2022-12-31-accounts - Set Centre

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Annual Report 31 Dec 2022

01 Trustees’ Annual Re ort p

02 Achievements and Performance

03 Structure and governance Trustees’ Indemnities Wider Organisational Structure 04 Objectives and activities Centres & Studios Arts Programme 05 Financial Review Going Concern Principle Funding Sources Funding and Investment Policy Deficit Principal Risks and Uncertainties Financial Risk Management Objectives and Policies Reserve Policy Plans For Future Periods Employees and Equal Opportunities Employment Statement of Trustees’ responsibilities 06 Auditor’s Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements

Document Design by Callum Brown Rove Studio

Installation view of video in Sometimes in Sequence, Some Times in Sequins by Oisín O’Brien, SET Woolwich, photographer Josh Moseley, May 2022.

00

Reference and administrative details

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2022

Registered Charity Name

Set Centre CIO

Registration 1170903 Number

Principal office

SET Woolwich Riverside House London SE18 6BU

Dr Bickley Trott Ms Brennan Mr McLaren Dr Thomas

Trustees

Independent Auditors

Axis Accountants Ltd Chartered Certified Accountants

Suite 14, Zeal House, 8, Deer Park Road London SW19 3G

Trustees’ Annual Report

1 This is based on “10,872 tenants” of artists workspaces identified in Mayor of London, 2018 Artists’ Workspace Annual Data Note, Cultural Infrastructure Plan , August 2018, 7, and Mayor of London, Artists’ Workspace Study: Report and Recommendations , September 2014, 6, which identified “11,500 people working from artists’ workspaces”. There will almost certainly be more artists living in London not in workspaces or not picked up by the report: there are 15,430 “new creative arts and design graduates” in London per year and 13,780 artists on studio waiting lists ( Mayor of London, 2018 Artists’ Workspace , 11). SET, by opening new centres since 2018, might be increasing the overall number of people in affordable artists’ workspaces, but since other workspaces close (there was a decrease in in affordable artists’ workspace provision between 2014 and 2018), until another study is done, the number of 11,000 is a reasonable approximation.

2 The average charge of affordable artists’ workspace to artists was £14.29 psf pa in 2018 ( Mayor of London, 2018 Artists’ Workspace, 11 ). Most

Installation view of work by Eleni Papazoglou, group exhibition Toppling , Autumn 2022 Open Studios, SET Woolwich, photographer Elena Gileva, October 2022.

SET is an organisation which exists in a cycle of beginnings and endings. In 2022 three centres closed and four opened. This is the nature of meanwhile use – a model which is both a necessity and offers opportunities. As is explained below, in 2022 SET offered some of the most affordable artists’ workspace in London, with over 96% of workspace offered being within a price range of £10.80-£14.40 psf pa (per square foot per annum) all inclusive (inclusive of electricity, internet and other bills), to over 1,000 artists. Close to one in every eleven artists working in a studio in London was doing so in a studio in SET in 2022.[1] Most of these SET Centres have opened since 2021. As far as SET is aware, no other organisation in London can say it has opened this amount of cultural space, approximately 200,000 sq ft, with affordable artists’ workspace at that level of affordability, within that timeframe.[2]

The importance of access to something this affordable for artists cannot be overestimated: not only does it mean artists can work in larger spaces, can realise bigger projects and even have the opportunity to realise these in SET’s own project spaces and/or as part of SET’s public programme, but there is also the day-today experience of people assembling, individually and collectively, in art-making, in a space where the primary restriction and interest is not economic (though financial instability remains a central concern of most artists).[3] This is one of the salient reasons why, alongside our broad arts programme and Associate Membership structure, SET centres are animated and have vitality.

But each of these sites will come to an end. There is a similarity to the artworks of the American artist Gordon Matta-Clarke, whose building cuts, such as the 1975 Conical Intersect , were carved into the fabric of buildings soon to be demolished: they were transitory “objects to be destroyed”.[4] Their moments of existence were no less valuable for being fleeting. Much of SET’s arts programme in 2022 – a product of those artists who assemble in each centre – concentrated on these facts of existence, as a reflection of the precarity of modern life: be it the festival at the end of SET Dalston; the playful

studio providers charge, at least, electricity on top of rent and so the £14.29 figure can be taken to be exclusive of heat and light. In 2022, the price of heat and light SET was charged was approximately £1.85 psf pa. In this way, at the higher end of SET’s average price range, workspace was £1.74 psf pa cheaper than the average affordable artists’ studio in 2018. Anecdotally, other organisations opening new sites in 2022 did not deliver new workspace to the end user at an equivalent price of between £8.95-£12.55 psf pa (the equivalent range of 96% of SET’s studios were they to be charged exclusive of heat and light). In this sense, SET’s artists’ workspace provision can be considered the most affordable newly opened artists’ workspaces in London in 2022.

3 According to Nichole Herbert Wood only 8% will be able to live from their work ( The Career Trajectory of Artists – Based in London, ) July 2022, 4,

Similarly, the national median wage for a fine artist in 2010 was under £10,000 pa from their work (Martin Kretschmer, Sukhpreet Singh, Lionel Bently, Elena Cooper, 2011 Copyright contracts and earnings of visual creators: A survey of 5,800 British designers, fine artists, illustrators and photographers ,) May 2011, 3,

4 Pamela M. Lee reappropriates the title of the 1923 Man Ray work for her book, Object to Be Destroyed: The Work of Gordon Matta-Clark , MIT Press, 2001.

5 This is a simplification and adaptation of a view often attributed to Martin Heidegger (see Sharin N. Elkholy, “84. – Finitude (Endlichkeit),” in The Cambridge Heidegger Lexicon, ed. Mark A. Wrathall, (Cambridge, UK: Cambridge University Press, 2001), 317-319).

6 Ludwig Wittgenstein, Tractatus Logico-Philosophicus , trans. C. K. Odgen, October 2020, 88,

SET Project commission of Oisin O’Brien, Sometimes in Sequence, Some Times in Sequins , who likened the stages of a building’s lifespan to the stages of Elvis’ life; or Eleni Papazoglou’s text 18/420/PN2 which interrogated the euphoria and uncertainty of an artist community existing in a former council building with a time-limited future. These artworks and projects highlighted the surrealism of communality, the alienation of urban space and planning, the politics of commercial property and where artists sit within wider society.

Some theorists might argue that finitude itself gives meaning to life,[5] or indeed any project. If that were the case, SET would have no end of meaning. But SET prefers to follow in the words of the Austrian philosopher Ludwig Wittgenstein: “death is not an event in life”.⁶ As each SET centre lives it is not dead. And SET contends that artist communities can continue to live even as locations change. By working to remain within the same geographical location within London, SET aims to keep the strand of each centre alive. SET’s cyclical work makes it possible for artists to remain in London. And, in turn, artists, the assemblies of Associate Members in these geographical locations, are the life-thread which is SET.

Performance by Eleni Papazoglou of 18/420/PN2 , SET X Sheffield DocFest, SET Woolwich, photographer Sophie Le Roux, January 2022.

02

Achievements SET’s objectives are to promote, and improve and advance education Performance in, and appreciation of, the arts in particular but not exclusively, through the facilitation and management of workshops and arts projects, for the public benefit.

SET fulfils its objectives in SET Centres through an arts programme and the provision of genuinely affordable artists’ workspace. SET aims to:

1 Curate an inclusive and exciting multidisciplinary arts programme. 2 Provide genuinely affordable artists’ workspace and create new pathways into the arts. 3 Create supportive communities within SET Centres where artists can develop their work. 4 Support local communities by providing facilities and developing projects with communities local to SET Centres.

Arts programme

Associate Members’ Programme

Performance by Essence FM, SET Dalston Closing Party – 5 days to say goodbye, SET Dalston, photographer Daniel Gatenio, June 2022.

The 2022 Arts Programme was SET’s most wide-ranging and ambitious programme to date. Curating projects across so many different project spaces, working with multiple connected communities is a testament to the curatorial team, studios managers and Associate Members at each centre.

SET Projects curation continued to focus on interdisciplinary contemporary arts projects with an interest in bringing visual arts together with text-based practices, music and performance. Similarly, the organisation successfully generates interest in the arts by making projects which are the products of habits of assembly, collaborative and social, as well as creative. These include projects such as the foodbank in SET Woolwich, SET Social in Peckham, or providing space for community organisations in SET Woolwich and Ealing.

The Associate Members’ Programme and Open Studios can be seen in this light – the organisation is artist-run and those who work at SET are a part of the assemblies of people who come together to create projects at SET. Not only this, but as an organisation, SET seeks to support Associate Members to have an active voice and artistic stake in its arts programme. This continued in 2022 within a further developed framework which gives structure to the arts programme.

Community Garden in Woolwich designed by the Sandwich Collective with a mural by Els Jennings in the background, Spring 2022 Open Studios. Photographer Sophie Le Roux, March 2022.

SET’s programme is also predominantly self-funded which does offer a degree of independence, but all parts of SET’s programme would benefit from further funding in the coming years.

In 2022, SET further expanded our network of centres to a total of seven, reaffirming our commitment to offering affordable studios through meanwhile space. Our effective strategy, marked by opening four centres to combat the closure of three, not only offered our members new studio choices but also led to the growth of our membership to over 1,000 studio holders. The team exhibited exceptional dedication and effort in successfully executing these projects.

Centres

To put this in context, as was explained in the introduction, close to 1 in every 11 artists working in a workspace in London were doing so in SET. Not only this, but in 2022 we offered arts space across 234,000 sq ft in eight different boroughs and 96% of the workspace we offered was priced between £10.80-£14.4 psf pa (all-inclusive), which means, as was also explained in the introduction, SET can realistically call itself the most affordable artists’ workspace provider opening new sites in London. Whilst the downside of meanwhile use is that the cultural infrastructure is not there in perpetuity and communities get broken up or have to move, in the face of the rising costs in London forcing artists to leave, SET is providing a solution here and now, which means artists can afford to continue to work in London. London has always been a city known for its cultural output, but for this to continue artists’ communities need to

Partnerships

remain in the city both in the future and now. Through the meanwhile use of buildings, SET provides an immediate solution to the cultural crisis.

The process of opening and closing four out of seven centres, all while managing the ongoing operations of three others, presented significant financial, labour, and resource challenges. This period necessitated the expansion of SET’s team, including the recruitment of two Assistant Studios Managers, and the creation and hiring of three new positions: Events & Bar Manager, Associate Members Accounts Manager and Director of Studios. Maintaining the financial sustainability of an expanding organisation in the context of property development uncertainties, the global energy crisis and the limited revenue potential from affordable studios created a significant concern in 2022. Especially the increased cost of electricity meant SET had to come to the decision at the end of 2022 to: (1). Take on further long-term liabilities and (2). Increase studios rental prices in 2023.

Establishing new centres afforded SET the chance to provide affordable artists’ studio spaces in previously underserved areas. To better position ourselves to fulfil our charitable objectives in a new location, we strategically appointed an Assistant Studios Manager residing in Ealing to oversee the day-to-day operations of SET Ealing efficiently. This appointment provided invaluable insights and a robust link to the local community, enabling SET to initiate productive and engaging interactions with local communities from the outset. Such a strategic approach will remain crucial as we establish new centres in unfamiliar areas.

2022 saw SET successfully establish new partnerships with local authorities and other arts charities, thus broadening our ability to secure meanwhile spaces. These partnerships led to the establishment of two new centres and secured the necessary funding for a studio construction project and the implementation of a residency programme. Expanding our roster of partners, within the scope of our charitable objectives, stands as a pivotal step towards our mission of consistently offering genuinely affordable artists’ studios through meanwhile space, especially within an uncertain commercial property market. Additionally, new partnerships are essential for achieving SET’s long-term goal of acquiring a permanent centre.

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Maria de la O Garrido’s studio, Spring 2022 Open Studios, SET Lewisham Retail Park,
photographer Sophie Le Roux, March 2022.
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Community Organisation Workspace Prize winner’s Afghan Academy International’s workspace at SET, Autumn 2022 Open Studios, SET Ealing, photographer Giorgia Galantino, October 2022.

03

Structure, governance and management

Trustees

SET is a Charitable Incorporated Organisation founded in 2016. SET promotes, improves and advances education in, and appreciation of, the arts in particular but not exclusively through the facilitation and management of workshops and arts projects, for the public benefit.

SET Centre CIO advances the public’s education in the arts by managing SET Centres, which are arts centres across London. SET Centres contain: project spaces, events spaces, affordable artists’ studios and other facilities such as workshop facilities. SET curates an arts and educational programme throughout SET Centres, including SET Projects which are arts projects initiated by SET or in collaboration with other organisations, and the Associate Members’ Programme, which is led by studio holders in SET centres.

The CIO is governed by its constitution and trustees: Amy Brennan, Dr Alexandra Bickley Trott, Dr Alex Thomas and Robert McLaren (Chair) oversee the governance of the charity, including the recruitment and appointment of SET’s Management Team. During 2022 there were multiple structural changes to SET’s Management Team. By the conclusion of 2022 SET’s Management Team consisted of the founders and Directors, Roland Fischer-Vousden, Joshua Field and Oliver Tobin; a newly appointed Director of Studios, Jemima Thomas; Curator, Ellie Dobbs and Infrastructure Manager, Daniel Gatenio.

The Trustees serve fixed one-year terms, which may be renewed through a resolution passed during a Trustees’ Meeting. Across the Trustees and SET staff, SET possesses a diverse range of skills, including business acumen, community relationship management,

Management

Movement workshop on Mezzanine, Spring 2022 Open Studios, SET Woolwich, photographer Sophie Le Roux, March 2022.

organisation management, academia, policy, construction, and artistic skills. In 2022, the Trustees received external online Trustees training in from the National Council of Volunteer Organisations. SET is adopting a strategy for the induction and training of Trustees following this first training.

The Management Team oversees the day-to-day operations of SET and reports to the Trustees during bi-annual Trustees’ Meetings. All positions within the Management Team are permanent and undergo annual reviews at Trustees’ Meetings.

The overarching strategy of SET’s operations, including finding new SET Centres and deciding on the direction of the charity, and the work it does, is led by the Directors, reporting to the Trustees and working with the rest of the Management Team.

SET is a London Living Wage Employer. However, it is clear to the organisation that charity staff’s salaries cannot compete with private sector pay and in that sense there is always a risk of staff leaving for better pay. In 2022, with the rise in the cost of living, it also became clear that a strategy for increasing pay needed to be adopted and that staff pay was not enough. SET enlisted an external charity HR consultancy to do an organisational pay policy review and establish salary brackets. SET aims to raise payment or offer other benefits to make it possible for staff to continue living in London and working for SET. The ratios of top to bottom pay in FTSE 100 companies is calculated to be 1:262, whilst there is a 1:10 ratio in the third sector. In SET there was less that a 1:2 ratio. Not only does this very low pay ratio align with SET’s values of equality between staff members, but it is also shown to increase productivity and mean that the team all identify with the organisation, developing a feeling of togetherness and fairness. SET will continue to monitor its annual pay ratio within the pay policy.

In 2022, the studios were under the management of Studios Managers, with support from Assistant Studios Managers (ASMs), working with the Infrastructure Manager and Directors. In December 2022 a Director of Studios was appointed to lead the studios. Infrastructure management for all centres falls under the responsibility of the Infrastructure Manager. ASMs serve as the primary contact for Associate Membership queries. In 2022, the length of ASM employment contracts was linked

Image of Kumbirai Makumbe’s poster design for Spring 2022 Open Studios, photographer Sophie Le Roux, March 2022.

Programme

to the tenure of the SET centres they were based in, ranging from a minimum of 6 months to a maximum of 18 months. The construction of the studios and other buildings projects are led by Ruairi Mangan-Cliff, who headed up his Buildings Team, the contracted organisation constructing SET’s studios. Increasingly Max Carton, part of Ruairi’s Buildings Team, took a leading role in SET construction in 2022.

Throughout the majority of 2022, Aimée Neat and Jemima Thomas served as SET’s Studios Managers. Aimée Neat, SET’s first employee following the Founder-Directors, concluded her tenure at SET in late 2022. She served as the Studios Manager from 2018 to 2022, overseeing multiple SET Centres, including those in Lewisham, Wimbledon, New Cross, Dalston, and North Greenwich. Aimée’s role extended beyond studios management; she also curated exhibitions and undertook various responsibilities during the charity’s early years. This included establishing initial systems for studios management. Additionally, 2022 saw Assistant Studios Manager (ASM) Kumbirai Makumbe leave SET. Kumbirai served as the daily operations manager for SET Woolwich and played a pivotal role in designing SET’s graphics for projects such as Open Studios, significantly shaping the organisation’s aesthetic during the 2021-22 period. SET Associate Member, Milena Szymanek took over in the role of ASM at SET Woolwich. New ASM roles were created to manage SET Ealing and Kensington, fulfilled by Josh Moseley and Shirley Moore.

SET’s arts programme curation is led by Curator Ellie Dobbs working with the rest of the Management Team, specifically working with Directors, Josh Field and Ollie Tobin on the music and events programme. SET has an ongoing contract with Rex Refreshments Ltd. and Rex Pictures Ltd., who rent space within SET to run refreshments for SET’s public programme and manage bookings. In 2022, SET worked closely with Rex Refreshments Bar Manager Katie Bendall and REX Pictures Bookings Manager Nick Gizbert. At the conclusion of 2022, Katie departed from Rex Refreshments, and her role was assumed by Hermione Shaw, who now oversees SET Social and various other SET events. In November 2022, Alice Fraser initiated the creation of a food bank at SET Woolwich in response to the sharply increasing cost of living. This food bank was designed to cater to the local community while fostering connections with the SET Woolwich community garden and arts programme. Its goal was to offer an accessible

pathway to these initiatives and provide essential food support during the winter months. SET also worked with an external press officer, Sasha Galitzine, who organised the Arts Auction at SET Kensington which raised funds for charities working with refugees, focusing on art, and refugees from Afghanistan and Ukraine.

SET continued to actively participate in London’s Affordable Artists’ Studio Network (LAASN) as part of SET’s broader commitment to advocate for artists in London and promote the development of affordable workspace for artists.

The finance of the charity is led by Director, Roland Fischer-Vousden, working with the other Directors and rest of the Management Team, and Emily Mahon, who continued in the role as an ASM, focusing on Associate Members’ Accounts, in an accounts receivable role. SET works with external accountants, Axis Accountants Ltd.

Finance of the charity

In terms of financial risk management, the Trustees have assessed the major risks to which the charity is exposed, as detailed in the financial review, and in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Trustees’ Indemnities

Trustees Indemnity insurance is in place at a limit of £1,000,000 with the insurer: RSA Insurance Group plc.

: Installation shot of group exhibition The Worm at the Core curated by Cristiano Di Martino and Conor Ackhurst. Associate Members’ Programme, SET Woolwich, photographer Dominique Cro, October 2022.

Wider Organisational Structure

Local

In 2022 SET Centre CIO consisted of Trustees, SET’s Management Team and staff and SET’s Associate Members. Associate Members use artists’ workspace at SET Centres, and have the opportunity to be a part of SET’s Associate Members’ Programme. SET selects each artist or project hosted at each centre via an ongoing open call. Associate Membership is awarded, and workspace is allocated on an open basis. We believe that it is vital that membership and access to workspace is open to all, and that SET does not try to curate our membership based on perceived “quality” of members’ artwork. We believe that access to SET centres, our workspaces, and programmes should not be blocked by unnecessary barriers, as access plays a pivotal role in facilitating the growth and development of artists’ practices.

We are a locally focused organisation and aim for over 50% of our membership at each centre to be residents of the borough local to that centre. Although this could be seen as a barrier to joining a SET Centre, we view this as important in making sure each centre reflects the area it is based in. Prospective members also engage in informal conversations with the Studios Management team to ensure that artists are well-informed about the workspace offered by SET and the expectations and codes of conduct they are expected to follow. Detailed information on these matters is also available in the SET Handbook. Associate Members do not possess voting rights in the management or governance of the charity. However, they do have well-defined responsibilities aimed at advancing the charitable objectives of SET. These obligations can include participation in SET’s arts and educational programme, under the guidance of Ellie Dobbs as Curator and Associate Members’ Programme Coordinator.

This work is overseen by the Management, who ensure the charity is delivering on its objectives. The Directors are responsible for the general direction of SET’s work, including: acquiring new sites, setting affordable artists’ workspace rents, managing SET’s finances and appointing and working with staff, as well as working directly with the Associate Membership. Biannual Trustees’ Meetings are convened to assess the collective efforts of the organisation, its staff, and Associate Members in support of SET’s charitable objectives.

Have an Associate Membership which:

04

Objectives and activities

As previously mentioned, the objectives of SET Centre CIO are, for the public benefit, to promote, improve and advance education in, and appreciation of, the arts in particular but not exclusively through the facilitation and management of workshops and arts projects.

These objectives are realised through the establishment of communities of artists within SET Centres, and the collaborative development of our arts and educational programmes at each SET Centre with the active involvement of our Associate Members.

SET is open to all and we believe it is imperative that applications to become an Associate Member of SET are not subject to any “quality” filter. However, SET aims to:

Reflects the diversity of the local community.

A majority live in the borough local to a SET Centre.

Be an organisation that gives a voice to its Associate Membership, so as to best meet the needs of the local community and keep abreast of developments in contemporary art.

Provide the community with better access to an arts and educational programme both in person and digitally:

Focus on collaboration across disciplines, especially music, art and writing.

Develop a programme which reflects the local community. Further define and offer clarity in our programme to develop its identity and reputation.

Develop facilities and spaces which are accessible to a wide demographic and are considered safe spaces (especially in social activities and night-culture);

Develop good relationships with local community organisations.

People at Open Studios, Spring 2022 Open Studios, SET Woolwich, photographer Sophie Le Roux, March 2022.

Centres & Studios

Open SET Centres: An Overview

SET Lewisham

SET North Greenwich

Installation view of work by Catriona Robertson, group exhibition Toppling, Autumn 2022 Open Studios, SET Woolwich, photographer Giorgia Galantino, October 2022.

SET Woolwich

In 2022 SET offered workspace to over 1,000 artists up from 800 in 2021, across 390 workspaces, across seven centres and 234,000 sq ft of workspace and project space. SET’s commitment to localism remained with over 50% of the Associate Members at each centre being from the local area.

In 2019, SET Lewisham opened its doors, providing studio spaces to 80 members across 26 studios, along with a vibrant street-facing project space. In 2022 another extension was negotiated on the site which means it should remain in place until at least January 2024. Over 80% of the Associate Members at this site are residents of Lewisham and this remains one of the most SET’s most closely knit artists’ communities.

SET North Greenwich, opened in 2019, accommodates six Associate Members across two warehouses which span 6,000 sq ft. This site comes up for renewal in 2024.

SET Woolwich, photographer Tim Bowditch, April 2021.

In 2021, SET Woolwich opened as the flagship SET Centre, situated in a sprawling 140,000 square-foot former office block. Home to over 600 artists occupying 267 studios, it is a vibrant community. This remarkable site has a well utilised project space, a community garden, and the dynamic music and performance arts venue, The Vault.

Notably, SET conducted a studio prize programme for 18 artists and makers from 2021 to 2022, granting each recipient access to a studio space exceeding 300 sq ft for a year. Following the conclusion of this initiative in 2022, the majority of former prize winners opted to remain at SET, supported by a phased studio fee plan.

SET launched a community prize in 2021, benefiting 15 community groups with free space. This endeavour continued throughout 2022, with the commitment to extend it for the duration of the building’s lease.

A building this size and of this age has brought with it some difficulties in terms of maintenance and the costs associated with price rises in electricity. Fairly extensive work began in September 2022 to improve the plumbing system to deal with the twin issues of: 1.) So many people using a 1960s plumbing system and 2.) The use of the building as art studios. The Associate Membership has been patient with this issue and further works should ease the issues in 2023.

Cyanotype workshop run by Sarah Garrod, Autumn 2022 Open Studios, SET Woolwich, photographer Giorgia Galantino, October 2022.

Closed SET Centres: An Overview

SET Dalston

SET Wimbledon

SET Dalston, which commenced operations in 2018, closed its doors in Autumn 2022. The closure resulted from the termination of its lease due to the redevelopment of the building. This centre offered 28 workspaces for members and housed a well-attended venue for performative arts. Many artists and makers from SET Dalston transitioned to studios at SET Woolwich following the closure of their original workspace.

Anouska Samms’ studio, Spring 2022 Open Studios SET Dalston, photographer Sophie Le Roux, March 2022.

SET Wimbledon, which opened in 2019, ceased operations in winter 2022 due to lease termination linked to the redevelopment of the building. The centre provided workspace for 30 artists, with several artists relocating to the newly opened SET Ealing following the closure of SET Wimbledon.

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Workshop Device(s) to Locate by Tawfik Naas,
Spring 2022 Open Studios, Lewisham Retail Park,
photographer Sophie Le Roux, March 2022.
SET New Cross
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SET New Cross, which initially opened its doors in 2020, ceased operations in the summer of 2022. This centre was home to an intimate project space and hosted a vibrant community of over 40 artists and makers, most of whom had previously been in studios at the now-shuttered SET Alscot Road. This community of artists is very much the original group of studio holders and Associate Members.

Following the closure of SET New Cross, the majority of Associate Members opted to move to the recently established SET Lewisham High Street. The closure of SET New Cross resulted from the termination of the lease by the landlord as planning permission was granted.

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Outside yard at SET New Cross, Spring Open Studios, photographer Sophie Le Roux, March 2022.
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New SET Centres: An Overview

SET Ealing

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SET Ealing, photographer Jemima Thomas, March 2022.
In March 2022, SET Ealing opened its doors, offering 36
studios for artists and makers. The centre also includes
a ground-floor project space with a prominent street-
facing window, as well as two community prize spaces
occupied by local groups, Afghan Academy International
and COCO Art Club. The community prizes offer the use
of a space for free for a minimum of a year. Additionally,
SET Ealing has a separate unit occupied by the charity
Store Cupboard.
West Ealing has a substantial population of creatives who
lack locally affordable studio options. Through proactive
community engagement, SET Ealing has emerged as the
centre with the largest number of members hailing from
the local area, with 89% of those who hold workspace
being residents of the borough of Ealing.
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SET Lewisham High Street

SET Kensington

SET Byward Street Tower

SET Lewisham High Street opened in summer 2022, in partnership with Lewisham Council as part of the borough’s London Borough of Culture initiative. This centre served as a new home for artists and makers from the now-closed SET New Cross, offering them a stable studio situation guaranteed until December 2024. With 10 studios, 27 members and project space for SET’s public programme and art residencies, SET Lewisham High Street has become established as a thriving centre.

SET Kensington, opening in April 2022, rapidly became the creative hub for 54 members occupying 43 studios. Located just a five-minute walk from High Street Kensington, this centre addresses the pressing need for affordable studio spaces in the area.

Situated near numerous major galleries and institutions, the street facing project space at SET Kensington is a valuable resource accessible to our entire membership. It provides crucial support for emerging creatives looking to connect with both the commercial and the critical art world.

SET Kensington, photographer Jemima Thomas, May 2022.

SET Byward Street, a collaborative venture between SET and Studiomakers, with support from the City of London, opened its doors in December 2022. Situated in a former souvenir shop, the centre serves as a platform for hosting a residency prize, offering free studio use and an artist development programme.

The recipients of the residency include Abi Palmer, Leily Mojdehi, Yang Luning, and Yifan He. This residency programme will span nine months, concluding in September 2023.

In 2022 Ellie Dobbs remained SET’s Curator and the Coordinator of SET’s Associate Members’ Programme. Director Josh Field continued to concentrate on SET’s music programme. Towards the end of 2022, Directors Josh Field and Oliver Tobin headed up the opening of a new site, SET Social, which focused entirely on arts and social programming. SET’s programme remains, broadly, divided into SET Projects, which are project curated or initiated by SET and the Associate Members’ Programme where SET supports studio holders to develop projects as part of SET’s programme.

Arts Programme

Installation view of group exhibition Unfamiliar Forms , part of London Design Festival 2022 and SET’s Associate Members’ Programme, SET Kensington, photographer Giorgia Galantino, September 2022.

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Summary
Workshop, Autumn Open Studios, SET Kensington,
photographer Giorgia Galantino, October 2022.
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In the first half of 2022, SET continued to deliver a diverse, accessible programme of exhibitions, workshops and events showcasing a range of emerging artists, as well as commissioning new work and a first-time solo exhibition of work by Irish artist Oisin O’Brien.

SET is uniquely positioned as an arts organisation and studio provider in that it offers its membership access to free events and exhibition space, as well as curatorial, administrative, and practical support to deliver projects. The majority of the annual calendar across SET’s six unique, purpose-built project spaces is unassigned and available for members to apply to use as part of the Associate Members’ Programme. The selection criteria for proposed projects are inclusive and supportive. This supports the work of emerging artists, allows for experimentation and risk-taking and helps to lower the socioeconomic barriers that prevent participation in the arts.

SET has supported the realisation of a variety of DIY arts projects including group exhibitions, pamphlet launches, experimental music nights and reading workshops. SET has also worked with a variety of new partners with shared values including Sheffield DocFest, Artification and Qwe’re.

The curatorial programme in the latter half of 2022 saw SET partner with Studiomakers and the City of London for the launch of a new studio prize in Tower Gateway. SET ran an open call and Ellie Dobbs was on the judging panel for the prize, which was awarded to four artists: Yifan He, Abi Palmer, Leily Moghtader Mojdehi, and Luning Yang. The transformed space in Byward St offers workspace to each of these studio members and will be a site for public events and a SET-run development programme.

Looking forward to 2023, SET has also built relationships with likeminded organisations such as F.A.T Studio, riesa efau and VIDEOCITY. In December 2022 SET was jointly awarded £10,000 to participate in a knowledge-sharing project with riesa efau, a community-focused arts centre in Dresden, and VIDEOCITY, a moving-image based curatorial initiative. The project will facilitate studio visits in London and Germany and culminate in a presentation of artists’ work at a SET Centre in 2023.

SET Projects

SET X Sheffield DocFest

View of the 3-screen installation The School of Mutants by Stéphane VerletBottéro and Hamedine Kane, SET X Sheffield DocFest, SET Vault in SET Woolwich, photographer Sophie Le Roux, January 2022.

SET started 2022 with a collaborative project with Sheffield DocFest. SET Woolwich hosted a unique iteration of their 2021 Alternate Realities exhibition programme, featuring work by Duncan Marquiss, David Haxton and the school of Mutants.

Oisin O’Brien – Sometimes in Sequence, Some Times in Sequins

As part of the exhibition, SET commissioned Associate Member and studio prize winner Eleni Papazoglou to create a new, text-based artwork in response to David Haxton’s video work Painting Room Lights (1981) and to SET Woolwich.

Eleni performed a reading of the work 18/4120/PN2 on the exhibition’s opening night and delivered a writing workshop as part of a programme of events surrounding the exhibition, including a workshop delivered by studio members Foreign Body Productions for Woolwich-based young filmmakers.

In June, SET hosted the first solo exhibition of Oisin O’Brien, an emerging Irish artist and recent RCA graduate whose work was featured in London Grads Now 2021.

The exhibition comprised of commissioned textbased and video work that responded to the evolution of Riverside House (SET Woolwich), in keeping with SET’s curatorial aims of supporting writing as an artistic discipline.

The exhibition received some press and reviews and had a successful run and opening night.

Here is the exhibition text, which gives a sense of O’Brien’s distinctive style and humour:

“I was just thinking that if football pitches make sense of how long things are, and blue whales point to how heavy stuff can be, then there must be something that relates to the different uses in the lifetime of a building. But I suppose, Elvis’s makes sense on stages.

The exhibition is a barely, but still justifiable, attempt to replay the former council building in Woolwich, with a glitzier but also glitchier backing track. The varying stages of the career of Elvis Presley are drafted in as a wonky structure, to ponder whether the former council building’s use was like Elvis being conscripted into the army and if SET might be reflective of a teenage rebellion stage.

Within the space, a set of pointy hand signs get a night off from directing people to the bathrooms or smoking areas and exit their responsibilities. Whilst at the same time, a series of floaty texts are on hand like half-inflated armbands, to help navigate around the weird internal logics.”

Installation view of video in Sometimes in Sequence, Some Times in Sequins by Oisín O’Brien, SET Woolwich, photographer Josh Moseley, May 2022.

SET Dalston Closing Party – 5 days to say goodbye

Co-curator and poet Gboyega Odubanjo performing at SET Dalston. At the time of writing this SET learned of the untimely death of Gboyega. Gboyega was not only a hugely gifted poet, but someone who wanted to replicate his poetics in life, especially in curating events: his sense of pageantry in poetry readings; commitment to making something captivating; bringing in music, performance and humour, made working with him a joy. We first met Gboyega playing in Harry Bix’s East Anglia Records House Band at an Ambit Magazine launch at which he was also performing. We were all struck by his reading, and Harry went over and spoke to him. Gboyega then launched his debut poetry pamphlet While I Yet Live at SET Dalston and performed as part of our Kahoon Projects Performances both in 2019. He co-curated this event, Collected Verse, with Ellie Dobbs and Roland Fischer-Vousden, as part of SET Dalston Closing Party – 5 days to say goodbye, SET Dalston, photographer Giorgia Galantino, June 2022. He will be deeply missed.

This project was a celebration of the best of SET Dalston in anticipation of the closure of this building in October 2022. The festival included a screening of artists’ films, a poetry and performance night and an experimental music night full of familiar faces.

Prior to the pandemic SET Dalston was SET’s central venue for performing arts, music, night culture and social space. Due to the pandemic the venue closed & post pandemic the lease came to an end which led to the full closure of SET Dalston.

The SET Dalston Closing Festival brought together studio members, SET residents & friends as well as guests and newcomers. The line-up was eclectic, spanning the breadth of programming that found a home at SET Dalston. Each day of the week, the festival focused specifically on differing aspects of Dalston’s programming: screenings, readings, performances, club & live music.

Some examples from the festival include:

The Thursday night was literary-focused and brought together a mix of writers as a nod to Dalston’s strong literary programme and as part of Arts Council-funded project Collected Verse . The event was co-curated with Gboyega Odubanjo, who had released his pamphlet at SET in March 2019. Performers included poets Ella Frears, Cai Draper, Aliyah Rawat, Raheela and performance artist, Patrick Cole. The night was soundtracked by long time collaborators East Anglia Records House Band, led by Harry Bix who has had a studio in three SET centres and has been a member since SET was founded in 2016.

On the Friday night, Selective Work, spearheaded by SET build team, Ruairi & Dom, took the curatorial reins with a selection of electronic dance music. The festival culminated in a Saturday day & night eclectic selection of live music & DJs. The festival was a great success and a true celebration of the vibrant Dalston Programme.

----- Start of picture text -----
The audience dancing at SET Dalston Closing Party – 5 days to say goodbye, SET Dalston , photographer Daniel
Gatenio, June 2022.
SET Woolwich –
Vault
as SUBSET and Selective Works
Leisure FM & SELCHP Recordings.
SET Art Auction
The Programmes These Programmes included
of the new SET
Ealing and SET
Kensington
----- End of picture text -----

Since opening SET Woolwich, SET has organised various performance and music events on temporary events notices (due to not having a full licence). In 2022 these events took off where Dalston left off when Dalston closed at the end of October. As well as SET curated events such as SUBSET and Selective Works , The Vault also hosted multiple members events including ROAM, TIDES, HTBX, Leisure FM & SELCHP Recordings.

This project raised money for two other arts charities related to the support of refugees, specifically related to Ukraine. The exhibition of work in SET Kensington included work by SET artists and other invited artists, including Tai Shani, Richard Gasper and Gavin Turk.

These Programmes included Jigsaw Heritage at SET Ealing, an exhibition of textiles and performance from Ealing-based artist Jai Blue. Jai is external to SET and brought in a diverse local crowd to celebrate the opening of the Ealing project space. At SET Kensington there was a well-attended pamphlet launch with students from RCA Writing, as well as the SET Auction described above.

Foodbank at SET Alice Fraser, in response to the cost of living crisis, Woolwich proposed to utilise the public facing project spaces of SET Woolwich to run a weekly foodbank at the end of 2022. This project supports around 20 local residents weekly. The project also helped make SET Woolwich more accessible to a wider proportion of the local community, as people who might not have been aware of SET, or been interested in our arts programme, could come and engage with the building and the organisation.

F.A.T Studio and SET was approached by F.A.T Studio, a socially-engaged arts group and design studio who run the Old Kent Road Congee Arts Club, to work on a project for Lewisham Borough of Culture. For five days in November we hosted CONGEE , an installation by artist Alastair Kwan and F.A.T. Studio, which transformed the SET Lewisham project space into a canteen serving Hong Kong style congee - a savoury rice porridge dish widely eaten across East Asia. The canteen was open 9am-4pm while Alastair prepared and served meals alongside a programme of events from other artists and local organisations. Following on from this project, we will be working with F.A.T Studio to run community-led workshops at SET Social.

CONGEE , an installation by artist Alastair Kwan and F.A.T. Studio, SET Lewisham, November 2022, Photograph Teo Della Torre.

SET Social

The launch of SET Social in December 2022 has provided a new and exciting space to programme performances, theatre and music events for members and invited artists. The centre is dedicated entirely to an arts and social programme and is run on a membership licence. Members of SET Social differ to Associate Members of SET Centre CIO, but everyone who is an Associate Member of SET Centre CIO is given free SET Social Membership.

A performance evening ‘The Will to Believe’ featuring several SET members was well attended, and in 2023 we are launching a community lending library: think big read, and are working with Deeper Into Movies to run screenings. Regular events will operate alongside a broad programme ranging from a Burns’ Night ceilidh, a night run by record label 4AD and an exhibition of SET members’ work that integrates the design of the hall.

Opening Night, SET Social, photographer Giorgia Galantino, December 2022.

Associate Members’ Programme

Open Studios

SET Woolwich and The Worm at the Core

Installation shot of group exhibition The Worm at the Core curated by Cristiano Di Martino and Conor Ackhurst. Associate Members’ Programme, SET Woolwich, photo Dominique Cro, October 2022.

This year’s Spring Open Studios were the largest SET Open Studios to date. Our offering this year included an experimental workshop/research-lab at SET Lewisham with a complementary workshop titled Hybrid Libraries , a cyanotype t-shirt making workshop, a group show at SET New Cross and a vault takeover party programmed by Leisure FM.

Highlights from the Woolwich programme included an exhibition of our studio prize winners’ work, Toppling , as part of our Autumn Open Studios. The exhibition was held in the 4th floor project space and featured a commissioned text by rhoda adum boateng, designed by Eleni Papazoglou and printed by Pagemasters.

In October, the East 4th floor was transformed into a largescale exhibition of 73 artworks by 30 artists on the subject of mortality, titled The Worm at the Core and curated by SET Woolwich members Cristiano Di Martino and Conor Ackhurst. The exhibition filled the 4th floor project space and included several refurbishments such as improved lighting and false walls, bringing the space up to a more professional standard. The exhibition was well attended and publicised and was featured on several best exhibition of the year lists, as well as generating some art press.

SET Ealing

SET Kensington

The latter half of 2022 saw an increased use of the SET Ealing project space, with further outreach across the Ealing community. We hosted a festive market with performances, a studio tour and makers’ stalls for SET Ealing studio holders to show and sell their work and to raise funds for SET residency prize winners Afghan Academy International.

Additionally, Josh Moseley ran coffee mornings in the space and Ellie Dobbs attended an arts networking event at Pitzhangor Manor, where Ealing’s bid for London Borough of Culture was discussed. In 2023, alongside our Members’ Programme, SET Ealing will host a community event for the launch of a neighbouring community garden. Our increased public engagement has allowed us to continue to strengthen our relationship with the council and local arts groups such as Artification.

The SET Kensington Open Studios was well attended by studio holders and members of the public. The day’s programme included an exhibition, Unfamiliar Forms, in the main project space featuring work by 16 emerging artists and designers as part of London Design Week. There was also a vinyl listening and knowledge sharing session, focusing on early reggae, hosted by Brother Rich and Rare Groove Art + Archive (Goldsmiths CCA Residents + SET studio holders), and a drop-in mushroom paper making and natural pigments workshop with artists Cas Campbell and Phoebe Hudson in the courtyard.

The project space continues to be well-used and is a focal point for our Members’ Programme. Recent highlights include Black Crit , an exhibition celebrating Black History Month organized by Rare Groove Art + Archive.

Artists participating in Black Crit included Sharmain Forde, Hamamiti Chikwanha, Maxine Nketia-Moseley, Kevin Atari Kuggah, Savanna Achampong, Adrianna Whittingham, Mabintou Badjie and Harris Elliott, Associate Members’ Programme, SET Kensington, October 2023.

Financial Review

SET Centre CIO’s finances are headed by Director Roland Fischer-Vousden, working in collaboration with SET’s other Directors, the Management Team and Emily Mahon, whose role is focused on Associate Members’ accounts.

Principal Funding Sources:

Cristiano Di Martino’s sculpture at The Worm at the Core curated by Cristiano Di Martino and Conor Ackhurst. Associate Members’ Programme, SET Woolwich, photographer Dominique Cro, Oct 2022.

As part of SET’s charitable objectives, remaining the most affordable artists’ workspace provider in London is central to our funding policy. In order to do this SET predominantly utilises a meanwhile use model and spreads costs across a lot of square feet.

Opening new sites in Ealing, Kensington, Lewisham and Tower Gateway meant taking on further expenditure but this was managed with a combination of budgets negotiated, reduced

1 Affordable Artist’s Workspace Rent.

Going Concern

Funding and Investment Policy

2 Grant Funding (Boroughs in London).

3 Private Loans to SET Centre CIO.

4 Rent from Companies.

After making appropriate enquiries, the Trustees have a reasonable expectation that SET has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

In 2022 SET turned over more than £1million for the first time. Despite three meanwhile use sites coming to their end, SET continued to expand in centres. Affordable Artists’ Workspace Rent remains SET’s main source of income, which means the charity does not rely on funding to cover its core costs.

Deficit

Principal Risks and Uncertainties

What was not anticipated was the increase in electricity prices and the general increases in maintenance for sites. This meant that by the Autumn of 2022 it became clear that SET would need to increase workspace rents across its sites to cover its costs (as was included in the 2021 Annual Report and Accounts). Alongside this SET took on a further loan to cover costs and produced a revised budget for 2023 to accommodate the higher and increasing costs.

Measures taken in 2022, including less leniency with outstanding rents from Associate Members, has helped to manage liabilities. The increase has also meant an increase in the amount of invoices generated per month by the organisation. After the measures, specifically the rent increase in 2023, the organisation has further reduced this deficit.

The principal risks and uncertainties to the charity are: (a) loss of centres and therefore the main source of income due to meanwhile nature; (b). further increases in fixed buildings costs such as electricity and heat; (c). risks to centres due to the age of buildings such as flooding; (d). cost-of-living crisis affecting artists and their ability to pay affordable artists’ workspace rents.

Financial Risk Management Objectives and Policies

In order to mitigate the risks above the charity has taken the following measures. SET has spoken with the owners of sites about their 2023 plans, especially for SET’s flagship site which is the largest centre, SET Woolwich, and have assurances these sites are very unlikely to close in 2023. In 2022 SET also continued to work towards securing permanent centres so that some income is guaranteed over a long period. Whilst associated costs make this a long-term goal, complementing meanwhile use sites with permanent ones is the strategy SET is pursuing.

SET continues to search for new funding strategies, with the aim of developing new revenue streams, and improving cash flow, to maintain the viability of SET as an organisation and to ensure we can continue to deliver on our charitable objectives. Whilst SET decided at the end of 2022 it was in a position where it had to raise affordable workspace rents, our strategy, at each new SET Centre is to negotiate better contractual terms and begin with rents which accommodate any potential large increases in costs (such as electricity increases). Affordable artists’ workspace rents are charged at a rate which covers the costs of running each centre. The supply of this service is not made for the purposes of obtaining income – the supply is one of the principal charitable activities of the organisation.

Whilst this has some risk associated with it, SET remains close to 100% occupancy and has a long waiting list – as the cost of living increased, SET noticed an increase in applications for workspace, which may reflect affordability being a primary concern of artists in London. The strategy of negotiating funding to cover installation costs has worked well in the three sites built in 2022 and is part of SET’s longterm plan.

Reserve Policy

Plans for Future Periods

SET has limited funds in reserve. In 2022 SET accrued further long-term liabilities as a result of the costs associated with inflation in maintenance costs and building costs. However, SET paid off many short-term liabilities. The decision was also made to raise rents in 2023.

SET aims to build resilience through negotiating better contracts on meanwhile use sites with more funding offered by interested parties to develop large-scale centres, as well as working towards the purchase of assets, i.e. purchasing freeholds and leaseholds on new SET Centres.

In January 2023 SET raised rents which will reduce liabilities in 2023 – the £100,000 in loans will be repaid by the end of December 2023 – and the work on reclaiming outstanding workspace rents as well as increasing rent will put the charity in a position to increase reserves, following its reserves policy. The aim in 2023 is, by the end of the calendar year, to keep £30,000 in unrestricted reserves.

After having increased the scale and scope of its charitable activities by opening new sites, SET aims for 2023 to be a year for the organisation to further develop its public arts programme and work on delivering within the centres which are currently open. This focus on our arts programme is for SET’s current beneficiaries and will increase beneficiaries who are not Associate Members of the charity.

Further to this, SET is aware that the organisation is based almost entirely in meanwhile use sites and the focus is to build on its strategy for securing long-term sites where the charity can be secure in delivering its programme and providing affordable artists workspace for the long-term.

SET has also developed further strategies in 2022 to combat risks from the age and use of buildings which will be further developed in 2023 with new Maintenance Assistants joining and an increased Maintenance and Management Budget.

SET needs to develop more reserves in the future to make the organisation more resilient in the face of difficult unforeseen circumstances.

Engagement Employees have been consulted on issues of concern to them by means of regular consultative staff meetings and with have been kept informed on specific matters directly by Employees management. The charity has a procedure for feedback to senior management and Trustees in the form of quarterly and Equal line management meetings, all-staff meetings, a complaints Opportunities policy and procedure and 6 monthly reports written to the Trustees. The charity is also adopting a procedure of exit Employment interviews for all staff leaving the organisation.

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

1 Equal Opportunities Policy 2 Volunteers’ Policy 3 Health and Safety policy 4 Associate Members’ Handbook

In accordance with the charity’s equal opportunities policy, the charity has established fair employment practices in recruitment, selection, retention and training of staff. Full details of these policies are available from the charity.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;

Observe the methods and principles of the Charities SORP (FRS 102);

Make judgments and accounting estimates that are reasonable and prudent;

State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

5 Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

So far as that Trustee is aware, there is no relevant
1 audit information of which the charity’s auditors are unaware, and
2 That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

The auditors, Axis Accountants Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 30 October 2023 and signed on their behalf by:

Robert Albert John McLaren

Trustee

Outside view of SET Wimbledon, photographer Sophie Le Roux, October 2021.

06

We have audited the financial statements of Set Centre CIO (the ‘charity’) for the year ended 31 December 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

Independent auditors’ report to the Members of Set Centre CIO

Opinion

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

1 give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;

2 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the 3 requirements of the Charities Act 2011.

Basis for opinion

Material

uncertainty related to going concern

Playing chess outside at the Autumn 2022 Open Studios, SET Ealing, photographer Giorgia Galantino, October 2022.Cro, Oct 2022.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We draw attention to note 21 in the financial statements, which indicates that charity’s negative net assets cast significant doubt on the charity’s ability to continue as a going concern. The trustees have addressed this issue are of the opinion that charity will have surplus funds in the following tewelve months period. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Trustees’ assessment of the charity’s ability to continue to adopt the going concern basis of accounting included review of charity’s income and expenses after the year end and reviewing the budget for next twelve months

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which We have nothing to report in respect of the following we are required to matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our report by exception opinion:

1 the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or 2 sufficient accounting records have not been kept; or 3 the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Responsibilities of As explained more fully in the Trustees’ responsibilities trustees statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors’ We have been appointed as auditor under section 144 of responsibilities the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. for the audit of the financial Our objectives are to obtain reasonable assurance about statements whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and responding to risks of material misstatement due to fraud:

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

1 Enquiring of management and trustees about charity’s policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. 2 Using analytical procedures to identify any unusual or unexpected relationships. We communicated identified fraud risks throughout the audit 3 team and remained alert to any indications of fraud throughout the audit.

We performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, and the risk that management may be in a position to make inappropriate accounting entries. We did not identify any additional fraud risks. We also performed procedures including:

1 Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unexpected revenue account combinations and journals posted to seldom used accosts during the financial year.
2 Evaluated the business purpose of significant unusual transactions. Identifying and responding to risks of material misstatement due to noncompliance with laws and regulations:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the management (as required by auditing standards) and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation: Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently

Use of our report

limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of nondetection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an Auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Axis Accountants Ltd

Chartered Certified Accountants & Registered Auditors

Zeal House 8 Deer Park Road London SW19 3GY

30 October 2023

Axis Accountants Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Statement of financial activities for year ended 31 December 2022

Income from:

Donations and legacies Charitable activities Other trading activities Other income

Total income Expenditure on: Charitable activities

Total expenditure

Net movement in funds

Reconciliation of funds: Total funds brought forward Net movement in funds

Total funds carried forward

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 53 to 62 form part of these financial statements.

Note 3 4 5 6 7	Unrestricted funds 2022 £ 12,659 1,181,928 - 1,319 1,195,906 1,242,474 1,242,474 (46,568) (110,792) (46,568) (157,360)	Restricted funds 2022 £ 58,000 - - - 58,000 58,000 58,000 - - - -	Total funds 2022 £ 70,659 1,181,928 - 1,319 1,253,906 1,300,474 1,300,474 (46,568) (110,792) (46,568) (157,360)	Total funds 2021 £ 50,158 620,369 225,546 - 896,073 1,006,613 1,006,613 (110,540) (252) (110,540) (110,792)

The financial statements were approved and authorised for issue by the Trustees on 30 October 2023 and signed on their behalf by:

Robert Albert John McLaren Trustee

Balance Sheet as at December 2022

Fixed assets	Note		2022 £		2021 £
Tangible assets	11		136,621		111,999
			136,621		111,999
Current assets
Debtors	12	148,236		30,786
Cash at bank and in hand		14,858		4,258
		163,094		35,044
Creditors: amounts falling due within one year	13	(457,075)		(257,835)
Net current liabilities			(293,981)		(222,791)
Total assets less current liabilities Net			(157,360)		(110,792)
liabilities excluding pension asset			(157,360)		(110,792)
Total net assets			(157,360)		(110,792)
Charity funds Restricted funds	15		-		-
Unrestricted funds	15		(157,360)		(110,792)
Total funds			(157,360)		(110,792)
Statement of cash fows				2022	2021
				£	£
Cash flows from operating activities
Net cash used in operating activities				10,599	564
Cash flows from investing activities Net cash provided by investing activities				-	-
Cash flows from financing activities
Net cash provided by financing activities				-	-
Change in cash and cash equivalents in the year				10,599	564
Cash and cash equivalents at the beginning of the year				4,259	3,695
Cash and cash equivalents at the end of the year				14,858	4,259

2.2 Income

Notes to the financial statements For the Year Ended 31 December

General The charity is registered charity as Charitable Incorporated 1.0 Organisation (CIO) - Foundation in England and Wales. The address of principal office is SET, Riverside House, Beresford Street, London, SE18 6BU.

2.0 Accounting The financial statements have been prepared in accordance policies 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

2.1 Basis of The financial statements have been prepared to give a preparation ‘true and fair’ view and have departed fromthe Charities of financial (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has statements involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Set Centre CIO 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.

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Tangible fixed Tangible fixed assets costing £NIL or more are capitalised assets and and recognised when future economic benefits are probable and the cost or value of the asset can be depreciation measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring

a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Depreciation is provided on the following bases:

Fixtures and fittings - 12.5% straight line method Office equipment - 25% reducing balance method

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in Cash at bank and in hand includes cash and short-term hand highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 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 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

3.0 Income from donations and legacies Donations Grants Total 2021

Income from donations and legacies	Unrestricted funds 2022 £	Restricted funds 2022 Total funds 2022 £ £	Restricted funds 2022 Total funds 2022 £ £	Total funds 2021 £
Donations	8,445	-	8,445	-
Grants	4,214	58,000 62,214		50,158
	12,659	58,000 70,659		50,158
Total 2021	50,158	-	50,158

Income from charitable activities		Unrestricted funds 2022 Total funds 2022 £ £		Total funds 2021 £
Income from charitable activities - Affordable
Artists' Workspace		1,173,845 1,173,845		620,369
Income from charitable activities - Arts' Programme		8,083 8,083		-
		1,181,928 1,181,928		620,369

Total 2021		620,369 620,369

4.0 Income from charitable activities

5.0	Income from non-charitable trading activities		Unrestricted funds 2022	Total funds 2022	Total funds 2021	8.1	Analysis of direct costs		Affordable Artists' Workspace	Arts' Programme	Total funds	Total funds
			£	£	£				2022	2022	2022	2021
									£	£	£	£
	Other trading income		-	-	225,546
							Fixed building costs		194,159	-	194,159	205,772
							Maintenance and management		284,667	-	284,667	196,536
	Total 2021		225,546	225,546			Wages and salaries		183,800	-	183,800	225,973
							Welfare and social		7,572	-	7,572	-
							Water, light and heat		309,105	-	309,105	236,452
							Technology		31,635	-	31,635	-
6.0	Other incoming resources		Unrestricted funds 2022	Total funds 2022	Total funds 2021		Legal and professional Insurances General expenses		29,440 14,462 1,467	- - -	29,440 14,462 1,467	4,599 7,143 10,994
			£	£	£		Arts programme	-	34,369		34,369	-
	Other income		1,319	1,319	-		Depreciation		27,886	-	27,886	60,388
									1,084,193	34,369	1,118,562	947,857

							Total 2021		947,857	-	947,857
7.0	Analysis of expenditure on charitable activities -	Unrestricted funds 2022 Restricted funds 2022		Total funds 2022	Total funds 2021
	Summary by fund type	£	£	£	£	8.2	Analysis of support costs			Affordable Artists'	Total	Total
	Affordable Artists' Workspace	1,208,105 58,000		1,266,105	1,006,613					Workspace	funds	funds
	Arts' Programme	34,369 -		34,369	-					2022 £	2022 £	2021 £
		1,242,474 58,000		1,300,474	1,006,613		Wages and salaries			43,598	43,598	-
							Depreciation			3,530	3,530	-
	Total 2021	1,006,613 -		1,006,613			Governance costs			134,784	134,784	58,756

										181,912	181,912	58,756

							Total 2021			58,756	58,756
8.0	Analysis of expenditure by activities	Activities undertaken directly Support costs		Total funds	Total funds
		2022 2022		2022	2021
		£	£	£	£	9.0	Auditors’ remuneration
	Affordable Artists' Workspace	1,084,193	181,912	1,266,105	1,006,613						2022	2021
	Arts' Programme	34,368	-	34,368	-						£	£
		1,118,561	181,912	1,300,474	1,006,613		Fees payable to the Charity's auditor for the audit of annual accounts		the Charity's		9,300	-
							Fees payable to the Charity's auditor in respect of:
	Total 2021	947,857	58,756	1,006,613			All non-audit services not included above				10,860	9,478
57												5

10.0	Trustees’ remuneration and expenses	During the year, no Trustees received any remuneration or other benefts (2021 - £NIL). During the year ended 31 December 2022, no Trustee	During the year, no Trustees received any remuneration or other benefts (2021 - £NIL). During the year ended 31 December 2022, no Trustee	During the year, no Trustees received any remuneration or other benefts (2021 - £NIL). During the year ended 31 December 2022, no Trustee
		expenses have been incurred (2021 - £NIL).
11.0	Tangible fxed assets	Fixtures and fittings	Office equipment	Total
		£	£	£
	Cost or valuation
	At 1 January 2022	174,983	17,013	191,996
	Additions	48,103	7,936	56,039
	At 31 December 2022	223,086	24,949	248,035
	Depreciation
	At 1 January 2022 Charge for the year At 31 December 2022	69,168 27,886 97,054	10,831 3,530 14,361	79,999 31,416 111,415
	Net book value
	At 31 December 2022	126,032	10,588	136,620
	At 31 December 2021	105,816	6,183	111,999
12.0	Debtors		2022	2021
			£	£
	Due within one year
	Trade debtors		59,878	22,863
	Other debtors		88,358	7,923
			148,236	30,786
13.0	Creditors: Amounts falling due
	within one year		2022	2021
			£	£
	Trade creditors		221,211	160,725
	Other taxation and social security		31,437	15,199
	Other creditors		195,057	77,281
	Accruals and deferred income		9,370	4,630
			457,075	257,835

14.0 Financial instruments

14.0	Financial instruments
				2022	2021
				£	£
	Financial assets
	Financial assets measured at fair value through income and expenditure			74,736	27,121
	Financial assets measured at fair value through income and expenditure comprise trade debtors and cash
	at bank
15.0	Statement of funds - current year	Balance at 1 January			Balance at 31 December
		2022	Income	Expenditure	2022
		£	£	£	£
	Unrestricted funds
	General Funds - all funds	-	1,195,906	(1,242,474)	(46,568)
	Reserves	(110,792)	-	-	(110,792)
		(110,792)	1,195,906	(1,242,474)	(157,360)
	Restricted funds
	Restricted Funds - all funds	-	58,000	(58,000)	-
	Total of funds	(110,792)	1,253,906	(1,300,474)	(157,360)
15.1	Statement of funds -
	prior year
					Balance at
		Balance at			31
		1 January		Gains/	December
		2021	Income	(Losses)	2021
		£	£	£	£
	Unrestricted funds
	General Funds - all funds	(252)	-	(110,540)	(110,792)
					60

16.0	Summary of funds - current year	Balance at 1 January			Balance at 31 December
		2022 £	Income £	Expenditure £	2022 £
	General funds Restricted funds	(110,792) - (110,792)	1,195,906 58,000 1,253,906	(1,242,474) (58,000) (1,300,474)	(157,360) - (157,360)
16.1	Summary of funds - prior year		Balance at 1 January	Gains/	Balance at 31 December
			2021	(Losses)	2021
			£	£	£
	General funds		(252)	(110,540)	(110,792)
17.0	Analysis of net assets between funds - current year			Unrestricted funds 2022	Total funds 2022
				£	£
	Tangible fixed assets Current assets			136,621 163,094	136,621 163,094
	Creditors due within one year Total			(457,075) (157,360)	(457,075) (157,360)
17.1	Analysis of net assets between funds - prior year			Unrestricted funds 2021	Total funds 2021
				£	£
	Tangible fixed assets			111,999	111,999
	Current assets Creditors due within one year			35,044 (257,835)	35,044 (257,835)
	Total			(110,792)	(110,792)

18.0	Reconciliation of net movement
	in funds to net cash fow from
	operating activities		2022 £	2021 £
	Net expenditure for the year (as per Statement of Financial Activities)		(46,568)	(110,540)
	Adjustments for:
	Depreciation charges		31,416	60,388
	Increase in debtors		(117,450)	(20,729)
	Increase in creditors		199,240	229,437
	Purchase of fixed assets		(56,039)	(157,992)
	Net cash provided by operating activities		10,599	564
19.0	Analysis of cash and cash
	equivalents
			2022	2021
			£	£
	Cash in hand		14,858	4,259
	Total cash and cash equivalents		14,858	4,259
20.0	Analysis of changes in net debt	At 1 January		At 31 December
		2022	Cash flows	2022
		£	£	£
	Cash at bank and in hand	4,258	10,600	14,858
		4,258	10,600	14,858
21.0	Going Concern

The charity has negative net assets of £157,360 at the year end. The management and trustees are working in accordance with the budget of 2023 and 2024 which include price increase, cost reduction and efficiency savings in order to bring net assets into positive. During 2023, the charity’s income has already increased by around 25%. The trustees are of the opinion that the charity is a going concern for the foreseeable future and charity’s funds will be in surplus in next 12 months.

SET View of the 3-screen installation The School of Mutants by Stéphane Verlet-Bottéro and Hamedine Kane, SET X Sheffield DocFest, SET Vault in SET Woolwich, photographer Sophie Le Roux, January 2022.