| Page | ||||
|---|---|---|---|---|
| Reference and administrative | details ofthe company, | its Trustees and advisers | ||
| Trustees' report | 2-9 | |||
| Trustees' responsibilities statement |
10 | |||
| Independent auditors' |
report | on the financial statements | 11 - 14 | |
| Statement offinancial | activities | 15 | ||
| Balance sheet | 16 | |||
| Statement ofcash flows |
17 | |||
| Notes tothe financial | statements | 18 —37 |
| THE ARTANGEL TRUST | THE ARTANGEL TRUST | THE ARTANGEL TRUST | THE ARTANGEL TRUST | THE ARTANGEL TRUST | THE ARTANGEL TRUST | THE ARTANGEL TRUST | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (Acompany | limited | by guarantee) | |||||||||
| REFERENCE AND | ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISE |
||||||||||
| FOR THE | YEAR | ENDED 31 MARCH | 2022 | ||||||||
| Trustees | Hannah Barry |
||||||||||
| Stephanie Camu |
|||||||||||
| Oliver Haarmann | |||||||||||
| John Hay | |||||||||||
| Kamila Shamsie | |||||||||||
| Roger Hiorns | |||||||||||
| Jenny Waldrnan, | Chair | (ended | 31/12/2021) | ||||||||
| Jemma Wiseman | |||||||||||
| Anthony Phillips |
|||||||||||
| John Cavanagh, | Chair | (commenced | 01/01/2022) (appointed | 15June 2021) | |||||||
| Caroline Issa (appointed | 15June 2021) | ||||||||||
| Company | registered | ||||||||||
| number | 01917570 | ||||||||||
| Charity registered | |||||||||||
| number | 292976 | ||||||||||
| Registered | office | 31 Eyre Street Hill | |||||||||
| London | |||||||||||
| EC1R5EW | |||||||||||
| Senior Management | Mariam zulfiquar, James Lingwood, |
Director (appointed Associate Director |
04January 2022) (appointed 04 January |
2022 previous Co | |||||||
| Director) | |||||||||||
| Michael Morris, Associate Director (appointed 04January 2022 previous Co |
|||||||||||
| Director) | |||||||||||
| Cressida Day, Managing |
Director (resigned | 01 April 2022) | |||||||||
| Independent | auditors | Streets Audit LLP | |||||||||
| Chartered Accountants |
&Statutory Auditor | ||||||||||
| Enterprise House |
|||||||||||
| 38Tyndall Court |
|||||||||||
| Commerce Road, |
Lynchwood | ||||||||||
| Peterborough | |||||||||||
| PE2 6LR | |||||||||||
| Bankers | Lloyds Bank | ||||||||||
| 113-117Oxford Street | |||||||||||
| London | |||||||||||
| W1D 2HW |
| REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISE FOR THE YEAR ENDED 31 MARCH 2022 |
RS |
|---|---|
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| Note | 2022 5 |
2022f | 2022 6 |
2021f | ||
| Income from: | ||||||
| Donations and legacies |
1,028,334 | 193,843 | 1,222,177 | 1,173,760 | ||
| Charitable activities |
279,636 | 12,000 | 291,636 | 175,720 | ||
| Investments | 646 | 646 | 3,716 | |||
| Other income | 94,748 | 94,748 | 61,177 | |||
| Total income | 1,403,364 | 205,843 | 1,609,207 | 1,414,373 | ||
| Expenditure on: Raising funds Charitable activities |
8 9 |
121,725 1,510,211 |
174,884 | 121,725 1,685,095 |
128,413 1,097,616 |
|
| Total expenditure | 1,631,936 | 174,884 | 1,806,820 | 1,225,029 | ||
| Net (expenditure)/income losses on investments |
before net | (228,572) | 30,959 | (197,613) | 188,344 | |
| Net losses on investments | (42,452) | (42,452) | ||||
| Net movement in funds |
(271,024) | 30,959 | (240,065) | 188,344 | ||
| Reconciliation offunds: |
||||||
| Total funds brought forward |
3,009,608 | 728,350 | 3,737,958 | 3,549,614 | ||
| Net movement in funds |
(271,024) | 30,959 | (240,065) | 188,344 | ||
| Total funds carried forward | 2,738,584 | 759,309 | 3,497,893 | 3,737,958 |
| STATEMENT OF | STATEMENT OF | CASH FLOWS | ||||||
|---|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 MARCH 2022 | ||||||||
| 2022 f. |
2021f | |||||||
| Cash flows from operating | activities | |||||||
| Net cash | used in operating |
activities | (483,194) | 447,028 | ||||
| Cash flows from investing | activities | |||||||
| Purchase | of tangible fixed assets | (7,004) | (6,299) | |||||
| Proceeds | from sale of investments | 646 | 3,716 | |||||
| Purchase | ofinvestments | (2 000000) | ||||||
| Revaluation of investments |
49,540 | |||||||
| Net cash | used in investing | activities | (1,956,818) | (2,583) | ||||
| Cash flows from financing | activities | |||||||
| Net cash | provided by financing activities |
|||||||
| Change | in cash and cash | equivalents | in the year | (2440 012) | 444445 | |||
| Cash and | cash equivalents | at the beginning | ofthe year | 3,784,036 | 3,339,591 | |||
| Cash and cash equivalents | at the end ofthe year | 1,344,024 | 3,784,036 | |||||
| The notes on pages 18to 37 form part | ofthese financial | statements |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022f | 2022f | 2022f | |
| Donations | 160,318 | 153,843 | 314,161 |
| Grants | 868,016 | 40,000 | 908,016 |
| 1,028,334 | 193,843 | 1,222,177 | |
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2021 | 2021f | 2021f | |
| Donations | 225,744 | 225,744 | |
| Grants | 868,015 | 80,000 | 948,016 |
| 1,093,760 | 80,000 | 1,173,760 |
| Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2022 f |
2022 f |
2022f | ||||
| Income from charitable productions |
activities | —commissions | and | 279,636 | 12,000 | 291,636 |
| Unrestricted | Total | |||||
| funds | funds | |||||
| 2021f | 2021f | |||||
| Income from chantable | activities | —commissions | and | productions | 175,720 | 175,720 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2022 | ||
| 8 | 2 | ||
| Interest | receivable | ||
| Unrestricted | Total | ||
| funds | funds | ||
| 2021 | 2021 | ||
| Interest | receivable | 3,716 | 3,716 |
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| 8 | ||
| CJRS income | 3,158 | 3,158 |
| Exhibition Tax Relief | 91,590 | 91,590 |
| 94,748 | 94,748 | |
| Unrestricted | Total | |
| funds | funds | |
| 2021 | 2021f | |
| CJRS income | 25,955 | 25,955 |
| Exhibition Tax Relief | 35,222 | 35,222 |
| 61,177 | 61,177 |
| Unrestricted | Total | |||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2022 | 2022 | |||||
| 5 | 8 | |||||
| Staff | wages | and | other | costs | 121,725 | 121,725 |
| Unrestricted | Total | |||||
| funds | funds | |||||
| 2021 | 2021 | |||||
| 8 | ||||||
| Staff | wages | and | other | costs | 128,413 | 128,413 |
| Commissions | and | productions |
|---|---|---|
| Commissions | and | productions |
| Unrestricted | Restricted | |
|---|---|---|
| funds | funds | Total |
| 2022 8 |
2022f | 2022 8 |
| 1 510211 | 174,884 | 1,885,095 |
| Unrestricted | Restricted | |
| funds | funds | Total |
| 2021f | 2021 | 2021f |
| 929,169 | 168,447 | 1,097,616 |
| Staffcosts | Depreciation | Other costs | Total | |||
|---|---|---|---|---|---|---|
| 2022 5 |
2022 f |
2022 5 |
2022 5 |
|||
| Commissions | and | productions | 534,130 | 1,023 | 1,149,942 | 1,685,095 |
| Staffcosts | Depreciation | Other costs | Total | |||
| 2021 f |
2021 | 2021 f |
2021 | |||
| Commissions | and | productions | 464,745 | 2,091 | 630,780 | 1,097,616 |
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total | |||
| directly | costs | funds | |||
| 2022 | 2022 | 2022 | |||
| 5 | E | ||||
| Commissions | and | productions | 1,466,318 | 218,777 | 1,685,095 |
| Actlvftfes | |||||
| undertaken | Support | Total | |||
| directly | costs | funds | |||
| 2021f | 2021f | 2021 | |||
| Commissions | and | productions | 9'l0,044 | 187,572 | 1,097,616 |
| Commissio | |||
|---|---|---|---|
| ns and | Total | ||
| productions | funds | ||
| 2022 | 2022 | ||
| F | 6 | ||
| Staff costs | 467,771 | 467,771 | |
| Other direct | costs | 998,547 | 998,547 |
| 1,466,316 | 1,466,318 | ||
| Commission | |||
| s and | Total | ||
| productions | funds | ||
| 2021f | 2021f | ||
| Staff costs | 392,501 | 392,501 | |
| Other direct | costs | 517,543 | 517,543 |
| 910,044 | 910,044 | ||
| Analysis of | support costs | ||
| Commissio | |||
| ns and | Total | ||
| productions | funds | ||
| 2022 | 2022 | ||
| 6 | 6 | ||
| Staff costs | 66,359 | 66,359 | |
| Depreciation | 1,023 | 1,023 | |
| Premises costs | 76,548 | 76,548 | |
| Other costs | 64,571 | 64,571 | |
| Governance | costs | 10,276 | 10,276 |
| 218,777 | 218,777 |
| Analysis ofsupport c | osts (c | ontin | ued) | |||||
|---|---|---|---|---|---|---|---|---|
| Commission | ||||||||
| s and | Total | |||||||
| productions | funds | |||||||
| 2021f | 2021f | |||||||
| Staff costs | 72,244 | 72,244 | ||||||
| Depreciation | 2,091 | 2,091 | ||||||
| Premises costs | 70,912 | 70,912 | ||||||
| Other costs | 27,386 | 27,386 | ||||||
| Governance costs |
14,939 | 14,939 | ||||||
| 187,572 | 187,572 | |||||||
| 11. | Auditors' remuneration |
|||||||
| 2022f | 2021f | |||||||
| Fees payable to the company's annual accounts |
auditor | for the audit ofthe company's | 8,000 | 8,000 | ||||
| Fees payable to the company's | auditor | in | respect of: | |||||
| All taxation advisory services | not included | above | 1,500 | 1,500 | ||||
| 12. | Staff costs | |||||||
| 2022f | 2021f | |||||||
| Wages and salaries | 559,498 | 510,420 | ||||||
| Social security costs | 56,051 | 50,284 | ||||||
| Contribution to defined |
contribution | pension schemes | 30,437 | 19,733 | ||||
| 645,986 | 580,437 |
| The average number of persons employed by the |
company during the year was as follows: |
|
|---|---|---|
| 2022 | 2021 | |
| No. | No. | |
| Production | 11 | 10 |
| Administration | 2 | 2 |
| 13 | 12 |
| 2022 | 2021 |
|---|---|
| No. | No. |
| Fixtures and | Office | ||
|---|---|---|---|
| fittings E |
equipment 6 |
Total K |
|
| Cost or valuation | |||
| At 1 Apdl 2021 | 4,852 | 37,653 | 42,505 |
| Additions | 7,003 | 7,003 | |
| At 31 March 2022 | 4,852 | 44,656 | 49,508 |
| Depreciation | |||
| At 1 April 2021 | 4,852 | 27,623 | 32,475 |
| Charge for the year | 3,875 | 3,875 | |
| At 31 March 2022 | 4,852 | 31498 | 36350 |
| Fixed asset | investments | |
|---|---|---|
| Unlisted | ||
| investments | ||
| E | ||
| Cost or valuation | ||
| Additions | 2,000,000 | |
| At 31 March | 2022 | 2,000,000 |
| Impairment | ||
| Impairment | on revaluation | 49,540 |
| At 31 March | 2022 | 49,540 |
| Net book value | ||
| At 31 March | 2022 | 1,950,460 |
| Debtors | |||
|---|---|---|---|
| 2022f | 2021f | ||
| Due within one year | |||
| Trade debtors | 142,710 | 578 | |
| Other debtors | 139,671 | 66,323 | |
| Prepayments | and accrued income | 17,394 | 11,281 |
| 299,975 | 78,180 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 6 | |||||||
| Trade creditors | 43,513 | 11,665 | |||||
| Other taxation | and | social security | 20,154 | ||||
| Other creditors | 292 | ||||||
| Accruals | and deferred | income | 46,057 | 122,331 | |||
| 109,724 | 134,288 | ||||||
| 2022 5 |
2021f | ||||||
| Deferred | income at 1 April 2021 | 59,638 | |||||
| Resources deferred | during the year | 21,697 | 72,000 | ||||
| Amounts | released from previous | periods | (59,638) | (12,382) | |||
| 21,697 | 59,638 |
| Statement offunds | - current | year | ||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at 1 | Gains/ | 31 March | ||||
| April 2021 6 |
income 6 |
Expenditure 6 |
(Losses) 6 |
2022 | ||
| Unrestricted funds |
||||||
| Designated funds |
||||||
| Production costs | 800,000 | 800,000 | ||||
| Artists for Artangel | 1,524,364 | 1,524,364 | ||||
| 2,324,364 | 2,324,364 | |||||
| General funds | ||||||
| General Funds - all | funds | 685,244 | 1,403,364 | (1,631,936) | (42,452) | 414,220 |
| Total Unrestricted | funds | 3,009,608 | 1,403,364 | (1,631,936) | (42,452) | 2,738,584 |
| Restricted funds | ||||||
| Aria ngel International | 620,633 | 20,787 | 641,420 | |||
| Artangel Collection |
57,717 | (19,918) | 37,799 | |||
| Bloomberg Connects | 50,000 | (18,135) | 31,865 | |||
| Orford Ness | 13,000 | (13,000) | ||||
| Frequencies | 55,000 | (55,000) | ||||
| Sonic Ray | 20,000 | (20,000) | ||||
| Yto Barrada | 40,000 | 40,000 | ||||
| Jitterbug | 12,000 | (12,000) | ||||
| Sarah Sze | 5,056 | (5,056) | ||||
| Marcus Coates | 40,000 | (31,775) | 8,225 | |||
| 728,350 | 205,843 | (174,884) | 759,309 | |||
| Total offunds | 3,737,958 | 1,609,207 | (1,806,820) | (42,452) | 3,497,893 |
| Statement offunds | - prior y | ear | ||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance al | Transfers | 31March | ||||
| 1April 2020f | Income f |
Expenddure | in7oui f |
2021 f |
||
| Unrestricted funds |
||||||
| Designated funds |
||||||
| Production costs | 700,000 | 100,000 | 800,000 | |||
| Artists for Artangel | 1,553,832 | 30,000 | (59,468) | 1,524,364 | ||
| 2,253,832 | 30,000 | 40,532 | 2,324,364 | |||
| General funds | ||||||
| General Funds - all funds |
633,318 | 1,269, 151 | (1,022,360) | (194,865) | 685,244 | |
| Total Unrestricted | funds | 2,887,150 | 1,299,151 | (1,022,360) | (154,333) | 3,009,608 |
| Restricted funds | ||||||
| Open | (672) | 672 | ||||
| Artangel International |
632,897 | (12,264) | 620,633 | |||
| Artangel Collection |
29,567 | 30,000 | (155,511) | 153,661 | 57,717 | |
| Bloomberg Connects | 50,000 | 50,000 | ||||
| 662,464 | 80,000 | (168,447) | 154,333 | 728,350 | ||
| Total offunds | 3,549,614 | 1,379,151 | (1,190,807) | 3,737,958 |
| Summary | offunds -current ye | ar | ||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at 1 | Gains/ | 31 March | ||||
| April 2021f | Income K |
Expenditure f |
(Losses)f | 2022f | ||
| Designated funds |
2,324,364 | 2,324,364 | ||||
| Generalfunds | 685,244 | 1,403,364 | (1,631,936) | (42,452) | 414,220 | |
| Restricted | funds | 728,350 | 205,843 | (174,884) | 759,309 | |
| 3,737,958 | 1,609,207 | (1,806,820) | (42,452) | 3,497,893 | ||
| Summary | offunds - prior year | |||||
| Balance at | ||||||
| Balance at | Transfers | 31March | ||||
| 1April 2020f | Income f |
Expenditure f |
in/outf | 2021 | ||
| Designated funds |
2,253,832 | 30,000 | 40,532 | 2,324,364 | ||
| General funds | 633,318 | 1,260,151 | (1,022,360) | (104,865) | 685,244 | |
| Restricted | funds | 662,464 | 80,000 | (168,447) | 154,333 | 728,350 |
| 3,540,614 | 1,379,151 | (1,190,807) | 3,737,058 | |||
| Analysis | of net assets between | funds | ||||
| Analysis | of net assets between | funds -current | year | |||
| Unrestricted | Restricted | Total | ||||
| funds | funds | funds | ||||
| 2022 f. |
2022 8 |
2022f | ||||
| Tangible fixed assets | 13,158 | 13,158 | ||||
| Fixed asset investments | 1,950,460 | 1,950,460 | ||||
| Current assets | 884,690 | 759,309 | 1,643,999 | |||
| Creditors | due within one year | (109,724) | (109,724) | |||
| Total | 2,738,584 | 759,309 | 3,497,893 |
| Unreslricted | Restricted | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2021f | 2021 | 2021 | |||
| Tangible | fixed | assets | 10,030 | 10,030 | |
| Current | assets | 3,133,866 | 728,350 | 3,862,216 | |
| Creditors | due | within one year | (134,288) | (134,288) | |
| Total | 3,009,608 | 728,350 | 3,737,958 |
| 21. | Reconciliation of |
net movement in funds |
to net cash flow from operating | activities | |
|---|---|---|---|---|---|
| 2022f | 2021 6 |
||||
| Nel income/expenditure for the year (as per Activities) |
Statement of Financial | (240,065) | 188,344 | ||
| Adjustments for: |
|||||
| Depreciation charges |
3,675 | 2,090 | |||
| Dividends, interests |
and rents from investments | (646) | (3,716) | ||
| Decrease/(increase) | in debtors | (221,795) | 204,041 | ||
| increase/(decrease) | in creditors | (24,563) | 56,269 | ||
| Net cash provided | by/(used in) operating |
activities | (463,194) | 447,028 | |
| 22. | Analysis ofcash and cash equivalents | ||||
| 2022 6 |
2021 f |
||||
| Cash in hand | 1,344,024 | 3,784,036 | |||
| Total cash and cash equivalents | 1,344,024 | 3,784,036 |
| cancellable | operating leases as follows: |
||
|---|---|---|---|
| 2022f | 2021f | ||
| Amounts | payable: | ||
| Not later than 1 year |
34,935 | 35,245 | |
| Later than | 1 year and not later than 5years | 5,667 | 6,601 |
| 40,602 | 41,847 |
| 2022 K |
2021f | ||
|---|---|---|---|
| Aggregate | remuneration | 286,676 | 274,253 |
| 286,676 | 274,253 |