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¥
Tr￿t•••' 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$to88
Marcus Coate8
Andrew Haigh (appointed 10 December 2024)
John Hay
Caroline Issa, Chalr
Anthony Phlllips
Harj'ot Singh (appointed 13 June 20231
Jenny Waldman
Jemma Read
John Cavanagh Irellred 10 December 2024)
Hannah Bary (retired 31 March 20251
Ro9er Hiom8 Iretirod 27 June 2024)
Company r•gl•terod
numbgr
01917570
Chmrlty r•gl•tored
numbor
292976
R•gl*tor•d offico
31 Eyro Street Hlll
London
ECIR SEW
S•nlor M•nag•m•nl
Marfam Zulfiqar, Dlreclor
Tony Stevenson, Managing D1￿Ctor
Ind•p•ndent •udltor4
Streets Audlt LLP
Chartered Accounlanl8 & Statutory Auditor
Enterprise House
38 Tyndall Court
Commerce Road, Lynchwood
Pelerborough
PE2 6LR
B•nk•r•
Lloyd$ 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 Purp￿08 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 ne￿rk of leading cultural organi5ations in an
audacious celobralion ol everyday creativity presented in 13 locatlon8 across the UK. Each exhibI￿on will presènt
object5 th81 have been lovlngly created in p￿vate 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. na￿OnallY 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
H￿p￿taIfield, 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 ar￿￿Ik 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 du￿ng 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
publIca￿On 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 Ins￿lUte 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 In￿latIOn w88 extended lo artists working ￿n￿h•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 off￿t 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 un￿1 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$tmenl# wlh 8 view to gen•ia*'ng a higher relurn over tsme.
d. Pvinclpal rf•k• and uncert•lntl•8 and strato91¢ rlsk8
The Boord has idenllfled f￿e key areas of potential strategic risk. harm lo people. financlal suslalnabillty, staffing,
Smpact and reputsllon,. and the following ways to mthgate those risks..
Harm to people
Detailed risk regr￿er$ 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
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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
COMp￿hen51vQ 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 COm￿nY 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.
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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 ￿10￿1, 2￿25
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 Ac￿UntIng 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 inform*ion 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 Infomi*ion, 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 pro￿duleS 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
kno￿edge 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 aCtI￿tle#
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 Construc￿Ve 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 be￿en 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 am￿ftt 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 allo￿te the cost of tangible fi'xeil gsBels less Ihelr residual value
over their estimated useful I￿e5,
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 re￿nised 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 di￿O￿nt 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 CoM￿nY 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 set￿eMent,
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 d￿sCIO8Ure 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 le*ya¢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
ReStr￿ted
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
Ot￿r 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 EX￿ndI￿re
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$ad
G•noral funds:
These repre8enl Income and expendrture rela￿ng lo aC￿￿tIe$ 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. An*ly8ls 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
unrestr￿le￿
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
DI￿dends. 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. R￿atfrd 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