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 

1 



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 

2 



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: 

- Focus on artists' talent development by providing a physical and conceptual space in which to research, develop, discuss and disseminate emerging practices. 

- Create an inclusive, diverse and equitable environment where all stakeholders (artists, staff, audiences etc.) are encouraged to be and express themselves freely, are supportive of each other and can grow, both personally and professionally. 

- Champion experimentation and innovation in contemporary arts by offering resources and stimulating dialogue between artists working within different contexts and cultures. 

- Challenge existing readings and re-evaluating historical debates on international contemporary art through new curatorial research and artists commissions. 

- Make ambitious and innovative art projects accessible to a wide and diverse audience as a means of providing the public with opportunities for experiencing and taking part in contemporary art 

- Stay at the forefront of artistic debates, responding quickly to social and political concerns such as diversity, inclusion and climate crisis by adhering to a clear and rigorous ethical position. 

3 



Triangle Arts Trust 

Trustees’ annual report 

For the year ended 31 March 2023 

- Ensure the organisation’s long-term resilience and sustainability through fundraising, greater visibility, stronger partnerships and mutual support. 

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 

   - 5.1. Network of Workshops & Residencies 

6. 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. 

4 



Triangle Arts Trust 

Trustees’ annual report 

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. 

5 



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. 

6 



Triangle Arts Trust 

## Trustees’ annual report 

## For the year ended 31 March 2023 

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. 

7 



Triangle Arts Trust 

## Trustees’ annual report 

## 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: 

8 



Triangle Arts Trust 

Trustees’ annual report 

For the year ended 31 March 2023 

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 

9 



Triangle Arts Trust 

## Trustees’ annual report 

## For the year ended 31 March 2023 

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 

10 



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). 

11 



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. 

12 



Triangle Arts Trust 

## Trustees’ annual report 

## 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: 

- An annual review of the risks the charity may face 

- An analysis of the probability and the potential impact of the risks 

- The establishment of strategies and procedures to mitigate the risks identified and minimise any potential impact on the charity, should those risks materialise 

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. 

13 



Triangle Arts Trust 

## Trustees’ annual report 

For the year ended 31 March 2023 

## 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: 

- A minimum of 16 international residencies 

   - 4 Open Studios events 

- 

   - 3 exhibitions and related events 

- 

- 1 Artist-led Participation Residency, delivering around 10 educational workshops 

- • 9 studios will continue to be rented to London-based artists 

- 

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 

14 



Triangle Arts Trust 

## Trustees’ annual report 

For the year ended 31 March 2023 

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. 

15 



Triangle Arts Trust 

Trustees’ annual report 

For the year ended 31 March 2023 

## 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: 

- Governance 

- Employment & Organisational Development 

- Programming 

- Audience development & Public Engagement 

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. 

16 



Triangle Arts Trust 

## Trustees’ annual report 

## 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: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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: 

- 1 Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 

- 2 The accounts do not accord with those records; or 

- 3 The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

- 4 The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities; or 

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<br>**Income from:**<br>3<br>**Investments**<br>**Charitable activities**<br>Studio Rental Income<br>Editions and prints programme<br>**Total charitable activities**<br>4<br>**Total income**<br>**Total charitable activities**<br>5<br>7<br>**Reconciliation of funds:**<br>**Net income/(expenditure)**<br>Gross transfers between funds<br>**Net movement in funds**<br>Total funds brought forward<br>**Total funds carried forward**<br>Triangle Network Programme<br>Editions and prints programme<br>**Raising funds**<br>**Total resources expended**<br>Charitable activities<br>Exhibitions<br>Participation<br>Artists' Studios<br>International Residencies Programme<br>Individual Donations<br>Trust and Foundations<br>Other<br>**Total grants and donations**<br>**Expenditure on:**<br>Grants and donations<br>Arts Council England: NPO<br>Arts Council England: CRF|Unrestricted<br>Revenue<br>Funds<br>£<br>290,108<br>-<br>75,030<br>4,000<br>79,750|Restricted Funds|Restricted Funds|**2023**<br>**Total**<br>**£**<br>**290,108**<br>**-**<br>**194,842**<br>**243,372**<br>**85,052**|2022<br>**Total**<br>**£**<br>290,108<br>6,600<br>183,592<br>300,080<br>57,982|
|---|---|---|---|---|---|
|||Revenue<br>Funds<br>£<br>-<br>-<br>119,812<br>239,372<br>5,302|Capital<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-|||
||448,888|364,485|-|**813,373**|838,362|
||1,783<br>29,147<br>12,966|-<br>-<br>-|-<br>-<br>-|**1,783**<br>**29,147**<br>**12,966**|36<br>22,887<br>24,364|
||42,113|-|-|**42,113**|47,250|
||492,784|364,485|-|**857,270**|885,648|
||88,666<br>52,919<br>55,766<br>63,142<br>59,184<br>19,820|115,109<br>28,686<br>-<br>105,714<br>73,964<br>-|18,764<br>11,931<br>28,282<br>13,274<br>-<br>-|**222,539**<br>**93,536**<br>**84,048**<br>**182,130**<br>**133,148**<br>**19,820**|222,752<br>108,148<br>94,047<br>158,668<br>147,144<br>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<br>112,500|41,012<br>(112,500)|(72,251)<br>-|**26,287**<br>**-**|54,048<br>-|
||170,025<br>366,877|(71,488)<br>96,999|(72,251)<br>1,421,063|26,287<br>**1,884,939**|54,048<br>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<br>**Fixed assets:**<br>12<br>**Current assets:**<br>13<br>14<br>**Liabilities:**<br>15<br>15<br>18a<br>Designated Funds<br>**Total charity funds**<br>Restricted Capital Funds<br>Restricted Revenue Funds<br>Unrestricted income funds:<br>General Funds<br>**Total net assets**<br>**The funds of the charity:**<br>Restricted income funds<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after one year<br>Creditors: amounts falling due within one year<br>**Net current assets**<br>Stock<br>Debtors<br>Cash at bank and in hand<br>Tangible assets|**£**<br>**11,939**<br>**172,925**<br>**354,549**|**2023**<br>**£**<br>**2,052,634**|£<br>10,853<br>58,019<br>364,278|2022<br>£<br>2,113,096|
|---|---|---|---|---|
|||**2,052,634**<br>**246,092**||2,113,096<br>334,343|
||**539,412**<br>**(293,321)**||433,150<br>(98,808)||
||**1,348,812**<br>**25,511**||1,421,063<br>96,999<br>80,000<br>286,877||
|||**2,298,726**<br>**(387,500)**||2,447,439<br>(562,500)|
|||**1,911,226**||1,884,939|
|||**1,374,323**||1,518,062|
||**80,000**<br>**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: 

- (i) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 

- (ii) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts 

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** 

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

- Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose 

- Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs 

- Other expenditure represents those items not falling into any other heading 

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:**<br>**Investments**<br>**Charitable activities**<br>Studio Rental Income<br>Other<br>**Total charitable activities**<br>**Total income**<br>**Total charitable activities**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**<br>**Gross transfers between fund**<br>**Net movement in funds**<br>**Net income/(expenditure) for the year and movement in**<br>**funds**<br>Triangle Network Programme<br>Editions and prints programme<br>**Raising funds**<br>**Total resources expended**<br>Charitable activities<br>Exhibitions<br>Participation<br>Artists' Studios<br>International Residencies Programme<br>Individual Donations<br>Trust and Foundations<br>Other<br>**Total grants and donations**<br>**Expenditure on:**<br>Grants and donations<br>Arts Council England Revenue<br>Arts Council England Catalyst Fund|Unrestricted<br>Revenue<br>Funds<br>£<br>290,108<br>6,600<br>108,051<br>19,580<br>47,786|Restricted Funds|Restricted Funds|2022<br>**Total**<br>**£**<br>290,108<br>6,600<br>183,592<br>300,080<br>57,981|
|---|---|---|---|---|
|||Revenue<br>Funds<br>£<br>-<br>-<br>75,541<br>280,500<br>10,195|Capital<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-||
||472,125|366,236|-|838,362|
||36<br>22,887<br>24,364|-<br>-<br>-|-<br>-<br>-|36<br>22,887<br>24,364|
||47,250|-|-|47,250|
||519,412|366,236|-|885,648|
||63,123<br>70,101<br>65,752<br>87,532<br>83,050<br>23,050|140,707<br>25,854<br>-<br>57,622<br>64,095<br>-|18,922<br>12,193<br>28,296<br>13,515<br>-<br>-|222,752<br>108,148<br>94,047<br>158,668<br>147,144<br>23,050|
||392,607|288,277|72,926|753,810|
||77,791|-|-|77,791|
||470,397|288,277|72,926|831,600|
||49,015<br>67,500<br>|77,959<br>(67,500)|(72,926)<br>-|54,048<br>-|
||116,515<br>250,362|10,459<br>86,540|(72,926)<br>1,493,989|54,048<br>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<br>Triangle Network Programme<br>Other<br>**Current Year**<br>Arts Council England - National Portfolio Organisation<br>Exhibitions<br>Participation<br>Other<br>Internship Programme<br>**Prior Year**<br>Arts Council England - National Portfolio Organisation<br>Arts Council England - Culture Recovery Fund<br>Exhibitions<br>Participation<br>International Residencies Programme<br>Triangle Network Programme|Unrestricted<br>£<br>290,108<br>-<br>-<br>-<br>-<br>158,780|Restricted<br>£<br>-<br>113,109<br>29,395<br>133,439<br>88,543<br>-|**2023**<br>**Total**<br>**£**<br>**290,108**<br>**113,109**<br>**29,395**<br>**133,439**<br>**88,543**<br>**158,780**|
|---|---|---|---|
||448,888|364,486|**813,373**|
||Unrestricted<br>£<br>290,108<br>6,600<br>2,000<br>1,000<br>-<br>19,080<br>-<br>153,337<br>472,125|Restricted<br>£<br>-<br>-<br>115,389<br>39,205<br>75,546<br>131,849<br>4,248<br>-<br>366,237|2022<br>Total<br>£<br>**290,108**<br>**6,600**<br>**117,389**<br>**40,205**<br>**75,546**<br>**150,929**<br>**4,248**<br>**153,337**<br>**838,362**|



## **4 Income from charitable activities** 

|**Income from charitable activities**|||
|---|---|---|
|Total income from charitable activities<br>**Current Year**<br>Studio Rental Income<br>Merchandise|**2023**<br>**Total**<br>**£**<br>**29,147**<br>**12,966**|2022<br>Total<br>£<br>22,887<br>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)<br>Project costs<br>Artist Fees / Stipends<br>Staff training and recruitment<br>Fundraising Costs<br>Depreciation<br>Office Costs<br>Website / IT Costs<br>Professional / audit fees<br>Internship Programme<br>Irrecoverable VAT<br>Marketing<br>Other Costs<br>Support costs<br>Governance costs<br>**Total expenditure 2023**|Raising<br>funds<br>£<br>54,228<br>-<br>-<br>-<br>28,703<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Exhibitions<br>£<br>37,506<br>112,580<br>12,594<br>-<br>-<br>13,667<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Participation<br>£<br>11,825<br>13,218<br>15,465<br>-<br>-<br>6,836<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Artists'<br>Studios<br>14,673<br>-<br>-<br>-<br>-<br>23,184<br>-<br>-<br>-<br>-<br>-<br>-<br>-|International<br>Residencies<br>Programme<br>£<br>37,506<br>63,508<br>26,749<br>-<br>-<br>8,175<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Triangle<br>Network<br>Programme<br>£<br>7,996<br>76,961<br>2,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Editions<br>and prints<br>programme<br>£<br>-<br>6,989<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,666<br>-<br>-<br>-<br>-|Support<br>costs<br>£<br>124,251<br>-<br>-<br>3,371<br>-<br>27,820<br>53,078<br>14,125<br>-<br>-<br>13,960<br>8,888<br>5,463|**2023**<br>**Total**<br>**£**<br>**287,985**<br>**273,256**<br>**56,808**<br>**3,371**<br>**28,703**<br>**79,682**<br>**53,078**<br>**14,125**<br>**5,666**<br>**-**<br>**13,960**<br>**8,888**<br>**5,463**|2022<br>Total<br>£<br>282,590<br>247,288<br>41,626<br>5,238<br>6,301<br>78,471<br>48,245<br>9,933<br>9,801<br>4,248<br>25,119<br>11,690<br>61,053|
|---|---|---|---|---|---|---|---|---|---|---|---|
||82,931<br>12,548<br>283|176,347<br>45,172<br>1,020|47,344<br>45,172<br>1,020|37,857<br>45,172<br>1,020|135,938<br>45,172<br>1,020|86,956<br>45,172<br>1,020|6,989<br>12,548<br>283|5,666<br>-<br>(5,666)|250,956<br>(250,956)<br>-|**830,983**<br>-<br>-|831,600<br>-<br>-|
||**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)<br>Project costs<br>Artist Fees / Stipends<br>Staff training and recruitment<br>Fundraising Costs<br>Depreciation<br>Office Costs<br>Website / IT Costs<br>Professional / audit fees<br>Internship Programme<br>Irrecoverable VAT<br>Marketing<br>Other Costs<br>Support costs<br>Governance costs<br>**Total expenditure 2022**|Raising<br>funds<br>£<br>55,500<br>-<br>-<br>-<br>6,301<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|||Charitable activities|Charitable activities||~~d~~|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>9,801<br>-<br>-<br>-<br>-|Support<br>costs<br>£<br>117,077<br>-<br>-<br>5,238<br>-<br>27,399<br>48,245<br>9,933<br>-<br>4,248<br>25,119<br>11,690<br>61,053|**2022**<br>**Total**<br>**£**<br>**282,590**<br>**247,288**<br>**41,626**<br>**5,238**<br>**6,301**<br>**78,473**<br>**48,245**<br>**9,933**<br>**9,801**<br>**4,248**<br>**25,119**<br>**11,690**<br>**61,053**|
|---|---|---|---|---|---|---|---|---|---|---|
|||Exhibitions <br>£<br>35,431<br>112,298<br>4,000<br>-<br>-<br>13,459<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Participation<br>£<br>18,000<br>9,272<br>16,582<br>-<br>-<br>6,730<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Artists'<br>Studios<br>£<br>13,651<br>-<br>-<br>-<br>-<br>22,833<br>-<br>-<br>-<br>-<br>-<br>-<br>-|International<br>Residencies<br>Programme<br>£<br>35,431<br>39,577<br>18,044<br>-<br>-<br>8,052<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Triangle<br>Network<br>Programme<br>£<br>7,500<br>79,080<br>3,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|~~Eitions~~<br>and prints<br>programm<br>e<br>£<br>-<br>7,060<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||||
||61,801<br>15,500<br>490|165,188<br>55,800<br>1,764|50,584<br>55,800<br>1,764|36,483<br>55,800<br>1,764|101,104<br>55,800<br>1,764|89,580<br>55,800<br>1,764|7,060<br>15,500<br>490|9,801<br>-<br>(9,801)|310,000<br>(310,000)<br>-|**831,600**<br>-<br>-|
||**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<br>The Bag Factory<br>Yinka Shonibare Foundation<br>32 East Ugandan Arts Trust<br>Other small grants (less than £3,000)<br>At the end of the year<br>Triangle France|**2023**<br>**£**<br>**57,481**<br>**-**<br>**-**<br>**5,000**<br>**2,000**<br>**3,090**|2022<br>£<br>31,000<br>15,715<br>727<br>13,410<br>5,258<br>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<br>Pensions<br>Salaries and wages|**2023**<br>**£**<br>**262,420**<br>**18,612**<br>**6,953**|2022<br>£<br>253,703<br>20,939<br>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<br>Marketing<br>Front of House<br>Exhibitions and Residencies<br>Education<br>Fundraising|**2023**<br>**No.**<br>**4**<br>**1**<br>**2**<br>**1**<br>**1**<br>**5**|2022<br>No.<br>4<br>1<br>2<br>1<br>1<br>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**<br>At the end of the year<br>**Net book value**<br>**At the end of the year**<br>At the start of the year<br>Additions in year<br>Disposals<br>At the end of the year<br>**Depreciation**<br>At the start of the year<br>Charge for the year<br>Disposals<br>**Tangible fixed assets**<br>**Cost or valuation**<br>At the start of the year|Land<br>£<br>629,450<br>-<br>-|Building<br>Purchase<br>£<br>1,161,050<br>-<br>-|Building<br>Improvements<br>£<br>798,772<br>12,340<br>-|Computer<br>Equipment<br>£<br>10,653<br>6,878<br>-|F&F and<br>Equipment<br>£<br>23,251<br>-<br>-|**Total**<br>**£**<br>**2,623,176**<br>**19,218**<br>**-**|
|---|---|---|---|---|---|---|
||629,450|1,161,050|811,112|17,531|23,251|**2,642,394**|
||-<br>-<br>-|131,054<br>23,221<br>-|350,202<br>53,731<br>-|10,285<br>1,312<br>-|18,539<br>1,416<br>-|**510,080**<br>**79,680**<br>**-**|
||-|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<br>**Debtors**<br>Trade debtors<br>Deposits and prepayments<br>Accrued income<br>Other debtors|**2023**<br>**£**<br>**11,939**|2022<br>£<br>10,853|
|---|---|---|
||**2023**<br>**£**<br>**26,998**<br>**5,702**<br>**138,691**<br>**1,534**|2022<br>£<br>819<br>12,021<br>43,310<br>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<br>Amounts falling due within one year<br>Trade creditors<br>Taxation and social security<br>Accrued Expenditure<br>Deferred income (note 16)<br>Credit Card and refundable deposits<br>Creditors: amounts falling due after one year|**2023**<br>**£**<br>**6,959**<br>**1,311**<br>**6,256**<br>**276,094**<br>**2,699**|2022<br>£<br>11,428<br>1,375<br>13,527<br>66,453<br>6,025|
|---|---|---|
||**293,321**|98,808|
||**2023**<br>**£**<br>**387,500**|2022<br>£<br>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<br>Artus - Peruvian Residency 22/23<br>Brazil Residency 22/23<br>Freelands Foundation 21/22/23<br>The Institutum Limited 22/23<br>Bolivian Residency 22/23<br>Prudence Macleod 23/24/25<br>Art X Lagos - Nigeria residency 23/24<br>Erica Roberts - Argentina residency 23/24<br>Accion Cultural Espanola - Spain residency 23/24<br>The Institutum Limited - Malaysia residency 23/24<br>Brazil residency patrons circle 23/24|Brought<br>forward at 1<br>April 2022<br>£<br>7,250<br>7,250<br>6,300<br>35,953<br>8,500<br>1,200<br>-<br>-<br>-<br>-<br>-<br>-|Received<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>240,637<br>7,500<br>8,021<br>3,436<br>9,000<br>7,500|Released<br>£<br>7,250<br>7,250<br>6,300<br>35,953<br>8,500<br>1,200<br>-<br>-<br>-<br>-<br>-<br>-|**Carried**<br>**forward at 31**<br>**March 2023**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**240,637**<br>**7,500**<br>**8,021**<br>**3,436**<br>**9,000**<br>**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**<br>2022<br>**£**<br>£<br>**204**<br>306<br>**204**<br>306<br>Equipment|**2023**<br>2022<br>**£**<br>£<br>**204**<br>306<br>**204**<br>306<br>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**<br>**Total Funds**<br>General Funds:<br>Triangle Network Programme<br>Editions Production<br>Exhibition Programme<br>Residency House<br>Capital Renewal Fund<br>**Sub total designated funds**<br>Triangle Network Programme<br>Capital Building Project<br>Triangle Network Fund<br>**Unrestricted funds**<br>**Unrestricted funds:**<br>**Designated funds:**<br>Petitgasworks<br>**Total unrestricted funds**<br>Exhibitions Programme<br>Participation Programme<br>International Residencies<br>Programme<br>**Restricted funds:**|At<br>31 March<br>2022<br>£<br>2,000<br>23,393<br>3,475<br>67,915<br>1,421,064<br>215|Incoming<br>Resources<br>£<br>113,109<br>29,395<br>133,439<br>88,543<br>-<br>-|Resources<br>Expended<br>£<br>(115,109)<br>(28,686)<br>(105,714)<br>(73,964)<br>(72,251)<br>-|Transfers<br>£<br>-<br>-<br>(31,200)<br>(81,300)<br>-<br>-|**At**<br>**31 March**<br>**2023**<br>**£**<br>**()**<br>**24,102**<br>**()**<br>**1,194**<br>**1,348,813**<br>**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<br>45,771<br>8,000<br>31,632<br>7,894<br>70,000<br>123,579<br>286,876|462,374<br>45,411<br>10,000<br>15,332<br>-<br>-<br>-<br>70,743|(439,874)<br>(4,996)<br>(8,000)<br>(18,500)<br>-<br>-<br>(4,221)<br>(35,717)|(22,500)<br>(40,000)<br>-<br>-<br>-<br>-<br>175,000<br>135,000|**80,000**<br>**46,186**<br>**10,000**<br>**28,464**<br>**7,894**<br>**70,000**<br>**294,358**<br>**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<br>Loan Balance<br>Designated Balance|**At**<br>**31 March**<br>**2023**<br>**£**<br>681,858<br>(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**<br>**Total Funds**<br>General Funds:<br>Editions Production<br>Exhibition Programme<br>Residency House<br>Capital Renewal Fund<br>ACE Cultural Recovery Fund<br>**Sub total designated funds**<br>**Total unrestricted funds**<br>Capital Building Project<br>Internship Programme<br>Triangle Network Fund<br>**Unrestricted funds**<br>**Unrestricted funds:**<br>**Designated funds:**<br>Triangle Network PhD<br>Triangle Network Programme<br>**Restricted funds:**<br>Exhibitions Programme<br>Participation Programme<br>International Residencies<br>Programme<br>Triangle Network Programme<br>Petitgasworks|At<br>30 March<br>2021<br>£<br>23,071<br>10,042<br>11,551<br>12,660<br>1,493,989<br>-<br>29,216|Incoming<br>Resources<br>£<br>115,389<br>39,205<br>75,546<br>131,849<br>-<br>4,248<br>-|Resources<br>Expended<br>£<br>(136,459)<br>(25,854)<br>(57,622)<br>(64,095)<br>(72,925)<br>(4,248)<br>-|Transfers<br>£<br>-<br>-<br>(26,000)<br>(12,500)<br>-<br>-<br>(29,000)|**At**<br>**31 March**<br>**2022**<br>**£**<br>**2,000**<br>**23,393**<br>**3,475**<br>**67,915**<br>**1,421,064**<br>**-**<br>**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<br>5,000<br>15,856<br>8,000<br>31,632<br>20,000<br>60,000<br>13,874<br>-<br>154,362|417,832<br>-<br>19,080<br>-<br>-<br>-<br>10,000<br>-<br>72,500<br>101,580|(400,497)<br>(5,000)<br>-<br>-<br>-<br>(46,606)<br>-<br>(13,874)<br>(4,421)<br>(69,901)|(33,335)<br>-<br>10,835<br>-<br>-<br>34,500<br>-<br>-<br>55,500<br>100,835|**80,000**<br>**-**<br>**45,771**<br>**8,000**<br>**31,632**<br>**7,894**<br>**70,000**<br>**-**<br>**123,579**<br>**286,877**|
||250,362|519,412|(470,398)|67,500|**366,877**|



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

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



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

35