￿rencieS are recorded at the rnte ruling at the date of the
transaction. AII 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.
All other income is recognised on an accruals basts.
DONATED SERVICES
Donated servsces are included in in¢ome whell the benefit to The charity is reasonably quantifiable and measurable.
These are valued by the twstees al the amc>unt the charity would have been willing to pay on an open ]narket.
RAISING FUNDS
Income from trading operatiolls represents the invoiced value of goods sold and services provided to Vlsltors to
the gallery where the charity displays its Collections.
GOVERN￿￿￿[ GRANTS
Government grants are recognised on a receivable basis as there are no specific conditiOll5 attacbed in temi8 of
where or whell spent.
16

Zabludowicz Art Projects (Limited by Guarantee)
ACCOUNTING POLICIES (continued)
for the
ear ended 29 December 2021
EXPENDITURE
Expenditure is recognised when a liability 15 incurred. Direcr costs are defmed as those costs directly attribuiable
to area% of ¢haritable a¢tiviiy and bUPPOrt cost5 are those not directly attributable. Total expenditure is allo¢ated
between Expenditure on Raising Fund5 and Charitable Activities asfollows..
Cost headings readily identifiable to one of the above two categories are allocated in full to that
particulai category.
IO°/o of the seconded curator's salary and 50/0 of the interaction Curator's salary are allocated to
Expenditure on Raissng Funds.
The rernaitLing support costs are allocated to the Charitable Activities, as only one charitable activity 1$
recogni5ed.
EXPENDITURE ON RAlStNG FUNDS
These are costs incutTed in activities to raise ￿nds.
CHARITABLE ACTIVITIES
Comprises those costs inCu￿ed by the charity in the execution of its activities.
TANGIBLE FIXED ASSETS
Fixed assets are slated at historical cost.
Depreciation is provided on all tangible fLKed assets at rates calculated to write each asset down to its esttmated
residual value evenly over its expected usehl life. as follows..
Leasehold improvements
Computer equipment
Fixtt2res, fittings and equiprnent
Offiee equipment
10 /0 Straight line
25 /0 straight line
IO°/o Strdight line
25°/0 8tTaight line
STOCK
The cost of stock is expensed through the sta￿￿ellt of Financial Activities as it is incurred.
Unrestricted fi2nds 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 by the donor or grant rnaking body. Expenditure
which meets the llecessary criteria is allocated against the fi￿d5, togetherwitha fairallocation of overheads. The
were no restricted fund5 to recognise.
VALUATION OF GIFTS IN KIND
Gifts kind are included in the accounts on the basis of histOriC81 cosL or if this is not readily obtainable by
reference to the mark¢t value at the time the gift was ￿ade.
lliRECOVE114BLE VAT
The charity is not registered for VAT. The irrecoverable VAT is reported as part of tbe expenditure to which it
relates.
RETIREMENT BENEFITS
During the year the charity operated a defmed contribution pellsioll scheme. The amount charged to ihe Staternent
of Financial Activities in respect of pension costs is the contributions payable in the year. Differences between
contributions payabl¢ in th¢ year and contributions actually paid are shown as either a¢¢n￿lS or prepayments in
the Balance Sheet.
17

Zabludowicz Art Projects (Limited by Guarantee)
ACCOUNTtNG POLICIES (continued)
lor the
ear ¢nded 29 December 2021
FtNANCIAL INSTRUMEWts
The chatity has elected to apply tlie provision5 of Section I I 'Basic Financial Instrutllents" and Section 12"Oiher
Financial Instruments Issues" of FRS 102, in full, to all of its F￿ancial instruments.
Financial instruments are classified and accounted for according to the substance of the contractual arrangement
as financial assets. fInan¢ial liabilities or equity instruments. An equity instrument is any contract that evidences
a residual interest in the asbets of the entlty after deducting all of it% liabilitieb.
Financial asse¢s
Basic flnancial asset5, which include other debtors and accrued income. are initially measured at transaction pri¢e
including transaction costs and are subsequently carried ai amortlsed cost.
Financ£al liiibililies
Basic financial liabilities, whi¢h include trade creditors and acc￿￿ls. are initially measured at transaction price
and subsequently rne&%ured at amortised cost.
CRrricAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENr
In the application of the charity's accounting policies. the tnLStees ale required to make judgement5, estimates
and assumptions including the total amount of expenditure to be accTued at the start of each project. These
estimates are continually evaluaied and are based on historical experience and other factors. including
expectations of future events that ale believed to be reasonable under the circumstances.
18

Zabludowicz Art Projects (Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
for the
ear elided 29 December 2021
tNCOME
The charity's income and net inc0￿e were all derived from its principal activity which arose wholly in the
United Kingdom.
A breakdown of the incorne is shown below..
2021
2020
Donations and legacies
Gifvcoffee Shops Income
Other Income
862,418
14,106
74,932
754,920
16,397
155,671
Total incorne
951.456
926,988
EXPENDITURE
Raising
Funds
Charitable
Activities
Total
2021
DIRECT COSTS
Salaried staff
Seconded and recharged 5tsff costs
Purchases
Project costs
476,460
163.569
476.460
168,152
3,792
120,483
4,583
3.792
120,483
TOTAL DIRECT COSTS
8375
760,512
768,887
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
T&x compliance fee (note 4)
17.301
8,361
2,147
4.833
74.713
7.109
4,931
31,930
1.217
257
17,301
8,361
2.410
4.833
74,713
7,109
4,93 1
31,930
1.217
257
10,194
235
34,770
13
324
263
10,194
235
34,770
13
324
13.800
13.800
TOTAL SUPPORT COSTS
10.457
201,947
212,404
TOTAL EXPENDITURE
18,832
962.459
981.291
19

Zabludowicz Art Projects (Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the
ear ended 29 December 2021
EXPENDITURE (continued)
The expenditure for the year ended 29 December 2020 were categorised as follows..
Raising Funds
Charitable
Activities
Total
2020
DtRECT COSTS
Salaried staff
Seeonded and re¢harged staff costs
Purchases
Project costs
435,709
127,756
435,709
132.35?
8,138
127,158
4.596
8,138
127.158
TOTAL DIRECT COSTS
12,734
690.623
703J57
SUPPORT COSTS
Property expenses
IT expenses
Travel & entertaining
Other office co8t
Legal & profe8sional
Depreciaiion
Telecommunications
Governance costs including audit
Security
Bank charges
Advertising
Exchange differences
Donat10115 tnade
A[￿Ual return
Insurance
Bank interest payable
26,125
2,607
277
7,943
109,615
4,434
5,250
19,800
3.008
393
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
1,184
9.161
684
24,817
13
147
62
TOTAL SUPPORT COSTS
10,345
205,175
215,520
TOTAL EXPENDITURE
23.079
895,798
918,877
20

Zabludowicz Art Projects (Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the
ear ended 29 December 2021
EMPLOYEES
2021
No.
2020
No.
The average monthly number of per8ons employed by the charity
during the year was..
23
22
2021
2020
Staff Costs of the above persons..
Wage5 and salaries
Social secutity costs
Pellsion costs
400.991
35.589
23.902
371,969
29,804
22,116
460,482
423,889
No etnployee's ernolU￿t￿tS exceeded £60.000 {20?O.. Nill.
There are informal arrangements in place where employees of related parties are seconded io 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 £94,959 (2020.. £95,077) and £73,194 (2020.. £37,275) were donated by the
Zabludowicz Art Trnst and Tamares Real Estate Investments (UK) Limited respe¢tively.
Contributions outstanding at the year-end in respect of the pension s¢heJne were £2,848 {2020.. £2.960}
and are included in other creditors.
The key management personnel of the charity are Anita Zabludowicz, Elizabetb Neilson and Virginie
Morysse. The toial key Jnanagement remunerationduring the period. which comprisedsalary and pension
benefits, were £81.303 {2020'. £82.620) and Employers National Insurance of £Nil {2020.. £Nil}.
The Trugtees reeeived no tt]nuneration or expense reimbursements during the year {2020.. £Nil).
21

Zabludowicz Art Projects (Limited by Guarantee)
NOTES TO THE FtNANCIAL STATEMENTS (continued)
for the
ear ended 29 December 2021
NET IEXPENDITUREIIINCOME
2021
2020
The net expenditure for the year is stated afier charging..
Auditor's remuneration.,
-%tamtory audit
tax ¢ornpliance
Depreciation (owned assets)
Exchange losses
24.516
13.800
7,109
235
22,470
7,200
4,434
684
TLXATION
The charity is exempt from corporatton tax on any surplus derived from its Charitable acliviiies.
LIMITED BY GUARAWFEE STATUS (MEMBERS, LIABILITY)
The liability of m￿llber8 is not to exceed £10 a member. At 29 De¢ember 202 1 there were 2 men]bers
120?0.. 2 tnembers}.
TANGIBLE FIXED ASSETS
Fixtures,
fittings &
equipment
Leasehold
I￿p[0Ve￿ents
Computer
equiptnent
Office
Equipment
Total
Cosl
As at 30 December 2020
Additions
13,455
80,094
11,077
102,352
2.998
13.637
209,538
14,075
As at 29 Decetllber 2021
13.455
91,171
105,350
lJ.637
223,613
Depreciation
As at 30 December 2020
Charged in the year
13,455
78,429
3,602
91.911
3,507
13.637
197,432
7,109
As at 29 December 2021
13,455
82,031
95,418
13,637
204,541
Net book value
As at 29 December 2021
9,140
9,932
19,072
As at 29 December 2020
1,665
10,441
12,106
22

Zabludowicz Art Projects (Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS {continued)
for the
ear ended 29 December 2021
DEBTORS
2021
2020
Prepayments and accrued income
Other debtors
9,987
4,118
10,168
11,857
14,105
22,025
CREDITORS.. Amounts falling due within one year
2021
2020
Trade creditors
12,J04
16.504
2,848
104,713
22,935
11,741
2,960
60.625
Other taxation and social security
Other creditots
Accruals and deferred income
136,369
98,261
10
RECONCILIATION OF NET IEXPENDITURE}I tNCOME TO NET CASH GENERATED FROM
OPERATIONS
2021
2020
Net IExpenditure}/Income
Adjustments for..
{29,835}
8,112
Depreciation oEiall8ible assets
7,108
4,434
Operating cash flows before moveTnents in woikjng capital
(22,7271
12,546
Decrease in debtors
Increasel(Decrea5e} in creditors
7,920
38,108
3,032
(10,859)
Cash generated from operations
23,301
4,719
RELATED PARTY TRANSACTIONS
Name ofparty
Relaiionship
Description
of Transociio
Volue oftraFLsacÉions
En yeor
Bolunce atyear
end debto
2021
2021
2L120
2L120
Zabludowicz Art C Zabludowicz
Trust
F Bottetini de
Pelosi
TNstees'
C Zabludowicz F Donated
Botterini de
services
Pelosi
received
Trustees.
Donations
received
703,064
622.568
Zabludowicz Art
Trust
94,959
95,077
23

Zabludowicz Art Projects (Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the
ear ended 29 December 2021
RELATED PARTY TRANSACTIONS continued
Namc ofparty
Relationship
Desci'iption
of Transactio
Voltie ofiransuclions
in year
Balance &iyear
end debtor
2021
202(7
2021
2020
Tamares Real Estate C Zabludowicz
Investments (UK)
Director
Limited
Briiish Friends of the C Zabludowicz
Art Museutll of Israel Director
Donated
services
received
DOlla￿d
services
received
60,995
37,275
1,000
24