Art Institutions of the 21[st] Century
Report and Financial Statements Period Ended 31 December 2023
Charity number 1173044
Art Institutions of the 21[st] Century
Annual report and financial statements for the year ended 31 December 2023
Contents
| Contents | |
|---|---|
| Page | |
| Report of the Trustees for the year ended 31 December 2023 | 2 |
| Statement of financial activities (incorporating an income and expenditure account) | 4 |
| Balance sheet at 31 December 2023 | 5 |
| Notes forming part of the financial statements for the year ended 31 December 2023 | 6 |
Trustees
S Montabonel K Naglik
Principal Address
Brooms Professional Services Ltd Broom House 39-43 London Road Hadleigh Benfleet SS7 2QL
Charity number
1173044
1
Art Institutions of the 21[st] Century
Report of the Trustees for the year ended 31 December 2023
The Trustees present their report and the unaudited financial statements for the year ended 31 December 2023.
The Trustees who served throughout the year and to date were:
S Montabonel K Naglik
The Trustees who served throughout the year and have resigned since the year end:
T Tikhnenko (Resigned 13 June 2023)
Accountants
Brooms Professional Services Limited Broom House 39-43 London Road Hadleigh Benfleet Essex SS7 2QL
2
Art Institutions of the 21[st] Century
Report of the Trustees for the period ended 31 December 2023 (Continued)
Art Institutions of the 21[st] Century is a registered charity, number 1173044, based in London.
The Foundation Art Institutions of the 21st Century (AI21C) was established in London in 2017 as a Charitable Incorporated Organisation (CIO) with the intention of acting at the intersection of the public and private art sectors.
Its aim is to identify factors that affect the stability of today’s Contemporary Art institutions, in order to contribute to their sustainability in the fast-moving political, economic, and aesthetic context. We use the term ‘institutions’ to refer to cultural agencies that are both instigators of change and recipients of transformation: public and private museums, commercial galleries, not-for-profit project spaces, artists’ studios or estates, art schools, and biennials.
Through our activities, we hope to nurture the production of knowledge, to contribute to an understanding of the complex cultural field, and to foster greater cooperation between its key agents. We undertake research and promote education to provide art professionals with the tools to harness best practices from both public and private sectors in taking on today’s challenges, among which a shortage of public funding, the future of philanthropy, the impact of new technologies on display, effective audience engagement and the financial dimension of the new art economy.
Activities undertaken in order to carry out the charity's aims for the public benefit
The Trustees refer to the guidance on Public Benefit produced by the Charity Commission when reviewing the charity’s objectives and when planning future activities, and are satisfied that these objects meet the appropriate charitable purposes as defined by the Charities Act 2006.
During the period ended 31 December 2023 the charity had no activity as the Trustees contemplated how to pursue the charity’s objectives following the effect of the current Covid-19 pandemic, Ukraine war and recent inflationary pressures. The Trustees are now looking at ways to reignite the activities of the charity in the forthcoming year.
On behalf of the Board
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S Montabonel Trustee
Date: 9 July 2024
3
Art Institutions of the 21[st] Century
Statement of financial activities (incorporating an income and expenditure account)
for the period ended 31 December 2023
| Note Incoming resources from generated funds: Donations and legacies 2 Grants receivable 3 Fundraising events Incoming resources from charitable activities: Exhibitions Total incoming resources Resources expended Cost of generating funds Fundraising costs Charitable activities: Other charitable activities 4 Governance costs 5 Total resources expended Net (outgoing)/incoming resources Total funds b/fwd Total funds (deficit) c/fwd |
Unrestricted Funds 2023 £ - - - - _ - _ - - - _ - _ - (1,028) _ (1,028) _ |
Restricted Funds 2023 £ - - - - _ - _ - - - _ - _ - - _ - _ |
Total Funds 2023 £ - - - - _ - _ - - - _ - _ - (1,028) _ (1,028) _ |
|---|---|---|---|
The notes on pages 6 to 9 form part of these financial statements.
4
Art Institutions of the 21[st] Century
Balance sheet at 31 December 2022
| Current assets Cash and bank balances Debtors: Amounts falling due within one year 7 Creditors: Amounts falling due within one year 8 Total assets less current liabilities Financed by: Unrestricted funds Donations and legacies General Funds Restricted funds Total deficit in funds |
2023 £ - - (1,028) _ (1,028) _ (1,028) _ (1,028) _ |
|---|---|
Approved on behalf of the Trustees on 9 July 2024.
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S Montabonel Trustee
The notes on pages 6 to 9 form part of these financial statements.
5
Art Institutions of the 21[st] Century
Notes forming part of the financial statements for the year ended 31 December 2023
1 Accounting policies
The basis of accounting adopted for preparing these financial statements is the accruals basis.
Incoming resources and resources expended are recognised under the accruals basis.
Costs of generating funds comprise of those costs directly attributable to generating fundraising income.
Charitable activities include all expenditure incurred in pursuance of the charity’s objectives.
Governance costs comprise of all costs involving the public accountability of the charity and its compliance with regulation and good practice, and all costs not directly related to classes, projects and outreach work.
Unrestricted funds comprise the accumulated excess of unrestricted incoming resources over unrestricted resources expended on the Statement of Financial Activities. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Restricted funds comprise the accumulated excess of restricted incoming resources over restricted resources expended on the Statement of Financial Activities. They are available for use in relation to the restricted activities specified by the donor or grant provider.
Taxation provisions have not been made as the charity’s status renders it exempt from UK direct taxation.
6
Art Institutions of the 21[st] Century
Notes forming part of the financial statements for the year ended 31 December 2023 (Continued)
2 Donations
| Donations from companies Donations from individuals 3 Grants receivable Grants from Donors |
Unrestricted Funds 2023 £ - - __ - _ Unrestricted Funds 2023 £ - ___ |
Restricted Funds 2023 £ - - __ - _ Restricted Funds 2023 £ - ___ |
Total Funds 2023 £ - - __ - _ Total Funds 2023 £ - ___ |
|---|---|---|---|
7
Art Institutions of the 21[st] Century
Notes forming part of the financial statements for the year ended 31 December 2023 (Continued)
4 Class costs and costs of other charitable activities
| Printing Advertising Consultancy Staff costs Other Charitable Activities 5 Governance costs Support costs: Trustee expenses Accountancy Bank charges Administration |
Unrestricted Funds 2023 £ - - - - - __ - ____ |
Restricted Funds 2023 £ - - - - - __ - ____ |
Total Funds 2023 £ - - - - - __ - _ 2023 £ - - - - - ___ |
Total Funds 2022 £ - - - - - __ - ____ |
|---|---|---|---|---|
| 2022 £ - - - - __ - ____ |
6 Trustees’ remuneration
No Trustees received remuneration for their role as Trustee during the year.
7 Debtors: Amounts falling due within one year
| Other Debtors | 2023 £ - __ - ____ |
2022 £ - __ - ____ |
|---|---|---|
8
Art Institutions of the 21[st] Century
Notes forming part of the financial statements for the year ended 31 December 2023 (Continued)
8 Creditors: Amounts falling due within one year
| Accrued expenses Other creditors |
2023 £ - 1,028 __ 1,028 ____ |
2022 £ - 1,028 __ 1,028 ____ |
|---|---|---|
9