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2024-03-31-accounts

Company number: 01646688 Charity number: 326411

Triangle Arts Trust

Report and financial statements For the year ended 31 March 2024

Triangle Arts Trust

Contents

For the year ended 31 March 2024

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 2024

Company number 01646688 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 in November 2022) Pio Abad (Resigned in November 2023) Kaushik Ray Philippa Turner Treasurer Michael Armitage (Resigned in June 2024) Anne Thidemann James Green Omosuyi Fred-Omojole (Appointed in September 2022) Michelle Williams Gamaker (Appointed in September 2022) Key management Robert Leckie Director, Gasworks personnel Alessio Antoniolli Director, Triangle Network Rosa Harvest Deputy Director, Gasworks and Triangle Network Laura Hensser Managing Director (Resigned in September 2023) Bankers National Westminster Bank plc 1 Princes Street London, EC2R 8PA Independent Joanna Pittman FCA examiner Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2024

The trustees present their report and the independently examined financial statements for the year ended 31 March 2024.

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.

Gasworks and Triangle Network Vision and Mission

Gasworks, the hub of Triangle Network, is a contemporary visual arts organisation located in London. It provides studios for local artists, serving as a creative space for them to develop their practice. Gasworks also hosts artists' residencies, inviting both UK and international artists to engage in cultural exchange and professional growth. Through a comprehensive programme of exhibitions, events, and educational activities, Gasworks supports the development of talent, particularly for those at the early stages of their careers or those needing time to experiment with innovative ideas, methods, and media.

Triangle Network is an international collective of grassroots arts organisations dedicated to supporting and promoting emerging artistic talent through cultural exchange and artist mobility. Since its establishment in 1982, Triangle has focused on fostering creativity and innovation through various programs and activities, including workshops, residencies, exhibitions, and outreach events. Additionally, Triangle Network is committed to peer-to-peer learning, professional development for artists, and the promotion of emerging international art practices.

Vision

Gasworks and Triangle Network create projects and develop partnerships at local and international level, prioritising activities that support emerging artists and peer organisations in underrepresented 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 Network’s projects are artist-led, process based and open-ended. Similarly, exhibitions are generally the result of new commissioned work resulting from long-term engagement and discussion between artists, curators, and coordinators.

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Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2024

Strategic Aims

Triangle Arts Trust accomplishes its charitable objectives by:

The trustees annually review the aims, objectives, and activities of the charity. This report examines the charity’s activities, achievements, and outcomes during the reporting period. It highlights the success of each key activity and the benefits the charity has provided to its target groups. This review ensures that the charity's aims, objectives, and activities remain aligned with its stated purposes.

The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. They specifically consider how planned activities will contribute to the established aims and objectives.

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 2023/24 Gasworks and Triangle Network delivered their aims and objectives, across the following major areas of activity:

  1. Exhibitions & Online Programme 2. Participation Programme

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  1. Provision of artists’ studios

  2. Residencies Programme

  3. Triangle Network Programme

  4. Editions and Prints Programme

In 2021, Triangle Arts Trust purchased Petitgasworks, a 5-bedroom house in Stockwell, to accommodate residency artists. This unique opportunity was made possible through a generous interest-free loan of £725,000 from the Chair of Triangle’s Board of Trustees, Catherine Petitgas, repayable over five years. In the first year (2021/22), the charity repaid £90,000 using restricted Triangle funds, patron donations, and contributions from Trusts and Foundations. Additionally, Ms. Petitgas donated £72,500 (10% of the loan). In the second year, we repaid £175,000, and in the third year, we repaid £214,528, leaving £172,949 to be raised over the next two years. This project significantly enhances the resilience and sustainability of the organisation.

1. Exhibitions & Public 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 both UK and international artists. The organisation particularly focuses on artists who are under-represented in the global arts scene, ensuring diverse voices and perspectives are showcased and supported.

All exhibitions are complemented by a dynamic public programme designed to offer diverse ways for audiences to engage with new commissions. In 2023/24, our public programming featured a variety of events, including performances, talks, workshops, openings, and film screenings. Additionally, each artist created a video interview, which was shared across Gasworks' online channels to further enhance audience interaction with the exhibitions.

Dates Exhibition Title 2 February – 30 April 2023 Ingela Ihrman: Nocturne 25 May – 10 September 2023 Kent Chan: Future Tropics 28 September – 17 December 2023 Trevor Yeung, Soft ground 1 February – 28 April 2024 Anna Perach: Holes

2. Participation Programme

Gasworks' Participation Programme aims to broaden access to contemporary art for local communities in Vauxhall, South London through interactive projects such as workshops, residencies, commissions, and events. These activities foster collaboration and strengthen community cohesion through artist-led initiatives.

The Gasworks Participation Residency Artist Programme specifically targets local communities in Lambeth and Southwark, enhancing access to contemporary art by facilitating collaboration between artists and migrant communities. Over an eight-month residency, artists engage directly with these communities, leading workshops, commissions, and events that not only widen

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participation but also support the organisation's mission to nurture emerging artists and engage local audiences.

From October 2023, José García Oliva was appointed the Gasworks Participation Artist, undertaking an eight-month residency focused on working with migrant and refugee communities in Lambeth and Southwark. Celebrating the legacy of Latin American resistance in the UK, José's work highlighted the importance of workers' rights through workshops, play, and discussion. In collaboration with partners Triangle Adventure Playground (TAP), Latin American Youth Forum (LAYF), and Out and Proud African LGBTI (OPAL), José addressed children's rights, the power of complaint, and developed a Latin American resistance archive.

During the 2023/24 period, José conducted 11 participatory workshops, engaging 134 local participants, 90% of whom were from migrant and refugee communities. The main outcome of the residency will be an intergenerational event, LAND-ING / A-TERR-IZAR, held on 22 June in Burgess Park, showcasing collaborative work produced during José's residency. Additionally, a film documenting the work in progress will be shared across Gasworks' online channels.

Gasworks also collaborated with the Association of Latin American Parents (AMPLA) on a project called Manos Creando, which brought together Latinx artists in London with AMPLA members and their families. This partnership included workshops led by nine artists using various artistic techniques. Each workshop created a space for the community to gather, connect, heal, and share, enhancing collective well-being. The seven-month project culminated in a final exhibition at Gasworks from 24-28 April 2024, featuring work produced in the workshops and exploring themes of identity, heritage, well-being, and community

Participation Advisory Board

The Participation Advisory Board has pioneered an innovative framework for social participatory arts programmes, emphasising a politically engaged, equitable, and intersectional approach. The board meets monthly and includes a diverse group of stakeholders, such as current, past, and future community members, artists, institution representatives, external experts, and critical friends. All members are actively involved in the analytical process and are compensated for their contributions. This inclusive method empowers all participants to shape the programme’s direction actively, redefining success through meaningful engagement and continuous learning.

Gasworks would like to thank the following organisations for their contribution to the participation programme across 2023/24:

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3. Provision of artists’ studios

Throughout the year, Gasworks offered nine subsidised studios to emerging and mid-career artists based in London. The organisation ensured a diverse representation in terms of practice, gender, sexuality, and ethnic background among the studio artists. By providing these studios, Gasworks fosters an environment that encourages innovative artmaking through dialogue and peer-to-peer support.

Artist studio holders 2023/24:

4.Zeinab Saleh

4. International Residencies Programme

Gasworks' Residencies Programme nurtures emerging international and UK artists by providing studios and accommodation for three months. This setup fosters a collaborative environment where artists can exchange ideas with peers and staff, often leading to experimentation with new concepts and materials.

In 2023/24 Gasworks hosted the following international residencies:

Date Artist Country of Residence
11 Apr – 26 Jun 23 Agrade Camíz Brazil
11 Apr – 26 Jun 23 Blanca Gracia Spain
11 Apr – 26 Jun 23 Clara Esborraz Argentina
11 Apr – 26 Jun 23 Cheong See Min Malaysia
3 Jul – 18 Sep 23 Dafe Oboro Nigeria
3 Jul – 18 Sep 23 Moisés Yunga Veintimilla Ecuador
3 Jul – 18 Sep 23 Niamat Nigar Pakistan
3 Jul – 18 Sep 23 Abin Sreedharan K P India
2 Oct – 18 Dec 23 Micha Serraf South Africa/Zimbabwe
2 Oct – 18 Dec 23 Gideon Gomo Zimbabwe
2 Oct – 18 Dec 23 Sorawit Songsataya Aotearoa New Zeland
2 Oct – 18 Dec 23 Luis Enrique Zela-Koort Peru
8 Jan – 25 Mar 24 Alice Visentin Italy
8 Jan – 25 Mar 24 Katherine Nuñez Philippines

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8 Jan – 25 Mar 24 NadiA El Salvador
8 Jan – 25 Mar 24 Odur Ronald Uganda
8 Jan – 25 Mar 24 Riar Rizaldi Indonesia

5. Triangle Network Programme

Triangle Network works globally to build strategic partnerships, secure funding, and support its activities and programmes in collaboration with various partners. Its UK hub, Gasworks, plays a crucial role in supporting new grassroots projects by helping them secure funding and implement their programmes.

In 2023/24, Alessio Antoniolli, the Director of both Gasworks and Triangle Network, announced his plan to focus exclusively on Triangle Network. Starting in April 2024, Antoniolli will allocate two days a week to Triangle Network on a trial basis.

Throughout the year, Antoniolli also engaged in key international activities, including presenting at ARTBO in Bogotá and attending an exhibition opening at the Nairobi Contemporary Art Institute. These efforts were part of a broader strategy to enhance funding opportunities and expand global networks. Additionally, Triangle Network initiated a series of online and in-person meetings to share knowledge and define a clear mandate for the Triangle Director. These meetings focused on researching and raising funds for Triangle’s initiatives, such as residencies, secondments, and touring exhibitions.

Collaborations continued with Triangle Network partners like Vasl Artists’ Association in Karachi (Vasl) and Bag Factory in Johannesburg, who were involved in the curatorial teaching programme with RCA students. Furthermore, a residency for a UK artist was organised with URRA in Buenos Aires, with ongoing discussions to develop this programming further.

Funding from British Council supported a curatorial exchange between Gasworks and Vasl (Karachi). Four emerging Pakistani curators participated in a research trip to the UK in December 2023, facilitated by Gasworks’ curator Rosa Tyhurst. In November 2023 Rosa was hosted by Vasl for her research trip in Pakistan.

Antoniolli also met with various Triangle Network partners to explore future collaborative opportunities and strengthen the network’s global presence.

6. Editions and Prints Programme

Gasworks' artist editions play a crucial role in advancing our charity's objectives by supporting our artistic activities, reaching new audiences, and enhancing the visibility of the organisation. Proceeds from the sale of these editions are reinvested into running the organisation, commissioning new artists' works, and creating future opportunities for artists. This year, we produced editions with Agrade Camiz, Blanca Gracia, Trevor Yeung, and Anna Perach.

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In October 2023, Gasworks participated in the Allied Editions booth at the Frieze Art Fair, which helped introduce our editions programme to a wider audience and significantly boosted sales. For 2023/24, we are planning to create three new editions to celebrate our 30th anniversary and will continue to develop this programme as a vital source of income.

Sources of Income

Triangle Arts Trust continues 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 : Arts Council England Individual Supporters and Patrons: Principal Supporters Catherine Petitgas Prue MacLeod

Participation Supporters City Bridge Foundation Lambeth Wellbeing Fund The London Community Foundation Royal College of Art

Online Programme Support Hélène Nguyen-Ban Residency Supporters AC/E ART X / Access Corporation British Council Aotearoa New Zealand and the Pacific ARTUS Peru Artworkers Retirement Society Brazil Residency Patrons Circle Charles Wallace Pakistan Trust/ Rangoonwala Foundation Charles Wallace India Trust/ Inlaks Shivdasani Foundation Contemporary Bolivian Arts Trust Creative New Zeland EACHEVE

Exhibition Supporters Veronica and Lars Bane Blindspot Gallery Adam Clayton David Zwirner Thomas Forwood and Leslie Ramos Gathering Alex Haidas Caroline Hempstead Henry Moore Foundation Bella Kesoyan Frank Kirkhaar Amanda Lambert Mondriaan Fonds National Arts Council Singapore Richard Saltoun Gallery Bianca and Stuart Roden Guillaume de Saint Seine and Juan Carlos Bendana Pinel Mariana Teixeira De Carvalho Tiwani Contemporary Marion and Christoph Trestler White Cube Patrons Bruna Antelo Andrea Basile Patricia and José Bonchristiano Selim Bouafsoun Pierre and Angela Bourderye Priscila and Louis de Charbonnières Cecilia Brunson Projects Corvi-Mora

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The Institutum Jan Warburton Charitable Trust Fondazione Memmo New Zealand Friends of Gasworks Erica Roberts/ Fundación arteBA/ URRA Mercedes Vilardell Stephanie Post Libby and David Richwhite Shelagh Wakely Bequest/ The Elephant Trust Mercedes Zobel

Jenn Ellis Zarela Feeny Ricardo and Alessandra Ferrari Sandra and Ruy del Gaiso Jenifer Golley 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 Veronique Parke Benedicta L. P. Pellegrini Kaushik Ray Ayo shonibare & Daniek Goschalk Dr Dimitrios Tsivrikos Lucrecia and Roberto Vinhaes Indira Ziyabek

Friends

John and Sandra Amedick Belen and Georg Orssich Sanches Cortes Adela Bello Veronique Parke Rosie Bichard Benedicta L. P. Pellegrini May Calil and Tom Dingle Kaushik Ray Lavinia Calza Ayo shonibare & Daniek Goschalk Ivonne Cantú Dr Dimitrios Tsivrikos Eric Guichard Lucrecia and Roberto Vinhaes Marina Heritier Indira Ziyabek Martin Junga Diana Kyllman Petitgaswork Supporters LAMB Gallery The African Arts Trust James Maltz Catherine Petitgas Simon Coscarelli Parma and Alejandro Parma David Zwirner Rachel Mapplebeck Michael Armitage Irina Pfander Brazil Residency Patrons Circle Benedicta and Benoit Pellegrini Lisa Brice Marcela Roca and Tambo Chicani Adam Clayton Claudia Trosso Contemporary Bolivian Arts Trust Vanessa Vásquez Corvi-Mora Zarela Feeny Kudzanai-Violet Hwami Erica Roberts Susan Rosenberg and John Lazar Mariana Teixeira De Carvalho Mercedes Vilardell Victoria Miro

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Beneficiaries of our services

Our beneficiaries include both UK and international artists, local communities, underserved groups in Lambeth, and the general public.

Triangle Arts Trust ensures that the majority of its charitable activities are free and accessible to the public. This includes exhibitions, public programmes, and all online content produced throughout the year, which is available at no cost.

Measuring Impact

The impact and quality of our charitable activities are assessed through regular monitoring of media coverage, artwork trajectories, audience engagement, and feedback from artists. The charity also prioritises staff development and extensive curatorial research to keep the programme competitive and to support the growth of emerging artists globally. Additionally, the organisation adheres to rigorous reporting and evaluation processes at both the staff and board levels.

In 2023/24, we introduced new monitoring tools to align with the updated reporting requirements under Arts Council England's 23-26 National Portfolio. This included adopting Illuminate, a new platform for gathering detailed audience demographics.

Impact for year ended 31 March 2024

In 2023/24, Gasworks welcomed 6,879 visitors to the building, maintaining the attendance numbers from the previous year.

Our online interview series with residency and exhibition artists achieved significant engagement, garnering 207,010 views, a 45% increase from the previous year.

We supported the development of 42 artists across our exhibitions, public programmes, residencies, and participation initiatives. This included the successful commissioning of three major new exhibitions and bodies of work.

Staying true to our mission, 90% of our artistic programme had an international focus. Notable exhibiting artists included Kent Chan from Amsterdam, Ingela Ihrman from Malmö, and Trevor Yeung from Hong Kong.

Our commitment to nurturing emerging talent continued with close collaboration with students from the Royal College of Art's Curating Contemporary Art course. We provided them with comprehensive access to our organisation and supported them in developing an exhibition at Gasworks. The exhibition, ‘Blue Space: The Changing Currents of Resilient Waterways’, took place from 25 – 28 May 2023 and was a collaborative project by artists Priysha Rajvanshi and Elise Guillaume.

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To better understand our audience demographics, we collected data from 488 respondents using Arts Council England’s Illuminate Platform. The data reveals that 42% of our audience belongs to global majority groups (up from 30% in 22/23), 58% are female (up from 55%), 42% identify as LGBTQI+, 23% are neurodivergent, and 9% are D/deaf or Disabled (up from 8% in 22/23). These demographics underscore the remarkable diversity of our audience, reflecting the broad inclusivity of our programming.

Our social media presence grew significantly, reaching 130,000 followers across Facebook, Twitter, and Instagram. Internationally, about 65% of our social media followers are based outside the UK. On our website, 44% of users are from outside the UK, with the highest percentages from the US, Spain, Brazil, Italy, and India.

Financial review

The results of the year to 31 March 2024 are set out in the statement of financial activities. Incoming Resources for the year are £852,759 (2023: £857,270), representing a decrease of 0.01%. Resources Expended are £753,908 (2023: £830,983) representing a decrease of 9.3%.

For the year ended 31 March 2024, the Trust shows a net surplus of £98,851 (2023: £26,287). As of 31 March 2024, the Trust had net assets of £2,010,077 (2023: £1,911,226) with net current assets of £203,032 (2023: £246,092).

Unrestricted funds of the charity amount to £703,299 of which £80,000 makes up the General reserves fund and £623,299 are designated funds. Restricted funds amounted to £1,306,778 on 31 March 2024, of which £1,276,563 is related to the Capital Building Project.

Reserves policy and going concern

Notes to the financial statements provide details on the assets and liabilities of the Charity's various funds and summarize the movements in each fund for the year.

The Trustees have determined that the minimum desirable level of unrestricted funds should cover 13 weeks of unrestricted support costs, approximately £80,000. During the year, the Charity successfully maintained this reserve of £80,000. Consequently, any amounts exceeding this general reserve are designated for specific purposes.

Since the reopening of the Gasworks building, the Charity has established a designated Capital Renewal Fund, allocating at least £10,000 annually as recommended by the 2012 Feasibility Study. This fund now totals £90,000 and is reserved for major repairs, anticipated to be needed 5-10 years post-reopening.

During the year, the Charity transferred £149,028 from restricted funds to designated funds to account for their use in financing the residency house. These funds, along with others, are

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managed within the Petitgasworks designated fund, which represents the value of the residency house in fixed assets, minus the loan used for its purchase.

The Trustees will continue to monitor the Charity’s financial position to ensure that unrestricted reserves are adequate to meet its working capital needs.

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: Cost of living crisis impacts staff salaries - organisation unable to afford this long-term Mitigation: Carry out benchmarking review with wider sector and present findings to trustees. Continue to review budgets.

Risk: Brexit and current economic climate affect income (fundraising and bank interest) Mitigation: Continue diversifying income sources (corporate, individuals etc, flexibility in budgets for programme

Risk: New pandemic and environmental / climate disasters causing the cancellation of projects in the short-medium term.

Mitigation: Create operational and budget scenarios to implement short- and long-term plans of action. Maintain open conversation with funders and react quickly to external opportunities for support set out to mitigate the crisis

Risk: High staff turnover (across sector) resulting in high recruitment and training costs, general inefficiency and lack of continuity.

Mitigation: Opportunities for professional development and ad-hoc training, support from Directors

Risk: Fundraising delays and unable to pay back loan on residency house with funding from Catherine Petitgas

Mitigation: Consider taking out mortgage to cover shortfall. £90k Sinking Fund in place to mitigate financial impact of this risk if needed.

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Risk: Inflation rates fluctuation affecting management and organisational costs. Unable to cover core expenditure or programme expenditure

Mitigation: Ensure management of finances remains a priority. Retain reserves level of £80,000 (current level) to cover staffing costs.

Risk: Building fabric is damaged or becomes unsound/unsafe and needs major repairs Mitigation: Both building and house in good conditions. Sinking in fund for both is currently at £90k. Full survey done in advance of Berkeley Homes Development starting. Close relationship held with Berkeley Homes and issues are monitored carefully.

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 interestbearing 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, Triangle Arts Trust was awarded continuation funding from Arts Council England for the period 2023–2026, which has since been extended to 2027 for all National Portfolio Organisations. This funding is crucial in covering a significant amount of the organisation's core costs.

The year 2023/24 also marked the beginning of a three-year funding commitment from Prue MacLeod to support the residencies and exhibitions programme. This funding will aid three emerging artists, both in the UK and internationally. Riar Rizaldi commenced his three-month residency at Gasworks in January 2024 as part of this programme.

Additionally, early in 2024, the Charity received confirmation of funding from the City Bridge Trust. This grant will support Gasworks' Participation Programme over the next three years, facilitating collaborative projects between artists and migrant communities in Lambeth and Southwark. José García Oliva is the first artist to benefit from this funding, with his residency concluding in July 2024.

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The exhibition programme for 2024/25 is already underway, with three new artists’ commissions in progress. Gasworks aims to achieve the following during this period:

Once the loan for the residency house is fully repaid, all rental income from the residencies will be reinvested into Triangle Network, specifically to support the Director’s salary. This reinvestment will enhance the organisation’s ambition and sustainability in the long term.

Triangle Network Programme and Activities

Starting in April 2024, Alessio Antoniolli will transition from his 18-year dual leadership role at Gasworks and Triangle Network to focus exclusively on Triangle Network. During the autumn 2023 the Board of Trustees recruited a new director for Gasworks and appointed Robert Leckie for the role, with a commencing date of 11 March 2024. Governance and financial operations remain under Triangle Arts Trust. The Deputy Director will continue to support both organisations, ensuring a smooth operational continuity.

Triangle Network plans to advance its development through several key initiatives in 2024/25. The network will work to formalise patronage agreements with major foundations and organisations to support collaborative residency programmes, particularly in the Global South.

Additionally, Triangle Network will seek partnerships with curatorial networks and groups in London to facilitate connections between international curators and Triangle partners. This is expected to lead to residencies and secondments, with funding applications planned for late 2024 and activities set to begin in early 2025.

Triangle Network will continue to assist international partners with knowledge and skills sharing activities and regular online meetings. This includes helping to identify supporters and helping on the delivery of major fundraiser for the new building project by South African partner Bag Factory. Following an initial feasibility period, Alessio will present a new strategy for Triangle Network at a Board Strategy Meeting in November 2024

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.

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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 participate in an orientation session designed to familiarise them with their legal responsibilities under charity and company law. This session covers the Memorandum and Articles of Association, the committee and decision-making processes, the organisation's business plan, programme activities, and recent financial performance. During the induction, Trustees also have the opportunity to meet key staff and fellow Trustees. Additionally, Trustees are encouraged to attend relevant external training events to enhance their effectiveness in the 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 Deputy Director. The Director is responsible to the Chair of the Board of Trustees.

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 dedicated to advancing equality and diversity and preventing discrimination across all its activities, including governance, employment, programming, and audience engagement.

The charity is committed to ensuring that no job applicant or employee faces less favourable treatment based on race, colour, gender orientation, nationality, religion or belief (or lack of belief), ethnic or national origin, age, gender, gender reassignment, marital status, sexual orientation, or disability.

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Discrimination of any kind is not tolerated in the terms and conditions offered to workers or job applicants. A Code of Conduct outlining procedures for addressing incidents of discrimination has been prepared and distributed to all staff.

We continuously review and update our internal recruitment policies to ensure they reflect our commitment to anti-racist and intersectional practices. Staff and board members are regularly informed about unconscious bias, anti-racist working principles, and other relevant topics. Gasworks strives to integrate diversity into all aspects of its operations, setting high standards of practice and implementing effective evaluation procedures.

The charity is committed to safeguarding personal information and adheres to GDPR guidelines. We review and update our data protection practices annually, ensuring our privacy policy is accessible on our website and that staff are informed about new procedures. Our Privacy Policy details the collection, use, and security of personal information.

Employee information

The Director and Deputy Director conduct formal annual appraisals for all staff, with input from a Board member when applicable. These appraisal reports are maintained in each staff member's personal file. Leadership and staffing are reviewed periodically by the Board. Professional development is supported through training aligned with development objectives, typically offered via courses, consultancies, and staff participation in research and networking events. A dedicated annual training budget is set aside for this purpose. Given the size of the team, performance monitoring primarily occurs informally during weekly team meetings and programme updates, allowing for prompt resolution of any issues.

Recruitment efforts aim to attract a diverse range of candidates, and Trustees or external partners are consulted for guidance on appointments as needed. To enhance equity and inclusivity, applicants now have the option to submit their applications through audio or video formats in addition to traditional text submissions.

Pay policy

Gasworks’ artist fees align with recommended sector guidelines. These are reviewed annually using sector benchmarking information and agreed upon with key staff members and trustees.

The organisation maintains regular communication with Common Practice, a support and advocacy group of small visual arts and publishing organisations in London, as well as the Plus Tate Network, and CVAN to ensure that salaries reflect current sector standards.

Gasworks encourages Triangle Partners to consult with national peers to establish fair pay scales, especially in areas where the visual arts infrastructure is limited. When such infrastructure is lacking, fair pay is determined based on average rates for professionals in the broader cultural

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sector. Additionally, Gasworks facilitates peer relationships, mentoring, and skill-sharing to promote equitable compensation for artists and art professionals.

In 2023/24, Gasworks worked with Plus Tate peer organisations to review and update its staff pay benchmarks. Pay increases for senior staff members require approval from the Finance Committee.

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).

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 2024 was ten (2023: 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.

17

Triangle Arts Trust

Trustees’ annual report

For the year ended 31 March 2024

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 24 September 2024 and signed on their behalf by:

Chair[|]

Catherine Petitgas

18

Independent auditor’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 2024.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011 (the 2011 Act). 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 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 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 auditor’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, 110 Golden Lane, London, EC1Y 0TG

Date: 14 November 2024

20

Triangle Arts Trust

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

For the year ended 31 March 2024

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:
Grants and donations
Arts Council England: NPO
Individual Donations
Trust and Foundations
Other
Total grants and donations
Expenditure on:
Charitable activities
Exhibitions
Participation
Artists' Studios
International Residencies Programme
Triangle Network Programme
Editions and prints programme
Raising funds
Total resources expended
Net movement in funds
Total funds brought forward
Total funds carried forward
Net income/(expenditure)
Gross transfers between funds		 Unrestricted
Revenue
Funds
£
290,108
27,270
-
52,154		 Restricted Funds Restricted Funds 2024
Total
£
290,108
196,243
168,290
119,552
774,193
14,160
31,512
39,244
70,756
859,109
203,039
94,251
76,545
194,280
52,246
51,366
671,727
82,181
753,908
105,201
-
105,201
1,911,226
2,016,427		 2023
Total
£
290,108
194,842
243,372
85,052
Revenue
Funds
£
-
168,973
168,290
67,398		 Capital
Funds
£
-
-
-
-
369,532 404,661 - 813,374
14,160
31,512
39,244		 -
-
-		 -
-
-		 1,783
29,147
12,966
70,756 - - 42,113
454,448 404,661 - 857,270
95,105
43,202
47,967
57,749
45,659
51,366		 89,150
39,294
-
123,398
6,587
-		 18,784
11,755
28,578
13,133
-
-		 222,539
93,536
84,048
182,130
133,148
19,820
341,048 258,429 72,250 735,221
82,181 - - 95,762
423,229 258,429 72,250 830,983
31,219
140,853		 146,232
(140,853)		 (72,250)
-		 26,287
-
172,072
536,902		 5,379
25,511		 (72,250)
1,348,813		 26,287
1,884,939
708,974 30,890 1,276,563 1,911,226

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

Balance sheet

Balance sheet
Company no. 01646688
As at 31 March 2024
2024 2023
Note £ £ £ £
Fixed assets:
Tangible assets 12 1,979,994 2,052,634
1,979,994 2,052,634
Current assets:
Stock 13 16,334 11,939
Debtors 14 99,899 172,925
Cash at bank and in hand 397,561 354,549
513,794 539,412
Liabilities:
Creditors: amounts falling due within one year 15 (304,412) (293,321)
Net current assets 209,382 246,092
Total assets less current liabilities 2,189,376 2,298,726
Creditors: amounts falling due after one year 15 (172,949) (387,500)
Total net assets / (liabilities) 2,016,427 1,911,226
The funds of the charity: 18a
Restricted income funds
Restricted Capital Funds 1,276,563 1,348,812
Restricted Revenue Funds 30,890 25,511
1,307,453 1,374,323
Unrestricted income funds:
General Funds 102,568 80,000
Designated Funds 606,406 456,902
708,974 536,902
Total charity funds 2,016,427 1,911,226

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 24 September 2024 and signed on their behalf by:

Catherine Petitgas Chair

22

Triangle Arts Trust

Statement of cash flows

For the year ended 31 March 2024

£
230,581
14,160
(9,360)
4,800
-
(214,551)
(214,551)
20,830
354,549
397,561
Reconciliation of net income/(expenditure) to net cash flow from operating activities
£
Net income/(expenditure) (as per SOFA)
105,201
Adjustments for:
Depreciation charges
82,000
Bank Interest Received
(14,160)
(Increase) in Stock
(4,395)
Decrease/(increase) in debtors
73,026
(Decrease)/increase in creditors
(11,091)
Net cash provided by/(used in) operating activities
230,581
Analysis of cash and cash equivalents
£
Cash at bank
397,062
Cash in hand
499
Total cash and cash equivalents
397,561
2024
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
2,024
2,024
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) financing activities
Cash inflows from new borrowing		 £
230,581
14,160
(9,360)
2024		 £
182,705
1,783
(19,218)
2023
4,800 (17,435)
-
(214,551)		 -
(175,000)
(214,551)
20,830
354,549		 (175,000)
(9,730)
364,279
397,561 354,549
£
26,287
79,680
(1,783)
(1,086)
(114,906)
194,513
2023
230,581 182,705
£
397,062
499
2,024		 £
352,543
2,006
2023
397,561 354,549

23

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

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.

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.

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.

24

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

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 19%
˜ Exhibitions 21%
˜ Participation 5%
˜ Artists' Studios 4%
˜ International Residencies Programme 18%
˜ Triangle Network Programme 2%
˜ Editions and prints programme 7%
˜ Support costs 13%
˜ Governance costs 11%

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 2024

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 2024

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:
Grants and donations
Arts Council England Revenue
Arts Council England Catalyst Fund
Individual Donations
Trust and Foundations
Other
Total grants and donations
Expenditure on:
Charitable activities
Exhibitions
Participation
Artists' Studios
International Residencies Programme
Triangle Network Programme
Editions and prints programme
Raising funds
Total resources expended
Net income/(expenditure) for the year and movement
in funds
Gross transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 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
Revenue
Funds
£
-
-
119,812
239,372
5,302		 Capital
Funds
£
-
-
-
-
-
448,888 364,485 - 813,374
1,783
29,147
12,966		 -
-
-		 -
-
-		 1,783
29,147
12,966
42,113 - - 42,113
492,785 364,485 - 857,271
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
339,497 323,473 72,251 735,221
95,762 - - 95,762
435,259 323,473 72,251 830,983
57,525
112,500		 41,012
(112,500)		 (72,251)
-		 26,287
-
170,025
366,877		 (71,488)
96,999		 (72,251)
1,421,063		 26,287
1,884,939
536,903 25,511 1,348,812 1,911,226

27

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

3 Grants and donations

Prior Year
Arts Council England - National Portfolio Organisation
Exhibitions
Participation
International Residencies Programme
Triangle Network Programme
Other
International Residencies Programme
Triangle Network Programme
Other
Current Year
Arts Council England - National Portfolio Organisation
Exhibitions
Participation		 Unrestricted
£
290,108
6,350
-
-
-
73,074		 Restricted
£
-
89,150
45,192
143,498
126,821
-		 2024
Total
£
290,108
95,500
45,192
143,498
126,821
73,074
369,532 404,661 774,193
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
448,889 364,484 813,373

4 Income from charitable activities

Income from charitable activities
Studio Rental Income
Editions and Merchandise
Total income from charitable activities
Current Year		 2024
Total
£
31,512
39,244		 2023
Total
£
29,147
12,966
70,756 42,113

The percentage of incoming resources derived from outside the United Kingdom is 16% (2023: 20%) representing a decrease of 4% (2023: increase of 10%).

All income from charitable activities is unrestricted.

28

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

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 2024		 Raising
funds
£
62,575
-
-
-
8,754
-
-
-
-
-
-
-
-		 Exhibitions
£
66,015
75,109
8,780
-
-
14,064
-
-
-
-
-
-
-		 Participation
£
16,630
21,133
10,383
-
-
7,035
-
-
-
-
-
-
-		 Artists'
Studios
£
13,617
-
-
-
-
23,858
-
-
-
-
-
-
-		 International
Residencies
Programme
£
57,929
60,681
28,187
-
-
8,413
-
-
-
-
-
-
-		 Triangle
Network
Programme
£
6,330
6,846
-
-
-
-
-
-
-
-
-
-
-		 Editions
and prints
programme
£
21,349
19,165
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
36,053
-
-
-
-
-
-
-
5,570
-
-
-
-		 Support
costs
£
41,153
-
-
5,072
-
28,630
56,000
8,730
-
-
19,769
8,008
8,070		 2024
Total
£
321,651
182,934
47,350
5,072
8,754
82,000
56,000
8,730
5,570
-
19,769
8,008
8,070		 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
71,329
8,771
2,081		 163,968
31,578
7,493		 55,181
31,578
7,492		 37,475
31,578
7,492		 155,210
31,578
7,492		 13,176
31,578
7,492		 40,514
8,771
2,081		 41,623
-
(41,623)		 175,432
(175,432)
-		 753,908
-
-		 830,983
-
-
82,181 203,039 94,251 76,545 194,280 52,246 51,366 - - 753,908 830,983

29

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

5b 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
programm
e
£
-
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
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)		 250,955
(250,955)
-		 830,983
-
-
95,762 222,539 93,536 84,049 182,130 133,148 19,820 - - 830,983

30

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

6 Grant making

Grant making
Other small grants (less than £3,000)
At the end of the year
Triangle France
Nairobi Contemporary Art Institute
The Bag Factory
Yinka Shonibare Foundation
32 East Ugandan Arts Trust		 2024
£
-
-
-
-
-
-		 2023
£
57,481
-
-
5,000
2,000
3,090
- 67,571

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. No grants were made in the year.

7 Net (expenditure)/income for the year

This is stated after charging / (crediting):

Other
Depreciation
Operating lease rentals:
Auditors' remuneration (excluding VAT):
Independent Examination
Tax
Other services
Foreign exchange gains or losses		 2024
£
82,000		 2023
£
79,680
- 204
4,000
-
-		 3,500
1,000
-
478 176

Staff costs were as follows:

Salaries and wages
Social security costs
Pensions
£60,000 - £69,999
£70,000 - £79,999
The number of employees whose emoluments exceeded £60,000 was as follows:		 2024
£
292,772
21,420
7,459		 2023
£
262,420
18,612
6,953
321,651 287,985
2024
No.
-
1		 2023
No.
1
-

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

Education
Fundraising
Premises and administration
Marketing
Front of House
Exhibitions and Residencies		 2024
No.
3
-
2
3
1
4		 2023
No.
4
1
2
1
1
5
13 14

The number of staff who were employees during the year was 20 (2023: 22).

One trustee received emoluments of £84 in the period (2023: nil) for out of pocket expenses. No travel expenses were paid to trustees during the period (2023: nil).

Operational directors were reimbursed for £19 of travel expenses during the year (2023: £48).

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 £123,276 (2023: £116,509).

31

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

9 Related party transactions

Aggregate donations from related parties for the year were £18,848 (2023: £11,500). No donations had any conditions attached.

Pio Abad has been a studio artist at Gasworks for 5 years and during 2016/17 became a trustee. He pays the rent at the same rate as all other studio holders. He resigned as a trustee in November 2023 and ceased to be a studio holder in June 2022.

Michelle Williams Gamaker has been a studio artist at Gasworks for 3 years and during 2023/24 became a trustee. She pays the rent at the same rate as all other studio holders.

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 2024 is £172,949 (2023: £387,500).

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 2024, there were 9 members (2023: 10).

12 Tangible fixed assets

Tangible fixed assets
At the end of the year
Net book value
At the end of the year
At the start of the year
Cost or valuation
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		 Land
£
629,450
-
-		 Building
Purchase
£
1,161,050
-
-		 Building
Improvement
£
811,112
-
-		 Computer
Equipment
£
17,531
5,528
-		 F&F and
Equipment
£
23,251
3,832
-		 Total
£
2,642,394
9,360
-
629,450 1,161,050 811,112 23,059 27,083 2,651,754
-
-
-		 154,275
23,221
-		 403,933
54,073
-		 11,597
3,329
-		 19,955
1,377
-		 589,760
82,000
-
- 177,496 458,006 14,926 21,332 671,760
629,450 983,554 353,106 8,133 5,751 1,979,994
629,450 1,006,775 407,179 5,934 3,296 2,052,634

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		 2024
£
16,334		 2023
£
11,939
2024
£
29,165
12,193
58,280
261		 2023
£
26,998
5,702
138,691
1,534
99,899 172,925

14 Debtors

32

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

15 Creditors

Loan
Amounts falling due within one year
Other creditors
Trade creditors
Taxation and social security
Accrued Expenditure
Deferred income (note 16)
Credit Card and refundable deposits
Creditors: amounts falling due after one year		 2024
£
14,771
1,788
6,369
277,391
2,201
1,892		 2023
£
6,960
1,312
6,256
276,094
2,699
-
304,412 293,321
2024
£
172,949		 2023
£
387,500

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

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
White Cube Ltd - Patrons donation 2024
Alexandros Haidas - Programme Patron 2024
Royal College of Art - External Partnership project support 24/25
Accion Cultural Espanola - Lucía Bayón Mendoza residency 24/25
Erica Roberts - Emilia Alvarez Residency 24/25
The Institutum Limited - Tanat Teeradakorn residency 24/25
Berkeley Homes - 30th Anniversary donation
Art X Collective - Julius Agbaje residency 24/25
Catherine Petitgas - 2023/24 Exhibitions Support		 Brought
forward at 1
April 2023
£
240,637
7,500
8,021
3,436
9,000
7,500
-
-
-
-
-
-
-
-		 Received
£
-
-
-
-
-
-
2,500
2,400
6,060
4,019
8,025
9,000
1,000
7,500
10,000		 Released
£
13,750
7,500
8,021
3,436
9,000
7,500
-
-
-
-
-
-
-
-
-		 Carried
forward at 31
March 2024
£
226,887
-
-
-
-
-
2,500
2,400
6,060
4,019
8,025
9,000
1,000
7,500
10,000
276,094 50,504 49,207 277,391

17 Operating lease commitments

At 31 March 2024, Triangle Arts Trust were committed to make the following payments in respect of operating leases as follows:

Due in 1 year
Due in 1-5 years
Due in 5+ years		 2024
2023
£
£
775
204
2,326
-
582
-
3,683
204
Equipment		 2024
2023
£
£
775
204
2,326
-
582
-
3,683
204
Equipment
3,683 204

33

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

18a Movements in funds (current year)

Total restricted funds
Total Funds
General Funds:
30th Anniversary
Restricted funds:
Exhibitions Programme
Participation Programme
International Residencies Programme
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		 At
1 April
2023
£
-
24,102
-
1,194
1,348,813
215		 Incoming
Resources
£
89,150
45,192
143,498
126,821
-
-		 Resources
Expended
£
(89,150)
(39,294)
(123,398)
(6,587)
(72,250)
-		 Transfers
£
-
(20,100)
(121,428)
675
-		 At
31 March
2024
£
-
30,000
-
-
1,277,238
215
1,374,324 404,661 (330,679) (140,853) 1,307,453
536,902 454,448 (423,229) 140,853 708,974
1,911,226 859,109 (753,908) - 2,016,427
80,000
46,186
10,000
28,464
-
7,894
70,000
294,358
456,902		 454,448
-
-
-
-
-
-
-
-		 (350,849)
(45,659)
(10,000)
(12,500)
-
-
-
(4,221)
(72,380)		 (81,031)
(527)
-
-
10,000
(7,894)
5,554
214,751
221,884		 102,568
-
-
15,964
10,000
-
75,554
504,888
606,406
536,902 454,448 (423,229) 140,853 708,974

Purposes of Restricted funds

Exhibition Programme - Four 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 .

30th Anniversary Fund - to provide for the costs of Gasworks' 30th anniversary events and activities in 2024/25

Residency House - Funds set aside for Residency House refurbishment.

Capital Renewal Fund - £10,000 per year to renewal fund. No contribution to this fund was made in 2022/23 so £20,000 has been allocated this year. 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
2024
£
677,837
(172,949)
504,888

34

Triangle Arts Trust

Notes to the financial statements

For the year ended 31 March 2024

18b Movements in funds (prior year)

Total restricted funds
Total Funds
General Funds:
Residency House
Capital Renewal Fund
Petitgasworks
Sub total designated funds
Total unrestricted funds
Editions Production
Exhibition Programme

Restricted funds:
Exhibitions Programme
Participation Programme
International Residencies
Programme
Triangle Network Programme
Capital Building Project
Triangle Network Fund
Unrestricted funds
Unrestricted funds:
Designated funds:
Triangle Network Programme		 At
1 April
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
1,518,062 364,486 (395,723) (112,500) 1,374,324
366,877 492,784 (435,259) 112,500 536,902
1,884,939 857,270 (830,982) - 1,911,226
80,000
45,771
8,000
31,632
7,894
70,000
123,579		 422,041
45,411
10,000
15,332
-
-
-		 (399,541)
(4,996)
(8,000)
(18,500)
-
-
(4,221)		 (22,500)
(40,000)
-
-
-
-
175,000		 80,000
46,186
10,000
28,464
7,894
70,000
294,358
286,876 70,743 (35,717) 135,000 456,902
366,876 492,784 (435,257) 112,500 536,902

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

Analysis of net assets between funds (current year)
Net current assets
Creditors falling due after 1 year
Net assets at 31 March 2024
Tangible fixed assets		 Unrestricted
£
702,756
179,167
(172,949)		 Restricted
Revenue
£
-
30,215
-		 Restricted
Capital
£
1,277,238
-
-		 Total
funds
£
1,979,994
209,382
(172,949)
708,974 30,215 1,277,238 2,016,427

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

Analysis of net assets between funds (prior year)
Tangible fixed assets
Net current assets
Creditors falling due after 1 year
Net assets at 31 March 2023		 Unrestricted
£
703,822
220,580
(387,500)		 Restricted
Revenue
£
-
25,512
-		 Restricted
Capital
£
1,348,812
-
-		 Total
funds
£
2,052,634
246,092
(387,500)
536,902 25,512 1,348,812 1,911,226

35