REGISTERED CHARITY NUMBER: 1145384
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2022
for
THE ART AND IDEAS TRUST
THE ART AND IDEAS TRUST
Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 3 to 5 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 15 |
THE ART AND IDEAS TRUST
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such parts of the capital, at such time or times and in such a manner to, or for the advancement of the education of the public in particular in relation to both art and philosophy, particularly through the promotion and support of educational and cultural events.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE Charitable activities
In 2022 the Charity used £150,000 of its Institute of Art and Ideas (IAI) Designated Fund to facilitate grant funding totalling £150,984 to support IAI activities that are aligned with the objectives of the Trust. The IAI Designated Fund ended the year at £750,000 which the Trust intends to use to support future IAI activities at a level of at least £150,000 per year, whilst maintaining financial resilience of the Trust.
In 2022, the grants received by the IAI from the Trust were used to help fund production of two HowTheLightGetsIn Festivals as well as educational courses through the IAI Academy and a sixth-form educational programme via the IAI School.
HowTheLightGetsIn Festivals 2022:
HowTheLightGetsIn is a philosophy and music festival held twice a year in Hay-on-Wye and London respectively. The festivals are cultural events attended by members of the public and align closely with the objectives of the Trust by advancing education in relation to philosophy and art through a series of debates between leading thinkers of the day alongside an evening programme of music and comedy. The Charity has supported HowTheLightGetsIn over many previous years and has seen both the audience and the volume of content grow year on year increasing both access to the educational material and the breadth of the subject matter.
The funds donated from the Trust in 2022 supported the development of the main debate programmes across both live festivals in Hay-on-Wye and London. These events brought together top academics, researchers, philosophers, scientists, politicians, journalists, artists and industry leaders to debate the key issues of the day, putting forward their vision on such issues as the eclipse vs revival of the West, the unravelling of our core theories of the universe, the future of feminism, and the shifting character of moral responsibility along with a host of other topics. A team of experienced hosts, briefed by the IAI team, led the discussions ensuring that all panellists shared their often opposing views, and also invited questions from the audience.
Eminent speakers included the leading intellectual and historian Yuval Noah Harari, celebrity philosopher Slavoj Zizek, former Head of M16 Nigel Inkster, Academy Award winner David Hare, novelist Esther Freud, cognitive psychologist Donald Hoffman, neuroscientist Hannah Critchlow, psychiatrist Iain McGilchrist and many more. Speakers tackled the big philosophical questions at the heart of technological change, social relationships, and rationality, identifying both the risks and the potential to create a better world. Following their debates, speakers could often be found continuing the debates or discussing new areas with members of the public around the festival site.
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Feedback from festival attendees was extremely positive and reflected the audience’s engagement with the philosophical subject matter and desire for knowledge:
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“ What is specific about this festival is its really substantial science and philosophy, it's not just an intellectual conversation about the problems of our time - which is important enough. It's really about people being together and trying to figure stuff out”
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“A brilliantly stimulating and enjoyable weekend”
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“You can really become inspired by the different perspectives you hear, it's amazing for opening your mind”
The IAI Academy 2022:
The IAI Academy offers live courses to festival-goers within the HowTheLightGetsIn festival programme and courses can also be completed online. The Academy courses comprise short, two-part sessions with an optional assessment, created in collaboration with leading thinkers from around the World, and provide further and more in-depth opportunities for the advancement of the education of the public in relation to philosophy. In 2022, funds from the Trust contributed to the development of ten new Academy courses which were launched live at the festivals. New course topics included ‘How to Own your Unconscious’, ‘The Philosophy of Psychedelics’ and ‘Physics and the Meaning of Life’. Trust funding was also able to support the camera and audio recording equipment used to capture new courses delivered live on site at HowTheLightGetsIn Hay and London, and the subsequent editing and web development services required to package these as courses and make them available on the iai.tv website. In 2022, 815 members of the public completed IAI Academy courses either onsite at one of the festivals or online.
The IAI School 2022:
In 2022, funds from the Trust also contributed to the creation of the IAI School curricula aimed at 16-17 year olds with sessions running live in Hay-on-Wye and London as part of the HowTheLightGetsIn programme. The sessions comprised a stimulating programme of talks, discussions, and workshops led by world-leading thinkers. The IAI School is targeted at pre-university students who want to grow their skills of critical thinking, analysis and verbal reasoning as well as strengthen their university applications. The IAI School has a strong emphasis on interdisciplinary thinking and covers specialised areas of philosophy and science, contemporary politics and critical theory.
In 2022, we held IAI Schools at the Hay and London HowTheLightGetsIn Festivals and had 85 students attending from surrounding areas local to Hay and London. The 2022 School programmes gave students the opportunity to hear from and interact with the legendary public intellectual, best-selling author and groundbreaking biologist Richard Dawkins, the Astronomer Royal for Scotland and Professor of Astrophysics at the University of Edinburgh – Catherine Heymans, and China reporter, broadcast editor, podcast host and rising political commentator Cindy Yu.
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Students who attended, said of the School:
“It made me feel more confident in my abilities to discuss topics with new people, which is a good skill to have for university.”
“It opened my eyes to ways in which philosophy can be applied to everyday life and not just principles learnt in the classroom. I found this very insightful for what’s to come when I hopefully pursue it at university.”
Accompanying teachers were impressed with the programme, with one of the teachers feeding back:
“Our students have had a wonderful experience and as you could see this afternoon they were so enraptured with the talk, they didn’t want to leave. Experiences such as this are really life changing for many of them and it really opens up their perspective for the future.”
Conclusion:
After a very successful 2022, the Charity is looking forward to continuing to support the IAI’s educational and cultural activities in a sustainable, long-term way. The IAI will be looking to expand the reach of the educational content through additional programmes of smaller events (IAI Live), by increasing the core number of subscribers to online platforms and by updating those online platforms to allow greater accessibility. The Charity aims to broaden its income streams by working more closely with Foundations and Educational Institutions that support its objectives and the activities of the IAI.
The Charity would like to welcome Joanna Kavenna and David Lebor to its board who were appointed as Trustees on 20[th] April 2022.
FINANCIAL REVIEW
Financial position
The principal funding source of the Trust in 2022 is from dividends on the preference shares of £24,750 (2021 - £9,900). A grant of £150,000 (2021 - £300,000) was payable to the Institute of Art and Ideas. At the year-end there was a funds balance of £789,475 (2021 - £914,520).
Reserves policy
As is appropriate for grant funding charities, the Trust does not have a reserves policy as grants payable are reactive to the level of funding received.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 17 October 2011, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are appointed for a term of 3 years in writing by Hilary Lawson during his lifetime and thereafter by resolution of the trustees. A retiring trustee who is competent to act may be re-appointed at the end of the term of office.
Related parties
Related parties are the trustees, Hilary Lawson by virtue of his ability to appoint trustees and Television and Film Productions Plc, a company controlled by Mr Lawson.
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THE ART AND IDEAS TRUST
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1145384
Principal address
375 City Road London EC1V 1NB
Trustees
Anatole Kaletsky Miranda Kendall (resigned 20.4.22) Joanna Kavenna (appointed 20.4.22) David Lebor (appointed 20.4.22)
Independent Examiner
Haines Watts Chartered Accountants Bath House 6 - 8 Bath Street Bristol BS1 6HL
Bankers
National Westminster Bank plc 1 Princes Street London EC2R 8BP
Approved by order of the board of trustees on 26[th] October 2023 and signed on its behalf by:
.................................................................... David Lebor - Trustee
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Independent Examiner's Report to the Trustees of The Art and Ideas Trust
Independent examiner's report to the trustees of The Art and Ideas Trust
I report to the charity trustees on my examination of the accounts of The Art and Ideas Trust (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew J Bracher FCA
Haines Watts Chartered Accountants Bath House 6 - 8 Bath Street Bristol BS1 6HL
Date: 26[th] October 2023
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THE ART AND IDEAS TRUST
Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Grant funding NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,189 24,750 25,939 984 24,955 14,520 39,475 |
Institute of Art and Ideas Designated Funding £ - - - 150,000 (150,000) 900,000 750,000 |
2022 Total funds £ 1,189 24,750 25,939 150,984 (125,045) 914,520 789,475 |
2021 Total funds £ - 9,900 9,900 322,002 (312,102) 1,226,622 914,520 |
|---|---|---|---|---|
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THE ART AND IDEAS TRUST
Balance Sheet 31 DECEMBER 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ - 24,750 23,924 48,674 (9,199) 39,475 39,475 39,475 |
Institute of Art and Ideas Designated Funding £ 750,000 150,000 - 150,000 (150,000) - 750,000 750,000 |
2022 Total funds £ 750,000 174,750 23,924 198,674 (159,199) 39,475 789,475 789,475 789,475 789,475 |
2021 Total funds £ 900,000 9,900 4,620 14,520 - 14,520 914,520 914,520 914,520 914,520 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26[th] October 2023 and were signed on its behalf by:
............................................. David Lebor - Trustee
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THE ART AND IDEAS TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Offerings and donations are recognised on receipt.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
There are no restricted funds at 31 December 2022.
Short term liquid investments and cash
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
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THE ART AND IDEAS TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Financial Instruments
Fund accounting
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Fixed asset investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
2. INVESTMENT INCOME
| 2022 £ Dividends and interest from listed investments 24,750 3. GRANTS PAYABLE 2022 £ Grant funding 150,000 The total grants paid to institutions during the year was as follows: 2022 £ Institute of Art and Ideas 150,000 4. SUPPORT COSTS Governance Finance costs £ £ Grant funding 84 900 |
2021 £ 9,900 2021 £ 322,000 2021 £ 322,000 Totals £ 984 |
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5. EXAMINER'S REMUNERATION
Amounts payable to the Independent Examiner comprise £480 (2021 - nil) for the independent examination and £420 (2021 - nil) for the production of the accounts.
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THE ART AND IDEAS TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities Grant funding NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2022 Disposals At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Unrestricted fund £ 9,900 22,002 (12,102) 26,622 14,520 |
Institute of Art and Ideas Designated Funding £ - 300,000 (300,000) 1,200,000 900,000 |
Total funds £ 9,900 322,002 (312,102) 1,226,622 914,520 Unlisted investments £ 900,000 (150,000) 750,000 750,000 900,000 |
|---|---|---|---|
There were no investment assets outside the UK.
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THE ART AND IDEAS TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
8. FIXED ASSET INVESTMENTS - continued
The gift of preference shares has been valued by the trustees at the nominal value of the shares. The trustees consider this to be the market value at 31 December 2022.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 14,520 Institute of Art and Ideas Designated Funding 900,000 914,520 TOTAL FUNDS 914,520 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 25,939 Institute of Art and Ideas Designated Funding - 25,939 TOTAL FUNDS 25,939 |
2022 2021 £ £ 174,750 9,900 2022 2021 £ £ 159,199 - Net movement At in funds 31.12.22 £ £ 24,955 39,475 (150,000) 750,000 (125,045) 789,475 (125,045) 789,475 Resources Movement expended in funds £ £ (984) 24,955 (150,000) (150,000) (150,984) (125,045) (150,984) (125,045) |
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THE ART AND IDEAS TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Institute of Art and Ideas Designated Funding TOTAL FUNDS Comparative net movement in funds, included in the above are a |
At 1.1.21 £ 26,622 1,200,000 1,226,622 1,226,622 s follows: |
Net movement in funds £ (12,102) (300,000) (312,102) (312,102) |
At 31.12.21 £ 14,520 900,000 914,520 914,520 |
|---|---|---|---|
| Unrestricted funds General fund Institute of Art and Ideas Designated Funding TOTAL FUNDS |
Incoming resources £ 9,900 - 9,900 9,900 |
Resources Movement expended in funds £ £ (22,002) (12,102) (300,000) (300,000) (322,002) (312,102) (322,002) (312,102) |
|---|---|---|
12. RELATED PARTY DISCLOSURES
Dividend income of £24,750 has arisen in respect of the preference shares held in Television and Film Productions plc which is a company controlled by Mr Lawson who also has the power to appoint trustees. The dividends were received after the year end on 24 January 2023.
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