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2022-03-31-accounts

Charity number: 1152156

Company number: 04338639

(England and Wales)

Forma Arts and Media Limited

Report of the Trustees and Financial Statements

For the year ended 31 March 2022

Forma Arts and Media Limited Contents Page For the year ended 31 March 2022

Report of the Trustees 1 to 8
Independent Examiner's Report to the Trustees 9
Statement of Financial Activities 10
Statement of Financial Position 11
Cashflow statement 12
Notes to the Financial Statements 13to 22

Forma Arts and Media Limited Report of the Trustees For the year ended 31 March 2022

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 March 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Context

Forma is a contemporary arts organisation that champions ideas and artists who address the social and political questions of our times. Through a discursive process, we nurture artists’ creative vision and grow their ambition in order to develop collaborative projects that are career defining and lead to new major opportunities around the world. We pride ourselves in being an organisation that artists want to work with. We offer commissioning, fundraising and production expertise, and as a non-gallery-based organisation we present projects in partnership with cultural institutions across the UK and internationally. In short, Forma is where ideas become art.

Forma has consistently been at the forefront of changes in the world of contemporary art. Since 2002 its programme and work has evolved to anticipate and respond to these changes. Its continued success will therefore depend on responding to shifts in the sector. Between 2019 and 2022 Forma restructured. This included recruiting a new executive and team, new Trustees, a wider artistic offer and partnerships, new cultural hub and new identity. Along the way we have built strong lasting partnerships with stakeholders like Frieze or Southwark Council, opened two new sites in London and supported artists to reach some major milestones in their careers. Celebrating its 20th year in 2022, Forma’s newly enhanced offer to the cultural sector is one underpinned by inclusivity, relevance and care towards creatives and audiences.

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

Objectives and aims

Our charitable objectives are as follows:

The Mission

Forma’s mission is to make remarkable art happen’. We commission, produce and present contemporary art which is challenging, exciting and contributes to critical and contemporary discourse. We work with artists to develop multidisciplinary projects that are unique in both their content and their presentation. We pair this with artistic and professional development to practitioners, curators and producers ensuring the sector is skilled and thriving.

The Vision

Forma’s artistic vision begins with the artists. Through a discursive process, we nurture artists’ creative ideas and grow their ambition in order to develop collaborative projects.

Our commissions are bespoke to the artist and celebrated in the sector. We commission artists at all stages of their career, supporting them over sustained periods of time. We create ambitious projects that grab the imagination of the public and attract praise from our peers. We endeavour for our projects to be career defining and lead to new major opportunities around the world.

We have a reputation for high quality production values. We pride ourselves on being an organisation that artists and cultural organisations want to work with.

Forma is collaborative and innovative. Starting with artists, we aim to build a network for creatives to debate, collaborate and challenge the status quo. As a non-gallery-based organisation we have the freedom to experiment and support creative innovation, move between art forms and present our work with partners in the UK and world in institutions, the public realm and online. Much of our work is devised with partners and touring in mind.

Programmes that stretch the boundaries of visual arts. Our appetite for contemporary art and multidisciplinary practices is underpinned by research, criticality and a public programme of participatory activities, community work, training and education.

Forma embraces diversity. We work with artists from all backgrounds, ensuring diversity is a key factor in our artistic development. This focus extends to ethnic diversity, socio-economic backgrounds, disabilities & mental health, gender & self-identity and sexual orientation. While we are proud of our work we are actively seeking to be more representative and inclusive and eliminate barriers, prejudice and systemic racism in the sector.

Forma supports artists with a social, environmental and political consciousness. Forma projects address the social and political questions of our times. Through research and debate we give agency to radical and pressing issues. As part of Forma’s evolution and self-assessment, we are developing new ways to train and support creatives who bridge the gap between the art sector, the public and communities around the country. Through our artistic programme and recruitment process we endeavour to make Forma a key player in supporting practices that have a social impact and transformative effect on audiences and communities. Forma is where artists’ ideas become art.

The Values

Statement on public benefit

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE

Achievements & Performance in 2021-22

Commissioning & Production

Oliver Frank Chanarin, Title TBC

Oliver Frank Chanarin’s new work and first solo UK project explores the drive for attention, the complexity of being seen and the anxiety of being overlooked, in the shifting terrain of documentary photography. Commissioned and produced by Forma in collaboration with eight art organisations across the UK, production will continue throughout 21/22 with a 2 year touring show planned for 22/23 and 72 works gifted to six public collections, supported by an Art Fund acquisition grant.

Nwando Ebizie, Distorted Constellations Vol 2: A Visual Snow Alternate Reality

Co-commissioned and produced by Forma and The Space with support from Manchester Metropolitan University, this multidisciplinary, Afrofuturist exploration of neurodivergency is inspired by the artist’s experience living with Visual Snow Syndrome. Art, music, technology, neuroscience and Black Atlantic ritual cultures connect across a 360° short film and bespoke Instagram filter. The result is an immersive, alternate reality ritual for viewers to question their own perceptions of reality and engage with new possibilities.

Amartey Golding, Bring Me to Heal

A new large-scale commission that combines filmmaking, photography and a handcrafted garment to highlight generational trauma in Britain and offer collective rituals of healing. The artist’s most ambitious work to date, the installation was shown as part of a major tour in 21/22 presented by Forma Arts & Media and the commissioning partners V&A, Attenborough Centre for the Creative Arts in Brighton, Tramway and 198 Contemporary Arts & Learning.

Frieze Artist Award 2021: Sung Tieu, Moving Target Shadow Detection

Frieze and Forma co-commission and co-production with 2021 winner, Sung Tieu. Now in its eighth year, the acclaimed prize offers an emerging international artist the opportunity to debut a major new commission on the occasion of Frieze London. Focused for the third year on the medium of film, the work continues the artist’s ongoing research into the psychological dimension of warfare, acoustic weaponry and its relationship to Cold War ideologies.

Alberta Whittle, Lagareh

In partnership with Scotland + Venice as co-commissioner and producer of Alberta Whittle's new film Lagareh, which premiered in April 2022 in Venice as part of Scotland’s collateral event at the 59th International Art Exhibition La Biennale di Venezia.

The new film plays a central role in the artist’s solo exhibition deep dive (pause) uncoiling memory , which also includes a tapestry and sculptural elements. The artist’s Barbadian heritage will create a background for conversation and for exploring urgent themes from decolonisation to police brutality, sustainability and collective healing. Over 35,000 people visited the exhibition.

Touring

Cécile B. Evans, A Screen Test for an Adaptation of Giselle

Evans’ expanding screen test for a feature length adaptation of the 19th Century Industrial-era ballet Giselle as an eco-feminist thriller.

Originally supported by Forma in 2019 alongside La Maison Balmain Paris and Galerie Emanuel Layr, our further contributions in 21/22 have lead to presentations at Kistefos Museum (Jevnaker, Norway), Frieze Art Fair Miami (Miami, USA), The High Line (New York, USA) and Gallery Emanuel Layr (Vienna, Austria).

Alberta Whittle, RESET

Following the initial launch of the project, RESET toured extensively throughout 21/22 to partners GIBCA 2021 (Gothenburg, Sweden), Jupiter Artland (Edinburgh, UK), Glasgow Womens Library (Glasgow, UK), Platform 2 with Peak (Abergavenny, UK), CCA (Derry, UK), KLA ART (Kampala, Uganda), Remai Modern (Saskatoon, Canada) and Rewire Festival (The Hague, Netherlands).

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

R&D

With so many postponed R&Ds and projects during the past 18 months of Covid, Forma concentrated on delivering and closing projects with Kate Carr, Onyeka Igwe, Josiane M.H Pozi and Sophie Hoyle. In light of this activity we took a hiatus this year, starting up again in 2022/23.

Residencies

We welcomed our first international artist-in-residence to FormaHQ, Gaia Di Lorenzo who was with us from October November 2021. The residency was given additional support from Italian Cultural Institute London. Lorenzo lives and works in Rome. Her practice incorporates installation, sculpture, and painting to explore the influence social environments and cultural milieus have on individuals. In 2018 she founded CASTRO, a free alternative learning program for artists in Rome.

Public Programming at FormaHQ

Through the support of Arts Council England’s Cultural Recovery Fund, 21/22 saw FormaHQ become an active space for public programming, providing a bridge between our national and international activities and our local communities. Across the year we presented the following programme of events:

Publishing

Mine Searching Yours (Forma, September 2021)

A collaborative publishing project bringing together 15 international artists and writers. Commissioned by Forma during the global lockdown, the project takes inspiration from the rich history of Mail Art and hybrid publishing ventures. It invites artists to connect and correspond with their peers during a time of uncertainty, when we all collectively face the challenges of enforced separation and isolation brought upon us by the Covid-19 crisis and the wider social and political context of 2020.

Kate Carr, dawn, always new, often superb, inaugurates the return of the everyday (Forma, July 2021)

A limited edition vinyl by Kate Carr, produced as part of the first artist residency at FormaHQ. The album presents 10 compositions that remix field recordings aptured during the building works of the new space. Recorded with highly sensitive equipment such as geophones, Carr samples the architectural and geological shifts on site from the gurgling of pipes to deep vibrations of the Earth’s crust.

Following the launch of the vinyl, Kate was invited to perform the work at the Barbican Music Hall on 21 February 2022, as part of the Non Classical programme.

Digital Distribution

TRANSMISSIONS Series 3

Support of 6 new episodes for the online platform that commissions artists to share their work within a classic DIY TV show format. The series aired from March - October 2021. The programme was initiated in the wake of the emerging pandemic by Anne Duffau, Tai Shani and Hana Noorali as a collective means of creative and financial support for the many precarious artists, writers and thinkers who had exhibitions, opportunities and subsequent fees cancelled.

Psychic Refuge : Commissioning Programme

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

Following the launch of online resource, Psychic Refuge, Forma worked with Hoyle to co-commission 4 micro commissions with Alaa Abu Asad, Radio Alhara, Habibi Collective and Inas Halabi.

Capital Projects

1) FormaHQ

In 2019 Forma was offered the opportunity to take over a new site in the London Borough of Southwark. The modernist building, originally a garage block and rooftop garden for the local Peveril estate, stands on the edge of Bricklayers Arms roundabout where Tower Bridge Road meets the New and Old Kent Roads.

Following a £600k refurbishment delivered by Mayor of London and Southwark Council, in partnership with Sanchez Benton Architects, Forma further adapted the building to its needs through an Arts Council England Capital grant. FormaHQ became operational in 2020 during the pandemic and launched to the public in July 2021, with a speech by Sir Nichola Serota. FormaHQ comprises a 275 sqm ground floor and 325 sqm rooftop garden. It includes Forma’s office, 5 affordable artist studios (with one studio reserved for artists with disabilities), a residency space, space for a café and bookshop, and a community and events space on the ground floor. The rooftop garden has been fully refurbished and replanted.

FormaHQ is a huge shift in how Forma operates. For the first time in our history, we have become a public facing cultural hub. This allows Forma to develop new and meaningful ways of engaging with artists and allows us to develop regular audiences in London. It will support our brand development and visibility and ensure we can diversify our income, in turn ensuring long-term resilience.

2) 127 Stanstead Road

Following the successful launch of FormaHQ studios, we opened further artist studios in Lewisham in September 2021 that we then expanded in January 2022. The commercial unit provides 12 new studios occupying the first and second floors and situated 5 minutes walk from Forest Hill overground station.

Internship Programme

Forma took part in the Artquest AWP Internship programme, aimed at new graduates from UAL who are the first in their family to attend a higher education institution and who studied at any college or course at UAL. Initially agreed as a 6-month post from May-November 21 we were then able to offer a part-time permanent position within the team as Marketing & Admin Assistant.

FINANCIAL REVIEW

For the financial year ending 31 March 2022, Forma's total income resources were £507,780 (£409,262 in 2020/21). The total expenditure for the year was £504,099 (£351,143 in 2020/21). The resulting net income is £3,861 (£58,119 net income in 2020/21).

Forma is a registered charity and proud to be one of Arts Council England's National Portfolio Organisations. The organisation receives an annual grant from ACE of £264,455, which is confirmed from 2018-2022. This greatly increases Forma's capacity to deliver its ambitious programme as well as support the growing team. Alongside this Forma seeks to develop multiple income streams to ensure future sustainability.

In support of our artistic programme and core costs, Forma was generously awarded £95,000 from Arts Council England in 21/22 as part of their Cultural Recovery Fund - Round 2. We then raised a further £24,251 in grants and £69,374 in contributed income from partners for our commissions and £5,851 through publishing other earned income activities under the public programme.

Our ACE NPO funding therefore represented 52% (63% in 20/21) of our annual turnover.

At the year end the charity will carry forward £217,240 of which there are £129,989 of Unrestricted Funds and £87,251 of Restricted Funds including £65,251 created through our Capital projects at FormaHQ and 127 Stanstead Road.

Sources of Funding

Forma would like to thank our collaborators, supporters and funders; Arts Council England, 198 Contemporary Arts, Art Fund, Art Night, Artes Mundi, Artquest, Arts Admin (Unlimited), the Attenborough Centre for the Creative Arts, Focal Point Gallery, Frieze, Glasgow Life, Amartey Golding, The Space, Clearing London and Tramway.

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

Reserves

Reserves

The charity's reserves policy is to hold £60,000 in Available Reserves and £2,000 in Capital Reserves per lease per year, as defined in March 2021.

The adopted definition of Available Reserves is:

Available Reserves = Total Charity Funds

-/- Total restricted funds and endowments

-/- Fixed assets or funds already set aside within unrestricted funds The Trustees have agreed to designate the following £27,582 of Unrestricted Funds to activities in 2022/23: Commissioning & Production - £14,644 towards Oliver Chanarin's Title TBC and £11,722 towards Alberta Whittle's Lagareh, Publishing & Distributed Media - £275 towards Himali Singh Soin's we are opposite like that - the vinyl and £921 towards Benedict Drew's Monograph.

Forma's final Available Reserves are therefore £63,000 (£74,165 in 20/21) which is in line with the described policy level for year end 2021/22.

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Forma is led by Artistic Director, Chris Rawcliffe. The organisation has a board of 6 Trustees, chaired by Anders Hemmingsen, which supports the staff, steers the organisation and advocates for Forma’s activities.

In 2021/22 Forma’s staff body moved between 5 and 6 members of staff. We secured a 6 month internship in May 21 which then progressed into a new part-time permanent position as Marketing & Admin Assistant. In June 2021 we recruited for a new part-time Marketing & Communications Manager then our full-time Producer left in August 2021 not to be replaced. Finally we developed a Programme Manager role to support the Artistic Director that began on a full-time basis in February 2022. This is in addition to freelance posts in bookkeeping & financial management and studios management. By March 2022 the full time equivalent of our staff body saw an overall increase from 3.8 to 4.8:

Recruitment and appointment of Trustees

Forma aims to have its board represent a diverse range of relevant skills, experiences, influence and relationships required by the organisation to realise its vision, mission and strategic objectives. It also seeks to ensure the board members are reflective of the diversity of contemporary England and applies Diversity as a criteria in the recruitment of new Trustees.

In May 21, Ferry van Dijk, our Trustee and recent Chair, stepped down from his position after nearly 7 years. This brought the total number of Trustees in March 22 to 6. Intended Board recruitment was halted by the pandemic as it extended into 2021.

Governing Document

Forma Arts and Media Ltd was incorporated as a company limited by guarantee on 12 December 2001 and registered as a charity on 23 May 2013. The charity is constituted by its Memorandum and governed by its Articles of Association, which were adopted on 28 February 2013 and recently revised and adopted on 12 January 2022.

Forma Arts does not have public members; all members are those who sign up to the Memorandum and Articles of Association. New trustees and members are appointed by existing trustees based on the requirements of the board at the time.

The trustees, who are the directors of Forma Arts and Media Ltd for the purposes of company law, are responsible for preparing the Annual Report and the financial statements in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the income and expenditure, of the charity for the year. In preparing these financial statements,the trustees are required to:

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

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity

Forma Arts and Media Limited

1152156

Charity registration number

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Forma Arts and Media Limited Report of the Trustees Continued For the year ended 31 March 2022

Company registration number 04338639 Principal address Peveril Garden Studios Formahq Peveril Garden Studios, 140 Great Dover Street London SE1 4GW

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Ferry Van Dijk (Resigned: 13 May 2021) Anders Hemmingsen Chris Sharp Laura Parker Yves Blais Catherine Bonham-Carter Himali Soin (Appointed: 22 June 2022) Secretary Caroline Heron Independent examiner Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

Approved by the Board of Trustees and signed on its behalf by

............................................................................. Anders Hemmingsen

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Fomia Arts and Medla Llmlted Report of the Trustees Continued For thè year ènded 31 March 2022 coM￿nY roglstradon numbsr PrlTrGlpal addres5 04338639 Peveril Garden Studios Formahq Peveril Garden Studios. 140 Great Oover Street London SE1 4GW Trustee5 The trustee$ and offKers seNlng durfng ¢h8 year and sin¢t the yearend ware as follows: Ferry Van Dijk (Resigned.. 13 May 20211 Anders Hemmlngsen Chri5 Sha Laura Parf(er Yves Blais Catherine Bonham•Carter Himali Soin IAppointed.. 22 Jun8 20221 Sac￿tary Caroline Heron ltrTrdep8nd¢nt examlner Andrew M Well$ Fmmr Counlercullure Partnership LLP Unit 115 Ducie House Du¢ie Stre&t Manchester MI 2JW Approved by the Board of TArst¢es and signed on ils bah8lf by Anda Hemmingsen

Forma Arts and Media Limited Independent Examiners Report to the Trustees For the year ended 31 March 2022

I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiners statement

Since the Charitable company's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of Association of Accounting Technicians, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

23rd December 2022

Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

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Forma Arts and Media Limited

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2022

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Total
Expenditure on:
Raising funds
5
Charitable activities
6/7
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
363,703
105,778
1
469,482
(48,724)
(447,423)
(496,147)
(26,665)
156,654
129,989		 Restricted
funds
£
38,298
-
-
38,298
-
(7,952)
(7,952)
30,346
56,905
87,251		 2022
£
402,001
105,778
1
507,780
(48,724)
(455,375)
(504,099)
3,681
213,559
217,240		 2021
£
346,714
62,545
3
409,262
(36,821)
(314,322)
(351,143)
58,119
155,440
213,559

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R*gi#tèr¥d Number.. 04338639 Fomia Art¥ and Medla Llmlted Statement of Financlal Posltlon As at 31 March 2022 Not•9 2022 2021 Flx$d asg•ts Tangible assets 13 104,658 104,658 76.121 76.121 urrent assets St¢¢ks Debtors C83h 8t bank in hand 14 1,551 33.375 110.980 145,906 133,3241 801 14.135 149.045 163,981 {26.543) Cr￿[torS. amounts fallln9 duo wlthln one yoar Net curr¢nt assets Total assots less curront Ilablllti Net assets 16 112.582 217.240 137A38 213,$59 213.559 217,240 Tho funds gf the ehartty Reslri¢ted income funds Unfyslrictgd incorno fund8 Total funds 17 87,251 129.989 56,905 156,6S4 213,$59 17 217,240 FOF th6 year 8nded 31 March 2022the company wa5 entilied to exempt¢on from audit under sadion 477of the Companies Act 2006 relating lo Small companie$. The members have not reqUI￿d the company to oblaln an audit of its accounts for the year in question in accordance with section 476. The tnjstees acknowledge their responsibilities for ¢omplying with the requirements of the Act with respect to accounting cords and tha preparation of a¢counts. These accounts have bten preparad in a¢¢ordan¢e with the provisions applicable to companies subjed to Ihe srnall companies, regime. Thg financial statemenls were approved and authorised for issue by the Board and signed on its behalf by.. dè Tmste iftgsen 11

04338639

Registered Number :

Forma Arts and Media Limited Statement of Financial Position As at 31 March 2022

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
15
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Restricted income funds
17
Unrestricted income funds
17
Total funds		 £
2022
104,658
104,658
1,551
33,375
110,980
145,906
(33,324)
112,582
217,240
217,240
87,251
129,989
217,240		 £
2021
76,121
76,121
801
14,135
149,045
163,981
(26,543)
137,438
213,559
213,559
56,905
156,654
213,559

For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Anders Hemmingsen Trustee

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Forma Arts and Media Limited

Cashflow Statement For the period ended 31 March 2022

Cash flow from operating activities
Cash generated from operations
Dividends, interest and rent from investments
Purchase of tangible assets
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash generated from operations
Net movement in funds
Adjustments for:
Depreciation and amortisation of fixed assets
Dividends, interest and rent from investments
Movement in working capital
(Increase)/decrease in debtors
Increase/(Decrease) in creditors
Cash generated from operations		 10,611
-
(48,676)
(48,676)
(38,065)
149,045
110,980
3,681
20,139
-
(750)
(19,240)
6,781
10,611
2022		 114,538
-
-
-
(85,365)
-
29,173
119,872
149,045
58,119
12,954
-
4,224
29,013
10,228
114,538
2021

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Forma Arts and Media Limited Notes to the Financial Statements For the year ended 31 March 2022

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006.

Forma Arts and Media Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The financial statements are prepared, on a going concern basis, under the historical cost convention.

Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliabilty.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Resources expended

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Support costs are those costs incurred in support of expenditure on the objects of the Charity. These are allocated to the various charitable activities on the basis of direct expenditure. Staff costs and fees are also allocated to charitable activities on this basis. Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements.

All resources expended are inclusive of irrecoverable VAT.

Tangible fixed assets

All assets costing more than £150 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less thier estimated residual value, over their expected useful lives on the following basis;

Land and buildings over terms of lease Office equipment 33% Straight line Motor vehicles 33% Straight line Fixtures and fittings 33% Straight line

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Forma Arts and Media Limited Notes to the Financial Statements Continued

For the year ended 31 March 2022

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2. Income from donations and legacies

ncome from donations and legacies
Unrestricted Restricted 2022 2021
funds funds
£ £ £ £
Grants received 363,703 38,298 402,001 346,714
363,703 38,298 402,001 346,714
Analysis of grants received
2022 2021
£ £
Art Fund 20,000 -
Arts Council England 375,753 342,714
Golsonscott Foundation - 1,000
Henry Moore Foundation - 3,000
Other grants 6,248 -
402,001 346,714

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Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

3. Income from charitable activities

Unrestricted funds
Encouragement of the arts
Other earned income
Publishing and Distribution
Income from charitable
activities
Artistic Programme
Income from charitable
activities
nvestment income
Unrestricted funds
Bank interest receivable
xpenditure on generating donations and legacies
Unrestricted funds
Donations		 2022
£
32,675
5,021
68,082
105,778
2022
£
1
1
2022
£
48,724
48,724		 2021
£
-
7,482
55,063
62,545
2021
£
3
3
2021
£
36,821
36,821

4. Investment income

5. Expenditure on generating donations and legacies

6. Costs of charitable activities by fund type

osts of charitable activities by fund type
Unrestricted Restricted 2022 2021
funds funds
£ £ £ £
Publishing and Distribution 23,556 - 23,556 35,467
Artistic Programme 263,739 - 263,739 195,074
Capital Project 39,263 7,952 47,215 52,283
Support costs 120,865 - 120,865 31,498
447,423 7,952 455,375 314,322

15

Forma Arts and Media Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

7. Costs of charitable activities by activity type

osts of charitable activities by activity type
Activities Support 2022 2021
undertaken costs
directly
£ £ £ £
Support costs
Publishing and Distribution 23,556 - 23,556 35,467
Artistic Programme 263,739 120,865 384,604 226,572
Capital Project 47,215 - 47,215 52,283
334,510 120,865 455,375 314,322

8. Analysis of support costs

Artistic Programme
Management
Finance
IT
Human Resources
Premises costs
Office costs
Travel costs
Legal and professional
Studio Costs
Website & Marketing
Governance costs		 2022
£
11,545
2,662
2,159
5,268
28,928
9,025
-
1,068
42,120
12,099
5,991
120,865		 2021
£
4,966
2,806
1,817
-
10,788
7,521
600
-
-
-
3,000
31,498

9. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2022 2021
£ £
Depreciation of owned fixed assets 20,140 12,955
Accountancy fees 3,000 3,000
Staff pension contributions 3,237 3,349

16

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

10. Staff costs

Total staff costs for the year ended 31 March 2022 were:

Total staff costs for the year ended 31 March 2022 were:
Salaries and wages
Social security costs
Pension costs
Management		 2022
£
152,022
10,236
3,237
165,495
2022
5
5		 2021
£
133,273
10,486
3,349
147,108
2021
4
4

No employee earned more than £60,000 during the year (2021: nil).

The total employee benefits including pension contributions of the key management personnel were £108,263 (2021: £113,616). Key management personnel include the Artistic Director, Artistic Producer and Deputy Director.

11. Trustee remuneration and related party transactions

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). No trustees were reimbursed any expenses incurred in relation to their duties as trustees.

There are no donations from related parties which are outside the normal course of the Charity's business and no restricted donations from related parties.

17

Forma Arts and Media Limited

Notes to the Financial Statements Continued For the year ended 31 March 2022

12. Comparative for the Statement of Financial Activities

Comparative for the Statement of Financial Activities
Unrestricted Restricted 2021
funds funds
£ £ £
Income and endowments from:
Donations and legacies 264,455 82,259 346,714
Charitable activities 62,545 - 62,545
Investments 3 - 3
Total 327,003 82,259 409,262
Expenditure on:
Raising funds (36,821) - (36,821)
Charitable activities (273,876) (40,446) (314,322)
Total (310,697) (40,446) (351,143)
Net income 16,306 41,813 58,119
Reconciliation of funds
Total funds brought forward 140,348 15,092 155,440
Total funds carried forward 156,654 56,905 213,559

13. Tangible fixed assets

Land and Office Fixtures and Computer
Cost or valuation buildings equipment fittings equipment Total
£ £ £ £ £
At 01 April 2021 73,499 17,805 13,010 54,147 158,461
Additions 44,485 3,067 - 1,124 48,676
At 31 March 2022 117,984 20,872 13,010 55,271 207,137
Depreciation
At 01 April 2021 7,349 11,239 13,010 50,742 82,340
Charge for year 13,456 4,304 - 2,379 20,139
At 31 March 2022 20,805 15,543 13,010 53,121 102,479
Net book values
At 31 March 2022 97,179 5,329 - 2,150 104,658
At 31 March 2021 66,150 6,566 - 3,405 76,121

14. Stocks and work in progress

Stocks of raw materials

2022 2021
£ £
1,551 801
1,551 801

18

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

15. Debtors

Debtors
2022 2021
£ £
Amounts due within one year:
Trade debtors 12,867 13,030
Prepayments and accrued income 18,196 1,105
Other debtors 2,312 -
33,375 14,135
Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 16,709 12,914
Other creditors 11,450 3,631
Accruals and deferred income 5,165 9,998
33,324 26,543

16. Creditors: amounts falling due within one year

17. Movement in funds

Unrestricted Funds

Designated
Designated
General
General
Unrestricted Funds - Previous year
Designated
Designated
General
General		 Balance at
01/04/2021
£
82,489
74,165
156,654
Balance at
01/04/2020
£
81,199
59,149
140,348		 Incoming
resources
£
-
469,482
469,482
Incoming
resources
£
-
327,003
327,003		 Outgoing
resources
£
-
(496,147)
(496,147)
Outgoing
resources
£
-
(310,697)
(310,697)		 Transfers
£
(54,907)
54,907
-
Transfers
£
1,290
(1,290)
-		 Balance at
31/03/2022
£
27,582
102,407
129,989
Balance at
31/03/2021
£
82,489
74,165
156,654

19

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

Purpose of unrestricted Funds

Designated

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

General

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted Funds

Restricted Funds
Balance at Incoming Outgoing Balance at
01/04/2021 resources resources 31/03/2022
£ £ £ £
Capital Project 56,905 16,298 (7,952) 65,251
General - 22,000 - 22,000
56,905 38,298 (7,952) 87,251
Restricted Funds - Previous year
Balance at Incoming Outgoing Balance at
01/04/2020 resources resources 31/03/2021
£ £ £ £
Artquest 18 - (18) -
Bring Me to Heal 10,740 4,000 (14,740) -
Capital Project 2,186 78,259 (23,540) 56,905
Shape Arts 1,823 - (1,823) -
Submline Chainmail 325 - (325) -
15,092 82,259 (40,446) 56,905

20

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

Purpose of restricted funds

General

Arts Admin

Funds received towards Unlimited's sponsorship of Studio 2 at FormaHQ for the artist, Jameisha Prescod.

Art Fund

Funds received towards the production of Oliver Frank Chanarin's large scale photography project, Title TBC.

Shape Arts

Funds received towards Unlimited (a division of ArtsAdmin) and Forma's co-commission of Sophie Hoyle's 'Psychic Refuge'.

Artquest

Forma received this grant as a partner organisation in Artsquest's 'AWP Internships Programme', towards a 6-month paid intership with Jacob Hulmston. The scheme is aimed at new graduates from UAL who are the first in their family to attend a higher education institution.

Submline Chainmail

Funds received towards the production and presentation of Amartey Golding's solo exhbition, 'STASiS' at Jack House Gallery 20 July - 17 August 2019. The artist used an ACE Project Grant towards this.

Bring Me to Heal

Funds received towards the production of Amartey Golding's 'Bring Me to Heal', ecompassing a wearable sculpture, film and photography. To be presented across the UK with partners, Tramway Glasgow, ACCA Brighton and 198 Contemporary London. The artist used an ACE Project Grant towards this.

Capital Project

Funds for improvement works to the building. The balance on the fund is the value of capitalised assets less depreciation.

18. Analysis of net assets between funds

Analysis of net assets between funds
Tangible Net current Net Assets
fixed assets assets /
(liabilities)
£ £ £
Unrestricted funds
General
General 39,408 63,000 102,408
Designated
Designated - 27,582 27,582
Restricted funds
Capital Project 65,250 - 65,250
General - 22,000 22,000
104,658 112,582 217,240

21

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2022

Previous year

Previous year
Unrestricted funds
General
General
Designated
Designated
Restricted funds
Capital Project		 Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
19,216
54,949
74,165
-
82,489
82,489
56,905
-
56,905
76,121
137,438
213,559

19. Company limited by guarantee

Forma Arts and Media Limited is a company limited by guarantee and accordingly does not have a share capital.

22