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|||||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|
|---|---|
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||||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|||
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||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|
##
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##
|||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|