**ASYMMETRY ART FOUNDATION** UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
Registered with the Charities Commission Charity number: 1190437
**ASYMMETRY ART FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS**
## **FOR THE PERIOD ENDED 31 DECEMBER 2022**
## **Trustees**
Yan Du (appointed 20 December 2019) Yi Luo (appointed 20 December 2019)
Philippos Philippou (appointed 20 December 2019)
## **Charity registered number**
## **Principal office**
1190437 Flat 1 102A Albion Drive London E8 4LY
## **Legal advisors**
Mishcon de Reya LLP
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**ASYMMETRY ART FOUNDATION**
## **TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022**
The Trustees present their annual report together with the financial statements of the Charity for the period 1 January 2022 to 31 December 2022.
## **Objectives and activities**
## **a. Policies and objectives**
The object of the Charity is to support the arts for the benefit of the public in particular, but not limited to, promoting contemporary art and curatorial research originating from practitioners who to any extent identify with Greater China and the global Sinophone diaspora.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Strategies for achieving objectives**
The Charity’s principal strategies are for the public benefit:
- To advance and include creating a more diverse curatorial, artistic and academic landscape by supporting underrepresented practitioners from Greater China and the Sinophone diaspora.
- The advancement of education in public arts, but not limited to, the advancement of education in contemporary art originating from Asia.
- To further other purposes which are charitable and in accordance with the laws of England and Wales as the Trustees think fit provided that in so doing the charity shall not relieve any local authority or other body from its statutory obligations.
## **c. Activities undertaken to achieve objectives**
The Charity’s main strategy and backbone is to fund, facilitate and support professional and academic initiatives geared towards curatorial practitioners, researchers, writers, and scholars who to any extent identify with Greater Chinese and Sinophone cultures and heritage through long-term partnerships with leading art institutions in London and the UK.
## **d. Grant-making policies**
The Charity invites applications for grants for charities which further the objectives of the Charity. Applications and potential donations are considered at Trustee’s meetings and between meetings.
## **e. Social investment policies**
The Charity does not operate a social investment policy and there are no restrictions on the Charity’s power to invest.
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**ASYMMETRY ART FOUNDATION**
## **f. Volunteers**
The day to day administration of the Charity is delegated to the Chair and Secretary. There are no volunteers.
## **g. Main activities undertaken to further the Charity's purposes for the public benefit**
The Charity has supported various galleries in their pursuit for public awareness of Chinese arts and culture.
## **Achievements and performance**
## **a. Main achievements of the Charity**
Aside from ongoing partnerships with Goldsmiths, University of London, Delfina Foundation, Chisenhale Gallery and Whitechapel Gallery, we inaugurated our collaboration with the Courtauld Institute of Art. In 2022, Asymmetry supported a total of six Fellows and Scholars with Curatorial Fellowships and Scholarships hosted by our partner institutions.
Another milestone was the opening of our multipurpose space in London Fields to house the growing team and with the ambition to regularly host public programming created by our Fellows as well as in house. Regular events include study sessions, workshops, gatherings, performances, reading groups, screenings, etc.
## **b. Key performance indicators**
The Charity tracks the Fellowship and Scholarship schemes and gathers feedback from the attendees. The trustees gather this feedback to improve the experience for the next year and consider it a key part to the performance of the Charity.
The Charity monitors the number of education of public arts providers and curators it has advanced each year.
## **c. Review of activities**
Every Fellowship and Scholarship is being supported by Asymmetry with extra care and communication, as well as structural support and mentorship. At the end of each placement, a thorough review with the partner institution as well as separately with the Fellow takes place to improve and better the experience and outcome for future incoming Fellows, as well as the experience and outcome for the partner institution.
## **d. Factors relevant to achieve objectives**
The Trustees have paid due regard to the Charity Commission’s guidance on Public Benefit in deciding what activities the Charity should support and undertake. The Trustees are satisfied that the Charity met its objectives during this period.
## **e. Fundraising activities and income generation**
The Charity makes grants to meet its charitable objectives from unsolicited donations and from its investments.
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**ASYMMETRY ART FOUNDATION**
The Trustees do not use professional fundraisers or commercial participators or indeed any third parties to solicit donations. The trustees are therefore not subject to any regulatory scheme or relevant codes of practice, nor have they received any complaints in relation to fundraising activities nor do the Trustees consider it necessary to design specific procedures to monitor such activities.
## **f. Investment policy and performance**
The investment strategy takes into account the income requirements of the Charity while maximising the resources available to the Charity and being mindful of the Charity’s future donations.
There are no restrictions on the Charity’s power to invest or borrow.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The Charity’s aim is to remain prudent in maintaining reserves that are adequate for its anticipated requirements. The Trustees do not set a target level for reserves; but review them regularly to ensure that resources are available to cover pledges.
## **c. Principal funding**
The Trustees do not undertake any fundraising activities, although they can accept offers to donate. The Trustees include any such donations in the accounts as ‘voluntary income’, together with donations from the Trustees.
## **d. Material investments policy**
There are no restrictions on the power of the Charity to invest. The Trustees review the investments held on an annual basis.
## **e. Principal risks and uncertainties**
The Trustees monitor the following risks:
1. Income and financial sustainability - Insufficient income and reserves for the Charity to achieve its strategic objectives and maintain its operations.
2. Data Protection compliance and GDPR - An event or incident such as an external data breach or inadvertent internal error resulting in the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of or access to personal data.
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**ASYMMETRY ART FOUNDATION**
3. People, leadership and culture - Weaknesses or failure of leadership, inability to develop and retain talent effectively and an organisational culture that is not an enabler in the pursuit of a charity’s strategy and objectives.
4. Governance - The charity does not achieve its strategic, charitable, regulatory and ethical objectives due to inadequate governance at the board and senior management or operational levels.
5. Regulatory - The charity fails to comply with applicable regulatory requirements, leading to reputational damage and financial penalties.
6. Reputation - A range of occurrences including incidents, events and outcomes that may consequently damage the charity’s reputation.
## **f. Financial risk management objectives and policies**
The Trustees identify and review the major risks which the Foundation faces on a regular basis and are satisfied that systems and procedures are in place to manage those risks.
## **Structure, governance and management**
## **a. Constitution**
Asymmetry Art Foundation is a registered charity, number 1190437, and is constituted as a CIO under a Trust deed dated 20 December 2019.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. There must be at least three charity trustees and there is no maximum number of charity trustees.
## **c. Policies adopted for the induction and training of Trustees**
The Charity does not offer training to its Trustees.
i). Pay policy for key management personnel
The Trustees monitor market pay for key management personnel and remunerate Trustees and employees accordingly. The pay is at the sole discretion of the Trustees for all staff.
ii). Related party relationships
The loan outstanding at year end was to one of the Trustees, Yan Du, who loaned the Charity the funds on an interest free basis until a working bank account was established.
iii). Trustees' indemnities
The Trustees have considered taking out indemnity insurance and will keep this under review as the Charity’s size expands.
## **d. Organisational structure and decision-making policies**
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ASYMMETRY ART FOUNDATION
The Charity's Director and Deputy Director are key management personnel make
execulive decisions together, and in close communication with the Trustees, Strategic
Advisors and Academic Board Committee.
Plans for future perlods
The Charity plans on further developing ils long-lerm partnerships as well as building a new
in-depth collaboration with the Courtauld Institute of Art that includes two fully funded
postdoctoral Fellowships, an annual Lecture Series as well as an annual International
Symposium to take place in 2023. Further, we are in discussion to partner with another
renowned UK public inslilution, apply to further inlemationally significant events in the art
calendar with public programming, develop a regular public programme at our multipurpose
space for our audience$. and keep supporting our Fellows and Scholars during their
professional and academic placements.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Yan Du
Date..
ASYMMETRY ART FOUNDATION
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE PERIOD ENDED 31 DECEMBER 2022
The Trustees are responsible for prepariThJ the Trustees. Rèport and the finan¢ial
statements in accordance with applicable law and United Kingdom Accounting SlafyYard$
(United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Er¥Jland & Wales requires the Tru$t889 to prepare
financial statements for each financial period which give a Irue and fair viéw of the slate ol
affairs of the Charity and of ils incoming resources and application of resourceg, including
its income and eXndrtUre, for that p8riod. In preparing th8$0 fin8ncial sta18m8nls, the
Tw$tee8 are required to..
select suitable accounting policies and then apply them consistently.,
observa the methods and principles of the Charities SORP {FRS 102).,
make judgemen15 and ac¢ounling eslimales that are reasonable and pwdenl,"
state whether applieabla UK Accounting Standards IFRS 102) have be8n followed. subject
lo any material departures disclosed and explained in the financial statements.,
prepare the financial slat8menl8 on the going concem ba&8 unless it is inappropriate lo
presume that the Charty will continue in business.
The Trustees are respon$lble for keey'ng adequate accounting records that are Sufficient
to show and explain the Charrtl$ transactions and disclose with reasonable accuracy at
any lime the finanaal posilK)n of the Charity and enable them lo ensure that th8 financial
stalements compty with the Chsrilies Act 2011. thè Charity (Accounts and Reports)
Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarditvJ the assets of the Charity and henc8 for taking re8sonable steps for the
prevention and detection of traud and other Irregularities.
APFVed by order of tho members of the board of Tru61ees and signed on Its behaff by..
Yan Du
3D 10 lol
**ASYMMETRY ART FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2022**
|Note
**Receipts**
Voluntary income
Investment income
**Payments**
Charitable expenditure
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**Net of receipts/ payments**|**2022**
**2021**
**£**
**£**
-
-
-
-|
|---|---|
||-
-
(1,021,537)
(519,676)|
||(1,021,537)
(519,676)|
||(1,021,537)
(519,676)|
The Statement of Financial Activities includes all gains and losses recognised in the period.
All amounts relate to continuing activities.
All retained funds are unrestricted.
The notes on pages 11 to 13 form part of these Financial Statements.
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**ASYMMETRY ART FOUNDATION**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|Note
Cash at bank
Investments
Debtors
2
Creditors: amounts falling due after one year
7
Net current assets
**Total assets less current liabilities**|**2022**
**2021**
**£**
**£**
-
-
-
-
-
-|
|---|---|
||0
0
(1,541,213) (519,676)|
||(1,541,213) (519,676)|
|||
||(1,541,213) (519,676)|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
………………………………………… **Yan Du** Date: 30 October 2023
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**ASYMMETRY ART FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022**
## **Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has 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.
Asymmetry Art Foundation 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.
## **2.1 Income**
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.
## **2.2 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.
Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.3 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.
## **2.4 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.
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**ASYMMETRY ART FOUNDATION**
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.
## **2.5 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.
## **2.6 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.
## **3. Income from donations and legacies**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Donations|-|-|
|**4. Analysis of grants**|||
||**2022**|**2021**|
||**£**|**£**|
|Grants, Direct Costs|234,000|224,525|
## **5. Analysis of expenditure on charitable activities**
|Advertising and PR
Consultancy fees
Donations paid
Legal & professional fees
Loan
Administrative costs (direct costs)
Programme (direct costs)
Rent
Staff costs|**Unrestricted funds**
**Unrestricted funds**
**2022**
**2021**
**£**
**£**
120,580
103,251
275
36,096
234,004
224,525
7,891
1,250
5,088
-
29,095
-
429,545
-
12,000
53,500
183,057
101,054|
|---|---|
||1,021,537
519,676|
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## **ASYMMETRY ART FOUNDATION**
## **6. Staff costs**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Wages and salaries|183,057|101,054|
The average number of persons employed by the Charity during the period was as follows
||**2022**|**2021**|
|---|---|---|
||**No.**|**No.**|
|Employees|5|2|
|**7. Creditors and related party transaction**|||
||**2022**|**2021**|
||**£**|**£**|
|Creditors: amounts falling due after one year|1,541,213|519,676|
During the period ended 31 December 2022, a related party transaction took place involving an interest-free loan provided by one of the trustees of the Charity, Yan Du, to the Charity. The loan was extended to assist the Charity in meeting its short-term financial needs and to support its ongoing activities and whilst a bank account was being opened in the Charity’s name.
The key details of the transaction in the year are as follows:
Loan Amount: £1,021,537
Interest Rate: The loan is interest-free, with no interest charged.
The trustees of the Charity have diligently considered the terms and appropriateness of the interest-free loan. The decision to accept the loan was made in the best interest of the Charity, noting the conflict of interest between one of the Trustees and Charity, and was undertaken in accordance with the Charity's governing documents, policies, and procedures.
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