##
##
##
|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe company,|its Trustees and advisers||
|Trustees'
report||||2-10|
|Trustees'
responsibilities
statement|||||
|Independent
auditors'|report|on the financial statements||12-15|
|Statement offinancial|activities|||16|
|Balance sheet||||17|
|Statement ofcash flows||||18|
|Notes to the financial|statements|||19-38|
|REFERENCE AND|REFERENCE AND|REFERENCE AND|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OFTHE COMPANY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|---|---|---|---|---|
||||FOR THE|YEAR||ENDED 31||MARCH 2023|||
|Trustees|||Hannah
Barry||||||||
||||Stephanie
Camu|(resigned|||13December 2022)||||
||||Oliver Haarmann||(resigned||13 December 2022)||||
||||John Hay||||||||
||||Kamila Shamsie|(resigned|||13June|2023)|||
||||Roger Hiorns||||||||
||||Jenny Waldman||||||||
||||Jemma Read||||||||
||||Anthony
Phillips||||||||
||||John Cavanagh,|Chair|||||||
||||Caroline
Issa||||||||
||||Marcus Goatee (appointed||||13June|2023)|||
||||Harjot Singh (appointed|||13June 2023)|||||
|Company
number|registered||01917570||||||||
|Charity registered|||||||||||
|number|||292976||||||||
|Registered||office|31 Eyre Street Hill||||||||
||||London||||||||
||||EC1R5EW||||||||
|Senior Iljianagement|||Mariam
Zulfiqar,
James Lingwood,||Director
Associate Director (resigned 30June 2023)||||||
||||Michael Morris, Associate||||Director (resigned 30||June 2023)||
||||Tony Stevenson,||Managing||Director (appointed||14 November|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||||||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|
||||Note|2023
2|2023
2|2023
2|2022f|
|Income from:||||||||
|Donations
and|legacies|||1,030,119|64,897|1,095,016|1,222,177|
|Charitable
activities||||293,020|77,500|370,520|291,636|
|Investments||||18,122||18,122|646|
|Other income||||105,857||105,857|94,748|
|Total income||||1,447,118|142,397|1,589,515|1,609,207|
|Expenditure
on:||||||||
|Raising funds|||8|131,971||131,971|121,725|
|Charitable
activities|||9|1,327,782|144,096|1,471,878|1,685,095|
|Total expenditure||||1,459,753|144,096|1,603,849|1,806,820|
|Net expenditure
before net losses on||||||||
|investments||||(12,635)|(1,699)|(14,334)|(197,613)|
|Net losses on|investments|||(40,739)||(40,739)|(42,452)|
|Net movement|in funds|||(53,374)|(1,699)|(55,073)|(240,065)|
|Reconciliation|offunds:|||||||
|Total funds brought||forward||2,738,584|759,309|3,497,893|3,737,958|
|Net movement|in funds|||(53,374)|(1,699)|(55,073)|(240,065)|
|Total funds carried||forward||2,685,210|757,610|3,442,820|3,497,893|
##
|||||BALANCE SHEET|BALANCE SHEET||||
|---|---|---|---|---|---|---|---|---|
|||||ASAT 31 IIIIARCH 2023|||||
|||||||2023||2022|
|||||Note||2|||
|Fixed assets|||||||||
|Tangible assets||||14||10,334||13,158|
|Investments||||15||1,904,055||1,950,480|
|||||||1rit4,389||1,983,813|
|Cunant assets|||||||||
|Debtors||||16|249,906||299,975||
|Cash at bank|and in hand||||1,405,114||1,344,024||
||||||1,655,020||1,643,999||
|Creditors: amounts
year||falling due within one||17|(126,589)||(109,724)||
|Net current|assets|||||1&528,431||1,534,275|
|Total assets|less cunent liabilities|||||3',820||3,497,893|
|Net assets excluding|||pension asset|||3~2,820||3,497,893|
|Total net assets||||||3~2,820||3,497,893|
|Charity funds
Restricted funds||||18||757,610||759,309|
|Unrestricted|funds|||18||2,685,210||2,738,584|
|Total funds||||||3,442,820||3,497,893|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2023f|2023f|2023f|
|Donations|162,103|24,897|187,000|
|Grants|868,016|40,000|908,016|
||1,030,119|64,897|1,095,016|
||Unrestricted|Restricted|Totai|
||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|
|||||2023
2|2023
f|2023
f|
|Income from charitable|activities|- commissions|and||||
|productions||||293,020|77,500|370,520|
|||||Unrestricted|Restricted|Total|
|||||funds|funds|funds|
|||||2022
f|2022
f|2022f|
|Income from chadtable|activities|- commissions|and||||
|productions||||279,636|12,000|291,636|
##
##
##
##
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023|2023|
|||2|2|
||Interest receivable|18,122|18,122|
|||Unrestricted|Total|
|||funds|funds|
|||2022|2022f|
||Interest receivable|646|646|
|7.|Other incoming resources|||
|||Unrestricted|Total|
|||funds|funds|
|||2023|2023|
|||2|2|
||Exhibition Tax Relief and Gift Aid|105,857|105,857|
|||Unrestricted|Total|
|||funds|funds|
|||2022f|2022|
||CJRS income|3,158|3,158|
||Exhibition Tax Relief and Gift Aid|91,590|91,590|
|||94,748|94,748|
##
##
##
##
##
##
##
##
##
|||||Staff costs|Other costs|Total|
|---|---|---|---|---|---|---|
|||||2023|2023|2023|
|||||2|2|F|
|Commissions|and|productions||506,402|965,476|1,471,878|
||||Staff costs|Depreciation|Other costs|Total|
||||2022|2022
f|2022
f|2022f|
|Commissions|and|productions|534,130|1,023|1,149,942|1,685,095|
##
||||Activities|||
|---|---|---|---|---|---|
||||undertaken|Support|Total|
||||directly|costs|funds|
||||2023|2023|2023|
||||6|6|6|
|Commissions|and|productions|1,263,675|188003|1471 878|
||||Activities|||
||||undertaken|Support|Totai|
||||directly
2022f|costs
2022|funds
2022f|
|Commissions|and|productions|1,532,677|152,4'18|1,685,095|
##
##
##
##
##
|||Commissio||
|---|---|---|---|
|||ns and|Total|
|||productions|funds|
|||2023|2023|
|||2|2|
|Staff costs||506,402|506,402|
|Other direct|costs|777,473|777,473|
|||1,283,875|1,283,875|
|||Commission||
|||ssnd|Total|
|||productions|funds|
|||2022f|2022|
|Staff costs||534,130|534,t30|
|Other direct|costs|998,547|998,547|
|||1,532,877|1,532,877|
|Analysis of|support costs|||
|||Commissio||
|||ns and|Total|
|||productions|funds|
|||2023|2023|
|||2|2|
|Premises costs||80,659|80,659|
|Other costs||93,081|93,081|
|Governance|costs|14,263|14,263|
|||188,003|188,003|
##
##
##
|Analysis of||support c|osts (co|ntin|ued|)||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Commission||
|||||||||s and|Total|
|||||||||productions|funds|
|||||||||2022|2022f|
|Depreciation||||||||1,023|1,023|
|Premises costs||||||||76,548|76,548|
|Other costs||||||||54,571|64,571|
|Governance||costs||||||10,275|10,276|
|||||||||152418|152418|
|Auditors'
remuneration||||||||||
|||||||||2023
2|2022f|
|Fees payable to the company's
annual
accounts||||auditor||for|the audit of the company's|8,800|8,000|
|Fees payable||to the company's||auditor||in|respect of:|||
|All taxation|advisory services not included||||||above|1,650|1,500|
|Staff costs||||||||||
|||||||||2023
f|2022
f|
|Wages and|salaries|||||||506,948|559,498|
|Social security costs||||||||55,625|56,051|
|Contribution||to defined|contribution||pension schemes|||25,679|30,437|
|||||||||588,252|645,986|
##
##
##
##
##
|2023|2022|
|---|---|
|No.|No.|
||13|
|2023|2022|
|---|---|
|No.|No.|
##
##
||Fixtures 8|Office||
|---|---|---|---|
||Fittings|Equipment|Total|
||2|2|2|
|Cost or valuation||||
|At 1 April 2022|4,852|44,656|49,508|
|Additions||2,182|2,182|
|At 31 March 2023|4,852|46,838|51,690|
|Depreciation||||
|At 1 April 2022|4,852|31,498|36,350|
|Charge for the year||5,006|5,006|
|At 31 March 2023|4,852|36,504|41,356|
##
|Tangible Fixed Assets (|continued)|||
|---|---|---|---|
||Fixtures 8|Office||
||Fittings
2|Equipment
2|Totai
2|
|Net book value||||
|At 31 March 2023||10,334|10,334|
|At31March 2022||13,158|13,158|
|Fixed asset investments||||
|Cost or valuation||||
|At 1 April 2022|||2,000,000|
|At 31 March 2023|||2,000,000|
|Impairment||||
|At 1 April 2022|||49,540|
|Impairment
on revaluation|||46,405|
|At 31 March 2023|||95,945|
|Net book value||||
|At 31 March 2023|||1,904,055|
|At 31March 2022|||1,950,460|
|Fixed asset investments|are held at their market value as at the balance sheet date.|||
##
##
##
|||2023|2022|
|---|---|---|---|
|||E||
|Due within one year||||
|Trade debtors||18,980|142,710|
|Other debtors||218,170|139,671|
|Prepayments|and accrued income|12,756|f7,394|
|||249,906|299,975|
##
||||||2023f|2022f|
|---|---|---|---|---|---|---|
|Trade creditors|||||40,253|43,513|
|Other taxation and||social security|||16,652|20,154|
|Other creditors|||||13,967||
|Accruals|and deferred||income||55,717|46,057|
||||||126,589|109,724|
||||||2023
2|2022f|
|Deferred|income at|1 April 2022|||21,897|59,636|
|Resources deferred||during the year|||20,000|21,697|
|Amounts|released from previous|||periods|(21,897)|(59,636)|
||||||20,000|21,697|
##
##
##
|18.|Statement offunds|||||||
|---|---|---|---|---|---|---|---|
||Statement offunds|- current year||||||
||||||||Balance at|
||Balance at 1||||Transfers|Gains/|31 March|
|||April 2022
2|Income
2|Expenditure
2|in/out
2|(Losses)
2|2023
2|
||Unrestricted|||||||
||funds|||||||
||Designated|||||||
||funds|||||||
||Production costs|800,000|||148,612||948,612|
||Artists for
Ariangel|1,524,364|||||1,524,364|
|||2,324,364|||148,612||2,472,976|
||Generalfunds|||||||
||General Funds-
all funds|414,220|1,447,118|(1,459,753)|(148,612)|(40,739)|212,234|
||Total|||||||
||Unrestricted
funds|2,738,584|1,447,118|(1,459,753)||(40,739)|2,685,210|
||Restricted|||||||
||funds|||||||
||Artangel
International|641,420|21,897|(468)|||662,849|
||Ariangel
Collection|37,799||(717)|||37,082|
||Bloomberg
Connects|31,865|||||31,865|
||Sarah Sze||72,500|(72,500)||||
||WWN||5,000|(5,000)||||
||Yto Barrada|40,000|3,000|(17,186)|||25,814|
||Marcus Goatee|8,225|40,000|(48,225)||||
|||759,309|142,397|(144,096)|||757,610|
||Total of funds|3,497,893|1,589,515|(1,603,849)||(40,739)|3,442,820|
##
##
##
##
##
|||Balance at
1 April 2021|Income|Expenditure|Gainsr
(Losses)|Balance at
31March
2022|
|---|---|---|---|---|---|---|
|||||||2|
|Unrestricted
funds|||||||
|Designated
funds|||||||
|Production costs
Artists for Artangel||800,000
1,524,364||||800,000
1,524,364|
|||2324,364||||2324,364|
|General funds|||||||
|General Funds - all|funds|S85244|1,403,3S4|(1,631,936)|(42452)|414,220|
|Total Unrestricted|funds|3,009,S08|1,403,364|(1,631,936)|(42452)|2738,584|
|Restricted funds|||||||
|Artangel
International
Artangel
Collection
Bloomberg Connects
Sarah Sze
WWN
Sonic Ray
Yto Barrada
Jitterbug
Sarah Size
Marcus Coates||620,633
57,717
50,000|20,787
13,000
55,000
20,000
40,000
12,000
5,056
40,000|(19,918)
(18,135)
(13,000)
(55,000)
(20,000)
(12000)
(5,056)
(31,775)||641,420
37,799
31,865
40,000
8,225|
|||728,350|205,843|(174,884)||759,309|
|Total offunds||3,737958|1,609207|(1,806,820)|(42452)|3497893|
##
##
##
##
|Summary o|ffunds|-current year|||||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at|
|||Balance at 1
April 2022f|Income
2|Expenditure
2||Transfers
in/outf|Gains/
(Losses)f|31 March
2023
2|
|Designated
funds
General funds
Restricted funds||2,324,364
414,220
759,309|1,447,118
142,397||(1,459,753)
(144,096)|148,612
(148,612)|(40,739)|2,472,976
212,234
757,610|
|||3,497,893|1,589,515||(1,603,849)||(40,739)|3,442,820|
|Summary|of funds - prior year||||||||
|||||||||Balance at|
||||Balance at
1 April 2021f||Income
f|Expenditure
f|Gains'
(Losses)f|31March
2022f|
|Designated
funds
General funds
Restricted funds|||2324,364
685,244
728,350||1,403,364
205,843|(1,631,936)
(174,884)|(42452)|2,324,364
414,220
759,309|
||||3,737958||1,609,207|(1,806,820)|(42,452)|3,497893|
##
##
|Analysis ofnet assets between funds -curr|ent year|||
|---|---|---|---|
||Unrestricted
funds|Restricted
funds|Total
funds|
||2023
2|2023
2|2023f|
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year|10,334
1,904,055
897,410
(126,589)|757,610|10,334
1,904,055
1,655,020
(126,589)|
||2,685,210|757,610|3,442,820|
##
##
##
##
##
||Unrestricted|Restnoted|Total|
|---|---|---|---|
||funds|funds|funds|
||2022f|2022f|2022f|
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year|13,158
1,950,480
884,590
(109,724)|759,309|13,158
1,950,4SO
1,S43,999
(109,724)|
|Total|2 738,584|759,309|3,497,893|
##
|||||2023f|2022f|
|---|---|---|---|---|---|
|Net expenditure
for|the year (as per Statement|of Financial|Activities)|(55,073)|(240,085)|
|Adjustments
for:||||||
|Depreciation
charges
Dividends,
interests
and rents from investments
Decrease/(increase)
in debtors
Increase/(decrease)
in creditors||||5,006
(18,122)
50,069
16,866|3,875
(845)
(221,795)
(24,583)|
|Net cash used in operating
activities||||(1,254)|(483,194)|
|Analysis of cash and cash equivalents||||||
|Cash in hand||||2023
f|2022
f|
|||||1,405,114|1,344,024|
|Total cash and cash|equivalents|||1,405,114|1,344,024|
##
##
##
|cancellable|o|perating
leases as follows:|||
|---|---|---|---|---|
||||2023
2|2022f|
|Amounts|payable:||4,250|34,835|
|Not later than
Later than
1||1 year
year and not later than 5years||5,667|
||||4,250|40,602|
##
##
|2021|2022|
|---|---|
|2||
|271,580|286,676|
|271,580|286,676|