Registered number: 09010886 Charity number. 1163625 Art360 FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
Art360 FOUNDATION (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charlty. Its Trustees and Advlsers Trustees, Report Independent Examinerf5 Report Statemert of Flnanclal Actlvftles 8alan¢e Sheet li ststement of cashfiows Iz Notss tothe Ilnanclal statements 13- 16
Art360 FOUNDATION (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, IT5 TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Directors and Trustees The Dirertor5 of the charltable company are it5 Trustees for the purposes of charty law. The following Directors and Trustees served during the year: Keir McGuinne55 (Choirmanl David Batchelor Cortina Butler Rene Glmpel Jonathan Robert Gosling Company registered number 09010886 Charlty reglstered number 1163625 Registered office 33 Old Bethnal Green Road London E2 6AA
ADMINISTRATIVE DEfAILS (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 Foundatlon. Bankers HSBC Canary Wharf Canada Place London, E14 SAH Accountants Counterculture Partnership LLP Bank Chamber5 Main Street Hawes North Yorkshire DL5 3QL
Art360 FOUNDATION {A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also directors of the charity for the purposes of the Companies Act 2C(J6 present their report with the unaudited financial statement5 of the charity for the year ended 31 December 2024. The Trustees confirm that the Annual Report and financial 5tatement5 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 ISORPI, applicable to charitie5 preparing thelr accounts In accordance with the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland (FR5 102 Charities SORPI published on 16 January 2014. Objectlves and Artlvltles a. Pollcles and obJectlves The charitsble objectives as set out in Art360 Foundation's governing document are: To promote the visual arts for the public benefit by the e5tabli5hrnent and malntenance of an online resour 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 exhibition5, workshops and events designed to advance the publids understandlng and appreciation of and access to the visual arts. To relieve financial hardshlp among artists living or worklng In the Unlted Kln8dom by making grants of money for providing or paying for items, services or facilities. b. Strategies for achieving obfvrtlves Our strategies to achieve our objectives outlined above have focused on a project called 'Art360', which has encompassed specific work in the following aa$. Legacy planning and digital archiving initiatives Education activities and research projects Small-scale bLtt transformative funding for artists Debates. symp05ia, exhibitions and publicalions aimed at developin8 public discourse on the value of artists to society
TRUSTEES, ANNUAL REPORT INCLUDING DIREcfoRS' REPORT (CONTINUED) c. Actlvttles foi achieving objectives The Board of Dlrectors is satisfied with the actNitie5 of Art360 Foundation durlng this period of accounts. Art360 Foundation has worked effectively with its partners and funders to conclude its programme of activltie5. d. Maln activities undertaken to further the charltys purposes for the publi¢ benefit The Trustees have complied with their duty to have due regard to the guidance on public benefrt by the Charity Commlssion including the guidance 'Public Benefit= Running a Charity IPB21' in exercising thelr FX)wers and dutles. The main activities undertaken to further the charitys purposes for the public benefit a activities dedlcated to the physical and intellectual preservation of the UK'S cultural heritage. making artists. works and archives aCSsIble for present and future Eenerations. The Foundation champion5 o new and encompassin8 perspective on the value of visual art and artists to society through public particlpatlon in education, exhibitions, publications and research opportunities. Achlevements and performance . Key Ilnan¢lal performance Indlcators During 2024 the Foundation's total income was £29,192 of which £27.562 was a donation in kind from DACS12023- E141.022 of which £61,653 was a donation in kind from DACSI. Total expenditure for the year was £42,20112023: £146,4591, out of which 94 %12023: 99%) represents expenditure towards charitable activities and 6 % governance costs12023: 1%) laccountin8 Cost, see note 41. b. Review of artivities Due to the finènclal status of the Foundation and the challenging external environment in relation to raising funds, the Trustees have detemiined that the Foundation will not be able to continue in operation for more than a year and consequently these accounts have not been prepared on the going concern basis Art360 Foundation has been focussed on completing existing projects in 2024 as it winds down its activitie5. In 2023 the Foundation received funding from the Arts Council UK for a new projett called Recollect that will provide ten artists with bursaries to asslst them wlth the archival of their work. In 2024 it was agreed with the Arts Councll that thi5 project and associated funds, be transferred to DACS who will complete it.
TRUSTEES, ANNUAL REPORT INCLUDING DIREcfoRS' REPORT (CONTINUED) On dissolution, any net a55ets after the charity's debts and liabilities have been paid, will be distributed in accordance wlth Clause 6 of Art360 Article5 of Association to a charity with for purposes similar to the Objects or to charity for particular purposes that fall under the Objects. Each recipient to our bespoke archlval programme, reiVeS practical support and consultatlon towards archiving and legacy planningi which takes place over a 12-month period with flexibility around activlties and timeframes. The type5 of praclical sUPPOrt we offer include: Inventory-building Cataloguing Database creation and Implementation Analogue, film and video digitisation Production of a documentary film on the studio and archive lessentiall Legal consultation lessentiall More information about the aclNities of Art360 Foundation can be found at: www.a ofoundation.or Structurep governance and management . ConAitution Art360 Foundation was incorporated under its original name of DACS Foundation as a prlvate company limited bv guarantee wlth company number 9010886 on 25 April 2014. Art360 Foundation's governir)g documents are its Memorandum and Articles of A55QCiation dated 22 April 2014 as amended by a special resolutlon 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 121h October 2017. Art360 Foundation Is a registered charity with charty number 1163625. The charitable actlvities of Art360 Foundation are set out in the section entitled 'objertlves and activities, above. Art3 Foundation was set up by DACS in 2014 and DACS remains the sole member of the Foundatlon. DACS supports the Art360 Foundation through the in-kind use of its office space and staffing which is calculated at a value of £27,56212023= £61.6541. 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 wa5 awarded to DACS before the Foundation wa5 established. Art360 Foundation Trustees are committed to ensurlng that day to dèy management of Art360 Foundation remains independent from DACS.
TRusfEES' ANNUAL REPORT INCLUDING DIREcfoRS' REPORT (CONTINUED) b. Method of appolntrnent or electlon of Trustees Art360 Foundation is led by a Board of Trustees whlch meets bi-annually. The Foundation recruits new Board members dependlng on the skills, experience and knowledge that the Board needs to achieve its objectives. The appointment of Trustees may be made by the member5 at the Annual General Meeting or. alternatIve. by the Trustees themselves, provided that 14 days prior notice of any appointment to be made by is gwen to the members of Art360 Foundation. At present, the Design and Artlsts Copyright Society Icompany number 017804821. is the sole member ofArt360 Foundation. . Polici¢$ adopted lor the Inductlon and training ol Trustee5 When new Trustees are appointed, Art360 Foundation provldes an Inductlon 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 aim5. d. Risk man4ement The Trustees have assessed the major risks to which the company is exposed, in partlcular those related to the operations and finances of the company. and are satisfied that 5y5tem5 and procedures are in place to mitigate our exposure to the major risks. Funds held as custodlan Neither the charity nor its Trustees are acting as custodlan 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. This report was approved bythe Trustees on as and signed on their behalf bv.. Mr K M(Guinn¢ss, Chalrperson
Art360 FOUNDATION {A Company Llmlted by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 I report on the financial statements of the company for the year ended 31 December 2024 which are set out on pages 9 to 16. The trustees {who are also the director5 Of the company for the purposes of company lawl are responslble for the preparatlon of Ihe accounts In accordance with the requirements of the Companies Act 20061"the 2006 Acw). The charitvs tru5tee5 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: examine the accounts under section 145 of the Act,. to follow the procedures laid down in the general Directions 8iven by the Charity Commission (under Section 14515llbl of the Charitie5 Act, and to state whether particular matters have tome to my attention. My examination wa5 carried out Sn accordance with the general Directlons given by the Charity Commission. An examinatlon 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 concernin8 such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no oplnlon is given as to whether the accounts present a 'true and fairf view and the report is limlted to those matters set out in the statement below. In connectlon wlth my examlnation, no materlal maiters have come to my attention which gives me cause to believe that in, any material aspect: accounting records were not kept in accordance with Section 386 of the Companies Act 2006,. or the accounts do not accord with such records; or the accounts do not comply wtth the relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examinatlon; or the accounts have not been prepared in accordance with the Charltles SORP (FRS1021. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understandlng of the accounts to be reached. Si8ned Date
ART360 FOUNDATION (A Company Limited by Guarantee) STATEMENT OF FINANCIAL AcfiviTIES Ilncludlng Income and Expendlture Account> FOR THE YEAR ENDED 31 DECEMBER 2024 Restrlcted Unre5trirted Total Total Note Funds Fund5 Funds Funds 2024 2024 2023 INCOME Income from generated funds.. Donations and legacies Income from charitable actlvlties 11,5691 29,192 27,623 140,754 TOTAL INCOME {1,5691 29.192 27.623 141,022 ExpENDuRE Charitable actlvities 6,547 32,927 2,727 39,474 2,727 145.106 Governance costs 1,353 TOTAL EXPENDITURE 6,547 35,654 42,201 146.459 Net IExpenditurell Income before transfer Transfer between funds {8,1171 16,876 114,993) 16,462) 6,876 414 114,578) 15,4371 NET MOVEMENT IN FUNDS (14,578) {5,4371 TOTAL FUNDS AT 31 DECEMBER 2023 82,590 40,117 122,706 128,144 TOTAL FUNDSAT31 DECEMBER 2024 67597 40,531 108,128 122,706 The company has no recognised 8ains and losses other than the net movement of funds for the two above financial years. The notes on pages 14-16 form part of these accounts.
ART360 FOUNDATION (A Company Limited by Guarantee) 5tATEMEPn OF FINANCIAL ACTIVITIES (including Incorne and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023 Restrfrted Unrestrlrted Trtal Total Note Funds Fund$ Funds Funds 2023 2023 2023 2022 INCOME Income from generated funds: Donations and legacies Income from charitable actlvltles 79,100 61.654 140.754 156,126 10,339 268 TOTAL INCOME 79,100 61,922 141,022 166,465 EXPENDrruRE Charf(able activitie5 77,187 67,919 1,353 145,106 1.353 194,278 Governance costs 1.353 TOTAL EXPENDITURE 77,187 69,272 146,459 195.631 Net IExpenditure)/ Income before transfer Transfer between fund5 1,913 5,268 7,181 17.3511 IS,2681 (12,6181 15,437) 129,1651 NET MOVEMENT IN FUNDS {5,437} 129,1651 TOTAL FUNDSAT31 DECEMBER 2022 75,409 52.735 128.144 157,309 TOTAL FUNDS ATai DECEMBER 2023 82,590 40,117 122.706 128,144 The company has no reco8nised gains and losses other than the net movement of funds for the two above financial years. io
ART360 FOUNDATION (A Company Llmlted by Guarantee) BALANCE SHEET AS AT 31 DECEMBER 2024 Note5 2024 2024 2023 2023 CURRENT A55ETS Debtors and prepayments Cèsh at bank and in hand 7,962 103,384 111.346 24.962 103.795 128.757 CREDITORS: amounts falllng due wh1n one year 3.218 6.0501 13,2181 16.0501 NET CURREKf ASSETS 108,128 122,706 TOTAL ASSEfs LESS CURRENT UABIUTIES 121706 CHARrrY FUNDS Restricted funds Unrestricted funds.. 67,597 40,531 82,590 40.117 8,128 122,706 Thestr f5nancial statem•nts have been prepared In accordance wtth the provision5 applicable to companie5 subjeLI to the 5rn011 companles, reglme. For the yea¥ ended 31 December 2024 the company was entltled to exemptlon under section 477 of the Companles Act 2CQ6 Act 21x16 relatln£ to small companies. The members have not requlred the company to obtaln an audft in accordance wrth section 476 of the Companles Act 2(Kl6. The dlrecor5 acknowledge their responslbilltles for complylng wlth the requirements of the Companie5 Act 2CQ6 wlth respect to accounting record5 and preparatlon of accounts. Approved bythe board on.. And Signed on its behalf by-. Keir M¢Gulnness chaIrr$0 Company Reglstratlon Nc*. 08442764 The notes on pages 14-16 form part of these accounts. li
ART360 FOUNDATION (A Company Llmited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Total Total Funds Funds 2024 2023 Cashflows from operatlng actlvltes Loss for the financial year Adjustments for Increase in debtors {14.578) (5,437) 17,000 (2,833} 2,624 Decrease in creditors (4,479) Decrease in Cash and cash equivalents (411) (7,2931 Cash and cash equivalents at beginning of year 103.795 111,088 Cash and cash equivalents at the end of the year 103,384 103.795 The notes on pages 14-16 form part of these account5. 12
ART360 FOUNDATION l A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 L AccouTrmNfj POLICIES 1.1 Attountlng ContI0Th The flnandal statements havè bèen prepared in accordance with the tharitable company's memorandum and articles of association, the Charltles Act 2011 and ' Accounting and Reporting by chatIes. Statement of Recommended Practi - Accountin8 and Reporting by Charities ISORP IFRSIL)21, second edition issued in January 20191" the Finantial Reportin8 Stsndard applltable In the UK and Republlc of Ireland IFRS 1021 and the Companies Art 2C[. The tharlty meets the definitlon of a publlc benefit entity under FRS 102. Assets and Ilablllties are inittally recognised at historical cost or transaction value unles5 Otherwise stated in the relevant accountln8 policy notes. 1.2 GOING CONCERN Due to the flnandal status of the Foundation and the challenging extemal environment in relation to raising funds, the Trustees are not certain that the Foundatitsn wlll be able to continue in operatlon for more than a year and consequently these accounts have not been prepared on the 8oln8 concern ba51S. 1.3 COMPANY STATUS The company is a company limited by 8uarantèe. The Design and Artlsts Copyrfght Sooety is the only member of the company. In the event of the ¢ompany belngwound up. the liability in respect of the guarantee Is Ilmited to £10 per member of the company. 1.4 FUNDACCOUNTING General funds are unrestricted funds which are available lor use ai the dlscretion of the Twstees in furtheran¢e of the general objectlves of the company and which have not been designated for other purposes. Restricted funds are funds whith are to be used In accordance with specific restriction5 imposed by donors or which have been raised by the company for particular purposes. The aim and use of eKh re5tr¥cted fund 15 set out in the notes to the flnancial statements. L5 INCOME All Income Is Included in the Statement of Financlal Activities when the company has entitlement to the funds, rtaiThty of receipt and the amount can be measured with sufficient reliability. Where services are provided to the Foundatlon as a donation that would normally be purchased from suppliers. thls contrfbutlon is induded In the flnan¢io1 siatements as an estlmate ba%èd on the value of the contribution to the Foundation. 1.6 EXPENDITURE Expendlture 15 accounted for on an accruals basls and has been Included under expense cate8or4es that aggregate all costsfor allocation to activities. Where tosts eannot be dirertly attributed to pèrtlcular artivities that have been allocated on a basis consistent with the use of resources. Govèrnance costs are those Inrred in connection wlth compllance wlth constitutional and 5tstutory requirements. Expenditure Is inclusi¥e of irrecoverable VATwhere appllcable. 13
ART360 FOUNDATION (AC•mynyUM•d by(•r¥nltl rioTESTOTHE HPUAcsTA7EME KIR ThEYtARENDED al DECEM•Ut2tQ4 VOWNTAYINCOME Yarto31 DetynbEr2014 Restrittd FuJ$ IOZ4 Ttytsi Fwids 2024 Total Fund5 Funds 2024 2023 Don•ik>ns Gtants E¥enrs 29.192 115691 1&5691 115691 29.192 27,623 140,754 Yurto li Dttthknr2024 Restrlcted Funds 2023 Uniestikted Funds 2023 TOtAI Fur Total Funds 2022 Pon•tyons Gr4Dts Evpnts 61,654 64154 7fy5C 136,fy 17,268 250 765( 79,11 61,654 140.754 156.126 INcOMEFROMCH•ADLtllv1VIEs Restri¢tEd Funds 2024 UnrirtEd Fund5 2024 Ttytsi Funds Totsi Fund5 2023 trnOfftlP%Ofv (WJMTJLEACTIWnES YNrto311)Dt4mboF 1014 R•strfd4d Funds 202 unre¥tittÈd Funds 2024 Trt•l Totri Funds 2023 Ad¥erttsInFrQMOI)nll ArchfvSn8and assodated costs Tra¥¥l aiid SU5b51steThre Events wsts Computer Costs coSuItanco5tr ArImintsUOn co#& ComMuniuon costs Flnanco •rndAud Println& Postsy and Ststbnwy Project Honorar¥Jm Bankthargts 23A93 15.736 4AII 565 2.ln 25 1171 a0316 16 2,141 26,279 1,353 373 2325 2.727 1727 zn Z71 6547 35.654 146,459 YEarto JI DernrnberlOZJ Restrfcted Fur% 2023 Total Fur 2023 Tvral Funds 2022 Funds 2023 ArthIng4$$¢Chtsd co$ts Travelènd Events costs Cornputer Costs ConJuttancy 515 Adrnln&tr?tk>n o)5ts CDmmuf>iethn tosts FinaniE and Avdit Prlntln& Pp5tsit4nd 514¥¢nery ProlettHonotsrium BankrIes 21934 14P25.B3 4M54.rAI 565 $90.44 559 Y,711 363 2573 8.751 3A64 I,TJi 11736 4•1Y 565 9,090 62.141 2Y3 LJ53 15 132,139 15,121 1.3S3 536 3.989 333 23N)6 279 L35J 37J 132$ 357.05 232s.fK) 14 77.187 72 195,631
ART360 FOUNDATION IACOmwyLknthd ty¢>•Ateel TESTOTHE FRWX14LYATtWNTS SORnbEYÉAREfioED31DEUMBER2•14 S GOVEW441fECOSIS i)t¥i Fwd 2024 2024 2023 ALwuntlt¥lkndependentEMrnlnerfe Ln7 1717 lJ53 U53 Tolal Funth 2422 Fund5 2023 FuDds 1023 JThOnil IndewdeDI E¥Jmlnqrh•s L353 6 TRU5fEF$PMIFELiTEDPAR[s JnnithE?Erd.nOTr$14e$ r¢c4tved•nyfmun•rathDn12013-£NIL1.ry>ib1rts Ir11(2023-EIlI fty•nyr•knburi•Th•ntof wens1 12023-£NIL). The FOuthd•lofv Wth¢useotDA£S'&prtm15•1 and i r•npif4Jl•Is[vk¢$. Th15$ b4ÈnJndÉdbyDA£Sta ih•wknof £17.562 I25- £61,$531. Trie h•wbeenTro rtted pirtytr•nslrtN5. OTOAS 2tQ4 2023 dqbtot5 4114 24693 I CAECrfIORw•Jii4f5FAWF+50W W1N0&EAR 302a Tr•deCr•thitar5•nd4Tuo J,zIE 50 Ye•r•Wed JID1•r2Q24 arouKht fNw•rd 01-Jbn-24 Rwourc rrtttsl¥s 4rrkd fotw4rd REc1155thb LW4BECtEFVt1S GENEPAIFUND 6176 29.152 REsfMttEDFLfiDS fdw•rdW¢00m•n Publ1 Art360 Swtknd Prolttt Van 8uik• Pro1 4,667 214 3.130 62.OYS 6.IL9 115691 1272) 12.Q141 11.Q37 12mS1 R•ttolhrt ShaThtThomasCound Grant BtKbhArtWerk 61m5 a7 14,1821 6J76 11,56>1 16.5471 TOTAOF FUNDS 706 TheJpeEKwip05eslorYthth b••ppl•l4ré•sfolbJws'. Eld woodmfi |D¥•ilm•nt p•£1¥tCwrdSthIcot0f produaf44Mon¢gr•phon th•h)r¢f Ethardwoodmifi. •Jia60sothrTha'.thls invEShntusp¢dl¢•ityiowarth th•&locat•Jn afbursiih7s4nd4%ts'•St1Qs bl tts$rtth¢ Iwc¥ str4t•gles. AdditJNI V¥n BUrkt#dIty4nnO.. RwvnlnityThMw41 r1d1Ht0unreSIr1tr4fvfto$. 15 Artao0cMttrrtknfj•neNknYAWrwIWtorEllr{undk
ART360 FOUNDATION lAC0mnY Llmlted byGuaranteel NOTESTO THE FINaALSTATEMEfr115 FOR ThEYEAR ENOED 31 DECEMBER2024 STATEMENfoF FUNDS{Contlnuedl YÈ•rended 31 DKember2023 erought forward Reclassificatlon Incoming resources Resource5 expended Transfers Carried forward 01-Jan-23 31-Dec-23 UNREsTricfEDFUNDS GENEiALFUND 51735 15,26ql 61,922 169,2721 4L317 RESTrlm FUNDS Henry Ore Foundation Edward Woodman Publication Art3Scot13nd Projert Richard Dimarco Ard)ive Prolett Aubrey Wllliams Este Van 8e Projett Re-ima8ine Grant Recollètt Paul Mellon Centre Shantl Thornas Council Grant Sharlah Foundation Turtleton British Art Network iQ777 19,927) 18501 1988 341 11,941 110141 52 121,4621 116,327) 1521 13,7301 117,6031 I4,5) 2,541 22,735 67.(KYJ 15CQ &861 117421 15.C63 14,4521 119 1821 4.534 75,410 5,268 79,1 TOTALOF FUNDS L022 {W,459) 10 ANALYSISOF NAsSETs BEfiNEEN FUNDS Yearended 31 Detmber2024 Restrirted Unrestrltted Funds Funds 2024 2024 Totsl Fund5 Totsl Funds 2023 Current aets Creditors due withrn one year E6,397 44,949 13,2181 111.346 13,2181 12&757 140501 66.397 41,731 104128 121 Yearended 31 December2023 Restritted Unrestricted Funds Funds 2023 Total Funds Total Funds 2022 Currentassets Creditors due wlthin one year 81.389 47,367 16,0501 128,757 16.(601 138.674 110.5301 8L389 41,317 122,706 16 128,144