## **IKON GALLERY LIMITED**
## **Financial Statements**
**Year ended 31 March 2023**
**Charity registration number: 528892 Company registration number: 00902136**
## **Ikon Gallery Limited**
## **Financial Statements**
## **Year Ended 31 March 2023**
|**Contents**|||
|---|---|---|
|||**Page**|
|Charity Reference and Administrative Details||2|
|Annual|Report|3|
|Independent||19|
|Statement of Financial Activities||23|
|Balance Sheet||24|
|Statement of Cash Flows||25|
|Notes to the Financial Statements||26|
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## **Ikon Gallery Limited**
**Charity Reference and Administrative Details Year Ended 31 March 2023**
**Charity registration number** 528892 **Company registration number** 00902136 **Registered office** 1 Oozells Square Brindley Place Birmingham B1 2HS **Auditor** Cooper Parry Group Limited Statutory Auditors Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX **Solicitor** Shakespeare Martineau No. 1 Colmore Square Birmingham B4 6AA **Bankers** Handelsbanken 4[th] Floor, 103 Colmore Row Birmingham B3 3AG **Trustees** Prof H Higson OBE Ms J Loynton (resigned 30 November 2022) Mr J Claughton Mr N Smith Mr S Kinch (resigned 1 March 2023) Ms K Booth (resigned 31 October 2022) Ms H Randhawa Ms R Chiu Mr L Brocklehurst (appointed 25 April 2022) Ms D Sekar (appointed 25 April 2022) Mr L W Smyth (appointed 31 October 2022) Clr J Francis (appointed 16 December 2022) Mr S Shambi (appointed 30 June 2023) Mr J Leo (appointed 30 June 2023) **Company Secretary** Ian Hyde **Director of the Gallery** Jonathan Watkins (retired October 2022) **Acting Chief Executive Officer** Ian Hyde (from October 2022) **Acting Artistic Director of Exhibitions** Melanie Pocock (from October 2022) **Acting Artistic Director of Education** Linzi Stauvers (from October 2022)
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
The Trustees present their report (incorporating the directors report) and the audited financial statements of the charity for the year ended 31[st] March 2023. The trustees have adopted the provisions of the Statement of n preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to ct 2011 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.
## **Trustees of the charity**
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:
Prof H Higson OBE Ms J Loynton (resigned 30 November 2022) Mr J Claughton Mr N Smith Mr S Kinch (resigned 1 March 2023) Ms K Booth (resigned 31 October 2022) Ms H Randhawa Ms R Chiu Mr L Brocklehurst (appointed 25 April 2022) Ms D Sekar (appointed 25 April 2022) Mr L W Smyth (appointed 31 October 2022) Clr J Francis (appointed 16 December 2022) Mr S Shambi (appointed 30 June 2023) Mr J Leo (appointed 30 June 2023)
## **Risk Management**
The charity has a risk management strategy which comprises:
- A review of the risks that the charity may face;
- The establishment of systems and procedures to mitigate those risks identified;
- The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Our Risk Register highlights two key risks (out of 135), from the areas of Operational Risk and Financial Risk, as follows:
Availability of grant funding: Public funding through ACE NPO has reduced. Action includes monitoring policy changes through funding bodies, ACE, BCC and other sources, applications to Transform Grants (ACE) and others where available. We aim to mitigate this risk through scenario planning, forecast budgets and business modelling with Board involvement.
Cost increases: Both inflation and energy costs are increasing. This is an impact on all budgets if projected income is not secured, or if income does not match the cost increases. Action includes regular reviews of major risks in the budget and revision of both expenditure and income accordingly.
## **OBJECTIVES AND ACTIVITIES**
The objects of the charity are the advancement of education in the United Kingdom and internationally, and in particular in the City of Birmingham and in the West Midlands region, by encouraging the practice and the dissemination of knowledge of the arts in general but with especial regard to contemporary painting, sculpture and other forms of visual art.
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **OBJECTIVES AND ACTIVITIES (continued)**
The gallery aims to:
- stimulate engagement with contemporary visual art in a context of debate and participation by exhibiting work by artists from around the world, including film, sound, mixed media, photography, painting, sculpture and installation;
- develop relationships between art, artists and audiences outside the gallery through a range of offsite projects at different locations; and
- encourage public interest in and understanding of contemporary visual art through a range of education activities including talks, tours, workshops and seminars.
The strategies employed
free admission to all exhibitions;
- organising and presenting exhibitions and other projects of national and international significance, both in the galleries and off site;
creating opportunities for artists to make new work in the gallery and off-site in the community;
- organising a range of projects, events and activities for children, young people and adults, both in the gallery and in schools and local communities to increase the enjoyment and understanding of contemporary visual art;
- developing collaborations and productive relationships with other educational and cultural organisations, regionally, nationally and internationally to facilitate cross art-form collaboration and audience development;
- promoting and marketing the programme to attract a broad range of audiences and participants, and attract press coverage to raise the profile of contemporary visual art and the gallery nationally and internationally;
- publishing exhibition catalogues and other material and making these available through distributors, shop, and on the web site; and
- providing and maintaining high quality facilities to encourage engagement with contemporary visual art.
## **PUBLIC BENEFIT**
two primary areas of activity are:
- organising and presenting exhibitions and other events in the gallery and off-site that contribute to the understanding and enjoyment of contemporary visual art; and
- delivering an educational programme consisting of projects, tours, talks in the gallery and at other locations for a variety of different groups.
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **PUBLIC BENEFIT (continued)**
Ikon offers free access for everyone to all its exhibitions and off-site activities and provides free interpretative and educational material to accompany each exhi normally free as is its community engagement programme.
We seek to present a high-quality programme of work by contemporary artists including emerging and established artists from Britain and abroad. Some projects will tour to other locations in the UK and internationally. We aim to provide opportunities for artists to develop through support of new commissions.
outside the gallery space that facilitate direct public engagement with contemporary art.
Through Education we provide regular talks and tours for groups and visitors to the gallery, and workshops and other projects for children, young people and adults of all backgrounds and abilities. Ikon works in partnership with Birmingham City Council to provide arts activity for hard-to-reach communities in Birmingham. Programmes of activity for school children, young people and family groups develop confidence and expressiveness in a supportive environment.
The above statements comply with the fourth commencement order of the Charities Act 2006 relating to Public Benefit and are in line with Charity Commission Guidance.
## **Achievements and Performance in 2022/23**
2022/23 was an exciting year, getting back to normal operations following the C-19 global pandemic. Visitor numbers increased significantly as we held C-19 delayed historical and contemporary exhibitions and welcomed the Commonwealth Games to Birmingham with a major off-site commission by Hew Locke. Additionally, Jonathan Watkins, Director for 23 years, retired from Ikon in October and we retained Arts Council NPO funding for the next period of April 2023-26.
The following is key goals identified in our Strategic Plan 2018-23:
## **1. Continued development of an artistic programme that is experimental and of the highest quality, engaging on local, national and international levels**
supporting artists at critical stages of their careers, and presenting to audiences a broad range of international practice, media and perspectives. Gallery exhibitions, as follows:
- Britta Marakatt-Labba. _Under the Vast Sky_ . 23 February to 29 May 2022 Carlo Crivelli. _Shadows on the Sky_ . 23 February to 29 May 2022 Audrey Flack. _After Crivelli_ . 23 February to 29 May 2022
- Yhonnie Scarce, Salote Tawale and Osman Yousefzada. Arrivals. 10 June to 29 August 2022 Abudlrazaq Awofeso, _Out of Frame. 10 June to 29 August 2022_ Haffendi Anuar, _Rmah Berkaki (Legged House)._ 10 June to 29 August 2022 Edward Lear, _Moment to Moment_ . 9 September to 13 November 2022 Mayunkiki, _Siknure Let Me Live_ . 9 September to 13 November 2022 Farwa Moledina, _Women of Paradise_ . 9 September to 13 November 2022 _Horror in The Modernist Block._ 25 November 2022 to 1 May 2023 Foka Wolf. _Why Are We Stuck in Hospital?_ 7 March 2023 to 19 March 2023
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Commissions**
Ikon produces as well as promotes contemporary art. During 2022/23 we commissioned 20 new works throughout the year including _The Near Breeder_ by Yhonnie Scarce which comprised approximately 600 individually hand-blown glass shapes _YOU, ME, ME, YOU_ digital production. Both artists from Australia, these commissions part of _Arrivals_ , a season of exhibitions organised to coincide with The Commonwealth Games.
exhibition _Out of Frame_ featured all new work made from discarded wooden pallets. quent
journeys through Africa and Europe, having recently arrived in Birmingham from Lagos.
Five artworks in Horror in the Modernist Block were commissions made in response to the exhibition theme. _BRUTAL (2022)_ shot at night in inner city housing estates in Birmingham; Richard _Lithobolia Happy Meal (2022) Spaghetti Junction (2022) Here I am, waiting (2014-22)_ and _How to live in a city (2022)_ by Simon and Tom Bloor, a series of sculptures which double as seating.
## **Collaborations**
During 2022/23 Ikon maintained existing links and developed new partnerships with arts organisations locally, nationally and internationally especially with a view to audience development, widening the scope of our engagement with different cultural networks.
Ikon collaborated with the Museum of Contemporary Art Australia in Sydney for _Made in Birmingham/Made in Sydney_ ital work. Both Tawale and Scarce formed part of the UK/Australia Season 2021-22.
-based organisation Changing Our Lives to commission Foka _Why Are We Stuck in Hospital?_ installation at Ikon, at The Exchange and on billboards throughout the city to raise awareness of the 2,000 people with learning disabilities and / or autistic people who live in hospital settings for long periods of time with no planned date to leave.
## **Publishing**
- Four exhibition publications produced by Ikon during 2022/23: Abdulrazaq Awofeso. Out of Frame
- _Edward Lear. Moment to Moment_
- _Mayunkiki. Siknure Let Me Live Horror in the Modernist Block_
- One off-site project publication produced by Ikon during 2022/23: Dean Kelland. Notes from Grendon
- In addition to two publications produced, just in 2021/22 for exhibitions continuing in 2022/23: Carlo Crivelli. Shadows on the Sky
- Britta Marakatt-Labba. Under the Vast Sky
## **2. Increased focus on audience development at local, national and international levels**
Ikon contributes to national audience data gathering initiatives, including Audience Finder surveys, using both quantitative and qualitative research for a snapshot view of visitors, tracking demographics such as age, gender, sexuality, ethnicity, education and geography. In 2022/23 we used both Audience Finder and the Insight and Impact digital tool kit. Oral feedback and comments cards provided more in-depth direct audience responses. These were reported at quarterly Trustees meetings.
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **2. Increased focus on audience development at local, national and international levels (continued)**
The digital tool kit continued to be particularly effective for our digital work, garnering feedback from audiences from their homes all over the world. Our output became less of a mix of digital and gallery-based delivery for events, schools, families and more towards face to face as communities returned to Ikon and we continued to build back our audience engagement.
We work with Audience Agency and Contemporary Visual Arts Network to keep abreast of developments in the sector, complementing our engagement with other agencies such as Culture Central (Birmingham) and Plus Tate.
Appealing to culturally-focused audiences within a 45 minute driving distance, to encourage our audiences to return when they can, we have worked with local organisations such as West Midlands Cultural Response Unit, part of Culture Central, The Library of Birmingham, Birmingham Museums Trust, DASH, Birmingham Contemporary Music Group, The Exchange and other departments within The University of Birmingham, STEAMhouse and other departments within Birmingham City University, Wolverhampton School of Art, Coven -led organisations such as Celebrating Sanctuary, Black Hole Club, based at Vivid and Centrala, Modern Clay and Migrant Voice.
Ikon Youth Programme returned with our second year of three of Slow Boat, our canal-based project funded by Freelands Foundation. Our narrow boat, the Aaron Manby, nav ring alternative curriculum, through IYP, raising questions concerning the definition and relevance of art against a backdrop of societal change.
were cross-artform and thus
especially conducive to audience development e.g. Horror in the Modernist Block and the film zone created on our first-floor gallery spaces, projected in a timed sequence, four video installations played with the anticipation of horror films leading viewers around the darkened space).
endees. Hew
Locke was in conversation with Dr Gus Casely-Hayford, Director of V&A East at Birmingham Cathedral. Nigerian artist Abdulrazaq Awofeso discussed his exhibition, Out of Frame with the curator Dr Jareh Das. Birmingham artists Faisal Hussain and Osman Yousefzada contributed towards the Balsall Heath Film Festival organised by Flatpack at Moseley School of Art. The Festival closed with quick fire soapbox presentations chaired by Salman Mirza.
## **Off Site and Touring**
-site activity is concerned fundamentally with audience development, reaching those who do not normally frequent galleries and museums, and demonstrating the continuity between art experience and everyday life.
Hew Locke _: Foreign Exchange. Foreign Exchange_ s city centre sculpture of Queen Victoria by acclaimed Guyanese British artis eate eration, leading a battalion of other statues to represent the home nation through the Guyana where he passed a sculpture of Queen Victoria every day on his way to school. He has been reimaging historic statues for ted by Birmingham 2022 Festival, commissioned by Ikon.
_HMP Grendon_ . Ikon continued to work with residents of HMP Grendon, Buckinghamshire. Dean Kelland entered his final year in residence. The Marie-Louise von Motesiczky studio opened to prison communities, staff and stakeholders on 10 August. Providing an office for the artist and producer, the studio hosts twiceweekly workshops and quarterly exhibitions. Workshops have taken place with all four wings of HMP Grendon and multiple artists have attended to deliver workshops including DASH associate artist Aidan Moesby and Oxford Un
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Off Site and Touring (continued)**
_Slow Boat._ Our second year of Slow Boat funded by Freelands Foundation was focused on Ikon Youth Programme (IYP) imagining alternative art schools and curriculums.
_The Migrant Festival._ This took place across Birmingham just prior to the Commonwealth Games, celebrating our Arrivals season and _Foreign Exchange_ , in particular.
Judy Watson and Yhonnie Scarce: _Looking Glass._ An exhibition organised in collaboration with TarraWarra Museum, toured to Queensland University of Technology Art Museum, Plimsol Gallery (TAS) and Latrobe Regional Art Gallery. It will continue touring in Australia until October 2023.
Mit Jai Inn _Dreamday._ An exhibition based on _Dreamworld_ (Ikon 2021) organised in collaboration with MAIIAM Contemporary Art Museum opened at the Jim Thompson Art Center Bangkok. _Dreamworld_ will continue touring until March 2024.
Yhonnie Scarce, _Shadow Creeper (2022)._ Palais De Tokyo, Paris, April to September 2022. work was part of group exhibition Reclaim The Earth, bringing together fourteen artists who seek to develop new connections with nature, the living world and the environment.
Ragnar Kjartansson, _The Sky in a Room,_ a collaboration with Artes Mundi (Cardiff), involved musicians taking turns to perform a day. The performance ran for 9 days.
George Shaw and Thomas Bewick _Home is Unspent_ ; 15 July 28 October 2022. _Home is Unspent_ showcased new works by Shaw alongside works by 19[th] century artist Bewick at National Trust property Cheryyburn, former home of Bewick.
Vanley Burke, _A Gift to Birmingham_ ; An exhibition of portraits taken by Vanley Burke of members of Migrant Voice. The exhibition was shown at Ikon, Brustrokes, Saathi House and Handsworth Library between March 2022 February 2023.
Foka Wolf, _Why Are We Stuck In Hospital?_ was produced by Ikon and featured an exhibition and accompanying inner-city billboards in Birmingham. Commissioned by the University of Birmingham the exhibition took place in March 2023 and has over 3,300 visitors to the gallery.
## **Education**
During 2022/23 Ikon engaged with a number of organisations to create and showcase works representing a diverse range of topics in varying artforms. As part of We are Invisible, We are Visible (WAIWAV), Artist Aaron Williamson performed _Hiding in 3D_ which was one of 31 Dada-inspired interventions by D/deaf, disabled and neurodivergent artists in museums and galleries across the Plus Tate network. The project was curated by DASH and awarded the 2021 Ampersand Prize. _Lusitano Remixed_ was a second onsite immersive music installation produced in collaboration with leading vocal ensemble The Marian Consort and composer Roderick Williams.
During the Spring exhibition for Carlo Crivelli, Ikon hosted a number of public programme events and talks. Former Director Jonathan Watkins and visiting Co-curator Amanda Hilliam of the Carlo Crivelli exhibition took part in a live-streamed co Campbell, Director of Exhibitions and Research, at the National Gallery. Ikon then hosted a further symposium for Carlo Crivelli alongside a series of three public talks with painters from Birmingham ace.
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Education (continued)**
As part of the summer exhibition for _Arrivals_ Ikon produced a two-part panel discussion in partnership with the MCA, Sydney, entitled _The Role of the Artist in Public Life_ and funded by the British Council.
Artist Monica Perez Vega led workshops for year 4, 7 & 8 students, led two teacher CPD sessions and produced activity packs as part of the Birmingh _Foreign Exchange_ . Students from Small Heath Leadership Academy attended the launch event for _Foreign Exchange._ Their artworks, in response to Lock consortium at Ikon in late July.
Ikon worked with local Artist Vanley Burke to produce _A Gift to Birmingham_ the project commissioned as -formal Intercommunal Education in Birmingham (NICEBirmingham. _A Gift to Birmingham_ was displayed at various locations and featured seventeen portraits of Migrant Voice, a migrant-led national organisation with a hub in Birmingham. The exhibition was shown at Ikon Gallery (23 March 3 April 2022), Brushstrokes (20 24 June 2022), Saathi House (15 24 July 2022) and Handsworth Library (16 Dec 2022 31 March 2023). Artist Educator, Haseebah Ali worked with the School of Education, University of Birmingham, to create digital resources inspired by _A Gift to Birmingham_ to break down intercommunal barriers within formal/ informal settings.
The autumn exhibition of works by Edward Lear was accompanied by a symposium, _Edward Lear in the Round_ , uncovering key themes from the exhibition with supporting papers by literary and art historians. In response to the Lear exhibition and as part of SHOUT Festival artist John Yeadon showcased a selection of old and new works during an exhibition at Ikon. This was accompanied by an artist talk considering Victorian attitudes towards h
Eiko Soga, Artist and Researcher at The Ruskin School of Art, and Marenka Thompson-Odlum, Research Associate at Pitt Rivers Museum, participated in the panel discussion _Towards a Liveable World: Learning from Ainu Culture_ in partnership with the Japan Foundation in response to the Mayunkiki exhibition. Birmingham- _Women of Paradise (2022)_
Horror in the Modernist Block involved a number of public programme events including exhibition tours by the Curator, _ines_ , a re- _BRUTAL_ by artist Leon Trimble and a walking tour by Andy Howlett, founder of Walkspace, around Five Ways on the edge of Birmingham city centre. Linzi Stauvers, Acting Artistic Director, Education, chaired a panel discussion with the Brutiful Birmingham Action Group and designer Sharonjit Sutton.
## Depth and quality of learning
Ikon facilitated free monthly Family Saturday workshops run by local artists and makers Haseebah Ali, Polly Brant, Leah Hickey throughout the year. Families were also invited to have their photograph taken by renowned photographer Vanley Burke, in the exhibition _A Gift to Birmingham_ .
Two adult focussed workshops inspired by Britta Marakatt-Labba were led by textile artist Maria Wigley. Ikon Mike Chase to facilitate a public workshop focusing on working in youth offending, therapists and researchers.
ook place. The festival took place over four days, included 18 events with 588 attendees. Artist Hew Locke was in conversation with Dr Gus Casely-Hayford, Director of V&A East. Nigerian artist Abdulrazaq Awofeso discussed his exhibition, _Out of Frame_ with the curator Dr
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Education (continued)**
Jareh Das. Birmingham artists Faisal Hussain and Osman Yousefzada contributed towards the Balsall Heath Film Festival organised by Flatpack at Moseley School of Art. The festival closed with quick-fire soapbox presentations chaired by Salman Mirza who wrote about the event on the Migrant Voice blog.
A series of workshops, aimed at families with pre-school children, were led by Haseebah Ali exploring what it means to start school, and how it feels to arrive in a new place. Workshops were organised in partnership with the University of Cambridge, Univer Economic and Social Research Council (ESRC) funded _Ready or Not study_ development in Reception and Year 1.
## Schools and colleges
Our formal education work explored a wide range of themes and ideas through exhibitions in ways accessible to pupils of all abilities, at all key stages. Ikon hosted multiple Education led showcases in 2022/23 including working with Coventry University to develop and exhibit works by University students in February in our smaller exhibition spaces. For many of students involved this was their first showcase of work outside of a university setting and Ikon helped to support them in their development as artists and selfemployed practitioners.
## Ikon Youth Programme
IYP includes members outside of formal education and participants from schools and colleges, as well as those who are currently not in education or employment. It provides a space for young people to develop and share interests in visual art. Weekly in person meetings with invited artists took place throughout the year. IYP worked with artist Yhonnie Scarce and supporting practitioners in response to her summer exhibition, medal making workshops at Birmingham School or Art, a series of workshops at Modern Clay they worked with artist Farwa Moledina to create works inspired by her work _Women in Paradise_ .
IYP hosted its first Slow Boat Review, chaired by artist and writer Cathy Wade and with presentations by alumni tor of the Turner Prize 2021. IYP members are preparing for the Year 2 review.
## **Visitors**
Attendances during 2022/23, as follows:
|Exhibitions (in person at Ikon)|272,000|
|---|---|
|International off site and touring|134,000|
|UK off site and touring|367,000|
|_Foreign Exchange;_Hew Locke, Victoria Square, Commonwealth Games 25.1m||
|Online digital events|41,000|
|Education digital engagement|31,000|
## **Marketing & Digital**
the Cultural Recovery Fund, launched on 8 April 2022. Since opening the new exhibitions, unique website visits increased by approx. 35% in the first month to typically approximately 33k. The development of the website also included a WordPress plug-in to automatically sync shop products to exhibition pages on the main site. Two digital LCD screen totem signs updates taking place in February 2023.
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## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Marketing & Digital (continued)**
A large number of exhibition related films were created in house during the 2022/23 year to introduce and document exhibitions and artist interviews that accompany the shows. Films include Hew Locke, _Foreign Exchange_ artist interview, _A sky in a Room_ documentation, exhibition introduction for Edward Lear, _Moment to Moment_ and a trailer for _Horror in the Modernist Block_ amongst others.
A new role for Social Media Coordinator was created in November 2022 and with that we increased our production of content for social media including reels and digital spotlight tours, Christmas gift ideas guides and coverage on Tiktok.
Ikon hosted a digital and in-person symposium _Edward Lear in the Round_ which was streamed live from the vember and at the end of 2022 Ikon published an Annual Review, pulling together highlights from across our Exhibitions and Education Programmes; Press coverage; and
## **Press and PR**
During 2022/23 Ikon received great press coverage from both local, national and international organisations. _Shadows on the Sky_ received extensive press interest with the exhibition being positively covered by leading news outlets including The Sunday Times Culture, Financial Times, the Guardian and The Spectator. Britta Marakatt Labba received regional coverage in Craft Magazine and the Embroidery Magazine.
_Arrivals_ received vast coverage including coverage in Art Quarterly, Studio International and local coverage in I choose Birmingham. Autumn shows by Edward Lear, Mayunkiki and local Artist Farwa Moledina gained extensive coverage over a number of news outlets including The Daily Telegraph, The Times, The Observer, Apollo, The arts newspaper, Art Review Asia, Asian Art Newspaper, Museums Journal, Guardian Saturday Magazine and Podcast coverage for Moledina.
Gift to Birmingham received local coverage on BBC Midlands Today and the Birmingham Mail and Foka Wolf was covered by Birmingham Living, BBC online and Grapevine Birmingham. Vanley burke Blk Art Map, What s On Birmingham, Black and White Photography magazine During the Commonwealth Games Ikon received coverage globally via TV networks, and specifically on BBC kon _Foreign Exchange_ with over 317m readers.
The winter exhibition _Horror in the Modernist Block_ brought new audiences featuring in the RIBA Journal, the Telegraph, Apollo, and locally with the Birmingham Review amongst others.
## **Collaborative Marketing**
During 2022/23 Ikon benefited from collaborative marketing, e.g. through cultural collectives such as Culture Central, local digital festivals, networks such as Plus Tate and non-art agencies including West Midlands Growth Company, Brindleyplace, foreign governmental departments and national and international galleries and organisations with touring exhibitions. Touring exhibitions by Mit Jain Inn was exhibited in Thailand and Thomas Bewick in the UK.
## **3. An increasingly prominent role in the cultural life of Birmingham and the region**
During 2022/23 Ikon continued actively to promote cultural experience in the West Midlands, especially as a member of Culture Central, the cultural development agency for Birmingham, leading in local and regional cultural life, in partnership with other arts organisations. discuss shared challenges and solutions. These conversations continue with a supportive network of other arts based organisation and institutions sharing ideas with each other to look into the future.
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## **Ikon Gallery Limited**
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## **Year Ended 31 March 2023**
## **3. An increasingly prominent role in the cultural life of Birmingham and the region (continued)**
Ikon continues to form part of Contemporar Decision Maker Panel.
Ikon continued to work and engage with BIDs, Birmingham City Council Tourism and West Midlands Growth Company to increase visitor numbers to the city throughout the year. In the run up to the Commonwealth Games, Ikon worked alongside the games organisers to cross promote events and exhibitions that were taking place in the city including the Ikon commission of work by Hew Locke.
## **Emerging and Local Artists**
During 2022/23 Ikon continued to support local and emerging artists through Educational, off-site and core programming events. We worked with a number of local Artists Educators who supported the delivery of our family Saturday programmes and offsite workshops including Haseebah Ali and Sarah Hamilton Baker.
Local Artist, Farwa Moledina exhibited her work _Women in Paradise_ exhibitions and also created a number of limited editions that were available alongside the exhibition. Local artist Foka Wolf presented _Why Am I Stuck In Hospital?_ in response to the issues with the health and social case systems. He created a limited-edition artwork alongside the exhibition with 20% of the profits being donated to local charity Changing our Lives.
## **4. Greater financial sustainability**
## **Revenue Funding**
## Arts Council England
£1,028,307 revenue funding was received for 2022/23.
## Birmingham City Council
£19,731 revenue funding received for 2022/23.
## **Resilience and Fundraising**
Ikon increased fund-raising efforts in 2022/23 with successful applications to trusts and foundations including Swedish Embassy, AHRC for Edward Lear, Australian High Commission for _Arrivals_ . For Mayunkiki we were successful in applications to The Japan Foundation, Daiwa Foundation and Sasakawa for the autumn show plus generous individual donations towards the _Horror in the Modernist Block_ exhibition amongst others.
Locally we received BCC funding for Omicron Covid Grant, Birmingham 2022 Festival for Ikon Educational programme and work in support of the Commonwealth Games and University of Birmingham and Changing Our Lives towards the Foka Wolk exhibition at Ikon.
Transform One Fund and a secondary application to Transform Two was submitted.
In 2022/23 we increased our patrons list and worked to increase engagement further by creating monthly newsletters and arranging visits to off-site projects and exhibitions. We continue to review and develop our patrons offer and engagement with corporate clients.
The team have been looking ahead to 2024 and the 60[th] anniversary and devising a plan for fundraising opportunities. The 50[th] Anniversary Investment Fund continues to fluctuate with world occurrences and is indicated within the accounts.
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## **Ikon Gallery Limited**
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## **Year Ended 31 March 2023**
## **5. Sustained organisational integrity, alongside possibilities for change**
## **Managerial Practice**
In October 2022 Ikon had a change in management structure following the Director, Jonathan Watkins stepping down from the role and leaving the organisation after 23 years. The Board of Trustees undertook an initial recruitment process which was unable to recruit to the role, after which was decided that there would be a change to the structure of the leadership team at Ikon. The Board of Trustees wanted to use the opportunity to look at new management roles and proposed and implemented a new structure on an interim basis. Ian Hyde, previously Chief Operating Officer became Acting Chief Executive Officer, Melanie Pocock, previously Curator became Acting Artistic Director Exhibitions and Dr Linzi Stauvers, previously Head of Education became Acting Artistic Director, Education. The team are supported by the wider staff team during this period of change and the Board are extremely pleased with how the whole team have adapted to the positive change.
Ikon is proactive in its approach to diversity and inclusion, determined to remove unfair barriers perceived or real for individuals wishing to engage with Ikon, as members of our workforce, as participants, visitors or artists. All employees, freelancers and contractors apply principles of diversity, as outlined in our Equality Diversity and Inclusion Plan, and contribute to the implementation of this strategy, reviewed by our staff working group, as well as the Senior Management Team and quarterly Board meetings.
During 2022/23 Ikon continued to be involved with the More than a Moment consortium, coordinated by Culture Central, concerned to ensure greater opportunities and equality for Black artists and creatives in the West Midlands, as well as anti-racism in the arts.
All staff continue to attended regular Equality Diversity and Inclusion meetings throughout the year and working towards including EDI in all areas of our work. During 2022/23 work towards developing an updated EDI plan was started with the view that this will be implemented in 2023/24.
## **Personnel**
During 2022/23, DBS checks were made on new employees and renewed for existing employees as required.
During the 2022/23-year Ikon created a new role of Social Media Coordinator to support the development of
New acting leadership structure was introduced in October following the stepping down of the Director after 23 years.
## Ikon as an Entry Level Employer
During 2022/23 Ikon offered two work experience positions for students with the University of Birmingham which were paid opportunities funded by the university. There were also a small number of work experience placements that took place with departments.
## Training
Ikon continued to invest in staff training and professional development.
North West through the Plus Tate network. The training will Green Team and policies that will influence all work that Ikon will undertake moving forwards.
Kerry Hawkes (Education and Cultural Partnerships Manager) continued to study for their Senior Leadership Maste Degree Apprenticeship SLMDA (Arts and Culture) at Wolverhampton Business School which is due to be completed in July 2023.
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## **Ikon Gallery Limited**
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## **Year Ended 31 March 2023**
## **Personnel (continued)**
Ikon worked with the University of Coventry to develop an Art Technician Bootcamp which took place in Februar offering placements to b programme included technical tours; artefact packing pra theoretical explorations of how to safely install, deinstall and maintain existing displays; observation of exhibition planning meetings; self-led research and technician interview tips.
## **Building Maintenance**
I help towards a small amount of retail-based capital improvements and future planning for Ikon.
During the 2022/23 year some Covid modifications that had been introduced to the building were slowly removed from the Gallery after consideration.
## Energy consumption and capital works
In April, as part of our Capital Works Programme 2, largely funded by ACE, two digital LCD screen totem signs were installed either side of the terrace, replacing existing static totems in place since 2007.
at were estimated at 300% increases on existing costs. During the year we had increased energy consumption due to exhibitions requiring climate control measures.
Two exhibitions during the 2022/23, year Crivelli and Lear, required climate controls to be on for the duration of the exhibitions. Managing the systems for the duration of the exhibitions increased costs for building management to ensure that the works were kept under climate control conditions.
From February 2023 Ikon made the decision to close the building entirely on Monday and Tuesdays each week as a cost saving measure. The impact on energy has been closely monitored during this period to understand the impact of the closure on building expenditure.
## _**FINANCIAL REVIEW**_
The group deficit for the year totalled £186,761 (2022: £112,375). Of this, a £58,341 deficit (2022: a surplus of £149,075) was produced by unrestricted funds with restricted funds decreasing by £128,420 (2022: decreasing by £261,450).
ivities during the year were that of the leasing of the trading areas as a café. A net loss of £3,934 (2022: Nil) was achieved. As a result no amounts are payable to the holding company as a charitable donation made under Gift Aid (2022: Nil).
Additions to the group tangible fixed assets total £23,791.
The total net book value of group tangible fixed assets is now £3,202,628 (2022: £3,435,857) investments total £603,812 (2022: £626,720), net current assets total £693,014 (2022: £623,638) and creditors falling due after one year £nil, resulting in total group net assets of £4,499,454 (2022: £4,686,215).
Total group funds at 31 March 2023 of £4,499,454 (2022: £4,686,215) were comprised of £1,280,498 (2022: £1,338,839) unrestricted reserves and £3,218,956 (2022: £3,347,376) restricted funds.
14
## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Reserves Policy**
The Balance Sheet shows unrestricted general free reserves (i.e. reserves that do not show any restriction on how they can be used which are represented by net current assets) as at 31 March 2023 of £619,399.
The Trustees consider that, ideally, unrestricted reserves should equate to approximately three months' running costs and be sufficient to cover the maximum potential liabilities that could arise in the event of winding up the company, budgeted at £500,000.
The Trustees believe that the current level of reserves provides Ikon with adequate funds to meet potential liabilities of winding up the company and will continue to maintain the reserves around the targeted level. This year s results were supported by the temporary increase in the Exhibition Tax Relief.
It should be noted that the Ikon 50 Fund of £500,000 is designated by the Trustees for the development of
new work and support of artists.
Development Fund this fund was set up as a restricted fund using grants received from the National Lottery Fund, European Regional Development Fund, Foundation for Sports and the Arts, Argent plc, and other donations for the purpose of refurbishing Oozells Street School as a site for Ikon Gallery. This fund is being written off at the same rate as the expected useful life of the fixed assets relating to the development.
Restricted Grants This is grant income received during the year relating to specific exhibitions or projects
and the funds expended on these activities.
Ikon Gallery Limited established an investment fund in 2015. The Fund is managed by the Board and is intended to protect the organisation from financial risk. It will only be allocated when there is no other course of action to be taken such as complete withdrawal of all public funding or closure. The F safeguarded with any interest made annually to be used to support exhibition development to an agreed level of funding each year, wherever possible, for an exhibition at Ikon or for some equivalent form of project or activity.
## **Future Plans**
Ikon will continue to deliver a high-quality programme of exhibitions and events to engage a wide range of audiences. Slow Boat, our canal-based project will continue in 2023/24 and Art in HMP Grendon has been extended for an additional three-year period. We look forward to working offsite alongside partners in prominent safe locations throughout the city and beyond. Internationally, our work will continue to be shown especially through partnerships in Australia, France and Thailand.
## **Fundraising and Development**
We are making a concerted effort to increase funding from non-core sources. Commercial artist commissions are being sought, and we are capitalising on opportunities that arise through marketing and PR activity, e.g. philanthropic and donor cultivation, memberships and corporate support. We aim to boost retail through refreshing our physical shop as well as shop social media while increasing our requests for donations through digital payment mechanisms.
## **Fundraising standards information**
The charity is registered with the Fundraising Regulator and complies with all requirements. Ikon is a small charity costs of the organisation and artistic and educational projects. The charity monitors our internal staff team and our approach to maintaining our relationships with individuals around patronage and financial support through regular income generation meetings. The charity does not pay external fundraisers or companies to raise money for us, we do not make unsolicited approaches to individuals either on the street or by phone and we have received no complaints regarding the fundraising strategy.
15
## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Staff**
Our Front of House team (Information Assistants) will continue to be recruited through twelve-monthly cycles, ensuring that we achieve more diversity in ou deliver the above fundraising and development ambitions.
Ian Hyde, Acting Chief Executive Officer, is working alongside Acting Artistic Director of Exhibitions, Melanie Pocock, and Acting Artistic Director of Education, Linzi Stauvers during a period of change to allow the Board of Trustees time to recruit to a leadership model for the future.
The charity does not make use of volunteers.
## **Audience Development**
We will reform our audience development plan within 2023/24 responding to changing city/region demographics from Census data, e.g. new waves of immigration, increased number of elderly residents, the impact of ongoing austerity, manifested especially in homelessness, poverty, as well as responding to the impact of the cost of living crisis. We will continue to remain open and free to all to support mental health recovery.
## **Facilities and Capital**
During 2023/24 we will review our fundraising strategy for the improvement of the essential infrastructure of our Risk Register, whilst taking opportunities for growth.
## **Going concern**
At the date of signing these financial statements, the Trustees have considered the effect of recent challenges in the operating of a charity and wider group. The Trustees do not believe that the challenges will affect the g As with most organisations, the initial impact of C-19 global pandemic, followed by increasing costs in all areas, have impacted how we operate. A reduction in the number of days we are open to the public in addition to increased fundraising and streamlining our internal processes, have alleviated some of the pressures. We continue to take advantage of any support schemes available around power costs and we are pleased to have secured core public funding from both Arts Council England (NPO) and Birmingham City Council for a three-year period. Due to the level of reserves and cash balances held and security of some of our income streams, such as the new multi-period core grant from Arts Council England and external multi-year project grants as well as secured future funding with key partners, we are well placed to continue operating.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
Ikon Gallery Limited is a company limited by guarantee governed by its Memorandum of Association dated 29 March 1967 and amended to allow for current governance arrangements on 15 March 2006. It is a registered charity with the Charity Commission. There are currently 11 members of the charity each of whom is an elected trustee and who agree to contribute £1 in the event of the charity winding up.
## **Appointment of trustees**
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. In accordance with this, directors who are trustees of the charity and members of the Board are appointed or elected as follows:
16
## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Appointment of trustees (continued)**
An individual must be appointed a Member of the Charity before they can be a Board Member. Membership is open to any artist, teacher or disseminator of knowledge of the arts or any individual interested in promoting the objects of the Charity in general.
The current Members of the Charity are the Board Members. A third of Board Members retire at each AGM with those longest in office retiring first. Each Board Member can be re-appointed for a maximum of three terms of three years.
The Chair, in consultation with other members and the gallery director, reviews the expertise required for the Board. Through personal and professional contacts and advice from organisations, candidates are approached and interviewed by the Chair and the Director of the Gallery. If there is agreement amongst Board members, a candidate is nominated, seconded and voted onto the Board at the Annual General Meeting.
## **Trustee induction and training**
Trustees undergo induction when appointed to the Board. This involves a meeting with the Director of the Gallery and the Chair of the Board, and a tour of the gallery. New trustees receive a comprehensive pack containing information about the gallery, its programmes and policies, and copies of previous Board minutes and documents relevant to the current discussions. They also receive a staff plan and brief biographies of current staff.
## **Organisation**
The charity is administered by the Board which can have up to 15 members and meets quarterly. The Board have appointed a Director of the Gallery to manage day to day operations of the charity. To facilitate operations the Director has delegated authority, within terms of delegation approved by the Board, for operational matters including finance, employment and artistic activity.
The Risk Committee, comprising four Board members, meets on a quarterly basis to consider in detail financial reports and other issues relating to the management of the charity. Minutes of these meetings are circulated to the Board.
The Trust considers its key management personnel compromise the director and deputy director. The pay of the key management personnel is set with reference to benchmarking using comparable roles in organisations similar to Ikon.
## **Related parties**
The charity ells Trading Limited, was established to operate the commercial activities of the charity only current activity is the lease of property for use as a café/restaurant. The subsidiary profits (as arising) are covenanted to the charity (see note 14 in the accounts).
Birmingham City Council and Arts Council England provide funding to support core operating costs.
17
## **Ikon Gallery Limited**
**Trust al Report**
## **Year Ended 31 March 2023**
## **Statement of Directors**
## **esponsibilities**
The trustees (who are also directors of Ikon Gallery Limited for the purposes of company law) are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepting 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 directors are required to:
- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company tors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
This report has been prepared taking advantage of the exemptions for small companies within Part 15 of the Companies Act 2006.
## **Auditors**
Cooper Parry Group Limited has expressed its willingness to continue in office and will be proposed for reappointment at the Annual General Meeting.
## **Signed on behalf of the Board on 20 September 2023**
**Prof H Higson OBE Chair**
18
## **Ikon Gallery Limited**
## **Independent Audit**
## **eport to the members and trustees of Ikon Gallery Limited**
## **Year Ended 31 March 2023**
## **Opinion**
We have audited the financial statements of Ikon Gallery Limited ( parent charitable c subsid for the year ended 31 March 2023 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group's and parent charitable company s affairs as at 31 March 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable com o continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Trustees Annual Report, other than the financial statements and our audito trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
19
## **Ikon Gallery Limited**
## **Independent Audit**
## **eport to the members and trustees of Ikon Gallery Limited**
## **Year Ended 31 March 2023**
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Annual Report (incorporating the directors report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees' Annual Report (incorporating the directors report) has been prepared in accordance with legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report (incorporating the directors report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable compa financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees' were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Annual Report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group s and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with those Acts.
20
## **Ikon Gallery Limited**
## **Independent Audit eport to the members and trustees of Ikon Gallery Limited**
## **Year Ended 31 March 2023**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an au t that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below:
Our assessment focussed on key laws and regulations the group and parent charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Trustee Act 2000, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection and employment legislation.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
- obtaining an understanding of the legal and regulatory framework applicable to the group and parent charitable company and how the group and parent charitable company are complying with that framework, including agreement of financial statement disclosures to underlying documentation and other evidence; obtaining an understanding of the group and parent charitable c and
- how the group and parent charitable company have applied relevant control procedures, through discussions with Trustees and other management and by performing walkthrough testing over key areas; obtaining an understanding of the group and parent charitable c assessment process, including the risk of fraud;
- reviewing meeting minutes of those charged with governance throughout the year; and performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Counci https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our a
21
## **Ikon Gallery Limited**
## **Independent Audit eport to the members and trustees of Ikon Gallery Limited**
## **Year Ended 31 March 2023**
## **Use of our report**
This report is made solely to the company's members, as a body, in accordance with Chapter 3 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Glen Bott FCA
Senior Statutory Auditor for and on behalf of:
## **Cooper Parry Group Limited**
Statutory Auditors Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX
Date: 27 October 2023
22
## **Ikon Gallery Limited**
## **Group Statement of Financial Activities (incorporating the income and expenditure account)**
## **Year Ended 31 March 2023**
|Note
**Income from:**
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Other
6
**Total income**
**Expenditure on:**
Raising funds
7
Charitable activities
7
**Total expenditure**
Net (losses) / gains on
investments
14
**Net income / (expenditure)**
**Transfers between funds**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
18
**Total funds carried forward**
18|**2023**
Unrestricted
funds
Restricted
funds
Total
£
£
£
1,251,151
259,727
1,510,878
170,670
-
170,670
122,430
-
122,430
17,623
-
17,623
321,343
-
321,343
1,883,217
259,727
2,142,944
329,849
-
329,849
1,489,083
477,064
1,966,147
1,818,932
477,064
2,295,996
(33,709)
-
(33,709)
30,576
(217,337)
(186,761)
(88,917)
88,917
-
(58,341)
(128,420)
(186,761)
1,338,839
3,347,376
4,686,215
1,280,498
3,218,956
4,499,454|**2022**
Total
£
1,513,032
167,793
81,774
12,978
56,590|
|---|---|---|
|||1,832,167
265,333
1,722,134|
|||1,987,467|
|||42,925|
|||(112,375)
-|
|||(112,375)
4,798,590|
|||4,686,215|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The Charity has taken advantage of Section 408 of the Companies Act 2006 and has not included a Parent Charity Statement of Financial Activities in these financial statements. The net expenditure dealt with in the financial statements of the parent charity is £182,827 (2022: £112,375).
23
## **Ikon Gallery Limited**
## **Balance Sheet**
## **Year Ended 31 March 2023**
|**Year Ended 31 March 2023**|||||
|---|---|---|---|---|
|Note
Tangible assets
13
Investments
14
**Current assets**
Stocks
Debtors
15
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
16
**Net current assets**
**Net assets**
**Represented by**
Restricted funds
18
Unrestricted funds
18
**Total funds**|**Group**
**2023**
£
3,202,628
603,812
3,806,440
62,166
429,293
522,388
1,013,847
(320,833)
693,014
4,499,454
3,218,956
1,280,498
4,499,454|**Group**
**2022**
£
3,435,857
626,720
4,062,577
67,720
303,673
750,994
1,122,387
(498,749)
623,638
4,686,215
3,347,376
1,338,839
4,686,215|**Company**
**2023**
£
3,202,627
603,814
3,806,441
62,166
430,628
519,034
1,011,828
(314,881)
696,947
4,503,388
3,218,956
1,284,432
4,503,388|**Company**
**2022**
£
3,435,856
626,722|
|||||4,062,578
67,720
306,232
745,536|
|||||1,119,488
(495,851)|
|||||623,637|
|||||4,686,215|
|||||3,347,376
1,338,839|
|||||4,686,215|
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within section 15 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the Board on 20 September 2023.
Signed on behalf of the board of trustees
Prof H Higson OBE Trustee
Company registration number: 00902136
The notes on pages 26 - 40 form part of these financial statements.
24
## **Ikon Gallery Limited**
## **Statement of Cash Flows**
## **Year Ended 31 March 2023**
|Note
**Net cash provided by operating activities**
Cash flow (used by) / from operating activities
20
**Cash flow from investing activities**
Purchase of property, plant and equipment
Purchase of investments
13
14
Investment income received
Proceeds from sale of investments
14
**Net cash flow from / (used) in investing activities**
**Change in cash and cash equivalents in the reporting period**
**Cash and cash equivalents at 1 April 2022**
**Cash and cash equivalents at 31 March 2023**
**Cash and cash equivalents consists of:**
Cash at bank and in hand
**Cash and cash equivalents at 31 March 2023**|**2023**
£
(239,476)
(23,791)
(61,721)
17,623
78,759
10,870
(228,606)
750,994
522,388
522,388
522,388|**2022**
£
192,815|
|---|---|---|
|||(176,440)
(46,958)
12,978
40,244|
|||(170,176)|
|||22,639
728,355|
|||750,994|
|||750,994
750,994|
25
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
- **1 Summary of significant accounting policies**
## **(a) General information and basis of preparation**
Ikon Gallery Limited is a company limited by guarantee in the United Kingdom. In the event of the charitable group being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable group. The address of the registered office is given in the charitable group s information on page 2 of these financial statements. The nature of the charitabl operations and principal activities are the advancement of education in the United Kingdom and internationally, and in particular in the City of Birmingham and in the West Midlands region, by encouraging the practice and the dissemination of knowledge of the arts in general but with especial regard to contemporary painting, sculpture and other forms of visual art.
The charitable group constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The accounts are prepared in sterling and rounded to the nearest £1.
## _**Basis of Consolidation**_
The group financial statements are the result of the consolidation of the financial statements of the company and its subsidiary Oozells Trading Limited. The financial statements of all companies are made up to 31 March 2023.
No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **(b) Funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
26
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **1 Summary of significant accounting policies**
## **(c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees l Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
The charity receives government grants in respect of its principal activities which are the advancement of education in the United Kingdom and internationally, and in particular in the City of Birmingham and in the West Midlands region, by encouraging the practice and the dissemination of knowledge of the arts in general but with especial regard to contemporary painting, sculpture and other forms of visual art. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Investment income is earned through holding assets for investment purposes, such as shares. It comprises interest and dividends. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the cha right to receive payment is established.
27
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **1 Summary of significant accounting policies**
## **(d) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Costs of raising funds Expenditure on charitable activities Other expenditure.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
## **(e) Support costs allocation**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and other overheads have been allocated on a pro rata basis.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
The analysis of these costs is included in note 7.
## **(f) Tangible fixed assets**
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Long Leasehold land and buildings 2% Fixtures and equipment 25% Computer equipment 25%
28
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **1 Summary of significant accounting policies (continued)**
## **(g) Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value with changes rec gains/ (losses) on investments in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Investments in subsidiaries are measured at cost less impairment.
## **(h) Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
## **(i) Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **(j) Impairment**
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the SoFA unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
## **(k) Provisions**
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
## **(l) Leases**
Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
## **(m) Foreign currency**
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
29
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **1 Summary of significant accounting policies (continued)**
## **(n) Employee benefits**
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
## **(o) Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes
## **(p) Going concern**
At the date of signing these financial statements, the Trustees have considered the effect of the Covid19 global pandemic, increase in energy costs and the secured 2023-26 Investment Programme in relation to the Galler core funding from Arts Council England, and do not believe that it will affect ity to continue to operate for the foreseeable future. During this challenging period we will review and re-set our way of working, continuing to digitise our services to ensure that we become further accessible to those at home, or not able to make it to the Gallery. Due to the level of cash reserves and cash balances held, and security of some of our income streams including the new multiperiod core grant from Arts Council England (NPO) and external multi-year project grants, we are well placed to continue to operate.
The financial forecasts prepared by the senior leadership team show that the group will be able to operate within the facilities available to it.
On that basis the Trustees have prepared these financial statements on a going concern basis.
## **2 Income from donations and legacies**
|Arts Council England
Arts Council England (Capital Project)
Arts Council England (Cultural Recovery Fund)
Arts Council England (Building Resilience Survey)
Birmingham City Council
Other government grants
Trusts and Foundations
Other Grants and Income
Ampersand Crivelli exhibition
Donations and gifts
Patrons|2023
£
1,028,307
414
-
7,532
19,731
-
299,621
28,310
92,308
25,142
9,513
1,510,878|**2022**
**£**
**1,028,308**
**(16,549)**
**129,473**
**-**
**19,731**
**47,283**
**211,934**
**-**
**57,692**
**24,743**
**10,417**|
|---|---|---|
|||**1,513,032**|
Income from donations and legacies was £1,510,878 (2022 - £1,513,032) of which £259,727 (2022 - £195,385) was attributable to restricted and £1,251,151 (2022 - £1,317,647) was attributable to unrestricted funds.
30
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **3 Income from charitable activities**
|Exhibitions
Exhibitions
Birmingham Organising Committee 2022 Commonwealth
Games funding (and other funders)
Education|2023
£
62,009
98,709
9,952
170,670|**2022**
**£**
**29,335**
**132,330**
**6,128**|
|---|---|---|
|||**167,793**|
Income from charitable activities was £170,670 (2022 - £167,793) all of which was attributable to unrestricted funds.
## **4 Income from other trading activities**
|Bookshop
Café|2023
£
94,885
27,545
122,430|**2022**
**£**
**58,656**
**23,118**|
|---|---|---|
|||**81,774**|
Income from other trading activities was £122,430 (2022 - £81,774) all of which was attributable to unrestricted funds.
## **5 Income from investments**
|Bank Interest
Dividends|2023
£
2,522
15,101
17,623|**2022**
**£**
**-**
**12,978**|
|---|---|---|
|||**12,978**|
Income from investments was £17,623 (2022 - £12,978) all of which was attributable to unrestricted funds.
## **6 Other income**
|Gallery Hire
Other Income|2023
£
13,539
307,804
321,343|**2022**
**£**
**5,180**
**51,410**|
|---|---|---|
|||**56,590**|
Other income was £321,343 (2022 - £56,590) all of which was attributable to unrestricted funds.
31
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **7 Analysis of expenditure on charitable activities**
||Operation of|Education and|Total|Raising funds|Total 2023|**Total 2022**|
|---|---|---|---|---|---|---|
||the gallery|development|charitable||||
||and||activities||||
||exhibitions||||||
||£|£|£|£|£|**£**|
|**Costs directly allocated to activities**|||||||
|Artists, materials & other|||||||
|installation costs|452,546|181,209|633,755|83,105|716,860|518,220|
|Marketing & communications|||||||
||51,203|-|51,203|-|51,203|54,441|
|Shop, café and investment|||||||
|manager fees|-|-|-|82,739|82,739|59,331|
|Salaries, pensions and other|||||||
|staffing costs|458,483|156,166|614,649|86,704|701,353|634,866|
||962,232|337,375|1,299,607|252,548|1,552,155|1,266,858|
|Salaries, pensions and other|||||||
|staffing costs|74,374|31,599|105,973|35,942|141,915|141,949|
|Operating costs of the gallery|250,227|21,275|271,502|17,054|288,556|313,070|
|Depreciation|222,879|18,950|241,829|15,191|257,020|235,210|
|Governance (Note 8)|39,223|8,013|47,236|9,114|56,350|30,380|
||586,703|79,837|666,540|77,301|743,841|720,609|
|Total costs 2023|||||||
||1,548,935|417,212|1,966,147|329,849|2,295,996||
||||||||
|Total costs 2022|1,390,096|332,038|1,722,134|265,333|1,987,467|1,987,467|
£477,064 (2022- £421,041) of the above costs were attributable to restricted funds. £1,818,932 (2022 - £1,566,426) of the above costs were attributable to unrestricted funds.
## **8 Governance costs**
|Salaries, pensions and other staffing costs
n & associated professional fees
**9**
**Net income / (expenditure) for the year**
Net income / (expenditure) is stated after charging:
Depreciation of tangible fixed assets
Operating lease rentals|2023
£
20,363
35,987
56,350
2023
£
257,020
1,658|**2022**
**£**
**17,781**
**12,599**|
|---|---|---|
|||**30,380**|
|||**2022**
**£**
**235,210**
**-**|
32
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **10 Trustees' and key management personnel remuneration and expenses**
The trustees neither received nor waived any remuneration during the year (2022: £Nil).
The total amount of employee benefits received by key management personnel is £175,167 (2022 - £156,929). The Charity considers its key management personnel compromise the director, deputy director (now Acting Chief Executive Officer), Acting Artistic Director of Exhibitions and Acting Artistic Director of Education.
No (2022 No) trustees are accruing pension arrangements.
The trustees did not have any expenses reimbursed during the year (2022 - £Nil).
## **11 Staff costs and employee benefits**
The average monthly number of employees and full time equivalent (FTE) during the year was as follows:
|Exhibition
Education
Publicity
Administration|2023
2023
**2022**
**2022**
Number
FTE
**Number**
**FTE**
13
11
**14**
**11**
5
3
**5**
**3**
5
4
**5**
**4**
7
6
**7**
**6**|
|---|---|
||30
24
**31**
**24**|
The total staff costs and employee benefits was as follows:
|Wages and salaries
Social security
Defined contribution pension costs|2023
£
775,620
60,924
27,087
863,631|**2022**
**£**
**715,196**
**53,926**
**25,474**|
|---|---|---|
|||**794,596**|
## **11 Staff costs and employee benefits (continued)**
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:
|£80,001 - £90,000|2023
Number
-
-|**2022**
**Number**
**1**|
|---|---|---|
|||**1**|
33
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **12 Interest payable and similar charges**
|Bank charges|2023
£
1,829
1,829|**2022**
**£**
**1,549**|
|---|---|---|
|||**1,549**|
## **13 Tangible fixed assets**
|**Group and Company**
Cost or valuation:
At 1 April 2022
Additions
At 31 March 2023
Depreciation:
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value:
At 31 March 2023
At 31 March 2022|**Long**
**Leasehold**
**Land and**
**buildings**
**Computer**
**Equipment**
**Fixtures and**
**Equipment**
**Total**
£
£
£
£
5,526,731
214,074
1,000,027
6,740,832
-
17,232
6,559
23,791|
|---|---|
||5,526,731
231,306
1,006,586
6,764,623|
||2,399,008
113,781
792,186
3,304,975
120,300
40,505
96,215
257,020|
||2,519,308
154,286
888,401
3,561,995|
||3,007,423
77,020
118,185
3,202,628|
||3,127,723
100,293
207,841
3,435,857|
The net book value of long leasehold land and buildings includes £174,834 (2022: £181,864) in respect of a café within the gallery.
The remaining net book value relates to assets held for charitable activities.
Included within the above is £1 (2022 - £1) in respect of the long leasehold land and buildings attributable to the group s subsidiary company.
Included within Fixtures and Equipment above are £Nil (2022 - £44,879) of assets under construction.
34
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **14 Investments**
|Valuation 1 April 2022
Purchases
Disposals
Unrealised (loss)/gain
Other investment movements
Valuation 31 March 2023|**£**
**Listed**
**investments**
**626,720**
**61,721**
**(78,759)**
**(33,709)**
**27,839**|
|---|---|
||**603,812**|
The Charity Investments balance also includes £2 of share capital in the Trading Subsidiary, Oozells Trading Limited (Charity Investment balance £603,814 (2022: £626,722)).
Investments are comprised of the following:
|Equities
Fixed interest
Alternative investments
Cash
Cost 31 March 2023|2023
£
420,616
79,388
65,140
38,668
603,812
£
507,180|**2022**
**£**
**453,621**
**73,195**
**91,364**
**8,540**|
|---|---|---|
|||**626,720**|
|||**£**
**478,938**|
Individual holdings at 31 March 2023 in excess of 5% of the portfolio value include: Findlay Park Funds PLC £41,460 (2022: £53,454) and HSBC ETFS £66,518 (2022: £70,440). London Stock Exchange exceeded 5% of the portfolio value at 31 March 2022 £35,847.
## **Financial Activities of the Trading Subsidiary**
The financial activities shown in the consolidated statement of financial activities includes those of the holly owned subsidiary, Oozells Trading Limited (Registered Company Number 03095021). A summary of the financial activities undertaken by the subsidiary is set out below:
|Turnover
Administrative expenses
Operating profit
Interest receivable
Profit for the year
Gift Aid
Retained profit by the subsidiary|**2023**
**£**
13,757
(17,691)
(3,934)
-
-
-
(3,934)|**2022**
**£**
**13,268**
**(13,268)**|
|---|---|---|
|||**-**
**-**|
|||**-**
**-**
**-**|
35
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **15 Debtors**
|**Debtors**|||||
|---|---|---|---|---|
|Group
2023
£
Trade debtors
27,853
Amounts owed by group undertakings
-
Other debtors
239
Prepayments and accrued income
398,347
Other tax and social security
2,854
429,293
**Creditors: amounts falling due within one year**
Group
2023
£
Trade creditors
48,626
Other tax and social security
27,967
Accruals and deferred income
244,240
320,833|Group
2023
£
27,853
-
239
398,347
2,854
429,293|**Group**
**2022**
**£**
**8,966**
**-**
**5,366**
**253,149**
**36,192**
**303,673**|Company
2023
£
27,853
4,189
239
398,347
-
430,628|**Company**
**2022**
**£**
**7,349**
**4,176**
**5,366**
**253,149**
**36,192**|
|||||**306,232**|
|||**Group**
**2022**
**£**
**176,511**
**23,356**
**298,882**
**498,749**|Company
2023
£
46,706
25,535
242,640
314,881|**Company**
**2022**
**£**
**176,511**
**21,908**
**297,432**|
|||||**495,851**|
## **16 Creditors: amounts falling due within one year**
Included within other tax and social security are £8,771 (2022 £8,801) of outstanding defined contribution pension contributions.
## **17 Deferred income**
## **Group and Company**
|**Group and Company**||
|---|---|
|At 1 April 2022
Additions during the year
Amounts released to income
At 31 March 2023|Under 1
year
Over 1
year
**Total**
£
£
**£**
225,772
-
**225,772**
181,068
-
**181,068**
(225,772)
-
**(225,772)**|
||181,068
-
**181,068**|
Income has been deferred as it relates to funds received for projects and exhibitions occurring in forthcoming financial years.
36
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **18 Fund reconciliation**
## **Group and Company - 2023**
## **Unrestricted funds**
|General
Reserve
Ikon 50 Fund|Balance at
1 April
2022
Income
Expenditure
Transfers
Gains /
(losses)
**Balance**
**at 31**
**March**
**2023**
£
£
£
£
£
**£**
**788,839**
1,868,116
(1,814,631)
(111,826)
-
**730,498**
**50,000**
-
-
-
-
**50,000**
**500,000**
15,101
(4,301)
22,909
(33,709)
**500,000**|
|---|---|
||**1,338,839**
1,883,217
(1,818,932)
(88,917)
(33,709)
**1,280,498**|
## **Restricted funds**
|Development
Fund
Restricted
Grants
ACE Capital
Grant
ACE Covid
Recovery
Fund 2|Balance at
1 April
2022
Income
Expenditure
Transfers
Gains /
(losses)
**Balance at**
**31 March**
**2023**
£
£
£
£
£
**£**
**3,131,415**
-
(120,300)
-
-
**3,011,115**
**-**
259,727
(224,445)
(11,667)
-
**23,615**
**215,961**
-
(105,121)
12,143
-
**122,983**
**-**
-
(27,198)
88,441
-
**61,243**|
|---|---|
||**3,347,376**
259,727
(477,064)
88,917
-
**3,218,956**|
The general unrestricted funds balance for the group includes the deficit funds of Oozells Trading Limited of £3,934.
In the year a transfer of £11,667 was made from restricted grants to general funds, representing the element of grant funding Ikon could attribute to general overheads. A further transfer of £100,584 (£12,143 to ACE Capital Grant and £88,441 to ACE Covid Recovery Fund 2) was made to restricted grants from general funds, representing the reclassification of particular assets as being restricted in nature. Losses on the Group s investments have been transferred to the Ikon 50 Fund from general funds.
37
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **18 Fund reconciliation (continued)**
## **Group and Company 2022**
## **Unrestricted funds**
|General
Reserve
Ikon 50 Fund|Balance at
1 April
2021
Income
Expenditure
Transfers
Gains /
(losses)
**Balance**
**at 31**
**March**
**2022**
£
£
£
£
£
**£**
**639,764**
1,623,804
(1,562,041)
87,312
-
**788,839**
**50,000**
-
-
-
-
**50,000**
**500,000**
12,978
(4,385)
(51,518)
42,925
**500,000**|
|---|---|
||**1,189,764**
1,636,782
(1,566,426)
35,794
42,925
**1,338,839**|
## **Restricted funds**
|Development
Fund
Restricted
Grants
ACE Capital
Grant|Balance at
1 April
2021
Income
Expenditure
Transfers
Gains /
(losses)
**Balance at**
**31 March**
**2022**
£
£
£
£
£
**£**
**3,372,015**
-
(120,300)
-
-
**3,131,415**
**9,191**
211,934
(207,577)
(25,270)
-
**-**
**303,337**
(16,549)
(93,164)
(10,524)
-
**215,961**|
|---|---|
||**3,684,543**
195,385
(421,041)
(35,794)
-
**3,347,376**|
## **Fund descriptions**
a) Unrestricted funds
## **General**
Funds used for the pursuit of the charitable company ncipal activities.
## **Reserve**
Funds set aside to cover future eventualities.
## **Ikon 50 Fund**
The charity held a charity art auction at Sotheby's, London on 2 July 2016 as part of its 50th anniversary year celebrations. Various artists who had exhibited at Ikon in the past donated a work of their own art to Ikon for sale at the auction. The net sale proceeds from the auction amounted to £500,000. Ikon has designated the proceeds as an unrestricted fund known as the "Ikon50 Fund". Unless altered in the future by the trustees, the purpose of the fund is to provide financial support to an agreed level of funding each year, wherever possible, for an exhibition at Ikon of works by a developing, young or less well-known artist or artists, or for some equivalent form of project or activity.
The withdrawal of funds must be approved by a majority of the Board of Trustees. It cannot be solely an Executive decision.
38
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **18 Fund reconciliation (continued)**
## **Fund descriptions (continued)**
## b) Restricted funds
Development Fund this fund was set up as a restricted fund using grants received from the National Lottery Fund, European Regional Development Fund, Foundation for Sports and the Arts, Argent plc, and other donations for the purpose of refurbishing Oozells Street School as a site for Ikon Gallery. This fund is being charged with depreciation at the same rate as the expected useful life of the fixed assets relating to the development.
Restricted grants this is grant income received during the year relating to specific exhibitions or projects and the funds expended on these activities.
ACE Capital Grant this is grant funding provided by Arts Council England to fund capital investment in the Gallery. The fund is represented by £122,983 (2022: £215,961) of fixed assets.
ACE Covid Recovery Fund 2 this is funding from HM Government, provided via Arts Council England to support Covid Recovery. This fund is represented by £61,243 (2022: £Nil) of fixed assets.
## **19 Analysis of net assets between funds - 2023**
|Fixed assets
Investments
Cash
Other current assets / liabilities
Total|Unrestricted
funds
Restricted funds
**Total**
£
£
**£**
7,287
3,195,341
**3,202,628**
603,812
-
**603,812**
498,773
23,615
**522,388**
170,626
-
**170,626**|
|---|---|
||1,280,498
3,218,956
**4,499,454**|
## **Analysis of net assets between funds - 2022**
|Fixed assets
Investments
Cash
Other current assets / liabilities
Total|Unrestricted
funds
Restricted funds
**Total**
£
£
**£**
88,481
3,347,376
**3,435,857**
626,720
-
**626,720**
638,076
112,918
**750,994**
(14,438)
(112,918)
**(127,356)**|
|---|---|
||1,338,839
3,347,376
**4,686,215**|
39
## **Ikon Gallery Limited**
## **Notes to the Financial Statements**
## **Year Ended 31 March 2023**
## **20 Reconciliation of net income to net cash flow from operating activities**
||||2023|**2022**|
|---|---|---|---|---|
||||£|**£**|
|Net expenditure for year||(186,761)||**(112,375)**|
|Interest receivable|||(2,522)|**-**|
|Dividends receivable|||(15,101)|**(12,978)**|
|Depreciation and impairment of tangible fixed assets|||257,020|**235,210**|
|Decrease / (increase) in stock|||5,554|**(27,735)**|
|Increase in debtors||(125,620)||**(43,448)**|
|Decrease / (increase) in value of investment|||5,870|**(44,803)**|
|(Decrease) / increase in creditors||(177,916)||**198,944**|
|Net cash (outflow) / inflow from operating activities||(239,476)||**192,815**|
|**Analysis of changes in net cash**|||||
||At start of year|Cashflows||At end of year|
||£|£||£|
|Cash|750,994|(228,606)||522,388|
## **21 Pensions and other post-retirement benefits**
a) Defined contribution pension plans
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £27,087 (2022 - £25,474).
The defined contribution liability is allocated to unrestricted funds and split across the various activities in accordance with the respective staff allocations.
## **22 Lease commitments**
As at 31 March 2023 the company had future commitments under non-cancellable operating leases as follows:
||2023|**2022**|
|---|---|---|
|**Expiry date**|£|**£**|
|Within 1 year|1,658|**1,658**|
|2
5 years|1,657|**3,315**|
## **23 Financial commitments**
There were no (2022 - £Nil) commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements.
## **24 Related party transactions**
At 31 March 2023 the charity was owed £4,189 (2022: £4,176) from its subsidiary Oozells Trading Limited. The movement represents net cash movements in the year.
40