Zabludowicz Art Projects (A charitable company limited by guarantec) ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 29 Deceinber 20?2 Chariiy 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 2022 The trnstees submit their report and the ffftancial statements of the chariiy for the year ended ?9 December 202? Tile flnancial slatemeni8 have been prepared in accordance witli the aecounting policies sei out in Ilie note% to Ihe accouJit% and comply with the chariiy's governing docuinent, the Charities Aci 2011 and Accounting and Reporting by Chariiie8.' Statement of Recommended Practice applicable 10 chariiieb prepaiing their accounis in accordance with the Financial Reporting Siandaid applicable in the UK and Republic of Ireland published in October 2019. REFERENCE AND ADIWIINISTIL4TIVE DETAILS Charity number.. 1120067 Company number.. 06269259 Registered otyice.. 41 Dover Street London WIS4NS ADVISORS Statutory Auditor.. RSM UK Audit LLP 25 Farriiigdon Street London EC4A 4AB Solicitors.. Ashford8 LLP A￿￿f0rd Houqe Grenadier Road Exeter EXI 3LH Bankers.. Barclays Bank Level 27 2 Churchill Place London E14 5RD Advisory cotnrniltee.. BTian Boylan Thotnas Dane James Lingwood In addition, advice on each exhibition may be sought from the guest andlor residentartisvcurator. DIRECTORS AND TRUSTEES The directors of the company are its trn%tees for the purpose of charity law and throughout this report are collectively referred to as the trllslees. The ttuqtees 5eTring since incorporation are as follows". Chaim Zabludowicz (Chairnianl Anita Zabludowicz {Director) Di. Fabio Botterini de Pelosi (Liechtensteinl SECRETARY RiLhard Lloyd ACA Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT STRUCTURE, GOVERNAf4cE AND MAP4AGEMENT GoverRing Docunient Thechariry is a cotnpat)y Itmiledbyguarantee regi.%tered and tncorporated in Englandand Wale% and is govemed by ils Memorandum and Ariicles of Association dated 5 June 2007. Appointment of trustees As- set out in the Articles of Association the ttusieeb have the power 10 appoint new irnstees. There is no maximum limit to the number of Irubiees in otyice. However. there niustbea tninitnum of ¢t￿ee trustee￿ in office al any linie. Ai each a[￿Ual general meeting, a third of the longest standing i]usteeb n)ubt reiire frtstn offjce. In each case each outgoing trustee is eligible for re-appoinimenl. Trustee induetlon #nd tr&lning All trustees appointed on incorporatioii, together with the Advisory Committee. are briefed on the charitable objective% and their rebpon.%ibililies tru.%tees. Organisatio The board of trnstees admini8ters the charity. The Director appointed by the t￿.￿tteS manages the day-to-day operaiions of the charity. Zabludowicz An Project8 i¥ managed by the Director and two %econdees from the Zabludowicz Art Tjuqt. viz. the Artl81ic Director and the Collection Manager. each of whom has an abbislant employed by the charity. The fit￿nCe9 are managed by Dr. Botterini de Pelosi. All report lo the Chairnian. The Irusiees also rely on the Advisorycommiitee whoseremit is io advise and comment upon the organibation's achievement ol ils chariiable objectives. public activities. marketing, Pobilion and role. The clwity has had regard to the ChaTity Cotnmission's guidance on public benefit, includll￿ the guidance 'Public benefit.. running a charity IPB21', in preparin¥ the trustees, report and the f￿ancial staiernents. Pay policy for settior staff The trustees consider the board of irusiees. who are ihe ¢hariiy's dire¢tor8, and the senior manageTnenl tea COTnprise the key management per8onnel of the charity in charge of direciing and ¢ontrolling, ruT￿]ng and opeiatinu the Charity on a day-to-day babis. All Irubtees give of their time freely and no trustee received iemuneraiion in the year. Deiai18 of trnsiees, expenses and relaied pany transa¢tions are di￿10$ed in note 3 to the accountb. The pay of the senior staff is reviewed annually and nomally increased in accordance with average eamings as appropriate. Related parties The charity has had close but infornial ielations with the following parties over the past 12 months.. Burgess & Beech Iron & Glass Adept London Audio Visual SQR Group Daata Complete Smdio Graphics Aldgale Pre*8 Youngs The Stand-Ins: Fi rative P#lntin from the Colleetloll Maxwell Alexandre Philip Gu%ton Jordan Ka5ey Maria Las8nig Christina Quarle5 Dorothea Tanning Caiagh Thuring Willem Weibmann Issy Wood lakub Julian Ziolkowski Anna Glantz Jamian Juliano-villani Ella I(ruglyanskaya Kate Lyddon Avery Singer Henry Taylor Tebfaye Urgessa Robin F. Williams Rose Wylie Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT Amon the M#chiThes- 24 March to 17 Jul 2022 Rcbecca Allen lan Cheng Simon Denlly Aleksandra Domanovic Jake Elwe. Lynn Hershman Leeson Joey Holder Marguerite Humeau Keiken Lauren Moffatt Tabita Rezaire Theo Triantafyllidis Articka Yi Luyan NetiNeti- 22 Se i. to March 2023 exteiided Luyang and studio 360 VR Room Jeremy Couillard Lauren Moffaii Chiara Passa Communit Collaboratlon- Portu I Prlnts Sikelala Owen Patiick Conlon Marta Gamilo D. Kougson GW Helene Dutranois. JL Louie Matheou Me125sa Nash Mirjana Paul lacques Murn Pillai Neelam Synge R. Cooper Richard Foley Salldra Manthando Simona Hartta zp Illvites Pro ramme Darya Diamond Vi¢tor Seaward Shinuk Suh Rebecca Parkin Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT Families Create Worksho Towaid% the end ot ?02? tlie charity expanded i18 cohon of Families Create ariist eduLaiors through an open call, in order 10 diversify and expaiid tl)e group. We now work wilh fjve anists deliveiing workshops on a regular basis. These are.. Rosemary Cionitj Rosie Gibbens Ar￿E Haiild Christina Rose Brown Loielle AboaKye Informal Sri ort Procreate Projecumother Hou8e Swdios The charity also Colliinued it8 relationship8 wilh tho8e parties disr105ed in earlier ttustee5' reports. In addition to the above, the charity also relied on Ihe Zabludtswicz Art Trust for ils tunding during the petiod and will do so lor the foreseeable future. Mr. Zabludowicz and Dr. Boiterini de Pelosi are trustees of the Zabludowicz Art Details of transactlOll8 Wlth related parties are given in note 11 of tlie financial statement8. ACHIEVEMENTS AND PERFORMANCE 0￿ECTIVEs AND ACTIN'ITIES The chaiity'5 objectives, as sel out in it% governing documeni, are.. 10 promote, encourage and increase the public b appreciation and understanding of contemporary art by esiablishittg and maintaining a venue for the exhibition of OTLtemporary art in vatious tnedia. undertakllig and promoting self-iniiiaied exhibitions andcommissioning workb foi exhibition by conletnporary artists and curator8,' and advancing the educaiion of the publiL in contemporary art through exhibitions, publications, seminars, lecmres, talks and similar evenis. Activities During 2022 the charity Continued to manage the exhibition space at 176 Prince of Wales Road. London {the 'gellery"l. Three major exhibitions weie held duTing the year, as well as Ilie stnaller-scale series of exhibitions known Inviies (for early-¢areer artislb'l and 360 {prebentsng virtual reality Project￿1. The gallery's progratntne in 20?2 focused on female and under-represented artibls. as well as tlie impact of new technology on the production and presen(ation of art. The Stand-lns". Figurative PaitLting frotn the Collection was extended into 2022 and exhibited 17 artists from the collection. ranging froln hugely influential al￿ important painiers io a range of newer voices. The exhibition rebponded to the resuigence in interest in figurative painting in Coniemporary art di.%course and explored the theme of uncertainty around bodies and social inieraction in light of the CtsTrid-19 pandemic. Atnong the Machines w88 a group show of 13 artists thai investigated the itnpaci of artificial intelligence IAII on our individual and colleeiive ideniiry and our relationstll"p to other lifeloThs. A number of a￿bitiOUS installations were designed and built in collaboration with the artistb. With partner Daata we co-conllnissioned three new augmenied reality IARI eKperience5 which visitors viewed throu￿] the screens of their mobile devices or supplied iPads when in the galleries. The Annual Conjmission solo exhibition, which opened in Sept 2022. qhowcased the Chirtese multimedia artist Luyang in their f115t solo UK show. A huge succe88 in tern)s of visitor numbers and responbe. and positive media coverage, the exhibitioll featured a newly commissioned video, Ihe UK premiere of a major film, the Creation ofa iDleractive arcade installation, and the presentation of a range of previous woiks by Luyang. The8e eventb were accompanied by a range of innovative events, fiom Screenings to gaming tournaments, academic seminars and Al drag performance8. Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT Durinu ?02? dedicated aLLebS events were introduced lo tl)e programme, inLluding audio described tours for V181tor8 who are kisually inipaired, and BSL tours ol. the exhibition for D,'deaf audien¢e.%. The.%e tuurs ensure we are able io reaLh and appeal to a range ol-audienceb who ￿J&￿ht oihenvise feel excluded from our progratnme. 360 VR Room.. the chaiily decided to ernbed our conimitment to VR and other related technologies into other Slrandb of our programme, turning the 360 room back into a ￿nCtIonal offices space 10 ac¢oTnmodate our growing team. A5 in 20? I, the ?0?? Mabler Clas5 prugratnjne was exclusively online. allowing the charity to work M'ith four colleLlion artists across eikFht timeb zone5 as our ma%ler%'. Shana Nqoulion, Matthew Day Jackbon. Anj Smith, and Paul Pfeiffer. As Ubual, we worked with eight early-career aftisis Irom aLross the UK. Publications produced.. The Stand In5 (edited by Paul Luckraft & Elizabeth Neilson and designed by Burgess & Beech) Artists in Virtual Reality ledited by Paul Luekraft & Elizabeth Neilson and designed by Burge83 & Beech) Aniong the Machille% (edited by Paul Luckraft and degigned by Burgesb & Beech) The charity continued 118 free weekIy Satllrday afternoon drop-in workshops, Fa]nilie5 Create5, for children and families a.% ivell the Saturday staff tour8. Programme Overvlew ?? 000 people engTag7ed directly with the chariiy % evellig and exhibiiions in 20?? The Lharity albo Iield Four online talk e¥'ents for our Ma%ier Cl&ss programme with a total audience of 175. Charitable donations- Total £21,570 During 2022 the charity supported a number of charitable causes. Among those charities supported were the Contemporary Art Society, Portugal Prints and Pangea 5culpiors' Centre Gauery and events progr9mme in visit(bf numbers: XHIBITION ATE ISITOR TOTAL 2,975 AILY AVEIiAGE 85 The Stand-lns lexlension) 13 Jan- 13 Feb 2022 ?7 Jan-13 Feb 2022 13 Jan-13 Feb 20?2 24 Fe￿5 April 20?? 24 Feb - 20 Mar 2029 ?4 Mar- 17July ?02? ?4 Mar-29 May 20?? 14 April-17 July Just...A$ an Artlst (Portugal Prinis collab 360.. Chiara Passa extension Invites.. Darya Diamond Incl in above Incl in above 968 60 360.. Jeremy Couillard Shop Takeover Among the Machines Incl in above 7,422 109 360.. Lauren MolTatt Incl in above In¢1 in above 10,613 Incl in above Incl in above 21.978 Invites.. Victor Seaward Luyan NetiNeii ??Se i-Dec 22 ?? Sept-30 Oct ?0?? 10 Nov-18 Dec 20?2 204 Invites.. Shinuk Suh Invile5.' Rebecca Parkill TOTAL 112 Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT Online and Social Media Engagement During 2022 the charity employed a new in-house Comniunicalions and Content Manager. Website". The website i.s the main.qour¢e of infomiaiion forall vi511or5 to the gallery space, aiid those iiitere%ted in the Collection more ividely. Between Jan 20?2- Dec ?0?2. we Saw an increase of visitors to the web%ite of approximately 610/0, willi a spike during the run of Luyanu NetiNeti. Instauram-. The chaiily uses Instagiam lo increase awareness of contemporary art. At Ilie year end the number of follower% was 73,73? an inciea%e of1,901 followers since tlie prel'ious vear. Follom'ers spiked ai die launcli of the Luyaiig NeliNeli exhibition. Tivitter Tivitter is siniilarly used for raisiJiE awaret)ess of contemporary art and albo io ensure thai Ihe charity 1$ engaged in conversations acro.ss the art woild. The nujnber of folloiver% reJnain¢d con8jslent across Ihe year. Facebook The charity's Facebook page 'fans' increased from 10.697 to 11.133 during Ihe year. Tik-Tok The TikTok channel launched in May 2022 and aLhieved 128 followers by December ?0?? Growth is sieadily iJicrea%ino, and the cliallntl prop'ides a %paee lo explore different tyyeb of &ideo Lontent. fn)tn curator tours to a look behind tlie.%ceiies of an exhibition. FINANCIAL REVIEW The results for the year ended 29 December 202? are sei out on the State￿ellt of t-￿ancIal activitie8 on page 14. The PO811ion at the end of ihe period 1% shown in the balance Sheet on page 15. The trusteeq are satisfied with the results for the period. Risk fwlanagement The Iru.%tee.% have a risk management strategy which co￿p￿15eS'. A regular ieview of the risks the charity may face., The establi8hment of 8yStems and proceduies to tnitigate those risks identified during the review.. and The impletnentation of pioceduFes designed to mintmi.8e any potential impa¢1 on the charity should those rssks tnaterialise. The specifie risks are idenlifjed as follows.. Sources ofllleome The charity has no regular source of income other than the donations it receives from the Zabludowicz Art Trust. However, (he Zabludowicz Art Trust is conunitted in it.%.%upport of the charity. Furtherdetail% related to the adoption ol. the going concem basis can be found in the aceouniing policies on page 17. Gener4lRi5ks As the public Face of the Zabludowicz Collection there are risks relating to.. safety of the vi8iiing public; Staff safety,. theft ofldatna¥e to art works being exhibited and damage 10 the building and its fixtures and fittings. The gallery's mallagemet]t team, led by the Arti81ic and Administrative Direclols enbure that staff are tiained in health and safery matter%. Ivhile the exhibition Space is open 10 the public, gallery invigilalors are piesent to ensure the safety of the public, the works and the surroundings. During busy time5. such a5 public opening evenings, securiry services are retained. Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT I￿Vestment Power5 and Pnlic}' Under the Memordndum and Articles of AssoLiaiion the Lharily tnay invest for the sole purpose of fuiiheringj its cliarilable objectives. No inve%tments were held during the year ended 29 Deceniber ?02?120? l.. £nill. Reserves Poliey al 29 December 2022.. lil re.%triLted fund8 of the charity amounted 10 £nil l?0? l.. £nill. {iil unre.%tricted funds amounted 10 £125,214 delicil, 12021.. £87.553 defjcitl of whieh £76,962 1?0?1.. £19,072) wa8 represented by fixed assets and £20? 176 deficit 120?1.. £106.6?5 deficit) wa8 repre%enied by nel current liabiliiies. During 202? the Zab]udoi￿.ilz Art Ttusl Lontiiiued it.4 support of the charity and iq committed lo 115 ￿tUre suppori of the chariiy. Given thai the ZabludowiLz Art Trust conunitted lo.%upport Ihe chariiy in the futUTe, the Irusiees are saiisfied with the lei'el ol-reserve5 held. Sponsorship Policv In line with tlie chatitable objects. the charity will from time to time provide financial support to art151s. The Director ib ie5ponsible for identifyin¥ and recommending suitable candidates 10 the other trustee5 who then decide whether support is provided. FUNDRAISING The chaiity does not carry out any fuiidraising activities but raiqes Some fundb. via artlbl's edition￿, publicaiion aiid the on-5lte cafe. No editions were niade during ?O?I however, Ihe Lharily does produce merchandiqing linked to the show5. There were no coniplaijits received in the year l?O?l.' none). FUTURE PERIODS As a result of its popularity, the Luyang exhibition was exiended by an additional 5 weeks. The Luyang arcade installation is being loaned to FACT in Liverpool for April-sept 2023. The charity h08ted the Mother Art Prize from 30 March to 25 June 2023. collaborating with London-based organisalioll Proereate Proje¢l. The Moiher Art Prize project is the only international open call for self-identifying wotnen and noll-binary vigual artist% with caring responsibilities. 21 artists in this new group exhibition have been selected by a judging panel through an anonymous pro¢esb, frotn 630 entries submitted from 36 countries. The Master Class programme was held from 17 April to ?3 April 2023 with five Masters.. Damien Roach, Richard Deacon, Chila Kumari Singh Burnian and Toby Ziegler. The summer exhibition. Dust to Dust held frotn 13 July lo 13 August 202J will have an experimental feel, comprising three video installations by Woltgang Tillmans, Zander Porter and Tianzhuo Chell, as well as a programme of woikshopb, and live tnusic events. The chatity's au￿￿￿ exhEbition will focus on Matt Copson. a rising star in British art, along.%ide key pieces from the Zabludowicz Collection by leading international anist8. The show exploreb Ihetnes of the forniation and re- forniation of idelltity. Invites exhibitions 2023.. Molly Erin Mccarthy.. l ? January-?6 Febrnary ?0?3 Catinca Malaimare.. 9 March-30 Apnl 20?3 00 Zhang.. I l May-25 June 2023 Milo Creebe.. 13 July-13 Augusl 2023 Ding Shilun.. 28 Sept-12 Nov ?0?3 Valentin Ranger.. 23 Nov 2023-04 Feb 20?4 Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT STATEMENT AS TO THE DISCLOSURE OF INFORMATION TO THE AUDITOR In accordan¢e wilh company law, as the charity's trustees, we certify that.. 50 Fai a5 we ale aware, there i5 no rele￿.ant audit iiiforn)atiot) of ￿h1¢h the chariiable company's auditor 15 unaivaFe' and as the tNstees of the Charity, we have taken all the %teps that ive oug,ht to haN'e taken ill order ro make our8elves aware of any relevant audit infomiaiion and lu eslablibh that the charity's auditor is aware of that infomalion. The auditor, RSM UK Audit LLP, has tndicated it% willingness to continue in office. Th2.% report has been pr 8mall companies, en red in accordance with Ihe prokisions applicable to companieb entitled lo the By ordeDI Chaiman and trustee.. CHAIM ZABLUDOWICZ Date.. 13th September ?0?3 Zabludowicz Art Projects (Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iwstees (who are also direLtoTh of 7.abIUdo￿1l7. Ari Projects. lor Ihe purpose5 01.Lonipany laivl are responsible for preparing the Trusieeb, Report and Ihe finanLial staiemenls in aLLordance with applicable law alid United Kingdon) ALLounting Siandaids fftcluduw Flliancial RetM)rtuig btandard 10?: Tht F￿4￿claI Reporting Standanj applicable in the UK and RepubliL ol I]Yland (United Kingdom Generally Accepted AccoutJlin¥ Practice). Company laiv requires the Irusteeb to prepare finanLial 51atements foi eaLh financial year under company law the trustees mubl noi approve tlie finanLial siatementb unless they are saiibfied that they give a Itue and fair view of the state ol affairs of the chariiable Company and ol. the inLome and expenditure. of Ilie charitable con)pany for thai period. In prepanng these financial statements, the tTu&lees are required to.. select suitable accounting policies and then apply themcon818tently', observe the njethods and principleb in Ihe Charities SORP; ttlake judgmertts and eblimates that are reasonable andprudent; State whether applicable UK Accounting Standard5 have been followed. qubjecr to any material departures dis¢lo8ed and explained in the financial staiementq: and prepare the financial statements on the ¥oing Conce￿ basi5 unless it is inappropriate 10 presume that the chatitable company will continue in bubinesb. The trn8lee% are re8pon%ible for keeping proper aceounting reLords that dis¢lo%e with rea%onable dLLuracy at any tinie the financial po%iiioii of tlie Lhariiable Lon)pany and enable them 10 ensure tljat tlle finanLial bialemenl coinply with the C'ompanies Aci ?006. They are also re.%pon8ible for .%afeguarding tlie asqe18 of the chaiilable company alid hence for taking reasonable steps for tlit preveniion and deieliion of fraud and oiher irregularities. Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS Opinion We hal'e audited tlie finanLial biatenienis of Zabludowicz Art Projects Itlie 'charitable company'l for the year ended ?9 Decetnber ?0?? which cumprise the Statetneiit of Fiiiancial ACti￿.1t1t$, the Balajice Sheet, the Cash Flow Siaien)eni and noteb 10 Ihe linancial biateinenls, inLludiii¥ significant accouiiliiiL policie%. The finanlial reporting framework Ihai has been applied in their pieparation is applicable laiv and Uiiited Kingdoni Accounting Standaids, inLludinu FRS I O? 'The Financial Reporting Standard applicable in the UK aiid Ripublic of Ireland" (United ingdtstn Generally A¢¢epled Accounting Praclicel. In our opinion the financial statemeJits-. give a true and fair view of rhe qtate of Ihe charitable company'b aftairs as at ?9 DeLember ?0?? and of itq incoming resources and application ol resources. including its. income and expenditure, tor the year Ihen ended: have beet] properly prepared in accordance with United Kingdom Generally Accepied Accounting Practice; and haie been prepared in accordance with the iequirements. ol the Companies Act ?006. Basis for opinion We conducted our audit in accordaiice with Inlemational Standard8 on Auditing IUKI IIS.4s IUKII and applicable law. Our respo￿%]bilItieS under thoge standards are further described in the Auditor's re8ponsibilitie5 for the alldit of the financial slatetnen18 .seclion of our repon. We are independeni of Ihe charitable Lompany in accordance with tile ethical requirenienls tiiat are relevant to our audit of the fJnan¥ial slaiements in the UK. including the FRC'S Ethical Standard ajid we have fillfilled our other ethical responsibiliiies in aLcordance with the%e reqiiiretnet]i%. We believe that the audit evidence we have obtained is sufficieni and appropriate to provide a basis for our opiniot]. Conclusion5 relating lo going concern In audiiing the fjnaneial statements, we have concluded that the trustees, use of the going concern basi.s of accounting in rhe preparation of the f￿anCial statements is appn)priaie. Based on the work we have perfomied. we haye not identified any material uncertainties relating io events or conditions thai, individually or collectively. may cast Significant doubt on the charitable company'b ability to continue as a going concern for a period tsf at least twelve rnonths from when the financial siatemenis ale auihorised lor issue. Our responsibilities and the responsibilities of the trustees with respect to going con¢em are described the relevant sections of this report. Other information The other infomation comprises the infomiation included in the TTuslees' Report other than Ilie financial statements and our audiior's report thereon. The tnibieeb are responsible foi the othei inlorn]ation contained within the Trn8tees' Report. Our opinion on the financial staletnent5 does not cover the otlier inforn)ation and, except 10 the exieni othetwise explicitly staled in our report. we do not express any forni of assurance con¢lusion thereon. Our iebponsibilily 15 to lead the other infornialion and. in doing so, consider whether the other infomiatloll 15 materially inconsistent with the flnancial statements or our knowledge obtained in the course of the audit or otherwise appears to be niaterially misstated. If we identtfy such material inconsistencies or apparent material misstatements. we are required lo deterniine whether this gives rise 10 a material missiaiemenl in the financial statements themselves. If. based on rhe work we have perlornied, we conLlude that there is a material misstaiemenl of this other infomaiion, we are requtred 10 report that fact. io 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. Opinion5 011 otILer fflatters pre5eribed by the CompaThies Act 2006 In our opinion, based on the work undertaken in the course of the alldtl.. the infomiation ¥iven in the frusiee5 Report, whEch includes Ilie DirecloTS Report prepared for the putP05eb of cotnpany law, fur the financial year lor which the linaiicial slatenient5 ale prepared 1% consisienl with the financial 5talementb". and th¥ D1￿ClOr%, Report included within the Trn%lee8' Report has been prepared in acLordance with applicable legal requiremenL8. Matters on iyhieh we are required to report bj. exception In Ilie light of the knowledge and under5taiiding of tlie charitable company and t18 environmeni obiained in the course of the audit. we liave not identified material misstatements in rhe Directors, Repon included within the Tru8tees' Report. We have nothing lo report in respect of the following matters where the Companies A¢1 2006 requires us to report ro you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have noi been reLeived froni br￿}cheS not visited by us. or the financial siatemeni8 are not in agreement Wlth the accounting recordb. and retumb; or certain disclosures of trustee5' remuneratioii specified by law are not made.. or we have not received all the information and explanations we require lor oui audit; or the Trustees were not entitled to prepare the fjnancial statements in accordanee with the small companies. reginie and take advantage of the stnall cotnpallies exemption from the requirement to prepare a Strategic Repon or in preparing tile Trustees. Report. Responsibilities of trustees As explaklled more fully in the Staletnenl of Trustees. responsibilities set out on page 9, the tru.%tees (who are albo the director5 of the charitable cornpany for the purpose% of company lawl are responsible for the preparataon of the financial statement% and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees deierniine is nece&%ary to enable the preparaiion of financial statements that are frtt from material misslaiemenl, whether due 10 fraud or error. In preparing the f￿all¢la1 siatements, the trustees are responsible foi absessing the charitable CO￿panY'S ability to continue as a going ¢on¢em, disclosing. as applicable, matters ielated to going concern and using the going coneem basi5 of accounting unless the trustees eithei Intend to liquidate the charitable cotnpany or to cease operaliotts, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial stateJTrents Our objectives are to obtain reasonable abburance about whether the finat)cial ￿tateMent￿ a whole are free from material niisstatenient. whether due to fraud or error, and to is8ue an auditor'g report that includes our opinion. Rea80nable assurance is a high level of ak%urance bul is lloi a guarantee ihai an audii conducted in accordance with ISA8 IUKI will always detect a material mig%talement when it exisLS. Missialements can arise from fraud or etror and are considered material if, individually or in the aggregate, they could reasonably be expecied to influence the economic decisions of users taken the basis of these financial statements. Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS The extent to whRch the a￿dit was considered capable of detecting irregularitie5, illcluding fraud Ittegularities are instan¥es of non-compliance wilh laws and regulaiions. The objeciives ol our audit are to obtain bulli¢ient appropriate audit evidence regarding eomplianee with laws and regulation8 ihai liave a direct etlect on the deiemjinaiion of material amoun18 and disclosures in the financial statements. to perfomi audit proLedures to help identify insian¢es of non-compliance with oiher laws and regulations thai may have a material elfecl on the linanLial siaiemenis, and to respond appropriaiely 10 ideniified or suspected non-compliance with law5 and regulationb identified during the audii. In relation to fraud. the objectives of our audit are to identify and assess the risk of material misstatement of the financial 8talemeJit% due to fraud. to obtain sufficient appropriate audit evidence regarding the a8%e*sed riqks of maierial ini88taiemenl due to fraud through de.%igning alid impleinellting appropriate responses and ¢0 respond appropriately to fralld or 8u.%pected fraud identified during the audit. 14oM'ever, il is the ptimary responsibility of managFemeiil, with the over%ighi of Ih05e Cha￿￿ed with governance, ro ensute that the entlty'b operations are ¢onduLted in accordance with the provS5ions of law.% and iegulalioi)s and for the prevention and dete¢iion of fraud. In ideniifying and aq%e88ing risk% of material mi%¥talement in re8pect of irregulariiie%. including fraud. the audit engagement team.. obtained an understanding of the naEuie of the bector. including Ihe legal and regulatory framework that the charitable company operates in and how the charitable company is Cotnplying with the legal and regulatory framework. inquired of management, and Iho$e Charged with governanLe, about their own ideniifJ¢ation and assessment of Ihe risks of irregularities. in¢ludtng any known actual, suspebied or alleged instances of fraud: discussed matters about non-compliance with laws and regulations and how fraud might occur including a8%es%mellt of how and where the financial statements may be su5ceplible to fraud. As a iesult of thebe procedures we consider ihe most significani laws and regulations tha¢ have a diiect impact on the financial statements are FRS 102, Charities SORP IFRS 1021, Companies Act ?006. Charities Act 201 I, the charitable cornpany's governing document, and tax legislation. We pertOT5ned audit procedure5 to detect non- compliances which may have a Tnaletial impact on the financial statements which included reviewing the flnancial staletnet]ts including the Trusteeb, Repott, iemaEning alert to any new 01 unubual transactions which may not be in accordance with the govetning documents. The mosi significant laws and regulalionb that have an indireci impact on the financial siatemenis are tho.%e in relation lo Health and Safety ai Woik, etc Act 1974 and the Management of Health and Saleiy ai Work Regulations 1999. We perfornied audit procedures lo inquire of rnanab7enient whether tile charitable company ].% in compliance with tiiese law and regulationb and ertqU￿ed as to any correspondence with iegulalory authorities of which there was none. The audit engagenient team identified the tisk of tnanagement oN'eTride of contiolb a5 the area where tlie financial slaten)en15 Th'ere most busceptible to material mi5Statenienl due to fraud. Audit procedures performed included but were llot limited to testing manual journal entries and other adjustments at]d evaluating the busines% rationale in relation to any significant, unusual tianbaclions and trallsactions entered into outside the nornial course of busirtess. challenging judgments and e5timale5. 12 Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS A further description of our iespotjsibilitieb lor the audit of the flnancial statements 18 lo¢aled on the Financial Reporting Council's website at lilt ..liwww.frc.o .uklauditorsre8 on8ibilitie8. Thiq de8Lriptiort foTmS part of our auditor's report. Use of our report Thi% report is Enade solely lo the Lharitable conipat]y s members, as a body, in accordalice with Chapter 3 01. Part 16 of the ConTrpanie5 Act ?006. Our audit woik has been undertaken 50 that we miglit %taEe 10 Ihe charitable company'5 tnembers tliobe mallers ive are iequired to State to Ihetn in auditor'8 report and for no other putpose. To the tullest extent pertnitted by la￿.. we do not accept 01 as5unie responsibility lo anyolle other than Ihe Charitable cotnpany and the charitable COTnpany s members a5 a body, for our audit ivork, for thi¥ report. or lor the OPllllOIIS we have fornied. R5N4 wk- LLP NICHOLAS SLADDEN Isenior Siatuiorv Auditor) For and on belialf of RSM UK AUDIT LLP. Siatulory Auditor Chartered AccountanL 25 Fatrinudo>n Stieet London EC4 4AB Dale 14 September 2023 13 Zabludowicz Art Projects (Limited by Guarantee) STATEMENT OF FtNANCIAL ACTIVITIES (IncorporatingJ incomc and expenditure account} for the ear ended 29 Decembei. 2022 Total UnreblriLled Total Unrestricted 20)2 Note IINco￿lE FROM: Donation% and legacie8 Oiher ittlome 1 ?14.193 78,073 862,418 89,038 TOTAL 1 ?92,?66 951,456 EXPENDITURE ON: Raising funds Charitable activities 27.154 1.30) 773 18.832 96?,459 TOTAL 1,329.9?7 981 ?91 NET (EXPENDITURE) {37,6611 129,835} TOTAL FUNDS BROUGHT FORWARD {87,553} 157,7181 TOTAL FUNDS CARRIED FORWAiiD 11?5.2141 187.5531 14 Zabludowicz Art Projects (Limited by Guarantee) BALANCE SHEET As at 29 December 2022 Coin an No.. 06269259 Noigs 2022 20?1 FIXED ASSETS Tangible a%%et 76,9fi2 19,072 CLIRRENT ASSETS Debtor. 37.092 14.105 Cash ai bank and in hand 14,365 15.639 51,457 29.744 CURRENT Ll2lBILITIES Creditor8'. atnoullt8 falling due within one year {253,633} 1136.3691 NET CURREIYT LJABILITIES 1202.1761 1106.6?51 NET LIABILITIES 1125,2141 187.5531 THE FUNDS OF THE CHARITY Ut)restricted funds {1?5,?14} {1?5,2141 187,5531 187.553) The financial statemeniq have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by th oar nda horibed for ue on 13 September 2023 and signed on 118 behalf by CHAIM ZABLUDOWICZ CHAIRMAN AND TRUSTEE 15 Zabludowicz Art Projects (Limited by Guarantee) CASH FLOW STATEMENT For the ear ended 29 DeLeinber 2022 Nolé.s 2022 20?1 OPEIL4TtNG ACTIVITIES Cash generdled from opeialions 10 74.235 23,301 NET CASH FROM OPERATING ACTIVITIES 74,235 23.301 tNVESTtNG ACTIVITIES Payments 10 aLquire iangible fixed a&seis 175,5091 114,0751 NET CASH USED IN INVESTING ACTIVITIES 175,5091 {14.0751 tNCREASE tN CASH AND CASH EQUIVALENTS 11,2741 9,?26 CASH AND CASH EQUIVALENTS AT BEGtNNtNG OF YEAR 15,639 6,413 CASH AND CASH EQUIVALENTS AT END OF YEAR 14,365 15,639 ANALYSIS OF CHANGES tN NET DEBT At29 December 2021 Cabh flows Ai29 December 2022 Cash at bank and in hand 15,639 11.274} 14,365 16 Zabludowicz Art Projects (Limited by Guarantee) ACCOUNTtNG POLICIES tor the ear ended 29 December 2022 BASIS OF AccouKfING Zabludowicz Art Pioje¢ts is a piivaie company litnited by guaraiitee and a regi8lered charity. It 15 feEislered, domiLiled and incorporated in England. The registered charity and company numbers and ils principal activities are shuiffi in the Ttubtees. Report. The financial 5tateinenls liave beell prepared under the hi8torical co%t coni'eniion and in accordance with the Companies Act ?006. The financial statements have been prepared iti accordanle with ihe Stateinenl of Recommended Practice.. Accountin￿ and Reporting by Cliarilie% preparinL> Ilieir aL¢ount% in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland IFRS I O?) lefteciive October 20191 and the Cliarities Act ?01 l. The Charity constitutes a public benefit eiitity as der￿ed by FRS 102. GOtNG CONCERN The cliarily's bllsiness aetivities, together with the factor8 likely to affect lis future development and position, are set out in Ihe-frn%iee8 Report on page% l 10 8. The charilv ha8 nei liabilities. The Charity is reliant on the bUPPOrt of the Zabludowicz Art TN8t. The iru%iees consider li appropriate to prepare ihe Financial staiemenib on the goin¥ LonLern ba.%1% as the Zabludoivi¥z Art Ttubl has indicaied its willingness to continue to.%uppori the charity for ai leabt l ? month.4 ftslloiving the signing of these financial slatemellt% and will make %uffiLient funds available during ?073 to allow the charity to rectify i18 negdtive reser