Registered number: 01917570 Chafity number: 292976 THE ARTANGEL TRUST (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 llll ADD13160 0411012tr24 COMPANIES HOUSE A18 1106
THE ARTANGEL TRUST (A eompany limited by guaranl•e CONTENTS Page Referene• and administrative details of th• Company. its and advisers TN5tee5' report Trnstees. responsibilities stalem•nt Independent auditovs. report on the financial statements Statem*nt of finan¢lal activities 12 13-16 17 Balance shett 18-19 Statement of cash flows 20 Noles to the financial statements 21-40
THE ARTANGEL TRUST .IA ¢ompany limited by guawan¢eel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Hannah Barry John Hay Kamila Shamsie (resigned 13 June 20231 Rcger Hioms (reS3ned 27 June 20241 Jenny Waldman Jemma Read Anthony Phillips John Cavanagh, Chair (to 1 January 20241 C3roline Issa. Chair IfrLYn 1 January 20241 Marcus Coates {aprrt)inted 13 June 20231 Harioi Siryh18ppointed 13 June 20ZJI Compa17y register•d number 01917570 Charity rryistered number 292976 Regi$ter•d office 31 Ee Street Hill London EC1R SEW Senior hlanagement Mariam Zulfiqar, Director Torry Stevens¢. Managing Director Independent auditors Slreets Audii LLP Chartered Accountants & slory AlI10r Enterprise House 38 Tlda11 Court Commerce Road. L¢hOd Pelerborough PE2 6LR Bankws Lty1s Bank 11&117 Oxford Street London WID 2HW Page 1
THE ARTANGEL TRUST {A company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2D24 The Trustees wesent their annual report iogether the audrted finanaal statements of Ihe company for the peri 1 April 2023 to 31 March 2024. The Annual rert serves the purwses of both a Tru5tees' report and a directors. report under company law. The Trustees confimi that the Annual report and financial statements of the chantable company compty with Ihe current statutory requirements. the requirements ol the charitable companls govemin9 document and thè provisions of the Statement of Recommended Pr3cts"ce ISORPI applicable to charities preparing their accounis in accordance wth the Financial Reporlin9 Standard applicable In the UK and Republic of Ire {FRS1021 {eftecli¥e 1 January 20191. Since the company qualifies as small under section 382 of the Companies Act 2(, the Strategic report quired of medium and13f9e companies under the Companies Acl 20C6 {Strategic Report and Directors. Report) ReguL8bons 2013 has been omitted. ObJe¢tlves and a¢tSvitie5 a, Poll¢lès. objectives and strategl•s The objective which Ihe Artangel TNst was established, as defined in the Memorandum of Association, is to advance the e(lucab"on of the public in the visual arts. To achieve Ihis objeGtive, the principal acts"¥ity of the Trust ¢Juring the year continued to the production arKI promotK)n of ambitious and innovative Ctsntemporary art projecis and events acros$ a range of media. For over thirty years Artangel has presented extraordinary art in unexpected places in our London home, across Ihe UK and around the workl. A'StIC cdlaboration, amb.lion and risk taking are essential lo our vision. We work with arbsts who defy trM)undaries and 5UPKMYt them to work in new. unexpected ways. "For Ihe past 20 years. Artangel has been plang a crucial rok- as curator. facilita(or. fundraiser, administrator and celesiial guardian- lo some of Britain and the Ir1d'S m051 radical, daring and provocab.ve aSts. (The Observer}. Artangel wryks ck)sely with UK and intemational artists lo create exceptional new prr4ects and to engage and inspire audience$. We measure the arb5tic excellence of our wtxk through Grib"¢al and peer review, assessing vthether the projects have been thell executed, and determining ether Ihey have fUrthed the artists, Gareers andlor an understanding of possibility"e5 Within Ihe relevant area of artist practice. We assess %thether the projects have resonate<l with a broad and diverse range of audiences and the extent to which we a providing opportuniD"e5 for deeper engagement for general audiences through online content and conlextual programming and opp¢y1unities for suslained engagement *ith speofic grwps or communities through our collabordtive projects. In seth.ng obJ"e¢ttves and planning for activiti.es. the TTUStees have given due consideration to general guidance published by the Charty Commission rèlating to public benefit, including the guidance 'PutliG benefit." running a charity IPB21'. b. Activities undertak•n to achieve objectives Art8ngel'$ programmes connect wth thwr audiences on many dffterent kvds- in unexpected sf(es and sèltings. on cinema screen5, dayts.me tevIsiOn and Ixeakfast radio, in print and online, through talks and events and, for particular groups of partiats. via extensive eThJagement in the creative pr(Kess wth carefully Chosen artists. Main activities und•rtakthi to further the COMpanS purposes for Ihe publlc bèntrfit The folbwing is the programme of arbstic aCtIty underlaken byArtan9el in 2023124. SARAH SZE- METRONOME Page 2
THE ARTANGEL TRUST IA company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ObJectl¥es and activiti•s {¢ontinued} Sarah S2e's large scale instsllatir)n opened on May 19th and ran until September 17th, 2023. in a fcffiier waitwvJ room at Peckham Rye Stab'on. London SE15. New Yorl(-based artist Sarah Sze transfomied a large Vidofian waiting room at Peckham Rye Station that had lain empty for almost 50 years. An atmospheric construcbon of cascading IeS emerges from the centre of the vaulted waits.ng room to create a mesmerising m(xlel ol a fragi vxyltl. A multitude ol flickering videos illuminale the slnjclure and swirf arc4Jnd the space, Cortven9 the velocj.ty and volablity of living In the age of the smartphone. The writer Zadle Smith has compared the experwce of Sze's in51allats.ons as like being in an opened-up iphone, th the technology taken apart and the image bank it stores expICed into three-dimensional space. Tactsle and imagined experience. mOmentJS and incidental events a held in a precariw5 equilibrium in Sze's immersive install8b"on. Sarah Sze.. "I've alway5 been interested in rtTr b.mes thr0ughjt histryy where our relatKJnship to the way we experience time and space in the wortd speeds up radicalty. The invention of th¢ aeroplane. the invention of the Ira%n, you see really interesting work coming oul of thal time. in film. visual arts and writing. Vve are in the middle of an extreme hurricane where we are leaming to speak through images al an exponential pace.. There was wde coverage of the project in the media. induding profith of Ihe a's1 in the Observer and the FT, very positive reviews in the Guardian and the Evening Standard, and strong piek-up on social media. Audien¢e$ over the 16-week run totalW 18.591. A series of events kicke(J off Trmth a welkattended wiversation between Sarah and Chrislian Mar¢lay at Peckhamplex on June 19th and ccntinued wilh three evenings of readings and perforrnances in the wailing rwm on June 8th. Juty 20th and September 14th. Followrng the London presentation. Metronome travelled on to OGR, a huge industrial building in Turin. there il opened on November 3. 2023, and then to AROS Aarhus Art MUsm in Denmark, where it will be presented from April lo September 2024. SELECTED ARTISTS- MAKING TIME Making Time was conceived as an initiative that responds lo the climate emergency. bringiry the ideas of artists and art production into conversation wth new materid possibilib"es. Long-lerm ptans for Making Time are evolving and this artist develcyment and material research wogramme is being strategically devised lo run for 5 years vthh a new cohort of artists Pat1P'9 each year. Thè first year, wnning for the calendar year 2023, supported rtve arti5ts- Abbas Zahedi, FuD, Dani A11miss and Rachel Pimm IFRAUD being a duol- and was ddivered in partnership wth Science Gallery London at King's College. Radar at Laughtrjgh Universty. The fhinking and research developed by the parti(ipating artisis during Makir¥J Time has led to the folbwing outcomes. evidencing Artangel's commitment lo pLayng a leadership role in enhanung wvironrnental consciousness in the arts". . Abbas Zahedi ha5 been invited by a major UK arts instilution to develop an exhibition and public prc¥Jramme program for the duration of 2025 focusirwJ on ec0k)giC grf. the kne of thinking he developed during Makin9 Time. • Dani Admiss, research during Making Time is informing communty-led trainrng for art workers wth Arts Catalyst. In adéition. she is now Working Artists. Union England to develop 8 series of climate justice actions and tools for art wjrkers arKI ganISatts. induding Updatir AUE'S Good Practice Charter lo further Page 3
THE ARTANGEL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activiiies I¢<nuedj indude climate. culture and just transitM)n. • Rachel Pmnm is rw aitisl4n-tdenCe at St. John's Colkge. Oxford t•there they ryll further explore the ideas they developed on Ihe Pfogramme. . FRAUD ha$ been avrarded the 2023 Stsnley Pickw FeMoship to continue theif enquiry into critical minerals and material investigaty'on of phosphate. Thinking p¥oduoed during the first ileration of Making Time has b¢en optyred in a small publvlion. In autumn 2024 Artangel hosted an event for arknsts anLI curators interesled in ecolcJical thinking, academics interested in working wth artists, and a select gue5Mist at Science Gallery London lo mark the end of Making Time 1. JAY BERNARD- THE LAST SEVEN YEARS On 1st September 2023. for night onty. Jay Bernard pre5enteil an experimentsl perforrnance informed by the voices of people across the UK who opened up to the artist about the last seven years. In collaboration Vith Mu5arc. one of Ihe UK'S foremost experirnental choirs and murti4nstrumentsli51 Petero Kalulé Ipeials), a rforManCe was dewsed that presents memories of people across the UK from the post- Brexit landscape, and ththts how theyand the County have d)anged. Bernard's work spans poetry, audio-visual media. graphic illustration, thèatrÈ-making, archiving, and fikn programming. Thèir work brirtgs together personal recollections th grand political narratives presenting themes of injustice. queemess, family relalionships and stsle surveillano. in ¢rrtiC818nd unexpected ways. The Last Seven yea was presenled in cdlaboratTron wilh Bold Tendencies in Peckharn, London. GEMMA ANDERSON-TEMPINI-AND SHE BUILT A CROOKED HOUSE And She BLtitt a Crooked House by Gemma Anderscm-Tempini filled the rmS and garden at Burton Grange. 8 Victorian house in Far Headingley. Leeds from 20th Oclober 2023 to 28th January 2024. With this multifaceted instsllatson. Ihe artist took audiences on 3 joumey Ihrough the fourth spatial dimension that is part-faclual, part- histofical and part-alrtobi0graIc31. An imagined space populari5e(J in Ihe nineteenth century, the fowth spatial dimensK)rs sits alongside the commonly-held underslanding of a lourth dimension of lime and has Provided ferti ground for creativity and innovation for generattrons. In addition to physic5. explorers of higher spats.al dimensws span the fields of maths, art, literature, Trnema and comwts"ng. wth impact in Quotidian places from childr8n's playgrounds lo Victorian living rooms. Central features of fujrtdIMenSH)nal theory include luming InSe out, mirroring. and being in more than one place at the same time. These ideas resonate wth the artisl's personal experience as a mother of Iwins and wére recurring mob'ts in this b(xly of work. Anderson-Tempini synthesised brge and complicate{1 datssets through the act of drawing. bringing a unique perspective on how we relate io and understand our surroundings. In an age of rapid technological advancemenl, she Cham"0n$ the necÈssity of a human connecbon wth our Ènvironment. Whether zoorning ir+ on the (ranslormation ol an embryo or giving form to the Big Bang, a desire to bring wsual clarity to the nature of existence is a thread ihat runs throughout her practice. For this project, Anderson-Tempini deftly brought together ¢utting-edge mathemats.cal re5earGh. art. and molherhc(¥J to explore and make sense of personal human experiences through the lens ol spalial ihinking. Page 4
THE ARTANGEL TRUST IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENOED 31 MARCH 2024 Objectives and Jctivitiès (continued) Over 12 weeks And She Built a Crooke(l House wetomed 6.859 ¥i5rtors to Burtw Grange in Far Headirbgley, Leeils. Audiences were of all ages, wth many families vistti.ng the project wth chihlren under 13 years old. Comments from Msrtors indicated that the project had introduced new eaS to the audience wth many peoF4e commentin9 on how it had triggered their curiosity abwt thèir surrounijing enwronmenl and whai liès bÈyeA)d the naked eye. Feedback also indicated that people were now thinking dIfferenY about collaborations belween arl and maths. Publi¢ events held insKJe 8tJrton Grange calered to drfferent au¢Jien¢es with story sessions targeting young families. 4D w)ga sessions led by the artist largeb.ng adult audiences. and a talk with the arbst and her collaborator targeting local art sludents and br¢)ader arts audiences. The schry)Is programme delivered by local university student5 in partnership ¥Mth Leeds 2023 successfvlty reached over $50 sludents from 10 Jifferent schools with sessions held inside Burton Grange and in schools across Leed5. O BARRADA- THE MOTHERSHIP. TANGIER Insrxred by Morocco's rich textile tradittons and the historical process of makirvj natural dyes, Yto Barrada has created The Mothership on a pbt of land perched on the ¢oasUine of Tangier overknking Ihe Mediterranean. The Mothership is an'eco-campus, for growng. making and Itaming., a meeting place where artists and artisans, botsnists and ecolc¥Jists. textile dyers and designers. students and visitor5 from Tangier and beyDnd can immerse themselves in the rich and varied world of natural dye5 anos explore the pleasures. politic5 3nd histories of ¢olour. The project is reviwng indigenous tradon5 and emkh)wen"ng communrfies. in p3cu women in Moroc. as w?11 as enwJragin9 experimentsl awtistic practices. The Oye House seNes as The Mothership's main studio and educational space, kxJiR above the terrace5 in the garden lo accommodate a wide range of classes. 7hy)rkshops and gathÈrings. It is a space for artists'c and scientsfic exploration. research and prc¥Juction a dye laboratory equipped with Iradilional and stste-of-the- art faalities and tCK4s. It has space5 for meetings and workshops. and a library Ylo Barrada's personal archive of hhoroccan and internalional lexb"les. Following a three-sEar develcynent and con5trwlion pericl. Ihe Hse opened 14th June 2024. WORLO WEATHER NETWORK A majority of partiapatir¥J organisab.ons in the Work1 Weather Nelwyk made the collective decision lo (x)ntinue the activities of the nerk for a further yEar. from July 2023 10 end June 2024. Four new organisations from Svalbard.. Tromso in Norway, Torniedalen in s%en and Miami. Fkjrida have joined Ihe network. A budget for operating costs was agreed by all participating organisatns. wth leadership of the World Weather Network Steering Group Iransfemng frwi Altsngel to Waag in the Netherfand$. WWN PROJECT. FEIFEI ZHOU- OBSERVATORY OF PRECIPITATION Chinese born illustrator and web arti51 Fe1 Zhcw's Observatory of Preu"prtth"on extended A Thousand Words for Weather into an online work. Drawng on each poet's individual memcKies around precipitation In relation to a specific theme- Home, Spring. Summer. Autumn. Winter. Joy, Grief. Cty. and Future. Zhao created animaled images. accompanied by the voice of each i)cet relating thar th(yce of word to a particular mernory. story or inciLlenl. Launched 6 June 2023, this dtgital cuJnterpart to the 2022 sound InstallatTr in Senate House Page S
THE ARTANGEL TRUST (A company limitèd by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and aclivities Icontinuedl Library was buili by Tomrnaso Lanza l The Workers as a stsnd akne wealher report. MARCUS COATES- THE DIRECTORS Marcus Coates's 2022 proied was a collabc*ation betwèen the artist and five indiwduals in recovery from different lived expernceS of psychosis. PosrtJ"oned behind the camera. each of them direcled Coates in a rilmed restaging of particular episodes from Iheir live5. FFve drflerenl bcations around the Churchill Gardens Es¢ats in Pimli¢o. London W1 wère ctrM)sen for presentatK)n$ of fiv8 fikns in autumn 2022. An online resource hub, 'What's Going ,, was developed to enable arLe55 to the films for course leaders in higher education seth'rvJs. This new online pklform also hosts a e range of archival material~ audio. video and text based - gathered during the three year development proces5 that re5ulled in The Director5. To align with mentsl heamh awarene55 day. October 10th 2023, Artangel colbborated the In51itule of Psychiatry. Psychdogy and Neuroscience at Kings College. both at the maUdsY in Denma Hill. Guys, campus and Saence Gallery London. to presenl screenings of The Directors. Follovn'ng fwr of the screenings there were panel discussions between academics. medical wacbboners. lawyers. comrnurity activists and experts by ÈxpÈnencÈ. Artangel staff attended the online'Earfy Psychosis Care cOnfeNce 2023, hosted by the University of Mi$sour St. Louis. Three films from The Directors-'Marcus'. 'Mark' and 'Luty were screened wilh a Q&A after each rilm. 'Early Psychosis Care. is new research projecl led by the University and they expressed a desire to ¢ollatx)rate further and share the films. THE ARTANGEL COLLECTION Works from the Artangel Colknticffi were lent to 16 galleries and fesb.vals across the United Kingdom. reaching audiences of at least 83,325 and to 13 in5tstutsS abroad to audiences ol at least 35,950. The following Works NbEre shown in the period". Abi Palmer. Abi Palmer Invents the Weather14 showngs UK. 1 Irrtematsonal) Mik8 Rottenberg & Mahyad Tousi. Remole (1 shtrwing UK) Jeremy Oeller, The Battle of Orgreave13 sho¥Mngs UK. 6 International) Ayo Akingbade, Jitterbug (3 shwngs UK. 1 Inlemats"onall Paul Maheke. Mauve, Jim and John {1 showng UK) Marcus Coates. The Directors14 showngs UK. 4 Intemationall "thard Billingharn. Fishfank11 showing UK) Dinh Q. Lè, The Colony11 Shn9 UK) Elizabeth Price, SLOW DANS11 showing Intemationall Andy Holden. Natural selecti {1 slM)wing Inlemationall ONLINE ENGAGEMENT Our archive of audio visual material ¢Ctsnu8d to draw users wlh over 136.000 views of VKleo content on our YouTube and Vimeo thannels during the year. Page 6
THE ARTANGEL TRUST IA company limited by gyarnnteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Obl•¢tlves and a¢tlvities (continued) ONGOING PROJECTS All of the folbwng ongoing projects We originaly commisSeI and realised by the Artangel Trust and are now managed and maintaine(J by charitsbje trts. vAth no ongoing financial obligation from Artangel. Roger Hioms. Seizure Roger Hioms, groundbreaking work Seizure. a cobalt•sts1 encru51ed council fial 0ri9inally silLSated ir Elephant & Castle, wa5 acquired by the Arts Council in 2013 and is now on di$pby at the Yorkshire Seulpture Park. Jern Finer.. Longplayer Longplayer is a one thousand-JEar-kJng musical comp)sition'. it began plawng at midnHJhl on 31 December 1999 and wll continue to play withoxjt repetition unb"I the lasl moment of 2999. at vthich point it will ¢ompSete ils cycle and begin again. The proiecl enlers Its 24th year of presentabon and Gontinues to engage audienGès at Trinity Buoy Wharf, other listening posts and wa the Longplayer website. MikÈ Kèlty. mO.1e HcThestead The programme ol creative workshops. c(mmunity events. Workshops for $chcw)l$ and a variety of exhibitions I continue to take a¢e in the Mobile Homestead in downto Detroit. Roni Hom.. Vatnasafn l Library of Wer ValnasafnlLibrary of Water is a bng-temi installation connects the insHde to the outsidp and incorporates many ol Ihe artist's abiding concems with weather. water, words and identibe5. 11 was conceived by Horn to accommtjdatè a range of community uses- meetings, concerts. weddings, chess. yoga etc. It is cyen to visitors through the summer months and is used by the local community throughout the year. The basement of the building. formedy used to Store books. is rhow a studio where writers are Invrted to live and work. Crislina Iglesias.- Tres Aguas Tres Aguas comprises the transforrnation of three disbnclwe place5 in the city ol Toledo. In each place in turn, Iglesias has Cated a dramatic InteaY beknn architecture. lptUre arbd water. FUTURE PROJECTS Research and develowent of future prciects was gOIng through 2023r24. focusing on new comrnissions for 2024125 as well as or4Joing projects. includin9.' HETAIN PATEL- COME AS YOU REALLY ARE 'What are peop maktng across Ihe country. and whal does it say about us?. These are tht qUestS posed by artist Hetain Patel and the eatrt for Ihe loudest presentab.on of our quiet pastimes. Led by Artangel. Come As You Really Are t)rings tcgether a ts¥ork of leading cultural Ofganisalions in an audacious celebralion of everyday creatiwty presented in 13 locations across the UK. Each exhibits.on will present objects that have been lovingly created in Private spaces ar¢yJnd the eL)mmilments of daily life. Unifying each iteration of Ihis expansive and shape-5hifts.ng exhibits'on is a new moving image work create¢J by Patel, showcasing the outstsn(Jing allty and pass that people commit to their h(A)tses. The opening exhibition, produ¢ed and delivered by Artangel, VAS sibjaled in a fomier department store in Croydon, South Lon(Jon and running from 18th Juty to 20th October 2024. Subsequent exhibth'ons. Organised around Patel's new film. Mll be presented by project partners in the follw'ng localtons.. Page 7
THE ARTANGEL TRUST (A company limitèd by guarantee) TRUSTEES. REPORT ICONTINVED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and iviti•s Icontinu•dl Glynn Vivian Art Gallery, Swansea Northern Gallery for CteMpOrary Sundedand Grundy Art Gallery, Blackpool Museum of Making, Dby The Ciwc. Barnsley Nalional Festival of Making th Blackbum Museum. BlaCkM Wolverhampton Art Gallery, Wdverhampton Centre for Contemporary Art. Dery Tate St. Ives. Ccffiwall Invtmess Museum and Gallery. Invemess Factory International. Manchestsr Hospitalfield. Arbroath JAY BERNARD- THE LAST SEVEN YEARS Bu11ng on thwr live r*rformarKe in Septembèr 2023. Jay Bernard is developing 8 digilal project to expand on the themes brought up in their conversations wth peOe from acr05S the UK who opened up lo the artist about Ihe lasl seven years of the post-8rexit UK landscape. and thoughts M how they and the wntry have changed. Future Artists We are exploring potenlial projects lor 2023- 2027 various UK and intematsonal artists. d. Charity Commission's guidance l Board members have had regard to the Charity C¢¥nmissKJn's guidance cffj pubh'c benerrt. Financial review a. Financial review As in the prevK>US year, Artangel finished the 2023r24 year in a very strong financk?I positK)n with a tolal of £3.72m in lunds12023 £3.44ml. of vknich £676k12023 £758kl is restri¢ted and £2.41 m12023 £2_47ml is designated for fiJtUTe PTciects. ving £633k (2023 £212kl in unrestricted and other designated funds. Overall income was consistent the previous JEar, a reductiC in S1cted donatK)ns offset by an Increase in re5lricled and unrestricted income from charilable acbwties. Expenditure was down 8.3% from the ewous year due to changes in the timing of various projects. COmplets" costs for 2022123 projects have been transferred to the designated Products'on Costs fund. Overall, thè charity madè a income of £94.24412022r23.' planned deficit of £14.334) before an increase in investment funds of £185.84612022123'. impairment of £40.7391 rnsulted in an overall Lncomè of £280,090 (2023 £55k deliutl. In October 2022 Artangel were delghted lo receive confimiats.on of conb.nued funding from Arts Council England as part of rts 2023-26 Natimal Porttdio and has been invited to apply for the recenlly4nnoun¢eé extension year 2026-27. Page 8
THE ARTANGEL TRUST {A company lifflited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 b. Eff•et on fin¥nelal su5t¥in¥bility and going eone•m Artangel's c2sMlow is securè for the foreable future. The renewal of core funding from Arts Council England to March 2026 provKles the organisalion 1 addityal fin8neial security unlil then. As of 1 April 2024. Artangel had £1.35m in cash {2023- £1.4m} and is therefo a goiry concern. The Board will onlinue to regularly rnonitor this. . Reserves policy Art8ngel's reserves Fdicy is lo hold the eqUiVanI of at least 6 months. salarEs and administrab.on costs wthin general and desi9nated re5ervÈs. This is considèred to be sufficient funds to commence the development of projects before speciftc lunds have been raised for them and funds to complete projects (o which we are committed at the year end. This policy remains appropriate under the current cycumstsnces. We wll conb.nue lo remew our Commitments lo future pr(lt$ to ensure thal they financed iisk to our long temi su$iainatslity. The Board reviews Artangel's investrnenl lcY annually, and dunng the financial year viewed the unrestrictèd reseryes as for cash flow purFL)ses rather than to generate the maximum possibkt eamed income. where that ffiht entail a htqher risk of potential 105S. In addition, Artangel hrAd5 a designated resefve of funds gènerate(I by'Art"tsts fcff Artangèl, lo support futuré projects. This lund is investe(J in higher risk investments vmh a TrAew to generatsng a higher retum over time. d. Prbnelpal rfsks and uncertalnties and strategic risks The Board has identifd five key area5 of potential strategic risk. lo people, financial sustsinability, staffing, impact and reputat.. and the folltwrrir*J WdyS lo miiigate IFN)5e risks.. Hafm to people Detailed risk wislers and response plans for projects ere necessary. wth regular Board ovetsight Detailed Risk and Method Ststements for all projects wth cA)ntr measures identified and pul in place Diversity and Incluston Pol CYVA Policy Public Liability insurance Financial suslainat¥lity Regular review of rnanagemenl accounts and r2sh11l4 posits") Adhence to reserves pol Key performance indicatOT5 for fLmdrai$ing Staffing Delaileil Risk and Melhod Statements f(K 7Arrfking during the pandern. with control measures identified and pul in place. Perfomance management $ystem$ Regular benchmarking of salaries and benefits kyehertsive HR policies ano wocedures Impact Analysis of woiect irnpact by Board and 51aff so Ihat we leam fr(xn our su¢ee5ses and mistake5 Environmenl Policy. Acti Plan and annual impact audit Page 9
THE ARTANGEL TRUST (A ¢ompany limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Audience researdb Jn(I reach metn"c5 Feedback from olher slakeholders (donors, fuThr5. partners and the rnedia) RepulalK)n Response plans lor in¢i(Jents an¢J reKx)tsb"on risk Board and SMT assessment of partnerships and funding reLalionships Regular reviews of compliance wth legal obligaticS and of wlicTres and procedures Use of external emplODent law consuhant •. Investment policy The trustees. having regards to the liqutdty requirements of the trust. have kept available funds in an investment portfol and seek to achieve the long-term apWeciati of the assets. Th15 aiwn has been mel this The trust conb"nue(I to invest a lotal of £2m. 7Mth the investment being valued al £2.09m at the balance sheet date12023 £1.9m). Structure, governance and management . Constitutlon The Artsngel Trust Is registered as a ¢13b company limited by guarantee and was set up by Memorandum ol Assooaticffj. b. Methods ol appointment or election of Trustees The management of the company is Ihe re5ponsibilty of the Truslees are elected an¢J ¢(pIed under the terms ol the MeMandum of Associab"on. e. organIsaOnal structure and deelsion4Mking policies The governing body is the Board whose memtsers are norkexecutive and unpaid. Members perforni the role of director5 in ccffipany law and trustees in charity law. The Board meets regularfy, rètains fvll and effective control over the Company and monitors the Director, Associate Direclors {lormeTly Co-Direclorsl. and Managing Director. The Board is invofved in maicK strategic decisi(¥ and has ultsmale resport5ibility for the conduct and rinanrial $labilty of Artangel. The Board delegates the day to day management of the ¢*arity lo the Dwectw and Managing Director. Folbwing the board's appointment of Mariam Zv1qar as the new D1clOr ol Arfangel from JaThJary 2022, founding Co-D1CloT5 Jame5 Lingwood and Michael Morris have served as Associate Di¢torS. They remained th Artan9el until June 2023 to ensure a smooth tranyti.on and to See thwr final artistic C{MIsSIonS to fruition. d. Policies adopted for the Induction and training ot Trustee$ The board reguk4rly review5 its lo ensure it h8S th8 skills and exp8riènc8 necessary for its c¢tinUely good management. as ¥11 as an appropriate mix of rnembers to ensure diversity and representation. In light of the feview, potential new members are idents.fied thmugh an open process. or by invitation where expedient. The Managing Direct pro¥e5 aPWOPriate induction training. Page 10
THE ARTANGEL TRUST IA company limited by guaTanl•el TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, go¥eman¢e and management l¢ontinu¢d) •. Pay policy for key management p•rnonnel The pay of the key management personnel {Oirector. Managng Direct(x, Asswate Dire¢ttysl is set by the Board, taking into n$eratIC Artangel's finanoal positi¢M and comparatsve salaries offered ty similar organisats'ons. f. FlnaneSal rlsk managernenl Artangel undertakes fundraising to help support ils core artistic programme. We raise funds from Trusts and Foundations and receive donations from privale individLJals. All of our fundraising is undertaken by staff within the organisatiM'. we do not use commercial cx profèssional fundraisers. As part of our commitment to good practs'ce. we ensure that our fundraising actNity is subject to slatulory regulations GDPR. Vve did not receive any complaints during the year in latl to our furvlraising actiwty. Fund5 held as custodian There are no funds held as Custodian Trvstee on behall of other5. Membepa. liability The Members ol the company guarantee to CltAlle an amwnt not exeeeding £1 to the 8ssets of the company in the evèfit of wnding up. Disclosure of inf<)rmation to auditOTS Each of the persons who are Trustes al the time vthen this Twslees. report t5 approved has confimed that.. so far as that Trustee is avrare. the is no rean1 autht InfatIOn of which the charivs auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audil iftformation to estsblish th the ¢hariVs auditors are aware of that infom)ation. Audttors The audrtors. Streels Audit LLP, have indicated VillingnÈss to Cmtinue in office. designated TrLJslees will consider and discuss whether lo reapwnt Ihe audilots at 8 fulure meeiing of the Trustees. Approve(I by ortjer of the members of the iM)ard of Trustees and signed on their behalf by. Caroline Ira Ichair of Trustees) Dale.. 1fv(&24 Page 11
THE ARTANGEL TRUST (A company limited by guarantse) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of Ihe c(Mnpany for the wrpose5 of company lawl arè responsible for preparing the Tru51ees' report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Cepte(l Accounting Practicel. Compary law requires the Tnjstees to prepare fInar1 slalements for each financial . Under company law, the TnJstÈes rnust not approve Ihe finan¢ial siatements unlèss they are salisfied Ihat they give a true and fair view ol the stalè of affairs of the company and ol ils incoming srceS and application of resources. including its income and expenditure. IOT thal period. In preparing these financkal statements. the Trustees 8re required to.. select suilable accounting pdicie5 and then apply them ccfflsistently, observe the methixls and pnnaples of the Charities SORP {FRS 1021., make judgments and accounb.ng esb"mates that are reasonabbe and prudent.. stale whether apble UK Accounts"ng Standards IFRS 1021 have been followed. subject lo any material departUS disdosed and explained in the financtal statements: prepare the financial ststements the going concem basis unless it rs inappropriate to pres)e that the company will continue in ISiness. The Trustees are responsible for keeping adequate accounting cordS that are Sufficient Io show and exptain the companls transaction5 and disclose wth reasonable acGuraw al any b.me the financial position of the company and enable them lo ensure that the finanaal siaiemenis comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of ihe company and hence for tsking reasonable sleps for the prevention and detection of fraud and other iwregukarikn¢$. Apwoved by order of the memt*rs of the b)ard of Trustees and swed on its behaw by.. Caroline Issa (Chair ol Trusleesl Date: IMs.24 Page 12
THE ARTANGEL TRUST IA Company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ARTANGEL TRUST Opinion We have audited the finanrial statements of The Artangel Trust {the'chantable companl) fcy the yEar ended 31 March 2024 which tprise the Statement of financial aetMtsÈs. the Balance sheet. thÈ Statement of cash flows and the related notes. induding 8 summary of significant accountsng lICS. The financial repDrtin9 framework that has been applied in their preparation ts aWicable Lqw and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finantial Repon9 Standard applicable in the UK and Republic of Iland. (United Kingijom Generalty Accepted A¢counts"ng Pract1. In r opinion the financkgl ststements: give 8 true and fair view of the stste of the ¢h*itatAe ¢ompanrfs affai as at 31 March 2024 and of its incoming resources and applutKJn of re50urce5. including its inccrfne and exFenditure for the year then ended". have been pro¢wty prepared In aco)rdan¢e Unrted Krngdom GenerallyAccepted kwinting Practice.. and have been prepad in accordance the wMentS of Ihe Comi)anies Act 2006. Basis for oplnlon We cmjucted our aijdit in accordance Internatnal Slandards on Audibng (UK) IISAS IUKI} and applicable law. Our responsibilities under those staThJards are further described in Ihe Auditors. responsibililies for Ihe audit of the financial statements sectson of our report. We are independent of the chanfable company in accordance th the ethical requirements that a relevant to uur audit of the finanoal statements in the United Kingdom. inGluding the Financial Repwting Counol's Ethical Standard. and we have fLAfilled our other ethical responsibilityes in accordance wlh these requirements. We believe that the audit ewdence we have obtsined is sufficient and apkyopriate lo proviLle a basis fty our opinicv). Conclusions relating to going concern In audiling the financial statements. have cMcluded that the Ttees. use of Ihe going concern basis of accountiro in Ihe preparation of the financial statements is apprcfjriate. Based on the work we have perfwned. we have not itjentified material uncertainties relotiThJ to events or condits.ons that. individually or colle¢ti¥ely, may cast Signifnt doubt on the charitable companls ability io ContiVe as a going concern for a period of at least iwejve months from when the f&nanual ststemenis are authorised for issue. Our responsibilities arKI the responsibilities of the Tru51ees wth respect to Ing concem are desGribed in the relevant sections of thi5 report. Page 13
THE ARTANGEL TRUST (A Company limited by gualanleel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ARTANGEL TRUST {CONTINUEDI Other information The other infixmativn CLMnprises the infornat includeil in the Annual report other than the financial statements and our AUdItS. rert thereon. The Trustees are respDnsilJe for the other Information contained wthin the Annual rewrt. Our opinion the financial slalemen15 does not cover the other information and. except to the extent otherwise e¥pliciUy stated in our pOrt. we do not express any fomi of assurance condusion thereon. Our reskX)n5ibilTrty is to read the other infomialion and. in doing so, consKler wh&ther the other information is materrally inconsislent wth financial ststernents or our knovAedge obtained in Ihe course of the audit, or otherwise appears to be materially misstated. If identtfy such material incon5i51encies or apparent material misstslements, we are required to determine vthether this give5 rise to 3 matènal misststemènl in the financial statements themselves. 11. based on the Vrk we have performed. we conclude that there is a material misststement of this other inlormats"on, art wwred to report that tsct. We have nolhins to rerrt in this regard. atters on which wt arè requir•d to report by txeeption We have nothing lo pOrt in respect of the foll)ing matters where Ctynpanies Acl 20Cfj requires us to report to you if, in OLrr opinion.. Ihe information given in the Trustees. rewt is Incsistent in any material Tespecl with the financial 5tst$ments". or sufficjenl accounting recS have not been kept." or Ihe financial statements are not in agreement wth the accounting recdS and returns: or we havE not recaved all the inf(Ymation arKI eXana1 we require for wdit. Responsibilities of trust••s As explained mor8 fuuy in the Trustees, respsibIlitIeS staternenL ihe Trustees l*tho are also the directors of the charilable company for the purposes of company lawl are responsible for the preparation of the financial ststements and for being satisfied that they give a true and lair view. and fty su¢h intemal control as the Trustees determine Is necessary lo enable Ihe preparabon of financBI statements that are free from malertal misstatement, %th•ther due to fraud errvr. In preparing the financial statements. Ihe TNstees are spOnSIb for assesgny the charitable companls ability to continue as a g¢ing concem, disclosing, as applicable, matters rdated to going concem and using the going concern basis of accwnbng unless the Trusteès erther intend to liquidate Ihe charitable company or lo cease operations. or have no real.stic altemative but to do so. Page 14
THE ARTATr4GEL TRUST (A company Ilmited by guarnnt•el INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ARTANGEL TRUST {CONTINUEDI Audltors. respon$lbllltles for the audit of the finan¢lal $tstwnents Our objeclives ar8 lo obtain reasona8 assurance about whether the financial statements as a whole are free frn matenal misststernent. ether due to fraud or error. and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level ol assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI VAII aayS detecl a material misstatement vthen it exist5. Misstatements can arise frcAn fraud or error and arÈ consKJered matenal If. individually or in the aggregatè, thèy could reasonably be expected to influence the economic ¢Jecisions of usws tsken on the basis of these financial statements. Irregularities. including fraud, are instances of rn-coMplI8nee wtth laws ant1 wulations. We deswJn procedures in line with our responSilities, ouuined above. to delect maierial misstaternenls in respect of irregularitie5, including Iraud. The extenl lo whth (xjr procedures are capable of detecD"ng irregulBrilies. includin9 fraud 15 detsiled below.. Our approach lo idenb"fw"n9 and asse55ing the risks of maierial misststement n respect of irregularities. including fraud and nfyn-complkance wilh lav&S and re9ulations. was as folbws.. the engagemenl partner ensured that Ihe er¥Jagement team collecb"¥ety had the appropriate competence, capabilities and skills to identify or C(#jnise non-compliance with appluble laws and regulations.. we identified the laws and regulations aPIcable to the company Ihrough discussions with directOTS and oth¢r management, and from rjur mMeral knOedge and experien of Ihe company and sector in which it operates., we fouJsed on specific LThvs and regulation5 lch considered may have a direct material effect on the financial statements or the 0r8"0ns of the company. inchjding the Companies Act 26, Charits'es SORP. Charits"es Acl 2011and taxats.on legrslatron", we assessed the extent of com18nCe wth the and reIlab"on5 hfjentified above Ihrough making enquiries of management and inspecting al cwespondence.. and identified laws and regulation5 were communicated wthin the audit team gularty and the team remained alert to instances ol non-compliance throughoul the audit. We assessed the susceptibility of the companvs financial ststements to material misststement, including obtaining an understanding of how fraud mrghl oGcur. by.. making enquiries of management as lo where they considered there was susceptibiltty to fraud, their knoedge of actual. suspgfjted an(J alleged fraud: and considering the internal controls in place to mits.gate risks of fraud and non-complk?nce wth laws and regulati5. To address the risk of fraud through management bias and override of controls. we.. perforrneij aa1C31 predYS lo identify any unusual or unexpected relatsonships.. tested jcJmal entries to identy.ty unusual Iransactions: assessed vthether judgements and assumpbons made in determining the accounting estr'mates set out in Note 2 weie indicative of potential bias., investigated Ihe rationale behind signrftcanl or unusual transactions. In response to the risk of irregularities and non-ccrfnpiance wth La and regulations. we designed prcKedures which included, bul We not limited to.. agreeing financial statement disclosures to underfying supporting documentation.. reading the minutes of meetings of those charged vlith govemanre: enouiring of managemenl as lo actual and FQtential litigation and daims-. and reviewng cenespondence vmh HMRC. rdevant regulators and the companls legal advisors. Page 15
THE ARTANGEL TRUST (A company limited by guarants¢ INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ARTANGEL TRUST ICONT114UEDI There we inherent limitstions n our audil procedures described 8try)ve. The more removed that laws and regulations a frorn financial transacts'ons. the less likely it is that would bec¢yne aware of non-compliance. Auditing standards also limit the audit procedures requi lo identsfy non-compliance wth laws and regulations to enquiry of the directors and other management and the inspecb.on of regulatory and legal correSndenCe. if any- Material fflisstatemenls that 8ri$e due lo fraud can be harder to detect than those that arise from error as they may Involve deliberate concealment or collusion. A further des¢nption of our rnsibilIti.S for thÈ audit of the finaftcral ststÈmÈftts is Itxatèd on the Financial Reporting Council's websrte at.. www.frc. .uklauditorsres ns1"11t1es. This description fomis part of our Auditors. report. Use of our rep¢)rt This port is made solety lo the charitable companrfs trustees. as a body. in c(danCe Chapter 3 of Part 16 of the Companies Act 2006 Our audit w)rk has been undertaken so Ihat we rnight state to the charitable compan15 Iru51ees those Matte v* a required to stste to them in an Auditors. report and for no other purpose. To the fullest extent pemiitted by law. we do not accepl or assume responsibility to anyone other than the charitable company and ts memtws. a5 a tody. fw our audrt work. for this reporL or for the opinbons we have formed. Jonathan Day IS•nior Stalutory for and on behalf of streets Audit LLP Charted Accountants & SlalutoryAuditor Statutory Auditors Enterpre Hous¥ 38 Tyndall Court Comrnerce Road. Lynchwood Peterborough PE2 6LR itor) Date= 27 Jty Streets Audit LLP are eligitle to act as auditors in temis of section 1212 of the Companies Ad 2C#)6. Page 16
THE ARTANGEL TRUST (A ¢ompany limit by guaranleel STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfcted fund5 2024 Restrlcted funds 2024 Total funds 2024 Tot81 funds 2023 Ine¢)m• from: Donatsons and legacies Charitsblg aGliviti Investrnents 1,048,059 23,570 50,300 178,318 151.000 113.157 1.199,059 136,727 $0,300 178,318 1,095,016 370,520 78, 122 105.857 Other income Total Income 1.300.247 264.157 1.564.404 1,589,515 Expenditure on: Raising funds Charitable actsvitss 122.753 1.001.504 122,753 1.347.407 131.971 1,471,878 345.903 Total expenditure 1.124.257 345,903 1.470,160 7,603,849 Net Incomell•xptnditurel beforè nèt galnslllossesl on Inv•stm•nls Nel gainsll105ses} on inveslments 175,990 185.846 (81.746) 94,244 185.846 (14,334) (40. 739) Net movèmènt in funds 361.836 (81.7461 280.090 f55.OT3} Recon¢lllatlon of funds". Total funds brought foThMd Net movemenl in funds 2,685.210 361.836 757.610 181.746) 3,442,820 280,090 3,497.893 (55.073) Total funds carried fornard 3,047.IM6 675.864 3,722,910 3.442,820 The Ststement of financial acbm.ties indu(Jes all gains and losses recwwsed in the year. The notes on pages 21 to 40 form part of Ihese financial statements. Page 17
THE ARTANGEL TRUST {A company limited by guarant•• REGISTERED NUMBER: 01917570 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Investments 14 8.054 1089.902 10,334 t,904,055 15 1097.956 1,914,389 Current assets Debtors 16 377.319 1.353.019 249,906 1,405. 114 Cash al bank and in harKI 1.730.338 1,655,020 Creditors: amounts falling due ithin rne year 17 1105.384) (126,589) Net current assels 1.624.954 1,528,431 Total a55ets le55 current liabilitifjs 3.722.910 3,442.820 Total net assets 3.722.910 3,442.820 Charity funds Restri¢led ftjnds Unrestricted fund5 18 675.864 3.047.046 757.610 2.685.210 18 Total funds 3.722.910 3,442,820 The entity was entitleil lo exemplion from audit under sect)n 477 of the cnpanieS Act 2006. The members have not required the entitylo oblain an audit for the sear in question in &¢ordance wth section 476 of the Companies Act 2006. However. an audit is required in accdan ¥hith section 144 of the Charities Act 2011. The Tnjstees acknowledge their responsibilities for Comp"Ag vrith the reqU1mentS of the Acl with respect lo accounting records and preparation of finanrial ststements. The financial slatements have been prepared in accordarKe with tho prwSits applicat4e Its entities subject to the srnall companies regime. The financaal slatements were apwoved and authorised fcw issue by Trustee5 on 1>24 nd sne on their behalf by. Page 18
THE ARTANGEL TRUST IA company limited by guarantse) REGISTERED NUMBER: 01917570 BALANCE SHEET {CONTINUEOI AS AT 31 MARCH 2024 Caroline Issa (Chair of Trustees) The notes on pagès 21 to 40 forrn part ofthese finanaal statements. Page 19
THE ARTANGEL TRUST {A cornpany limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from opernting activities Nel Gash used in operatyng activities 186.544 34.989 Cash flows from investing actlvltles Dividends. interests and nIS from investments Purchase of langibSe fixed assets Revaluation of investments 150.30DI {2.4921 (185,84n (18. 122) (2, 182) 46,405 Not cash (used inllprovided by investing activities 1238,639) 26,101 Cash flows from flnanclng actlvitles Net cash provided by fmancing activitles Change in cash and cash •quival•nts In lh• year Cash and cash equivalents at the beginning of Ihe >ew 152,095 1.405.114 61,090 1.344.024 Cash and cash equivaltnts at the •nd olth• year 1.353,019 1,405, 114 The notes on pages 21 to 40 f(*m part of these financi stalements Pa9e 20
THE ARTANGEL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 G•n•ral inforniation The Charity is a charitsble company limrted by guarantee. regislered in Engnd and Wales. The address of the registed office is 31 Ee Street Hil. London. EC1R SEW. The company is a company limited by gijarantee. The members of the company are the Board named on page 1. In the event of ihe company being wjund up. the liability in respect of the guarantee is limited to £1 per member of the Company. Accounting policies 2.1 Basi$ of preparation ol financial Stalements The financial slatements have prepared in accordance with the Charities SORP IFRS 102) - Accounb"ng and Reporting by Charities: Statement of Rec(Thmended Pra¢tice applicab to charities pparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of IreLgnd {FRS 1021 leffectNe 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Irend IFRS 1021 and the Companies Act 2006. The Artangel Trust meets Ihe definibon of a public benefft entty unt1er FRS 102. Assets and liabilitiès are inrtialty reG(yJniswJ 3t historical cost or transaCtn value unles5 otheSe stated in the relevant accn11ng policy. 2.2 Golng con¢¢m The financial ststements have teen prepared on a 90ing concem basi$. Having carried out a detailed review of the Iru5f5 posiknon and its forecasts at the date of SnIng the accounts and wth regards to the chaIngeS wesented by the cutrent economic and health dimate. the trustees a S8tisfied that thÈ group has SLrffiuent cash flows to meet its liabik'ties as they fall due for at least one year from the date of approval of the accounts. Page 21
THE ARTANGEL TRUST {A ¢ompany limited by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcl•s (continued) 2.3 Incom• All inwne is re¢(gnised once Ihe Company has entitlement to the income, it is probable that the income will be recwved and the amount of Income receivablè can be measured reliabW. Donaled serNices or fa¢Flilies are recogrmsed ¥then the c(¥npany has control over the item, any condilKJns associated wth ihe donated item have been met. the receipt of econunic benefit from the use ol the company ol the item is probable and econornic benefit Gan be measured reliably. In accordance wth the Charities SORP IFRS 102). the general vdunteer time ol the volunteers is not reccsnised. On receipt. donated professnal services and facilities are recogni5ed on the basis of the value of the gift to the c(xnpany whith Is the amount it V•Ywkl have been wllbng to pay lo obtsin services or facilities of equivalent economic benefit on the open market.. a corresponding amount is then recc•3nised in expenditure in the peri(J of receipt. Income tax recoverable in relation to donaDS recwved under Gift or deeds of covenant is recL¥Jnised at the time of the donation. In¢ome tax recoverable in relation lo inve5trnent in¢ome 1$ regniSed * the lime the investment income FS receivable. Income tax erable in to film tax uedits are recognised at the pcmnl of entiU¢ment. Othèr income is rewJnised in the period in which it 1$ recwvable and to the e¥lenl the gcrfxls have been provided or on complettyjn of the service. 2.4 Expenqliture EXndItUTe 15 recognised cmce there is a legal or Gonstrudive Obligati to transfer economic benefit lo a third party. it 15 prcthble that a Iransfer of economic benefits will be required in seitlement and the amount of the obligats" can be measured reliably. Expenditure is classified by a¢tivity. The costs of eath ath.wty are made up of the toial of diwt cos15 and shared costs, including suPrt costs involved in undertaking each activtrly. Direcl costs attributable to a single acliwty are allocated direcyy to that ackn"wty. Shared c0515 %thich contribute lo more than one acb.wty and Supp Costs whi¢h are not atlribLrtable lo a singk actimty are apportioned between those aclivities on a basis consislent wlh the use of resource5. Central stsff wsts are allocated on the ba515 vf time spenl. and deprec4ab.on charges alkxaled on the portion of the asset's use. Fundraising costs are those inujrred in seeking voluntary contribulion5 and do not include the costs ol disseminating informatiryt ill support of the charitable actiwb'es. Support costs are those cost$ incurred directly in suppcl of expenditure on Ihe objects of the company and include proiecl management carried out at Heai1quarters. Governance costs are those Incurred in connection administration ol the company and compliance constitut¢onal and Statutory requirEmenis. Costs of gonerating lunds are costs incLxred in attracting ¥olunlary income. and those incurred in trading actiwty.es that raise funds. Charitabl• activities and GOVernar costs are costs incurred on the ¢ompanVs operalion5, including support costs and costs relabng to Ihe governance of the cunpany apportioned lo charitable actNitbes. Page 22
THE ARTANGEL TRUST {A company limited by guaranl•e NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AccounUng policies Icontinuedl 2.4 Exp•nditur• (continued) ExnlI on charitsble actiities is Incue on diwtty urKlertakirwJ the adivib.es 1¢h fvrther tre companls objectsves. as well as any asswale¢ support costs. All expenditure is inclusive of ilTecoveratre VAT. 2.5 Interest rec•ivable Interest on funds hel¢J on deposit is included vthen receNable and the amount can be mea5uod Ipably by the company. this is nomially upon nolrficats.on of the int8rest paid or payable by the inslitution with whcrfn the funds are deposiled. 2.6 Tangibl• fix•d ass•ls and depreualion Tangible Te assels cosbng £200 more are capitalised and recogni5ed when fuiure economic benefts a probable and the cost ty alue of the asset can be measured relialjy. Tangible fixed assets are inrtialty recognised at cost. After recognition, under the cost model, tangible Ii¥ed assets are measured at cost less accumulated depreckqbon and any accumulated iwnpairmenl 1055e5. All Gosts incurred to bring a tsngible fixed asset into ils intended working condition should be Ided in the measurement ol cost. Deprecia11( is charged so as to albce the c05t of tangible fixed as5e15 les5 their residual value over their estimated useful INes. DeprecAation Is Prowded the fdlow.ng bases.. Fixture5 & Fittings Office Equipment - 2S% reducing balar 25% $traight line 2.7 Investment$ Fixed asset investments are a form of financial instrument and are initially recognised at their Iransacts'on cost and 5ub5equenUy measured at fair value at the Balance sheet dale, vnle55 the value cannot be measured reliabty in vknich case il is measured at cost le55 impairment. Investrnenl gains and losses. vthether realised or unrealised. a com"ne and presented as 'GainsllLossesl on irwe$tments' in the Statement of finan¢d a¢tiwl*S. 2.8 Debtors Trade and other debtor5 are recognised al the seltlement amount after any tradè disctwnt offered. Prepayments are valued at the amount prew"d net of any trade discounts due. 2.9 Cash a¢ bank and in hand Ca$h * bank and in harKI includes cash $lvX-tenn highly liquhl investments th a sh¢yt maturity of three months or less from the dale of a¢qUisin or cpenirMJ of ihe deposlt or similar account. Page 23
THE ARTANGEL TRUST (A company limitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 Accountlng po15ci•s (continuedl 2.10 Llabilitl•s and provisions Li8bilth"es a recognised when there is an obTigation al the Statement of Financial Position date as a result of a past event, il is probable that a transfer of economic benefil wll be required in settlement. HJ the amwnt of the sewement can te eslimated reh'ably. Liabilitres are Tecognised at Ihe amount that the company ankn"cipates it wll pay to settle the debt or the amount it has r8ceived as advanced payments for the goc*Js or service5 It must provide. Provisions are measured at the be51 estima of the amwnt5 required to sett the obligation. Where the effect of the time valuè of money is material. Ihe provision is based on th8 present value of those amwnts. discounted at the pre-tax discount rate Ihat rèflects the risks specific to the liability. The unwinding of the discouni i% ¢(jnISed in the Statement of financial acts"vits"es as a finance Cost. 2.11 Financial in$trnmtnts The company holds basic financial instruments as defined in FRS102. The financial assets and rinancial liabilities of the company and their measurèment basis are as fdlow5= Financi818ssets - trade and other debtors are basic finanaal in5tnJrnents and are debt instruments measured al amortised ¢ost. Prep3mentS a tKJt financial Instnjments. Cash at bank ts classif as a bas financial in51rument and is measured al aM0sed cosL Finanual liabillS - Irade creditors. accruals and other creditors a financial instrumenis. and a measured at amortised c¥)st. TaXats ant1 social security are not include(l in the financial instruments disckjsure definition. 2.12 Opèratlng l•as•s Rentsls paid under operating leases are charged to the Statement of financial aCtitIeS a straight line basis over the lease temi. 2.13 Penslons The company operales a definéd contributK¥n pension schème and thè pension charge represenls the amc#Jnts payable by the company lo the fund in re5pecl of the Jear. Page 24
THE ARTANGEL TRUST IA ¢ornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 MARCH 2024 Ac¢ountSng pollci•s {con1inu) 2.14 Fund accounting General funds are unrestricte(I funds thich a availabk for use at the diSli0n of the Trustees Ai furtherance of the general objective5 01 Ihe CLwnp8ny and vthich have not been des¢gnatecS lor other purrM)ses. Designated lunds comprise unTe5tricted fund5 that have been Set aside by the Trustees for parbcular pUr[SeS. The aim and use of eath designated fund is set out in the notes to the financial stalemenls. Restricted funds are funds vthich are to be useLI in accordance wth speufic restrictions imposed by donors or whith have bÈÈn raised by the company for p8cUlar pUrse5. The costs of raising and administering such funds are charged agarnst the specific fund. The aim and use of each restricted fund is sel out in Ihe notes to the finla1 stslw)ents. Investment income. pns 8nd losw aw allocated to apkyopriate fLrnd. Crlti¢al a¢¢¢wnting estimat•$ and ar¢as of judgment Estimates anij judgment5 are wntinualty evaluated and are based on historical experience and other factors, including expeclations of fulure events that are believed to be reasonable under the ir¢umstsnGes. Crilical accounling esb"fflates and assumptions.. The ccrfnpany make5 est¥nates and assumpti5 ccEMIng Ihe lulure. The re5ulb.ng accounting esb"males and assumplj'ons V•ill, by ¢Jefinition. seldom wual Ihe relaled actual results. The e51imale5 and assufflplions that have a significanl risk of causing a material a¢Jjustrnenl lo the Carrn9 amounts of assets and liability"e5 within the next financial year are discussed below. Income recognilion Income is recognised as set out in Note 2.3 In¢c¥ne. Fund a¢counting is recogrmsed as set out in NrAe 2.14 Fund a¢winting. Page 25
THE ARTANGEL TRUST (A ¢ompany limiteil by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donalions legacies Unrestricted funds 2024 Restrietèd funds 2024 Total funds 2024 Oonalions Grants 180,043 868.016 1,000 150.000 181.043 1.018,016 1.048.059 151.000 1,199.059 UnSl¢led fvnds 2023 RestfKted fvnds 2023 Total funds 2023 Donations Grants 162. 103 868,016 24,897 40,OC 187.000 908.016 1.030, 119 64,897 1,095,076 Incom• Irom charitable activities Unr•strict•d Restricted fund$ fund5 2Q24 2024 Total funds 2024 Income from charitable actIves- ccfflmissions ar prcmjudions "23,570 113.157 136,727 Unreslrict8d fvnds 2023 Restricted fvnds 2023 Tol81 funds 2023 Income from chaiilabk ac¢ivibes- commissions aThJ projucknons 213.020 157.500 370.520 Page 26
THE fvRTANGEL TRUST IA company limlled by guarantee) NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 Imiestrnenl inc¢)rne Unrestrrcted funds 2024 Totsl funds 2024 Interest receivable 50,300 50,300 Unrestncted lunds 2023 Total funds 2023 Interest rewvable 18, 122 18. 122 Olh•r Incoming r¢$ourcos Unrnstri¢ted funds 2024 Total funqls 2024 ExhiÈ4tiM Tax Relief and Gift "d 178,318 178,318 Unrestricted fund$ 2023 Total funds 2023 Exhibition Tax Relief and Gift Aid 105.857 105.857 Page 27
THE ARTANGEL TRUST IA company limlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditum on raislng funds Fundraising trading expenses Unrestricted funds 2024 Total funds 2024 Slaff wages and other costs 122,753 122.753 UnreslriGted funds 3023 Total funds 2023 Slaff wages and other costs 131,971 131.971 Anatysis of expenditure on chafitable activities Summary by fund typ• Unrnstrlcted Restrlcted fund5 lunds 2024 2024 Total 2024 Commissions and producty"on5 1,001,504 345.903 1,347.407 UnTrslTr"cted ftmds 2023 RestrJ"¢led lunds 2023 Total 2023 Commissions and proNJuciions 1.32T.782 144.096 1.471.878 Page 28
THE ARTANGEL TRUST (A company limited by guarantee) P4OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of exp•nditurn on charitablE activiti•s (conlinued) Summary by expènditure ty Staff costs Other costs 2024 2024 Total 2024 Commissic*&s and woductions 497.084 850,323 1,347.407 Slaff costs 2023 Other costs 2023 Total 2023 CommissThs and producli¢y)s 506.402 965.476 1.471,878 10. Anatysls of expendlturt by actlvSt5es Actlvlties undertaken directly 2024 Support costs 2024 Totsl funds 2024 Commissions and woductrons 1,187.461 159,946 1,347.407 undertaken direclty 2023 Support sls 2023 Total funds 2023 Commis510n5 8nd tyoducts.ons 1.283,875 188.003 1.471.878 Page 29
THE ARTANGEL TRUST {A ¢ompany limited by guarnnlee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by activities (continued) Analysls of dlrect cosls Commissio ns and oductions 2024 Total funds 2024 Staff costs Other direct costs 497.084 690,377 497,084 690.377 1.187,461 1.187,461 Commission sand produchons 2023 Total rotnds 2023 Stsff ry)st5 Other direct costs 506,402 777.473 506,402 777.473 1.283,875 1.283.875 Analysls of support costs Commlsslo ns and productions 2024 Total funds 2024 Premises costs Other e051S Governance costs 83.745 57.736 18.465 83,745 57,736 18,465 1 $9.946 159,946 Page 30
. THE ARTANGEL TRVST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by activities (eontinued) Analysls of sUPPOrt rosts (¢ontinuedl Commissnn sand oduCtnS 2023 Total fvnds 2023 Premises costs Other costs Goveman¢e cosls 80,659 93,081 14,263 80,659 93,081 14,263 188,003 188.003 11. Auditors. r¢mun•ration 2024 2023 Fees payable to the wnpanrfs auditor for the audit of Ihe mpanrfs annual accounts 10,000 9.460 12. Staff costs 2024 2023 Wages and salaries Social security costs Cwtribulion lo definsd ntrIbutiOn pension schemes 516.814 50.696 23,538 506,948 55,625 25.679 591,048 588,252 Page 31
THE ARTANGEL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Staff costs (continued) The average number of persons ernplos by the wmpany during the was as follows.. 2024 No. 2023 Production 10 Administration 12 The numkr ol employees whose emplojee bwefits (exdudiny employer pension Costs) exceeded £60.000 was.. 2024 No. 2023 No. In the band £60,11 - £70,(J)o In the band £70,CN)1 - £80.0 In the band £80.001- £90.000 In Ihe band £90.001- £1.0( 13. Trustees. remuneration and expenses During the Sr. no Trustees received arby remuneration other benefits (2023- £NIL). During thè Jear ended 31 Marth 2024. fK) Trustee Èxpènses have been Inrred (2023- £NIL). 14. Tanglbl• Flx•d Assets Fixtures & Fittings Office Equipment Total Cost or valuation Al 1 April 2023 Additions 4,852 700 46,838 1,792 51.690 2.492 At 31 March 2024 5,552 48.630 54.182 Page 32
THE ARTANGEL TRUST IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible Fixed Assets (continued) Fixtures & Fittings Office Equipment Total D¢preeiation At 1 April 2023 Chargè for the 4,852 36.504 4,684 41.356 4.772 At 31 March 2024 41,188 46.128 Wet book value Al 31 March 2024 612 7.442 8,054 At 31 March 2023 10,334 10,334 15. Fixed asset Invèstments Unlisted investments Cost or valuation Ai 1 Apnl 2023 Revaluattons 2.000,000 lJS.847 At 31 March 2024 2.185.847 Impairm?nt Al 1 April 2023 95,945 Al 31 March 2024 95.945 Net book valu• At 31 March 2024 2,089.902 At 37 March 2023 1,904,055 Fed assel investments are held al their mathet Wa as al the balance Sheet date. Page 33
THE ARTANGEL TRUST {A ¢ompany Ilmited by guaranleel 14OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. D•btors 2024 2023 Due wth5n one year Trade debtors Other debtors Prep8ynents and accrued income 8,672 193.443 175.204 18.980 218. 170 12,756 377.319 249,906 17. Cr•ditorn: Amount$ falling duo Withln on¢ y¢ar 2024 2023 Trade credrtors Other tsxalion and social security Other creditors Accruals and deferred inc(Nne 49.790 14.510 8.114 32.970 40.253 t6.652 13.967 55,717 105.384 126,589 Deferred income lateS to funding received in advance for projects commencing in 202125. Page 34
THE ARTANGEL TRUST IA company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Ststement of fvnd$ SL)tement of funds- current year 8alaneè at 31 March 2024 Balance at 1 April 2023 Galnsl {L055e51 Income Expenditur• Unrestricted funds Oeslgnated funds Production costs Artists for Artangel Investment 948.612 1.52{364 1148,6121 800,000 1.524,364 89.902 89.902 2.472.976 1148.612) 89.9(12 2.414.266 General funds General Funds 212.234 1.300.247 {975.6451 95.944 632,780 Totsl UnreJtri¢ted funds 2.685.210 1.300,247 11.124,2571 185,846 3,047,046 Restricled funds Artangel Intemational Artangel CO1c"0n Bloomberg Connects Yto Barrada Bloofflberg Digital Accel¢rat¢Y (BOA) Project funding 662,849 37,082 31,865 2S814 (135.9n) (16,365) (30.000) (26.814) $26.876 20.717 1.865 150.000 113,157 (23.594) 1113.157) 126,406 757.610 264,157 1345,9031 675.864 Total of funds 3.442.820 1.564,404 (1.470,1601 185.846 3,722.910 Page 35
THE ARTANGEL TRUST (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. SLit•ment of funds Icontinuedl The $pectfi¢ purposes for which the fuNJs are to be applied are as follovo." Designated funds- Produ¢tion funds- The board have designated £800,00012023". £948.6121 towards the producb'on ¢o$ts to ensure there are suffiryent fund5 for projects clin1n9 in 2023124 and beyDnd. Artists for Artangel- The Lrd have deSnated all fvnds raised the auetK for projects conlinuing in the future. Invested Funds- The board have designated investment gains into a separate fund until such time as the gains are realised General funds: These represent income and expenditure relating to •dieS undÈrt3ken as part of its charitable activities. They can then be used for any purpose. Restrlcted funds: Artangel Intematicx)al represents funds for commission and preSentatn of intemational projects. Artangel C(JIe¢tn is furKls towards 8 txoyramme lo CcffimissTr and rt•rewt moving image works. oomberg Connects is fundiry lor Artangel to Ihe Bloomberg Cnects mobile aOrrn to prowde visitors with increased access to infomiation about its projecls. Prqect fund5- these presents funding rece4ve(I for spery"fK ongoing projects in the spar. comberg Digilal AceratOr IBDAI is fun41ing to alh)w tor impr¢)vemeni in Strategic and technological Infrastruclu. Page 36
THE ARTANGEL TRUST (A company l¢mlted by guaTanleo) NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement ol funds IcoNinuedl Siatement of funds- prior year 8alance at 31 MarGh 2023 Balance al l Apnl 2022 Transfers inloul Gains/ (Losses) Incoma Expenthturn Unrestricted Designated Products" Costs 148.612 948,612 Artists for Artangel 1.524.364 1,524,364 2.324.364 148,612 2.472,976 G•n•rJl General 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 R•stri¢ted Artsngel International Artangel Collection BlcK*mber9 Connects Sarah Sze WWN 647.420 21.897 (468) 662,849 37,799 (717) 37.082 31.865 31,865 72.500 (72.500) (5.000) (17, 186) (48.225) Ylo Barrada Collaborations 25,814 8.225 40.000 759.309 142.397 {144.096) 757.610 ToLIl of funds 3,497.893 1.589,515 (1,603,849J (40.739J 3,442.820 Page 37
THE ARTANGEL TRUST IA company limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl {Losse51 Income Expenditure Designated funds General fund$ Restricted fund5 2.472,976 212.234 757,610 {148,612) 1975.6451 {345.9031 89,902 95,944 2,414,266 632,780 675,864 1.300.247 264,157 3,442,820 1,564.404 {1,470,160) 185,846 3,722,910 Summary of funds - prior year Balance at 31 March 2023 8alance al l ApTr"12022 Transfe in/t)ut Gains/ (Losses) Incom8 EXndrtUrn Dèsignated funds Gèneral funds 2.324.364 414.220 748.612 (148.612) 2,472.976 212,234 1.447. 118 (1.459,753) (40.739J Restricted funds 759.309 142.397 (144.096) 757,610 3,497.893 t.589.515 (1,603.849) (40, 739) 3,442,820 Analysls of net assets between funds Anatysls of n•t assèts bÈtweèn lunds - euyrènt p•riod Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tang$b fixed assels Fixed asset investments Curreni assets Credrtors due wthin one )ear 8,054 2.089.902 1.054.474 1105.384) 8,054 2,089,902 1,730,338 110S.3841 675,864 Total 3,047.046 675,864 3,722,910 Page 38
THE ARTANGEL TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of net assets b•tween funds Icontinuedl Analysis of n•1 assets b•tw••n funds - prior p•riod Unrestnded funds 2023 Rèslncted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset tnvestments Current assets Creditors due ¥ithin Me year 10,334 1.904,055 897,410 (126.589J 10.334 1.904,055 1,655.020 f126.589) T57,610 T¢Aal 2.685,210 757.610 3,442,820 21. Reconciliati)n of net movement in fund5 to net cash flow from operating activities 2024 2023 Net in¢omelexpenditLKe the pericJ (as per Slatement of Financial Actsvitiesl 280.090 (55,073J Adjustments for: Depreciation ¢harges Diwdends. interests and rents from investrnents Decreasellincreasel in debtors Increasel(decreasel in cr*'tors 4,772 50.300 1119.445) 129.173) 5.006 18, 122 50,069 16,865 Mel rash provid•d by operatlTrg activities 186.544 34,989 22. A$ of ¢ash and ¢a$h equlvalents 2024 2023 Cash in harKI 1,353,019 1.405.114 T¢>tal 5h and ¢ash equivalents 1.353,019 1,405, 114 Page 39
THE ARTANGEL TRUST {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Anatysis of changes in net del)t Al 1 April 2Q23 C•¥h flows At 31 March 2024 Cash at bank and in hand 1.404114 152,095) 1.353,019 1.405,114 IS2.095) 1.353,019 24. Operating lease commitrnents At 31 March 2024 ihe company had rMitMents to make fLrture minimurn lease payinents under non- cancelIab oper8ting leases as fdk)VS: 2024 2023 Amounts payable: Not later than 1 year Laler than 1 year and later than 5 arS 36.000 114.000 4.250 150.000 4.250 25. Rèlated party transactions The remuneration of key management as folkn¥s 2024 2023 Aggregate Mneration 206.219 142.811 206.219 142,811 Durirvj the year Artangel entered into the fo11n9 transacts'ons ith rélated parties". The Charity received 1 unconditicN)al donatic¥) from Board Members and part*5 related lo Board members and the senior management team toidling £2.750 {2023- £15,938). Aso they spènt £1,249 wth a company vtho has a diwtor vtho is aLw a trustee. No amounts were out51andiThJ at the year end. Page 40