Charity registration number 1195601 (England and Wales)
THE ATHENA ART FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
THE ATHENA ART FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M Harris Dr S Babaie S Marriott A Petitgas D Gladkov (Appointed 25 September 2025)
Charity number 1195601 Independent examiner John Pudduck FCCA Martlet House E1, Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ Accountants The Martlet Partnership LLP Martlet House E1, Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ
THE ATHENA ART FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
THE ATHENA ART FOUNDATION
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MAY 2025
The trustees present their annual report and independently examined financial statements of The Athena Art Foundation ("the Foundation" or "the CIO") for the year ended 31 May 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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
The Athena Art Foundation posts on its digital hub and social media feeds innovative and accessible material about pre-modern art in museums and other locations around the world. The Athena team gathers material for the hub from a wide range of websites, publications, newsletters and promotional material, as well as producing podcasts, films, livestreams and other material of our own.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In the period from 1 June 2024 to 31 May 2025, the Athena worked on increasing our presence on Instagram and YouTube. The team produced regular monthly digital conversations in which artists, art historians and curators were invited to talk about their work and exhibitions. These were edited and uploaded to the Foundation’s YouTube channel to enable a wider audience to enjoy them after the event. We now have nearly 5,000 followers on Instagram and over 2500 on You Tube.
The charity continued to produced two issues of Colnaghi Studies Journal a year for the Colnaghi Foundation, under the terms of a contract by which Athena Art Foundation is paid for this activity by Colnaghi Foundation. The Owl Club established by Athena’s USA Director hosting several events and saw a pleasing increase in membership, with the fees earmarked for supporting Athena’s educational work. A London branch was set up in 2025.
The main achievements during the period were
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the production of monthly digital conversations, all of them uploaded to Athena’s YouTube channel.
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The production of weekly reels and several posts a week on Athena’s Instagram
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Launch of our new online exhibition, Goya and Africa, intended to engage young people in schools and Africa and elsewhere with historic and contemporary art and art history. Launch events were held at the Cape Town Art Fair and at the Broadwick in London.
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Several in-person events with speakers from museums at the Broadwick in London.
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Launch of the London chapter of the Owl Club in May 2025, with events at the Broadwick and Treasure House Fair.
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THE ATHENA ART FOUNDATION
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Financial review
Incoming resources totalled £33,822. This included £33,000 from The Colnaghi Foundation to produce the quarterly Colnaghi Studies Journal.
The Foundation incurred a deficit of £14,499 for the year which has decreased the net assets of the charity to £10,297 at the year-end. There is no need, at this point in time, to consider long term deposits as the current level of funds are required for working capital purposes.
The Trustees consider that the freely expendable funds are appropriate and adequate, taking into account plans for future expenditure and expected income sources.
Reserves policy
It is the policy of the trustees to maintain reserves on unrestricted funds at a level sufficient to cover six months anticipated expenditure. The reduction in reserves during the year now means this threshold is not being achieved, but the trustees are focused on restoring net assets to a level at which the risk of the charity's ability to carry on its activities in future in the event of financial difficulties, is mitigated.
Plans for future periods
Given the successful outcome of Athena’s activities to date, the trustees agree that the charity should continue with its program and events into the foreseeable future, subject always to close monitoring of its financial health, engaging audiences with the world's great art traditions.
Structure, governance and management
The Athena Art Foundation was registered as a Charitable Incorporated Organisation ("CIO") on 23 August 2021 (reg. no.11956001).
The trustees who served during the year and up to the date of signature of the financial statements were:
M Harris
Dr S Babaie S Marriott A Petitgas R Lawler (Resigned 27 January 2025) D Gladkov (Appointed 25 September 2025)
Recruitment and appointment of trustees
All decisions of the charity are made by the board of trustees who currently plan to meet on a regular basis. During the year ended 31 May 2025, the trustees met three times: on 16 October 2024, 27 January 2025, and 6 May 2025.
Before each meeting, a Finance Report and statement of bank transactions in the previous period are circulated along with an agenda and the draft minutes of the previous meeting (which are then approved at the meeting). At the meetings, the director of the charity presents a report on recent activities, with occasional reports on specific projects by other staff members.
The board of Trustees must constitute at least three trustees and no more than eight. If the number falls below the minimum, the remaining trustee or the trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee.
The only person eligible to be members of the CIO are its charity trustees. In the event of the CIO being wound up the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
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THE ATHENA ART FOUNDATION
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
The trustees report was approved by the Board of Trustees.
D Gladkov
26 March 2026
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THE ATHENA ART FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ATHENA ART FOUNDATION
I report to the trustees on my examination of the financial statements of The Athena Art Foundation (the charity) for the year ended 31 May 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no 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 charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
John Pudduck FCCA
Martlet House E1, Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ 26 March 2026
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THE ATHENA ART FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
| Unrestricted Restricted Total Unrestricted Restricted funds funds funds funds 2025 2025 2025 2024 2024 Notes £ £ £ £ £ Income from: Donations and legacies 3 - - - - 12,500 Charitable activities 4 33,000 - 33,000 33,000 - Other trading activities 5 775 - 775 191 - Investments 6 47 - 47 58 - Total income 33,822 - 33,822 33,249 12,500 Expenditure on: Charitable activities 7 35,768 12,553 48,321 31,986 6,242 Total expenditure 35,768 12,553 48,321 31,986 6,242 Net income/(expenditure) and movement in funds (1,946) (12,553) (14,499) 1,263 6,258 Reconciliation of funds: Fund balances at 1 June 2024 12,243 12,553 24,796 10,980 6,295 Fund balances at 31 May 2025 10,297 - 10,297 12,243 12,553 |
Total 2024 £ 12,500 33,000 191 58 |
|---|---|
| 45,749 38,228 |
|
| 38,228 | |
| 7,521 17,275 |
|
| 24,796 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE ATHENA ART FOUNDATION
BALANCE SHEET
AS AT 31 MAY 2025
| 2025 Notes £ Current assets Debtors 12 139 Cash at bank and in hand 20,921 21,060 Creditors: amounts falling due within one year 13 (10,763) Net current assets The funds of the charity Restricted income funds 14 Unrestricted funds 15 |
£ 10,297 - 10,297 10,297 |
2024 £ - 30,856 30,856 (6,060) |
£ 24,796 |
|---|---|---|---|
| 12,553 12,243 |
|||
| 24,796 |
The financial statements were approved by the trustees on 26 March 2026
D Gladkov
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
Charity information
The Athena Art Foundation is a Charitable Incorporated Organisation (CIO), which formed on 25 May 2021 and registered as a CIO on 23 August 2021.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
(Continued)
1.5 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 are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Grants | - | 12,500 |
4 Charitable activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Services provided under contract | 33,000 | 33,000 |
5 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Social media events | - | 191 |
| Owl Club Membership | 775 | - |
| Other trading activities | 775 | 191 |
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
6 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 47 | 58 | |
| 7 | Expenditure on charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Goya project costs | 14,582 | 6,242 | |
| Podcast editing | - | 120 | |
| Editorial work | 9,653 | 8,690 | |
| Consultancy re Owl Club | 1,000 | - | |
| Marketing and promotions | 12,430 | 14,657 | |
| 37,665 | 29,709 | ||
| Share of support and governance costs (see note 8) | |||
| Support | 6,484 | 5,899 | |
| Governance | 4,172 | 2,620 | |
| 48,321 | 38,228 | ||
| Analysis by fund | |||
| Unrestricted funds | 35,768 | 31,986 | |
| Restricted funds | 12,553 | 6,242 | |
| 48,321 | 38,228 |
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
8 Support costs allocated to activities
| Advertising and marketing Accountancy software Bank fees Administration Entertaining General expenses IT software and Consumables Subscription Travelling Governance costs Analysed between: Charitable activities Governance costs comprise: Accountancy Independent examination fee Professional fees |
2025 £ - 416 138 3,940 21 - 1,598 - 371 4,172 10,656 10,656 2025 £ 3,672 500 - 4,172 |
2024 £ 150 378 60 3,927 - 134 395 824 31 2,620 |
|---|---|---|
| 8,519 | ||
| 8,519 | ||
| 2024 £ 1,770 480 370 |
||
| 2,620 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There were no salaried employees during the year.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Debtors
| Debtors | ||
|---|---|---|
| 2025 | 2024 | |
| Amounts falling due within one year: | £ | £ |
| Prepayments and accrued income | 139 | - |
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
13 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Accounts payable Accruals and deferred income |
2025 £ 3,222 7,541 10,763 |
2024 £ 2,568 3,492 |
| 6,060 |
14 Restricted funds
The restricted fund is a grant from the Common Humanity Art Trust of £12,500 to fund an on-line exhibition Goya and Africa: Images in Conflict to engage new audiences with great art as well as a resource for secondary school teachers teaching art and art history.
| At Previous year: At |
1 June 2024 Incoming resources Resources expended At 31 May 2025 £ £ £ £ 12,553 - (12,553) - 1 June 2023 Incoming resources Resources expended At 31 May 2024 £ £ £ £ 6,295 12,500 (6,242) 12,553 |
|---|---|
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds |
1 June 2024 Incoming resources Resources expended At 31 May 2025 £ £ £ £ 12,243 33,822 (35,768) 10,297 1 June 2023 Incoming resources Resources expended At 31 May 2024 £ £ £ £ 10,980 33,249 (31,986) 12,243 |
|---|---|
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THE ATHENA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
16 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 May 2025: Current assets/(liabilities) 10,297 - 10,297 - Unrestricted Restricted funds funds 2024 2024 £ £ At 31 May 2024: Current assets/(liabilities) 12,243 12,553 12,243 12,553 |
Total 2025 £ 10,297 |
|---|---|
| 10,297 | |
| Total 2024 £ 24,796 |
|
| 24,796 |
17 Related party transactions
During the year, N Jennings, who is key management, incurred travel and other office expenses amounting to £7,279 (2024: £2,332) on behalf of the charity which have been reimbursed.
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