Reglstored numbèr: 01917570 Charity number: 292976 THE ARTANGEL TRUST (A company Ilmlted by guaranteo TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE ARTAHGEL TRUST IA company Ilmit•d by guaMnt•o1 CONTENTS Page R•f•ronc• and admlnS•trntiv• dotall• of th• company. Its Tnydt• and advl••r¥ Trt•••' rop¢rt Tru•t•••' rnspon•lbllltl•• 4tat•m•nt Ind•pendent audltors. report on th• fin•nclal 8tatsm•nts stst•m•nt of flnanclal acllvltl•8 2-10 12-15 16 Bal•nco •h•ot 17 8tat•m•nt of c••h flow• 18 Not•• to th• flnanclal •tstgment• 19.38
THE ARTANGEL TRUST IA company Ilmlted by gu•rnntse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trn$to88 Marcus Coate8 Andrew Haigh (appointed 10 December 2024) John Hay Caroline Issa, Chalr Anthony Phlllips Harj'ot Singh (appointed 13 June 20231 Jenny Waldman Jemma Read John Cavanagh Irellred 10 December 2024) Hannah Bary (retired 31 March 20251 Ro9er Hiom8 Iretirod 27 June 2024) Company r•gl•terod numbgr 01917570 Chmrlty r•gl•tored numbor 292976 R•gl*tor•d offico 31 Eyro Street Hlll London ECIR SEW S•nlor M•nag•m•nl Marfam Zulfiqar, Dlreclor Tony Stevenson, Managing D1Ctor Ind•p•ndent •udltor4 Streets Audlt LLP Chartered Accounlanl8 & Statutory Auditor Enterprise House 38 Tyndall Court Commerce Road, Lynchwood Pelerborough PE2 6LR B•nk•r• Lloyd$ Bank 113-117 Oxford Street London W1D2HW Page 1
THE ARTANGEL TRUST (A company Ilmlt•d by guarant) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present thebr annual report together with the audited financi31 statements of the company for the period 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees, report and dlreclors, report under company law. The Trustees confirm that the Annual report and financial slatemenl$ of the charitable company comply with the curwnt slalutory requirernenls, the requlrement5 of the charrtable company's governing document and the provisions of the Statement of Recommended Practice {SORPI applicable to chanb'es preparing their accounts in accordance wlh the Financial Reporb'ng Standard applicabl• in the LIK and Republic ol Ireland IFRS1021 (effective 1 January 20191. Slnce th8 company qualrfigs as sm811 under ¥ection 382 01 the Companles Act 2006, the Strategic Teport required of medium 8nd large companies under tha Companies Act 2006 (Strategic Report and Directors, Report) Regulgtionj 2013 has been omitted. ObJ'•ctl¥•s and actlvltl•• •. Pollcl••, oblectlv•s and •tr•t•gi•8 The objective for thich the Artangel Trugl wa5 eslabllshed, 45 defined in the Memorandum of Association, 1$ lo advance the education ol the public in the vlsual arts. To achiev8 this objective, the principal actsvity of the Trust dudng the year contlnued lo be the production and promotion of ambitiou8 and Innovaliye conlernporary art projects and events across a vAde range of rnedS8. For over Ihlty-five years Artangel has presenled extraordinary art In unexpected place8 In our London home. across the UK 8nd around the worfd. Art15tic collaboration, ambition and risk taking are essential lo our vi81on. Wo work with artists who defy boundaries and support them to work in new, unexpected ways. °Artangel has been playing a cruci81 role- as curator, faellilalor, fundralser, adrnini51r8lor and celestial guardian- lo some of BThtaln Ind the world'8 m051 radical, darlng and provocatsve artisti. (The Observer). Artgngel work5 closely th UK and inlernallonal a.9t8 lo create exceptional new projects and to engage and inspire audlences. We meaBure the artistic excellence of our work through critical and peer review. assessing whether the projects hove been well executed, and detemiinlng whether they have furthered the artists, career$ andlor an unders18nding of possibilitie5 wlhin the relevant area of artlBI practice. We assess whether the projects have resonated g broarj and diverse rBnge ot audiences and the extent lo which we are providing opportunities lor deeper engagement for general audienc68 through online content and conlexlual programming and opportunities for sustained engagement wlh ¥pocific groups or communlties through our colloboratlve prqecls, In Setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo publi¢ benefit. induding the guidance 'Publlc benefit.. runnlng chaAty IPB21'. b. Actlvltl•8 undertjken to a¢hS•ve obJ•ctivg$ Artang$l's programmes connect wth their audiences on many drfferent levels- in unexpected STtes and Seltings. on cinema screens, daytime television and breakfa51 radio, in prfnl and online, through talks and events and, for particular groups of participant5, via extensi engagement in the creative proce88 Wth carefulty chosen artists. Page 2
THE ARTANGEL TRUST IA company Ilmlted by guarants•} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDEO 31 MARCH 2025 Obj•ctlves and activiti•s Icontlnued) C. Maln actlvltl•8 undort•ken to further th• company's Purp08 for th• publlc b•n•flt The followng 1$ the programme of 8rtis1ic activlly undertaken by Artanggl in 2024r25. HETAIN PA TEL- COME AS YOU REALL Y ARE 'What are people maklng across the county, and what does it Say about us?, These are the questions posed by arbst Hetaln Patel and the catalyst for the loudest presentslSon of our quilt pastimes. Led by Artangel, Come As You Really Are brOng$ together a nerk of leading cultural organi5ations in an audacious celobralion ol everyday creativity presented in 13 locatlon8 across the UK. Each exhibIon will presènt object5 th81 have been lovlngly created in pvate 8paces around the commitments of daity1Sle. Unifying each iteration of this expanslve and shgpe-shlftlng exhibition is a new mowng image work created by Patel, showcasing the outstsndlng croalivity and passion that people commit to their hobbies. The opening exhlbition, produced and delivered by Artangel, vras situated in a former department store in Croydon. SoLrth London and ran Irom 18th July lo 20th October 2024. Aongylde the film piece and larg&scale Works by the artlst, a lolal of 14,282 objects were presented over trwo floors in a riotous celebrallon of Indiwdual creativity, achievement and inclusion. .The sheer scale of vA)at they have achlevod, the qusnlity and varlety of work on show, ig almost overwhelming. For the flrsl ever exhibition on this scale of the UK'S amateur crafters and colle¢tor8, Patel and his team have truly done these enlhusiaslg proud.. I would 11 it Palel'8'1ove bomb. of creatlwty for the UK'S hobbyi$ls.' Veronica Simpson, Studio Inlernatlonal, 23 July 2024 Alongyide the presentation. a series of arts and cr8ft activities tsrgetsng local audienc•s of all ageg was dellvered in Croydon over the summer, offering resldenls free or Iow-COSt activities in the school holiday8. Culturally diverse aclivllies such as Henna decoralbon. endangered crafts such as quilling, and diversty In cosplay sesyions were led by hobbylst6 paTticipatlng in the show. Saturday afternoon screenings of Hollywood blockbuster films at the David Lean Cinema in Croydon 58w Patel pairing a film Work of h18 Ovm wth the Hollywood blockbuster that influenced ils creation. A programme of tours and talks wlth the artist were pr•$ented in September and October wlh one hogled on site for the public, one ho8te¢J for Angels and prospects on site. and one presented gt BAFTA in central London fer Angels and potential supporter5 during Frieze. Closing weekend activities for the public inBluded an outdoor display by The Afro Classics Car Club. In total, 14.094 people saw the exhibth'on Sn Croydon, 8 flgure three limes higher than forecast. The pre85 and marketing c8mpaign played a signifi'cant role in driving audiences to the exhib((1. Since the public call out announcement in January 2024, and press around the launch, the project recelved a total of 97 pieces of pres8 coverage locally. naOnallY and internationally across print, r8dio, television and anline. Broadcast coverage includes BBC News at Six on launch d¥y laverage 4m viewers}, The One Show BBC One on 20 September 2024 lestsmaled sm viewers) and The Worfd Today BBC News on Thursday 18 July {estimaled weekly audience of 112ml. Art pres8 includes The Art Nawspaper, Sludlo International, Art Monthly and Art Review. "Unlike hiy V+inking postmodern forebear5, Patel has made earne8t work. Here, craft as a hobby 1$ a source of manual pleasure and a gaping reposf(ory of cultural memory. Come As You Really Are's biblical flood of hobby- objects knocks aloof discemmenl off its feel and demands to be aeslhelically appreciated in its own terms.. Madeleine Jacob, Art Review, October 2024 Page 3
THE ARTANGEL TRUST IA compaTry Ilmltsd by guarnnts•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Obje¢tlves and actlvltlos Icontlnuedl Subsequent exhlbilions. organis•d around Patel's new fi'lm, wll be presented by project partnery in the followng locab'ons.. Glynn Vivian Art GAllery. Swansea Ncrthem Gallery for Contemporary Art, Sunderland Grundy Art Gallery, Blackpool Museum of MakSng, Derby The Civi¢. Bamsley National Festival ol Making wlh 818¢kburn MLtseum, 81ackburn Wolverhampton Art Gallery, Wolverhampton Centre for Conlempor8ry Art. D•Try Londondery Tale Sl. Ives, Comwall Inverness Museum and Gallery, Inverne88 Factory International, Manche31er HptaIfield, ATbroath JA Y 8ERNARD- THE LASTX YEARS The Last X Years Is a new dlgital prc4.ecl by artist and poet Jay Bemard, launched l February 2025. 8etsveen 2021.2024. Bernard travelled around the UK inleNlewng people of all ages and backgrounds, asking vthat they remember about the 2016 EU referendum. Participan15 shared a range of per8pectlVe8 and reflected on how they and the country changed during this turbulent Ilme. These convers8ty'on8 $11 al the heart of the project and are presented in a familiar broadcast formal. Determinlng the sequence of the broad¢a81 Is an Al that couples inlervlew excerpts Nyilh a reposltory of newg headline5 published from 2016 onwardg. In8lrucled to Search the inlfjmet for articles relating to the referendum, Ihg Al gathered Ihou5and$ of stories that cover topics such as trade, migratlon, and sovereignty. The pairings are made based on the Al's a8ge5sment of the relevance befvrten headline and interview. Whlle ordlnarbty an Al would operate out of 8ighl, Ihe arIk 81multaneousty conceals and reveals its covert operations and unveils the pairing logic al play. Belween tabs marked 'volce', 'mirr¢y', and'memory,, audlences can h•8r people's reflectlons. 9ee the Al's logic, and explore the repo$ilory of inlervlews and headlines. In The La81 X Years, humans and machines are all participants. They are audible and silent, trangmltters and receptors, active and activated. Through the project, 8emard brings together and makes app8renl the many Bible and invi&ble lorces al play dung that partKular polrtical moment. The artist delib&ralely resists focussing on the new identr(les of 'Brexileer' and 'Remainert formeil in the run up lo the referendum that linger to this d4y. Instead. Bernard chooses lo focus on creating a space where people can listen lo and engage wlh perspectives outside of their own while refiecting on the ongoing deployment of dbgital technology in producing and disseminats'ng inlormation. VARIOUS ARTISTS- MAKING TIME Making Time %was conceived as an initiative that responds lo the climate emergency, bringing the ideas of artists and art produth'on into conversation with new material possibilits'es. This artist development and material research programme wll run for 5 iterations wth a new cohort of arts'sls participating each b"me. The first year, running for the calendar year 2023, supported five artists- Abbas Zahedi, FRAUD, Dani Admi55 and Rachel Pimm {FRAUD being a duol - and was delivered in partnership wth Science Page 4
THE ARTA14GEL TRUST (A c¢)mpany Ilmltsd by guarant•èl TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 20ZS Obj•ctives and acti¥iti•8 Icontlnuedl Gallery London al King's College, Radar al Loughborough University and CCA al Bdghton Universlty. A publIcaOn was produced in summer 2025 and an accompanying event were to be held at the Science Gallery, London during November 202S lo Celebrate the first eohort and announce the Sn5Utulional partners for the second ilerats'on.. Science Gallery London at King's College London, Radar at Loughborough University, Mead Gallery and WaTrMck InslUte of Engagement at University of W3w¢k, and Stanley Picker Gallery at Klngslon Unlversity. The second cohort of artl8ts wa¥ announced by Artangel In June 2025.. Claire Bally. Taey lthe. NoslaJ$l8 Simensky and Undead Matter. ARTANGEL OPEN 2025 Over two decade$, through a number of open calls, Artangel has In¥ed UK-based artlsts to ¥hare ambltiou8, unstoppable Idea5 for art about, in or for an unusual place. In 2025, the InlatIOn w88 extended lo artists working nh•re and In any medium to propole their boldest Idea that can be realised In the UK, internationally or onllne. Subml8slons closed al rnldnight on 31 March 2025. In total, 1,002 submi88Sons were recelved. A panel has been convenèd lo judge Ihe entrieJ and make a final selectlon, comprlsing.. Freddle Opoku-Addale, Ard81ic Director and co-chlef Executsve of Dance Umbrella NS1in Sawhney CBE, a Brrtish musbclan, producer and composur Zineb Sedira, a vi8u81 ortlst born in Paris lo Algerian parents Andrea Luka Zlmmerman, an award-wnning aTb'sl, lilmmaker and cultural oth'vlBt Marlam Zulfiqar, Director of Artangel Flnal dec18ion8 VAII be rnade in Soptember 2025. YTO BARADA- THE MOTHERSHIP Inspired by Morocco's rfch textlle tradlllons the higlorlcaS proce85 of making nolural dyeg, Ylo Barrada has created The Motl)er8hip on a plot of land perched on the coasuine of Tangier overfooklng the Mediterranean. The Molhershlp is an 'eco-campus' for grovAng. maklng and leaTning.' a meeting place there arti8ls and arb'sans, otanisls and ecologlsts, textile dyerg and designers, 8ludenls and vigilors from Tangier and beyond can immerse themselves in the rich and varied world of natural dyes and explore the pleasures, polittc5 and historles of colour. The project 1$ rewving indigenous traditions and empowering communities, in particular women in MOTOCCO. as well as encouraging experimen181 artistic pracdces. The Dye House serves as The Mothership's maln 8ludlo and educational space, built above the lerra¢es in the garden to accommodate a wde range of classes, workshops and gatherings. 11 is a space for artistic and scienlifjc exploration, research and production with a dye laboratory equipped with traditional and slate•of the- art facilitses and tools. 11 has sparAs foi meetings and workshops. and a library for Yto Barrada's personal archive of Moroccan and international textiles. Page 5
THE ARTAIIGEL TRUST (A comp•ny Ilmfted by guarants•l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ObjoctiveB and activitios Icontlnuod) FollowSng a Ihree-year devetopment and construction period, the Dya House opened on 14th June 2024. In addition.. Our archive ot audio&visual material continued lo dr8w users with over 74.eoo view8 cf vldeo content on our YouTube and Vimeo channels during the year. Works from the Artangel Collection were lent to slx g8llerkeJ acros5 the United bfj'ngdom, reaching audiences of approximately 36.500, and lo 14 in$titulion8 abroad to audience8 of 1,026m. Mike Kelley.. Moblle Horneslead The programrne of creative worf(shop8. community ovenl8, work5hop$ for schools and a vartety of exhibitlons vJill continue lo take ace in the Homestead in downtown Detroit. Originalty commissioned by Artangel, actiwlles are now coordinated by Ihfr Oepartment of Educallon and Public Engagement of th• nearby Museum of Contemporary Art Ootroil Jem Finer.. Longplayfjr This project enltrs SIS 25th year of pre5enlaUon and conllnues lo engage audience$ at Trinity Buoy Wharf, othér listening posts and via the Longplayer webslle. Originally commissioned by Artangel, re8pon3ibility for the project now reside8 wlh The Longplayer Trust. Roni H¢yn', Valnasafn l Llbrary of Water Valna5afnlLibrary ol Water 18 a long-temi In81allatlon which connects the inside lo the oulsidg and incorporatès many of the Horn'8 abidlng concems wth weather. watfjr, words and idenlitie8,11 was concelved by Horn to accommodate a range of community u5e$- meetlngs, concerts, weddings, che8S, yoga elc.11 is open lo visitors through the summer months and is used by the local community throughout the year. The basement of the building, formerly used lo store books, 58 now a studio where vrtilers are Inwted lo Ilve and work. Originally commi8sioned by Artangel, Icelandic non for profrt entity The Valna8afn Tru¥l has taken over all responsibllil*s for the work. Crislina Iglesias.. Tre5 Aguas Tres Aguas comprises the Iransfomalion ol three disllnctive p18ce$ In the clty of Toledo. In each place In turn. 1gle$igs ha8 created a drarnalic nterplaY between archllecture, Sculpture and water. Originally commissioned by Artangel, responsibllity for the project now regidey wlh tho ctty council of Toledo. FUTURE PROJECTS Research and development of future projects was ongoing through 2024125, focusing on new commi88ions for 2025126 as well as ongoing projects. d. Charlty ComMl••lon'J guSdanc• All Board members have had regard to the Chartty Comwnisslon'8 guldance on PL+bllc benefrt. Flnancial revi•w a. Financlal revlow As in the previou5 year, Artangel finished the 2024125 year in a very strong financial position wth 8 total of £3.78m in funds123124.' £3.72ml, of %thich £563k is reslricled123124". £676kl and £2.43m 15 designated for fvlure projects123124.' £2.41m). leaving £781k123124'. £633kl in unrestricted and other designated funds. Page 6
THE ARTANGEL TRUST IA company limited by guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Overall income was conslstenl wth the Previous year, with a reduction in strIcted donations offt by an increase in restricted and unrestricted income from charitable activities. ExpenditLJre was consistent wth the pre)rious year desptte changes in the tlmlng of various projects. OveTall, the charlty made a net income of £34,674123124.' surplus of £95.2441 before an increase in investment fund¥ of £17.846 {23124.' increase of £185,846) resulted In an overall Income of £52.520123124'. £280,090). In June 2025 Artangel were delighted to receive confimiatlon of continued funding from Arts Councll England a¥ part of Its 2028-27 Nation81 Portfollo extension year. b. Eff•¢t on flnanclal •u•lainablllty and golng concern Art8ngel's cashflow 55 secure for the foreseoable future. The renewal af core funding from Arts Council England lo March 2027 provides the organisalion with additional financial Security un1 then. As of 1 April 2025, Artangel had £1.34m In cash {2024 - £1.35ml and Is therefore a golng concern. The Board vlll contlnue te regularly monitor th18. . Ro••N•• pollcy Artangel's re8erye8 policy is to hold the equivalent of at least 8 rnonlhs, salaries and 8dminlstratlon co818 wthin general and desSgnated reserves. This is considered lo be Sufficient funds lo commence the development of projects before Specific fund5 have been raised lor them and lunds to complete projects to th1¢h we are ommltted at the yfjar end. This pollcy remAins appropriate under the current circurn51ances. We wll continue to review our commltrnents lo future projects lo en5uro that they can be financed wllhout risk lo our long term suslalnabillly. The Board revlewB ArtAngel's Inveslmenl policy annually, and during the financial year wewed the unregtricted r•8erves as for cash flow purposes rather than lo generate the maxlmum possible earned incorne, where that might enlall a hlgher ri8k of polential10sS. In addition, AJ1angel holds 8 designated reserve of funds generated by 'Artislg for Artangel, lo support luture prolecls. Th1$ fund ig Investeil In higher risk inve$tmenl# wlh 8 view to gen•ia*'ng a higher relurn over tsme. d. Pvinclpal rf•k• and uncert•lntl•8 and strato91¢ rlsk8 The Boord has idenllfled fe key areas of potential strategic risk. harm lo people. financlal suslalnabillty, staffing, Smpact and reputsllon,. and the following ways to mthgate those risks.. Harm to people Detailed risk regrer$ and response plans for projects vthere necessary, with regular 8oard over51ghl Detailed Risk and Method Statèments for all projects with control measures identified and pul in place DiveT511y and Indu5ion Policy CYVA Policy Public Liabillty Insurance Financial sustainats'lity Regular review of m8nagement accounts and cashflow position Adherence to reserves policy Key performance indicators for lundraising Page 7
THE ARTANGEL TRUST IA company Ilmlt•d by guarnnt••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Staffing Detailed Risk and Method Statemen18 fc¢ working dL¢ring the pandemic, with control measures identmed and put in pla. Perfomance management 8yStems Regular benchmarking of salaries and benefits COMphen51vQ HR pdicies and proceduros Imp&ct Analysi5 of project Impact by Board and staff so that we learn from our $ucce8&es and mistake8 Environrnenl Policy, Action Plan and annual Impact audit Audience research and reach metrics Feedback from other stakeholders (donors, fund•rs, partner¥ and the medlal Reputation Response plans lor Indd&nts and reputation rlsk Board and SMT as$e8sment of partnerships and funding rel•tlonship$ Regular reviews of compliance with legal obligaUons and of polides and wocedur•s Use ol external employrnenl law conyullgnl . Inv••tm•nt pollcy The tru81ee8, having regards lo the Ilquidlty requlrements of the Irusl, have kept available funds in an invastment portfolio and seek to achieve the long-lerm appreciallon of the assets. This airn has been met this year. The tru81 contlnued lo invest a total of £2m, wylh the investsnenl being valued at £2.12m al the balance sheet date12024 £2.09ml. Structuro, gov•manc• •nd man•g•m•nt . Con•titutlon The Artangel Trust Is registered 8$ a charllable company limilod by guarantee and wa8 8el up by Memorandum of Association. b. Method# of •ppolntm•nt or •l•ction of Tru•ts•• The management of the company 1$ the respon5ibillty of the Trustees vtho are elected 8nd co-opted under the lemis of the Memorandum of Association. c. Ory•nlrAtlonal Btructur• •nd d•clglon4n•klng pollcl•s The goveming body is the Board vthose membeTS are non-execulive and unpald. Mernbers perform the role of directors in company law and trustees in ch8rtty law. The Board meets r¢gulady, retains full and effecb've control over the company and monitors the Director, A880clale Directors (formerly Co*Direclors), and Managing Oirector. The Board is involved in major strategic decisions and has ultimate responslbility for the conduct and flnancial ststs'lity of Artangel. The Board delegates the day to day management of the charty to the Director and Managing Director. Page 8
THE ARTANGEL TRUST IA COmnY limited by gu•r•ntee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 8tru¢turei gov•mance and management l¢ontlnuedl d. Pollcles adopted for the Indu¢tlon and tralnlng of Trustso$ The board regulady reviews 115 composrtion to ensure it h8s the skills and experEnce necessary for Gontinued good managernenl, as well as an appropriate mix of members to ensure diversity and represenlatson. In light of the review, potenty'al new members are identified Ihrcugh an open process, or by invhalion where expedient. The Managing Director provide8 appropriate Induction and training. •. Pay policy for key m•n•g•mant pernonn•l The pay of the key management personnel IDlroctor, Managing Director, Associate Directors) Is by the Board, taking into consideTatlon Artangel's linanclal position and eomparotlve Balaries offered by slmilar oryani3btsons. f. Flnanclal rlsk manag•m•nt Artangel undertakes fundralsing to help 8UPPOrt118 Gore artlslic programme, We rAise fundB from Trusts and Found8tlons and recelve donaligns from private individuals. All of our fundraising is undertaken by staff wlhln the organisation,, we do not use commercial or professlonal fundralyer8. A8 part of our commllmenl lo good practice, we ensure that our fundraislng aclivlty Is Subject lo statutory regulallons and GDPR. We did not receive ny complaints during the year in relati lo our fundraising activity. Fund• h•ld as cu#todl•n There are no funds held a¥ Cugtodlan Trustee behaw of olhers. M•mb8rs' Ilablllty The Member8 of the company guarantee to corrtribule an amount not exceeding £1 to the as¥el$ of the company In the èvent of wnding UP. Dl•closur• of Inforniatlon to •udltorn Each of the persons are Tru$lee$ at the rne when thls TrusleÈ8' report Is approved has confimied that.. so far 88 that Tru8tee18 aware, there is no relevant audit infomation of which the charty's audrtor8 are un8ware. and Ihat Trustee has taken all the step8 that ought to have been taken as a Trustee in order to be aware of any relevant audit informatlon and lo establish th81 the charity's auditors are aware of that infonnation. Page 9
THE ARTANGEL TRUST IA company Ilmlted by guarantsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 31 MARCH 2025 DIKlosurn of Infom)atlon to audltoY¥ {contlnued} Audito The auditors, Street8 Audit LLP, have indicated their wllingnes8 lo ¢ontSnue in office. The designated Tru8lees V•yII conglder and discugs whether lo reappoint the auditor$ al a future meeting of the Trustees. Approved by order of the members of the board of Trustees and slgned on their behalf by.. Carolln• Issa Ichair of Trustee81 Dale.. Is 101, 225 Page10
THE ARTANGEL TRUST IA company Ilmtt•d by guarants•) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of the company for the purposes of company lawl are re8pwsible for preparing the Trustees, report and the financial statements in accordance wth applicable law and United Kingdom AcUntIng Standard8 Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial Under rnpany law. the Trustees musl not approve the financial statements unless they are s8tisned that they give a true and fair Mew ol the slate of affaiTS of the company and of ils incomlng resources and application of resources, including ils income and expendltyre. for that perlod. In preparfng these financial Ststements, th• Trustees are requlred to.. select sullable accounts'ng policie$ and then apply them consSslenYy', observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounkn'ng estimate$ that are reasonable and prudent., State whether applicable UK Accounting Standards IFRS 1021 have been followed, ¥ublect to any material dep8rture¥ di¥clo$ed and explained in the Ilnancial slalemenls., prepare the financial s18temenls on the golng concern basi¥ unless11 Is inoppropnate lo presume that the company will conUnue In bu8lness. The Tru81ee8 are reyponslble for keeping adequate accountsng records that are 8(ffiicient 10 8how and explaln the ctsmp8ny's Iransactlons and disclose Yllh reasonable accuracy at any lime the financ181 po¥f(ion of the company and enable them lo ensure that the flnanclal Statements comply with the Companies Act 2006. They are Blso responslble for 58feguardlny th8 assets of the company and herbce fcf taking reasonable gteps for the prevention and detectlon of fraud and other irregularitie8. Approved by ordgr of the members ol the board of Tru81e88 an¢J $lgned on Its behalf by.. Carollng l•$a ICh3lr of Trustees) Date.. 15 Octob*, 2026 P8ge11
THE ARTANGEL TRUST IA company Ilmltsd by guarnnteo) INDEPENDENT AUDITORS. REPORT TO THE MEMBER8 OF THE ARTANGEL TRUST Oplnlon We have audited the hnancial statements of The Artangel Tru9t (the 'charitable company'l for the year ended 31 March 2025 which comprise the Statement of financial ath'vitifjs, the Balance sheet, the Slalemenl of cash flows and the related notes, including a Summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Repoth'ng Standard applicable in IhE UK and Republic of Ifdand, Iuniled Kingdom Generalty Accepted Aecounts'ng Practice). In our opinion the flnancial slaternenl8'. give a true and fair wew of the slate of the charitable company's affairs as al 31 March 2025 and of its Incornlng re$ource8 and application ol resource$, includlng its incom& and expenditure for the year then •nd8d', have been properly prepared in accordance wth Unitsd Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance wrth th• requlréments of the Companles Act 2006. Ba•1• for oplnlon We conducted our audit In accordance wllh Intornats'onal Standard8 on Audltlng IUKI IISAS IUKII 8nd applicable law. Our responsibilities under those standards are further described in the Auditors, responsibillties for the audll of the ff nancial statements 8ecllon of our report. We are independent of the charitable company In accordance th the ethical requirements that are relevant to OUT audit of the Ilnancial Statements in the United Kingdom, ncluding the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responslbllltles in accordgnce wlh these requirements. We believe that the audit evldence we have obtalned 15 sufficient and appropdale lo piovide a basls for our opinlon. Concluslons r•latlng to golng con¢em In auditing the fin8ncial slalements, we have concluded that the Tru¥tees' use of th& goSng concern basls of accounting in theè preparation of the financial stalemenl8 is appropriate. Based on the work we have pertormed, V have not Identified any material uncertainties relaung lo events or conditions th8t, individually or collectively, may cast significant doubl on the Gharilable company's ability lo continue as a going concem for a period of at le881 twelve months from when the financial stalaments are authorised forrgsue. Our responslbilitses and the responsibiliti88 of the Trustees th respect to going concem are described in the relevant secb"on5 of this report. Page 12
THE ARTANGEL TRUST (A c¢ynpany Ilmlted by guarnnts•l INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ARTANGEL TRUST (CONTINUED) Othov Infomiatlon The other information comprises the informion included in the Annual report other than the financial slalements and our Auditors, report thereon. The TrLtslee5 are responsible for the other infoTmation contained within the Annual report. Our opinion on the financial slalemenls does not cov•r the other infomalion and, except to the exlenl olherwse explicitly stated in our report, wa do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other informatSon and, in doing 30, consider whether the other information is materially inconsistent with the financial statements or our knovAedge obtained in the Course of Ihe audit, or olherwse appearJ lo be materially misslaled. If we identify such materi31 inconsistencles or apparent material misslatemenls, we are required lo determine whether this gives se lo 8 material migstatemenl In the financial Stalemenls themselves. 11. based on Ihg work we have perforrned, we condude that there is a material misstatement of thi5 other Infomiion, we are required to report that fact. We hgvg nothlng to report In thls regard. Mittfrr• on which wè are r•qulr•d to report by gxc•ptlon We have nolhlng lo report in reBpect of tho followng mallers where the Compunies Act 2008 requlres u5 to report lo you If, in our opnion.. the information given In the Tru8t•e5' rep¢yt is In¢on8S$lent in any materi81 respect vlth the linancl81 $talemenls', or iulficient accounllng records have not been kepl.. or the financial slalements are not in agreement wlh the accounting records and relum8', or we have not received all the infomiation 8nd explanallons we require for our audlt. Re•ponslbllltl•s of tru•tee$ As explained more fully in the Tru81ees' re¥pon51bllltie$ slalemenl, the Trustees (who are also the directors of the charitable company for the purposes of comp3ny18wl are responsible for the preparation of the financial statements and for being satlgfiad that they glve a true and fair ¥, and for such inlemal control as the Trustees determlne is necessary to enable the preparation of financial statements that are free from material mls$lalemgnt, ether due to fraud or error. In preparing the financial slaternents, the Tru8tee8 are responsible for assessing the charitsble companV3 ability lo continue 88 a going concem. disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unle55 the Trustees either intend to liquidate the charitable company or to cease operallons. or have no realisbc alternative but to do so. Page 13
THE ARTANGEL TRUST IA compAny Ilmlted by guarnnts• INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ARTANGEL TRUST {CONTINUEDI Audltors. r•8ponglblllties for th• audit of th• financlal 8tat•monts Our objectives are to obtain reasonable assurance abovt whether the financial $tslemenls 3$ a thole are free from material misstatement. whether due to fraud or error. and to Sssue an Auditors, report that inGlude5 our opinion. Reasonable assurance is a high level of assurance, but 1$ not a guarantee that an audit conducted In accordance th ISAS IUIQ wll always detect a m8lerial misstatement when it exists. Misstatements can arlse from fraud or error and are considered material if, indlvidually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basls of these financial statements. Irreguladlies, Including fraud, are Instances of non-compliance with laws and regulations. We deslgn procedure8 In line with our responsibilities, ouuined above, 1¢ detect material mis91alements in re3pecl of irregularibes Including fraud. The extent to which our produleS are capatAe of detectlng irregulgrf1ie8, including frgud18 detalled below.. Our approach lo id8ntrfying and assessing the ri8k5 of mal•rial mlsstat8ment in respect of irregularities, including fraud and non-compliance ¥Mlh law3 and regulalicn$, was as follows.. the engagemenl partnèr ensured that the engagement tsam collecliv•ly had Ihg approprfale competence, capabilities and skllls lo Idenb'fy or recognige non-compliance wlh applicable laws and regulations.. we identified the laws and regulallons applicable to the company through discu59ions wilh director8 and other management, and from our ccmmercial knovAedge and experlence of the company and sector in whlch r( operates., we focused on gpecific laws and regulation8 we consldered may have a dlrect material effect on the flnancial statements or the operations of the company, Includlng the Companies Act 2006, Charib'es SORP, Charitles Act 2011and tsxalion legislation.. we assessed the extenl ol compliance wth the18w8 and regulallons identiff•d above through maklng enquiries of management and Snspectlng legal correspondence.. and identified laws and regulations were communlcated wthln the audit team regularly and the Itam remained alert lo instances of non-compliance throughout the audit. We ossessed the suscepliblllty of the company's financi818latements to malerlal mi¥$tslement, including obtaining an understanding of how fraud might occur, by.. rnaking enquiries of management as lo where they considered there was suscew'bility lo fraud, thelr knoedge of actual, su8pecled and alleged fraud., and considering the Internal contro18 In place lo mitigate risks of fraud and non-compllance wth lav+ts and regulations. To address the risk of fr8ud through management bias and override of controls, we.. performed anatytical Procedures lo identify any unusual or unexpected relationshlps., le51ed journal entries to identify unusual Iransacty'cns", assessed ether judgements and assurnplions made in delemiining the accounting eslimales set out in Note 2 were lndicab.ve of potential bias.. inve51igaled the raUDnale behind signiflcant or unusual transactions. In response lo the risk of iTregularili85 and non-compliance wth laws and regulations, we designed procedures which included, but were not1Smited to.. agreeing financlal statement dis¢losures to underlying supporting documentslion.. reading the minutes of meetings of those charged with governance,. enquiring of management as lo actual and potential litigation and claims", and revlewng correspondence wth HMRC. relevant regulators and the cornpany's legal advisors. Page 14
THE ARTANGEL TRUST IA company Ilmit•d by uuaMnts•) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ARTANGEL TRUST (CONTINUED) There are inherent Ilmitslions in our audit procedures descrfbèd above. The more removed that18ws and regulations are from financial transactions. the less likely il 15 that we would become aware of non-compliance. Audibng standards also limit the audit procedures required to identify non-compliance with laws and regulth'ons lo enquiry of the directors and other management and the inspection of regulatory and legal corr?spondence, any. Material mlsststsmenls that arbse due lo fraud can be harder to delecl than those that arlse from error as they may involve dellberate concealment or collusion. A further descrlption of our responsibllille8 for the audlt of the flnanaal statements ig located on the FinanGlal Repcrting Councll's websrto at.. .fr kl r5res on . Th1$ descripts'on forms part of our Auditors, report. U•• ofour r•port This report is made solely lo the charitable company's member3, as a body, In accordance t Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might slate lo the charitable ompany's member$ those matters we are required to slate to them in an Auditors, Trport and for no other purpoge, To the fullest exlenl permrtled by law, we do not accept or assume Tesponsibillty to anyone other than the charllable company and ils member5, as a body, for our audit work, for th18 report, or for the opinions we have formed. Jonathan Day (Senlor St•tutory lor and on behalf of Str•et8 Audlt LLP CharteTed Accountants & Slatulory Auditor Statutory Auditors Enterprise Houge 38 Tyndall Court Commerce Road. Lynchwood Peterbtxovgh PE2 6LR udltor) Date.. Streets Audit LLP are ellglble lo act as auditors in temis of section 1212 of the Companies Act 2006. Page15
THE ARTANGEL TRUST (A cornpany Ilmlt•d by guarnnts•l STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATIMG INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unmtrlcted fund• 2026 Rmtrlcted fvnds 2026 Total funds 2025 Total funds 2024 Incom• from: Donations and legacles Charitable actlthe8 Investments Other income 995,107 Sfj.533 63.349 131,895 30,000 128N26 1,025.107 184,959 83,349 131,895 1, 199,059 136, 727 50,300 178,318 Total Incomo 1.246,884 158.426 1.405.310 1.564,404 Exp•ndlturn on: Raising lundB Charitable aCtItle# 134,326 964,718 134.326 1,236,310 122.753 1,347,407 271,592 Total •xpfrndltur• 1,099,044 271,S92 1.370,636 1,470, 160 N•t In¢om•ll•xp•ndltuv•l b•for• n•t g•ln¥ on Investm•nts Net gains on invÈ8tmenl$ 147,840 17.840 1113,1661 34.674 17.846 94,244 185,846 N•tmovem•nt In fund• 165,686 1113,166) 62,520 280,090 R•conclllatlon of fund8'. Total fund8 brought forward Nel movement In fund6 3,047,048 165,806 675,084 {113,1661 3.722,910 52,620 3.442.820 280,090 Totsl fund# carrl•d fobward 3,212.732 562.698 3,775,430 3, 722,910 The Statement of flnancial aGtivlUes Includes all gains and10358$ recognlsed in the year, The note3 on pag•s 19 10 38 form part ol these financlal statements. P8ge 16
THE ARTANGEL TRUST IA company Ilmit•d by guarnntse REGISTERED NUMBER: 01917570 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Nots Flx8d •¥¥et8 Tanglble a88et8 Inveslmenl8 14 15 8,583 2.107,748 8,054 2,089,902 2,110.331 2,097,956 Curr•nt a•Mts Debtors a$h at bank and In hand 16 421,119 1,340.540 377,319 1,353,019 1,761.659 1,730.338 CreditorB'. amount8 falling due withln one year 17 1102,6601 (105,384) N•t curr•nt ••••ts 1,659,099 1,624,954 Tot•1 ••vts l•#• curr•nt IlabllStl•• 3.775,430 3,722.9to Tot•1 net •M•t• 3.775,430 3, 722,910 Charlty fund• Reslrited funds Unrestricted fundj 18 18 562,698 3,212,732 675.864 J,047,046 Tot•1 fund• 3,775,430 3, 722,910 The Tru$lees acknowledge their Tespon8lbllilies lor Gomplylng th the requirements of the Act with re5pe¢l lo accounting records and preparation of financial statements. The financial Statements have been prepared in accordance wlh the provl8ions appllcat4e to enlilies subject to the ¥mall companies regime. The financlal statements were approved and aulhorlsed for i55ue by the Trusteey and signed on thelr behalf by.. Carolin• l$sa (Chair of Trustees) Dale.. 15 Oclober. 2025 The notes on pages 19 to 38 fomi port of these financial statements. Page 17
THE ARTANGEL TRUST IA ¢omp4ny Ilmlted by guarants•l STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from oporatlng Ictivities Nel cash used In operating activities 152,3591 85.943 Cash flows from Inveiting activltl•s Diwdends. interests and ren15 frorn investment$ Purchase of tangible fixed assets Revaluab'on of investments 63.349 15.6231 117.8461 50,300 (2,492) f185,846J N•t cash provldod byllu8ed In) Investlng 4ctlvltl8• 39.880 1138.0381 Cash flow4 from flnanclng a¢tlvltlo8 N•t ta*h provld•d by financlng •¢tlvltle¥ Ch•nge In cash and cajh aqulvolents In th• y•ar Cash and cash equivalents al the beginning of the year 112,4791 1,353.019 152,0961 1,405, 174 Ca•h and ca•h equlvahnts at tho end of th• yo•r 1,340,540 1,353,019 The noteg on pages 1910 38 form part of thes? financi41 slaternenls Page 18
THE ARTANGEL TRUST IA company limlttd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Gen•r•l Informatlon The charity Is a charrtable company limiied by guarantee. registered in England and Wales. The addre88 of the registered office is 31 Eyre Street Hill. London. EC1R SEW. The company15 8 company Ilmlled by guarantee. The members of the company are the 80grd named on page 1. In the event of the company being wound up, the liability Sn respect of the gu8ranlee Is limlled to £1 per member of the cornpany. Accountlng pollcle8 2.1 8a•l8 of prnparatlon olfln•n¢l•l 8tst•m•nt• The financial s18temenl$ hove been prepared In accordance with the Charib'e8 SORP IFRS 1021 Accounting and Reporting by Charille8.' Stalemanl of Recommended Practice applicable to charltqÈ8 Preparing Iholr accounts in accordance with the Finoncial Reportlng Stondard applicable in the UK an¢J Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applic8ble in the UK and Republic of Ireland IFRS 1021 and th• Companies Act 2008. Th8 Artangel Trust meets the definillon of o public benefit entity under FRS 102. Assets and Ilabihiie$ aro inits'ally rècognised al historical cost or Iransacllon value unless otherylse stated In the relevant accounting policy. 2.2 Golng concèm The Tinancial statements have been prepared on 8 going concern b83is. Having carried out a detailed revlew of the trust's PO8ition and rts forecasts at the dale of slgnin9 the accounts ond wth regards lo the chBllenges preyenled by the current econornic and health climate, the tru$lee$ are satigfied that the group has surricienl cash flows to meet its liabilrtle3 ag they 1811 due for al least one year ftom the date of approval of the account$. Page 19
THE ARTANGEL TRUST {A company Ilmlted by guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng policies Icontinuèdl 2.3 Income Al Income i¥ COgniSed once the company has entiuemenl to the income, it 18 prDbable that the Income wll be e1Ved and the amount of income receivable can be measured reliably. Donalod BeNces or facllitS08 are rÈcogni98d vthen the company haB control over the item. any condity'ons a8socialed wrth the donated item have been mel, the receipt of economic benefit from the tsse of the company ol the item 13 probable and economic benefit can be measured reliably. In accordance wth the Charities SORP IFRS 1021. the general velunleer lime of tho volunteers is not recognised. On recelpl, donated professlonal services 8nd facilities are recogntsed on the basis of the value of the grft lo the company which is the amount would have been wlling lo pay lo obtain seryices or facilities of equivalent ecDnomlc benefit on th• open market., a corresponding amount is then recognised in expenditure in the period ef receipt. Income lax recoverable In Ttslalion lo donaJon8 recelved under Gift Aid or deeds of covenant is recognised at the b'me of the donab'on. Inccme tsx recoveroble in relatson lo investment Income 1$ recogniied al the time thè inve8tmenl incorne is receivable. Income lax recoverable in relation lo film tax uedrts are Mcognl8ed 01 the polnt of entitlement. Olher incomg Is recognlsed In the pertod In which It18 receivable and tc the exlenl the goods have been provided or on compltrtlon of the Gervlce. 2.4 Expendltum Expenditure is recogni5ed once there 58 a legal or ConstrucVe obligalon to tr8nsfer economic benefrt lo a Ihlrd party, il 13 probable that a transfer of economic benefits wll be requlred in settlement and the amount of the obllgalion can be me83ured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, in¢luding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated dire¢Uy to that actsvity. Shared costs which conlribul¢ to more than one activity and support cost8 which are not attributable lo a single activity are apportioned been those activities on a basis consislenl the use of resources. Central staff costs are albcated on the basis ol time spent. and depreciation charges allocaled on the ports'on of the asset's use. Fundraising costs are those incurred In geeking voluntsry contribution¥ and do not indude the costs of disseminating information In sUPPOrt of the charitable actlvrtie5. Support Costs are those ¢0s18 incurred direclly in support of expenditu on the objects of the company and include project management carried out al Headquarters. Governance costs 8re those incurred in connection with adminislratson of the company and com lanCe conslilulional and Statutory requiiemenl5. Costs ol generating funds are costs incurred in attr8Cting voluntary income, and those incurred in Ir8ding activities that raise funds. Charitable activilies and Govemance costs are costs incurred on the company'5 operations, including support costs and co$ls relating lo the gDvemance of the company apportioned lo charitable actMtse8. Page 20
THE ARTANGEL TRLIST IA company Ilmlted by guarnnle•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢le6 l¢ontinuodl 2.4 Exp¢ndltur• leontlnuedl Expenditure on eharltable acts'vities is incurred on directly undertaklng the ath'vitiey whlch further the company's objectives, as ?11 as any associated support costs. All expenditure18 inclusive of Irrecoverable VAT. 2.5 Int•r•st roc•lvabl• Interest on funds held on depo8lt 18 included when racelvable and the amftt can be measured reliably by the company". thls is normally upon notificalien of the interest paid or payable by the nslilullon wth vknom the funds are deposited. 2.6 TBnglbl• fixed a••ets and depreclatlon Tangible fixed assets costing £200 or more are ¢4pitalised and recognised when future economic benefit5 a probable and the cost or value of the 88set can be measured reliably. TangSble flxed assets are Inilialty recognised al cost. After recognition. under the cost mo(Jel, tanglble fixed assets are measured at cost le58 accumulated depreclalSon and any accumulated Impairment losses. All costs incurred to bring a tanglble fixed a88et Into Its intended working condlllon should be included in the measurement of co3L Depreciation 18 charged so as to allote the cost of tangible fi'xeil gsBels less Ihelr residual value over their estimated useful Ie5, Depredalicn18 prowded on the folloving bases.. Fixtures & Fittlng8 Office Equlpmenl 25% reducing balance 25% straight line 2.7 InvMtmont• Fixed asget investments ore a form of financ181 Instrument and are initialty renised at thalr transaction cost and subsequently measured 81 fair value al the Balance sheet date, unless the value onnot be measured reliably in which case il is measured al rcst lesy impalrment. Investment gains and 105ges, vthether realised or unrealised, are comkm'ned and presented as 'GainsllLrtrssesl on inve5tment$' in the Statement of financial acllvllies. 2.8 Dtbtorn Trade and other debtors are recognlged at the settlement amount after any trade diOnt offered. Prepayments a valued at the amount prepaid net of any trade dixounls due. 2.9 Cash at bank and in hand Cash at bank and Sn hand indudes cash and short-lerm highly liquid investrnenls with a short maturity of three months or less from the date of acquisition cr opening of the deposit or simi18r account. Page 21
THE ARTAMGEL TRUST {A CoMnY Ilmlt•d by guarnnt••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polici•s Icantlnuedl 2.10 Llabllltles and provl•lons LSabilTlie$ are recognlsed when there is an obllgatlon at the Slgtement of Finandal Position dale 8$ result ol a past event, rt15 probable that 3 transfer of economlc benefit will be required in seteMent, and the amount of the 8ettlemenl can be eslimaled reliably. Liabilitles are recognls8d al the amount that the company anticlpales it wll pay to settle the debl or the amount il has received as advanced payments for the goods or gervlces il musl provide. Provlsions are measured al th• be81 estlmate of the amounts required lo settle the obllgallon. Where the effect of the lime value of money is malertal. the provigion is based on the present value of Iho8e amounts, discounted al the pre-tax di8Gount rate that reflects th& risks specS1ic lo the liability. The unwndbng of the di8counl Is Tecognised in the Statement of financial actiwJes a8 a finance cost, 2.11 Fln•n¢lal Instrum•nts The cornpany hold5 baslc flnancial in81rumenls as dÈflned In FRS102. The flnan¢lg1 a88ets and financlal liabili1188 of the company and their rneasuremenl basis are as follows.. FIn•nCl assets - trade and other debtor$ are bH5ic financlal Instrument8 and a debt instrument8 megsured al amortised co81. Prepayments are not financial instruments. Cash at bank Is classiflod 48 a b8src financial Instrument and 1$ measured 81 amorts'sed c08t. Financial liabilitie8 - trad8 creditors, accruals and other creditors are financlal inslrurnenls, and are measured al amorbsed c051. Taxation and Social security are not included in the finandal in8lrum•nlB dsCIO8Ure d•finillon. 2.12 Operallng l•a¥•• Rentals pald und•r operatlng l•ases are charged lo the Statement of financlal advities on a straight ne ba818 over the lease term. 2.13 P•nglonJ The company operate$ a defined conlrtbuts'on pension scheme and the pen8bn charge repr08ents the am¢)unl$ payable by the company lo the ILtnd respect of Ihe year. Page 22
THE ARTANGEL TRUST IA company Ilmlt•d by guarnnto01 NOTES TO THE FINANCIAL STATEMEt4TS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pdlclos Icontlnuod) 2.14 Fund accounting General funds are unrestricted fund$ wthich are available for use at the discretion of the Tru8tees in furtherance of the general obleclive$ of the company and vknlch have not been designated for other purposes. Deslgnated funds comprlse unrestrtcted funds that have been $el aside by the Trustee3 for particular PUTposes. The aim and use of each de$ignaled fund 15 sel out In the notes lo the financial statements. Restricted funds are funds Ythlch are lo be used in accordance wth 8pecific restriction¥ Impoged by donors OT vthich have been raised by the company for particular purposes. The costs of raSsing an administerlng such funds are charged agalnsl the specific lund. The alm and use of each restricted fund 1$ Set out In the notey lo the flnanclal Statements. Investment Income, gain8 and1088es are allocoted lo the appropriate fund. Crltlc41 accountlng 8•tlmat•¥ Ind aToa• of Judgm•nt Estimate8 and judgments are continually evaluated and are baBed on hS8lorical experienct and other factors, including expectationy of future events that are belleve¢J to be re8$onable under the rcumslances. Crillcal accounting e51imal•8 and aJsumplon#'. The company makes e8timal8s and a88umption8 concerning the future. The resulJng iccounllng tBUmales and assumpb'on8 will, by definition, seldom equ81 the related 8Ctual results. The e$lim8les and assumptions that h8ve a significant risk of causing a materlal adlu81menl to the cgrrying amounts of a9sets and liabilities wlhin the next flnancial year are dl8cusBed below. Income recognS1ion Income Is recognised 89 sel out in Note 2.3 Income. Fund accounting 18 recogni$ed 89 let out In Note 2.14 Fund Accounting. P89e 23
THE ARTANGEL TRUST (A company Ilmlted by gu•rantsel NOTES TO THE FINANCIAL STATEPJIENTS FOR THE YEAR ENDED 31 MARCH 2026 Income from donatlon and leya¢le$ Unre¥trlcted Restricted funds funds 2025 2025 Total funds 2025 Donatsons Grants 127,091 868,016 30,000 157.091 868,016 995,107 30,000 1,025,107 Unr&slnct8d lunds 2024 ReStrted funds 2024 To181 funds 2024 Donations Grants 180,043 868,016 1,000 150.000 181,043 1,018,016 t,048,059 151,000 1. 199.059 Income from ¢harltsbl• attlvltlg• Unr•Jtrlcted R•strlctod funds funds 2026 2025 Total funds 2025 Income frcffl charitable activltles- commissions gnd productions 56,533 128,426 184,959 UnrestrKted lunds 2024 Reslncled funds 2024 Total funds 2024 Income from tharitable ath'vilies- mmISsIOnS and productions 23,570 7 13, 157 136,727 Page 24
THE ARTANGEL TRUST IA comp•ny limited by guarnnleel NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment Income Unro•trfctsd funds 202S Total funds 2025 Interest recelvable e3,349 63,349 Unreslrlcted lunds 2024 Total funds 2024 Interest recelvable 50,300 50,300 Otr IncomSng r••ourc•• Unrnstrfct•d lund8 2025 Total funds 2025 Exhibition Tax R•llef and Gift Ajd 131,895 131,895 Unrgstricled funds 2024 rotal lunds 2024 Exhibillon Tax Relief and Gift Ald 178,318 178,318 Page 25
THE ARTAMGEL TRUST (A ¢ompany Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMOED 31 MARCH 2025 Exp•ndlture on raising funds Fundral¥lng tradlng •xp•n888 Unrostrlcted fund$ 2025 Total funds 2025 Staff w8ge8 and other costs 134,326 134,326 Unreslrlcl8d lunds 2024 Total funds 2024 Staff w8ge8 and other costs 122,753 122,753 AnalyilB of •xpendlturo on ¢h•rltable actlvltl•g Summary by fund typ• Unrestrlrted R8•trf¢ted funds funds 2025 2025 Totsl 2025 Commissions and productions 964,718 271.592 1.236.310 Unrestncted funds 2024 Resliicled funds 2024 Total 2024 Cornmi55ion$ and productions 1.001,504 345,903 1,347,407 Page 26
THE ARTANGEL TRUST IA company Ilmlied by guarant•e) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 MARCH 2025 An•lysis of expendlture on charltabl• actlvlties Icontlnuodl Summary by expènditure type Stsff costs Other costs 2025 2025 Tot•1 2025 Commissions and production$ 461.953 774.357 1,236.310 Staff costs Olhercosls 2024 2024 Tot81 2024 CommiJ8lons and produc15on8 497.084 850,323 1,347,407 10. An•ly$ls of expendlturo by actlvltl•• Actlvltl•• und•rtakan dlractly 2025 Support ostj 2025 Total fund¥ 2025 Commlssions and productlons 1,063,476 172,834 1,238,310 ActNilies undertaken diwtly 2024 Support cosls 2024 Total funds 2024 Commi8slons and productlons 1, 187,461 759,946 1.347,497 Page 27
THE ARTANGEL TRUST IA company Ilmltsd by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analy#ls of exp•ndltur• by actlvlti•s Icontlnu•dl Analy$l$ of dlr•ct costs Commlssio ns and productlons 2025 Totsl funds 2025 Stsff c0515 Othar direct co$1$ 461,953 601,523 461.953 601.62J 1,063.476 1,063,476 CommissK sand pmductlons 2024 Tolol funds 2024 Staff cost$ Other direct costs 497,084 690.377 497,084 690.377 1, 187,461 1, 187,461 Analy81• of support colts Gommlsslo n8 and productlons 2025 Total fund8 2025 Premise8 Costs Other cost8 Governance costs 88,200 62,714 21,920 88.200 62.714 21,920 172,834 172,834 Poge 28
THE ARTANGEL TRUST {A company Ilmltod by guarnntsol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysts of •xp•ndlture by actbvltles Icontinuod) Analysli of support costs Icontlnuedl Commission sand productions 2024 To181 funds 2024 Premlses costs 83, 745 57,736 18,465 83, 745 57, 736 18,465 Other costs Governance costs 159,946 159,946 11. Audltorn. r?mun•ratlon 2023 2024 Fees payable to the company's audSlor for the audll ol the companvs annual accounts 11,000 io.ooo 12. staff co•t• 2025 2024 Wages and sal8rie¥ Soc181 security cos15 Conlributlon to defined contribution pen8i0n scheme5 484,981 50,726 23,970 S16,814 50,696 23,538 559.677 591,048 Page 29
THE ARTANGEL TRUST {A comp•ny Ilmltèd by guarant•o) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Staff costs leontlnued) The average number of persons employed by the company during the year was as fo1104Y8.' 2025 No. 2024 No. Production Adminisltation to 11 12 The number of •mployee$ whose employee beneflts (excluding employer pension costs) exceeded £60,000 was.. 2025 No. 2024 In the band £60,001- £70,000 In the b8nd £70,001- £80,000 In the band £80,001- £90,000 In the band £90,001- £100.000 In the band £1 00,001- £110,000 In the band £110.001- £120,000 13. TruBtses' r•mun•v•tlon and •xpen8e• Durlng the year, no Trustees received gny remuneration or other beneflts (2024- £NIL). Durfng the year ended 31 Mgrch 202S, no Trustee expenses have been incurred (2024- £NIL). 14. Tan9lbl• Fix•d As••tS Flxiurè• & Flttings Offlce Equlpm•nt Total Cost or valuatlon Al 1 April 2024 Additions 5,552 48.630 S,623 64.182 5,623 At 31 March 2025 S,552 54,253 59,805 Page 30
THE ARTANGEL TRUST (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. T•nglbl• Flx•d Assets {contlnued) Flxiures & Offlce Fittlny Equlprnont Total Dopr•Glatlon Al 1 Aprll 2024 Charge for the year 4,940 175 41,188 4919 46,128 S,094 Al 31 March 2025 5.116 46.107 S1.222 Not book valu• Al 31 March 2025 437 8.146 8.683 Al 31 Morch 2024 612 7,442 8.054 IS. Flxed a8#•t Invo•tm•nt• Unll•t•d Inv•8tfflonts Cost or valuatlon AddlUon$ 2.107,748 At 31 March 2025 2.107,748 Not book v•lu• Al 31 March 2025 2,107,740 Flxed 8s8el Investments 8re held At thelr market value as al the balance sheet date. Page 31
THE ARTANGEL TRU8T IA company Ilmlted by guarnnl•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR eNoED 31 MARCH 2025 16. Debtor• 2026 2024 Du• vAthln on• y•ar Trade deblors Other debtors Pr•p8ymenls and accrued Income 79.900 319,792 21,427 8,672 193,443 175,204 421,119 377,319 17. Cr•dltorn: Amounts f•lllng du• wlthln on? y•ar 2025 2024 Trade credrtor$ Other taxation and yocial Security Other Creditors AccNalJ and deferred Income 50,061 12,596 13,299 26,604 49, 790 14,510 8,114 32,970 102,560 105,384 Page 32
THE ARTANGEL TRUST (A company Ilmitsd by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statemenl ol funds ststemgnt of funds- curront y•ar Balance at 31 March 2026 BalAnco at 1 April 2024 Qaln81 ILo•s•s) Incomfr EXndIre Unr••trlct•d funds D•Jlgnatsd fund• Production costs Artlsl¥ for Artangel Invegtment 800,000 1,524,384 89.902 800.000 1.524,304 107,748 17.846 2A14.266 17.846 2,432.112 G•n•r•l fund• General Funds 632,780 1,246.884 {1,099,044} 780.620 Total Unr••trl¢t•d fund• 3,047,046 1,246,884 11,099,044) 17,848 3,212,732 R••trfcted fund¥ Artangel Intematlonol Artangel Collection Bloomberg Connects Bloomberg Digital Accelerator IBDAI Making Tlme Come Ay You Realty Are The Story of Fixty in Seven Acts 528,876 20.717 1.866 500 191,$941 15,8881 11,8651 435,782 14,829 126,406 144,3191 120,500} 1107,4261 2,087 20,SOD 107,426 30,000 30.000 875.864 158,426 1271.592) 562.098 Totsl offund• 3,722,910 1NOS,310 11,370.6361 17.846 3.775.430 Page 33
THE ARTANGEL TRUST (A ¢ompany Ilmit•d by guarnnt•o) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Stat•mont of funds (continu) The specffic purpo8ey for which the funds are to be applled are as folbw8'. D•ilgnat•d fund*: Productton funds- The board have designated £800,000 {2024.' £800,000) ltswaTdg the yoduclion costs to en8ure there are sufficient funds for projects continuing in 2024125 and b8yond. sls for Artangel- The board have de8lgnaled all lund8 raised from the auction lor projects contlnulng in the futurè. Invested Fundi . The board have designated investrnent gains intc a Beparate fund until •u¢h lime as the galns are reall$ad G•noral funds: These repre8enl Income and expendrture relang lo aCtIe$ undertaken as part of Its charllable aclivrtles. They can then be uBed lor any purpose. RMtri¢tsd fund•: Artangel International represents fund8 for ¢ommi$$icfi and presentation of International prolecl$. Artangel Collection is lunds toward8 • programme to ¢ornmi881on and rtrpresenl movlng image V•Drk$. Bloomberg Connects is funding for knngol to the Bloomberg Connects mobile platform lo provlde vl$ilors wlh Increased access to Informallon about Its projects. Project fundB- these reprèuenl$ funding recelv•d for speclflc ongolng prolecl8 in the year. Bloomberg Dlgilal Accelerator {8DAI Is fundlng to allowfor improvement in ilr•legic and technological Infrastructure. Page 34
THE ARTANGEL TRUST IA company Ilmlted by quarnntsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 18. Statement of funds l¢ontlnu•dl Statement ol funds- prlor y•ar 8alance 81 31 Marth 2024 Balance èl l Apnl 2023 Gain (L05ses) Income Expendlture Unrnstrict•d De•lgnatod Production cost5 Artists for Artangel Investment 948,612 1,524,364 (148.612) 800,000 1.524,364 89,902 89,902 2,472,976 (148,612) 89,902 2,414.266 Gon•ral General Funds 212,234 1,300,247 {9T5,645J 95,944 632, 780 Totsl Unrn•trlct•d fund• 2,685,210 1,300,247 (1, 124,257) 185.846 3,047,046 RMtrlct•d Artangel Intemauonal Artangel Collection Bloombery Connecly Ylo Barrada Bloomberg Dlgrtal Accelerator IBOAI Project fundlng 662,849 37,082 37,865 25,814 (135,973) 116,365J (30.OOOJ (26,814) 526,870 20,717 1,865 1.000 150,000 113. 157 {23,594J fl13, 157J 126,406 757,610 264, 757 f345,9031 675.864 Totsl of fundy 3.442,820 1,564,404 (1,470. 160) 185,846 3,722,910 Page 35
THE ARTANGEL TRUST IA company Ilmltod by gu•rnnts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Summary of funds Summary of funds- curr•nt y•ar Balanco at 31 March 2025 Bolance at 1 Aprll 2024 Gainsl (L098esl Incomo Exp•ndltur• Designated funds General funds Restrlcted funds 2,414,266 632,780 675,864 17,846 2.432,112 780.820 662.698 1.246.884 {1.099,0441 158,426 1271,5921 3.722,910 1,405,310 11,370,638) 17.846 3,776.430 Summary of fund#- prfor year 88lance 81 31 M8rch 2024 SAlance 81 1 Apnl 2023 Galnw (Losses) Income Exp8ndlture Dé8ignaled fund8 Geneial funds Re8trictod fundi 2,472.976 212.234 757,610 (148,612) (975,645) f345,903) 89,902 95,944 2,414,286 632, 780 675,864 1,300,247 264,157 3,442,820 1,564,404 (1,470, 160) 185,846 3,722,910 20. Anly8ls of n•t ••••ts betwe•n fund8 Analy•l of nfrt 4$40ts b•tween fund•. curr•nt ya•r Unr•8trlct•d R•8trlct•d funds funds 2025 2025 T¢t•l funds 2025 Tangbble fixed asJ?l* Fixed a88el Investrnents Current assets Creditors due wlhln one year 8,583 2.107.748 1,198,961 {102,560) 8,683 2.107.748 1,761.659 1102,5601 562,698 Total 3,212.732 562.698 3,775,430 Page 36
THE ARTANGEL TRUST (A compary Ilmll•d by guarnnteo) NOTES TO THE FINANCIAL 8TATEP•lENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Analys18 of n•t assets belwo•n funds Icontinu•dl AnalyBl• of not ass•ts between funds - prlor year unrestrle funds 2024 Reslncled lunds 2024 Tot81 funds 2024 Tanglble fixed a58ets Fixed 88set Investment8 Current assets Creditors due vlthin one year 8,054 2,089,902 1.054,474 (105,384) 8,054 2,089,902 1,730.338 1105.384) 675.864 Total 3,047,046 675,864 3. 722,910 21. R•con¢lll•tlon of nfrt mov•m•nt In lund• to net ca•h flow from op•r•tlng actlvlti 2025 2024 Net Income for the year IA8 per Stslement of Flnancigl klfvhlesl 62,520 280,090 AdJu•tm•nts lor: Depreci8llon charg08 DIdends. Interests and renle from InveBtments Increa8e In debtors Increaselldecrease) In credltors 5.094 5.006 163,3491 {50,300J 151,7681 {119,68OJ 5,144 (29.t73J N•t c•sh provldgd byllu••d In) op•rntlng •¢tivitle 152,359) 85,943 22. An•ly$l• of c•gh and ¢•sh ul¥alents 2025 2024 Cash In hand 1.340,540 1.353,019 T¢t•l cash and cash equlvalents 1,340.S40 1,353,019 Page 37
THE ARTANGEL TRUST (A company Ilmlt•d by guarnntee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 23. Analy818 of chang•• In not dèbt At 1 Aprll 2024 Caih flows At 31 M4r¢h 2025 Cash at bank and in hand 1,353,019 112,479) 1.340.540 1,353,019 112,479) 1,340,540 Op•r•tlng lea•• commltm•nts Al 31 March 2025 the company had commitments lo make fubjre mlnimum lea8e payments under non- cancellable operating leases as follow8.. 202S 2024 Amounts p•yable: Not later Ihan 1 year Later than 1 year and not later Ih8n 5 yegri 38.000 78,000 36.000 114,000 114,000 750,000 26. Ratfrd p•rty trans*¢tlon• The remuneration of koy management parsonnel Is as foll 2025 2024 Aggregate remuneratlon 216,438 206,129 216.438 206, 129 During the year Artangel entered into no transaction¥ wth related parties, refer to the detail as lor the prior year transaction8 as per below.. The Ch8lrty received 2 unconditional donation from Board members and parties related to Board members and the senior management team lotslling £2,75012024- £2.7501. they spent £1,298 12024- £1,249) wlh a company has a director who Is also a trustee. No amounts were outstanding al the year end. Page 38