OpenCharities

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2025-03-31-accounts

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Charity registration number 326411 (England and Wales)
Company registration number 01646688
TRIANGLE ARTS TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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+7 7788

TRIANGLE ARTS TRUST

CONTENTS

Page

Trustees' report

Independent examiner's report

Statement of financial activities

Balance sheet

Notes to the financial statements

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23

24 - 25

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27-44

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Trustees’ Annual Report for the year ended 31 March 2025
The trustees present their annual report and financial statements for the year ended 31 March
2025.
The financial statements have been prepared in accordance with the accounting policies set out
in note 1 to the financial statements and comply with the charity's governing document, the
Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland" and the Charities SORP "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)".
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 Arts Trust Vision ad Mission
Triangle Arts Trust is the registered charity that encompasses both Gasworks and Triangle
Network.
Gasworks, based in South London, is anon-profit arts organisation that has supported more than
600 artists from over 80 countries since its founding in 1994. We commission and produce
exhibitions by UK-based and international artists, and host residencies that enable artists from
all over the world to research and develop new work in London. We also provide subsidised
studios for London-based artists and co-design participation activities together with local artists
and community partners.
Triangle Network connects Gasworks to a global consortium of over twenty arts organisations,
primarily in Africa, Asia, and South America. The network facilitates artist residencies,
workshops, and peer-to-peer exchanges, fostering cross-cultural dialogue and artistic growth.
This international perspective directly informs and enhances Gasworks’ programme, creating
unique opportunities to support and showcase artists from diverse places and backgrounds.
Vision
Gasworks’ vision is to support creative development and cultural exchange for artists from all
places and backgrounds. Triangle Network’s vision is a more equitable and sustainable
contemporary art infrastructure throughout the world.
Strategic Aims
Triangle Arts Trust accomplishes its charitable objectives by:
e Support UK-based and international artists through exhibitions, commissions,
residencies, events, subsidised studios, and co-designed participation projects.
e Provide free programmes and opportunities that benefit artists, audiences, and the local
community.
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e Strengthen international, artist-led, and non-profit contemporary art organisations
through Triangle Network, fostering cultural exchange and collaboration.
e Build infrastructure for grassroots arts organisations in areas of need.
e Nurture emerging talent with limited access to opportunities.
e Promote diversity, inclusion, and freedom of expression across all activities.
Values
The values that underpin all our work are:
e Community: We are a diverse, inclusive and equitable home for artists and arts
professionals, where people are encouraged to be and express themselves freely.
e Cultural exchange: We enable cultural exchange between local and international artists,
arts professionals, audiences and communities.
e Creative career development: We support artists and arts professionals to develop,
take risks and thrive, offering critical guidance and responding to their changing needs.
e Innovation: We commission, produce and present innovative artwork and events by
emerging and underrepresented artists and arts professionals from all backgrounds.
e Sustainability: We are a resilient organisation working to become increasingly
sustainable, both financially and environmentally.
e Collaboration: We champion collaboration across all areas of our work, fostering
cultural exchange and strengthening connections between cultural organisations, artists,
and arts professionals in the UK and around the world.
In reviewing our aims and planning our work, the Trustees follow the Charity Commission’s
guidance on public benefit. We are confident that the activities described in this report — from
supporting artists and grassroots arts organisations to providing free exhibitions, events, and
participation projects — deliver clear and measurable public benefit in line with the Charities Act
2011.
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.
2024/25 Highlights
e Welcomed 9,000 visitors to Gasworks to experience our exhibitions, meet artists, and
take part in our programmes.
e Showcased three new commissions through the first solo UK exhibitions by UK-based
and international artists.
e Launched three new editions to mark our 30th anniversary, presented at David Zwirner.
e Hosted 17 international artists as part of our residencies programme.
e Produced 23 artist videos, reaching 250,000 views online.
e Supported and collaborated with 50+ artists across all our programmes.
e Maintained 9 studios for London-based artists at below-market rates.
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e Welcomed audiences that were 41% global majority, 37% LGBTQI+, 23% neurodivergent,
and 8% D/deaf or disabled.
Highlights - Case Studies
Triangle Arts Trust turns 30 & welcomes new Director, Robert Leckie
2024 was an important year for Triangle Arts Trust, marking our 30th anniversary and a major
leadership transition. After 27 years as Director, Alessio Antoniolli stepped into a new role as
Director of Triangle Network, with Robert Leckie appointed as Gasworks’ new Director. These
two milestones offered a unique moment to reflect on three decades of supporting artists,
fostering international cultural exchange, and recognising the community of alumni, supporters,
and partners who have shaped our journey.
We marked the anniversary with a programme of events, fundraising activities, and a celebration
attended by 243 guests, including 56 alumni artists. Highlights included the launch of three
special editions by Hew Locke, Sin Wai Kin and Frances Offman, presented at Gasworks and in
All the Lovers: Editions from 30 Years of Gasworks at David Zwirner during London Gallery
Weekend, which attracted over 1,600 visitors across four days. Media coverage featured a
dedicated Art Newspaper feature celebrating our legacy and sharing alumni voices on our impact.
José Garcia Oliva — Participation Residency
In 2023, against a backdrop of ongoing strike action and worsening conditions for many workers,
particularly those from migrant communities, Gasworks’ Participation Residency was awarded
to Venezuelan-born, London-based artist José Garcia Oliva. His project centred on workers’
rights, collective organising, and solidarity-building through participatory creative practice.
The first of three Participatory Artist Residencies funded by City Bridge Trust, this eight-month
residency saw José collaborate with independent unions and community partners to deliver a
series of workshops on:
e Collective bargaining, representation, and advocacy
e Holiday, maternity, and paternity rights
e Protection from unfair dismissal and discrimination
The residency strengthened ties between unions, community groups, and artists, creating a
participatory space for activism and advocacy. In June 2024, it culminated in:
e Burgess Park Celebration - Welcoming 200 attendees, this event brought together
diverse groups for a day of reflection, leisure, and shared action. Feedback described it
as “welcoming” and “powerful”.
e Latin American Protest Archive — An online platform documenting four decades of Latin
American workers’ struggles, launched at a public event with 50 attendees, featuring a
conversation with Alberto Durango (CAIWU) and artist Rehana Zaman.
Riar Rizaldi - Mirage
From 3 October - 22 December 2024, Gasworks presented Mirage, the first UK solo exhibition by
Indonesian artist and filmmaker Riar Rizaldi, developed during his Gasworks residency. This was
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the first of three artist residencies and corresponding exhibitions supported by Prue McLeod. The
show featured the first two chapters of Riar’s decade-long project exploring how modern science
and technology intersect with diverse belief systems in Southeast Asia. At its centre was Mirage
- Eigenstate, a newly commissioned 30-minute film weaving together Sufi mysticism,
Monorealism, and quantum mechanics to question the dominance of Western scientific
narratives.
As part of the public programme, we hosted Strangelet, a two-day symposium bringing together
artists, scientists, and theorists to discuss “weird science” and speculative approaches to
understanding reality. Live-streamed to international audiences, the event featured talks,
performances, and screenings, extending the exhibition’s themes beyond the gallery and
fostering cross-disciplinary exchange.
Following its London showing, Mirage toured to Hangar in Lisbon, further extending its
international reach and audience.
Mirage secured major press, including a front cover feature in ArtReview Asia, interviews in Ocula,
and coverage in Something Curated and Aesthetica. The show also gained visibility during Frieze
Week with listings in The Standard and artnet. For Riar, the project generated new audiences,
significant international interest, and invitations for solo exhibitions in Europe and the US.
Achievements & Performance
Exhibitions & Public Programme
Gasworks’ exhibitions programme supports emerging and underrepresented UK-based and
international artists to make new work, take risks and explore new directions in their practice.
We champion diverse new perspectives and, in most cases, offer emerging artists their first
major UK solo exhibition. At other times, we support underrepresented artists to present
exhibitions that are crucial to their wider recognition.
We usually work closely with artists over one-to-two years, from supporting their research and
development through to managing the production and presentation of their work.
We present up to four exhibitions each year, all of which are accompanied by a programme of
talks and events, we often partner with peer organisations throughout the world to extend the
reach and impact of our programme.
This year, Gasworks presented three major exhibitions, each the UK solo debut for the artist:
e Rahima Gambo - Alternative Central Area Locations (13 Jun -8 Sep 2024)
New works reflecting on Gambo’s diasporic relationship to Abuja, Nigeria — a “planned
city” built in the 1980s to replace Lagos as the capital. Through film, sculpture,
installation, and archival blueprints, she maps the city’s past, present, and imagined
futures, highlighting omissions and unforeseen needs in its design.
e =Riar Rizaldi - Mirage (3 Oct - 22 Dec 2024)
A newly commissioned film and multimedia installation examining the intersections of
science, mysticism, and belief systems in Southeast Asia. Weaving Sufi mysticism,
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Monorealism, and quantum mechanics, Rizaldi questions dominant worldviews and
proposes alternative ways of understanding reality
e Tanat Teeradakorn - National Opera Complex (30 Jan - 30 Mar 25)
An exhibition in five acts, combining music, movement, and images that reflect on
media’s influence on politics, economics, and culture. Inspired by five protest songs
from Thailand’s activist history, the work draws resonances between political struggles
in Southeast Asia and the UK.
Public Programming
The exhibitions were accompanied by a public programme of twenty free events, including artists’
talks, book launches, film screenings, workshops, neighbourhood breakfasts, and live
performances. Highlights included:
e Aperformance lecture and Q&A with Riar Rizaldi at the ICA, followed by an artist talk with
April Lin.
e An in-conversation between Rahima Gambo and Harun Morrison, exploring the artist’s
process and the themes of her exhibition.
e The worldwide book launch of Fear of Freedom Makes Us See Ghosts by artist and
Gasworks alumnus Pio Abad, featuring a discussion with the artist, book editor Marv
Recinto, and Gasworks’ Director Robert Leckie.
e A Night at Spanners, hosted in collaboration with Chinabot and Tanat Teeradakorn,
presented an evening of live music and performance.
e Regular neighbourhood breakfasts and exhibition tours, fostering connections with our
local community.
International Residencies
Gasworks’ Residencies programme supports professional development, cultural exchange, and
artistic experimentation. We host up to twenty fully funded residencies each year, bringing artists
from all over the world to London.
All our residencies are self-led, non-prescriptive and process based. They enable artists to
research and develop new work, engage with the city, and build their networks, culminating in
quarterly Open Studios events.
Residency artists receive a studio at Gasworks, living expenses and a materials budget, as well
as travel and visa costs. They live together nearby, in our residencies house. The Gasworks team
provides support throughout, including organising visits to exhibitions and cultural events, studio
visits with visiting curators, and other networking opportunities.
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8Apr—24 Jun 2024
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Thailand Tanat Teeradakorn
1 Jul— 16 Sep 2024
30 Sep— 16 Dec 2024
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New Zealand Shiraz Sadikeen
South Africa &Zimbabwe
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Natalie Paneng
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~~France~~
6Jan—
24Mar2025 _
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[Philippines
~~Mate Claire Messouma Manlanbien~~
Ronyel Compra

Artists were invited to share feedback on their time at Gasworks. Selected quotes include: “The relaxed coexistence with everyone at Gasworks and the other residents was the most special part. The exchanges were excellent and helped mea lot in the creation process... | feel much more confident with the English language and my sculptural language. It makes me very happy to exercise both more.”

“The Gasworks team made significant efforts to connect us with individuals whose interests aligned with our research and practices. This opened new opportunities for exhibiting, producing, and selling work, which has positively impacted my career. The studio visits sparked ongoing conversations with key figures in London’s art scene.” “| appreciate each member of the Gasworks team for making the workspace a healthy environment for everyone. | noticed their constant efforts to dismantle structural

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hierarchies. Everyone’s role was respected, and there was a safe space to reveal
vulnerability without exploitation. Nothing felt imposed; things worked on mutual trust,
which is rare. | wish them all the bestinmaking the space even more accessible in future.”
“This was the first residency where the cultural exchange of living and working alongside
other artists felt like a true coming together and world expansion. Gasworks cares about
closeness —! do too - so there was great space for connection. | also got close to many of
the studio artists in the building, which gave me a deeper understanding of London’s art
scene.”
Participation Programme
Gasworks’ Participation Programme acts as a bridge between the organisation and our local
community, enhancing access to contemporary art through slow, sustained collaboration. It
includes an annual eight-month residency for a London-based artist to co-create new work with
local groups, and a year-round programme of artist-led workshops co-developed with
community partners and cultural institutions across London.
The programme is shaped by our Participation Advisory Board, which has met monthly since
2018. Made up of representatives from the community groups we work with, as well as artists
and past participants, the Board advises on project development, artist selection, and evaluation.
Meetings provide a space for challenging ideas around participation, with an average of 10
members of the 25+ strong board attending each month.
This year marked the first of three residencies funded by City Bridge Trust. Venezuelan-born,
London-based artist José Garcia Oliva explored workers’ rights through the Latin American
Protest Archive, collaborating with independent unions and delivering workshops with
community partners. He held 10 workshops over the course of his residency, engaging 60+
participants, culminating in a public celebration at Burgess Park with 200 participants and the
launch of the Archive at a public event with 50 attendees.
Alongside the residency, we worked with community group AMPLA (Association of Latin
American Parents) on Manos Creando, funded by the Lambeth Wellbeing Fund. The seven-
month project connected Latinx artists in London with AMPLA members and the wider Latinx
community through six free workshops, each attended by around 25 participants. It culminated
in a four-day exhibition at Gasworks’ Participation Space, visited by 163 people, and featured a
commissioned video and soundscape to document the process. Feedback highlighted the
project’s strong sense of care and community.
We also collaborated with partners including the V&A (for Refugee Week), Whitechapel Gallery,
and Border Crossing, expanding the reach and diversity of our participation work.
Artist Studios
Gasworks’ provides nine subsidised studio spaces leased on a five-year term to London-based
artists. Recruited via open call, artists are selected on the strength of their work and in line with
our goal to have a diverse, engaged, and multi-disciplinary group of artists who call Gasworks
their home. This group of studio holders forms an integral part of the Gasworks community and
creates a dynamic and supportive environment for exhibiting and residency artists.
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Our 2024/25 studio holders were:
e = Shadi Al-Atallah
e Michelle Williams Gamaker
e Sriwhana Spong
e Alice Mendelowitz
e Will Pham
e =Lucia Pizzani
e Nick Byrne
e Anna Perach
e Rehana Zaman
e Laima Leyton and Lexy Morvaridi (Innerswell)
As part of our 30th anniversary celebrations, all studio holders were invited to take part in a
building-wide open studios event, offering them the opportunity to showcase their work and
practice to Gasworks’ alumni, art world professionals, peers, curators, and press.
Triangle Network
Triangle Network is a global network of artist-led and non-profit contemporary visual arts
organisations that fosters professional development and cultural exchange, particularly in
regions with limited arts infrastructure. Our partners across Africa, Asia, Latin America, Europe
and the USA are entirely independent, developing activities that respond to the needs of their
local artists and audiences, while also functioning as international hubs.
The network strengthens regional and south-to-south connections through residencies,
workshops, and other projects that enable artists and art professionals to research, experiment,
gain skills, and build networks across borders.
In 2024/25, Alessio Antoniolli transitioned to focus exclusively on leading Triangle Network,
working to deepen connections across our global partnerships, develop new fundraising
opportunities, and shape a collective mandate for the network. This included regular
engagement with partners such as VASL (Pakistan), Bag Factory (South Africa), 32 Degrees East
(Uganda), NCAI (Kenya), Kiosko (Bolivia), and Capacete (Brazil), and laying the groundwork for an
international programme of residencies and exchanges.
The year saw continued delivery of the Curatorial Residency in partnership with the Royal College
of Art, offering over 120 final-year students hands-on experience in curating, fundraising, and
exhibition production. The programme produced multiple public exhibitions, workshops, and
performances, embedding Triangle’s collaborative, artist-led ethos into emerging curatorial
practice.
Through the Triangle Exchange Programme, UK-based artist Marco Giordano undertook a
residency at URRA (Argentina), while a UK curator also took part in a residency in Buenos Aires.
Triangle also played a direct role in strengthening partner organisations, for example advising 32
Degrees East on a capital project and supporting Bag Factory and NCAI with philanthropic
connections and governance restructuring. The network expanded its reach through visits to
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to say
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Bisexual Other
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ethnic 9D
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Other British
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What best describes your current or most recent occupation?
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Other - please specify =
No response —
None of the above/ not known / not applicable —
Technical and craft occupations —
Small business owners ——#
Senior, middle or junior managers or administrators ———y
Routine, semi-routine manual and service... mu,
Retired —

Modern professional & traditional professional... eS
Long term unemployed =
Full-time education ————
Clerical and intermediate occupations —5
Prefer not to say —+
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
m™ 2024/25 m 2023/24
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The data for 2023/24 and 2024/25 shows that Gasworks continues to attract a broad and diverse

audience. Our visitors reflect not only the diversity of our local area in South London but also London as a whole, as well as the international scope of our programme. This diversity highlights the impact of our free-to-access programming, artist-focused approach, and commitment to showcasing voices that are often underrepresented in the arts.

Digital Reach

Alongside in-person audiences, Gasworks reaches wide and varied communities through our digital platforms, extending our impact far beyond London. In 2024/25, our combined social media following grew to 137,700 (+6% from 2023/24). Online audiences mirror our international outlook, with regular engagement from Latin America, North America, Europe and South Asia. Our website also continues to attract significant international traffic: of 101,000 active users in 2024/25, 62,000 came from outside the UK.

Our website received 364,000 page views in 2024/25, representing a 12% increase on the previous year. Artist films and videos generated 250,000 views across YouTube, Vimeo and social media, significantly expanding the reach of our exhibitions and residencies. Our monthly newsletter now reaches 12,300+ subscribers, keeping them up to date with news, opportunities and programming. Over the past year, we gained more than 7,000 new social media followers, with each post reaching an average of 6,000 accounts and generating an average of 257 likes.

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which molecules combine to produce an image: a world of worlds.”
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e 67% reconnected with existing contacts
e 58% reported an increased sense of wellbeing
e Overall, 73% said their residency experience exceeded their expectations.
Artist Reflections
“During my first studio visit with Rosa | showed her a tattered urban planning manual for
Abuja... The pitch was to create an intersection where my thoughts about urban planning,
daydreaming, future-casting and site specificity would somehow meld into a show... Not
enough words, so many thank you’ s to the folks at Gasworks for the trust, generosity,
time and playful spirit that was given to the making of Alternative Central Area Locations.”
— Rahima Gambo
“New contacts and opportunities emerged from studio visits by various people. Many of
these visits led to connections that later developed into opportunities. In my opinion, this
is one of the most important aspects of the residency programme at Gasworks.”
— Riar Rizaldi
“| had such a great experience working with the team at Gasworks. From the very start of
the research and production right through to the exhibition, | learned so much. Talking
and exchanging ideas during the process was really inspiring, and | got to try out new
mediums I’d never worked with before.”
— Tanat Teeradakorn
Peer feedback
We also gather feedback from curators, educators, artists and peers on our exhibitions.
Responses to the 2024/25 exhibition programme highlighted:
Exhibitions that were “thought-provoking, formally experimental and often funny” and
created “a sense of compelling puzzlement that aches for conversation.”
A welcoming, community-focused atmosphere that encouraged students and peers to
revisit the shows and engage deeply with the work.
A commitment to conviction-led curatorial vision, resisting spectacle in favour of
meaningful, accessible presentations.
Consistent support for artists to take risks and present ambitious new work, often
introducing audiences to practices and contexts previously unfamiliar.
Student Engagement
Over the course of the year, Gasworks welcomed visits from a wide range of schools, colleges,
educational courses and university groups, enriching students’ learning and engagement with
contemporary art. These included groups from Goldsmiths, Royal College of Art, University of the
Arts London (Central Saint Martins, Chelsea, London College of Communication), Kingston
University, Middlesex University, Westminster University, University of Birmingham, Ruskin
School of Art (Oxford), University of Brighton and Universidad de Navarra (Spain). We also hosted
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specialist courses and programmes such as Christie’s Education, Sotheby’s Institute of Art, and
New Curators, as well as The Park College.
Financial Overview
Core Funder
We are proud to be an Arts Council England National Portfolio Organisation and thank Arts
Council England for their continued investment, which underpins all areas of our programme.
Patrons Programme
The generosity and commitment of our supporters make it possible for Gasworks to deliver a
ground-breaking programme of exhibitions, international residencies, and participation projects,
as well as continue providing subsidised studios for London-based artists.
In 2024/25, we reviewed and refreshed our Patrons Programme, introducing new tiers of support
to give patrons more meaningful ways to engage with and champion our work. We are deeply
grateful to the following individuals and institutions for their invaluable contribution to our
programme this year.
FRIENDS PATRONS
Cecilia Brunson Angela Bourderye-Munoz
May Calil and Tom Dingle Belen & Georg Orssich Sanches Cortes
Lavinia Calza Tommaso Corvi Mora
Rachel Mapplebeck Sigrun Davidsdottir
Claudia Trosso Daniek Godschalk& Ayo Shonibare
Amanda Lambert
DIRECTORS CIRCLE Supriya Menon
Adam Clayton Veronique Parke
Selma Feriani Marion & Christoph Trestler
Susan Rosenberg & John Lazar Dr Dimitrios Tsivrikos
David Zwirner Indira Ziyabek
Residency Funders
All Gasworks residencies are three months long, fully funded, and promoted through country or
region-specific open calls. These opportunities are made possible entirely through the support
of trusts and foundations, peer institutions, and private donors.
Residency supporters stay closely connected to the programme throughout the year, with
opportunities to meet and build relationships with the artists they support.
We extend our sincere thanks to all our residency funders for their generosity and commitment,
which ensures artists from around the world can benefit from the time, space, and support they
need to develop their practice.
Access ARTX Prize/ Art X Lagos Fondazione Memmo
AC/E Inlaks Shivdasani Foundation
Aotearoa New Zealand Friends of Gasworks The Institutum
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Artworkers Retirement Society Jan Warburton Charitable Trust
Brazil Residency Patrons Circle Mercedes Villardel
CBAT Mercedes Zobel
Charles Wallace India Trust Office for ContemporaryArt Aotearoa
Charles Wallace Pakistan Trust Prudence Macleod
EACHEVE Rangoonwala Foundation
Erica Roberts URRA
Fluxus Art Projects
Exhibitions Funders
Gasworks works closely with emerging and underrepresented artists from the UK and around the
world to commission and present ambitious new work. These commissions often result in an
artist’s first major solo exhibition in the UK, offering a pivotal platform for experimentation and
career development.
Over the years, our exhibitions programme has launched the careers of many acclaimed artists.
Recent highlights include solo presentations by Kudzanai-Violet Hwami, Gala Porras-Kim, and
Trevor Yeung.
We are deeply gratefulto all those who supported our exhibitions in 2024/25, helping to bring new
work to life and enabling the next generation of artists to realise significant projects at defining
moments in their careers.
Catherine Petitgas Prudence Macleod
Bangkok City Gallery Caroline Paduch
British Council's Connections Through Guillaume de Saint-Seine & Juan Carlos
Culture Programme Bendana-Pinel
Forward Art Stories White Cube
Thomas Forwood & Leslie Ramos
Participation Supporters
Our thanks to City Bridge Foundation for their generous support of our Participation Programme,
enabling artists to work closely with our local communities through long-term, collaborative
projects. We would also like to thank Lambeth Wellbeing Fund for their generous support of the
Manos Creando project with AMPLA.
Petitgasworks
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 from the Chair of Triangle’s Board of Trustees, Catherine Petitgas, repayable
over five years.
Over the past four years, Triangle Arts Trust has repaid the majority of the loan through a
combination of unrestricted funds, patron donations, and contributions from trusts and
foundations. As of 2024/25, just 11% remains outstanding, with full repayment anticipated by
March 2026.
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This project has significantly strengthened the organisation’s resilience and sustainability,
providing high-quality, affordable accommodation for residency artists in London. We are deeply
grateful to all those who have contributed to the repayment of the loan over the past five years,
helping to secure this valuable asset for the future.
Catherine Petitgas Zarela Feeney
The African Arts Trust Kudzanai-Violet Hwami
Brazil Residency Patrons Circle Erica Roberts
Lisa Brice Susan Rosenberg & John Lazar
Adam Clayton Mariana Teixeira De Carvalho
Contemporary Bolivian Arts Trust Victoria Miro
Corvi-Mora Mercedes Vilardell
David Zwirner
Summary of Finances
A full breakdown of the financial position of Triangle Arts Trust is provided in the Statement of
Financial Activities below.
Incoming resources for the year were £903,812(2024: £859,109), representing an increase of 5%.
Resources expended totalled £898,537(2024: £753,908), an increase of 19%.
For the year ended 31 March 2025, Triangle Arts Trust recorded a net surplus of £5,275(2024:
£105,201). As of 31 March 2025, the Trust held net assets of £1,915,468(2024: £1,979,994),
including net current assets of £106,234(2024: £36,433).
The Trust ended the year in a positive financial position, maintaining healthy reserves while
continuing to deliver its programme and invest in organisational sustainability.
Unrestricted funds at year-end stood at £647,045, comprising £80,000 in the General Reserves
Fund and £567,045 in designated funds. Restricted funds totalled £1,321,357 of which
£1,197,579 relates to the Capital Building Project.
Notes to the financial statements provide details of the assets and liabilities of the Charity’s
various funds and summarise movements in each fund during the year.
Reserves Policy
The Trustees have determined that the minimum desirable level of unrestricted funds should
cover 13 weeks of unrestricted support costs — approximately £80,000. The free reserves were
below this target in 2024/25, however the charity has sufficient funds taking into account funds
tied up in capital assets.
Since the reopening of the Gasworks building in 2015, the Charity has maintained a designated
Capital Renewal Fund, as recommended in the 2012 Feasibility Study. This fund now totals
£75,000 and is reserved for major repairs.
The Trustees will continue to monitor the Charity’s financial position to ensure unrestricted
reserves remain sufficient to meet working capital needs and safeguard the organisation’s long-
term sustainability.
17
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Risks & Mitigation The Trustees review the organisation’s risk register on a quarterly basis at Board Meetings to identify and manage potential threats to its operations, reputation, and long-term sustainability. The table below summarises the key risks considered most significant in 2024/25, along with the mitigation measures in place.

Reputation &
External Factors
Negative media coverage of
Long-term funder linked to
unethical practices.
Due diligence procedures; regular
review offunding sources;
diversify income streams.
Rising living costs, economic
uncertainty, and global political
instability impacting income and
projects.
Flexible financial planning; build
reserves; adjust programming if
necessary.
Operations &
Governance
Loss of key staff or trustees, leading
to knowledge gaps.
Reliance on a small number of
individuals.
Cross-training staff; shared
responsibility for criticalfunctions.
Staff burnout from increased
workloads.
Monitor workloads; encourage use
of annual leave; wellbeing
initiatives.
Financial
Sustainability
Inflation and cost-of-living
pressures reducing reserves.
Maintain reserves policy; monitor
budgets regularly; review
expenditure.
Fundraising delays affecting
residency house loan repayment.
Targeted donor stewardship;
regulaly monitor loan repayment
schedule.
Failure tosecure long-term funding
for core and programmes.
Legal &
Compliance
Non-compliance with funding
agreements, GDPR, health &safety,

safeguarding, or equality
regulations.

18

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The Trustees are confident that these risks are being managed appropriately and will continue to
monitor and update the register throughout the year to ensure it remains responsive to emerging
challenges.
Plans for the Future
Looking ahead to 2025/26, Triangle Arts Trust to support creative development and cultural
exchange for artists from all places and backgrounds, while building resilience and expanding
opportunities across all areas of our work.
e Exhibitions Programme: We will deliver four solo exhibitions and commissions:
throwers by Nolan Oswald Dennis, CriticalArtTheory by Ben Sakoguchi, Mémoires des
corps by Marie-Claire Messouma Manlanbien (the second Prue McLeod commission),
and Nocturnal Melody by Umi Ishihara.
e Residencies: Our international residencies will expand to twenty, underpinned by new
multi-year partnerships and funding. This growth will not only bring artists from a wider
range of countries but also strengthen Gasworks’ role as a hub for global artistic dialogue.
e Studios: We will launch a new three-year Studio Bursary, offering free workspace to a
London-based artist at a pivotal moment in their career. By addressing the critical issue
of affordable studio space, we will ensure that artists can continue to live and work in
London.
e Participation: The second of three City Bridge Foundation-funded Participation Artist
Residencies will begin, embedding co-creation with local communities. This programme
will further test new models of participation, demonstrating the potential of art to
connect, empower and shift perspectives.
e Triangle Network: We will strengthen Triangle Network’s role as a catalyst for
international exchange by envisioning new operating structures, maintaining existing and
developing new partnerships, and building sustainable funding streams. These steps will
help secure the network’s future as a platform for collaboration worldwide.
e Leadership & Governance: With the appointment of a new Chair of the Board of Trustees,
Gasworks will enter its next chapter of leadership and growth, building on a decade of
exceptional stewardship from Catherine Petitgas. This transition marks an opportunity to
set renewed ambitions for the years ahead.
e Funding: Arts Council England NPO funding has been extended until 2028, at which point
Triangle Arts Trust will reapply for continued support. We have also secured funding for
our 2025/26 exhibitions programme from Cockayne Grants for the Arts, a Donor Advised
Fund held at The Prism Charitable Trust and look forward to strengthening this
relationship while cultivating new funding partnerships.
e Petitgasworks Loan: In 2025/26, we will complete the repayment of the £725,000
interest-free loan used to purchase our residency house. Achieving this milestone will
free up resources for future growth and strengthen Gasworks’ long-term sustainability.
19
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Governance & Management

Organisational Structure

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TriangleArts Trust
aeee
¥ CommunicationsManager DevelopmentManager Curator
Assistant Curator:
Consultant Assistant
Team
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Employee Information

Triangle Arts Trust conducts formal annual appraisals for all staff, led by the Director and Deputy Director. These reviews shape individual development plans and are supported by an annual training budget for courses and networking. Alongside this, performance is monitored informally through weekly team and line manager meetings, allowing any issues to be addressed promptly. Regular weekly, monthly, and quarterly cross-team meetings further support collaboration, enabling staff to review progress, evaluate activity, and maintain a clear understanding of all areas of the organisation’s operations.

Recruitment processes are designed to attract a wide pool of applicants and are regularly reviewed to improve equity and accessibility, including options for candidates to submit applications in a variety of formats.

Pay Policy

Triangle Arts Trust’s artist fees and staff salaries are benchmarked annually against sector standards, drawing on guidance from networks such as Plus Tate, CVAN and Common Practice. Artist fees align with sector guidelines, and staff salaries are reviewed to ensure they remain fair and competitive. Pay increases for staff require approval from the Finance Committee. Board Structure & Procedures

Triangle Arts Trust is governed by a Board of Trustees, who act as both charity trustees and company directors. The Board provides strategic leadership, oversees financial and operational health, safeguards the organisation’s values, and ensures compliance with charity and company law.

20

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New Trustees take part in an induction session covering their legal responsibilities, our Articles
of Association, governance structures, strategic plan, programme activities, and financial
performance. They are introduced to key staff and fellow Trustees and encouraged to attend
relevant external training to strengthen their contribution.
The Board comprises between three and ten Trustees, always including a Chair and Treasurer.
Trustees serve an initial three-year term, renewable for a further three years, with a maximum of
nine years’ continuous service.
The Board's role is to uphold and promote the charitable purposes of Triangle Arts Trust while
ensuring all activities align with its mission, values, and long-term strategy. This includes:
e Providing strategic direction.
e Overseeing operations and financial health.
e Safeguarding the charity's reputation, resources, and compliance.
The Board meets at least four times a year and delegates specific responsibilities to
subcommittees, including the Finance Subcommittee. Day-to-day management is delegated to
the Directors, supported by the Deputy Director. The Board receives regular reports on strategy,
programme delivery, finance, fundraising, and risk.
The Board and individual Trustees are reviewed annually, including a skills audit and evaluation
of performance.
Policy for Equal Opportunities
Triangle Arts Trust is committed to promoting equality, diversity and inclusion, and to preventing
discrimination across all aspects of its work, including governance, employment, programming,
fundraising and audience engagement. No Trustee, employee, artist, partner or audience
member will be treated less favourably on the grounds of race, ethnicity, colour, gender identity
or expression, sexual orientation, religion or belief (or lack thereof), nationality, age, disability,
neurodivergence or socio-economic background.
Our Equality & Diversity Policy sets out clear principles and practical actions to embed inclusivity
into our governance, recruitment, programming and audience development. This includes
annual board diversity reviews, broadening recruitment outreach, ensuring London Living Wage
standards, offering paid opportunities for underrepresented groups, and keeping diversity
central to our residencies and exhibitions (with 70% of 2024-25 residencies dedicated to artists
from Latin America, Africa and Asia, at least half of whom were women and/or LGBTQI+).
The organisation’s Code of Conduct reinforces expectations for respectful behaviour, supported
by procedures to report and address harassment, bullying or discrimination. Our Safeguarding
Policy ensures children and adults at risk are protected in every aspect of our activity, and our
operational policies support staff wellbeing and equitable working conditions.
We are also guided by our Ethics and Ethical Fundraising Policy, which commits us to only
accepting income aligned with our values. We will not accept funding linked to discrimination,
human rights abuses, harmful industries or environmental destruction, and we carry out due
diligence to all major donations.
21
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We review and update policies annually to reflect best practice, and ensure compliance with the Charity Commission, the Companies Act 2006, the Equality Act 2010, GDPR, and other relevant legislation. Our Privacy Policy is publicly accessible, setting out how personal information is collected, used and protected.

Through these commitments, Triangle Arts Trust seeks not only to comply with statutory requirements but also to model ethical, equitable and inclusive practice. Our aim is to ensure that our workplace, programmes and partnerships are safe, supportive and welcomingfor all and that our work contributes to a more just and accessible cultural sector.

Legal Status and Governing Document Triangle Arts Trust is a company limited by guarantee, registered in England and Wales, and governed by its Memorandum and Articles of Association, originally dated 25 June 1982. The governing document was updated and approved by the Charity Commission (Charity No. 326411) on 26 May 2015.

Compliance Statement

These financial statements have been prepared in accordance 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 (SORP) applicable to charities preparing their accounts in line with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The trustees' report was approved by the Board of Trustees.

Alexa Waley-Cohen Chair

Date: 07/10/2025

22

,

025

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( ( ( ( (
+ 392,847 - 424,878 817,725 774,193
' 75,878 - - 75,878 70,756
& 10,209 - - 10,209 14,160
478,934 - 424,878 903,812 859,109
- 111,071 - - 111,071 82,181
- 103,240 20,690 109,311 233,241 203,039
- 67,838 13,142 50,464 131,444 94,251
- 63,253 14,624 - 77,877 76,545
- 83,370 31,203 97,634 212,207 194,280
- 42,517 - 3,292 45,809 52,246
- 61,922 - - 61,922 51,366
-
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////////////////////////////// Aleta \Walsay hem

TRIANGLE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

1.1

Charity information Triangle Arts Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 155 Vauxhall Street, London, SE11 5RH. Accounting convention The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements have been prepared in accordance with the charity's Memorandum of Association, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 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 havea significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period

1.3. Charitable funds 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.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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TRIANGLE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.4 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.

Interest receivable 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.

1.5 Expenditure 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.

TRIANGLE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

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. e 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

e 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. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings No depreciation Building Purchase 50 years on straight line basis Building improvements 15 years on straight line basis Fixtures, Fittings and Equipment 5 years on straight line basis Computer equipment 3 years on straight line basis

-29 -

TRIANGLE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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&

*

&+&, &+&, &+&, &+&&+&&+&. . . . . .

* Income from grants and donations donations (Continued)
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
&+&, &+&, &+&, &+&- &+&- &+&-
. . . . . .
Grants
Arts Council England 290,108 - 290,108 290,108 - 290,108
Exhibitions 41,954 101,774 143,728 6,350 89,150 95,500
Participation - 31,811 31,811 - 45,192 45,192
International Residencies
Programme - 174,388 174,388 - 143,498 143,498
Triangle Network
Programme - 6,060 6,060 - 126,821 126,821
Other 60,785 - 60,785 73,074 - 73,074
Pettigas works
contributions - 85,995 85,995 - - -
Local Authority - 24,850 24,850 - - -
392,847 424,878 817,725 369,532 404,661 774,193
- Income from charitable activities
Total Total
&+&, &+&-
. .
Editions and Merchandise 44,394 39,244
Studio Rental income 31,484 31,512
75,878 70,756
Analysis by fund
Unrestricted funds 75,878 70,756
, Income from investments
Unrestricted Unrestricted
funds funds
&+&, &+&-
. .

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2025 2024
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. . . . . .
1,161,050 811,113 27,083 23,059 2,651,755
- - - 23,488 - 23,488
1,161,050 811,113 50,571 23,059 2,675,243
- 177,496 458,006 21,332 14,926 671,760
- 23,221 54,074 6,585 4,135 88,015
- 200,717 512,080 27,917 19,061 759,775
960,333 299,033 22,654 3,998 1,915,468
983,554 353,106 5,751 8,133 1,979,994
plant and equipment is sensitive to change in useful economic
are reassessed annually.
impairment
2025 2024
. .
20,419 16,334
2025 2024
. .
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2025 ! "
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259,078 277,391
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2024 resources expended 2025
, , , , ,
- 101,775 (109,311) ! "%' -
30,000 31,811 (50,464) - 11,347
- 174,388 (97,634) - 76,754
- 6,060 #% -$-& - - !'(
- 24,850 (24,966) 116 -
- 85,994 - (53,300) 32,694
215 - - - 215
30,215 424,878 #-(" ''!& (45,648) 123,778
April Incoming Resources Transfers At 31 March
2023 resources expended 2024
, , , , ,
- 89,150 (89,150) - -
24,102 45,192 (39,294) - 30,000
- 143,498 (123,398) (20,100) -
1,194 126,821 #' "(!& (121,428) -
2024 expended 2025
+ + + +
1,277,238 %"& '(&) - 1,197,579
April Resources Transfers At 31 March
2023 expended 2024
+ + + +
1,348,813 %"! !(*) '"( 1,277,238
2024 resources expended 2025
+ + + + +
102,568 478,934 (509,846) 45,648 117,304
15,964 - %$ !#() - " "!&

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/ /

TRIANGLE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Related party contributions Pio Abad has been a studio artist at Gasworks for 5 years and during 2016/17 becamea 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.

Also, there was a £13,000 cash donation from Catherine in March & support in-kind value of £5,000 received from David Zwirner, who James Green is the Director of.

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