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2022-12-31-accounts

Registered number: 09010886 Charity number: 1163625

Art360 FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT AND UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Art360 FOUNDATION (A Company Limited by Guarantee)

CONTENTS

_____________ _____________
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 2 - 3
Trustees' Report 4 - 12
Independent Examiner’s Report 13- 14
Statement of Financial Activities 15
Balance Sheet 17
Statement of cashflows 18
Notes to the financial statements 19- 22

1

Art360 FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY,

ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 DECEMBER 2022

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: Keir McGuinness (Chairman) David Batchelor Cortina Butler Sarah Rose English -Resigned 4[th] August 2023 Brendan Finucane -Resigned 4[th] August 2023 Melanie Gerlis -Resigned 4[th] August 2023 Rene Gimpel Herman Lelie -Resigned 4[th ] August 2023 Sarah Mackenzie Mark Stephens -Resigned 4[th] August 2023 Jonathan Robert Gosling – appointed 3[rd] May 2023

Company registered number

09010886

Charity registered number

1163625

Registered office

33 Old Bethnal Green Road London E2 6AA

2

____________

ADMINISTRATIVE DETAILS (CONTINUED)

____________

Senior Management Team

The Board is the ‘key management’ of the charity – designated with making decisions for the charity as there are no staff of Art360 Foundation.

Bankers

HSBC Canary Wharf Canada Place London, E14 5AH

Accountants

Counterculture Partnership LLP Unit 115 Ducie House, Ducie Street, Manchester, M1 2JW

3

Art360 FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006 present their report with the unaudited financial statements of the charity for the year ended 31 December 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 Charities SORP) published on 16 January 2014.

Objectives and Activities

a. Policies and objectives

The charitable objectives as set out in Art360 Foundation’s governing document are:

  1. To promote the visual arts for the public benefit by the establishment and maintenance of an online resource in the form of a digital archive of work of artistic merit to improve and promote the public’s appreciation of and access to the visual arts and by the provision of exhibitions, workshops and events designed to advance the public’s understanding and appreciation of and access to the visual arts.

  2. To relieve financial hardship among artists living or working in the United Kingdom by making grants of money for providing or paying for items, services or facilities.

b. Strategies for achieving objectives

Our strategies to achieve our objectives outlined above will focus on a project called ‘Art360’, which will encompass specific work in the following areas:

__________

4

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT (CONTINUED)

__________

c. Activities for achieving objectives

The Board of Directors is pleased with the strong progress that has been made with the development of Art360 Foundation during this period of accounts. Art360 Foundation has worked effectively with its partners and funders to continue with its programme of activities, including the Art360 Bursaries in England and Scotland and Hybrid public events and workshops exploring archives and artists’ legacies.

Art360 Foundation has communicated its objectives, mission and programme of activities through the website and high-profile exhibitions, talks and events.

d. Main activities undertaken to further the charity's purposes for the public benefit

The Trustees have complied with their duty to have due regard to the guidance on public benefit by the Charity Commission including the guidance 'Public Benefit: Running a Charity (PB2)' in exercising their powers and duties. The main activities undertaken to further the charity’s purposes for the public benefit are activities dedicated to the physical and intellectual preservation of the UK’s cultural heritage, making artists’ works and archives accessible for present and future generations. The Foundation champions a new and encompassing perspective on the value of visual art and artists to society through public participation in education, exhibitions, publications and research opportunities.

e. Volunteers

The company is grateful for the support of volunteers who have helped with transcriptions of artist interviews and other activities. We will continue to encourage pro bono support and volunteers in support of our work.

Achievements and performance

a. Key financial performance indicators

During 2022 the Foundation‘s total income was £166,465 of which £106,552 was a donation in kind (2021: £170,245 of which £65,430 was a donation in kind).

Total expenditure for the year was £195,631 (2021: £105,092), out of which 99 % (2021: 99%) represents expenditure towards charitable activities and 1 % governance costs (2021: 1%) (accounting cost, see note 4).

5

__________

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT (CONTINUED)

__________

b. Review of activities

Art360 Foundation has continued its strong development against its charitable objects with the continued programme for a wide audience focused on artists, artists’ estates and cultural workers engaged in the memory and conservation of artworks in England and Scotland.

Art360 Foundation has continued to work remotely throughout the pandemic building engagement and partnerships nationally and internationally.

Key national partnerships included;

‘Artists’ Legacies in the Museum’, a collaborative project with the International Curators Forum, and supported by Art Fund. The project focuses on creating presence for Black British Artists in museum collections, and has involved Tate Archive, Wolverhampton Art Gallery, New Art Gallery Walsall and Touchstones Rochdale. Three independent curators have worked with the archives of artists, Vanley Burke, the Maud Sulter Estate and Donald Rodney Estate. This will result in a publicly accessible toolkit produced by the consultancy, There is An Alternative.

We continue to work closely with the non-profit, Hauser and Wirth Institute, on the delivery of events as part of the Expanded Archives Network, which aims to connect freelance and institution-based archivists and memory workers engaged in the preservation of artists’ legacies.

Fundraising

It has been challenging to acquire funds in the current climate. We have, however, successfully secured funds to support the following projects:

We continue to receive in-kind support from DACS.

6

__________

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT (CONTINUED)

__________

Each recipient to our bespoke archival programme, receives practical support and consultation towards archiving and legacy planning, which takes place over a 12-month period with flexibility around activities and timeframes. The types of practical support we offer include:

Partners and supporters

We receive guidance and support from our Board of Trustees and Advisory Boards in England and Scotland.

The Advisory Board members for the Art360 Programme in Scotland are:

The Advisory Board members for the Art360 Programme in England are:

Board observers:

More information about the activities of Art360 Foundation can be found at: www.art360foundation.org.uk

7

__________

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT (CONTINUED)

__________

Financial review and results of the year

a. Going concern

Due to the financial status of the Foundation and the challenging external environment in relation to raising funds, the Trustees are not certain that the Foundation will be able to continue in operation for more than a year and consequently these accounts have not been prepared on the going concern basis.

b. Financial risk management objectives and policies

The Board is managing the business risks of the organisation through regular board meetings and sharing of robust management accounts which detail the business of the organisation on a quarterly basis. The policy of Art360 Foundation is to work only with actual revenues and to avoid using loans as the basis for the delivery of its programme. Checks are in place to ensure that monies cannot be spent without authorisation from the Board or those with delegated authority. The Board is the ‘key management’ of the charity – designated with making decisions for the charity as there are no staff of Art360 Foundation.

c. Principal risks and uncertainties

The main risk which is being monitored is the impact of cuts to local authority funding on the arts which have greatly increased the pressure on the major arts trusts and foundations. The other risk is a reduction in grant-giving activity from charities, Trusts and Foundations on which we have previously relied for unrestricted funds and to deliver our core bursary Programme. Faced with this environment the Trustees have concerns with regard to the ongoing operation of the Foundation.

Although there are significant arts charities developing collections we believe that our artist-focused position, and ability to offer work opportunities to a wide freelance network, is dynamic and unique and has gained significant interest and support across the sector.

8

_________

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT (CONTINUED)

__________

Structure, governance and management

a. Constitution

Art360 Foundation was incorporated under its original name of DACS Foundation as a private company limited by guarantee with company number 9010886 on 25 April 2014. Art360 Foundation’s governing documents are its Memorandum and Articles of Association dated 22 April 2014 as amended by a special resolution dated 29 October 2014 and as further amended by a special resolution dated 12 August 2015. DACS Foundation changed its name to Art360 Foundation by special resolution on 12[th] October 2017.

Art360 Foundation is a registered charity with charity number 1163625. The charitable activities of Art360 Foundation are set out in the section entitled ‘objectives and activities’ above.

Art360 Foundation was set up by DACS in 2014 and DACS remains the sole member of the Foundation. DACS supports the Art360 Foundation through the in-kind use of its office space and staffing which is calculated at a value of £106,552 (2021: £65,430). DACS acts as one of the partners for the Art360 joint Project. DACS is also managing the grant received from Arts Council England for the Art360 Project, which was awarded to DACS before the Foundation was established. Out of ten Art360 Foundation Trustees, two also serve as DACS Directors and eight are independent. Art360 Foundation Trustees are committed to ensuring that day to day management of Art360 Foundation remains independent from DACS.

b. Method of appointment or election of Trustees

Art360 Foundation is led by a Board of Trustees which meets bi-annually.

The Foundation recruits new Board members depending on the skills, experience and knowledge that the Board needs to achieve its objectives. The appointment of Trustees may be made by the members at the Annual General Meeting or, alternatively, by the Trustees themselves, provided that 14 days prior notice of any appointment to be made by the Trustees is given to the members of Art360 Foundation. At present, the Design and Artists Copyright Society (company number 01780482), is the sole member of Art360 Foundation.

c. Policies adopted for the induction and training of Trustees

When new Trustees are appointed, Art360 Foundation provides an induction to ensure they understand the role of being a Trustee under charity law and being a Director under company law. Trustees are provided with an overview of the Foundation’s objectives, mission and strategies to achieve its charitable aims.

d. Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

9

_________

TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT (CONTINUED)

__________

Funds held as custodian

Neither the charity nor its Trustees are acting as custodian Trustees.

Members' liability

The Members of the company guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.

Employee involvement and employment of the disabled

The company has implemented a number of detailed policies in relation to all aspects of personnel matters including:

In accordance with the company's Equal opportunities policy, the company has established a fair employment practices in the recruitment, selection, retention and training of disabled staff.

Currently the Foundation has no employees.

Full details of these policies are available from the company's offices.

This report was approved by the Trustees on 27/09/2023 and signed on their behalf by:

Mr K McGuinness, Chairperson

10

Art360 FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

I report on the financial statements of the company for the year ended 31 December 2022 which are set out on pages 13 to 20.

The trustees (who are also the directors of the company 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”).

The charity’s trustees consider that an audit is not required for this year under Part 16 of the 2006 Act and that an independent examination is needed.

It is my responsibility to:

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material aspect:

11

INDEPENDENT EXAMINER’S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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.

Signed

Date 27/09/2023

12

ART360 FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME
Income from generated funds:
Donations and legacies
2
Income from charitable activities
3
TOTAL INCOME
EXPENDITURE
Charitable activities
4
Governance costs
5
TOTAL EXPENDITURE
4
Net (Expenditure)/ Income before transfer
Transfer between funds
9
NET MOVEMENT IN FUNDS
TOTAL FUNDS AT 31 DECEMBER 2021
TOTAL FUNDS AT 31 DECEMBER 2022		 Restricted
Funds
2022
£
12,950
9,375
22,325
36,180
36,180
(13,855)
2,351
(11,504)
86,913
75,409		 Unrestricted
Funds
2022
£
143,176
964
144,140
158,098
1,353
159,451
(15,311)
(2,351)
(17,661)
70,396
52,735		 Total
Total
Funds
Funds
2022
2021
£
£
156,126
154,189
10,339
16,056
166,465
170,245
194,278
103,439
1,353
1,653
195,631
105,092
(29,165)
65,153
-
-
(29,165)
65,153
157,309
92,156
128,144
157,309

All amounts relate to continuing activities.

The company has no recognised gains and losses other than the net movement of funds for the two above financial years.

The notes on pages 18-20 form part of these accounts.

13

ART360 FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
INCOME
Income from generated funds:
Donations and legacies
2
Income from charitable activities
3
TOTAL INCOME
EXPENDITURE
Charitable activities
4
Governance costs
5
TOTAL EXPENDITURE
4
Net Income/(Expenditure) before transfer
Transfer between funds
9
NET MOVEMENT IN FUNDS
TOTAL FUNDS AT 31 DECEMBER 2020
TOTAL FUNDS AT 31 DECEMBER 2021		 Restricted
Funds
2021
£
53,750
15,500
69,250
23,128
23,128
46,122
-
46,122
40,791
86,913		 Unrestricted
Funds
2021
£
100,439
556
100,995
80,311
1,653
81,964
19,031
-
19,031
51,365
70,396		 Total
Total
Funds
Funds
2021
2020
£
£
154,189
99,365
16,056
8,333
170,245
107,698
103,439
102,867
1,653
1,353
105,092
104,220
65,153
3,478
-
-
65,153
3,478
92,156
88,678
157,309
92,156

All amounts relate to continuing activities.

The company has no recognised gains and losses other than the net movement of funds for the two above financial years.

The notes on pages 18-20 form part of these accounts.

14

ART360 FOUNDATION

(A Company Limited by Guarantee)

BALANCE SHEET AS AT 31 DECEMBER 2022

Notes
CURRENT ASSETS
Debtors and prepayments
7
Cash at bank and in hand
CREDITORS:amounts falling
due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CHARITY FUNDS
Restricted funds
9
Unrestricted funds:
9		 2022
£
27,585
111,088
138,674
(10,530)
(10,530)		 2022
2021
2021
£
£
£
55,919
104,643
160,563
(3,253)
(3,253)
128,144
157,309
£ 128,144
£ 157,309
75,409
86,913
52,735
70,396
£ 128,144
£ 157,309

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

For the year ended 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 27/09/2023

And signed on its behalf by:

Keir McGuinness

Chairperson

Company Registration No. 08442764

The notes on pages 18-20 form part of these accounts.

15

ART360 FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Cashflows from operating activites
(Loss)/Profit for the financial year
Adjustments for
(Decrease)/ Increase in debtors
Increase /(Decrease) in creditors
Net (decrease)/ increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at the end of the year		 Total
Total
Funds
Funds
2022
2021
£
£
(29,165)
65,153
28,334
(51,844)
7,276
1,263
6,445
14,573
104,643
90,070
111,088
104,643

The notes on pages 18-20 form part of these accounts.

16

ART360 FOUNDATION

( A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Charities Act 2011 and " Accounting and Reporting by Charities: Statement of Recommended Practice – Accounting and Reporting by Charities (SORP (FRS102), second edition issued in January 2019)", the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity 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 notes.

1.2 GOING CONCERN

Due to the financial status of the Foundation and the challenging external environment in relation to raising funds, the Trustees are not certain that the Foundation will be able to continue in operation for more than a year and consequently these accounts have not been prepared on the going concern basis.

1.3 COMPANY STATUS

The company is a company limited by guarantee. The Design and Artists Copyright Society is the only member of the company. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

1.4 FUND ACCOUNTING

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

1.5 INCOME

All income is included in the Statement of Financial Activities when the company has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Where services are provided to the Foundation as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements as an estimate based on the value of the contribution to the Foundation.

1.6 EXPENDITURE

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 that have been allocated on a basis consistent with the use of resources.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

Expenditure is inclusive of irrecoverable VAT where applicable.

17

ART360 FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2 VOLUNTARY INCOME

Year to 31 December 2022
Donations
Grants
Events
Year to 31 December 2021
Donations
Grants
Events
3
INCOME FROM CHARITABLE ACTIVITIES
Services
4
EXPENDITURE ON CHARITABLE ACTIVITIES
Year to 31 December 2022
Advertising/Promotional
Archiving and associated costs
Travel and susbsistence
Events costs
Computer Costs
Consultancy costs
Administration costs
Communication costs
Finance and Audit
Printing, Postage and Stationery
Project Honorarium
Bank charges
Year to 31 December 2021
Advertising/Promotional
Archiving and associated costs
Travel and susbsistence
Events costs
Computer Costs
Consultancy costs
Administration costs
Communication costs
Finance and Audit
Printing, Postage and Stationery
Project Honorarium
Bank charges		 Restricted
Funds
2022
£
-
12,950
£ 12,950
Restricted
Funds
2021
£
-
53,750
-
£ 53,750
Restricted
Funds
2022
£
9,375
£ 9,375
Restricted
Funds
2022
£
0
16,506
5,287
1,273
1,202
-
105
7,835
-
459
3,489
22
£ 36,180
Restricted
Funds
2021
£
-
23,128
-
-
-
-
-
-
-
-
£ 23,128		 Unrestricted
Funds
2022
£
138,608
4,318
250
£ 143,176
Unrestricted
Funds
2021
£
100,439
-
-
£ 100,439
Unrestricted
Funds
2022
£
964
£ 964
Unrestricted
Funds
2022
£
1,940
9,366
3,464
2,591
529
-
132,034
7,286
1,353
77
500
311
£ 159,451
Unrestricted
Funds
2021
£
2,488
1,532
394
1,900
205
-
65,897
7,086
1,653
148
500
161
-
£ 81,964		 Total
Total
Funds
Funds
2022
2021
£
£
138,608
100,439
17,268
53,750
250
-
£ 156,126
£ 154,189
Total
Total
Funds
Funds
2021
2020
£
£
100,439
99,365
53,750
-
-
-
£ 154,189
£ 99,365
Total
Total
Funds
Funds
2022
2021
£
£
10,339
16,056
£ 10,339
£ 16,056
Total
Total
Funds
Funds
2022
2021
£
£
1,940
2,488
25,873
24,660
8,751
394
3,864
1,900
1,731
205
-
-
132,139
65,897
15,121
7,086
1,353
1,653
536
148
3,989
500
333
161
£ 195,631
£ 105,092
Total
Total
Funds
Funds
2021
2020
£
£
2,488
-
24,660
26,363
394
486
1,900
202
205
-
-
65,897
74,052
7,086
1,617
1,653
1,353
148
-
500
-
161
147
-
£ 105,092
£ 104,220

18

ART360 FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5 GOVERNANCE COSTS

Year ended 31 December 2022
Accounting / Independent Examiner fees
Year ended 31 December 2022
Accounting / Independent Examiner fees		 Restricted
Funds
2022
£
-
£0
Restricted
Funds
2021
£
-
£0		 Unrestricted
Funds
2022
£
1,353
£ 1,353
Unrestricted
Funds
2021
£
1,653
£ 1,653		 Total
Total
Funds
Funds
2022
2021
£
£
1,353
1,653
£ 1,353
£ 1,653
Total
Total
Funds
Funds
2021
2020
£
£
1,653
1,135
£ 1,653
£ 1,135

6 TRUSTEES AND RELATED PARTIES

During the period, no Trustees received any remuneration (2021 - £NIL), nor benefits in kind (2021 - £NIL) nor any reimbursement of expenses (2021 - £NIL).

The Foundation has the use of DACS's premises and a range of associated services. This has been funded by DACS to the value of £106,553 (2021 - £65,430).

There have been no related party transactions.

7 DEBTORS

Other debtors
Accrued Income
Prepayments
8
CREDITORS:AMOUNTS FALLING DUE
Trade Creditors and accruals
9
STATEMENT OF FUNDS
Year ended 31 December 2022
UNRESTRICTED FUNDS
GENERAL FUND
RESTRICTED FUNDS
Henry Moore Foundation
Edward Woodman Publication
Art360 Scotland Project
Richard DiMarco Archive Project
Aubrey Williams Estate
Van Burke Project
Re-imagine Grant
Paul Mellon Centre
British Art Network
Shanti Thomas Council Grant
Sharjah Foundation
DACS - bursaries
TOTAL OF FUNDS		 WITHIN ONE
Brought
forward
01-Jan-22
£
70,396
10,777
2,366
33,508
-
262
6,250
33,750
-
-
-
-
86,913
157,309		 YEAR
Reclassification
(2,351)		 Incoming
resources
£
144,140
-
-
-
-
-
-
-
3,500
-
9,450
9,375
-
22,325
166,465		 Resources
expended
£
(159,451)
-
-
(11,520)
(1,659)
(2,099)
(3,709)
(11,015)
-
(514)
(589)
(4,994)
-
(36,098)
(195,549)		 2022
2021
£
£
11,393
32,044
16,193
23,375
0
500
£ 27,585
£55,919
2022
2021
£
£
10,530
3,253
£ 10,530
£3,253
Transfers
Carried
forward
31-Dec-22
£
£
-
52,735
-
10,777
-
2,366
-
1,988
-
18,341
-
-
-
2,541
-
22,735
-
3,500
-
-
-
8,861
-
4,381
-
-
75,490
-
128,226
(20,000)
20,000
1,837
514
2,351
-

The specific purposes for which funds are to be applied are as follows:

Henry Moore Foundation : this investment is specifically toward the costs of supporting sculptural enquiries in the context of legacy management. Edward Woodman Publication : this investment is specifically towards the cost of producing a monograph on the work of Edward Woodman.

Art360 Scotland Project : this investment is specifically towards the allocation of bursaries and artists' estates in Scotland to support the development of archives and legacy strategies.

Aubrey Williams Estate : this investment is specifically to support a project to preserve, archive and make accessible the life's work of artist, Aubrey Williams.

Additional Notes:

Richard DI Marco Project - £20K was reallocated to this fund from Art360 Scotland Project.

19

ART360 FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9 STATEMENT OF FUNDS (Continued)

Year ended 31 December 2021
Brought
forward
01-Jan-21
UNRESTRICTED FUNDS
£
GENERAL FUND
51,365
RESTRICTED FUNDS
Henry Moore Foundation
6,777
Edward Woodman Publication
2,366
Art360 Scotland Project
27,273
Aubrey Williams Estate
4,375
Van Burke Project
-
Re-imagine Grant
-
40,791
TOTAL OF FUNDS
92,157
10
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Year ended 31 December 2022
Current assets
Creditors due within one year
Year ended 31 December 2021
Current assets
Creditors due within one year		 Incoming
resources
£
100,995
4,000
-
20,000
-
11,500
33,750		 Resources
expended
£
(81,964)
-
(13,765)
(4,113)
(5,250)
23,128
-
(105,092)
Unrestricted
Funds
2022
£
63,183
(10,530)
£ 52,653
Unrestricted
Funds
2021
£
73,650
(3,253)
£ 70,397		 Transfers
Carried
forward
31-Dec-21
£
£
-
70,396
-
10,777
-
2,366
-
33,508
-
262
6,250
33,750
-
86,913
-
157,309
Total
Total
Funds
Funds
2022
2021
£
£
138,674
160,563
(10,530)
(3,253)
£ 128,144
£ 157,309
Total
Total
Funds
Funds
2021
2020
£
£
160,563
94,146
(3,253)
(1,990)
£ 157,309
£ 92,156
69,250
170,245
Restricted
Funds
2022
£
75,490
£ 75,490
Restricted
Funds
2021
£
86,913
£ 86,913

20

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/
members of
On accounts for the year
ended
Set out on pages		 Art360 FOUNDATION Art360 FOUNDATION Art360 FOUNDATION
31st DECEMBER 2022 Charity no
(if any)		 1163625
Above

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2022.

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Date: 27/09/2023 Name: Tomas Wilcox Relevant professional FCIE qualification(s) or body (if any): Address: Counterculture Partnership LLP Unit 115 Ducie House, Ducie Street Manchester, M1 2JW

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

October 2018

IER

Give here brief details of any items that the examiner wishes to disclose .

October 2018

IER