Zabludowicz Art Projects (A charitable company limited by guarantee) ANNUAL REPORT AND FtNANCIAL STATEMENTS for the year ended 29 Deceinber 2023 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 2023 The tru.%tee8 8ubmil their repon and the financial statements of the charity for the year ended 29 December 202J. The financial statements have been prepared in accordance with the accounting policie8 8ei out in the notes lo the accounts and cotnply with the charity's goveming docuineni, tlie Charities Aci ?01 l and Accountijig and Reporting by Cliaritie8'. Statement of Recommended Practice applicable 10 charirieq preparing their accounts in accordance with the Finallcial Reporting Standard applicable in tlie UK and Republic of Ireland published in October 2019. REFERENCE AND ADMILYISTRATIVE DETAILS Charity nutnber.. 112(M)67 Cotnpany nuinber: 06269259 Registered otTi¢e: 41 Dover Sireet London WIS 4NS ADVISORS Statutory Auditor= RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB Soli¢itot5'. Ashfords LLP A5'htord House Grenadier Road Exeter EXI 3LH Bankers.. Barclays Bank Level 27 2 Churchill Place London E145RD Advi80ry commiitee.. Brian Boylan Thomas Daoe James Lingwood In addition, advice on each exhibition may be.8oughi from the gue51 an(Vor residenlarti8tlcurator. DIRECTORS AND TRUSTEES The dire¢ior8 of the company are ils ITU5tee5 for the purpose of charity law and throughout this report are collectively referred to as the ttU5tee5. The trustees serving qince incorporation are ab follows.. Chaim Zabludowicz IChai]manl Anita Zabludowicz (Director) Dr. Fabio Botterini de Pelosi (Liechten5teinl SECRETARY "chard Lloyd ACA
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT STRUCTURE, GOVERNANCE AND i¥IANAGEMENT Governing Document Theclwity i8a cojnpany limiied by guaraniee registeredand incorporated in England and Wale.% and isgoverned by it8 Memorandum and Articles ot Association dated 5 June 2007. Appointment of trustees As sei oui in the ArtiLleb of A5'socialion the trustee% hal'e the power lo appoint new Iwblees. There is no maximum limit 10 the nuniberof trustees in office. However, there mubl be a minimum of Ihiee Iruslee.% in office ai any time. Ai each arUal general tneeting, a third of the longe8¢ Standing Irusiees mubl retiie from office. Ln each Case each outgoinu trustee is eligible forre-appoinlment. Trustee induction #nd training All Ini8tees appointed on incorporaiion, together with the Advisory Conunitlee, are briefed on the charitable objectives and their responsibilities as trustees. Organisatio The board of trustees administers the charity. The Director appointed by the iru8¢eeq manages the day-to-day operations of the charity. Zabludowicz Art Projects i.% managed by the Director and two secundees from the Zabludowicz Art Ttust, viz. the Artistic Director and the Collection Manager, each of whom has an a%sislant employed by the charity. The linanLes are managed by Dr. Botteriiii de PLlo8i. All report to the Chairrnan. The trustees also rely on the Advisory Committee who8e remii iq to advise and cOTent upon the organibation's aLhievement of it& charitable objectives, public aciipitie8. marketin¥, posilioll and role. The chatity has hadreuard to the Charity Cotnmission'8 guidance on public benefit. irtcluding the guidance'Publi¢ benefit.. running a charity IPB2}'. in preparing the irustee8' report and the financial 5talemenls. Pay policy for senÉor staff The Iru5tees consider the board of tru8tee%, who are the charity'5 directors, and the senior nianagement team compribe the key managtnienl personnel of the charity in charge ol- directing and controlling, running and operating the charity on a day-to-day babis. All ITublees give of their time freely and no trustee received retnuneralioll Iti the year. Details of IsteeS, expense.8 and related P<lrty tran&aclions are disclo%ed in note 3 to the a¢counis. The pay ol. the senior slatl Ib reviewed annually and normally inLreased in aL¢ordance with average earnll)gs as appropriate. Related parties The chariry has had close but infomial relations with the following parties over the past 12 months.. Burgess & Beech Iron & Glass Adept Daata Complete Siudio Graphics Aldgaie Press Youngs Luyan NetiNeti Luyang and studio Master Class 2023 Damien Roach Richard Deacon Chila Kumari Singh Burnian Toby Ziegler Bob Bicknell-Knight (South E&8tl Tom Evan% IWale.%l Tobi Alexandra Felade (South Westl Olesya Ilenok15coilandl Jess Pemberton (South Wesl} Giatma T (Londolll Kwok Tul INorthem Ireland) Ahten Warner {Londonl
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT Dust to Dust Wolfgang Tillmanb Zander Portei Tienzhou Chen Zander Portei SWARMM 00 Zhang Carlos Minozzi Yu Chao Rieko NNTriifield Ashes 10 Ashes Yen-Chg Lin DJ Paritos Milo Creebe Teddy May de Kock Jack Calling Ben Dawlatly Ki Atnor Jordan Edge All Creseendo No Reiyard Lynda Benglis Walead Be5hty Matt CopsoR Ida Ekblad fvlalia.% Faldbakketj Nikita Gale Isa Genzken Guytoniwalker Oliver Laric Mike Nlwn Frances Stark Nicole Wenners Haver5tock School Curate5 Gritnes Thomas Hirschhorn Glenn Ligoll Junebujn Park Dan Shaw-Town Fred Tomaselli AtlS HarriSOll Freya Kehoe Guillaume Tran A level sdentS from Haverstock School Am(b the Macliines K Allado-McDowell Freire Bames Lauren Siudebaker Ashley Hockney Joe Parslow Lotli Gouigah PetY Rafferty John Kenneih Paranada Rebecca Edward Pau Waelder Laurie Cluitmanq Domenico Quaranta Lucy Rose Sollitt Luyang Neti Neti DISTANZ Verlag GmbH Livia Monnet Pao-ehen Tang Nora Wolfing 2023 Inirytes Pro rAmme Molly Erin Mccarthy Caiinca Malaimaie 00 Zhang Milo Creese Din¥ Shilun 2023 Fajnilies Create Worksho Facilitators Lorelle Aboagye Christina Robe Blo Rosemary Cronin Ale Harild Rosie Gibbens
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT Iiiformal Su ort Chaity Café Pro¢reaie Proje¢VMother House Siudios Women + Health The charity alqo coniinued ilb relaiiortship5 Wlth those parties di8closed in earlier trusiees. reports. In addition to the above, the chaTity also relied on the Zabludowicz An Trust for ils funding during the period and will do so for the Foreseeable future. Mr. Zabludowicz and Dr. Boiierini de Pelobi ale ITusiee5 of the Zabludowicz Art Ttusi. Details of Iransaciions with related parties are given ill note I l of the financial biatemenis. ACHIEVEMENTS AND PERFORfvIANCE OBJECTIVES AND ACTIVITIES The Charity' objective8, as %et out in lis goveming document, are-. to protnole, encourage and increase the public's appreLiation and undersianding of ¢ontemporary art by ebtabli5hing and mailllaining a vejille for the exhibition of contemporary art in various media. undertaking and piotnoling self-illiliated exhibition% and commibblolling works for exhibition by contemporary artists and curaiois.. and ad'anCIng the education of Ihe publiL in contemporary art through exhibiiions. publications, seminars, lectureb, talks and similar events. Aetivities During 2023 the charity Continued to manage the eKhibilion.%pa¢e ai 176 Prince of Wales Road, London (the 'gallery"l. Three major exhibitions were held durin& the year, as well a8 Ihe smaller-b¢ale seTieS of exhibiiions known as tnviieb {for early-career artists). The ¥Talltry'.8 programme in ?023 focused on temale and under- represented artists. as well as the itnpact of new technology on the produciion and prebentalion of art. In 2023 the TtU5tee5 look the decision lo end the 360 VR programmsng and Annual Co]ntni5sion and to seek alteTnative way5 10 lake the atjnual conllllis5ion projects on tour with certain other gallerie181itUIlollS. Due to the huge 5ucces5 of the ?022 Lu Yang Annual Commission the TTU5tees a150 decided to extend this exhibition which ended March 20?3. The 20?3 Master Class programme returned to an in-person progratnme. As U.lla], the ehariry worked with eight early-career artists from aeross the UK. This year ialk attendance was low at]d Jnany of the artiqi participants found it challellgEng to commit to the whole programme. NOt.1thtanding the details set out in Future Events below, the tru.%tees will invesiigaie how best to continue thi5 project. During the 8pring Zabludowicz Art Projects hosted the tiiird annual Moiher Art Prize exhibition in collaboration with Procreate Project and Mother Hoube Studi05. Tlie Mother Art Prize 18 ihe only intemaiional open call for self-identifying women and non-binary Vibual artists with caring respoii%ibiliiieb. Tweniy-one artists working a¢ro¥s a range of tnedia were selected Irom 630 entries by anisls from 36 countries. The charity's sununer exhibition. Du8t to Dust saw three large scale installations, one drawn from existing works by Wolfgan¥ Tillnian% sourced from within the Zabludowicz Collection and the others showcasing (he UK debut of new works by Zander Porter and Tienzhou Chen which explored queer tureS and Pts. The aututnn exhibition, All Crescendo, No Reward. also drew Iron? work.% within the Zabludow'icz Collection and explored the fomaiion and re-tom)ation of bubjecthood and objeeiliood. Strnctured around t1 tnajor moving- image inslallalionq by Matt Copson, Oliver Laric and Frances Stark, the exhibiiion litle was taken froni the libretto of Matt Copbon's laser allatIOn Age oFComing12021 l. This work is the second act in what Copson desLribes ab a three-acl 'laser opera produced Irom 20?0 10 2021.
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT The invites.%erie% continued witl) e.Khibilions leaturing playable games by Molly MLCarthy and 00 7.hang a5 well as new video and in.%tallaiion by Milo Creese and a series ot works ot) paper and mural bj. Din¥ Shilun. The year drew to a clo.8e wtih a proJe¢t produced in partnership with Haversiock School and their Year 12 art students who worked elo%ely with ihe charity to curate a public exhibition, The project was an etjornous success and Ilie 8tudent8 leami aboui the diveise roles available in the arts from Luraiing and conservation, insiallation and technical.%upport io communications and graphic design. During 2023 dedicated a¢Less events were introduced lo the programme, including audits described tours for visitors who are visually impaired. and BSL Iouib of the exhibition for Dldeaf audiences. These tourq ensure that the charity i¥ able lo reach and appeal 10 a range of audien¢e8 who might otheiSt feel excluded from our programme. The ¢harity Continued it% free weekly Saturday alternoon drop-in workshops, FaTrilie% Creates. for Lhildren and familie% a8 well aq Ihe Saturday stall louts. PrOgrae Overvieiv 13,392 people engaged directly with ihe charity'b events and exhibitions at 176 Prince of Wale5 Road London in ?023. The charity also held four online talk events for our Master Class programme wilh a total audience of 175. Charitable donatlons- Total £16,670 Duiing ?0?3 the charity supported a nuniber of ¢hariiable causes. Among those charities supported were the Contemporary Art Sociery, Women + Health G#llery alld eveDt5 programjne in visitor numbers: EXIIIBITION DATE VISITOR TOTAL Event attendance DAILY AVEIi4GE 239 Lu Yan exter15ion InTr'ileb'. Molly Erin Mccarth Invites.. Catinca Malaima Master Clas Daniien Roach Richard DeaLo Chila Bumian Tob Zie ler Mother Art Prize Inviieb.. 00 Zhan Dust to Du.%1 Invites.. Milo Creese WL)rksho Zander Porter SWARMM Rieko Whiifield Invites Presentation Milo & Friends Ktik Atnor / Jordan Ed All Crescendo No Reward Invites.. Din Shilun Haver8tock Curator. 13 Jan - 12 March ?023 12 Jan-26 Feb ?023 6649 Incl in above 45 9 Mar-30 A ril 20?3 237 139 30 30 33 32 26 2642 Incl in above 1293 Incl in above Incl in above Incl in above Incl in above Incl in above 51 14 A ril-17 Jul 20!2 13 Jul 13Au 2023 ??Se 1-30 Oct 20?2 15 Jul 77 146 149 27 Jul 3 August IOAU usi ?8Se 1-17 Dec ?0?3 28Se 1-19 NO ?023 30 Nov- 17 Dec ?0?3 Incl in above 2432 Incl in above Incl in above 43 68 2336 851 TOTAL Jan- Dec 2023 13J92 91
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES. REPORT Onllne and Social Media EDgagemetLt During 20?3 the charity'8 in-holl8e Communications and Content Mat)ager continued to grow our digital audience and releabed further content on TikTok Website.. The web.%ite is the main source of infomiation for all visitors to the gallery space, and thobe interested in the Collection more widely. Inslagram.. The chariry uses Instagram to in¢rea8e awarenesb of conletnportry art. Al the year end ihe number of followers was 75,300, an increa8e of 1,501 followers sinie the previous year. X Ifom)erly Twiiierl X Es.%imilarly u%ed for rai8ing a.arene.8s of contemporary art and also to en%ure thai the charity 15 engaged in conver8alion% acro*% the an world. The number ol followers retnained con81.Stent across Ihe year. Facebook The charity'8 Facelx)ok page 'fans' increabed trotn 10,697 to 12,000 followers and I I,(X)O Id(es during the year. Tik-Tok The TikTok channel, by the end o120?3 had around 500 followers, an increase from 128 follower at the end of the previous year. the ¢hannel's first year. The chatuiel provide8 a space 10 explore difTerent types of video Content, from curator (ours to a look behind the scenes Ot an exhibition. FiNANCIAL REVIEW The results for Ihe year ended ?9 Decetnbei ?0?3 are set out on the staiemeni of fu]ancial activities on page 14. The Posilion ai Ihe end of the period ib shown in the balanee qheet on page 15. The trustees accept the result for the year alld the continuing retsined deficit which. following the events set out in Fuiure Periods. they believe ivill itnpro&'e during the near fviure. Risk Trlanagement The i]uslees have a risk management Strategy whicli comprises.. A regular review of the risks the charity may face., The eqiabli8hment of sy5temb and procedures to mitigate ihose risks identified dursng the review,. and The itnplementation of procedures designed 10 mininiise any potential impact on the charity should those risk& tnaterialise. The specifle risks are identified aq follows= Sf)iir¢e.4 iJfJrttu#ie The Charity has no regular bource of income other thali the donaiions it receives from the Zabludowi¢z kn Trust. Howevei, the Zabludowicz Art Trubt 15 co]nmitled in its support ol. the charity. Further detai18 relaied lo the adoption of the going concetn ba5ig can be Found in the accouniing policies on page 17. Ge4ryeral Risks As the public face of the Zabludowicz Collection ihere are risks relating lo.. safety of the vibiling public: staff safety; theft o£ldaniage to an works being e.Khibiied and daage to the building and iL% fixtures aud fittings. The gallery's management team, led by the Anisiic and AdmInitratiVe Director% en8ure that bialTare trained in health and safety niatters. While the exhibition ,%pace is open to the public, gallery invigilaiorb are present lo ensure the safety of tile publtc, the works and Ihe surroundings. During busy time.s,.%uch a8 public openin¥ evenillg8. security servi¢es are retained. The gallery followed UK government coronavirus guidance in rebpect of ils opening during lockdown peri(Kls and itb interactions with the public during non-loLkdON petiods.
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT 1Thvestent Power5 and Policy Under the fvlemorandum and Anicles of Asswiaiion the charity tnay inve%t for the sole purpose of furthering its charitable objectives. No investments were held during the year ended 29 December 20?312022.. £nill. Reserve5 Policy A5 at 29 Decetnber 2023.. (il retrIcted of the chariry amounted 10 £nil120?2.. £nill. lill ule41r1C[ed funds amounted to £36?.061 deficit,120?2.. £125,? 14 defjcitl of which £73,145 1?022.. £76,962) represented by fixed assetb and £435.206 deftcit {2022.. £20? 176 delicitl was represented by et ¢urrenl liabilities. During 2023, Ihe Zabludowicz Art Trust continued its support of the charity and, noiwiihslanding the detai15 Set oui in Future Periods, Is committed to itb future support of the charity. Sponsorship Policy In line with the charitable objects. the charity will from time io time piovide financial support to anisis. The Director is responsible for idenlifyints and reconunending %uiiable candidates to the other trustee8 who then decide whether support Ib provided. FUNDRSING The charitv doe5 not carry out any fiJt]draising activities bui raEse8 sotne tunds via artist's editions, publiLatioii adihe on-site café. No editions ivere n)ade during 2023, however, the charity does produee inerchandibing linked ¢0 the showb. FUTLryiE PERIODS During (k'iober 2023 the trustees of the Zabludowicz Art Trust began to investigate the disposal of 176 PTince of Wales Road and gave the charity illfonnal notice to vacaie the pioperty. With the pro8pecl of no preiSt* to hold exhibitions, the chariry's Iruslees made the dtffibull de¢ision lo downsize their activitie5 for the foreseeable tllre. On 10 September 2024 the charity surrendered iL% lease on 176 Prince of Wales Road. The Lharity continues its activities ii) other areas and during 2024 focused on the Professional development aspects ol. ilts Invites and Master Class programme8 28 well &5 touiing existingy A[U1 commission.s such as LuYan¥ NeÈiNeli Arcade wliich travelled to the Zepplin Mubeum in Gemiany in May 2024 for a 12 Tnonth exhibition. The Chatity continues to explore similar opportunities. Exhibitions in developnienl include Kill Screen, an exhibition of playable artwork% by the charity's curator, Julia Greenway, which explores how an and gaming are being Used in experimental ways.
Zabludowicz Art Projects (Limited by Guarantee) TRUSTEES, REPORT STATEMENT AS TO THE DISCLOSURE OF II¥FORLWIATION TO THE AUDITOR 111 ac¢ordan¢e with company law, as the chaiily'b Iw5tees. we certify that.. so tar as we are aware, there is no relevant audii infornialion of which the charity's auditor ]% unaware,. and as the trustees of the charity, we have taken all Ihe steps that we ought to have taken in ordei lo tnake ourselves a.are of any relevant audii inforn)atii)n and lo establish tliat Ilie chartiy'% auditor is aware of that in[orntIon. The auditor, RSM UK Audit LLP, ha8 indicated its willingne5S to continue in offIce. This report ha$ been prepared in accordance with the piovi5ions appliLable lo companie8 entitled to the small companies, exeniption. By order of t Chainnan and trnstee.. CHAIM ZABLUDOWICZ Date.. 281h November 2024
Zabludowicz Art Projects (Limited by Guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustee5 (who are also director.% of Zabludowicz Art Projec15 for Ilie purposes of vompany law} are re%ponsible foi pieparing tlie Trustees, Report and the financial staleintiils in accordance wilh applicable law and United Kingdoin Accountiiig Siatidard% ClUdIng Financial Reportitjg standard 102.. The Financial Reporting Standard applicable in the UK and RepubliL of I]Yland {Uniied Kingdoin Generally Accepied A¢¢ounting Practice}. Company law requires the trustee8 to prepare financial btaietnenl% for each financial year under conipally law the Iruslees inusl not approve the financial 8taiemenis unless they are %ali.%fied thar Ihey give a true and fair view ol. the State of affairs of the charitable ¢ompany and ol- the incon)e and expenditure. of the charitable company lor that period. In preparing Iheqe financial biatementb., the trustees are required to.. seleci suitable accounting policies and then apply them con%i4tenily: observe the methods and principles in the Charities SORP., ake judgment.% and estimate8 ihat are reasonable andprudenl., slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the fjnancial staiemenis,. and prepare the financial statements on the going concem basib unless it is inappropriate to presume that the charitable cotnpany will continue inbusiness. The Iwstees are responsible for keeping proper accounting records that di%close with reasonable ac¢uiacy at any lime the financial Pobltion of the charitable coinpany and enable them lo ensure that Ilie financial statemenis comply wilh ihe Companies ALI 2006. They are also respon.%ible for Sdfeguardinu the assets of ihe charitable company and hence for iakn.ng reasonable Steps for die prevention and detection ol. Iraud and odier irregularities.
Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS Opinio Ve liave audited the finaneial 8talements of Zabludowicz Art Project% (the '¢hartlable company.) for the year ended ?9 December ?023 whtch ¢ompri.8e the SialeTnent ol'Finaiicial Aclil'ilies, the Balance Sheet, tlie C&%h Flow Staletneiit and Jioie% lo the financtal 8taiemenis, including significant accounlitTrg policie¥. The financial reporting frainework thai ha% been applied in Iheir preparation ib applicable law and Ulllted Kijigdom Ac¢ouniing Standard8. including FRS 102 'The Finanlial Reportints Siandaid applicable in the UK and Republic ol- Irtlat]d" Iunited Kingdotn Generally Accepted Accounting Practice}. In our opinion the financial sraiemenis.. give a true and lair view of the %tate of the cliariiable ¢oinpany's aftair5 a5 at ?9 Decetnber 2023 and of it8 incotning rebources and application of re.%our¢e8, including ils incotne and expenditure, for Ihe year ihen ended.. have been properly prepared in accoidance with United Kingdom Generally A¢¢epied Accounting Practice: and have been prepared in accordance wilh ihe requirements ot the Companies Act 2006. Ba515 for opinion We conducted our audit in accordance with Intetnalional Standards on Auditing IUKI IISAs IUKII and applicable law. Our responsibiliiies under those standards are further de5crib¢d in the Auditor's re5ponbibililie% for the audit of the finanLial staiements seLlion ol our report. We are indep¢ndeni of the charitable conipany in accordance with the ethical qUIrementS that are releirant lo our audit of Ilie financial btaiemenis in the UK, ineluding the FRC'% Ethical Standard and we have tullilled our other ethical re8ponbibililieb in accoidaiice '1(h Ihese requirements. We believe that the audit evidence we have obtained 18 suffi¢ient and apptoptiale to provide a basis for our opinion. Conclusions relating to golng eoneerll In audiiing (he finanLial biatenienis, we have concluded that Ihe trusteeb. use of the going cot]cern basis of accounting in the preparation of the fanCIal statetnent8 18 appropriate. Based on the work wt have perfornied, we have noi identified any tnalerial uncertaintie% relating io events or ¢ondilionb that, individually or collectively, may cast sE¥llificanl doubt on the charitable Company b ability lo continue as a goinu conceni for a period of al least twelve Tnonth5 froin whell the fmanctal sEatement5 are auihorised for issue. Our resporL%ibilities and the responsibilities of the ttU5tees with respect to going Concern are described in the relevant 5e¢tions of this report. Other information The other infomiaiion Lompriies the informaiion iiicluded in Ihe Trustees, Report other than the finanLial staiemenis and our audiioi's report thereon. The [stetS are responsible foi the other infonnalion contained withi the Trubtee%' Report. Our opinion on the fin1claI stalemenLS does not cover the other infonnatton and, except lo the extent oiherwi5e explicitly stated in our repor¢ we do not expre&b any forni of &88uran¢e conclusion theieon. Our iesponsibility 15 to read tile otlier infonnalion and. doitw so, coi).%ider whether the other irtloTmation is aterially inconsistent with the finajictal %latementb 01 our knowledge obtained in the cour8e ot the audit or otherwise appears to be niaterially mt.%8iated. If w'e identify such material incon.si.%tencieb or apparent material mi%slatements. we are required to deiemiine whether this giN'es rise 10 a material mibblateTneTrl in the financial staletntnis them.%elves. If, based on the work we have perfornied, we cc>nclude that there is a material misqiatement of (his oiher informaiion. we are required lo report that fact. 10
Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS We have nothing to report this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the courqe of the audit.. the infonnation given in the Trubtees. Report, whicli includt8 the Direeior8' Report prepared for the purpo.%e8 of ¢ompany law, for the linancial year tor which Ilie financial 8tatementg dre prepared ]% consisient with the finanLial %iaiemenls,' and the Directors, Report illcluded within the TNstees' Report has been prepared in accordance with applicable legal requirements. Itrlatters on Trvhich we are rtquired to report by exeeption Ln (he light of the knowled¥e alld understanding of tlie charitable Lompany &nd ilb envitomnenl obiained in the course ol. the audit, we have llot identified material mi88taiemenis in the Diieclor5' Report iiicluded within the Trusteeb, Report. We have nothing to report in respect of the following matterb where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting recoids have not been kept, or return8 adequate for our audit have not been received from branches not lSited by u5; or the financial statements are not in agreement with the accounting records and retunL%; or ceriain diiLIobuieb of trustee&, remuneration specified by law are not made". or we have not received all the information and explanations we require for our audit,. or the TtiJ.%iees were not entitled to prepare the fUncial 8taiemenis in accordance with the small companies, regime and take advantage of the Small companies exemption from ItLe requiretnent to prepare a Siraiegic Report or in preparing the Trustees, Report. Responsibilities of trustees A8 explained more fully in Ihe Siaieinent of Tru5tees' responsibiliiies sel out on page 9, the Irustees (who are also Ihe direciors of the charitable company tor tlie purposes of company lawl are rebponsible for the preparaiion of the financial statementb and for beit]g 5atisfJed that they give a te and fair view, and loi buch internal control as the Irnsiees detemiine ib necessary to enable the preparaiion of financial 5talemenls that are free from material missiatemeni, whether due to fraud or error. In preparing the linancial slalemenL%, the tjuqiees are responsible IOT as5e5sin¥ the charitable company's ability to continue as a going concern, di8¢1oqing. as appliLable, tnatler5 related lo going concern and using the uoing Collcern of accounting unle8% ihe trusieeb either inlend lo liquidate the charitable eompany or to cease operation%, or have no realistic altemaiive but to do 50. Auditor's re5POll5ibilitie5 for the audit of the finaneial statements Our objectives are to obtain reasonable assurance about wlieiher the financial statemenis as a whole are free from material mi$8talement, wheiher due 10 traud or error. at]d to issue an auditor'q repori Ihai includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit Lotjducled in accordance with ISAS IUKI 11[ alivays detect a material mis8laiemenl when it exisis. MissiaieTnenlb can arise from fraud or ertoi and are considered material if, individually or iii the aggregaie. they could reasonably be expected to influence the economiL deLisions of usel% taken oil the basis of Ih¢%e finan¢ial statements.
Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEfvIBERS OF ZABLUDOWICZ ART PROJECTS The extent to which the audit was coD5idered capable of dete¢tiiig irregularities. including fraud Irregularities are instances of non-Lompli4n¢e with laws and regulations. The objectiveb of our audit are to obtain 4llffJcient appropriate audit evidenee regarding eomplian¥e with laws and regulaiionb that have a direct effeLt on the delennination of material amount8 and di%clo8ures in Ihe financial biaiemenib, 10 peAorn] audit proLedure8 to help identify in.qtan¢es of non-compliance wilh oiher law5 and regulations that rnay have a material effe¢1 on the financial statements, and lo respond appropriaiely to identified or SUbpe¢ted non-compliance wtih law% and regulations identified during the audit. In relation to fraud. the objectives of our audkl are lo identify and a%ses8 the ri.%k of niaterial mEbStalement of the fjnanctal statetnents due to fraud, lo obtain suffIcient appropriate audit evidence regarding the assessed risks of material tnisstalenienl due lo fraud Ihrougli de%i¥rAing and implementing appropriate responses and lo respot]d appropriately to fraud or.%u%pecled fraud identified during the audit. Ilowevei, it is the piimary rebponsibility of managenienl, with tlie oversight of those cliarged with governance, to ensure that the entiiy's operation% are ¢onducied in aLLordance witli the proi'isions ot law5 and regulations and for the prevention and detection of fraud. In idet)lifying alld assessing risks of material misslatejnent in re8peci of irregularities. including fraud. the audii engagetnent team.. obtained an understanding of the naiure of the Sector. including the legal and regulatory framework Ihai the hariiable company operates in and how the charitable COTnpany is cotnplying with the legal and regulatory fiamework- inquired of management, and those charged with goveman¢e. about their own identification and asse&%ment of the risks of irregulariiies, includilig any known a¢iual. suspeLied or alleged inbtaRces of fraud. dibcubsed matteTb about non-compliance with laws and regul2tjOll8 and how fraud mighi occur including as5essmeiit of how and where the finuncial statements may be %uscepiible to fraud. As a result of these procedures we cotisider the mobt signilicani laws and iegulatiollb that have a direct impact on Ihe financial statemenis are FRS 102. Charities SORP IFRS 102}. Companses Act 2006, Charities Act 2011, the charitable company's goveming document. and lax legislation. We perfornied audit procedures to dete¢1 nort- con)pliances which may have a material impaLt on the linancial statetllellts which illcluded reviewing the financial siatemenis including ihe Trustees. Repon, remaining alert 10 any new or unusual transaction8 whtch may noi be in aLcordance with the governing documents. The moql 8ignifJcanl laws and regulatton% that hal'e an indirect impact on the financial slatementg are those itt relaiion to Health and Safety at Work, etc Act 1974 and the MÉillagenient olHealtii }d Safety at Work Regulations 1999. We perfomied audit pio¢edures to in4uire of management wlieiher tile cliarilable company 18 in compliance with these law and regulatiorts and enquired as 10 any correspondence with regulatory auihorilits of which there was none. The audii engagemenl team identified the ri.%k of managemeni override of contro15 ab tlie area where tjie finanlial statements were most susceptible to material misstaiemeni due to Iraud. Audit procedures perfomjed ineluded bui were not limited 10 tesiing n)anual journal entries and other adju%tments and evaluating the busine8s raticinalt in relaiion to any signifiLant, unusual transaLtions and Iransactions entered into outside the norn]al course of bubine&s. challengin(T judgments and estimates. 12
Zabludowicz Art Projects (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZABLUDOWICZ ART PROJECTS A further des¢riplion of our reqponqibiliiies for the audit of the financi&l slatetnenls 15 located on the Financial Reporting Council'q web%iie ai htt ..Ilwww.fr¢.tsr .uklaudi1015re5 onsibilitie5. This description fomis part ot our auditor's report. Use of our report Thi.% report is made solely to the charitable company'¥ members, as a body. in aLLordance with Chapier 3 of Part 16 of the Companies Aei 2006. Our audit work ha8 been undertaken bo thai we might state to the chartiable company'8 meinber8 thosL tnaiier8 we are required 10 slate 10 them in an auditor's report and for no other purpose. To the fullest exteiit pennitled by laiv, we do not accept or absume responbibilily lo anyone oihei than tl)e charitable Company and Ilie charitable company s tnember4 a8 a body. for our audit work, for thib ieport, or for the opinions we have forn]ed. LLP NICHOLAS SLADDEN (Senior Statutory Auditor) For and on behalf ol RSM UK AUDIT LLP, Siatulory Auditor Chartered Account211t5 25 Falgdon Street Londoll EC4 4AB Date 2 December 2024 13
Zabludowicz Art Projects (Limited by Guarantee) STATEMENT OF FtNANCIAL ACTIVITIES { Incorporatingy income and expenditure account) lor the ear elided 29 Deceinber 2023 Total Unrestricted Funds 2023 To] Unrestricted 20)2 Note INCOME FROl¥l: Donation% and legacies Other income I,1?8,077 22.756 1 ?14,193 78.073 TOTAL 1,150,833 1,292,266 EXPENDITURE ON: Raisiiig fund5 Charitable activities ?0,8?? 1,366.858 27,154 1,302,773 TOTAL 1.387,680 1,329,927 NET (EXPENDJTURE) {236,8471 137,6611 TOT AL FLryDS BROUGHT FORWARD 1125,2141 187.5531 TOTAL FUNDS CARRtED FORNI'ARD 136?,0611 1125,2141 14
Zabludowicz Art Projects (Limited by Guarantee) BALANCE SHEET As at 29 Deceinber 2023 Coin an No." 06269259 Notes 2023 2022 FIXED IlSSETS Tangible assets 73,145 76,962 CURRENT ASSETS Debiors 17.2?9 37,092 Cabh at bank and in hand 18.670 14,365 35,899 51.457 CURRENT LIABILITIES Crediiors.. amounts falling due wiihin one year 1471,105} 1253,633) NET CURRENT LIABILITIES {435.2061 120? 176) NET LIABILITIES 1362,0611 1125,214) THE FUNDS OF THE CHARtTY Unrestricied fijnds 136?.061} 136?,0611 {125.2141 {125.2141 The finan¢ial siatements have been prepared in accordaiice with the provisions applicable to companies subjeci to the small companieb. FegiEne. Approved b È oard and} Ihori5ed.t r issue on 28, Noveniber 2024 and sigtted on ils behalf by CHAIM ZABLUDOWICZ CHAIRMAN AND TRUSTEE 15
Zabludowicz Art Projects (Limited by Guarantee) CASH FLOW STATEMENT For the ear ended 29 December 2023 Noies 2023 2022 OPERATtNG ACTIVITIES Cash generated from operations 17.648 74,235 NET CASH FROM OPERATtNG ACTIVITIES 17.648 74,235 tNVESTtNG ACTIVITIES Paymentb to acquire tangible fL¥ed asset8 113,343) {75.5091 NET CASH USED IN tNVESTtNG ACTIVITIES 113,3431 {75,5091 INCREASE IN CASH AND CASH EQUIVALENts 4,305 11,2741 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 14.365 15,639 CASH AND CASH EQUIVALENTS AT END OF YEAR 18.670 14.365 ANALYSIS OF CHANGES tN NET DEBT Ai29 December Cash tlows At29 December 2023 2022 Cash at bank and in hand 14,365 4.305 18,670 16
Zabludowicz Art Projects (Limited by Guarantee) ACCOUNTtNG POLICIES for the ear ended 29 December 2023 BASIS OF ACCOUNTtNG Zabludowicz Art Piojecls is a private company limiied by guarantee and & registered Charity. Ir is tegibtered, domiLiled and incorporated in England. Tlie registered ¢hariiy and company numbers and its principal actsvities are shown ITr the Trustees, Report. The tinancial slalement5 liave been preparLd under Ihe hibioiical cost coiivention and in aecordance with the Companies Act ?006. The fjnancial stateinellt% have been prepared in accordance with tlie Staletnent of Recommended Piaclice.. Accountijio and Reporting by Chariiies preparing tlieir account.% in accordance iviih Ilie Financial ReportinE Standard applicable in the UK and Republic of Irelalld IFRS 10?) (effe¢live October 2019} and the Charitie5 Act ?0 I i. The Charity conslitules a public benefit elltity a8 defjned by FRS 10? GOtNG CONCERN The cliarity's business aetiviiies, together with the factors likely lo affect 118 fuNre development and position, are set out in the Trllslees, Repori on page% I to 8. The charity has nel liabilitie8. The charity is reliant On the support of the Zabludowicz Art Trust. The trn8lees consider it appropriate to prepare the finanLial slalements on Ihe going concern basiq as the Zabludom'icz Ari Trust ha. indicated its ivillingness to Lontinue 10 4uppvri the charity for at least 12 monihs tollowing the siuning oFihese fii)ancial 5tateJneiits and will make 8ufficieDI lunds available during 2024 to allow Ihe ¢harity 10 rectity ils negaiiwe reserve position at the balance 8heet dale. FUNCTIONAL CURRENCY The Financial.%iatements are presented in sterling which 18 also ihe functional Lutrency of the charity. loneiary amounts in these funCIal slalemenls are rounded to the nearest whole £1, except where oihen¥ise indicated. FOREIGN CURRENCIES Monetary assets and liabilitses denominated in foreign currencies are tian51aled al tlie rate of exchange ntling at the balance Sheet dale. Transactioiis in foreign currenLies are recorded at the rate rulillg at the date of Iht transaction. All differences are taken lo the Statement of FÈtYdncial Activities. )NATIONS AND LEGACIES Donations aig credited lo the Statement of Fijiancial Activities when conditions of receipt have been met. All othei incotne is recognised on ali accrna18 basis. DONATED SERVICES Donated service5 are included in Income when the benefit to the charity 1.8 reaOnablY quaniifiable and tneasurable. These are valued by the trustees at ihe amount the charity would have been willing to pay on an open market. RAIsG FUNDS Encome from trading operation5 repiesenls the invoiced value of goods sold and services provided to visitors to Ihe gallery 'here the chaTity di&plays its. collections. GOVERNMENT GIL4NTS Govemmeni grantb. are recognised on a receivable ba8is ab there are no specifie conditions attached in terni% of where or when spent. 17
Zabludowicz Art Projects (Limited by Guarantee) ACCOUNTtNG POLICIES {continued) for the ear ended 29 December 2023 EXPENDITURE Expenditure ].% recogni8ed when a liability 1.% incU¢d. Direct cost¥ are defined ab those costb directly attributable 10 aieas ol. charitable activity and.%upport cost8 are those not directly attributable. Tothl expenditure is allwated between EXpendire on Rai8ing Funds and Charitable Activities 2sfollows'. C05t headings readily ideniifiable to one of the above two categories are allocated in full to that particular category. 10 /0 of the seconded Curator's salary and 5 /0 of the intera¢iion curator's salary are allocated to Expenditure on Raising Funds. The remaining support costs. are allocated lo the Charitable Actsvities. as only one charitable activity is recogni8ed. EXPENDITURE ON ILAISING FUNDS These are co%ts incurred in activities to raise funds. CFIAR]TABLE ACTIVITIES Compri%e.8 those cosis incurred by the charity in the execution of lis activities. TANGIBLE FIXED ASSETS Fixed a%%el4 are slated at hisiorical cost. tkpreciation is provided on all iangible fLxed assets at rates calculated to write each asset down to its esiitnated residual value evenly over its expected useful life, as follows.. Leaseliold improvements Coniputer equipment Fixtures, fittings and equipment OffiLe equipment IOV/o Straight line 25O/u Straighi line IOts/u 8irai¥hi line 25 sirai¥ht line STOCK The cost of siock is expensed through the Staieinenl of Financial Aclivilie5 as il is incurred. UNRESTRICTED FUNDS Unrestricted fund% are ihose rtdb. which the trustees are free to use in accordance with the charitable objects. RESTRICTED FUNDS Restricted fundb are used for 8pecific purposes as laid down by the donor or grant making body. Expenditure which meetb the tTreces8ary criieria is allocaied against the tunds, together with a fairallocation of overheadb. There were no restricted fund.% to recognise. VALUATION OF GIFTS tN KtND Gilib in kind are included in the a¢counL% on the basi5 01 historical co.%1, or if this is not readily obtainable by reference to the market value al Ihe lime the gift wa5 made. IRRECOVERABLE VAT The charity is not registered tor VAT. The irrecoverable VAT is ieported as part of the expenditure to which li relates. RETIREMENT BENEFITS During the year the charity operated a defined contribution Pension.cheMe. The amount chaiued lo the Statement ot Financial Activities ill re8peei ofpeii8ion coslb. ib the Lontribution.% payable in the yeai. Dil'fereiice% betwee cOntbUt10[15 payable in tjie year and coniributions actually paid are.shown eiihei accruals or prepayn)en15 in the Balance Sheet.
Zabludowicz Art Projects (Limited by Guarantee) ACCOUNTING POLICIES (continued) for the ear ended 29 December 2023 FtNANCIAL INSTRUMENTS The chaiily has elected to apply the provi5iolls of SeLtion I I 'Basic Financial lll8tNments" and Section 12"Other Financial InslTumeiits Issue8" of FRS 102, in full, to all ol. its. tinancial instrumenlq. Financial inslrutnent% are clas.sified and aLcounied foi according to the sub%tance of the coniraLlual arrangement as financial a55e15, fancial liabiliiie8 or equiiy instrnmenis. An equity instment ]% any coniracl that evidence a residual interest in the as8els of the eniity after deductu]g all of its liabilities. FianCIal assels Basic financial as.%el.%, which include oiher debitsib and accrued incotne, are iniiially measured at transaction price including tlsaCtIon costs and are subsequently caEried al amortised co%1. Fincincicil licibiliiie.¥ Basic flliancial liabilities, which include Irade creditor5 and accrnal%, are iniiially meabured at trat]sa¢iion price and subsequently measured ai amortised cost. CRITICAL ACCOUNTtNG ESTIMATES AND AREAS OF IUDGEMEKt lil the application of the charity's aLcounting policies. the Iruslee8 are required to Thake judgenienL%, esiimate. and assutnptions ittLluding (he total amount of expenditure io be )¢Lrued ai the start of eacli projeci. These eslin)aies are coiilinually evaluated and ale based on lii%lorieal experienLe and other lactors, including expectations of futllre evenis that are believed to be reasonable under the ¢ircumstart¢es. 19
Zabludowicz Art Projects (Limited by Guarantcc) NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 29 December 2023 tNCOME The charity'.% income and nei income were all derived from its principal activity which arose wholly in the United Kingdom. A breakdown of the income shown below.. 2023 20?2 Donattons and legacies GifL.'Coffee Shops Income Other Income GovernEnetkl Grant 1.1 ?8,077 22,756 1,214,193 27,6S I 42,381 8,011 Total inC0e 1,150,833 1.292,266 EXPENDITURE Rai.%inB Fuiids Charitable ArliTrities Toial 20?3 DtRECT COSTS Salaried staff Seconded and re¢harged staff costs Purcha8es Projeci costs 698,678 179,398 698.678 183.481 6,082 263.445 4.083 6,08? 263,445 TOTAL DIRECT COSTS 10,165 1,141,521 1,151,686 SUPPORT COSTS Property expenses IT expense.% Travel & entertaining Other ol'lice costs Legal & professional Depreciation Telecommunication Govemdrt¢e Cobts including audit Secuiity Bar cl)arges Adveffising Exchange ditTeiences Donati011s niade AlUa1 return In8uran¢e Bad Debi Provibion Tax compliance fee (note 41 30,786 7,R66 2.697 30.786 7,866 2,697 5,115 76,914 17,159 10,067 32.666 5,762 384 10.657 1,707 16,670 13 178 2,313 15,040 76.914 17.159 10.067 37.666 5.76? 384 10,657 1,707 16.670 13 178 2,313 15,040 TOTAL SUPPORT COSTS 10.657 225.337 235,994 TOTAL EXPENDITURE 20,822 lJ66,858 1,387,680 20
Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FtNANCIAL STATEMENTS (continued) for the ear ended 29 December 2023 EXPENDITURE Icontinuedl The expendiNre for the year ended ?9 tkcember 2022 were ¢ategoribed ab follows.. Rai.sing Funds Charitable A¢tivilie. Total ?0?? DIRECT COSTS Salaried blaff Seconded ld recharged staff co81$ Purchases Projeci cosis 59?,fi88 163,301 592,688 168.1?5 4.824 336.581 336.581 TOTAL DIRECT COSTS 17.197 ,092,570 1.109,767 SUPPORT COSTS Property expense5 IT expense.s Travel & entertaining Other ol'lice Cobts Legal & profe5bional Depreciation TelecoJnJnunication8 Governance co_st% including audit Security Bank charges Advertising Exchange differences Donatians made Annual return Insurance Tax Compliance fee 38,801 4,294 4.653 4.051 76,916 17,619 7,87? 3?,866 2.236 494 38.801 4,?94 4,917 4.051 76.916 17.619 7.87? 32.866 2,236 494 9,693 ?34 16,570 13 264 9,693 234 16,570 13 324 3,260 3,260 TOTAL SUPPORT COSTS 9,957 210,203 220,160 TOTAL EXPENDITURE 27.154 I J02,773 1,329,927 21
Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the ear ended 29 December 2023 EMPLOYEES 2023 2022 The average monthly number of persons einployed by the charity during Ilie year was.. 23 28 2023 2022 Staff costs of t]ie above persons.. Wages and.%alaries Social 8e¢uriiy costs Pen%iot) CO8ls 612,214 45.616 509.791 23.051 68?,610 578,724 No employee's emoluments exceeded £60.000 (2022.. Nill. There ale intormal arrangement8 in place where employees of related partie8 are seconded lo the charity. The litne spent by each %e¢ottdee is recognised in the accounts as a donated berviLe 10 the charity on the basib of employer cost. During the year staff costs of £99,35512022.. £98,504) and £84,126 (2022.. £69,621 I were donated by the Zabludowicz Art Tst and Tamare8 Real Es(ate InvestentS (UK} Limited re%pcclively. Contributions outstallding at the year-end in respect of the pension scheme were £3.101 (20?2.. £3.2691 and are included in other creditors. The key management personnel of ihe charity are Ansla Zabludowi¢z, Elizabeth Neil&on alld Virginie Mory55e. The total key managemeni retnuneralion during the period. whiih Lomptistd salary and pertsion benefits, were £80.1251?02?: £86,29?l and Eniployer's Naiional InsuranLe ol'£Nil l?02?: £Nill. The Trustee8 received no remuneration or expense reimbur%emenis during the year l?022.. £Nill. 22
Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (coiilinued) for the ear ended 29 December 2023 NET IEXPENDLTURE} 2023 ?022 The nel eXpelld1re for ihe year is staled aftei charging.. Auditor's remuneration,. %tawtory audii t&x compliance DepCiation (owned &ssetsl Ex¢hange105ses ?9.880 15.040 17,160 1,706 23.495 17.619 234 TAXATION The charity is exempt from corporation thx on any surylu8 derived from ils charitable activities. LIMITED BY GUAIiANTEE STATUS (MEMBERS, LIABILITY) The liability of members i8 not to exceed £10 a member. Ai 29 December 2023 Ihere were ? meinber8 {2072.. ? Member%1. TANGIBLE FIXED ASSETS Fixtures, rillin¥s & equipment Leasehold Improvernellts Computer equipmeni OtTi¢e Equipment Total Cost As at 30 December 20?2 Addition5 13,455 113.301 158.7?9 12,114 13,637 299.122 13,343 As at 29 December 2023 13,455 114,530 170,843 13.637 312,465 Depreciation ai 30 December 2022 Charged in the year 13.455 91,165 8,609 103,903 8,551 13,637 222,160 17,160 As at 29 December 2023 13.455 99,774 11?.454 13,637 239,320 Net book Yalue al 29 December 2023 14,756 58,389 73,145 As ai 29 December 202? 22,136 54.826 76,962 23
Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the ear ended 29 December 2023 DEBTORS 2023 2022 Prepayments and accrued income Other debtors 17.229 34,320 2,772 37,092 CREDITORS.. Amounis falling due within one year 2023 2022 Trade creditors 19.076 111,948 21,106 3,269 117.310 Oiher iaxation and social security Oihei creditors 237.406 201,967 Accrua15 and deferred income 471,105 253,633 10 RECONCILIATION OF NET (EXPENDITURE) TO NET CASH GENEIL4TED FROM OPERATIONS 2023 20?2 Nel IExpendittJrel Adjuqtmeni8 lor". 1236.847) (37.6611 Depieciaiion of tangible assets 17,160 17,619 Operating ca%h flow8 before moveinenls in working capiial (219.687} 120,04?) Ilncreabelccrcasc in debtors InLreabel in cieditors 19.863 217,47? (22.9871 17,?64 Cash generated from operations 17.648 74,235 RELATED PARTY TIi4NSACTIONS Nan7e ofpup'ty Dc5ci iplio of Ficinscic<ion En J'eÉTi' nd d(bio 2U?J 20?3 20?2 Zabludowicz Art Trust C ZabludowiLz F Boiierini de Pelosi. Common TTU5tees C Zabludowicz F Botterini de Pelosi, Common Trustees DonaliotL received 1,200,496 1,057.451 Zabludowicz Art Trust Donated setvices received 99,355 98,504 24
Zabludowicz Art Projects (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (eonlinued) for the ear ended 29 December 2023 RELATED PARTY TIL4NSACFIONS continued ofpai'iv Relai£oKship DffJci'iption UI'TF'fi115acÈion Bcilanee aiyeai. enil cr¥<litor in vv(Ir 2023 2022 2023 20?2 Tamares Real Estate InvestmenL8 IUKI Limited Taniares Real Estate C Zabludowicz Investment IUKI Director Liniited Tamares Real E.tate C Zabludowicz Limited Director British Friend% of the C Zabludowicz Art Museum of Israel Director C Zabludowi¢z Director Donated services received Loan granted 69.6?1 l?1 ?57 121,257 Loan granted 112,600 112,600 Donated serviLes received Loan granied 1,000 Tainares Admin & Advisory Services Limited C Zabludowiez Director 449 449 25