**REGISTERED CHARITY NUMBER: 1193612** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** **FOR** **AUTOTELIC FOUNDATION** **AUTOTELIC FOUNDATION** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ||**Page**| |---|---| |**Report of the Trustees**|1 to 5| |**Independent Examiner's Report**|6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Notes to the Financial Statements**|9 to 15| ## **AUTOTELIC FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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). ## **OBJECTIVES AND ACTIVITIES Objectives and aims** - To promote art to the general public for debate on social issues and socially engaged art practice. - - To promote diversity by supporting both established and under-represented artists with a range of perspectives. - To develop artistic practice around the world by encouraging ambitious artworks and use of new formats. - To support artists by connecting them with a global network of creatives. Page 1 **AUTOTELIC FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** ## **OBJECTIVES AND ACTIVITIES Significant activities** ## **Fundraising** In 2024-2025 Autotelic Foundation received £112 in unrestricted donations and £200,057 in service agreements facilitating networking and knowledge exchange, and supporting the charitable objective of connecting artists with a global network of creatives and promoting art to the general public. The Foundation generated £3,865 from investing a portion of the income into saving accounts. Expenditure on charitable activities was £328,721 with the total funds carried forward at £172,179. ## **Rebranding** In the financial year of 2024-2025, Blessed Foundation was renamed to Autotelic Foundation under new directorship. The public face of the organization underwent a rebranding process, and embarked on development of a new program to launch in the next financial year (2025-2026) with sharper focus on interdisciplinary dialogue between art and emerging technologies and growing international audiences with a deeper emphasis on online outreach. A new graphic identity and website was prepared for launch in April 2025, in parallel with and program, fundraising, and communication planning for the next financial year. ## **Programming** ## **Andrea Khora: Rapture** While still named Blessed Foundation, the charity responded to the principles of the development of ambitious artworks and the use of new formats by hosting an exhibition between 16 May and 27 June 24 at its gallery space at 6 Stannary Street, London SE11 4AA. The exhibition, titled Rapture, showcased an ambitious video installation of the same title by the UK based artist Andrea Khôra. The artwork fused traditional filming techniques with an innovative use of AI-generated imagery. The work, technologically cutting-edge, touched on an important social issue of the impact of the growth of AI and psychedelic industries on the well-being of the workforce and broader communities across the globe. The video was co-commissioned in the previous financial year by Blessed Foundation, in collaboration with KW Institute for Contemporary Art in Berlin, and Kunsthal Charlottenborg in Copenhagen. The exhibition was accompanied by a public programme including opening and closing events. ## **Fields of Vision** While still named Blessed Foundation, the charity further responded to the principles of the development of ambitious artworks and the use of new formats by hosting an exhibition between 25 July and 19 September at its gallery space at 6 Stannary Street, London SE11 4AA. The exhibition featured artworks by three US-based artists: Ai Xia, Jamica El and Alfredo Salazar-Caro and explored the topic of ecological and social sustainability in the field of emerging technologies. Artworks included: (1) A Moment in Eternity (2023) by Ai Xia, a mixed reality experience created in the aftermath of a work-related injury. It addressed, amongst other topics, human strengths and limitations in the context of an internalized pressure of productivity. (2) Jamica El’s The Waiting Room Experience (2024), an installation reimagining hospital and administrative waiting rooms (3) Alfredo Salazar-Caro’s Biocompatible Architecture (2024), a mixed-media installation featuring architectural visualisations and 3D prints made of locally sourced clay. The exhibition was accompanied by a public programme including opening and closing events. Page 2 ## **AUTOTELIC FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** ## **OBJECTIVES AND ACTIVITIES** ## **Future-proof** Future-proof was an open series of talks whose stated goal was to explore prototypes still in development, emerging and successful artistic practices and businesses. In the financial year 2024-2025, while still named Blessed Foundation, three Future-proof talks were held. (1) The first featured artists Andrea Khôra and Soumya Sankar Bose and discussed overlaps in their artistic work. In particular, their use of AI and VR in their respective exhibitions at Blessed Foundation and Delfina Foundation spaces (2) Polly Dalton and Madi Boyd discussing multi-medial installation strategies. Dalton is a cognitive scientist and Professor in Psychology at Royal Holloway University, whose research focuses on human attention, awareness and experience in multisensory contexts. Boyd is an artist whose work uses light, space, and time as sculptural matter. (3) A conversation between Jamica El and the writer and editor Günseli Yalcinkaya, to discuss the former’s artwork. All talks were advertised to entrepreneurs, investors, technologists, and a range of creative partners, as well as local schools, universities, and non-profit organisations. They were also advertised via Event brite and open to the general audience. To further maximise their public benefit, accessibility, and global reach, Blessed Foundation recorded the talks and published them as podcast episodes on Spotify and Apple Music, also linked to the Foundation's website. ## **Public benefit** The Trustees are aware of the Charity Commission's guidance on public benefit, including the public benefit requirement, and have taken it into account when making decisions as to which the guidance is relevant. In addition, the CIO's Constitution states clearly "Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008. The income and property of the CIO must be applied solely towards the promotion of the objects. ## **ACHIEVEMENT AND PERFORMANCE** ## **Fundraising activities** In 2024-2025 Autotelic Foundation received £112 in unrestricted donations and £200,057 in service agreements facilitating networking and knowledge exchange. The Foundation generated £3,865 from investing a portion of the income into saving accounts. ## **Audience and community engagement** Another important area was audience growth and community engagement in line with the charity's objective to promote art to the public on social issues and art practice and to connect the artists with a global network of creatives. At the beginning of April 2025, the Instagram following was 839, a 179% increase from the previous financial year. At the beginning of April 2025, Autotelic Foundation had 290 subscribers to its mailing list, 60% higher than the previous year. ## **A global, diverse network of creatives** The Future-proof series, launched in April 2023, allowed Blessed to create an interdisciplinary community platforming established and under-represented creatives. The Future-proof podcast allowed for a broader global reach and exposure of presented voices. The relationship between New York-based creatives and the UK-based ones initiated through Future-proof was also strengthened through the exhibition Fields of Vision. ## **Encouragement of ambitious artworks and use of new formats** Blessed facilitated knowledge exchange and use of a variety of ambitious and experimental formats, including AI-generated videos (Andrea Khora), Augemented Reality and Virtual Reality (Fields of Vision), along with the ‘web-first’ podcast format. Page 3 **AUTOTELIC FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** ## **FINANCIAL REVIEW** ## **Financial position** During the year the charity had a deficit of £124,687. The charity had income totalling £204,034 and expenditure on charitable activities of £328,721. Net current assets less creditors due within one year total £165,763 at the period end the funds balance was made up of unrestricted funds totalling £172,179 and no restricted funds. ## **Reserves policy** There is no policy on holding reserves included in the CIO constitution. To mitigate that the charity makes financial commitment only when relevant funds are available in the accounts. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document and constitutes an unincorporated charity. ## **Recruitment and appointment of new trustees** As per Article 10 of the CIO's constitution in relation to the appointment of charity trustees: (1) Apart from the first charity trustees, every trustee must be appointed for a term of two years by a resolution passed at a properly convened meeting of the charity trustees. (2) In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. ## **Organisational structure** In this financial year, the organisational structure of the charity consisted of the board of trustees. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1193612 ## **Principal address** Bacon Factory 6 Stannary Street London SE11 4AA ## **Trustees** M G Sanders J B Royall J M Woodcock E N Wesigye A Tretyakov (appointed 16.10.2024) ## **Managing Director** Dr Sylwia Serafinowicz (resigned 16.10.2024) Nadim Samman (appointed 16.10.2024) ## **Independent Examiner** Paul Underwood, FCCA Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU Page 4 **AUTOTELIC FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** Approved by order of the board of trustees on **24 July 2025** and signed on its behalf by: ................................................................. M G Sanders - Trustee Page 5 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AUTOTELIC FOUNDATION** ## **Independent examiner's report to the trustees of Autotelic Foundation** I report to the charity trustees on my examination of the accounts of Autotelic Foundation (the Trust) for the year ended 31 March 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Paul Underwood, FCCA Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU Date: ............................................. 28 July 2025 Page 6 ## **AUTOTELIC FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
112
**Charitable activities**
4
Organisation of networking events
200,057
Investment income
3
3,865
**Total**
204,034
**EXPENDITURE ON**
**Charitable activities**
5
Promoting Art
328,721
**NET INCOME/(EXPENDITURE)**
(124,687)
**RECONCILIATION OF FUNDS**
Total funds brought forward
296,866
**TOTAL FUNDS CARRIED FORWARD**
172,179|Restricted
fund
£
-
-
-
-
-
-
-
-|2025
Total
funds
£
112
200,057
3,865
204,034
328,721
(124,687)
296,866
172,179|2024
Total
funds
£
225,558
140,000
1,275| |---|---|---|---| ||||366,833| ||||133,705| ||||233,128
63,738| ||||296,866| The notes form part of these financial statements Page 7 ## **AUTOTELIC FOUNDATION** ## **BALANCE SHEET 31 MARCH 2025** |Notes
**FIXED ASSETS**
Tangible assets
10
**CURRENT ASSETS**
Debtors
11
Cash at bank
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
14
Unrestricted funds
**TOTAL FUNDS**|2025
£
6,416
1,400
166,831
168,231
(2,468)
165,763
172,179
172,179
172,179
172,179|2024
£
5,252
-
293,914
293,914
(2,300)
291,614
296,866
296,866
296,866
296,866| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on **24 July 2025** and were signed on its behalf by: ............................................. M G Sanders - Trustee The notes form part of these financial statements Page 8 **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The financial statements have been completed using pound sterling as the currency and all figures have been rounded to the nearest pound. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Allocation and apportionment of costs** Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory independent examination (audit fees for previous years) and legal fees together with an apportionment of overhead and support costs relating to trustee Board meetings. As grantmaking is the charity's only charitable activity a basis of apportionment relating to governance costs and support costs is not required. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery etc 25% Individual fixed assets costing £250 or more are capitalised at cost. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 9 continued... **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Fund accounting** Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Financial instruments** The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in complicated investment products. ## **Trade and other debtors** Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. ## **Trade and other creditors** Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. ## **2. DONATIONS AND LEGACIES** |Donations
Other income
**3.**
**INVESTMENT INCOME**
Deposit account interest|2025
£
112
-
112
2025
£
3,865|2024
£
225,306
252| |---|---|---| |||225,558| |||2024
£
1,275| All investment income is derived from assets held in the United Kingdom. Page 10 continued... ## **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025** |**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
2025
Activity
£
Charitable activity income
Organisation of networking events
200,057
**5.**
**CHARITABLE ACTIVITIES COSTS**
Support
Direct
costs (see
Costs
note 6)
£
£
Promoting Art
325,138
3,583
**6.**
**SUPPORT COSTS**
Governance
Finance
Other
costs
£
£
£
Promoting Art
88
41
3,454
Support costs, included in the above, are as follows:
**Finance**
2025
Promoting
Art
£
Bank charges
88
**Other**
2025
Promoting
Art
£
Sundries
41
**Governance costs**
2025
Promoting
Art
£
Accountancy fees
629
Independent examination fees
1,985
Legal fees
840
3,454|2024
£
140,000
Totals
£
328,721
Totals
£
3,583
2024
Total
activities
£
4
2024
Total
activities
£
-
2024
Total
activities
£
605
1,890
-
2,495| |---|---| Page 11 continued... **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025** ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. ## **Trustees' expenses** During the year no trustees were reimbursed out of pocket expenses. ## **8. STAFF COSTS** ||2025|2024| |---|---|---| ||£|£| |Wages and salaries|146,455|73,812| |Social security|7,269|-| |Other pension costs|4,215|4,529| |||| ||157,939|78,341| |||| The average monthly number of employees during the year was as follows: ||2025|2024| |---|---|---| |Administrative|3|1| |||| No employees received emoluments in excess of £60,000 (2024: one). The number of employees whose emoluments fell within the following bands: ||2025|2024| |---|---|---| ||£|£| |£60,000 to £69,999|-|1| |£70,000 to £79,999|-|-| |£80,000 to £89,999|-|-| |||| The charity paid contributions to pension scheme for none (2024: one) of those employees with emoluments in excess of £60,000. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
225,558
**Charitable activities**
Organisation of networking events
140,000
Investment income
1,275
**Total**
366,833
**EXPENDITURE ON**
**Charitable activities**
Promoting Art
133,705|Restricted
fund
£
-
-
-
-
-|Total
funds
£
225,558
140,000
1,275| |---|---|---| |||366,833| |||133,705| Page 12 continued... ## **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025** |**9.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**|**continued**|| |---|---|---|---|---| |||Unrestricted|Restricted|Total| |||fund|fund|funds| |||£|£|£| ||**NET INCOME**|233,128|-|233,128| ||**RECONCILIATION OF FUNDS**|||| ||Total funds brought forward|63,738|-|63,738| ||**TOTAL FUNDS CARRIED FORWARD**|296,866|-|296,866| |**10.**|**TANGIBLE FIXED ASSETS**|||| |||||Computer| |||||equipment| |||||£| ||**COST**|||| ||At 1 April 2024|||6,738| ||Additions|||3,788| ||At 31 March 2025|||10,526| ||**DEPRECIATION**|||| ||At 1 April 2024|||1,486| ||Charge for year|||2,624| ||At 31 March 2025|||4,110| ||**NET BOOK VALUE**|||| ||At 31 March 2025|||6,416| ||At 31 March 2024|||5,252| |**11.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||2025|2024| ||||£|£| ||Other debtors||1,400|-| Page 13 continued... ## **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025** ## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors
**13.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
Restricted
fund
fund
£
£
Fixed assets
6,416
-
Current assets
168,231
-
Current liabilities
(2,468)
-
172,179
-
**14.**
**MOVEMENT IN FUNDS**
At 1.4.24
£
**Unrestricted funds**
General fund
296,866
**TOTAL FUNDS**
296,866
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
204,034
**TOTAL FUNDS**
204,034
**Comparatives for movement in funds**
At 1.4.23
£
**Unrestricted funds**
General fund
63,738
**TOTAL FUNDS**
63,738|2025
2024
£
£
2,468
2,300
2025
2024
Total
Total
funds
funds
£
£
6,416
5,252
168,231
293,914
(2,468)
(2,300)
172,179
296,866
Net
movement
At
in funds
31.3.25
£
£
(124,687)
172,179
(124,687)
172,179
Resources
Movement
expended
in funds
£
£
(328,721)
(124,687)
(328,721)
(124,687)
Net
movement
At
in funds
31.3.24
£
£
233,128
296,866
233,128
296,866| |---|---| Page 14 continued... **AUTOTELIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025** ## **14. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
366,833
366,833|Resources
Movement
expended
in funds
£
£
(133,705)
233,128
(133,705)
233,128| |---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.23
£
63,738
63,738|Net
movement
in funds
£
108,441
108,441|At
31.3.25
£
172,179| |---|---|---|---| ||||172,179| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
570,867
570,867|Resources
Movement
expended
in funds
£
£
(462,426)
108,441
(462,426)
108,441| |---|---|---| ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2025. ## **16. ULTIMATE CONTROLLING PARTY** The charitable company is not under the control of another entity or any one individual. Page 15