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← Forma Arts And Media Limited

2024-03-31-accounts

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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 2024

Forma Arts and Media Limited Contents Page For the year ended 31 March 2024

Report of the Trustees 1 to27
Independent Examiner's Report to the Trustees 28
Statement of Financial Activities 29
Statement of Financial Position 30
Notes to the Financial Statements 31to40

Forma Arts and Media Limited Report of the Trustees For the year ended 31 March 2024

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 2024. 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).

A Year in Review

It is with great pride that we present this Report of the Trustees on Forma’s 2023/24 activities.

Forma holds a unique drive to realise the incredible ambition of its artists and has been long celebrated for its high profile commissions and productions. From 2018-2023 Forma set about a 5-year restructure towards a more relevant and inclusive organisation with an expanded range of support in the creation of new work. One that is peripatetic in nature; fostering a local community in London while simultaneously presenting shows with a growing list of collaborators worldwide.

In just a short time the organisation opened two new sites in South-London; the RIBA award winning FormaHQ in Southwark and 127 Stanstead Road in Lewisham. Together they house; our artists’ studios, a space for national and international residencies, a live events programme, a rooftop garden and our bookshop cafe, Presse Books. This journey would not have been possible without the vision and commitment of our board, team, partners and supporters.

2023/24 sees Forma’s first full year of operation since the restructure and the below report describes the many fantastic achievements that this dynamic new model allows for.

Beginning with our commissioning and production programme and the much anticipated premiere of Oliver Frank Chanarin’s A Perfect Sentence presented with our partners at The Museum of Making in Derby. This marked the start of a multi-year touring programme for the commission and from there it moved to KARST in Plymouth where it was presented in its entirety with two specially made robotic arms.

R.I.P. Germain’s Everything’s For Sale & Everyone’s Welcome To Buy launched as part of Artist Film International (AFI) in June with new collaborator, Whitechapel Gallery in London before touring to their extended network of exhibiting partners worldwide.

In August Alberta Whittle re-enacted and reconfigured scenes and moments from Lagareh – The Last Born as part of a newly commissioned performance for the Edinburgh Arts Festival.

We celebrated Adham Faramawy as the winner of the Frieze Artist Award 2023 with a presentation of their moving image work And these deceitful waters at Frieze London.

2023 marks the fifth consecutive year of our co-commissioning and co-production partnership with Frieze and we are delighted to confirm its continuation into 24/25.

We wished a very warmhearted congratulations to Alberta Whittle, Himali Singh Soin and Amartey Golding who all reached new institutional heights, presenting Forma commissioned works as part of their respective solo shows at Modern One, National Galleries in Edinburgh, the Chicago Institute and The Powerplant in Toronto.

At FormaHQ we bid farewell to the London-based Flatness, who rounded off their 7-month research fellowship and public programme. As part of our ongoing partnership with Unlimited we welcomed alumni artists, Sophie Hoyle and Daniella Valz Gen for an 18-month supported studio residency. In partnership with Nicoletti Contemporary we led an international residency with Josèfa Ntjam and Sean Hart followed by a memorable performance by the pair to a packed crowd at FormaHQ during Frieze Week.

New and known faces returned to FormaHQ to attend our evolving public programme. Led by our dedicated team of three who tie the many facets of our building together, we continue to test the boundaries of the space and be responsive to the requests of our local community. A highlight has to be our inaugural Presse Books Fair. A sprawling takeover of FormaHQ with wares from 39 independent publishers and a day-long programme of events in the garden. It was a truely unique celebration of independent publishing in all its configurations that saw us welcome our largest single audience to date - over 400 visitors in one day.

Artistic Director Chris Rawcliffe

Our Objectives

Our Mission

“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.

Our Vision

Our programme is initiated and driven by the ambition of the artist and brings about opportunities for career progression and professional development. As a team we support artists at all stages of their career and over sustained periods of time; from mentorship and R&D to fundraising, partnership building, stakeholder management, multidisciplinary productions, exhibition touring, marketing, PR and publishing.

Partnerships are a central component of our organisational model. Every project is realised with a partnership network that fits the needs of the commission and enables new ways of working.

We strive to innovate and challenge existing business models in the sector. We take risks and experiment in new activities that add value and generate new income streams. We encourage artists to do the same.

We sustain a network for artists to debate, collaborate and challenge the status quo.

Our Values

Innovation & Quality – through ambition, research, experimentation and providing expert support to artists and participants.

Engagement & Collaboration – with audiences, communities, practitioners and the sector, ensuring our work is relevant.

Diversity & Opportunity – reflective of the complex and diverse fabric of contemporary society in the selection of who we work and collaborate with, who we train and develop, and who we employ.

Resilience, Dynamism & Sustainability – ensuring we find new ways to diversify our income, thrive and make our work and workplace environmentally sustainable.

Achievements & Performance in 2023-24

Commissioning & Production

  1. Oliver Frank Chanarin

  2. A Perfect Sentence

Oliver Frank Chanarin’s A Perfect Sentence explores the shifting terrain of documentary photography: our drive for attention, the complexity of being seen and our anxiety of being overlooked. The work premiered at The Museum of Making in Derby on 16 March 2023 as a highlight of the UKs leading international photography biennial - FORMAT23.

Commissioned and produced by Forma with eight partners, A Perfect Sentence is the artist’s first UK solo project and will see multiple presentations, public acquisitions, a digital platform and a publication.

In January 2024 the exhibition moved to KARST in Plymouth to be presented in its entirety through the addition of two large machines made by the artist in collaboration with Tom Cecil and Ruairi Glynn. The robotic arms continuously hung and rehung the framed photographs that were stored in stacks on the gallery floor. Appropriating the language of automation, the machines handled the images according to an inscrutable logic; identifying, sorting, displaying, juxtaposing and storing photographs for the duration of the exhibition.

Looking forward, A Perfect Sentence will be presented at Images Vevey Biennial in Switzerland in September 2024, Wolverhampton Art Gallery in November 2024 and National Museum Cardiff in 2025, with additional presentation dates pending.

Partners and Supporters

A Perfect Sentence was commissioned and produced with Forma in partnership with 8 institutions across the UK: Artes Mundi, Cardiff; KARST, Plymouth; Guildhall Art Gallery, City of London Corporation; Norfolk Museums Service (Norwich Castle Museum and Art Gallery, Norwich, and Time and Tide Museum, Great Yarmouth); originalprojects, Great Yarmouth; QUAD, FORMAT International Photography festival and Derby Museums, Derby; and Wolverhampton Art Gallery, Wolverhampton. Commissioned in association with Images Vevey and Amgueddfa Cymru – Museum Wales.

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Oliver Frank Chanarin’s A Perfect Sentence . © Oliver Frank Chanarin. Installation view: KARST, Plymouth, 2024. Commissioned and produced by Forma in collaboration with eight UK organisations. Supported by Arts Council England, Art Fund and Outset Contemporary Art Fund. Photo: Dom Moore

  1. Adham Faramawy And these deceitful waters Frieze Artist Award 2023

The Frieze Artist Award 2023 marks the fifth consecutive year of our co-commissioning and co-production partnership. Selected by a jury of leading industry figures, it provides an artist with an important opportunity to debut an ambitious new commission at Frieze London at a formative moment in their career. As part of the fair’s anchor programme of special initiatives and collaborations, the accolade has been a cornerstone of Frieze’s artist-led projects over the past two decades and seen recipients such as Simon Fujiwara (2010), Himali Singh Soin (2019), Alberta Whittle (2020), Sung Tieu (2021) and Abbas Zahedi (2022).

Adham Faramawy and their work And these deceitful waters was selected by a jury of leading industry figures as the winner of the Frieze Artist Award 2023.

Faramawy’s video and sculptural assemblage examines the history of the Thames, exploring the river as a colonial artery and a site of ecological collapse. Employing a three-person dance performance with music and spoken word, the winning commission tells stories of the river and its flora - illustrating how land becomes tangled into projects of nation building, colonisation, toxicity and migration as borders are constructed, reinforced and dissolved.

The FFA 2023 jury members: Andrew Bonacina (Independent Curator), Carmen Juliá (Curator, Spike Island), Eva Langret (Director of Frieze London), Chris Rawcliffe (Artistic Director, Forma) and Abbas Zahedi (Winner of the Frieze London Artist Award 2022).

  1. R.I.P. Germain Everything’s For Sale & Everyone’s Welcome To Buy Artists’ Film International (AFI) 2023

Forma partnered with Whitechapel Gallery in London for their annual Artist Film International (AFI) programme in 2023; a collaborative project featuring film, video and animation from around the world. Established by the Whitechapel Gallery in 2008, AFI maintains a network of 21 global partner organisations. Each organisation selects an exciting recent work by an artist from their region which is shared amongst the partners. The programme is adapted to every venue and is shown over the course of a year.

R.I.P. Germain’s Everything’s For Sale & Everyone’s Welcome To Buy speaks to the complex layers that exist within contemporary Black culture and uses samples from the deep research-‘berg that sits beneath Jesus Died For Us, We Will Die For Dudus! (ICA London, 21 February - 14 May 2023), slicing like a soil corer into the sedimentary layers that informed the show.

The artist is a voracious collector of cultural material, archiving the iconic and the fringe of Black culture and most of what is between, allowing these ideas to co-mingle, and layering up exegetical resonances that inform his decision making without necessarily being immediately retrievable to the viewer. Here we get a little wedge of the cake – each clip is a false front, and the viewer can make multiple conjectures about how –therein lies the challenge.

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Image credit: Adham Faramawy’s And these deceitful waters. Installation view at Frieze London, October
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Image Credit: R.I.P. Germain’s Everything’s For Sale & Everyone’s Welcome To Buy . Installation view. Courtesy and © the artist. Commissioned by Forma for the Whitechapel Gallery’s Artists’ Film International 2023. Photo: Katarzyna Perlak.

Everything’s For Sale & Everyone’s Welcome To Buy toured throughout 2023/24 to the following AFI partners:

4. Alberta Whittle,

Create Dangerously - making room for ancestral transmissions Edinburgh Arts Festival 2023

Alberta Whittle’s takes her recent film Lagareh – The Last Born as inspiration for a newly-commissioned performance as part of Edinburgh Arts Festival on 13 August 2023. Presented by Edinburgh Arts Festival and National Galleries of Scotland, the production was supported by Forma and the Scottish Government’s Festival’s EXPO Fund.

In the performance, Whittle re-enacts and reconfigures scenes and moments from Lagareh – The Last Born , encouraging the audience to continue to think about the poetics of abolition and how love and grief can become healing forms of release.

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Himali Singh Soin’s we are opposite like that installation view as part of Dear Earth group exhibition at Hayward Gallery in London from 21 June to 3 September 23 2023. Co-commissioned by Frieze and Forma for the Frieze Artist Award 2019. Image courtesy the artist and Hawyard Gallery.

Touring

In 2023/24 Forma had the honour of seeing our community of artists and their recent and past commissions with Forma come to seed in large scale institutions. Works toured extensively to national and international venues, reaching an estimated audience of 326,249.

Image Credit: Alberta Whittle’s Lagareh - The Last Born installation view as part of the artist’s solo exhibition Learning a new punctuation for hope in times of disaster at Regen Projects, Los Angeles from 16 March – 18 May 2024. Image courtesy the artist and Regen Projects.

Highlights

Amartey Golding’s Bring me to heal , co-commissioned and produced by Forma in 2021, was presented as part of the artist’s solo show In the comfort of embers at Toronto’s leading contemporary art institution The Power Plant from 3 February - 14 May 2023. An incredible legacy for our commission with Golding, providing high level international exposure for the artist.

Alberta Whittle’s much celebrated films Lagareh - The Last Born and RESET , were shown at National Galleries Scotland, Edinburgh, as part of the artist’s mid-career survey Create Dangerously from 1 April 2023 to 7 January 2024.

RESET was Forma’s first co-commission with the artist in 2020. Following from this we then re-engaged with the artist for Lagareh which was co-commissioned and produced by Forma for the Scottish exhibition at the 59th International Art Exhibition – La Biennale di Venezia. We are delighted to report that in 2023 Lagareh was acquired by National Galleries Scotland. A fantastic recognition of its cultural significance, and a move that ensures its preservation and presentation for years to come.

Himali Singh Soin’s we are opposite like that , co-commissioned and co-produced by Forma in 2019, continues to garner recognition in the institutional landscape. It was presented as part of a wider body of work in the artist’s monumental solo show Static Range at Art Institute Chicago, United States from 10 December 2022 to 15 May 2023 and proceeded to tour in group shows at Fondazione Prada

Full List of Touring Commissions in 23/24

Alberta Whittle, Lagareh - The Last Born

Alberta Whittle, RESET

Amartey Golding, Bring me to Heal

Cécile b. Evans, A Screentest for an adaptation of Giselle

Himali Singh Soin, we are opposite like that

Sung Tieu, Moving Target Shadow Detection

R&D Ray Young BODIES

Commissioned by Unlimited in 2022, BODIES saw the multi-disciplinary artist Ray Young ambitiously transform a swimming pool into a unique AV immersive experience to explore the dynamics of individual and collective energies at play in a moment of climate emergency. Through a guided meditation audiences navigated the entangled and complex relationship we have with the planet, and therefore the urgent responsibilities we have to each other.

Forma, acting in the capacity of a producer-for-hire to the artist and Unlimited, supported Young in the undertaking of an R&D phase towards an amended presentation of BODIES at the Horizon Showcase 2023 in Edinburgh. Across six months the artist engaged new advisors and collaborators to test and develop aspects that would be integrated into the existing format using traditional prop making methods, AI image generators, photogrammetry and 3D modelling software. The R&D with Forma gave rise to a further public presentation of the work with Boom Arts in Portland, United States from 21-24 April 2023.

Associate Artists Programme 2022-24

Joseph Cutts, Cécile B. Evans, Gaia Di Lorenzo, Jameisha Prescod and Himali Singh Soin.

The Forma Associate Artists programme is a professional development initiative for artists and cultural thinkers to have a continued working relationship with the organisation beyond the conventional commissioning and exhibition model. Launched as a two-year scheme, the mutually beneficial partnership reflects Forma’s long-term engagement with the artists we have previously supported.

Depending on the artist’s needs, Forma can offer the Associate Artists a unique combination of mentoring and networking support; resources and spaces; moments to research and experiment an idea and small income opportunities. In exchange, we hope to build a more meaningful connection to the artist and their practice.

Studio Provision

Forma has been an artist studio provider since 2021 and currently supports 30 artists across 2 sites in London: FormaHQ in Southwark and 127 Stanstead Road in Lewisham.

As part of our mission, we seek to provide comprehensive support to our community in the production of new works. Through studio provision Forma creates wider sector impact by securing much needed creative workspace in London at below market rates. Our offering promotes sustainability and supports equality, diversity and inclusion by ensuring local needs are met and through a range of entry points.

Capital Project Research

In 2023 we researched the possibility of expanding Forma’s capital portfolio to a third site in London. Through this process we visited a range of properties coming to market and prepared business models that work to varying scales of building, term, activity and landlord/key stakeholder. We intend to make further progress on this moving into 24/25.

FormaHQ Public Programme

FormaHQ is our creative production hub and home in South-London. As an organisation that works in a peripatetic manner with our partners across the UK and internationally, FormaHQ provides a unique opportunity to connect with and foster a local community.

Through our public programme we support artists and community partners in the development and presentation of events such as performances, workshops, talks, screenings, book launches, exhibitions, architectural tours or garden open days. This free-to-attend programme is delivered by a dedicated team of 3 Forma staff and creates employment opportunities for up to 50 artists, technicians and casual staff throughout the year. In 23/24 we welcomed 4,148 visitors to the building across a programme of 22 events, Presse Books and Peveril Gardens.

Image Credit: Presse Books Fair at FormaHQ, June 2023. Photographer Katarzyna Perlak. Courtesy Forma.

Highlights

Presse Books Fair, 17 June 2023

Presse Books Fair was a unique celebration of independent publishing in all its configurations that saw us welcome our largest single audience to date - over 400 visitors - stretching the boundaries and capacity of FormaHQ.

The ground floor was given over entirely to stalls from 39 independent publishers and a complimentary live programme of workshops, performances, talks and readings took place in the garden above, featuring; Tom Pope, Canal, AQNB, The Drawing Room, Oliver Frank Chanarin and Think Big, Read Library.

To mark the occasion Forma created a new Xeroxed publication, STRIKE, inspired by DIY publishing and deconstructed book making, that includes contributions from 50 artists. Each A4 copy is handmade; individually stamped, bound with elastic band and hand numbered as an edition of 500. Acting as a sort of ‘anti-book’, STRIKE was pasted live across Peveril Gardens during Presse Books Fair. Think of it as a “book as a performance”...

Fluid Cosmologies , 1 & 31 August 2023 Curated by Samy Bie and Anastasia Chugunova

In partnership with MFA Curating at Goldsmiths College

As part of our ongoing community partnership with MFA Curating at Goldsmiths College, Forma welcomed curators, Samy Bie and Anastasia Chugunova to present a two-part programme that coincided with the two full moon days in August 2023.

Taking this celestial event that happens every two or three years as a point of departure, the pair brought together artists whose practice arises from the navigation into Asian diasporic and queer experiences. It featured performances from River Cao, Bea Xu and Nanzhen Yang (in collaboration with Harry Appleyard and Nuka Nayu) who, through their fictional narratives, looked to redefine the very notion of ritual and explore its potential to heal and bring together the communities to come.

Further events in the programme included:

FormaHQ Residencies Programme

Unlimited Studio Sponsorship Sophie Hoyle and Daniella Valz Gen

In 2023 Forma became an Ally Level 1 of arts organisation and sector advocate, Unlimited. This marks the third consecutive year of our partnership with the organisation in support of a studio space at FormaHQ for artists living with a disability.

The studio space is offered to Unlimited alumni and comes with a supportive package of mentorship and professional development. 23/24 saw the studio awarded to two artists; Sophie Hoyle (July-December 2023) and Daniella Valz Gen (January-December 2024).

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Image Credit: Josèfa Ntjam’s A constellation of blackness , a live performance at FormaHQ in collaboration with Sean Hart and Steven Jacques. 2023. Commissioned by Forma. Supported by Nicoletti and Fluxus Art Projects. Photographer Sam Nightingale.

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Josèfa Ntjam & Sean Hart 3 – 31 May 2023

In collaboration with Nicoletti Contemporary and further supported by Fluxus Art Projects, Forma welcomed the artists Josèfa Ntjam and Sean Hart to London for a month-long residency at FormaHQ during which time the pair devised A constellation of blackness .

The hypnotic, captivating and powerful 33 minute track intertwines reflections on Blackness and gender and is accompanied by a new moving image from Hart. It collages Ntjam’s spoken word and instrumental improvisation, drawing on Afrofuturist influences and sampled clips including those from popular twentieth-century Black figures. Ntjam confronts references to African mythology, ancestral rituals, religious symbolism and science fiction, speaking about “notions of universe expansion, stars, connection to ancestors across the universe”, as well as Blackness, darkness and antimatter.

In October 2023 during Frieze week Ntjam and Hart returned for their first UK live performance of A constellation of blackness at FormaHQ. The performance captured a special moment for the artist who was concurrently exhibiting at their London gallery Nicoletti, Frieze London and as part of the group exhibition RE/SISTERS: A Lens on Gender and Ecology at the Barbican Art Gallery, alongside close to 50 pioneering artists including Judy Chicago, Barbara Kruger, Ana Mendieta and Otobong Nkanga.

Oasis Residency: Flatness September 2022 – April 2023

Our 7-month fellowship with the curatorial platform Flatness (comprising founder, Shama Khanna, in collaboration with Beth Bramich and a network of contributors) drew to an end in April 2023 with a final performance event from the artist duo Steve & Samantha. The Fellowship was selected via open call for artists and groups working in a socially engaged way and whose work could respond to the context of FormaHQ and the immediate Chaucer Ward. It included a studio for the duration and a £15,000 bursary towards fees and production costs.

Oasis takes its name from the research and conversations initiated by the lead creatives in the redevelopment of Peveril Gardens and FormaHQ. Flatness responded to a brief for a cultural programme that embraced Kuri’s vision of an oasis – a safe place where creatives and local residents can take part in cultural activities and enjoy the benefits of Peveril Gardens.

For Oasis, Flatness curated a short cultural programme to build on Queer Diasporic Futurity (QDF) , a book project produced in partnership with not/ nowhere artist workers’ co-op and published by Social Art Publications. QDF brought together themes of redistributing power, intersectional resistance and healing. The project found new ways of working, IRL and in print, using publishing as a pause and ongoing process to reflect on relationships, communities, collaboration and interdependence.

Forma would like to thank Flatness and all the fantastic contributors to the programme: Ali Yellop, Babylon Migrants Project, Design Print Bind, Hannah le Feuvre, Jack Jeans, Richard Court, Tomás Fernandez Vértiz, Ulijona Odišarija, Southwark Notes and Steve & Samantha.

Presse Books

Launched in October 2022, the Forma-led Presse Books cafe bookshop has had a significant impact on how people view FormaHQ. It has widened our audience base and underpinned our public programme, providing a much needed space for hospitality alongside our studios and events space. Further, it has encouraged us to think about how to establish an environment for small publishers and artists to sell and present their own work through book and record launches and performances.

As a new venture, a close eye was kept on monthly performance. The operational cost of the original model was weighted towards the coffee shop aspect of Presse Books with a full-time member of staff, equipment and supplies. Our primary market was therefore local residents and general footfall on Great Dover Street.

Image Credit: Presse Books at night. Photographer Sam Nightingale. Image courtsey Forma.

By June 2024 with an ongoing loss the model was deemed unsustainable due primarily to low footfall in the area and compounded with a difficult year for hospitality in the cost of living crisis. The executive team worked with the board to review our approach and with that pivot towards the more successful aspects of the space - those that related more closely to our organisational aims, audiences and operational model for the building.

In October 2024 we reduced our daytime hospitality offering, adjusted our opening hours and provided staff with new roles. Moving into 24/25 will continue to nurture and refine the offering.

Publishing & Editions

A Perfect Sentence (2023) Oliver Frank Chanarin ISBN: 978-1-912719-47-1 Published by Loose Joints

Designed and published by Loose Joints Studio and edited by Sarah Chaplin Espenon, the Forma supported A Perfect Sentence beautifully captures the artist’s new body of work. The publication includes 112 colour plates taken during his year-long expedition and is accompanied by a 24-page text - written to be read aloud.

Image Credit: STRIKE

STRIKE (2023) Published by Forma

STRIKE , a low-fi zine published by Forma, is inspired by DIY publishing and deconstructed book making. Its pages contain artworks by 58 artists who were invited to respond to the title STRIKE – exploring action as political intent; as performative happening; and the gestural act of taking pen to page. Acting as an “anti-book”, this handmade publication aims to reverse the usual restrictions that can limit access to publishing, dismantle hierarchies, and give artists and creatives an opportunity to share their work, knowledge and ideologies.

With contributions by: Conor Ackhurst, Josephine Baker, Clémentine Bedos, Daria Blum, Adam Boyd, Danielle Brathwaite-Shirley, Guendalina Cerruti, Joseph Cutts, Rafael D’Aló, Lewis Dalton Gilbert, Jordan Derrien, Frances Disley, Benedict Drew, Julie Dusuel, Nour el Saleh, Adham Faramawy, Flatness, Marco Fusinato, Patrick Goddard, Holly Graham, Daniel Greenfield-Campoverde, Winnie Hall, Clara Hastrup, Clare Holdstock, Anne Imhof, Kasra Jalilipour, Jack Jeans, Julie Koldby, Julianknxx, Lawrence Lek, Olukemi Lijadu, Laila Majid, Rene Matić, Abdollah Nafisi, Siân Newlove-Drew, Guy Oliver, Eleni Papazoglou, Kate Paul, Hamish Pearch, Richard Phoenix, Marc Prats, Raju Rage & Nad Ma, CJ Reay, Abigail Reynolds, Bryan Giuseppi Rodriguez Cambana, Cora Sehgal Cuthbert, Sin Wai Kin, Ebun Sodipo, David Steans, Grzegorz Stefański, Orfeo Tagiuri, Laila Tara H, Holly Eliza Temple, Karoly Tendl & Andras Nagy-Sandor, Kialy Tihngang, Ella Yolande, Linda Zagidulina and Abbas Zahedi.

Our Collaborators, Partners & Supporters in 2023/24

Forma’s success lies in our partnerships, we are 100% collaborative. We would like to extend our warmest thanks and gratitude to the many supporters and cultural partners engaged throughout 2023/24 across commissioning, touring, publishing, local and international residencies, studio provision, placemaking and community engagement.

Major Supporters

Amgueddfa Cymru – Museum Wales The Ampersand Foundation Art Fund Artes Mundi City of London Corporation Derby Museums Deutsche Bank Edinburgh Arts Festival Frieze Goldsmiths College Guildhall Art Gallery Fluxus Art Projects FORMAT23 International Photography festival Images Vevey KARST Loose Joints Metropolitan Public Gardens Association The Museum of Making Nicoletti Contemporary Niru Gallery Norwich Castle Museum and Art Gallery Oliver Chanarin Originalprojects Outset Contemporary Art Fund QUAD Time and Tide Museum Unlimited Wolverhampton Art Gallery

Financial Review

Forma continues to adapt to changes in the sector and wider economy with an organisational model that is dynamic, enterprising and resilient.

For the financial year ending 31 March 2024, Forma’s total income resources were £462,080 (£527,229 in 2022/23). The total expenditure for the year was £477,315 (£531,848 in 2022/23). The resulting net deficit of £15,235 (£4,619 net deficit in 2022/23) reflects use of funding provided in prior periods and currently held in reserves to support the multi-year commission of A Perfect Sentence .

Across charitable activities Forma raised a total of £168,611 (£205,946 in 22/23).

As a studio provider Forma continues to strike a balance between social value creation and income generation. Our sites have performed well in 23/24, generating a turnover of £107,432 (£114,264 in 22/23) and an operational profit of £27,774 despite the compounded challenges of high energy bills and rising inflation. In response to the economic crisis, Forma absorbed the related increase in costs and deferred rental and utilities increases for tenants until 25/26.

Our entrepreneurial approach to capital projects has seen us expand our offer at FormaHQ to national and international residencies, retail and local partnerships with a focus on supporting independent publishers. In 23/24 Presse Books raised a total of £29,444 (£28,574 in 22/23) across hospitality, retail and events but incurred an overall loss. As a new venture there were known financial risks from the outset as to the viability of a daytime hospitality offering in an area of low footfall. After a full year of operation the executive team moved to curb expenditure and lean into the more successful elements supported by a staff restructure. The result was a monthly operational profit by year end. Moving into 24/25 we will continue to monitor the progress of this activity closely and maximise income within the given capacities.

Taking a 100% collaborative approach, we successfully engaged with new and known partners from across the sector to raise £60,435 in support of the artistic programme - through co-commissioning and as a production company for other cultural organisations. The latter raised £18,936 and has been outlined as an area for future growth to be explored more fully in 24-26.

In 23/24 Forma widened its network of supporters and further welcomed grants of £28,700 from The Ampersand Foundation, Fluxus Art Projects, Outset Contemporary Art Foundation and The Metropolitan Public Gardens Association.

Lastly, Forma’s ability to achieve its vision has been greatly enabled by the ongoing support provided by Arts Council England. As a National Portfolio Organisation Forma receives an annual grant from ACE of £264,455, which is confirmed from 2023-26 and currently represents 57% (52% in 22/23) of our annual turnover. Forma continues to aim to diversify its revenue sources.

Reserves

The charity’s current reserves policy as defined in December 2023 is to hold a minimum of £62,344 (up from £48,844 in 22/23), reflective of operating costs for 3 months (£60,000) and a capital reserves fund (£2,344). This is part of a planned year–on-year increase that will see our reserves reach £83,000 by year end 25/26.

On 31 March 23 the charity carried forward £197,386 of which there are £122,683 of Unrestricted Funds and £74,703 of Restricted Funds. Our Unrestricted Funds include £28,939 of fixed assets created through our Capital projects at FormaHQ and 127 Stanstead Road.

The Trustees have agreed to designate £29,835 of Unrestricted Funds to the following activities in 2024/25: £21,300 towards Oliver Chanarin’s A Perfect Sentence , £2,000 towards Evar Hussayni’s residency and public programme based on her ongoing project The WANAWAL , £5,000 towards our co-commission with Film and Video Umbrella titled The Open Road , and lastly £2,500 towards FormaHQ’s 24/25 public programme.

Forma’s final Free and Available Reserves are therefore £63,909 which is in line with the above target. Reserves are held as cash deposits with reputable counterparties - UK-authorised banks or building socities.

Structure, Governance and Management

Governance

Articles of Association and membership rules for Trustees

Organisational Structure

Forma is led by Artistic Director, Chris Rawcliffe and Managing Director, Caroline Heron. 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 2023/24 Forma’s staff body moved between 5 and 6 members of staff. In April 2023 Caroline Heron received a promotion to Managing Director and Antonia Shaw was promoted to Head of Programme. Annika Theims left Forma in September 2023 to pursue other pathways. In line with the Front of House restructure for FormaHQ, Tobi Tendl was retained however his role was revised an FTE reduced from 1.0 to 0.6, Jennifer O’Neill was promoted to our FTE 1.0 Marketing & Communications Manager in November 2023 and Lottie Gomes joined as our Curatorial Assistant in February 2024. By March 2023 the full time equivalent of our staff body remained steady at 5.2.

Artistic Director - Chris Rawcliffe Managing Director - Caroline Heron Head of Programme - Antonia Shaw Marketing and Communications Manager - Annika Theims (left September 2023) Communications and Publishing Manager - Jennifer O’Neill Curatorial Assistant - Lottie Gomes Assistant Manager of Presse Books - Tobi Tendl

We receive further support from regular freelancers: Studio Manager - Lawrence Storey Bookkeeper - Eve Skillicorn

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.

We welcomed Eva Langret as a Trustee in November 2023. Eva is currently the Director of Frieze London and brings a wealth of experience in artistic direction, strategic development and partnerships.

In December 2023 our Chair Anders Hemmingsen announced that he would step down from the board in 2024/25 after a total of 9 years with the organisation. We would like to extend an early expression of gratitude for his immense dedication and support during some of the most transformative and ambitious developments in the organisation’s 22 year history. As a result we will soon set about a recruitment process for the position of Chair of the Board of Trustees.

Governing Document

Forma Arts & 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 & 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.

REFERENCEANDADMINISTRATIVE INFORMATION Namo of Chailty Forma Arts and Medla Llm4ted Chatlty rnglstratlon numb•r 1152156 Company reglstratlon number 04338639 Prfnelpal address FormaHQ 140 Great Dover Street London SEI 4QII Trustoos The trustees and offlcers servlng durlng the year and,s4nco the year end were as follows; Anders Hemm4ngsan (Chalr) Yves Blals Eva" Lan9ret Laura Parker Chrls Sharp So¢fatary Carollne Heron Ind0p•ndont •xamln•f Andrew M Wells FMAAT Counterculture Partnershlp LLP Bank Chambers, Maln Street Hawes North Yorksh4 re DL8 3QL Ap rove by thè Board of Trustees and slgned on Its behalf .by Anders Hemm4ngsen IblK 2OZ4

Forma Arts and Media Limited Independent Examiners Report to the Trustees For the year ended 31 March 2024 I report lo the trustees on my examination of Ihe accounts of the charitable company for the year ended 31 March 2024. R•sponsibilities and basls of rgport As the charity Trustees, who are also d1￿Clor$ for the purposes of company law, are responsible for the preparation of the accounts in accordance wilh the requirements of the Companies Act 2006 ('the 2006 ACV). Having salish'ed mysell th81 the accounts of Ihe Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitys accounts carried out under section 145 of the Charities Act 2011 {Ihe 2011 ACVI. In carrying out my examinalion I have followed the Directs'ons given by the Charity Commisslon under section 145(Sllb) of the 2011 Act. Ind•p•ndent exJmin•rs statoment Since the Charitable company's gross income exceeded £250,000, your examiner must be a member ot a body listed in section 14501 the 2011 Act. l Gonfirm Ihal l am qualified lo undertaka the examination by virtue of my membership of A550ciation of A¢counting Technicians, which is one of the listed bodies. I have completed my examlnalion. l ¢onflrm that no matters have come lo my attention in connectlon with the examination giving me cause lo believe that in any malerial 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 3. the accounts do not comply with the requirements of section 396 of the 2006 Acl other than any requirement that the accounts give a 'lrue and fair view, which is not a metter considered as p8rt of an independent examination., or 4. the accounts have not been prepared in accordance with Ihe methods and principles ol the Slalemenl of Recornmended Practice for accounting and reporting by chanties applicable to charities prepaiing their accounts in accordance with the Flnanclal Reporting Slandard appllcable in the UK and Republic of Ireland IFRS 102). I have no concerns and hav drawn in this repo nord come across no other matters In connectlon wilh th8 ex8mlnallon lo whlch attenllon should be to enable a proper understanding of the accounts lo be reached. Andr M Wells FMAAT Counlercullure Partnership LLP Bank Chambers, Maln Street Hawes North Yorkshire DL8 3QL (fj IIL I'LV

Forma Arts and Media Limited

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2024

Notes Unrestricted Restricted 2024 2023
funds funds
£ £ £ £
Income and endowments from:
Donations and legacies 2 264,681 28,700 293,381 321,265
Charitable activities 3 168,611 - 168,611 205,946
Investments 4 88 - 88 18
Total 433,380 28,700 462,080 527,229
Expenditure on:
Raising funds 5 (44,039) - (44,039) (54,866)
Charitable activities 6/7 (411,482) (21,794) (433,276) (476,982)
Total (455,521) (21,794) (477,315) (531,848)
Net income/expenditure (22,141) 6,906 (15,235) (4,619)
Reconciliation of funds
Total funds brought forward 144,824 67,797 212,621 217,240
Total funds carried forward 122,683 74,703 197,386 212,621

Registered Number.. 043 Fonna Arts and Media Llmited Statement of Financial Positlon As at 31 March 2024 Notes 2024 2023 Flxed assets Tangible assets 87,472 7,472 105.039 105,039 Current assets Sto¢ks Debtors Cash * bank and in hand 14 15 10.367 16,230 100,845 127,442 117.528} 7,438 46.503 95,193 149,134 (41,5521 107.582 212,621 Credltors: amounts falllng due vlthln one year 36 Netcurrent assets 109,914 197.386 Totsl assets less current Ilabllltles Net assets 197,386 212,621 Thefunds of the charlty Restricted income funds Unrestncted income funds 17 17 74,703 122,683 197,386 67,797 144,824 212,621 Total funds For the year ended 31 March 20241he company was entiued to exemption from audSt under section 477of the Companies Act 2006 relating to Small companies. The members have not required tho company to obtain an audit of its accounts for the year In quests'on in accordance with Section 476, The trustees acknowledge their responsibillties for complying with th6 r¢quirem8nts of the Act with respect to accounting records and the preparalion of accounts. These accounts have been prepared in accordancts with the provisions applicable to companies subjeGt to the small companies, regime. The finanGial statements were approved and authorised for issue by the Board and sgned on its behalf by.. Anders Hem gsen

04338639

Registered Number :

Forma Arts and Media Limited Statement of Financial Position As at 31 March 2024

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		 £
2024
87,472
87,472
10,367
16,230
100,845
127,442
(17,528)
109,914
197,386
197,386
74,703
122,683
197,386		 £
2023
105,039
105,039
7,438
46,503
95,193
149,134
(41,552)
107,582
212,621
212,621
67,797
144,824
212,621

For the year ended 31 March 2024 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

Forma Arts and Media Limited Notes to the Financial Statements For the year ended 31 March 2024

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 the term of the lease Per annum on cost Office equipment 33% Straight line Motor vehicles 33% Straight line Fixtures and fittings 33% Straight line

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

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

Unrestricted Restricted 2024 2023
funds funds
£ £ £ £
Donations received 226 - 226 1,000
Grants received 264,455 28,700 293,155 320,265
264,681 28,700 293,381 321,265

Analysis of grants received

Art Fund
Arts Council England
City of London
City of Wolverhampton Council
Fluxus Art Projects
Outset Contemporary Art Fund
The Ampersand Foundation
The Metropolitan Public Gardens Association		 2024
£
-
264,455
-
-
2,500
10,000
15,000
1,200
293,155		 2023
£
20,000
276,265
9,000
5,000
-
10,000
-
-
320,265

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

3. Income from charitable activities

Unrestricted funds
Publishing and Distribution
Income from charitable
activities
Artistic Programme
Income from charitable
activities
Cafe and Bookshop
Income from charitable
activities
Studio Rental
Income from charitable
activities
4. Investment income
Unrestricted funds
Bank interest receivable
5. Expenditure on generating donations and legacies
Unrestricted funds
Donations		 2024
£
3,758
31,735
25,686
107,432
168,611
2024
£
88
88
2024
£
44,039
44,039		 2023
£
2,598
77,055
12,027
114,266
205,946
2023
£
18
18
2023
£
54,866
54,866

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

6. Costs of charitable activities by fund type

Unrestricted Restricted 2024 2023
funds funds
£ £ £ £
Publishing and Distribution 49,651 - 49,651 35,799
Artistic Programme 166,224 12,530 178,754 237,680
Capital Project 24,715 9,264 33,979 44,952
Cafe and Bookshop 38,474 - 38,474 14,434
Studio Rental 80,364 - 80,364 79,517
Support costs 52,054 - 52,054 64,600
411,482 21,794 433,276 476,982

7. Costs of charitable activities by activity type

Support costs
Publishing and Distribution
Artistic Programme
Capital Project
Cafe and Bookshop
Studio Rental		 2023
2024
Support
costs
Activities
undertaken
directly
£
£
£
£
49,651
-
49,651
35,799
230,808
52,054
178,754
302,280
33,979
-
33,979
44,952
38,474
-
38,474
14,434
80,364
-
80,364
79,517
381,222
52,054
433,276
476,982

8. Analysis of support costs

Artistic Programme
Management
Finance
IT
Human Resources
Premises costs
Office costs
Legal and professional
Website & Marketing
Governance costs		 2024
£
901
4,333
1,911
5,006
24,805
7,733
-
3,537
3,828
52,054		 2023
£
1,605
2,762
1,772
5,340
32,133
10,638
1,020
5,957
3,373
64,600

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

9. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2024 2023
£ £
Depreciation of owned fixed assets 17,565 22,248
Accountancy fees 3,000 3,000
Staff pension contributions 4,300 4,006

10. Staff costs

Total staff costs for the year ended 31 March 2024 were:

Salaries and wages
Social security costs
Pension costs
Management		 2024
£
181,742
14,196
4,300
200,238
2024
7
7		 2023
£
183,096
13,498
4,006
200,600
2023
7
7

No employee earned more than £60,000 during the year (2023: nil).

The total employee benefits including pension contributions of the key management personnel were £145,884 (2023:£126,391).

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 (2023: £nil).

No charity trustee received payment for professional or other services supplied to the charity (2023: £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.

Forma Arts and Media Limited

Notes to the Financial Statements Continued For the year ended 31 March 2024

12. Comparative for the Statement of Financial Activities

Unrestricted Restricted 2023
funds funds
£ £ £
Income and endowments from:
Donations and legacies 265,455 55,810 321,265
Charitable activities 205,946 - 205,946
Investments 18 - 18
Total 471,419 55,810 527,229
Expenditure on:
Raising funds (54,866) - (54,866)
Charitable activities (401,718) (75,264) (476,982)
Total (456,584) (75,264) (531,848)
Net income/expenditure 14,835 (19,454) (4,619)
Reconciliation of funds
Total funds brought forward 129,989 87,251 217,240
Total funds carried forward 144,824 67,797 212,621

13. Tangible fixed assets

Land and Office Fixtures and Computer
Cost or valuation buildings equipment fittings equipment Total
£ £ £ £ £
At 01 April 2023 139,726 20,872 13,010 56,158 229,766
At 31 March 2024 139,726 20,872 13,010 56,158 229,766
Depreciation
At 01 April 2023 36,677 19,847 13,010 55,193 124,727
Charge for year 15,872 1,025 - 670 17,567
At 31 March 2024 52,549 20,872 13,010 55,863 142,294
Net book values
At 31 March 2024 87,177 - - 295 87,472
At 31 March 2023 103,049 1,025 - 965 105,039

14. Stocks and work in progress

Stocks of raw materials

2024
£
10,367
10,367		 2023
£
7,438
7,438

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

15. Debtors

Debtors
2024 2023
£ £
Amounts due within one year:
Trade debtors 1,479 30,743
Prepayments and accrued income 14,751 15,706
Other debtors - 54
16,230 46,503

16. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
6,259
8,870
2,399
17,528		 2023
£
25,997
11,792
3,763
41,552

17. Movement in funds

Unrestricted Funds

Unrestricted Funds
Balance at Incoming Outgoing Transfers Balance at
01/04/2023 resources resources 31/03/2024
£ £ £ £ £
Designated
Designated 41,537 - - (11,702) 29,835
General
General 103,287 433,380 (455,521) 11,702 92,848
144,824 433,380 (455,521) - 122,683

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

Unrestricted Funds - Previous year

Balance at Incoming Outgoing Transfers Balance at
01/04/2022 resources resources 31/03/2023
£ £ £ £ £
Designated
Designated 27,582 - - 13,955 41,537
General
General 102,407 471,419 (456,584) (13,955) 103,287
129,989 471,419 (456,584) - 144,824

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

Capital Project
Fluxus Arts Projects
Metropolitan Public
Gardens Association
Outset Contemporary
Art Fund
The Ampresand
Foundation
Restricted Funds - Previous year
Capital Project
General		 Balance at
01/04/2023
£
67,797
-
-
-
-
67,797
Balance at
01/04/2022
£
65,251
22,000
87,251		 Incoming
resources
£
-
2,500
1,200
10,000
15,000
28,700
Incoming
resources
£
11,810
44,000
55,810		 Outgoing
resources
£
(9,264)
(2,500)
(30)
(10,000)
-
(21,794)
Outgoing
resources
£
(9,264)
(66,000)
(75,264)		 Balance at
31/03/2024
£
58,533
-
1,170
-
15,000
74,703
Balance at
31/03/2023
£
67,797
-
67,797

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

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.

Capital Project

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

Metropolitan Public Gardens Association

In support of Peveril Gardens volunteer programme

The Ampresand Foundation

In support of Jala Wahid's scuplture commission for Peveril Gardens

Fluxus Arts Projects

In support of Josèfa Ntjam's artist's residency and live performance at FormaHQ.

Outset Contemporary Art Fund

In support of Oliver Frank Chanarin's commission, A Perfect Sentence.

18. Analysis of net assets between funds

Unrestricted funds
General
General
Designated
Designated
Restricted funds
Capital Project
Metropolitan Public
Gardens Association
The Ampresand
Foundation		 Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
28,940
63,909
92,849
-
29,835
29,835
58,532
-
58,532
-
1,170
1,170
-
15,000
15,000
87,472
109,914
197,386

Forma Arts and Media Limited Notes to the Financial Statements Continued For the year ended 31 March 2024

Previous year

Previous year
Unrestricted funds
General
General
Designated
Designated
Restricted funds
Capital Project		 Tangible
fixed assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
37,243
66,045
103,288
-
41,537
41,537
67,796
-
67,796
105,039
107,582
212,621

19. Company limited by guarantee

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