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2023-03-31-accounts

Company number: 1646688 Charity number: 326411

Triangle Arts Trust

Report and financial statements For the year ended 31 March 2023

Triangle Arts Trust

Contents

For the year ended 31 March 2023

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report .................................................................................................... 19 Statement of financial activities (incorporating an income and expenditure account) ................... 21 Balance sheet ............................................................................................................................... 22 Statement of cash flows ................................................................................................................ 23 Notes to the financial statements ................................................................................................. 24

Triangle Arts Trust

Reference and administrative information

For the year ended 31 March 2023

Company number 1646688 Charity number 326411

Registered office and operational address 155 Vauxhall Street, London, SE11 5RH

Country of registration England & Wales

Country of incorporation United Kingdom

Other names Gasworks, Triangle Network

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Catherine Petitgas Chair Rachel Mapplebeck Supriya Menon (Resigned November 2022) Pio Abad Kaushik Ray Philippa Turner Treasurer Michael Armitage Anne Thidemann James Green Omosuyi Fred-Omojole (Appointed in August 2022) Michelle Williams Gamaker (Appointed in August 2022) Key management Alessio Antoniolli Director personnel Laura Hensfield Managing Director Bankers National Westminster Bank plc 1 Princes Street London, EC2R 8PA Independent Joanna Pittman FCA Examiner Sayer Vincent LLP Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

The trustees present their report and the independently examined financial statements for the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The object of the Charity is for the public benefit, to promote, maintain and improve the arts and culture, particularly but not exclusively the liberal and fine arts and particularly, but not exclusively, by providing facilities for the education of artists and the development of their skills.

Triangle Network Organisations

Triangle Arts Trust (operating under Triangle Network) has close but informal relations with over 20 organisations around the world with whom the Trust develops art exchange projects including artists’ workshops, residencies, exhibitions, and community outreach activities. The network develops organically, subject to the availability of funds and artistic projects.

During 2022/23, the trust worked with the following organisations:

North America, South America & Europe, Africa, Middle East Asia Caribbean Kiosko, Bolivia Bag Factory, South Africa Britto, Bangladesh Lugar a Dudas, Colombia Gasworks, UK Organhaus, China Triangle Arts Association, USA Greatmore, South Africa VASL, Pakistan URRA, Argentina Insaka, Zambia Khoj, India PIVO, Brazil Hangar, Portugal Capacete, Brazil 32 Degrees East, Uganda Helena Producciones, Colombia NCAI, Nairobi, Kenya Triangle, France GAS, Lagos

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

Gasworks and Triangle Network Vision and Mission

Triangle Network is an international network of grass-roots arts organisations sharing the common aim to support and promote emerging talent through cultural exchange and artists’ mobility. Established in 1982, Triangle’s main activities include workshops, residencies, exhibitions and outreach events. Triangle also encourages peer-to-peer learning, professional development for artists and the dissemination of emerging international art practices.

Gasworks, the hub of Triangle, is a contemporary visual art organisation that provides studios for local artists and develops a programme of artists’ residencies, exhibitions, events, and educational activities. Gasworks supports talent development of UK and international artists either at early stages of their career or when needing time to experiment with innovative ideas, methods, and media.

Vision

Gasworks and Triangle create projects and develop partnerships at local and international level, prioritising activities that support emerging artists and peer organisations in under-represented regions or countries. International exchange is at the core of the organisation, addressing the need of emerging artists to make new work in contexts that instigate dialogue and exchange of ideas. The majority of Gasworks and Triangle’s projects are artist-led, process based and openended. Similarly, exhibitions are generally the result of new commissioned work resulting from long-term engagement and discussion between artists, curators, and coordinators.

Strategic Aims

Triangle Network achieves its charitable objectives by:

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

The trustees review the aims, objectives and activities of the charity each year. This report reviews the charity’s activities, the achievements and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities, and whom it tries to help, are described below. All its charitable activities focus on the following activities which are undertaken to further the organisation’s charitable purposes for public benefit. In 2022/23 Gasworks and Triangle Network delivered their aims and objectives, across the following major areas of activity:

  1. Exhibitions & Online Programme

  2. Participation Programme

  3. Provision of artists’ studios

  4. Residencies Programme

  5. Triangle Network Programme

  6. 5.1. Network of Workshops & Residencies

  7. Editions and Prints Programme

In 2021, Triangle purchased Petitgasworks, a 5-bedroom house in Stockwell to accommodate residency artists. This unique opportunity was possible through a generous interest-free loan of £725,000 from the Chair of Triangle’s Board of Trustees, Catherine Petitgas, repayable over 5 years. In year one (2021/22) the Charity was able to repay £90,000 made up from restricted Triangle funds, patron donations and Trusts and Foundations. In addition, Ms Petitgas also generously donated £72,500 (10% the loan). In year 2 we were able to repay an additional £175,000 leaving us with £387,500 to raise over the next three years. This project is adding an exceptional level of resilience and sustainability to the organisation.

1. Exhibitions & Online Programme

Gasworks introduces emerging artists and their work to London and the UK art scene by commissioning new work and offering the first major show to UK and international artists, focusing on those who are under-represented in the global arts scene.

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Triangle Arts Trust

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For the year ended 31 March 2023

Dates Exhibition Title
14 April – 19 June 2022 Juha Pekka Matias Laakkonen: Buoyancy
7 July – 18 September 2022 Lou Lou Sainsbury: Earth is a Deadname
6 October – 18 December 2022 Ufuoma Essi: Is My Living in Vain
2 February – 30 April 2023 Ingela Ihrman: Nocturne

2. Participation Programme

Gasworks’ Participation Programme aims to widen access to contemporary art for local communities in Vauxhall, South London through interactive projects such as workshops, residencies, commissions and events. The activities encourage collaboration and increase the sense of community cohesion and integration through artist-led projects. Our approach through the programme focuses on making contemporary visual art accessible and inclusive, supporting individuals to work with each other.

From July 2022 to February 2023, Bryan Giuseppi Rodriguez Cambana was appointed the Gasworks Participation Artist, carrying out an 8-month residency working closely with migrant and refugee communities in Lambeth. As part of the residency, Rodriguez Cambana created a learning space in Gasworks’ participation space where he invited ‘1st and 2nd’ generation migrants from ‘Latin-America’ living in Lambeth, to participate in 24 free English classes.

Giuseppi worked with 67 participants in total from across Lambeth, many of whom were without formal support structures in place or connected to a local community group due to their limited understanding of the English language and seeking the services they require.

The main outcome of the residency was a film made in collaboration with the participants where they shared personal, and often, intimate stories of their past.

The film was presented at the Gasworks Open Studios event on Saturday 18th March 2023, welcoming over 206 visitors including participants and teachers.

Alongside this programme, in November 2022, we launched a vinyl produced as part of the first residency with artists Laima Leyton and Lexy Morvaridi (InnerSwell), previous Participation Artists in Residence. The vinyl raised funds to support the charitable objectives of the Triangle Adventure Playground in Lambeth.

Gasworks has also continued its quarterly programme of free breakfasts for local community groups, residents and organisations, which contributes to making Gasworks both a resource and a cultural hub for local community members, service providers and businesses.

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

In 2022/23 Gasworks continued to work with the Curators’ Course at Royal College of Art who delivered a specific curatorial project in response to Gasworks’ programmes and ethos.

Participation Advisory Board

The Participation Advisory Board, which meets 12 times a year and includes representatives of local partners, previous participants and a mental health advisor, helped steer the participation programme, recruit and mentor the artist and ensured Gasworks, as an organisation, was working hard to meet the needs and requirements of our local communities. The mental health advisor Lamis Bayar continued to guide our safeguarding practices and mental health framework that is used to support all those involved in the programme. Gasworks would like to thank the following organisations for their contribution to the participation programme across 2022/23:

Triangle Adventure Playground Latin American Youth Forum OPAL (Out and Proud African LGBTQ+) AMPLA (Association of Latin American Parents)

3. Provision of artists’ studios

During the year, Gasworks provided 9 subsidised studios for London-based emerging and midcareer artists in response to the critical need of artists for centrally-located, affordable working spaces. The organisation continued to maintain a diverse balance (practice, gender, sexuality and ethnic background) of London-based studio artists. Through studio provision, Gasworks aims to create an environment that promotes innovative art making through dialogue and peer-to-peer support.

Artist studio holders 2022/23:

Shadi Al-Atallah Sin Wai Kin Laima Leyton and Lexy Morvaridi Zeinab Saleh Nicholas Byrne Rehana Zaman Sriwhana Spong, Lina Hermsdorf & Anna Perach Alice Mendelowitz Michelle Williams Gamaker Evan Ifekoya Pio Abad Kudzanai Violet Hwami Lauren Godfrey

4. International Residencies Programme

Gasworks' Residencies Programme supports the development of emerging international and UK artists by offering studios and accommodation for 3 months. This set up establishes an environment that encourages exchange of ideas with other artists and staff, often instigating experimentation with new concepts and materials.

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In 2022/23 Gasworks hosted the following international residencies:

Country of Residence

Date Artist Country of Re
11 April – 27 June 22 Chigozie Obi Nigeria
11 April – 27 June 22 Renata Molinari Argentina
11 April – 27 June 22 Kent Chan Singapore
11 April – 27 June 22 Bronwyn Katz South Africa
4 July – 19 Sept 22 Pamela Arce Peru
4 July – 19 Sept 22 Gokula Stoffel Brazil
4 July – 19 Sept 22 Sandip Kuriakose India
3 Oct – 19 Dec 22 Valentina Soto Chile
3 Oct – 19 Dec 22 Campbell Patterson New Zealand
3 Oct – 19 Dec 22 Santiago Contreras Soux Bolivia
3 Oct – 19 Dec 22 Ravelle Pillay South Africa
27 Nov 22 – 9 Feb 23 Rameesha Azeem Pakistan
9 Jan – 27 Mar 23 Francis Offman Italy
9 Jan – 27 Mar 23 Christian Salablanca Diaz Costa Rica
9 Jan – 27 Mar 23 Chemu Ng’ok Kenya
9 Jan – 27 Mar 23 Lesley-Anne Cao Philippines

5. Triangle Network Programme

Triangle Network develops strategic links, fundraising and projects that support its activities and programmes across partners throughout the world. Its UK hub (Gasworks) also works closely with new grass-roots projects to help identify funding and deliver their programmes.

Gasworks, as the hub of Triangle, worked closely with 32 Degrees East in Uganda to develop and deliver their capital campaign to build a new art centre that will serve as their home in Kampala. In March 2023, 32 Degrees East opened their new space, welcoming visitors, artists and peers. In addition, Triangle partnered with White Cube Gallery and artist, Michael Armitage to raise funds in aid the Nairobi Contemporary Art Institute (NCAI) in Nairobi; a non-profit visual art space dedicated to the growth and preservation of contemporary art in East Africa.

In November 2022, Gasworks’ Friends and Patrons travelled to Kenya and Uganda as an opportunity to visit the new homes of Triangle Network partners, Nairobi Contemporary Art Institute (NCAI) and 32 Degrees East, in Kampala. Patrons were able to explore and better understand the impact and importance of Triangle Network in supporting the vision and ambition of groups and organisations throughout both countries.

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Triangle Arts Trust

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For the year ended 31 March 2023

Starting in 2021/22, in partnership with the German Federal Cultural Foundation and ZK/U in Berlin, Triangle Network launched the Turn2 Residencies, a research programme for curators and cultural practitioners with curatorial practices between Germany and African Countries. The residencies took place in 2022/23 and were carried out in collaboration with the Nairobi Contemporary Art Institute (NCAI), the G.A.S. Foundation in Lagos and the Bag Factory in Johannesburg. Participating curators were:

HOSTED BY ZK/U BERLIN HOSTED BY G.A.S., IN LAGOS Laura Ganda (Harare) Lynhan Balatbat Helbock (Berlin) Mike Mavura (Cape Town) Miriam Bettin (Cologne) Renée Akitelek Mboya (Nairobi) Mahret Ifeoma Kupka (Frankfurt) Sibongile Msimango (Johannesburg) Luamba Muinga (Luanda) HOSTED BY BAG FACTORY, IN JOHANNESBURG Luvuyo Equiano Nyawose (Cape Town) Federica Bueti (Berlin) Laura Ganda (Zimbabwe) Sofia Ana Elise Steinvorth (Würzburg) Va-Bene Elikem Fiatsi (Ghana) Anna Ehrenstein (Berlin) Elam Khattab (Cairo)

HOSTED BY NCAI, IN NAIROBI Jumoke Adeyanju (Berlin) Nathalie Anguezomo Mba Bikoro (Berlin) Kathy-Ann, Tan (Berlin)

In July 2022, we launched ‘Shaping Grounds’, a 3 days online Forum addressing some of the common challenges that independent art spaces and artist collectives are facing today, in different parts of the world. As a condensed series of talks and discussions, the public forum introduced new voices and ideas to conversations that have been taking place internally to the Triangle Network over the last few years. Key subjects explored include: thinking from a position of

precarity, leadership and succession planning, operating under censorship, and maintenance – the on-going care for organisations and their structures. All talks are available on Triangle Network TV YouTube channel, which are available to access in English, Spanish and Mandarin Chinese. This Forum emerged from the doctoral research of Rosie Hermon enabled by the collaborative doctoral partnership established between Gasworks, the Centre for the Study of the Networked Image and the Curating Contemporary Art Programme at the Royal College of Art.

In late 2022, we concluded our partnership with the Julie’s Bicycle Accelerator Programme to highlight the urgent issues surrounding climate justice through artistic programmes and conversations taking place throughout the Network. The learnings from these sessions will be shared with partners across the Network.

5.1. Network of Workshops & Residencies

Fellowships are offered to UK-based artists who take up residencies with Triangle partners across the world. In 2021/22 we supported the following artists:

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Rhea Dilion at Triangle France Marseille Rehana Zaman at Hangar, Portugal

6. Editions and Prints Programme

Gasworks’ artist editions are sold to further our charity’s objectives, support our artistic activities, create new audiences, and build visibility of the charity. All sales of editions go into supporting the running of the organisation and the commissioning of new artists’ works and future artist opportunities. Across the year we produced an edition with Lauren Godfrey and Ravelle Pillay.

Across 2023/24 we are looking to increase the number of editions and their visibility by taking part in the Allied Editions booth at Frieze Art Fair in October 2023.

Sources of Income

Triangle Arts Trust continue to benefit from the generous support of several trusts, foundations, individuals, and organisations who enabled the charity to continue and expand its work. The

Trustees would like to thank the following:

Public Funding : Exhibition Supporters Arts Council England Veronica and Lars Bane Francesca Bellini-Joseph and Allan Hennings Individual Supporters and Patrons: Adam Clayton Principal Supporters David Zwirner Catherine Petitgas Thomas Forwood and Leslie Ramos Prue MacLeod Gathering Alex Haidas Participation & Events Programme Supporters Caroline Hempstead City Bridge Trust Henry Moore Foundation The London Community Foundation Bella Kesoyan Royal College of Art Amanda Lambert London South Bank University Mondriaan Fonds National Arts Council Singapore Online Programme Support Bianca and Stuart Roden Hélène Nguyen-Ban Guillaume de Saint Seine and Juan Carlos Bendana Pinel Residency Supporters Mariana Teixeira De Carvalho AC/E Tiwani Contemporary ART X / Access Corporation White Cube British Council Aotearoa New Zealand and the Pacific Bruna Antelo ARTUS Peru Andrea Basile Artworkers Retirement Society Patricia and José Bonchristiano Brazil Residency Patrons Circle

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Residency Supporters Charles Wallace Pakistan Trust/ Rangoonwala Foundation Charles Wallace India Trust/ Inlaks Shivdasani Foundation Contemporary Bolivian Arts Trust EACHEVE The Institutum Jan Warburton Charitable Trust Fondazione Memmo New Zealand Friends of Gasworks Erica Roberts/ Fundación arteBA/ URRA Mercedes Vilardell Shelagh Wakely Bequest/ The Elephant Trust Mercedes Zobel

Friends

John and Sandra Amedick Adela Bello Rosie Bichard May Calil and Tom Dingle Lavinia Calza Ivonne Cantú John Cavanagh Eric Guichard Marina Heritier Martin Junga Diana Kyllman James Maltz Rachel Mapplebeck Irina Pfander Marcela Roca and Tambo Chicani Claudia Trosso Vanessa Vásquez

Patrons Selim Bouafsoun Pierre and Angela Bourderye Priscila and Louis de Charbonnieres Corvi-Mora Jenn Ellis Charlotte Eytan Zarela Feeny Ricardo and Alessandra Ferrari Sandra and Ruy del Gaiso Jenifer Golley Sigrid and Stephen Kirk LAMB Gallery Leach Fourteenth Trust Cecilia Neri Linares Renato and Juliana Mazzucchelli Supriya Menon Arthur and Heloisa Mizne Flavia Nespatti de Baygual Patricia and Washington Olivetto Belen and Georg Orssich Sanches Cortes Simone Coscarelli Parma and Alejandro Parma Veronique Parke Benedicta L. P. Pellegrini Kaushik Ray Indira Ziyabek Huma Kabakci Sigrid and Stephen Kirk LAMB Gallery Paloma and Fersen Lambranho

Petitgaswork Supporters The African Arts Trust Catherine Petitgas Brazil Residency Patrons Circle Adam Clayton Contemporary Bolivian Arts Trust Corvi-Mora Zarela Feeny Erica Roberts Susan Rosenberg and John Lazar Mariana Teixeira De Carvalho Mercedes Vilardell

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

Beneficiaries of our services

Our beneficiaries are UK and international artists, local communities and hard to reach groups in Lambeth and the general public.

Triangle ensures most of its charitable activities are free and open to the public. This includes the exhibition and public programme such as lectures, screenings, talks, online tours, participation workshops and podcasts, book reading groups, and performance. All the online content produced during the year was available online for free.

Measuring Impact

The impact and quality of our charitable activities are measured through regular monitoring of media coverage, artwork trajectory, audience, and artists’ feedback. The charity also invests in staff development and extensive curatorial research to ensure that the programme remains competitive and nurtures the quality of art produced by emerging artists internationally. Operationally, the organisation adheres to a stringent report and evaluation system both at staff level and with the board as outlined in the Business Plan.

Across 2022/23 the organisation participated in the ACE’s Impact and Insight Toolkit to deepen our understanding of how well our work aligns with the experiences of our peers and our audiences.

Impact for year ended 31 March 2023

Across 2022/23 Gasworks welcomed 6,872 visitors to the building representing a 6.4% increase on previous year, thanks to a diverse range of programming and an increase in public events accompanying our residencies and exhibitions. In addition, our long-term and sustained participation programme has focused the organisation on engaging local community groups (5% increase), specifically Latin American communities

Digital programming and our artists’ interview series has continued to significantly increase with online projects achieving over 121,773 digital views with online video and audio content, performances and talks to date.

As part of our commitment to talent development and long-term support for emerging artists, during 2022/23 we supported the development of 24 artists across our exhibitions, online public programme, residencies and participation programmes. Within this, we successfully commissioned 4 major new exhibitions and bodies of work.

Adhering to the mission and vision of the trust, 85% of our artistic programme was internationally focused with artists including Bronwyn Katz (South Africa), Campbell Patterson (New Zealand) and Renata Molinari (Argentina).

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

Gasworks has also continued to support ‘artists and curators of the future’ by working closely with students from the Curating Contemporary Art course of the Royal College of Art, providing an access-all-areas-approach to the organisation and supporting them to develop an exhibition at Gasworks.

We are part of the London Visual Arts Cluster and use the benchmarking tool to analyse our position and data against other galleries in the sector. To understand the demographic of our audiences during 2022/23 we collected data from 402 respondents.

Gasworks’ main audience demographics remained fairly consistent, with visitors between 25 - 34 years old, suggesting that our programme is appealing to a wider range of ages and demographic. The increase in visitors for the 16-24 and 45-54 year old bracket demonstrates we are reaching new and varied audiences.

Our social media presence continued to increase across the year with 130,203 followers across Facebook, Twitter and Instagram. The impact of our activities internationally keeps growing with c.65% of our social media followers being from outside the UK.

Financial review

The results of the year to 31 March 2023 are set out in the statement of financial activities. Incoming Resources for the year are £857,270 (2022: £885,648), representing a decrease of 3%. Resources Expended are £830,981 (2022: £831,600) representing a decrease of 1%.

For the year ended 31 March 2023, the Trust shows a net surplus of £26,289 (2022: £54,048). As at 31 March 2023 the Trust had net assets of £1,911,228 (2022: £1,884,939) with net current assets of £246,094 (2022: £334,343).

Unrestricted funds of the charity amount to £536,901 of which £80,000 makes up the General reserves fund and £456,901 are designated funds. Restricted funds amounted to £1,374,328 at 31 March 2023, of which £1,348,812 is related to the Capital Building Project.

Reserves policy and going concern

Notes to the financial statements show the assets and liabilities attributable to the various funds of the Charity as well as summarising the movements on each fund for the year.

The Trustees re-assessed the minimum desirable level of unrestricted funds would be equivalent to 13 weeks of unrestricted expenditure on support costs, approximately £80,000 (2022: £80,000). During the year, the Charity was successful in maintaining its desired reserve of unrestricted funds of £80,000 (2022: £80,000). Therefore, all amounts above the general reserves are designated.

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Triangle Arts Trust

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For the year ended 31 March 2023

Since the re-opening of the Gasworks building, the charity has put in place a designated Capital Renewal Fund, allocating £10,000 each year as suggested in the Feasibility Study 2012. The Fund now stands at £70,000 and will be set aside for major repairs, with likely expenditure after 5-10 years post-reopening.

Within the year, the charity made a transfer of £112,500 from restricted funds to designated funds to reflect the use of these funds towards paying for the residency house. These, and other funds, are held in the Petitgasworks designated fund, which reflects the carrying value of the residency house within fixed assets less the loan taken out towards the purchase of the house.

The Trustees will continue to keep the Charity’s financial position under review to ensure that freely available reserves are sufficient to meet its working capital requirements.

Principal risks and uncertainties

The Trustees are responsible for the management of risks faced by the organisation. The Trustees review the organisation's risk register and management plan, which comprises:

The key factors which have been identified as likely to affect performance going forward are as follows:

Risk: Brexit and current economic climate affects income (fundraising and bank interest). Mitigation: continue diversifying income sources, flexibility in budgets for programme.

Risk: Cost of living crisis continues to impact organisational costs.

Mitigation: continue to maintain general reserves and broker new relationships with alternative building suppliers. Carry out benchmarking reviews with wider sector and present findings to board of trustees.

Risk: not securing sufficient funding to deliver the organisation's programmes of activity

Mitigation: regularly update the Fundraising strategy, diversify sources of funding and continue to build existing and new relationships with funders and patrons

Risk: inability to raise enough funding to repay the loan for the purchase of a new Residency House. This would impact the international residency programme.

Mitigation: the loan has a 5-year term. A robust and achievable fundraising strategy has been presented to the board although this will be updated regularly to reflect ongoing progress.

Risk: Key senior staff members leave organisation Mitigation: Put in place training, professional development, team development, alongside good recruitment strategies with board of trustees. Plus hand over days with new team members.

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Triangle Arts Trust

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Investment powers and policy:

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Trustees wish. The Trustees have operated a policy of keeping available funds in an interest bearing deposit account.

Plans for the future

The organisation regularly evaluates its programmes and activities against its mission and vision to support emerging artists and encourage cultural exchange. These are measured against external factors such as the political and economic environment as well as the development of new artistic practices and debates (please see the risk section above).

Gasworks Exhibitions, Participation and International Residencies Programme

In November 2022, Gasworks and Triangle Network were granted continuation funding for the period 2023 - 2026 from Arts Council, England. Through careful financial planning, we were scored as a ‘low-risk’ organisation. Alongside this, in December 2022, Prue MacLeod confirmed 3 years of funding towards the residencies and exhibitions programme, supporting 3 emerging artists both in the UK and internationally, due to start in January 2024.

In early 2023, the Charity also received confirmation from the City Bridge Trust, supporting Gasworks’ Participation Programme for the next 3 years to provide opportunities for artists and migrant communities in Lambeth and Southwark to work together on collaborative projects.

The exhibition programme for 2023/24 is confirmed with 3 new artists’ commissions in progress. For 2023/24, Gasworks aims to deliver:

Once the loan on residency house is repaid, all income from residency rents will be re-invested in activities both at Gasworks and across the Triangle Network. This will contribute to making the organisation more ambitious and sustainable in the long-term.

Triangle Network Programme and Activities

Triangle responds to the need of artists and arts organisations to communicate with one another in order to share ideas, skills and experiences. These links enable partners to play a unique role in connecting the local and the international art scenes, challenging insularity, creating further opportunities for artists and placing themselves at the forefront of the debates on international arts practice. The network will continue to develop its partnership with the KfW Foundation, to

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deliver residencies in Southern Africa hosted by Bag Factory in Johannesburg, NCAI, Nairobi and G.A.S, Lagos.

Funding from British Council is supporting a curatorial exchange between Gasworks and VASL (Karachi). Four emerging Pakistani curators are leading a series of lectures in Pakistan between June and November 2023. Their residency will culminate with a research trip to the UK in December 2023, Gasworks’ curator Rosa Tyhurst will be involved with the project and lead the visits programme for the Pakistani Curator. In November 2023 Rosa will be hosted by VASL for her research trip in Pakistan. A programme of exhibitions and events at Gasworks and VASL will manifest the research conducted during the programme.

From April 2024, after 18 years at the helm of both Gasworks and Triangle Network, Alessio Antoniolli will shift his focus on leading the Triangle Network, creating a new role as Director of Gasworks. Across 2023/24 the Board of Trustees will appoint a new Director of Gasworks to build on this legacy. The governance and financial operations will remain under the same reporting systems (charity name Triangle Arts Trust) with support from the Deputy Director who will continue to be involved in both operations.

Structure, governance and management

Triangle Arts Trust is a company limited by guarantee registered in England and Wales. The company is governed by its Memorandum and Articles of Association dated 25 June 1982. The document was updated, re-submitted to and approved by the Charity Commission (charity number 326411) on 26 May 2015.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Trustee induction and training

New Trustees undergo an orientation session to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan, the programme and activities of the organisation and recent financial performance. During the induction session, they meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these facilitate the undertaking of their role.

Organisation

The Board of Trustees administers the charity. The board also includes a Finance Sub-Committee of Trustees that meets regularly and reports to the Board. The Director, appointed by the Trustees, manages the day-to-day operations of the charity together with the Managing Director. The Director is responsible to the Chair of the Board of Trustees.

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Appointment of trustees

As set out in the Articles of Association, the Trustees have power at any time to appoint any person to be a Trustee as long as the total number is not fewer than 3 and does not exceed 10. A Skills Audit is carried out regularly and informs the recruitment of future Trustees. Trustees are initially elected by those in office, and their appointment is subsequently subjected to election by a vote of the members.

At the third Appointment Board Meeting after his last appointment, a Trustee shall retire. They shall be eligible for re-appointment by the Board provided that no Trustee may continue to serve after six years in office without a period of at least one year out of office, unless on the recommendation of the Board the Trustee is elected for one further consecutive term of a maximum of three years. No Trustee may serve for more than nine years in total.

Policy for equal opportunities

Gasworks is committed to promoting and embedding equality and diversity and preventing discrimination in all of its activities across the following key areas:

The charity aims to ensure that no job applicant or worker receives less favourable treatment on the grounds of race, colour, gender orientation, nationality, religion or belief (or lack of belief), ethnic or national origin, age, gender, gender reassignment or marital status, sexual orientation or disability. There will be no discrimination on these grounds in the terms and conditions offered to workers or job applicants. A Code of Conduct has been prepared and shared with all staff. The document also identifies various procedures in case of incidents.

We regularly review our internal recruitment policies ensuring our language is clearer and more specific around our anti-racist and intersectional stance. All our staff and board have been provided with training on the nature of unconscious bias and the future of anti-racist working. During 2022/23 staff were also trained in Gender Intelligence and Neurodivergence.

At Gasworks, we aim to embed diversity in all of our activities, to set and maintain high standards of practice and to put in place effective self-evaluation procedures in order to achieve this.

The charity is committed to protecting personal information. Each year we review and clean our data in line with current GDPR (General Data Protection Regulation) guidelines, ensuring our privacy policy is updated and accessible via our website and training staff members on new procedures. Our Privacy Policy provides detailed information on when and why we collect personal information, how we use it and how we keep it secure.

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For the year ended 31 March 2023

Employee information

The Director and Managing Director appraise all staff formally once a year with the support of a member of the Board, if relevant. Appraisal reports are included in staff’s personal file. Leadership and staffing is reviewed regularly at Board level. Training is offered in line with professional development objectives and is generally provided through courses and consultancies as well as staff travel to carry out research and attend networking events. The yearly training budget is ringfenced. The size of the team means that most monitoring of performance is undertaken informally through weekly team meetings and programme updates. Through these structures, issues can be quickly raised if necessary.

Recruitment is undertaken on as wide a basis as possible to recruit from a diverse pool of talent, and again, where necessary Trustees or external partners advise on appointments. In the interest of equity and inclusivity, options to submit applications through sound and video instead of text is now possible.

Pay policy

Gasworks’ current artists’ fees are in line with The Artists Information Company Paying Artists Guide, and a-n (Artists Newsletter) recommended guidelines.

The organisation also liaises regularly with Common Practice (a support and advocacy group of 9 small scale visual arts and publishing organisations in London) partners and the Plus Tate Network to ensure salaries are in line with the sector.

Gasworks encourages Triangle Partners to consult with national peers to develop appropriate fair pay scales (in cases where the visual arts infrastructure is minimal or not relevant, fair pay is based on the average rate of pay for professionals – employed and freelance - in the wider national cultural sector). The organisation also facilitates peer relationships, mentoring, knowledge and skill sharing to ensure a fair pay of artists and other art professionals.

Across 2022/23, Gasworks liaised with Plus Tate peer organisations to review and discuss fair pay in order to produce a revised staff pay benchmark. Pay rises for senior members of staff are signed off by the Finance Committee. Gasworks has also joined FRANK (Fair Artist Pay) – a community advocacy organisation looking to change fair pay practices for artists in the UK.

Statement of responsibilities of the trustees

The trustees (who are also directors of Triangle Arts Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

17

Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2023

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2023 was ten (2022: ten). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

The trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 18 September 2023 and signed on their behalf by:

Catherine Petitgas Chair

18

Independent examiner’s report

To the members of

Triangle Arts Trust

I report to the trustees on my examination of the accounts of Triangle Arts Trust for the year ended 31 March 2023.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Company, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’)/Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

19

Independent examiner’s report

To the members of

Triangle Arts Trust

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Name: Joanna Pittman

Relevant professional qualification or membership of professional bodies: FCA Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 21 September 2023

20

Triangle Arts Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

Note
Income from:
3
Investments
Charitable activities
Studio Rental Income
Editions and prints programme
Total charitable activities
4
Total income
Total charitable activities
5
7
Reconciliation of funds:
Net income/(expenditure)
Gross transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Triangle Network Programme
Editions and prints programme
Raising funds
Total resources expended
Charitable activities
Exhibitions
Participation
Artists' Studios
International Residencies Programme
Individual Donations
Trust and Foundations
Other
Total grants and donations
Expenditure on:
Grants and donations
Arts Council England: NPO
Arts Council England: CRF		 Unrestricted
Revenue
Funds
£
290,108
-
75,030
4,000
79,750		 Restricted Funds Restricted Funds 2023
Total
£
290,108
-
194,842
243,372
85,052		 2022
Total
£
290,108
6,600
183,592
300,080
57,982
Revenue
Funds
£
-
-
119,812
239,372
5,302		 Capital
Funds
£
-
-
-
-
-
448,888 364,485 - 813,373 838,362
1,783
29,147
12,966		 -
-
-		 -
-
-		 1,783
29,147
12,966		 36
22,887
24,364
42,113 - - 42,113 47,250
492,784 364,485 - 857,270 885,648
88,666
52,919
55,766
63,142
59,184
19,820		 115,109
28,686
-
105,714
73,964
-		 18,764
11,931
28,282
13,274
-
-		 222,539
93,536
84,048
182,130
133,148
19,820		 222,752
108,148
94,047
158,668
147,144
23,050
339,497 323,473 72,251 735,221 753,810
95,762 - - 95,762 77,791
435,259 323,473 72,251 830,983 831,600
57,525
112,500		 41,012
(112,500)		 (72,251)
-		 26,287
-		 54,048
-
170,025
366,877		 (71,488)
96,999		 (72,251)
1,421,063		 26,287
1,884,939		 54,048
1,830,891
536,902 25,511 1,348,812 1,911,226 1,884,939

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18a to the financial statements.

21

Triangle Arts Trust

Company no. 01646688

Balance sheet

As at 31 March 2023

Note
Fixed assets:
12
Current assets:
13
14
Liabilities:
15
15
18a
Designated Funds
Total charity funds
Restricted Capital Funds
Restricted Revenue Funds
Unrestricted income funds:
General Funds
Total net assets
The funds of the charity:
Restricted income funds
Total assets less current liabilities
Creditors: amounts falling due after one year
Creditors: amounts falling due within one year
Net current assets
Stock
Debtors
Cash at bank and in hand
Tangible assets		 £
11,939
172,925
354,549		 2023
£
2,052,634		 £
10,853
58,019
364,278		 2022
£
2,113,096
2,052,634
246,092		 2,113,096
334,343
539,412
(293,321)		 433,150
(98,808)
1,348,812
25,511		 1,421,063
96,999
80,000
286,877
2,298,726
(387,500)		 2,447,439
(562,500)
1,911,226 1,884,939
1,374,323 1,518,062
80,000
456,902
536,902 366,877
1,911,226 1,884,939

The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge the following responsibilities:

Approved by the trustees on 18 September 2023 and signed on their behalf by:

Catherine Petitgas Chair

22

Triangle Arts Trust

Statement of cash flows

For the year ended 31 March 2023

£
182,705
1,783
(19,218)
(17,435)
-
(175,000)
(175,000)
(9,730)
364,279
354,549
Reconciliation of net income/(expenditure) to net cash flow from operating activities
£
Net income/(expenditure) (as per SOFA)
26,287
Adjustments for:
Depreciation charges
79,680
Bank Interest Received
(1,783)
Non-cash donations
-
(Increase)/decrease in Stock
(1,086)
(Increase)/decrease in debtors
(114,906)
Increase/(decrease) in creditors
194,513
Net cash provided by/(used in) operating activities
182,705
Analysis of cash and cash equivalents
£
Cash at bank
352,543
Cash in hand
2,006
Total cash and cash equivalents
354,549
2023
2023
Cash flows from investing activities:
Interest income
Purchase of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities:
Repayment of borrowing
Net cash (used in) / provided by financing activities
Cash inflows from new borrowing
Cash flows from operating activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
2023		 £
182,705
1,783
(19,218)
2023		 £
12,199
36
(2,026)
2022
(17,435) (1,990)
-
(175,000)		 -
(90,000)
(175,000)
(9,730)
364,279		 (90,000)
(79,791)
444,070
354,549 364,279
£
54,048
78,471
(36)
(72,500)
(2,913)
(24,190)
(20,681)
2022
182,705 12,199
£
352,543
2,006
2023		 £
364,172
107
2022
354,549 364,278

23

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies

a) Statutory information

Triangle Arts Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 155 Vauxhall Street, London, SE11 5RH.

b) The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income has been deferred when received in advance of an exhibition, residency, or fellowship or is related to an ongoing project and is subject to conditions already agreed.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

24

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

� Raising Funds 10%
� Exhibitions 21%
� Participation 6%
� Artists' Studios 5%
� International Residencies Programme 16%
� Triangle Network Programme 10%
� Editions and prints programme 1%
� Support costs 30%
� Governance costs 1%

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

� Raising Funds 5%
� Exhibitions 18%
� Participation 18%
� Artists' Studios 18%
� International Residencies Programme 18%
� Triangle Network Programme 18%
� Editions and prints programme 5%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

25

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

� Computer Equipment 3 years Straight Line
� Fixtures, Fittings and Equipment 5 years Straight Line
� Building Purchase 50 years Straight Line
� Building Improvements 15 years Straight Line

l) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

26

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

2 Detailed comparatives of prior year statement of financial activities

Income from:
Investments
Charitable activities
Studio Rental Income
Other
Total charitable activities
Total income
Total charitable activities
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Gross transfers between fund
Net movement in funds
Net income/(expenditure) for the year and movement in
funds
Triangle Network Programme
Editions and prints programme
Raising funds
Total resources expended
Charitable activities
Exhibitions
Participation
Artists' Studios
International Residencies Programme
Individual Donations
Trust and Foundations
Other
Total grants and donations
Expenditure on:
Grants and donations
Arts Council England Revenue
Arts Council England Catalyst Fund		 Unrestricted
Revenue
Funds
£
290,108
6,600
108,051
19,580
47,786		 Restricted Funds Restricted Funds 2022
Total
£
290,108
6,600
183,592
300,080
57,981
Revenue
Funds
£
-
-
75,541
280,500
10,195		 Capital
Funds
£
-
-
-
-
-
472,125 366,236 - 838,362
36
22,887
24,364		 -
-
-		 -
-
-		 36
22,887
24,364
47,250 - - 47,250
519,412 366,236 - 885,648
63,123
70,101
65,752
87,532
83,050
23,050		 140,707
25,854
-
57,622
64,095
-		 18,922
12,193
28,296
13,515
-
-		 222,752
108,148
94,047
158,668
147,144
23,050
392,607 288,277 72,926 753,810
77,791 - - 77,791
470,397 288,277 72,926 831,600
49,015
67,500
 77,959
(67,500)		 (72,926)
-		 54,048
-
116,515
250,362		 10,459
86,540		 (72,926)
1,493,989		 54,048
1,830,891
366,877 96,999 1,421,063 1,884,939

27

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

3 Grants and donations

International Residencies Programme
Triangle Network Programme
Other
Current Year
Arts Council England - National Portfolio Organisation
Exhibitions
Participation
Other
Internship Programme
Prior Year
Arts Council England - National Portfolio Organisation
Arts Council England - Culture Recovery Fund
Exhibitions
Participation
International Residencies Programme
Triangle Network Programme		 Unrestricted
£
290,108
-
-
-
-
158,780		 Restricted
£
-
113,109
29,395
133,439
88,543
-		 2023
Total
£
290,108
113,109
29,395
133,439
88,543
158,780
448,888 364,486 813,373
Unrestricted
£
290,108
6,600
2,000
1,000
-
19,080
-
153,337
472,125		 Restricted
£
-
-
115,389
39,205
75,546
131,849
4,248
-
366,237		 2022
Total
£
290,108
6,600
117,389
40,205
75,546
150,929
4,248
153,337
838,362

4 Income from charitable activities

Income from charitable activities
Total income from charitable activities
Current Year
Studio Rental Income
Merchandise		 2023
Total
£
29,147
12,966		 2022
Total
£
22,887
24,364
42,113 47,250

The percentage of incoming resources derived from outside the United Kingdom is 20% (2022: 10%) representing a increase of 10% (2022: increase of 6%).

All income from charitable activities is unrestricted.

28

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

5a Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 8)
Project costs
Artist Fees / Stipends
Staff training and recruitment
Fundraising Costs
Depreciation
Office Costs
Website / IT Costs
Professional / audit fees
Internship Programme
Irrecoverable VAT
Marketing
Other Costs
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
54,228
-
-
-
28,703
-
-
-
-
-
-
-
-		 Exhibitions
£
37,506
112,580
12,594
-
-
13,667
-
-
-
-
-
-
-		 Participation
£
11,825
13,218
15,465
-
-
6,836
-
-
-
-
-
-
-		 Artists'
Studios
14,673
-
-
-
-
23,184
-
-
-
-
-
-
-		 International
Residencies
Programme
£
37,506
63,508
26,749
-
-
8,175
-
-
-
-
-
-
-		 Triangle
Network
Programme
£
7,996
76,961
2,000
-
-
-
-
-
-
-
-
-
-		 Editions
and prints
programme
£
-
6,989
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
-
-
-
-
-
-
-
-
5,666
-
-
-
-		 Support
costs
£
124,251
-
-
3,371
-
27,820
53,078
14,125
-
-
13,960
8,888
5,463		 2023
Total
£
287,985
273,256
56,808
3,371
28,703
79,682
53,078
14,125
5,666
-
13,960
8,888
5,463		 2022
Total
£
282,590
247,288
41,626
5,238
6,301
78,471
48,245
9,933
9,801
4,248
25,119
11,690
61,053
82,931
12,548
283		 176,347
45,172
1,020		 47,344
45,172
1,020		 37,857
45,172
1,020		 135,938
45,172
1,020		 86,956
45,172
1,020		 6,989
12,548
283		 5,666
-
(5,666)		 250,956
(250,956)
-		 830,983
-
-		 831,600
-
-
95,762 222,539 93,536 84,049 182,130 133,148 19,820 - - 830,983 831,600

29

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

5b Analysis of expenditure (prior year)

Staff costs (Note 8)
Project costs
Artist Fees / Stipends
Staff training and recruitment
Fundraising Costs
Depreciation
Office Costs
Website / IT Costs
Professional / audit fees
Internship Programme
Irrecoverable VAT
Marketing
Other Costs
Support costs
Governance costs
Total expenditure 2022		 Raising
funds
£
55,500
-
-
-
6,301
-
-
-
-
-
-
-
-		 Charitable activities Charitable activities ~~d~~ Governance
costs
£
-
-
-
-
-
-
-
-
9,801
-
-
-
-		 Support
costs
£
117,077
-
-
5,238
-
27,399
48,245
9,933
-
4,248
25,119
11,690
61,053		 2022
Total
£
282,590
247,288
41,626
5,238
6,301
78,473
48,245
9,933
9,801
4,248
25,119
11,690
61,053
Exhibitions
£
35,431
112,298
4,000
-
-
13,459
-
-
-
-
-
-
-		 Participation
£
18,000
9,272
16,582
-
-
6,730
-
-
-
-
-
-
-		 Artists'
Studios
£
13,651
-
-
-
-
22,833
-
-
-
-
-
-
-		 International
Residencies
Programme
£
35,431
39,577
18,044
-
-
8,052
-
-
-
-
-
-
-		 Triangle
Network
Programme
£
7,500
79,080
3,000
-
-
-
-
-
-
-
-
-
-		 ~~Eitions~~
and prints
programm
e
£
-
7,060
-
-
-
-
-
-
-
-
-
-
-
61,801
15,500
490		 165,188
55,800
1,764		 50,584
55,800
1,764		 36,483
55,800
1,764		 101,104
55,800
1,764		 89,580
55,800
1,764		 7,060
15,500
490		 9,801
-
(9,801)		 310,000
(310,000)
-		 831,600
-
-
77,791 222,752 108,148 94,047 158,668 147,144 23,050 - - 831,600

30

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

6 Grant making

Grant making
Nairobi Contemporary Art Institute
The Bag Factory
Yinka Shonibare Foundation
32 East Ugandan Arts Trust
Other small grants (less than £3,000)
At the end of the year
Triangle France		 2023
£
57,481
-
-
5,000
2,000
3,090		 2022
£
31,000
15,715
727
13,410
5,258
2,106
67,571 68,216

All grants are provided through fundraising activities to charitable organisations. The above costs are recoginsed within Triangle Programme costs in note 5 under Project costs and artists fees.

7 Net (expenditure)/income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 79,680 78,471
Operating lease rentals:
Other 204 306
Auditor/Independent Examiner's Fee (excluding VAT):
Independent Examination (current year) 3,500 -
Auditor (prior year) - 6,900
Tax 1,000 1,150
Foreign exchange gains or losses 176 (98)

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Social security costs
Pensions
Salaries and wages		 2023
£
262,420
18,612
6,953		 2022
£
253,703
20,939
7,948
287,985 282,590

Employees that earned between £60,000 and £70,000 during the year: 1 (2022:1).

Staff are split across the activities of the charitable company as follows (average head count basis):

Premises and administration
Marketing
Front of House
Exhibitions and Residencies
Education
Fundraising		 2023
No.
4
1
2
1
1
5		 2022
No.
4
1
2
1
1
6
14 15

The number of staff who were employees during the year was 22 (2022: 22).

No trustees received emoluments in the period (2022: nil). No travel expenses were paid to trustees during the period (2022: nil).

Operational directors were reimbursed for £48 of travel expenses during the year (2022: £56).

Key management personnel include the Director and Managing Director who report directly to the Trustees. The total employee benefits, including employers NI and pension contributions, of the charity's key management personnel were £116,509 (2022: £103,936).

31

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

9 Related party transactions

Aggregate donations from related parties for the year were £11,500 (2022: £85,000). No donations had any conditions attached.

Michelle Williams Gamaker has been a studio artist at Gasworks for 2 years and during 2022/23 became a trustee. She pays the rent at the same rate as all other studio holders. Trustee Pio Abad left the Gasworks studios in August 2022.

On 31 March 2021, Chair of Trustees, Catherine Petitgas provided the charity with an interest free loan of £725,000, to be repaid over 5 years. Balance at 31 March 2023 is £387,500 (2022: £562,000)

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Liability limited by guarantee

The liability of each member in the event of winding up is limited to £1. At 31 March 2023, there were 10 members (2022: 9).

12
At the end of the year
Net book value
At the end of the year
At the start of the year
Additions in year
Disposals
At the end of the year
Depreciation
At the start of the year
Charge for the year
Disposals
Tangible fixed assets
Cost or valuation
At the start of the year		 Land
£
629,450
-
-		 Building
Purchase
£
1,161,050
-
-		 Building
Improvements
£
798,772
12,340
-		 Computer
Equipment
£
10,653
6,878
-		 F&F and
Equipment
£
23,251
-
-		 Total
£
2,623,176
19,218
-
629,450 1,161,050 811,112 17,531 23,251 2,642,394
-
-
-		 131,054
23,221
-		 350,202
53,731
-		 10,285
1,312
-		 18,539
1,416
-		 510,080
79,680
-
- 154,275 403,933 11,597 19,955 589,760
629,450 1,006,775 407,179 5,934 3,296 2,052,634
629,450 1,029,996 448,570 368 4,712 2,113,096

The annual depreciation charge for property, plant and equipment is sensitive to change in useful economic life and residual values of assets. These are reassessed annually.

All fixed assets are reviewed annually for impairment.

13 Stock

Editions and prints
Debtors
Trade debtors
Deposits and prepayments
Accrued income
Other debtors		 2023
£
11,939		 2022
£
10,853
2023
£
26,998
5,702
138,691
1,534		 2022
£
819
12,021
43,310
1,869
172,925 58,019

14 Debtors

32

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

15 Creditors

Loan
Amounts falling due within one year
Trade creditors
Taxation and social security
Accrued Expenditure
Deferred income (note 16)
Credit Card and refundable deposits
Creditors: amounts falling due after one year		 2023
£
6,959
1,311
6,256
276,094
2,699		 2022
£
11,428
1,375
13,527
66,453
6,025
293,321 98,808
2023
£
387,500		 2022
£
562,500

On 31 March 2021, the charity received a 5 year, interest free loan to enable the purchase and refurbishment of Residency house, see note 9 for further details.

16 Analysis of deferred income

British Council - Nigerian Residency 21/22/23
Artus - Peruvian Residency 22/23
Brazil Residency 22/23
Freelands Foundation 21/22/23
The Institutum Limited 22/23
Bolivian Residency 22/23
Prudence Macleod 23/24/25
Art X Lagos - Nigeria residency 23/24
Erica Roberts - Argentina residency 23/24
Accion Cultural Espanola - Spain residency 23/24
The Institutum Limited - Malaysia residency 23/24
Brazil residency patrons circle 23/24		 Brought
forward at 1
April 2022
£
7,250
7,250
6,300
35,953
8,500
1,200
-
-
-
-
-
-		 Received
£
-
-
-
-
-
-
240,637
7,500
8,021
3,436
9,000
7,500		 Released
£
7,250
7,250
6,300
35,953
8,500
1,200
-
-
-
-
-
-		 Carried
forward at 31
March 2023
£
-
-
-
-
-
-
240,637
7,500
8,021
3,436
9,000
7,500
66,453 276,094 66,453 276,094

17 Operating lease commitments

At 31 March 2023, Triangle Arts Trust were committed to make the following payments in respect of operating leases as follows:

Due in 1 year 2023
2022
£
£
204
306
204
306
Equipment		 2023
2022
£
£
204
306
204
306
Equipment
204 306

33

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

18a Movements in funds (current year)

Total restricted funds
Total Funds
General Funds:
Triangle Network Programme
Editions Production
Exhibition Programme
Residency House
Capital Renewal Fund
Sub total designated funds
Triangle Network Programme
Capital Building Project
Triangle Network Fund
Unrestricted funds
Unrestricted funds:
Designated funds:
Petitgasworks
Total unrestricted funds
Exhibitions Programme
Participation Programme
International Residencies
Programme
Restricted funds:		 At
31 March
2022
£
2,000
23,393
3,475
67,915
1,421,064
215		 Incoming
Resources
£
113,109
29,395
133,439
88,543
-
-		 Resources
Expended
£
(115,109)
(28,686)
(105,714)
(73,964)
(72,251)
-		 Transfers
£
-
-
(31,200)
(81,300)
-
-		 At
31 March
2023
£
()
24,102
()
1,194
1,348,813
215
1,518,062 364,485 (395,724) (112,500) 1,374,323
366,877 492,784 (435,259) 112,500 536,902
1,884,939 857,270 (830,983) - 1,911,226
80,000
45,771
8,000
31,632
7,894
70,000
123,579
286,876		 462,374
45,411
10,000
15,332
-
-
-
70,743		 (439,874)
(4,996)
(8,000)
(18,500)
-
-
(4,221)
(35,717)		 (22,500)
(40,000)
-
-
-
-
175,000
135,000		 80,000
46,186
10,000
28,464
7,894
70,000
294,358
456,902
366,876 533,117 (475,591) 112,500 536,902

Purposes of Restricted funds

Exhibition Programme - Three exhibitions per year at Gasworks Participation Residency Programme and collaborations with universities International Residencies - Sixteen residencies for non-UK based artists

Triangle Network an international network of over thirty arts organisations.

Capital Building Project - depreciation of fixed assets. This fund reflects the net book value of the building and refurbishment of Gasworks.

Internship Programme in partnership with ArtQuest and University of the Arts

Triangle Network Fund - restricted fund for Network Projects and the repayment of the loan on Residency House

Purposes of designated funds

Triangle Network Programme - To develop the network and partner organisations. To be spent in 23/24

Editions Production - To develop the portfolio of editions, supporting the programme. To be spent in 23/24

Exhibition Programme - To develop artists commissions . To be spent in 23/24

Residency House - Funds set aside for Residency House refurbishment. Where the charity has received restircted donations towards the house, the restriction is considered fulfilled when used towards repaying the loan and therefore they are transferred out of restricted funds and into this fund when payment is made.

Capital Renewal Fund - £10,000 per year to renewal fund. Set aside for major repairs 5-10 years post re-opening.

Petitgasworks (Movements in funds)

Petitgasworks is a house owned by the Charity to support our international residency artists

Carrying value of house
Loan Balance
Designated Balance		 At
31 March
2023
£
681,858
(387,500)
294,358

34

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2023

18b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Total Funds
General Funds:
Editions Production
Exhibition Programme
Residency House
Capital Renewal Fund
ACE Cultural Recovery Fund
Sub total designated funds
Total unrestricted funds
Capital Building Project
Internship Programme
Triangle Network Fund
Unrestricted funds
Unrestricted funds:
Designated funds:
Triangle Network PhD
Triangle Network Programme
Restricted funds:
Exhibitions Programme
Participation Programme
International Residencies
Programme
Triangle Network Programme
Petitgasworks		 At
30 March
2021
£
23,071
10,042
11,551
12,660
1,493,989
-
29,216		 Incoming
Resources
£
115,389
39,205
75,546
131,849
-
4,248
-		 Resources
Expended
£
(136,459)
(25,854)
(57,622)
(64,095)
(72,925)
(4,248)
-		 Transfers
£
-
-
(26,000)
(12,500)
-
-
(29,000)		 At
31 March
2022
£
2,000
23,393
3,475
67,915
1,421,064
-
216
1,580,529 366,236 (361,202) (67,500) 1,518,063
250,362 519,412 (470,397) 67,500 366,877
1,830,891 885,648 (831,600) - 1,884,939
96,000
5,000
15,856
8,000
31,632
20,000
60,000
13,874
-
154,362		 417,832
-
19,080
-
-
-
10,000
-
72,500
101,580		 (400,497)
(5,000)
-
-
-
(46,606)
-
(13,874)
(4,421)
(69,901)		 (33,335)
-
10,835
-
-
34,500
-
-
55,500
100,835		 80,000
-
45,771
8,000
31,632
7,894
70,000
-
123,579
286,877
250,362 519,412 (470,398) 67,500 366,877

19a Analysis of net assets between funds (current year)

Net current assets
Creditors falling due after 1 year
Net assets at 31 March 2022
Net current assets
Creditors falling due after 1 year
Net assets at 31 March 2023
Analysis of net assets between funds (prior year)
Tangible fixed assets
Tangible fixed assets		 Unrestricted
£
703,822
220,580
(387,500)		 Restricted
Revenue
£
-
25,511
-		 Restricted
Capital
£
1,348,812
-
-		 Total
funds
£
2,052,634
246,092
(387,500)
536,902 25,511 1,348,812 1,911,226
Unrestricted
Revenue
£
692,033
237,344
(562,500)		 Restricted
Revenue
£
-
96,999
-		 Restricted
Capital
£
1,421,063
-
-		 Total
funds
£
2,113,096
334,343
(562,500)
366,877 96,999 1,421,063 1,884,939

19b Analysis of net assets between funds (prior year)

35