Art Fund

2022/23
 Contents
Her Majesty The Queen
Patron (1952-2022)
Lord Smith of Finsbury
Chairman
Jeremy Palmer
Treasurer
Jenny Waldman CBE
Director
Chairman’s welcome 2
Board of Trustees
Director’s welcome 4
(May 2023)
Funding art 6
Katrina Brown
Professor Richard Deacon CBE RA Engaging audiences 28
Dr David Dibosa Championing museums 38
Anupam Ganguli
Thank you  50
Clare Gough
How we work 60
Tessa Jackson OBE
Madeleine Kennedy Financial reports 62
Professor Susan Lambert Report of the Board and Financial Statements
Abadesi Osunsade for the year ended 31 December 2022 66
Dr Satish Padiyar Get in touch 116
Professor Marcia Pointon
Axel Rüger
Monisha Shah
Desmond Shawe-Taylor CVO

Cover images: Front: Claire Curneen, Guardian II, 2019,

The Atkinson, Southport, acquired 2022 with Art Fund support.
© Claire Curneen. Photo: Sylvain Deleu. Back: Joshua Reynolds,
Mai (Omai), c1776. Courtesy National Portrait Gallery
 Chairman’s welcome
The museum landscape has certainly evolved
dramatically over the past 12 decades and we are
working hard to ensure that we are in the best possible
position to support the sector long into the future.
In 2022 this included reviewing our Royal Charter
and Byelaws to maintain good-practice governance
at Art Fund. And as we look to our 120th anniversary,
we also pay heartfelt tribute to the continuous patronage,
As we enter our 120th year, the aspiration that led to throughout her reign, of Her Majesty Queen Elizabeth II,
the founding of our charity in 1903, at a time when our Royal Patron since 1952.
there wasn’t enough public funding for museums and I believe that our founders would be rightly proud
galleries, resonates to this day. of having laid the foundations for subsequent
The bar was set high at the outset by a group of generations whose achievements for museums have
energetic artists and patrons and, in less than six years, been transformative. I would like to thank our 135,000
paintings by artists including Whistler, Velázquez and members, as well as the many donors, trusts and
Holbein had been saved for the national collections. foundations who support us, for continuing that success.
Since then, we have enhanced the UK’s holdings with
thousands of important works and expanded our support
in ways that could not have been foreseen.
It is thanks to the generosity of our members, funding Chris Smith
2 partners and supporters that the spirit of that early Lord Smith of Finsbury 3
ambition remains at the heart of our activities.
In 2022 we committed £4.5 million towards our
acquisitions programme, helping museums to acquire
works of such historical significance as the Herefordshire
Hoard, and offered grants totalling £8.4m across all our
grant-giving programmes, aiming to meet the needs of
museums as they build towards a more inclusive and
sustainable future after the pandemic.
When a temporary export bar was placed on Joshua
Reynolds’ superlative Portrait of Mai (Omai) (c1776), we
stepped up in an exceptional way to ensure it could be
saved for the public. Our pledge of £2.5 million towards
the £50m needed for its acquisition is the largest amount
we have ever committed for a single work. Following a
Her Majesty
brilliant public response to the fundraising campaign led Queen Elizabeth II
hosts a reception
by the National Portrait Gallery and Art Fund, in April 2023 at St James’s
we were thrilled to announce the joint acquisition of the Palace, London,
to celebrate
painting by the Gallery and the Getty Museum in Los Art Fund’s 80th
anniversary,
Angeles – an innovative collaboration which will enable 22 June 1983.
public access to this masterpiece in perpetuity. © Focus
Photography
 Director’s welcome
To plan for a secure future, in 2022 we set our vision for
the next five years. It centres on three principal activities:
funding art; engaging audiences; and championing our
museums. Art, as always, is front and centre. We will
continue to support historic works – Reynolds’ Portrait
of Mai (Omai) being an outstanding example – as well
as contemporary art from different cultures and in a
variety of forms, reflecting how artists work today and the
It has been heartening to hear from our 850+ museum new and diverse ways in which museums and galleries
and gallery partners that green shoots of optimism collect and show art. We will also focus on audiences, to
are emerging after a difficult few years. Visitor figures ensure everyone feels empowered to discover, visit and
are edging upwards, and there is discernible greater use our wonderful museums. And we will advocate for
confidence in acquiring and commissioning art. But, as museums, which are so central and inspirational to their
our brilliant museum colleagues navigate this still communities, ever more inclusive and more sustainable.
precarious landscape, with the added burden of the We have made great strides this year in engaging a new
cost-of-living crisis, our support is needed as much as generation of visitors. This was ushered in by our most
ever. In addition, we will call for significant investment ambitious UK-wide project to date, The Wild Escape,
in the sector by governments and local government, through which over 500 museums are connecting young
and harness the enthusiasm of our members to help people with art, nature and biodiversity. We have also
generate support for the places we all love. launched our Teacher Art Pass to help teachers access
museum resources for school children. And we were
4 5
pleased to offer more exciting paid student opportunities
for our Student Art Pass members, with young people
gaining experience in curation, producing events,
audience engagement, and much more.
We are in a strong position to achieve our ambitions:
through a robust business plan we are strengthening our
organisation, growing our digital capability, developing a
more inclusive workforce and embracing best practice in
environmental sustainability.
Our brilliant team is driving our aspirations forward. It has
been a particularly busy year and I would like to thank
all my colleagues for their hard work, and our dedicated
Board of Trustees for their guidance and support.
With them, and with the people-power of our supporters,
we will continue to help museums grow and share their
collections and inspire future generations.
Activities at
Sunderland Museum
& Winter Gardens
for Earth Day 2023
as part of The Wild
Escape. © Sally Ann Jenny Waldman
Norman / Art Fund
2023 Director, Art Fund
“Our public collections
have an enduring
power to inspire”

FUNDING ART
Nalini Malani, My Reality is Different, 2022.
Installation view at the National Gallery,
March-June 2023. © Nalini Malani.
Photo: Luke Walker
 From historic firsts to the cutting Increasingly, we aim to secure work for the UK’s
collections that reflects new ways of working by

edge of contemporary, we’ve been

contemporary artists, and we are growing our support
for commissions.

funding art for 120 years.

The Freelands Art Fund Acquisition helps museums and
public collections to acquire work by contemporary
women artists. Through this programme in 2022,
work by Turner Prize-winning artist Veronica Ryan
Museums and galleries across the UK continue to and the experimental filmmaker Lis Rhodes joined
come to us with exciting and ambitious applications for collections at Leeds Art Gallery and the Hunterian in
support towards acquisitions. In 2022 we committed Glasgow, respectively.
£4.5 million towards our acquisitions programme,
Also in 2022, the first National Gallery Contemporary
and offered support to help bring over 900 objects
Fellowship with Art Fund came to fruition. This award,
and works of art into public collections, across all our
for an artist of international renown to produce new work
collecting programmes.
inspired by the National Gallery collection and that of
Joseph Wright of Derby’s Self-Portrait at the Age of a partner museum, saw video art pioneer Nalini Malani
About Forty (c1772-73) was among the exceptional create My Reality is Different, an animated projection
historic works we were able to help museums acquire, along 40 metres of wall, drawing on her research into
while a moving-image piece by Jananne Al-Ani and the gallery’s collection as well as that of the Holburne
The Druthaib’s Ball, the immersive Turner Prize-winning Museum in Bath.
installation by Array Collective, were contemporary
8 To ensure the UK’s collections reflect a diverse 9
highlights. The next few pages showcase a selection
society, there is an urgent need to increase curatorial
of outstanding acquisitions, in a range of forms
diversity in museums. Towards the end of the year we
and traditions.
published our report on curatorial diversity, looking
at the impact of previous initiatives in the UK and
what’s needed for future progress. There is much
to be done, and the report’s findings provide the
impetus to make a difference. Meanwhile our Headley
Fellowships continued to deepen curatorial expertise,
and groundbreaking projects were supported: at the
Museum of Cornish Life, reconnecting the people of
Camborne with its collections; and at Buxton Museum,
on repatriation, among others. And our Jonathan Ruffer
curatorial grants continue to facilitate research across
the globe, with curators visiting countries including
Armenia, Australia, Brazil and Pakistan last year.
Felicity Aylieff, Finally, the New Collecting Awards have enabled a wide
Fruit, 2000, The
Fitzwilliam Museum, range of ambitious curatorial projects and acquisitions,
Cambridge. Gift of
Nicholas and Judith
and we were delighted to give two special awards
Goodison through in honour of our former chair Sir Nicholas Goodison,
Art Fund. © Felicity
Aylieff. Courtesy the to support new collections of contemporary craft.
Fitzwilliam Museum
 Joseph Wright of Derby, Self-Portrait at the
Age of About Forty, and, verso, A Study for
‘An Experiment on a Bird in the Air Pump’,
c1772-73
Derby Museum and Art Gallery
Grant awarded: £365,800
This self-portrait by Joseph Wright of Derby, one of the
most important painters of the 18th century, is of huge
national importance and one of only 10 self-portraits by
Opposite: Joseph
Wright of Derby, Self-
him that exist. Its significance is further enhanced by the
Portrait at the Age of extraordinary verso sketch, painted around 1768, which
About Forty, c1772-73,
Derby Museums, sheds light on the development of the artist’s ideas
acquired 2022 with
Art Fund support
for An Experiment on a Bird in the Air Pump, a painting
(with a contribution widely credited as his masterpiece. The self-portrait
from the Wolfson
Foundation). Below: and verso go to Derby Museum and Art Gallery, which
The verso, A Study for
‘An Experiment on a
houses the largest collection of Joseph Wright of Derby’s
Bird in the Air Pump’, work in the world.
c1768. © Omnia Art
Ltd. Courtesy Derby
Museums

10 11

“The acquisition of this painting is a triumph for Derby

Museums. The work has never been in public ownership
having remained in private hands since it was executed
in a studio not far from where Derby Museum and Art
Gallery is now. We feel a palpable sense of ‘bringing
Joseph Wright of Derby back home’”
Tony Butler, executive director, Derby Museums
 Bernard Leach, Dish with inscription by
William Blake, 1917
Crafts Study Centre, Farnham
Grant awarded: £5,009
Bernard Leach’s raku plate created in 1917 was clearly
a favourite of his, as he kept it as part of his personal
collection of ceramics. It is one of the earliest raku
slipware dishes made by Leach, the ‘father’ of British
studio pottery, and shows how his own personal
interests intersected with his training in the Japanese
ceramic tradition. Modest in size, it was made in his first
independent studio at Abiko, Japan, and features a bird
taking off in flight with words from William Blake’s Book of
Urizen around the rim. The writings of Blake were held in
high regard by Leach and his Japanese associates.

Thomas J Price,
Warm Shores, 2022.
12 Co-commissioned 13
by Hackney Council
Hackney Windrush Art Commissions and Create London
as part of the

Hackney Council, London Hackney Windrush

Art Commissions
supported by Art
Grant awarded: £191,440 Fund. © Thomas
J Price. Courtesy
In 2021 and 2022 we were pleased to support two major Create London.
Photo: Damian
permanent public works for the Hackney Windrush Griffiths
Art Commissions – by Veronica Ryan (2021) and
Thomas J Price (2022).
Thomas J Price’s monumental bronze sculpture was
unveiled on Windrush Day, 22 June 2022. Following an
open call by Price to Hackney residents, 30 people with
a connection to Windrush – aged in their twenties to
their nineties – were invited to a studio in east London, Bernard Leach, Dish
with inscription by
and from this consultation Warm Shores was born. William Blake, 1917,
This powerful work, consisting of two towering figures, Crafts Study Centre,
Farnham, acquired
each over eight feet tall, is now on permanent public 2022 with Art Fund
support. © Courtesy
display outside Hackney Town Hall, in recognition of of the Bernard Leach
the contribution made by the Windrush generation to Estate. From the
collections of the
Hackney and the UK as a whole. Crafts Study Centre,
University for the
Creative Arts
 “Having a Turner Prize-winning piece
of art in the collection is a significant
milestone for National Museums NI…
Array Collective is a testament to the
skills and creativity we have here in
Northern Ireland”
Kathryn Thomson, chief executive,
National Museums NI

Right and opposite: Array Collective,

The Druthaib’s Ball, 2021, Ulster Museum,
Belfast, acquired 2022 with Art Fund
support. Installation views at the Herbert Art
Gallery & Museum, Coventry, 2021. © David
Levene. Below: Members of Array Collective
at their Turner Prize exhibition display at the
14 Herbert. Photo: Matt Alexander/PA Wire 15

Array Collective, The Druthaib’s Ball, 2021

Ulster Museum, Belfast
Grant awarded: £40,000
In 2021, Array Collective became the first artists from
Northern Ireland to win Tate’s prestigious Turner Prize.
Their winning presentation was The Druthaib’s Ball,
an immersive recreation of a síbín (a ‘pub without
permission’). This important socially engaged work
brought together pub banners, songs, papier-mâché
models and costumes in a vibrant, witty and often darkly
humorous Irish pub environment to address the urgent
social and political issues of today. We were delighted
to help secure this work for the collection at the Ulster
Museum in Belfast, where it will continue to throw light
on the history of Northern Ireland.
 Bodys Isek Kingelez, Kinshasa Label, 1989
Design Museum, London
Grant awarded: £18,451
Bodys Isek Kingelez was one of the most visionary
artists to emerge from the Democratic Republic of the
Congo, and is widely regarded as a leading proponent
of Afrofuturism. Through his sculptures of imagined
buildings, he expressed his dreams for a new form of
African architecture. This piece directly responds to the
Congolese capital, where Kingelez lived for most of his
life, and is an important example of his early work. It was
made during a turbulent year in the former Zaïre’s history;
and demonstrates something of Kingelez’s yearning
for a city in which society is not just functioning but
flourishing.

Unknown makers, three House of Stuart

16 17
gold coins (a James I ‘unite’ coin, a James
I ‘laurel’ coin and Charles I ‘unite’ coin),
minted between the years 1613 to 1625,
found near Trefeglwys, Wales. Acquired
2022 with Art Fund support. © Y Lanfa.
Amgueddfa Powysland & Llyfrgell
y Trallwng. Powysland Museum and
Welshpool Library.

Unknown makers, three gold coins, 1613-25

Y Lanfa Powysland Museum and
Welshpool Library
Grant awarded: £3,937
These three gold coins from the post-medieval period,
found by metal detectorists, were likely to have been
buried during the Civil War. They will now be housed at
Powysland Museum, less than 30 miles from where they
were discovered. They are in remarkably good condition,
with the obverse and reverse sides showing sharp detail
and clear, centred images. Made from high-quality gold,
they were minted at the Tower of London between 1613
Bodys Isek Kingelez, Kinshasa Label,
and 1625 and their value at the time would have been 1989, Design Museum, London, acquired
the equivalent of around one to two months’ wages for a 2022 with Art Fund support. © Bodys
Isek Kingelez. Courtesy of Galerie Natalie
skilled tradesman. Seroussi. Photo: Phillip Brakefield
 Ali Kazim, Untitled (Man of Faith series),
2019; Untitled (Bird Hunter III), 2020;
Untitled (Man of Faith series), 2021
Ashmolean Museum, Oxford
Grant awarded: £35,000
Three extraordinarily beautiful watercolours on paper
by Ali Kazim, who lives and works in Lahore, have been
acquired with our help by the Ashmolean Museum in
Oxford. They are informed by Kazim’s time as artist-
in-residence at Oxford University in 2019, when he
worked with the Ashmolean’s South Asian collection.
The paintings featured in an exhibition to mark the Left: Ali Kazim,
Untitled (Man of Faith
75th anniversary of the creation of Pakistan, Ali Kazim: series), 2021. Below:
Ali Kazim, Untitled
Suspended in Time, at the museum in 2022. (Bird Hunter III), 2020.
Ashmolean Museum,
The individuals in the paintings are set against a uniform Oxford, acquired
2022 with Art Fund
background of rich, saturated colour, recalling the artist’s support. © Ali Kazim
study of Mughal and Rajput traditions in which the sitter is
often depicted without the inclusion of ancillary detail.

18 19

“The acquisition of these three

significant works by Ali Kazim
demonstrates the Ashmolean’s
commitment to a productive dialogue
between past and present, an essential
aspect of its mission within the
larger university”
Geoffrey Batchen, Professor of the
History of Art, Oxford University

Ali Kazim, Untitled

(Man of Faith series),
2019, Ashmolean
Museum, Oxford,
acquired 2022 with
Art Fund support.
© Ali Kazim
 Jananne Al-Ani, Timelines, 2022
Towner Eastbourne
Grant awarded: £25,000
Jananne Al-Ani’s panoramic video installation Timelines
was co-commissioned with Art Fund support through
our Moving Image Fund for Museums and acquired by
Towner Eastbourne. This ambitious work depicts a vast
and varied landscape based on a highly decorated brass
tray from Iraq now at the V&A in London. The scene is
said to illustrate events on Armistice Day 1918 in the Iraqi
town of al-Hindiyyah. Al-Ani, who was born in Iraq, has
overlaid the video with interviews with her mother, who
describes growing up in Britain and living in Iraq through
a period of social and political upheaval.

Jananne Al-Ani, Timelines, 2022,

Towner Eastbourne. Installation view.
Co-commissioned by Film and Video
Umbrella and Towner Eastbourne with
Art Fund support through the Moving
Image Fund for Museums.
© Jananne Al-Ani. Courtesy Towner
20 Eastbourne. Photo: Rob Harris 21

Wilhelmina Geddes
and Charles
Blakeman, Faith,
Wilhelmina Geddes and Charles Francis
Hope and Charity,
1956, Stained
Blakeman, Faith, Hope and Charity, 1956
Glass Museum, Ely,
acquired 2022 with Stained Glass Museum, Ely
Grant awarded: £8,255
Art Fund support.
© The Estate of
Wilhelmina Geddes.
Courtesy Stained We were delighted to support the acquisition of this rare
Glass Museum
and powerful work by Wilhelmina Geddes, the leading
exponent of 20th-century British stained glass and a
prominent figure in the Irish Arts and Crafts movement.
The work for St Paul’s Church, Battersea, was the artist’s
last window commission and was completed after her
death by her colleague and former assistant, Charles
Blakeman. Its vibrant colours and strong drawing bear
all the hallmarks of Geddes’ expressive style, showing
the impact on her work of German expressionism and
the stained glass of medieval Europe. The work has a
further interesting dimension: it was commissioned by
Rev (Edward) Chad Varah, the British Anglican priest who
later founded the Samaritans.
 Ten colour engravings depicting the frescoes Left and below:
Villa Negroni
at the Villa Negroni, Rome, 18th century plates, Pitzhanger
Manor &
Gallery, London,
Pitzhanger Manor & Gallery, London bequeathed by
Antony Page with
This special set of rare 18th-century colour engravings Art Fund support.
© Ardon Bar-
depicts Roman frescoes excavated from the Villa Hama
Negroni in 1777. The engravings were made by Angelo
Campanella after Anton von Maron’s and Anton Raphael
Mengs’ original watercolours of the Villa Negroni
frescoes, and the set includes two remarkable images
that do not feature in all of the existing sets.
The bequest of these to Pitzhanger Manor & Gallery is
particularly apt. The architect John Soane was greatly
influenced by the Negroni frescoes when he saw them Villa Negroni Plate
(plate no. VI),
on his grand tour of Europe, and their impact can be Pitzhanger Manor
& Gallery, London,
seen in his designs for Pitzhanger Manor. bequeathed by
Antony Page with
Art Fund support.
© Ardon Bar-Hama

22 23
24 25

Opposite: Crystal pendant made from

a sphere of translucent rock crystal Unknown makers, Herefordshire Hoard,
encased in a finely decorated gold frame.
Dated to 5th-7th centuries. This page, buried c878
clockwise from top left: 1. Silver dirham,
Umayyad dynasty. Possibly minted at Hereford Museum and Art Gallery
Suq al-Ahwaz in South West Iran around
AH 102 (Islamic calendar) AD 720/1
(Christian calendar). 2. Gold octagonal
Grant awarded: £250,000
ring with black ‘niello’ inlay in rosette One of the most significant acquisitions in 2022 was
and pellet designs. Dated to 9th century.
3. Large gold armlet, with a clasp in the the Herefordshire Hoard, which we helped ‘bring home’
form of a beast biting its tail. Dated to
9th century. Acquired 2022 with Art Fund to Hereford Museum. Of huge national importance,
support (with a contribution from the thought to have been buried in AD 878 as a result of
Wolfson Foundation). © Image courtesy
National Museum of Wales, British incursions by the Vikings, the treasure was found near
Museum Portable Antiquities Scheme
Leominster. It comprises many outstanding items in
gold, as well as exceptionally rare coins which shine new
light on the politics of the time. ‘Two Emperor’ pennies,
some bearing images of Alfred the Great and others of
the King of Mercia, reveal a hitherto unknown alliance
between the two kings. The story told through the coins
has changed perspectives on aspects of the Anglo-
Saxon period.
 Nicki Green, Nontactile Contact in Three Telemaco Signorini,
View of Waverley
Parts, 2022 Bridge, Edinburgh,
1881, Scottish
National Gallery,
V&A, London Edinburgh, acquired
2022 with Art Fund
Grant awarded: £3,535 support. Courtesy
Scottish National
Nontactile Contact in Three Parts has been acquired by Gallery

the V&A through Art Fund’s New Collecting Awards, part

of curator Zorian Clayton’s project to research and build
the museum’s collection of work by trans and non-binary
artists. The work will enhance visibility of trans narratives
in the permanent Ceramic galleries.
Originally from New England, Nicki Green now lives
and works in California and has exhibited internationally
to great acclaim. She centres transgender experience
at the heart of her work. This piece depicts a seated
figure, whose head is turned in profile; through this the
artist explores the gaze as a form of contact in various
queer contexts.

26 27

Telemaco Signorini, View of Waverley Bridge,

Edinburgh, 1881
Scottish National Gallery, Edinburgh
Grant awarded: £70,000
In View of Waverley Bridge, Edinburgh, Telemaco
Signorini depicts a bustling Edinburgh in the 19th century.
The oil was painted on the spot during the artist’s month-
long visit to Scotland in 1881. Historic details, such as the
offices of the Edinburgh Evening News and vapour rising
from the steam engines in Waverley Station, make the
piece particularly compelling.
Nicki Green, Signorini was an important member of the Macchiaioli,
Nontactile Contact
in Three Parts, 2022, a group of Tuscan painters sometimes considered
Victoria and Albert Italian precursors of the Impressionists. His work is
Museum, London,
acquired 2022 with the most significant by a member of that movement
Art Fund support.
© Nicki Green. to join a public collection in the UK, enriching the
Courtesy of Del National Galleries of Scotland’s fine collection of plein-
Vaz Projects, Santa
Monica air painting.
 “It’s important to utilise
the arts as a force
for good in our local
community”

Mother and son visit the National

Maritime Museum. © Amaal Said /
Art Fund 2022 ENGAGING AUDIENCES
 From 1903 to 2023, engaging
audiences has been critical to
everything we do.

At Art Fund we believe that everyone should be able

to discover, visit and use the UK’s wonderful museums
and galleries. Inspiring the next generation of visitors
has been a particular focus over the past year.
Early museum experiences can transform lives, so we
have developed a more inclusive approach to family
membership as part of the National Art Pass. The new
Plus Kids add-on extends the same member benefits to
those under 16. Alberta Whittle, Lagareh – The Last Born
(film still), 2022. Co-commissioned and
produced by Scotland + Venice and
30 Through our Student Opportunities programme, our Forma for the 59th International Art
31
Student Art Pass members are able to gain valuable Exhibition – La Biennale di Venezia.
© Alberta Whittle. All rights reserved.
paid work experience in the arts. Meanwhile our new DACS, London 2023. Courtesy of the
artist and The Modern Institute / Toby
Teacher Art Pass, launched in April 2023, aims to help Webster Ltd., Glasgow. Photo: Jaryd
teachers access and use museum resources in their Niles-Morris

teaching, to inspire pupils in the classroom.

This activity has been supported in part by Art Fund And we continue to promote access to great art across
members and donors who contributed to our Energise the UK for everyone. The Weston Loan Programme with
Young Minds campaign, which enabled us to spend Art Fund provides funding for regional museums and
£1 million on projects that inspire young people galleries to borrow major works from UK collections.
and connect them with art and culture – including With the backing of the Garfield Weston Foundation,
many museum-led projects supported by our this unique scheme has now seen £1.3 million go to
Reimagine grants. 78 organisations since it began in 2017, resulting in
exhibitions, enhanced by exceptional works, located
from the Highlands of Scotland to the south of England.
Thirteen recipients were awarded in 2022, with total
funding of over £295,000. We were also thrilled to
support the tours of Sonia Boyce’s exhibition Feeling
Her Way, winner of the prestigious Golden Lion for Best
National Participation at the 2022 Venice Biennale, and
Alberta Whittle’s film Lagareh – The Last Born, highly
acclaimed as Scotland’s presentation at the Biennale.
 Reaching the next generation We are grateful to this cohort of teachers, who were
invited to take part in workshops and termly surveys and
through Teacher Art Pass provided invaluable insights. It was clear that teachers
loved being the first to know about the latest things in
museums and enjoyed being able to bring these insights
into the classroom. Eighty-nine per cent of those who
responded to our surveys said having a National Art Pass
had increased their desire to visit or engage digitally
Young people should have the opportunity to enjoy with museums.
museums and galleries as places of inspiration, fun and With the Teacher Art Pass, we aim to establish a
exchange, and a museum visit in childhood can spark community of teachers interested in museums and
lifelong enthusiasm. Many of the artists, poets and writers in using museum visits and resources to inspire the
who take part in our Meet Me at the Museum podcast, next generation.
for example, speak of how early visits affected them,
sparking creative journeys later in life. We also know
that the pandemic has had a severe impact on school
visits, and we urgently need to help grow these back.
Teachers clearly have a crucial role to play in this.
2022 was a pivotal year in researching and developing
Art Fund’s Teacher Art Pass, which is being rolled out
from 2023. Thanks to the Clore Duffield Foundation,
32 33
in 2021-22 we were able to work with 1,000 teachers,
from schools experiencing above-average levels of
disadvantage, to find out what support they need to
make visiting easier. Their enthusiasm for using museums
as a resource was evident, but they were impeded by
travel-related costs, a lack of preparation time and no
easily sourced ‘go-to’ information for what museums had
to offer.

“Thanks to the pass, I have been able to offer more

opportunities to my pupils in terms of the breadth and
depth of art experiences in my lessons. This is due to
finding out about artists, exhibitions and talks which I
wouldn’t have known about otherwise”
Teacher Art Pass member
A school
workshop at
Derby Museum
and Art Gallery.
© Hydar
Dewachi / Art
Fund 2022
 Inspiring young people with This nationwide mass-participation project brought
together 532 museums with schools and families on a
The Wild Escape ‘wild adventure’ engaging young people with the critical
issue of biodiversity loss, culminating in an epic-scale
collective artwork unveiled on Earth Day, 22 April 2023.
We were thrilled that leading artists including Rana
Begum, Elizabeth Butterworth, Monster Chetwynd,
Jeremy Deller, Es Devlin, Andy Holden, Lindsey Mendick,
As part of our commitment to inspiring the next Heather Phillipson, Thomas J Price, Mollie Ray, Tai Shani,
generation of museum visitors, for over two years we Yinka Shonibare, Bob and Roberta Smith, FKA Twigs and
have been planning one of our most ambitious projects Mark Wallinger created works to inspire young people to
to date, The Wild Escape, and we launched it at the take part.
Natural History Museum in London in early 2023.
The largest ever collaboration between the UK’s
“We believe it is important to utilise the arts as a
museums, The Wild Escape invited thousands of primary force for good in our local community, and provide a
school children to visit museums and respond creatively platform for discussion and education around societal
to the threat to the UK’s natural environment, by looking issues, including the environment, climate change and
for animals featured in museum collections and creating biodiversity. The Wild Escape has enabled children
their own wildlife artworks. Hundreds of museums, and their families to engage with these issues through
galleries and historic houses hosted special workshops
Children parade their artworks an inspiring programme of activities”
and activities, supported by a range of resources inspired by The Snail (1953) by Henri
34 35
we developed in collaboration with museums and Matisse at Tate Modern, London, as Jo Marsh, creative director, Tŷ Pawb
part of The Wild Escape ahead of
education partners during 2022. Earth Day 2023. © Hydar Dewachi /
Art Fund 2023 Wild Isles, the landmark BBC TV series presented by
David Attenborough, inspired the project. We also
worked in partnership with the National Trust, English
Heritage and organisations beyond the museum sector,
including WWF-UK (World Wide Fund for Nature) and the
RSPB (Royal Society for the Protection of Birds), bringing
the UK’s collections to huge audiences well beyond
frequent museum visitors.
The Wild Escape was made possible thanks to funding
from Arts Council England’s National Lottery Project
Grants, with additional support from Bloomberg
Philanthropies, Kusuma Trust, Foyle Foundation and a
group of generous trusts and supporters including many
of our Art Partners.
 Reimagining museums’ roles Jasleen Kaur,
The first thing I
did was to kiss

in their communities the ground, 2021,

installed in the
Hidden Gardens,
Glasgow, as
part of Tramway
Beyond Walls,
2022, a project
supported by a
Reimagine grant.
© Jasleen Kaur.
Photo: Keith
Bold, brave and experimental projects at over 100 Hunter, 2022

museums have been awarded grants as part of

Art Fund’s Reimagine scheme, worth a total of £6.3
million, since 2020. Initially our Reimagine awards were
made as emergency funding during the pandemic,
but emphasis shifted last year to help museums and
galleries reconnect with lost audiences.
In December 2022, we announced grants of £1.8 million
for 45 museums, galleries, historic houses, trusts and
professional networks to deepen audience engagement.
Applications far outstripped what we were able to give,
showing how great need still is during the cost-of-
living crisis.
36 37
The exciting projects we have been able to fund in
this round will be presented across all four UK nations.
It is impossible to list them all here, but the following
“The Art Fund Reimagine programme has already
selection shows just how much can be achieved through
this much-needed funding. made a significant cultural contribution to Glasgow
communities, encouraging and enabling people to
At Golden Thread Gallery, a contemporary art space in
engage with art in their local surroundings”
Belfast, our grant will enable work with local marginalised
communities. At Tŷ Pawb in Wrexham, one of our Bailie Annette Christie, chair of Glasgow Life and
Museum of the Year 2022 finalists, artists and children Glasgow City Council convener for Culture, Sport and
will be brought together as co-producers to support International Relations
emerging creative talent in North Wales. At the Walker Art
Gallery, part of National Museums Liverpool, Black British Reimagine grants have been a lifeline for museums
women’s creativity from 1970 to today will be given its during the last two years and this round will bring
rightful platform. In Scotland, V&A Dundee will develop organisations closer to the communities they serve
immersive multimedia tours for those hard of hearing or – through, among other things, developing access,
partially sighted. expertise and digital capacity. We are delighted to see
ambitious, future-facing projects, which might have been
put on the back burner due to financial and resourcing
constraints, now being realised. In 2023, Reimagine
grants will focus on supporting the museum workforce,
made possible with the support of the Headley Trust.
 “It’s a collective; we’re
all arts organisations
together”

Musicians Nabihah Iqbal and Lexy Morvaridi

explore Leighton House for an episode of Art
Fund’s podcast, Meet Me at the Museum. CHAMPIONING
MUSEUMS
The staircase features a mural by Shahrzad
Ghaffari, Oneness, made possible by over
200 funders through Art Fund’s crowdfunding
platform, Art Happens. © Shahrzad Ghaffari.
Photo: Hydar Dewachi / Art Fund 2022
 From the challenges of
today towards a brighter
future, we’ll always be
supporting, amplifying and
championing museums.
We are uniquely placed to help build a confident
future for museums and galleries: by listening and
responding to our 850+ museum partners; by reaching
new audiences through our marketing activity; and by
encouraging dynamic new partnerships within and
beyond the sector.
We take a research-led approach to our support,
40
starting with what museums tell us they need. In 2022 41
we produced five pieces of research, as well as the A group of Art Partners explore the
exhibition Keep Being Amazing with
third and final in our series of Covid-19 impact reports, artist Celia Pym at Firstsite, Colchester,
which helped identify areas for support such as touring winner of Art Fund Museum of the Year
2021, May 2022. © Hydar Dewachi /
exhibitions and the development of digital strategy. Art Fund 2022 Our print and online content highlights the rich creativity
Beyond our grant-giving, our free services for museums that pulses across the UK. And in everything we do,
such as Art Happens, our crowdfunding platform, and we advocate for the positive impact of museums on
Art Tickets, our ticketing system, help museums to people’s lives. We had the perfect opportunity to do
unlock greater public support. this through Art Fund Museum of the Year 2022 as
we shone a spotlight on five museums, some small
in scale, all doing exceptional work beyond their
collections, in environmental sustainability and with
their local communities.
We are also helping to establish new models of working
in partnership, looking beyond the sector to widen
audiences and help change happen at a larger scale.
Working with organisations such as WWF-UK (World
Wide Fund for Nature) and the RSPB (Royal Society for
the Protection of Birds), for example, greatly increased
the impact of our project The Wild Escape, attracting
thousands of people to the potential of museums.
 Investigating the issues Museum exhibitions and programmes must be inclusive
and relevant for today’s visitors. It’s about handing
that matter over power, our report into diversity in the curatorial
workforce, by two Black-led organisations, revealed how
much needs to be done. Initiatives specifically aimed at
curatorial roles, rather than at entry-level, will be crucial,
and career progression must be sustained so that a
generational difference can be made. We’ll use what we
Through our research we aim to advocate for the have learned to guide us in the development of future
work of museums as well as provide practical support programmes as well as where to allocate support.
and insights.
“For the benefit of our audiences, our artists, our
In 2022 we published reports highlighting several key
areas: touring exhibitions; what teachers want from collections and those who fund and partner with us,
museums; diversity in the curatorial workforce; the digital we must recognise that there must be change. We
landscape; and the power of emotional responses must also do it for our future, for the young people who
to collections. rightly expect more of their public institutions”
In our Digital Impact in Museums & Galleries report, Gus Casely-Hayford, director, V&A East, in the foreword to our
carried out in partnership with the Museums Association, report It’s about handing over power
we learned that a lack of digital strategy, and low levels
of confidence in developing one, were preventing some A panel discussion at the launch event Tailoring exhibitions to local contexts, brokering new
42 museums from equipping themselves for current and for ”It’s about handing over power”: partnerships, making the most of the UK’s collections 43
The impact of ethnic diversity initiatives on
future audiences. We are therefore committed to helping curatorial roles in the UK arts and heritage and doing this sustainably; these were all cited as
sector 1998-2021, at the V&A, London, 9
in this area. November 2022 (Ameena M McConnell, key priorities for museums across the UK in Going
Dominique Heyse-Moore, Jade Foster, Places, our research with Creative Scotland into touring
Jessica Taylor, Aliyah Hasinah). © Joladé
Olusanya / Art Fund 2022 exhibitions. We are grateful to have support from the
National Lottery Heritage Fund and National Lottery
players to develop a new UK-wide strategic programme
in response to this research.
As explored on page 32, we need to encourage school
visits following the pandemic. In our Teacher insights
for museums, teachers identified travel costs, lack of
time, and difficulty in finding what’s on offer as barriers to
visiting. We will be doing all we can to mitigate this and,
with the launch of our Teacher Art Pass in 2023, will aim
to build a supportive and informative teacher network.
Lastly, in Pleasure, Connection and Purpose, co-
commissioned with the Association of Independent
Museums, we looked at how museums can leverage the
power of emotion to build greater public support.
 Promoting museums far Broadcaster
Owain Wyn
Evans records an

and wide episode of Art

Fund’s podcast,
Meet Me at the
Museum, at St
Fagans National
Museum of
History, Cardiff,
winner of Art
Fund Museum of
the Year 2019.
© Manoel Akure /
Alongside our grant-giving, our marketing activity is Art Fund 2022

one of the most valuable contributions we can make

to museums. As a ‘go-to’ place for people to discover
what’s happening in museums, we amplify exhibitions
and programmes through social media and our
redesigned website and attract new audiences through
our fundraising campaigns. We also make it easier for
museums to generate funds through platforms such as
Art Happens and Art Tickets. In short, we aim to make it
easier for our hard-working colleagues across the sector
to promote their work and connect more people with art.
In 2022, we expanded our network of partner museums
to over 850, with National Art Pass membership
44 45
increasing to 135,000. Our flagship magazine, Art
Quarterly, provides members with the latest information
about exhibitions, new acquisitions and events,
“Coming back here – I don’t know what it is about
alongside our annual Art Map and fortnightly Art in Your
St Fagans that makes me feel so at home…”
Inbox emails. Meanwhile our Art Guide, distributed to
hundreds of museums three times a year, highlights Owain Wyn Evans, broadcaster, in an episode of Meet Me at
some of the most exciting exhibitions across the UK. the Museum at St Fagans National Museum of History, Cardiff

Our online content amplifies museum voices and

provides inspiration for culture-seekers everywhere, Art Happens, our free crowdfunding platform, helps
and our content had a reach of 29 million across social museums raise money for exciting arts projects and
media in 2022. A further two series of our award-winning boosts awareness through carefully honed marketing
podcast, Meet Me at the Museum, were launched in campaigns; and our free online ticketing system,
2022 – featuring familiar faces, from broadcasters to Art Tickets, now helps over 250 museums to improve
poets, who showed someone special around their the visitor experience. Among Art Happens campaigns
chosen museum. Among them were Owain Wyn Evans in 2022, Strawberry Hill House & Garden in Twickenham
at St Fagans National Museum of History, Nabihah Iqbal raised funds towards the acquisition of the earliest
at the newly reopened Leighton House and Alexei Sayle surviving oil portrait of Horace Walpole, by William
at the Cartoon Museum. Hogarth, and the Queen’s House in Greenwich raised
money for the conservation of the 17th-century Solebay
tapestry – a campaign so successful that it reached
180% of its fundraising target.
 Celebrating excellence To further boost awareness of what museums can offer
younger audiences, we engaged TikTok influencer
in the sector @_theiconoclass in a partnership which generated
600,000 views across the campaign. And this year’s
Museum of the Year Student Road Trip deserves
particular note: four young people were paid, as part
of our Student Opportunities programme, to visit the
shortlisted museums, where they created compelling
Art Fund Museum of the Year, the world’s largest content, driving awareness of the museums and
museum prize, gives us an annual opportunity to attracting 800 new enquiries for our Student Art Pass.
celebrate the best of the UK’s museums and to We now look forward to celebrating all our wonderful
showcase their creativity, ingenuity and resilience. museums, and all that has been achieved by the prize,
In 2022 we were especially keen for applicants to in the run-up to Art Fund Museum of the Year’s tenth
demonstrate how they could inspire future generations anniversary in 2023.
of visitors. We were impressed by the outstanding calibre
of our five shortlisted museums – the Horniman Museum
and Gardens in London; the Museum of Making in Derby;
The clock tower,
the People’s History Museum in Manchester; the Story Horniman Museum
Museum in Oxford; and Tŷ Pawb in Wrexham – and and Gardens, London.
© Andrew Lee
by how each placed the local community and young
people at the heart of their programmes.
46 47

“[The Horniman] really is one of the jewels of south

London, all dedicated to celebrating cultures and
bringing communities together”
Jo Brand, comedian

The 2022 winner of the £100,000 prize – the Horniman –

was announced by broadcaster Huw Stephens at an
award ceremony at the Design Museum, London, in July.
The event was broadcast live on the BBC’s The One
Show, hosted by Matt Allwright. Videos of the shortlisted
venues were broadcast too, generating huge excitement
for UK museums across a family audience of millions.
The videos, presented by well-known personalities such
as Jo Brand and Brenda Emmanus, attracted 57,000
views on our own channels alone and were also featured
on BBC Arts online.
 “It has been an amazing
experience, and one that
we’ve been able to share
really widely across all
our staff, visitors and
stakeholders. Everyone is
so very proud!”
The panel of judges celebrate with the team Horniman Museum and Gardens, winner of
Art Fund Museum of the Year 2022
from the Horniman Museum and Gardens,
winner of Art Fund Museum of the Year
2022. © Janie Airey/ Art Fund 2022
 Thank you
Our Jonathan Ruffer curatorial grants provided 36
museum professionals with funding for travel and
research, to advance professional expertise and
collections-based knowledge.
Two more curators were announced as part of the
National Gallery Curatorial Traineeship Programme,
which gives professional experience to emerging
curators in partnership with regional museums,
We are grateful for the generosity of our network supported by the Vivmar Foundation.
of supporters: trusts, foundations, partner funders,
And the exceptional generosity of the Wolfson
Art Partners and individuals, as well as our 135,000
Foundation continues to support our acquisitions
members who buy the National Art Pass. You make our
programme, as we respond to museums’ renewed
work possible.
confidence in acquiring and collecting art following
With the cost-of-living crisis ongoing, museums and the pandemic.
galleries need our help as keenly as ever. Thank you for
In 2022 our crowdfunding platform, Art Happens,
your commitment to Art Fund, and for enabling such a
helped museums bring five exciting projects to fruition
wide range of vital activity.
with £117,700 raised. The platform’s infrastructure has
In 2022 the Garfield Weston Foundation helped smaller been generously supported by the National Lottery
museums to borrow important works from the UK’s Heritage Fund, as well as by private individuals and
outstanding collections as part of the Weston Loan charitable trusts.
50 Programme with Art Fund. 12 exhibitions featuring these 51
Over 250 museums are now using Art Tickets, our free
loans are taking place nationwide in 2023.
ticketing system, supported by charitable trusts and
As part of our partnership with the Freelands Foundation, private individuals.
the Freelands Art Fund Acquisition is increasing public
This page and opposite: Potter and Supported by the Clore Duffield Foundation, in 2022 we
access to work by women artists. Two inaugural awards painter unknown, attributed to Benjamin
Lund’s porcelain factory, two blue and continued to research the needs of teachers in engaging
were made in 2022, enabling work by Veronica Ryan and white vases, c1750, Bristol Museum &
Art Gallery, acquired 2022 with Art
their pupils with museums; as a result, our Teacher Art
Lis Rhodes to join UK collections.
Fund support (with a contribution from Pass was launched in 2023. And the Student Art Pass
the Wolfson Foundation). © Bristol
With the support of the Headley Trust, the third round of Museums: Bristol Museum & Art Gallery continues to connect museums with students in full-time
the Headley Fellowships with Art Fund continued to help education through a range of content and opportunities.
museum professionals carry out new research into their The programme has been made possible by private
collections and deepen specialist skills. funders including the Stavros Niarchos Foundation, the
A consortium of individuals supported a dedicated New National Heritage Museums Action Movement and the
Collecting Award, in memory of Sir Nicholas Goodison, 29th May 1961 Charitable Trust.
former chair of Art Fund. This exceptional grant is Finally, The Wild Escape, our major UK-wide project
supporting two early-career curators to develop their connecting museums, schools and families, was
museum’s collection of contemporary craft. made possible thanks to funding from Arts Council
England’s National Lottery Project Grants, with additional
support from Bloomberg Philanthropies, Kusuma Trust,
Foyle Foundation and a group of generous trusts and
supporters including many of our Art Partners.
 Andrew and Juliet Gibbs Ian Jackson Sir Laurie and Lady Magnus
Roopa and Thierry Girard Piers Kenyon Rosamond Marshall Smith
Lydia and Manfred Gorvy Harold Killingback Janet Martin
Catherine Graham-Harrison Bridget Kirk John and Bridget Maynard
and Nicholas Warren Sarah and Christopher Knight Professor Richard Mayou
James and Maylis Grand Jamie and Julia Korner Ailsa McDonald
Jim and Ruth Grover Teresa Krasny Judith Mellor
Peter and Sarah Harkness Diana and Terence Kyle Carol and Robin Michaelson
Malcolm Herring Steven Larcombe and Sonya Richard and Rosemary Millar
Lady Heseltine Leydecker Russell and Marcia Mishcon
G Hitchon Esq Lionel Leader Esq Keith Morris and Catherine
Andrew Hochhauser KC and Amanda Leathers Mason
Graham Marchant OBE Ann Lewis Richard and Penelope Murley
Jeffrey Horne B and J Lloyd Family The Murray Family
Chris and Philippa Howell Charitable Trust
Derek Jarman, Landscape with Sandbars,
Ed and Jo Howell Rosemary Lomax-Simpson
1967, the Hunterian, Glasgow, acquired
Chris and Janet Ingram Béatrice Lupton 2022 with Art Fund support. © The Keith
Collins Will Trust; Derek Jarman 1967.
Sir John Mactaggart Courtesy The Hunterian

Individuals Richard and Sarah Buxton Lawson Oyekan, Trial with Light bowl
(detail), 1996, Crafts Study Centre,
52 Robert and Jenny Akester Lysiane Bysh Farnham, acquired 2022 with Art Fund
53
support. © Lawson Oyekan. From the
Richard and Diana Allan Peter Cadbury collections of the Crafts Study Centre,
University for the Creative Arts
Steve and Claire Almond Eric and Virginia Campus

George and Kirsty Anson Michael Carey William Eccleshare and Carol
Nigel Carrington Seigel Eccleshare
Tim Ashley and John Booth
Julian and Jenny Cazalet Hugo Eddis
Keith and Barbara Bain
Emma Chamberlain OBE Portia File
Timothy Barker
Christine Charlton Brendan Finucane KC and
Victoria Barnsley and Nicholas
Fiona Horlick KC
Howard Frances Cloud
Kerry Fitzgerald
Penny Baylis Tim Compton
Andrew Fletcher OBE
David Beard Elizabeth Cratchley
Sarah Fletcher
Linda Beecham Mr R Creed
Sir Christopher and Lady
Richard and Rosamund Martin Cutts
Floyd
Bernays Professor Tony Davenport
John Freeman
David Boddy Clare Dawson
Sara Galbraith and Robert
Ian Boulton Diana Dollery Ham
Robert Burgess Richard Duncalf and Oscar Madeleine Gantley
Richard and Catherine Burns Pinto-Hervia
Helen and Peter Ghosh
Clive Butler Elisabeth Duncan
Alan and Mary Gibbins
David Butler Dr J Lindsay Duncan
 Mounzer Nazha Robert Rogers Sir David and Lady Verey
Martin Newman Sara and James Ross Felicity and Robert Waley-
Charles and Catherine Sophie and Marco Service Cohen
Nunneley Gillian Shaw Jane Williamson
Midge and Simon Palley Nicole Shaw Cathy Wills
Maurice Parry-Wingfield Dasha Shenkman OBE Michael and Jane Wilson
Norman Parsons Celeste and Eraj Shirvani Anne Wood
David and Barbara Peacock Greg and Rachel Sinfield Nicholas Wyber
Elizabeth and Richard Philipps Brian Smith Pat and Paul Zatz
The Lord and Lady Phillimore Stuart and Caroline Southall We would like to thank
David Pike Caroline Sowter our Art Partners, a special
Martin and Katharine Pinfold Sir Hugh and Lady Stevenson group of patrons who
Anthony Reeves and Sally Robert Sutton-Mattocks champion the UK’s
Beard museums and galleries in
Alan Swerdlow and Jeremy
Anthony Richards Greenwood the same spirit of private
Sir John Ritblat and Lady Sir Hugh and Lady Sykes philanthropy as Art Fund’s
Ritblat OBE founders once did. Their
J Thomas
Eleanor Robbins commitment, passion and
Laura Tomlinson
Isabella Roberts generous support of all
John Townson aspects of our work have
54 Manchester Institute of Science & Hazel Trapnell 55
Technology, undated, Bradshaw Gass & been hugely appreciated
Hope Architectural Archive, 1862-1960, David Trotter over the last year.
Bolton Library and Museum Services,
Unknown maker, ‘Blue-Dash’ Tulip Delft
acquired 2022 with Art Fund support. Katherine and Simon Van
© Bolton Council. From the collection of charger, c1680, bequeathed by Margaret
Bolton Library and Museum Services Hagen Macfarlane with Art Fund support.
© The Holburne Museum, Bath

Grantmakers The Dana & Albert R Broccoli The Foyle Foundation

Foundation Freelands Foundation
The 29th May 1961 Charitable
Trust Mrs S L Chambers’ Charitable The Godinton Charitable Trust
Trust
The Aldama Foundation The Headley Trust
The Clore Duffield Foundation
American Friends of Art Fund The Derek Hill Foundation
The John S Cohen Foundation
The Ancaster Trust The Hippocleides Trust
The Sir Jeremiah Colman Gift
Arden Trust The Antony Hornby Charitable
Trust
Arts4Kent Trust
The O J Colman Charitable
Arts Council England The Inverforth Charitable Trust
Trust
Bedhampton Charitable Trust Kusuma Trust
Creative Scotland
The Michael Bishop The Kirby Laing Foundation
The Roger De Haan Charitable
Foundation Trust Lempriere Pringle 2015
Bloomberg Philanthropies The John & Tessa Fearnley The Loveday Charitable Trust
The Deborah Loeb Brice Charitable Trust Luma Foundation
Foundation Florian Trust
 ME Francis KJ Omar Nigel Carrington
DS Griffin W Parker Gus Casely-Hayford
BJ Hall E Randall Brendan Finucane KC
RE Heslop AM Ross Nicola Freeman
FP Hill BHS Rouse Lady Judith Goodison
LM Hughes ER Rowell Chris Gosden
Colin Alymer Johnson Lynn Stephens Dominique Heyse-Moore
Memorial Trust HR Symons Cliff Lauson
FR Johnson AO Thompsett Anthony Mould
FE Katz RT Walker Mark Sealy
RR Le Duc VE Weston Laura Soley
DH Lee WG Wheeler Danielle Thom
KM Lill MM Wilson Sara Wajid
AE Marston A Yaffey
Phoebe Collings-James, How many times
JM Marston Artist Partners
can I surrender to you? (your living has
taught me how not to die), 2021, York Art Corporate Legacy gifts AGD Yeaman
Zarina Bhimji
AJ Mathew We thank all those donors
supporters and gifts in memory
Gallery, acquired 2022 with Art Fund
support. © the artist. Courtesy the artist Richard Deacon
and Arcadia Missa, London. Photo: Tim
PJ Matthews who prefer to remain
Bowditch Adam Matthew WE Archer Jeremy Deller
M Mellor anonymous.
BMA IJ Barnes Isaac Julien
E Menzies And we are grateful to
56 The Sir Denis Mahon BMJ SJ Barnes those members who Anish Kapoor 57
BE Moss
Foundation Candriam DJ Bartlett regularly give on top of Michael Landy
D Murdoch
The McCorquodale Charitable Dorling Kindersley AEJ Berry
FL Murray their membership. Cornelia Parker
Trust Eat Work Art A Birtwistle Thank you. Martin Parr
JAC Noyes
The Anthony and Elizabeth GE CS Blenkinsopp Bob and Roberta Smith
Mellows Charitable Halpern J Britten Advisers Mitra Tabrizian
Louise Forbes, Jigsaw Eating Spoon,
Settlement 2020, Aberdeen Archives, Gallery & Marta Arenal Llorente
Hawkins\Brown JA Cadisch Clare Twomey
The National Lottery Heritage Museums, acquired 2022 with Art Fund
Intermission Film MV Carey support. © Louise Forbes. Courtesy Fay Blanchard
Fund Aberdeen City Council (Archives, Gallery
Jonathan Yeo
Martin Brudnizki Design DM Cawston & Museums Collection) Caroline Campbell
The NOSWAD Charity
Studio N Coady
The Ofenheim Charitable Trust
The Modern House D Cooke
RIVA (Residencies in Visual
Natixis London Branch J Crisp
Art)
OVO Energy AE Davies
The Rought Fund
Penguin Random House MP Davis
The Topinambour Charitable
Trust Slaughter and May RG Deeble
Vivmar Foundation Sony Music EA Dowman
Garfield Weston Foundation Taylor Wessing LLP NE Drucker
The Wolfson Foundation Visa Europe Ltd EP Edwards
The Wyseliot Rose Charitable PR Fernando
Trust PJ Ford
 Portrait of Mai (Omai)
We would like to thank those who supported Art
Fund and the National Portrait Gallery’s campaign to
save Joshua Reynolds’ Portrait of Mai (Omai) (c1776).
This generosity helped the National Portrait Gallery to
raise £25 million which, thanks in huge part to a grant of
£10m from the National Heritage Memorial Fund, an Art
Fund grant of £2.5m, together with a matching amount
from Getty in the US, makes up the £50m needed to
acquire the painting.
Donations from over 2,000 Art Fund members, National
Portrait Gallery supporters and members of the public
have played a crucial part in bringing the painting into
public view in the UK. We are hugely grateful to those
who donated to both Art Fund and the National Portrait
Gallery with gifts of all sizes, including those who prefer
to remain anonymous.

Other principal Leche Trust Christine Charlton

58 59
supporters Christian Levett Elizabeth Cratchley
The Society of Dilettanti R Creed
Deborah Loeb Brice
Charitable Trust Martin Cutts
Foundation
Professor Shearer West CBE Professor Tony Davenport
National Heritage Memorial
Fund Sir Hugh and Lady Stevenson The de Laszlo Foundation
The Portrait Fund Tavolozza Foundation Diana Dollery
Julia and Hans Rausing Appeal supporters: Elisabeth Duncan

Major supporters Arts4Kent Andrew Fletcher OBE

Piers Kenyon Sir Laurie and Lady Magnus
Joshua Reynolds,
The Ancaster Trust Sarah Fletcher Mai (Omai), c1776.
Idan and Batia Ofer Family Courtesy National
John Freeman Harold Killingback Rosamond Marshall Smith Portrait Gallery
Foundation The Anson Charitable Trust
Madeleine Gantley Sarah and Christopher Knight Viviane and James Mayor
Bjorn Saven Pim Baxter OBE
Helen and Peter Ghosh Teresa Krasny Martin Newman Sara and James Ross
David and Emma Verey David Beard
Charitable Trust Alan and Mary Gibbins Steven Larcombe and Sonya Sir Charles and Lady Dr David Seddon
David Boddy
Leydecker Nunneley Laura Tomlinson
Supporters Ian Boulton Andrew and Juliet Gibbs
A Leslie Maurice Parry-Wingfield
Sara Galbraith and Robert John Townson
The American Friends of the G & K Boyes Charitable Trust
Ham Humphrey and Ann Lloyd Norman Parsons Nicholas Turner
National Portrait Gallery David Butler
The Hippocleides Trust Rosemary Lomax-Simpson David and Barbara Peacock Katherine and Simon Van
The Murray Family Clive Butler
G Hitchon The MacTaggart Third Fund Anthony Richards Hagen
Henry Oldfield Trust Richard and Sarah Buxton
Ed and Jo Howell The McCorquodale Charitable Isabella Roberts Jane Williamson
Cingilli Collection Emma Chamberlain OBE Trust Robert Rogers Nicholas Wyber
 How we work
In an increasingly fragile global environment,
sustainability must also be at the centre of how we
operate. We are working hard to embed this across all of
our activities. We have commissioned a carbon audit to
look at how we can reduce our environmental impacts
– in our building’s energy use, and in our programmes,
practices and policies. Our new project, The Wild
Escape, creatively engages children with museum
All that we have achieved and plan for the future is collections in relation to the issue of biodiversity.
underpinned by our values: we are independent, By ensuring we are robust in these areas, and with
responsive to need, pioneering and inclusive, placing the dedication, expertise and hard work of our team,
people at the heart of our activities. With this in mind, we aim to be equipped to support museums in a fast-
we are looking constantly at ways to strengthen our © Holly Pickering/ changing world.
organisation and we rely on a broad range of expertise Art Fund. Styling:
Clare Piper
across our staff who bring new thinking and fresh ideas
to the charity.
Digital capability is critical to our future and that of
museums. We recognise that resourcing digital platforms
can be expensive, as can developing skills. But these
are investments we are prepared to make so that we can
support our colleagues externally. We aim to strengthen
60 61
expertise at a senior level, provide increased training for
our staff and make our online processes user-friendly
for all.
We are continuing to develop a more diverse and
inclusive workforce and aim to expand our Board
expertise in this area. Our Equality, Diversity and Inclusion
(EDI) action plan guides our work, and we are looking at
how we can attract, recruit and nurture staff from a wider
range of backgrounds to bring in new and relevant skills
and experience.
 Financial reports

The past three years have been among the most

challenging in the history of museums and galleries. No
sooner had museums begun to navigate their way out
of the pandemic than the cost-of-living crisis with high
inflation and soaring energy costs hit hard. We have
therefore taken the view that we should spend more
at this difficult time in order to provide support when Jayne Stokes, Day by
Day, 2020, John Gray
need is at its greatest, to lay the foundations for a more Centre, Haddington,
acquired 2022 with
confident future. Art Fund support.
© Jayne Stokes. Unknown maker (Meiji
Courtesy John Gray period), Japanese
lacquer incense
Centre. Photo: Dr
ceremony box, 1868-
The global crises have inevitably had an impact on our
Claire Pannell
1912, Bristol Museum organisation too. We are not immune to the challenges
& Art Gallery,
acquired 2022 with facing charities across the UK. However, thanks to
62 Art Fund support. 63
© Bristol Museums:
judicious financial management across our 120-year
Bristol Museum & Art history, our diversified investment portfolio and the
Gallery
continued loyalty of our members, we have been able
to make available the necessary funds at this time. Our
approach to a planned financial deficit this year has
been that the ‘rainy day’ for museums is here, so we are
spending our money wisely to support and strengthen
the sector and its activities.
Our charitable programme extends well beyond grant-
giving and we have been able to support our partner
museums in a wide range of ways. By raising the profile
of museums among the visiting public through sustained
efforts in marketing, and flagship projects such as
Art Fund Museum of the Year, we continue to help boost
visitor figures and income. And through platforms such
as Art Happens and Art Tickets we help museums to
generate revenue and funds for special projects.
The loyalty of our membership, the generosity of our
supporters and those who leave a legacy in their will;
it is through this exceptional support that our work is
made possible.
 Performance This chart shows how our total Impact This chart illustrates the
income has fluctuated over changing scale and
20 20
the past five years. The data composition of our charitable
reveals volatility in special expenditure over the past
appeals and legacy income five years. In 2020, 2021 and
and that membership and 2022 we adapted our funding
15 trading income, which was 15 programme to respond to the
reduced in 2020 due to the needs of the sector as a result
Covid-19 pandemic, is still of the pandemic.
recovering in 2021 and 2022.

£m
10 10
£m

Reaching audiences

Making connections
Prospect Cottage appeal
5 5 – National Art Pass
Trading, investments & other
Making connections
Legacies – Museums network

Donations & fundraising Shaping futures

0 0 Building collections
Membership 2018 2019 2020 2021 2022
2018 2019 2020 2021 2022

64 65
Efficiency This chart illustrates support
costs as a proportion of total Building collections: Helping museums and galleries
expenditure. Support costs add to and strengthen their collections, including
25 have increased in 2022 in grant-giving for acquisitions, conservation and towards
terms of quantum (driven in strategic collecting initiatives, and placing gifts and
part by heightened inflation bequests of works of art.
and also staff churn following
20 Reaching audiences: Facilitating the sharing of art as
the pandemic), however,
support costs have reduced widely as possible, including grant-giving to support
as a percentage of total costs. touring and display.
Total costs in 2022 includes
15 Shaping futures: Supporting the professional
£2.5m committed to help
development of curators and museum professionals,
the National Portrait Gallery
£m

secure Joshua Reynolds’

including grant-giving towards curatorial research
Portrait of Mai (Omai) for and training.
10
the public. Making connections:

Prospect Cottage Museums network: Supporting museums including

5 (heritage asset in through advocacy and campaigning, promotional and
statutory accounts)
digital activity.
Total expenditure
National Art Pass: Servicing our membership of
10.5% 10.5% 12.4% 14.9% 14.2%
0
135,000 individuals and investing in the future growth of
Support costs
2018 2019 2020 2021 2022 our membership.
 Report of the Board and Financial Statements Alongside the responsive support provided in 2022 through our
Reimagine grants, growing and sharing museum collections remain
for the year ended 31 December 2022 at the heart of Art Fund’s charitable purpose, and in order to meet our
obligation to deliver the broadest public benefit possible we continued to
shape our programme in direct consultation with our network of museum
partners. Art Fund’s Trustees are proud of our organisation’s long-standing

Report of the Trustees support for the collecting of works of art and moreover, are committed
to the expansion of our charitable programme to support those activities
The Trustees are pleased to present their annual report together with the which underpin and amplify the impact of museum collections such as
consolidated financial statements of the charity and its subsidiary for the curation, conservation, commissioning, touring and display. Art Fund’s
year ended 31 December 2022. Trustees will continue to respond to our partners’ needs in determining
The financial statements comply with the Charities Act 2011, the Charities how our charitable resources can be put to best effect and deliver benefit
and Trustee Investment (Scotland) Act 2005, the Memorandum and not only to our 135,000 members, but to the widest and most diverse
Articles of Association of Art Fund Services Limited, and Accounting and public possible.
Reporting by Charities: Statement of Recommended Practice applicable Art Fund’s financial performance and sustainability is overseen by the
to charities preparing their accounts in accordance with the Financial Finance & General Purposes Committee, a sub-group of the Board
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) of Trustees. I would like to thank my fellow committee members and
(effective 1 January 2018). our non-trustee special advisor, Brendan Finucane QC, who retired in
September, for their support and counsel during the year.
Treasurer’s report This year saw some significant programme commitments. Notably, Art
The Covid pandemic continued to have an impact on museums and Fund committed £2.5 million – the largest in our history – to help the
66 67
galleries in the early part of 2022 with both reduced visitor figures and National Portrait Gallery secure Joshua Reynolds’ Portrait of Mai (Omai)
income, although it has been encouraging to see how institutions have (c1776) for the public. While across 2022/23 Art Fund has led The Wild
adapted to visiting trends and behaviours. As 2022 has progressed, Escape, a UK-wide initiative with over 500 participating museums
museums and galleries have needed to meet the additional challenges to engage children both in museum and gallery collections and the
of heightened inflation, rising energy prices and cost-of-living concerns biodiversity crisis, which secured the largest ever grant to museums by
impacting both visitors, employees and business models. Arts Council England.
Art Fund’s finances have exhibited resilience in 2022 albeit they have Our grant-giving programme provides vital funding every year to help
also been impacted by the economic headwinds impacting both our museums acquire and share works of art across the UK, support the
sector and the wider economy. It was thanks to our membership, donors, professional development of curators, and inspire more people to
partner organisations and prudent financial management that we were visit museums.
in a strong position to support the sector throughout the year and have a
Overall in 2022 the total value of Art Fund’s charitable programme was
stable foundation underpinning our charitable programme in 2023.
£19.7m (2021: £15.5m). As per the analysis of total expenditure in note 5,
As in 2021, Art Fund’s priority was to respond to sector need and our total charitable spend comprised grants for acquisitions of £4.5m
support museums, galleries and historic houses across the UK through (2021: £3.3m) (see note 3). Recognising the needs of the sector, Art
a challenging period. As a result of the collaborative and agile approach Fund’s Trustees made the strategic decision to operate at a deficit in
of our staff and trustees, we consulted our network partners to assess 2022 enabling us to continue our support during the challenging year
what was possible and continued to adapt our programme and adjust for the sector. With reference to our grant-giving beyond acquisitions we
our financial strategy accordingly. At the same time we were developing committed £0.3m (2021: £0.2m) to strategic collecting initiatives, £1.0m
longer-term plans to ensure we are in a strong position to be growing our (2021: £0.4m) to the touring and display of art via our reaching audiences
membership and income in the future. strand, and £2.7m towards development of curatorial skills, through our
shaping futures initiative (2021: £2.3m).
 We committed £3.9m (2021: £3.3m) to our museum support services
which comprise policy, promotional and digital support to museums and
Objectives and activities
£6.1m (2021: £5.0m) to promoting museum visiting through the National Summary of aims and strategic objectives
Art Pass and servicing our membership of 135,000 individuals (2021: Art Fund exists to help museums and galleries across the UK buy,
130,000). The investment in increasing memberships, and the 4% rise in show and share great art so that it can be experienced and enjoyed
memberships, reflects museums across all four nations being open for by everyone. Set up over a hundred years ago, Art Fund is the leading
the majority of 2022. national fundraising charity for art and is independently funded and
supported by 135,000 members.
Performance
Total income decreased to £13.9m in 2022 (2021: £17.6m) with legacy During 2022 we developed and operationalised our new 5-year strategy
income decreasing to £3.3m (2021: £6.7m) and other income increasing based on our 2022-2027 vision. The strategy covers four main areas
to £0.4m (2021: £0.3m). Donations decreased to £2.8m (2021: £3.7m) being:
and membership income increased to £7.1m (2021: £6.6m) as we • Funding Art: To continue to fund art as both a fundraiser and grant-
increased our marketing activities to invest in membership recruitment maker for museums. Building on Art Fund’s history, including
post the pandemic. We are enormously grateful to all our members and increasingly funding a broader range of perspectives, artists, cultures,
supporters who make Art Fund’s vital work possible. forms, tangible and experiential;

Efficiency • Audience-making: To help grow the audience for art. By expanding

Art Fund is focused on delivering the greatest possible public benefit the community of National Art Pass members, by helping find new
to the widest possible public; this requires that our Trustees keep our audiences (the next generation of museum-goers) and by helping
support costs and overall return on investment under close scrutiny. people not just to visit but to use museums as a vital resource;
In 2022 Art Fund’s support costs increased to £3.0m (2021: £2.7m) • Amplifying the museum sector: To help shape a confident and
68 69
inclusive of associated staff costs, driven in part by continued investment inclusive museums sector. Supporting and accelerating the changes
in technical infrastructure, rising costs generally due to inflation and staff museums want to make by advocating, influencing and celebrating the
costs specifically in response to cost-of-living concerns. sector. By funding and sharing new ideas and by incubating new cross-
sector projects; and
Year end position
Our financial statements show a deficit of £6.9m (2021: a surplus of • Strengthening our organisation: Focusing on our business model,
£1.1m), a value that is reported before the application of our total return our capabilities (including a diverse workforce and making the most of
investment policy, which allows us to treat a portion of the value of our digital opportunities) and our ways of working (including processes and
portfolio as income which is then used to support our operating and environmental sustainability).
administrative costs, meaning that the highest possible proportion of Art Fund will be measuring success against these four main areas over
donated funds can be applied directly to charitable purposes (this is the duration of the 5-year plan. Financial achievements during the year
affected by a transfer from the perpetuity fund to the general fund). The are detailed in the Treasurer’s report.
net losses on our investment portfolio reported in the consolidated
statement of financial activity were £0.9m (2021: gain of £4.7m), resulting
from the general turbulence and uncertainty in financial markets resulting
from macro-economic factors outside our control. The combined impact
of our deficit and investment portfolio performance resulted in an overall
decrease in Art Fund’s total funds to £54.1m (2021: £62.0m).

Jeremy Palmer
Treasurer
 Structure, governance & management The Remuneration Committee, which meets at least annually; chaired by
the Chair of Trustees, considers the remuneration approach and annual
Appointment of Trustees pay review for the organisation, including approving discretionary cost-
Art Fund is governed by its Board of Trustees, which meets six times a of-living awards and remuneration packages for the director and senior
year. It currently has 15 members. Vacant Trustee positions are advertised management team. The Committee also oversees key workforce metrics
openly to the membership in Art Quarterly and via external recruitment including equality, diversity and inclusion with a view to improving
websites and head-hunters, and are appointed by the Board, on the representation within the staff team.
recommendation of the Nominations Committee. The subsequent
The Ethics Committee, which meets at least annually, chaired by a trustee
appointment is then notified to the membership at the Annual General
and currently with three trustee members and one non-trustee advisory
Meeting (AGM) following their appointment. The one-third of Trustees
member, advises the Board of Trustees on the acceptance of donations,
who have been longest in office since their last election must ‘retire’ each
gifts of property and sponsorships.
year at the AGM and are eligible for re-election. Trustees can serve for a
maximum of two consecutive terms of four years. The day-to-day direction of Art Fund’s affairs is the responsibility of the
Director who reports to the Board through the Chair. The Director is
Trustee induction & training supported by a Senior Management Team consisting of the Director of
All new Trustees undertake an induction process in which they are briefed Finance & Resources, Director of Development, Director of Programme
on their legal obligations under charity law, the Charity Commission and Policy, Director of Marketing, Director of Communications and a Chief
guidance on public benefit, the content of Art Fund’s Royal Charter, Information Officer.
the board structure and decision-making processes, Art Fund’s strategy
and recent financial performance. Related parties and co-operation with other
During the induction each new Trustee will meet the Director of Art
organisations
70 Fund, Senior Management Team and other key Art Fund personnel. None of Art Fund’s Trustees receive remuneration or other benefit from 71
New Trustees are issued with a portfolio of documents outlining their their work with the charity. Details of Trustees’ expenses and related party
responsibilities as a charity trustee including a Board policies and transactions are disclosed in the notes to the accounts.
procedures manual. The trading activities of Art Fund are carried out by its service company,
Organisation Art Fund Services Limited, a company incorporated in England and Wales
(registered number 01487654). The company is wholly owned by Art Fund
The Board, while retaining overall responsibility, delegates certain
and it donates all its profits in the year to Art Fund by way of Gift Aid.
functions to four sub-committees and executive staff as described below
and in the trustees’ principles of delegation policy. Art Fund’s Director is also a director of American Friends of the Art Fund
(AFAF), a US-based non-profit organisation which provides grants to Art
The Finance and General Purposes Committee, which meets up to five
Fund and other institutions to encourage the appreciation and enjoyment
times a year; chaired by the Treasurer, considers all matters relating to
of art in general. As such, AFAF is considered to be a related party
finance, investments, risk management and the administration of the
and so grants received in the year have been disclosed in note 16 of
charity including its property. It currently has three Trustee members and
the accounts.
one non-Trustee advisory member.
The Nominations Committee, which meets at least annually; chaired by
Pay policy for senior staff
the Chair of Trustees, undertakes an annual Trustee skills audit, considers The pay of the Senior Management Team is reviewed and approved
and recommends candidates for membership of the Board, terms of by the Remuneration Committee on an annual basis. Remuneration is
appointment and Trustee recruitment and induction policies. benchmarked against similar roles within the not-for-profit and cultural
sector and is assessed against key inflation measures and cost-of-living
benchmarks along with affordability considerations.
 Risk Management Fundraising
The major risks to Art Fund as identified by the Board fall into five Section 162a of the Charities Act 2011 requires charities to make a
categories: Compliance, external, financial, governance and operational. statement regarding fundraising activities. The legislation defines
These risks have been reviewed by the board and discussed at each fundraising as “soliciting or otherwise procuring money or other property
Finance and General Purposes Committee meeting. A risk matrix and for charitable purposes,” and such amounts receivable are presented
register has been established with systems in place to mitigate risks. in our accounts as “voluntary activities” income and includes legacies.
In relation to the above we confirm that all solicitations are managed
Risk is unavoidable and the resources available for managing risk
internally, without the involvement of commercial participators or
are finite. The aim of risk management within Art Fund is therefore to
professional fundraisers, or third parties. The day-to-day management
achieve an optimum response to risk, prioritised in accordance with an
of all income generation is delegated to the Senior Management Team,
evaluation of the risks. The approach adopted takes into account the
who are accountable to the Trustees. The charity is not bound by any
Charity Commission guidance on management of risk with reference to
undertaking to participate in any regulatory scheme, however the charity
best practice risk management standards. Art Fund assesses risk through
is a member of the Fundraising Regulator and complies with the relevant
consideration of the likelihood of an event occurring, and the impact that
codes of practice. Art Fund also has a sub-committee to oversee Ethics
would arise if the event were to occur. Risk management within Art Fund
which advises the Board of Trustees on the acceptance of donations,
includes:
gifts of property and sponsorships.
• identifying and assessing risks (the “inherent risks”);
Art Fund has established a formal complaints policy to facilitate the
• assigning each of those risks to a risk owner; monitoring and reporting of relevant issues, there were no formal
• evaluating the effectiveness of relevant mitigating controls; complaints in 2022. This policy is available online. Also available online
is our fundraising promise which confirms that Art Fund is registered with
• assessing the risks remaining given the controls in place (the “residual
72
the Fundraising Regulator and affirms our organisational commitment to 73
risks”); and
conducting open, honest and respectful fundraising practices.
• agreeing, implementing and monitoring controls to reduce the
residual risks.
Grant making
Art Fund provides grants to help museums and galleries acquire and
The principal risks and uncertainties facing Art Fund, along with
share works of art across the UK, support the professional development
mitigations are shown below:
of curators, and inspire more people to visit museums. Grants are made
Risk Explanation and mitigations via various programmes, all of which are aligned with one or more of
Loss of income caused by, cost- At present key income streams (notably NAP and major giving) have the strategic objectives listed on page 69. Payments made to museums
of-living concerns and wider shown resilience to economic headwinds. The cumulative impact and galleries in the year in respect of Art Fund’s grants for acquisitions
economic headwinds of cost-of-living and recessionary concerns on our income streams
could mean either using unrestricted reserves to maintain support programme are disclosed in note 4 of the accounts. Further detail on the
levels, or reducing our charitable and operational expenditure. This
is not considered to be a risk to Art Fund’s going concern, due to the
grant programmes offered can be found at artfund.org.
level of unrestricted reserves held and the discretionary nature of the
majority of expenditure.
Technology, digital systems and Technology systems, skills and processes are inadequate to facilitate
frameworks a scaling-up of the organisation’s ambition and output, constraining
ability to grow its charitable impact. Significant investment in systems,
staff and processes has been, and will continue to be, made to
ensure that Art Fund delivers the best possible user experience when
interacting with all stakeholders.
Charter and byelaws Art Fund’s byelaws and royal charter were last amended in 1991 and
do not reflect the many advances in technology and changes to the
environment in which the charity operates. A review of the charter is
currently underway with a view to modernising and future proofing
our governing documents. The review is due to conclude in 2023.
Any amendments will be reviewed by the charity commission, privy
council and our members before being put to a vote at an EGM.
 Heritage Assets Reserves policy
At Dungeness, visionary British filmmaker, artist and activist Derek Jarman General funds
transformed a Victorian fisherman’s hut into a sanctuary of art and The Trustees review Art Fund’s reserves policy on an annual basis to
imagination. Prospect Cottage and its iconic garden stand testament to consider the gap between the spending and receiving of income and
his defiant spirit and have the potential to inspire artists and visitors long to ensure that sufficient liquid resources are available to meet liabilities
into the future. as they fall due, in the event of a sudden shortfall in income. Moreover,
On 31 March 2020, Art Fund successfully closed a campaign to save the responsive nature of Art Fund’s programme, especially around
Prospect Cottage securing £3.728m against a target of £3.5m for the special appeals, means it is essential that adequate resources are always
purpose of purchasing the cottage, garden and contents and to create available to meet the cost of providing grants for exceptional works of art
a fund to support maintenance and operating costs as well as an that may be under threat of export.
associated artistic programme. In December 2021 the transaction was The Trustees of Art Fund have set a target for general funds of between
completed with Art Fund paying £1.5m for the heritage assets of Prospect 3-6 months of total unrestricted operating expenditure. At the end of 2022
Cottage which have been capitalised on our balance sheet. free reserves stand at £4.6m (2021: £6.9m) and are therefore within the
Creative Folkestone have become the custodians of the cottage under thresholds of the policy (£4.5m to £9.0m). The trustees have allocated a
a peppercorn lease, responsible for its care and maintenance, loaning total of £2.9m in funds from the designated perpetuity fund to ensure that
the most vulnerable items to Tate and managing a programme of general reserves are maintained within the target levels, whilst continuing
residencies and managed public visits. An Advisory Committee including to provide financial support to the sector. This transfer was also required,
representatives of Art Fund, Tate and the vendors, the Keith Collins Will in part, due to recognising in 2022 the £2.5m exceptional grant awarded
Trust, has been established and will be chaired by a trustee of Creative to the NPG for the Portrait of Mai (Omai).
Folkestone, calling on expert advisors to support them and to engage The Parker fund
74 key stakeholders. 75
In 2016 the Trustees designated the value of £2.9m to the Parker fund
Art Fund will retain the fund (the Prospect Cottage Fund) to be used following the receipt of a legacy from Mr Donald Parker, who had been a
primarily for the care of the cottage and the collection, but also when member of Art Fund since 1977. The Parker fund represents the aggregate
possible to support activities with public benefit in relation to Jarman at amount set aside to fund internal income and efficiency projects and is
Prospect Cottage. available to supplement resources in any particular year, if needed, to
meet the cost of major initiatives of this kind.
Going concern
The Board of Trustees is of the opinion that Art Fund has adequate There is no specific target for this fund and it is anticipated this will be
resources to operate as a going concern with no material uncertainty topped up from annual surpluses to ensure that sufficient funds are
for the foreseeable future and the accounts have been prepared on available for investment when required. At the end of 2022 the value of
that basis. The ongoing cost-of-living and macro-economic headwinds this fund was £1.1m (2021: £1.2m).
are concerns to Art Fund however, they are not considered a threat to
Art Fund’s going concern status due to the diverse nature of income
streams, high level of unrestricted reserves and largely discretionary
expenditure base. At the date of signing these financial statements, the
trustees’ forecasts indicate that the Group and Charity will be able to
maintain liquidity for a period of at least one year from the date of signing
these financial statements and will therefore be able to continue to trade
as a going concern.
 Perpetuity fund Investment policy
This designated fund serves as the core component of Art Fund’s The Trustees adopt a total return policy regarding Art Fund’s investment
capital distribution policy. The annual value drawn from this fund portfolio and so Art Fund withdraws 3.5% of the trailing 12 quarter value
guarantees the existence of Art Fund in perpetuity by contributing of the portfolio each year (recorded as a transfer from the perpetuity
to the cost of core operating and administrative expenses, thereby fund to the general fund – refer to note 13) as a contribution towards
ensuring that the maximum proportion of donated income is applied to core operating and administrative costs. The intention is to produce a
charitable purposes. consistent and sustainable amount to contribute to core costs while
The long-term target for this fund is based on a distribution rate of 3.5% of maintaining the purchasing power of the portfolio over the long term and
the trailing 12 quarter value of the investment portfolio. At the end of 2022 ensuring that the maximum possible proportion of donated funds are
the target value for this fund was £35.0m (2021: £37.1m). applied to charitable activities. Art Fund’s investments lost 1.4% overall
during the year. The long-term investment strategy remains unchanged,
Fixed asset fund and the trustees maintained the distribution at 3.5% in the year.
This designated fund represents the carrying value of Art Fund’s fixed
asset base. At the end of 2022 the value of this fund was £5.6m (2021: Public benefit
£5.6m). The Trustees have taken the Charity Commission’s guidance on public
benefit into consideration when reviewing the aims and objectives of
Challenge fund
Art Fund. In setting out the strategy and developing its programme of
This fund was generously gifted by Sir David Verey to be used for activity, Art Fund has focused on increasing the breadth and accessibility
leveraging match funding in support of Art Fund’s charitable programme. of public benefit, in particular through works of art being acquired by
The current value of the fund is £79k (2021: £83k) and it is anticipated that public collections in the UK and being available for the public to enjoy;
the reserve will be expended in full over five years. by works of art being shown and shared by public collections, backed up
76
Wedgwood future fund by the curatorial expertise to understand and interpret them to the public; 77
by celebrating creativity and excellence in museums which benefit the
The Wedgwood future fund was established by the Trustees in 2017
public through the annual Art Fund Prize for Museum of the Year; and by
to provide support for the ongoing care of the Wedgwood collection
encouraging the enjoyment, understanding and appreciation of works
following the transfer of its ownership to the Victoria and Albert Museum.
of art through the National Art Pass, Art Fund website, Art Quarterly and
There is no target value for the fund. The current value of the fund is £381k
other editorial channels.
(2021: £508k) and it is anticipated that the reserve will be expended
in full within a period of approximately 20 years, or as required by the Charity Governance Code
beneficiaries. The Board of Trustees is committed to good governance and to its own
2021 Reimagine fund and the charity’s continuous improvement in delivering its purposes most
This was established at the end of 2021 as a £472k designated fund for effectively for the public benefit. It is clear about the charity’s aims and
the final phase of the Reimagine grants which were delayed from Q4 2021 seeks to ensure that these are being delivered effectively and sustainably,
into Q1 2022. The fund was fully spent in January 2022. keeping under review the Code’s recommended practice and seven
principles of organisational purpose: leadership, integrity, decision-
making, risk and control, board effectiveness, diversity, and openness
and accountability. The Board strives for best practice in accordance with
the Charity Governance Code; many of the measures it takes in achieving
this are addressed in this report. In 2022 the Board’s strategy, work-plan
and risk management activity was informed by the principles of the Code.
 Plans for future period Reference and administrative details
Art Fund has developed a five-year strategy, informed by discussions on
the major societal challenges facing museums and galleries, that has
Year ended 31 December 2022
been guiding its direction throughout 2022. The key strands of the vision Art Fund was established in 1903 as the National Art Collections Fund
were detailed above in the Treasurer’s report. and was granted a Royal Charter in 1928 and Supplemental Charter dated
8th February 1977. It is registered as a charity in England and Wales under
Central to the strategy, Art Fund will continue to develop its support to UK number 209174 and in Scotland under SC038331. In May 2006 ‘Art Fund’
museums and galleries, collaborating with beneficiaries and supporters was adopted as its public and trading name but its full name has been
to develop grant-giving programmes that deliver charitable impact where retained for legal purposes.
it is most needed.
This report was approved by the Board of Trustees at its meeting on
Registered office
22 May 2023 and the Chair of Trustees was authorised to sign the report 2 Granary Square
and the annual financial statements on its behalf. King’s Cross
London N1C 4BH

Members of the Board

Lord Smith of Finsbury, Chairman (N, R)
Lord Smith of Finsbury Jeremy Palmer, Treasurer (F, N, R)
Chairman Katrina Brown
22 May 2023 Professor Richard Deacon CBE RA
Dame Liz Forgan (F, R) – Retired December 2022
Laura Wilson, Deepening (film still),
2020, Norwich Castle, acquired 2022 Clare Gough – appointed October 2022
78 79
with Art Fund support. © Laura Wilson. Anupam Ganguli (F, E)
Image courtesy of the artist.
Tessa Jackson OBE (N)
Madeleine Kennedy (E, F)
Alastair Laing FSA – Retired December 2022
Professor Susan Lambert
Abadesi Osunsade – appointed October 2022
Dr Satish Padiyar
Professor Marcia Pointon (N)
Axel Rüger
Monisha Shah (N, E)
Desmond Shawe-Taylor CVO – appointed October 2022
E: Also a member of the Ethics Committee
F: Also a member of the Finance and General Purposes Committee
N: Also a member of the Nominations Committee
R: Also a member of the Remuneration Committee

Advisory Member of the Finance and General Purposes

Committee
Brendan Finucane KC – Retired September 2022
Sir Nigel Carrington – appointed November 2022
 Advisory Member of the Ethics Committee Statement of Trustees’ responsibilities
Laura Soley The Trustees are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and regulations.
Director and Senior Management Team
Charity law requires the Trustees to prepare financial statements for each
Jenny Waldman Director
financial year in accordance with United Kingdom Generally Accepted
Rachel Mapplebeck Director of Communications
Accounting Practice (United Kingdom Accounting Standards and
Sarah Philp Director of Programme and Policy
applicable law). Under charity law the Trustees must not approve the
Andrew Durrant Director of Finance and Resources
financial statements unless they are satisfied that they give a true and
Amy Ross Director of Development (resigned May 2022)
fair view of the state of affairs of the group and parent charity and of the
Alice Regent Director of Development (appointed November
incoming resources and application of resources, including the income
2022)
and expenditure, of the group and parent charity for that period.
Carolyn Young Director of Marketing
Yvonne Hanson-Mills Chief Information Officer (appointed October In preparing these financial statements, the Trustees are required to:
2022)
• select suitable accounting policies and then apply them consistently;
Professional advisers • make judgements and accounting estimates that are reasonable and
Auditors Investment advisors prudent;
BDO LLP Cambridge Associates LLP • state whether applicable UK Accounting Standards have been followed,
55 Baker Street 80 Victoria Street including FRS 102, subject to any material departures disclosed and
London W1U 7EU London SW1E 5JL explained in the financial statements; and
Bankers Solicitors
80
• prepare the financial statements on the going concern basis unless 81
Coutts & Co Farrer & Co LLP it is inappropriate to presume that the parent charity will continue
440 Strand 66 Lincoln’s Inn Fields in business.
London WC2R 0QS London WC2A 3LH
The Trustees are responsible for keeping adequate accounting records
that are sufficient to show and explain the charity’s transactions and
disclose with reasonable accuracy at any time the financial position
of the group and parent charity and enable them to ensure that the
financial statements comply with the Charities and Trustee Investment
(Scotland) Act 2005, regulations 6 and 8 of the Charities Accounts
(Scotland) Regulations 2006 (as amended), the Charities Act 2011 and the
regulations made thereunder. They are also responsible for safeguarding
the assets of the charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Financial statements are published on the parent charity’s website
in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements, which may vary
from legislation in other jurisdictions. The maintenance and integrity
of the parent charity’s website is the responsibility of the Trustees.
The Trustees’ responsibility also extends to the ongoing integrity of the
financial statements contained therein.
 Independent Auditor’s Report to Conclusions related to going concern

Trustees of National Art Collections

In auditing the financial statements, we have concluded that the Trustees’
use of the going concern basis of accounting in the preparation of the

Fund financial statements is appropriate.

Based on the work we have performed, we have not identified any
Opinion on the financial statements material uncertainties relating to events or conditions that, individually
In our opinion, the financial statements: or collectively, may cast significant doubt on the Group and the Parent
• give a true and fair view of the state of the Group’s and of the Parent Charity’s ability to continue as a going concern for a period of at least
Charity’s affairs as at 31 December 2022 and of the Group’s incoming twelve months from when the financial statements are authorised
resources and application of resources for the year then ended; for issue.
• have been properly prepared in accordance with United Kingdom Our responsibilities and the responsibilities of the Trustees with respect to
Generally Accepted Accounting Practice; and going concern are described in the relevant sections of this report.
• have been prepared in accordance with the requirements of the
Other information
Charities Act 2011.
The Trustees are responsible for the other information. The other
We have audited the financial statements of National Art Collections
information comprises the information included in the Report of the
Charity (“the Parent Charity”) and its subsidiaries for the year ended
Board, other than the financial statements and our auditor’s report
31 December 2022 which comprise of the consolidated statement of
thereon. The other information comprises: Report of the Trustees.
financial activities, the consolidated and charity balance sheet, the
consolidated cash flow statement and notes to the financial statements, Our opinion on the financial statements does not cover the other
including a summary of significant accounting policies. The financial information and, except to the extent otherwise explicitly stated in our
82 83
reporting framework that has been applied in their preparation is report, we do not express any form of assurance conclusion thereon.
applicable law and United Kingdom Accounting Standards, including Our responsibility is to read the other information and, in doing so,
Financial Reporting Standard 102 The Financial Reporting Standard consider whether the other information is materially inconsistent with
applicable in the UK and Republic of Ireland (United Kingdom Generally the financial statements or our knowledge obtained in the audit or
Accepted Accounting Practice). otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required
Basis for opinion to determine whether there is a material misstatement in the financial
We conducted our audit in accordance with International Standards on statements themselves. If, based on the work we have performed, we
Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under conclude that there is a material misstatement of this other information,
those standards are further described in the Auditor’s responsibilities we are required to report that fact.
for the audit of the financial statements section of our report. We believe
We have nothing to report in this regard.
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Independence
We remain independent of the Group and the Parent Charity in
accordance with the ethical requirements 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.
 Matters on which we are required to report by exception Auditor’s responsibilities for the audit of the financial
We have nothing to report in respect of the following matters in relation to statements
which the Charities (Accounts and Reports) Regulations 2008 requires us We have been appointed as auditor under section 144 of the Charities Act
to report to you if, in our opinion; 2011 and report in accordance with the Act[s] and relevant regulations
• the information given in the Trustees’ Report for the financial year for made or having effect thereunder.
which the financial statements are prepared is inconsistent in any Our objectives are to obtain reasonable assurance about whether the
material respect with the financial statements; or financial statements as a whole are free from material misstatement,
• adequate accounting records have not been kept by the Parent Charity; whether due to fraud or error, and to issue an auditor’s report that
or includes our opinion. Reasonable assurance is a high level of assurance,
• the Parent Charity financial statements are not in agreement with the but is not a guarantee that an audit conducted in accordance with
accounting records and returns; or ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material
• we have not received all the information and explanations we require
if, individually or in the aggregate, they could reasonably be expected to
for our audit.
influence the economic decisions of users taken on the basis of these
Responsibilities of Trustees financial statements.
As explained more fully in the Trustees’ responsibilities statement, the
Trustees are responsible for the preparation of the financial statements Extent to which the audit was capable of detecting
and for being satisfied that they give a true and fair view, and for such irregularities, including fraud
internal control as the Trustees determine is necessary to enable Irregularities, including fraud, are instances of non-compliance with laws
the preparation of financial statements that are free from material and regulations. We design procedures in line with our responsibilities,
84 misstatement, whether due to fraud or error. outlined above, to detect material misstatements in respect of 85

In preparing the financial statements, the Trustees are responsible for irregularities, including fraud. The extent to which our procedures are
assessing the Group’s and the Parent Charity’s ability to continue as capable of detecting irregularities, including fraud is detailed below:
a going concern, disclosing, as applicable, matters related to going
Based on our understanding of the group and parent charity and the
concern and using the going concern basis of accounting unless the
industry in which it operates, we identified that the principal laws
Trustees either intend to liquidate the Group or the parent Charity or to
and regulations that directly affect the financial statements to be
cease operations, or have no realistic alternative but to do so.
relevant charities acts in the UK and Ireland. We assessed the extent of
compliance with these laws and regulations as part of our procedures
on the related financial statement items. We considered the Group’s
own assessment of the risks that irregularities may occur either as a
result of fraud or error. We also considered financial performance, key
drivers for bonus or other performance targets. We also considered the
risks of non-compliance with other requirements imposed by the Charity
Commission, and we considered the extent to which non-compliance
might have a material effect on the group financial statements.
 In addition, the group and parent charity are subject to many other laws Edward Bawden,
St Mary The
and regulations where the consequences of non-compliance could have Virgin, Lindsell,
1958, Pallant
a material effect on amounts or disclosures in the financial statements, House Gallery,
Chichester.
for instance through the imposition of fines or litigation. We identified the Presented by a
private collector
following areas as those most likely to have such an effect: employment with Art Fund
law, data protection and health and safety legislation. In order to help support. © The
Estate of Edward
identify instances of non-compliance with other laws and regulations Bawden

that may have a material effect on the financial statements, we made

enquiries of management and Those Charged With Governance
about whether the Group and Parent Charity is in compliance with
such laws and regulations and inspected any relevant regulatory and
legal correspondence.
Our tests included agreeing the financial statement disclosures to
underlying supporting documentation, enquiries of the Finance &
General Purposes Committee and management, and a review of minutes
of meetings of those charged with governance. We also performed
analytical procedures to identify any unusual or unexpected relationships
that may indicate risks of material misstatement due to fraud.
We challenged assumptions made by management in their significant
86 accounting estimates in particular in relation to the recognition of Use of our report 87
legacy income. This report is made solely to the Charity’s trustees, as a body,
in accordance with the Charities Act 2011. Our audit work has been
We did not identify any matters relating to irregularities, including fraud.
undertaken so that we might state to the Charity’s trustees those matters
As in all of our audits, we also addressed the risk of management override
we are required to state to them in an auditor’s report and for no other
of internal controls, including testing journals including those which
purpose. To the fullest extent permitted by law, we do not accept or
potentially impact remuneration and other performance targets and
assume responsibility to anyone other than the Charity and the Charity’s
evaluating whether there was evidence of bias by management or the
trustees as a body, for our audit work, for this report, or for the opinions
Board that represented a risk of material misstatement due to fraud.
we have formed.
Our audit procedures were designed to respond to risks of material
misstatement in the financial statements, recognising that the risk of
not detecting a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error, as fraud may involve BDO LLP
deliberate concealment by, for example, forgery, misrepresentations or Statutory Auditor
through collusion. There are inherent limitations in the audit procedures London,
performed and the further removed non-compliance with laws and United Kingdom
regulations is from the events and transactions reflected in the financial
statements, the less likely we are to become aware of it. Date: 22 May 2023

A further description of our responsibilities for the audit of the financial BDO LLP is eligible for appointment as auditor of the charity by virtue of its
statements is located at the Financial Reporting Council’s (“FRC’s”) eligibility for appointment as auditor of a company under section 1212 of
website at: www.frc.org.uk/auditorsresponsibilities. This description forms the Companies Act 2006.
part of our auditor’s report. BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
 Consolidated Statement of Financial Activities
(including consolidated income and expenditure account)
For the year ended 31 December 2022

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total

2022 2022 2022 2022 2021 2021 2021 2021
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Income from:
Voluntary activities:
Donations 915 1,864 - 2,779 1,348 2,388 - 3,736
Legacies 3,119 183 - 3,302 5,451 1,293 - 6,744

Charitable activities:
Members’ subscriptions 7,069 40 - 7,109 6,547 5 - 6,552

Other trading activities:

Other income 447 - - 447 307 - - 307

Income from investments 311 - - 311 301 - - 301

Total income 11,861 2,087 - 13,948 13,954 3,686 - 17,640

88 Expenditure on: 89
Raising funds:

Cost of generating voluntary income 1,006 - - 1,006 937 - - 937

Cost of trading subsidiary 30 - - 30 53 - - 53

Investment adviser’s costs 97 - - 97 93 - - 93
Total cost of raising funds 1,133 - - 1,133 1,083 - - 1,083
Total charitable expenditure 17,702 2,038 - 19,740 13,384 2,112 - 15,496
Total expenditure 5 18,835 2,038 - 20,873 14,467 2,112 - 16,579
Operating surplus / (deficit) (6,974) 49 - (6,925) (513) 1,574 - 1,061

Net gains / (losses) on investments (792) (93) (58) (943) 4,036 398 248 4,682

Net income / (expenditure) (7,766) (44) (58) (7,869) 3,523 1,972 248 5,743
Transfers between funds 13 (48) 48 - - (45) 45 - -
Net movement in funds (7,814) 4 (58) (7,869) (3,478) 2,017 248 5,743

Reconciliation of funds
Total funds brought forward 50,514 8,726 2,765 62,005 47,036 6,709 2,517 56,262
Total funds carried forward 13 42,699 8,730 2,707 54,136 50,514 8,726 2,765 62,005

The statement of financial activities includes all gains and losses recognised in the year and all income
and expenditure are derived from continuing activities.
The notes on pages 94 to 115 form part of these financial statements.
 Charity Statement of Financial Activities
(including income and expenditure account)
For the year ended 31 December 2022

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total

2022 2022 2022 2022 2021 2021 2021 2021
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Income from:
Voluntary activities:
Donations 915 1,864 - 2,779 1,348 2,388 - 3,736
Legacies 3,119 183 - 3,302 5,451 1,293 - 6,744

Charitable activities:
Members’ subscriptions 7,069 40 - 7,109 6,547 5 - 6,552

Other trading activities:

Other income 342 - - 342 244 - - 244

Income from investments 385 - - 385 312 - - 312

Total income 11,830 2,087 - 13,917 13,902 3,686 - 17,588
90 91
Expenditure on:
Raising funds:
Cost of generating voluntary income 1,006 - - 1,006 937 - - 937

Investment adviser’s costs 97 - - 97 93 - - 93

Total cost of raising funds 1,103 - - 1,103 1,030 - - 1,030
Total charitable expenditure 17,703 2,038 - 19,741 13,386 2,112 - 15,498
Total expenditure 18,806 2,038 - 20,844 14,416 2,112 - 16,528
Operating surplus / (deficit) (6,976) 49 - (6,927) (514) 1,574 - 1,060

Net gains / (losses) on investments (792) (93) (58) (943) 4,036 398 248 4,682
Net income / (expenditure) (7,768) (44) (58) (7,870) 3,522 1,972 248 5,742
Transfers between funds 13 (48) 48 - - (45) 45 - -
Net movement in funds (7,816) 4 (58) (7,870) 3,477 2,017 248 5,742

Reconciliation of funds
Total funds brought forward 50,511 8,726 2,765 62,002 47,034 6,709 2,517 56,260
Total funds carried forward 13 42,695 8,730 2,707 54,132 50,511 8,726 2,765 62,002

The statement of financial activities includes all gains and losses recognised in the year and all income
and expenditure are derived from continuing activities.
The notes on pages 94 to 115 form part of these financial statements.
 Consolidated and Charity Balance sheet Consolidated Statement of Cash Flows
As at 31 December 2022 For the year ended 31 December 2022

Group Group Charity Charity Group Group

2022 2021 2022 2021 2022 2021
£’000 £’000 £’000 £’000 £’000 £’000

Cash flows from operating activities

Fixed assets:
Net income / (expenditure) (7,869) 5,742
Tangible assets 6 5,581 5,622 5,581 5,622
Heritage assets 7 1,500 1,500 1,500 1,500
Adjustments for non-cash items:
Investments 8 46,061 49,135 46,061 49,135
Depreciation of tangible fixed assets 116 109
53,142 56,257 53,142 56,257
Investment income (311) (301)

Current assets: Loss / (Gain) on investments 943 (4,682)

Debtors 9 964 1,573 1,237 1,657

Cash at bank and in hand 11,882 13,210 11,593 13,098 Movements in working capital:

12,846 14,783 12,830 14,755 (Increase) / decrease in debtors 609 405

(Decrease) / increase in creditors: falling due within one year 1,109 (1,046)

Liabilities: (Decrease) / increase in creditors: due after more than one year (28) (273)

Creditors falling due within one year 11 (7,015) (5,906) (7,003) (5,881) Increase / (decrease) in provisions 1,736 252

Provision for grants authorised but not paid 3 (4,642) (2,906) (4,642) (2,906)
92 (11,657) (8,812) (11,645) (8,787) Net cash generated from operating activities (3,695) 206 93

Net current assets 1,189 5,971 1,185 5,968 Cash flows from investing activities:
Investment income 311 301
Total assets less current liabilities 54,331 62,228 54,327 62,225 Purchases of tangible fixed assets (75) (66)
Purchases of heritage assets - (1,500)
Creditors: due after more than 1 year 12 (195) (223) (195) (223) Purchase of investments (8,336) (133)
Proceeds from sale of investments 10,467 5,781
Net assets 54,136 62,005 54,132 62,002
Net cash from investing activities 2,367 4,383
The funds of the charity:
Permanent endowment funds 13 2,708 2,766 2,708 2,766
Net (decrease) / increase in cash and cash equivalents (1,328) 4,590
Other restricted funds 13 8,730 8,727 8,730 8,727
Designated funds 13 38,108 43,592 38,108 43,592
Analysis of changes in cash:
General funds 13 4,590 6,920 4,586 6,917
Cash and cash equivalents at the beginning of the year 13,210 8,620

Total charity funds 54,136 62,005 54,132 62,002

Total cash and cash equivalents at the end of the year 11,882 13,210
The Trustees have prepared group accounts in accordance with section 138 of the Charities Act 2011.
The notes on pages 94 to 115 form part of these accounts.
Approved and authorised for issue by the Board on 22nd May 2023 and signed on its behalf by Cash and cash equivalents comprise:
Cash at bank and in hand 11,882 13,210
Lord Smith of Finsbury Jeremy Palmer
Chairman Treasurer
 Notes to the accounts Annual ordinary membership income is recognised at the point at which benefit is
transferred, being the date that the membership begins. Life membership income
1. Accounting policies is recognised on a straight line basis over a ten year period. Contractual or trading
income is recognised as income to the extent that Art Fund has provided the goods
The principal accounting policies adopted, judgements and key sources of
or services. Where income is received in advance and Art Fund does not have
estimation uncertainty in the preparation of the financial statements are as follows:
entitlement to these resources until the goods or services have been provided, the
a. Basis of preparation income is deferred.
The financial statements have been prepared in accordance with the Financial
c. Expenditure
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The
Expenditure is recognised in the financial statements on an accruals basis.
organisation is a public benefit entity for the purpose of FRS 102 and a registered
Expenditure is classified in the SoFA under the principal categories of costs of raising
charity, and therefore has also prepared its financial statements in accordance with
funds and cost of charitable activities rather than the type of expense.
the Statement of Recommended Practice applicable to the charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the Grants payable are recognised when a grant has been approved and this has been
UK and Republic of Ireland (The FRS 102 Charities SORP), and Charities Act 2011. communicated to the recipient.
The financial statements have been prepared under the historical cost convention
Expenditure comprises direct expenditure including direct staff costs attributable
as modified by the valuation of fixed-asset investments and in accordance with Art
to the activity. Where costs cannot be directly attributed, they are allocated to the
Fund’s Royal Charter.
activities to which they relate as shown in note 5. Costs of raising funds are those
The consolidated financial statements include the accounts of the National Art incurred in seeking voluntary contributions for Art Fund, the cost of fundraising
Collections Fund and its subsidiary undertaking, Art Fund Services Limited, which events, cost of operating the trading subsidiary and investment management fees.
is wholly owned and registered in England and Wales. Transactions and balances
Grant support costs comprise the costs of processing grant applications, including
between the charity and its subsidiary have been eliminated from the consolidated
94 support to actual and potential applicants. Other charitable activities comprise 95
financial statements.
costs incurred in attracting new members and providing services to existing
The Board of Trustees is of the opinion that Art Fund has adequate resources to members, including publications and communications. Governance costs are those
operate as a going concern with no material uncertainty for the foreseeable future costs incurred in connection with the general governance of Art Fund including
and the accounts have been prepared on that basis. The ongoing cost-of-living compliance, constitutional and statutory requirements.
and macro-economic headwinds are concerns to Art Fund however, they are not
d. Fixed Asset Investments
considered a threat to Art Fund’s going concern status due to the diverse nature
of income streams, high level of unrestricted reserves and largely discretionary Investments are stated at market value, which is measured at bid price, in
expenditure base. At the date of signing these financial statements, the trustees’ accordance with the revised Statement of Recommended Practice. As a result the
forecasts indicate that the Group and Charity will be able to maintain liquidity for a SoFA includes those unrealised gains and losses arising from the revaluation on the
period of at least one year from the date of signing these financial statements and investment portfolio throughout the year. The SoFA does not distinguish between the
will therefore be able to continue to trade as a going concern. valuation adjustments relating to sales and those relating to continued holdings as
they are together treated as changes in the value of the investment portfolio.
b. Income
Income is usually accounted for on a receivable basis. Voluntary income, comprising
donations and legacies, are recognised as incoming resources when Art Fund
becomes entitled to the income. For donations this is when there is certainty of
receipt and value. For all legacies income has been recognised dependent on type
which is deemed to be when the receipt and value are probable:
• Pecuniary legacy – the earlier of cash receipt or probate date
• Residuary legacy – the earlier of cash receipt or estate accounts date
 e. Tangible Fixed Assets j. Leases
Assets with an economic life greater than one year and with a value exceeding £500 Art Fund has no finance leases. Costs relating to operating leases are charged on a
or more are capitalised. straight-line basis over the life of the lease period to which it relates.
Depreciation is provided on all tangible assets at rates calculated to write-off the k. Taxation
value of each asset over its expected useful life with no residual value assumed:
Art Fund is eligible under Part 11 Corporation Tax Act 2010 and section 271 Taxation
Freehold property - 1% of Chargeable Gains Act 1992 to exemption from taxes on income, donations and
capital gains arising from the pursuit of its charitable objectives. Art Fund Services
Computer equipment - 33%
Limited donates its profits to Art Fund and therefore is not liable to pay capital gains
Fixtures and fittings - 20% or corporation tax.
A full year of depreciation is charged in the year of acquisition and no depreciation
l. Funds structure
is charged in the year of disposal. Impairment reviews are carried out at the end of
Art Fund has the following categories of funds:
each reporting period in accordance with FRS 102 to ensure that the carrying value of
assets does not exceed their recoverable amounts. • Restricted permanent endowment funds which the donors have stated are to be
held as capital.
f. Heritage Assets
• Restricted funds whose investment or usage is subject to specific restriction
Purchased heritage assets are capitalised and recognised in the year they are paid.
imposed by sponsors and donors.
Such items are not depreciated or revalued as a matter of routine as the assets are
• Designated funds which have been set aside at the discretion of the Trustees for
deemed to have indeterminable lives and it is not practical to revalue them each
specific purposes.
year. Expenditure for maintenance and operating costs as well as an associated
artistic programme is included under charitable activities in the statement of financial • General funds which are available for use at the discretion of the Trustees in
96 activities. furtherance of the general objectives of Art Fund. 97
The major funds comprising each category, the summary results for the year and a
g. Liquid resources
description of the movements between the funds are detailed in note 13.
Liquid resources, as referred to in the Trustees’ report, are current asset investments
that are disposable without curtailing or disrupting Art Fund’s business and are either m. Critical accounting estimates and areas of judgement
readily convertible to known amounts of cash at or close to their carrying value or In preparing financial statements it is necessary to make certain judgements,
traded in an open market. estimates and assumptions that affect the amounts recognised in the financial
statements. The following judgements and estimates are considered by the Trustees
h. Pensions
to have most significant effect on amounts recognised in the financial statements.
Art Fund operates a defined contribution pension scheme. The assets of the scheme
1) The Charity has taken the view of the Trustees that valuing the freehold property
are held separately from those of Art Fund in an independently administered scheme.
and heritage assets at fair value would incur undue cost and effort and has
The pension cost charge represents the amounts payable by Art Fund amounting to
therefore continued to use historical cost as the deemed cost for its freehold
£310,000 (2021: £297,000).
property.
i. Provisions 2) The Charity considers its freehold property to be held solely for operational use
Art Fund provides for legal or constructive obligations which are of uncertain timing and not investment use, meaning that no apportionment is required. The element
or amount on the balance sheet date on the basis of best estimate of the expenditure of the property covered by a sub-lease is occupied by a charitable organisation
required to settle the obligation. Provisions are recognised where there is a present whose objects are similar to Art Fund’s own, therefore the property has been
obligation as a result of a past event, it is probable that the transfer of economic recognised as a tangible fixed asset.
benefits will be required to settle the obligation, and a reliable estimate of the 3) The method for allocating central expenditure to income streams is a judgement.
amount can be made. The Group allocates these costs based on head count.
4) For all legacies, income has been recognised dependent on type as disclosed in
note 1b.
 2. Net surplus of the trading company 3. Reconciliation of grants given for the purchase of works of art
2022 2022 2021 2021
Art Fund has a wholly owned trading subsidiary which is incorporated in the UK. Art £’000 £’000 £’000 £’000
Fund Services Limited has a share capital of £100 and sells advertising on behalf of Grants outstanding at 1 January 2,906 2,653
Art Fund. The company donates its taxable profits to Art Fund and also pays interest Grants offered during the year 4,490 3,305
on any loans from Art Fund. A summary of the results of the trading company is
Grants subsequently not taken up - -
shown below. Audited accounts have been filed with the Registrar of Companies.
Grants from a previous year no longer required (17) (54)
2022 2021
£’000 £’000 4,473 3,251
Profit and loss account
Turnover 105 63 Acquisition grants committed in the year 4,473 3,251
Cost of sales (20) (43) 7,379 5,904
Gross profit 85 20
Grants paid during the year (see note 4) (2,737) (2,998)
Administrative expenses (11) (10)
Provision for grants for acquisitions 4,642 2,906
Interest payable - - (see balance sheet)

Net profit 74 10 4. Total grants for acquisitions paid in 2022

Gift aid (74) (10)
The total value of grants offered in the year was £4.5m. The note below details the
Retained in subsidiary - -
payments made to museums and galleries in the year in respect of Art Fund’s grants
The assets and liabilities of the trading company as at 31 December 2022 were for acquisitions programme, a value that amounted to £2.8m.
as follows: £
2022 2021 Scotland Aberdeen, Aberdeen Archives, Gallery and Museum 256
98 £’000 £’000 99
Yorkshire Wakefield, the Hepworth Wakefield 35,000
Balance sheet
South West Bath, Beckford Tower Trust 7,000
Total assets 322 120
Total liabilities (319) (117) Northern Ireland Belfast, Ulster Museum 100,000
Northern Ireland Belfast, Ulster Museum 40,000
Net assets 3 3 North East Berwick Upon Tweed, Paxton House 15,500

The total income of the parent charity was £13,917,000 (2021: £17,588,000) and the West Midlands Birmingham Museums Trust 7,500

total deficit was £7,870,000 (2021: Surplus of £5,742,000). The values are the same as North West Blackpool, Grundy Art Gallery 6,828
in the consolidated accounts because the profit of the trading company is counted North West Bolton, Bolton Museum 43,000
as investment income to the charity. South West Bristol Museum & Art Gallery 3,900
South West Bristol Museum & Art Gallery 40,000
South West Bristol, RWA (Royal West of England Academy) 50,000
East Bushey, Bushey Museum Trust 33,500
East Cambridge, Fitzwilliam Museum 30,000
South East Cookham, Stanley Spencer Gallery 35,000
East Midlands Derby Museum and Art Gallery 350,000
East Midlands Derby Museum and Art Gallery 15,800
Scotland Dundee, RSS Discovery and Discovery Point 8,229
South West Dyrham Park, National Trust 56,834
South East Eastbourne, Towner Eastbourne 12,000
South East Eastbourne, Towner Eastbourne 22,000
Scotland Edinburgh, Scottish National Gallery 70,000
 £ 5. Analysis of total expenditure
East Anglia Ely, Stained Glass Museum 8,255
Staff Grants Support Depreciation 2022 2021
South West Falmouth Art Gallery 7,450 costs & direct costs Total Total
expenses
South East Farnham, Crafts Study Centre 5,009
£’000 £’000 £’000 £’000 £’000 £’000
South East Farnham, Crafts Study Centre 1,850 Expenditure on raising funds:
Scotland Glasgow, GoMA, Gallery of Modern Art 50,000
Scotland Glasgow, GoMA, Gallery of Modern Art 12,300 Cost of generating voluntary
654 0 331 21 1,006 939
income
Scotland Glasgow, The Burrell Collection 104,000
Cost of trading subsidiary - 30 - - 30 53
Scotland Glasgow, The Hunterian 12,333
Investment adviser’s costs - 97 - - 97 93
Scotland Glasgow, The Hunterian 12,000
654 127 331 21 1,133 1,085
London Hackney Council 143,580
Scotland Haddington, The John Gray Centre 950 Expenditure on charitable activities:
West Midlands Hereford Museum and Art Gallery 250,000 Grants for acquisitions - 4,473 - - 4,473 3,251
South East Hitchin, North Hertfordshire Museum 2,154 Strategic collecting - 284 - - 284 224
Yorkshire Leeds, The Stanley & Audrey Burton Gallery (university of Leeds) with 16,000 Grant support 685 370 245 16 1,316 1,077
Leeds Art Gallery
Building collections 685 5,128 245 16 6,073 4,552
London London, Design Museum 18,451
London London, Foundling Museum 15,000 Reaching audiences - 989 - - 989 396
London London, Hayward Gallery with Aberdeen Art Gallery, Manchester Art 77,500
Gallery, Plymouth, The Box and Wolverhampton Art Gallery Shaping futures - 2,673 - - 2,673 2,294
London London, Tate 100,000
100 London London, Tate 60,000 Advocacy & campaigning 338 175 119 5 638 442 101

London London, Tate 60,000 Promoting museums

358 822 187 12 1,379 1,177
& museum visiting
London London, Tate 100,000
Digital & communications 700 752 374 24 1,850 1,636
London Museum of London 10,000
Membership servicing
Scotland National Museums Scotland 324,000 786 4,029 422 27 5,263 4,251
& recruitment
East Anglia Norwich, Norwich Castle Museum and Art Gallery 2,520 Publications 358 323 182 12 875 750
East Anglia Norwich, Norwich Castle Museum and Art Gallery 7,500 Making connections 2,540 6,100 1,285 79 10,005 8,255
East Anglia Norwich, Sainsbury Centre 3,500
East Anglia Norwich, Sainsbury Centre 8,775 Total charitable expenditure 3,224 14,890 1,531 95 19,740 15,497
South East Oxford, Ashmolean Museum 35,000
Total expenditure 3,878 15,017 1,862 116 20,873 16,581
South East Oxford, Pitt Rivers Museum 120,000
Wales Powysland Museum and Welshpool Library 360 The audit fee for the year was £27,500 (2021: £25,000). The auditors’ fees for
Wales Powysland Museum and Welshpool Library 3,937 non-audit services in the year were £3,244 (2021: £4,669).
North West Runcorn, Norton Priory Museums and Gardens 13,420 * Support costs of £1,862,000 do not include salaries of £1,100,000, which are
East Anglia Saffron Walden, Fry Art Gallery 3,000 included in the staff costs column (2021: £859,000). Therefore total support costs are
South West Salisbury Museum 990 calculated as £3.0m (2021: £2.7m).
North West Sefton Metropolitan Borough Council 1,025
South East Southampton, National Motor Museum Trust 83,500
East Anglia Southend-on-Sea, Beecroft Art Gallery 3,750
London Twickenham, Strawberry Hill House 90,000
Yorkshire York Art Gallery 3,997
Total Grants paid during the year 2,737,000
 2022 2021 6. Tangible assets
Salaries and pensions
£’000 £’000 Group and charity Freehold Computer Fixtures &
Total salary and pensions costs are: property equipment fittings Total
£’000 £’000 £’000 £’000
Salaries 3,209 2,875
Cost:
Social security costs 364 312 At 1 January 2022 6,037 270 198 6,505
Other pension costs 310 296 Additions - 27 47 74
3,883 3,483 Disposals - - - -

No. of staff No. of staff At 31 December 2022 6,037 297 245 6,579
Average number of staff employed (headcount) 72 72
Accumulated depreciation:
During the year one employee was made redundant and one employee left by At 1 January 2022 (481) (215) (186) (882)
mutual agreement. Total redundancy and severance payments for the year were Charge for the year (60) (42) (14) (116)
Depreciation on disposals - - - -
£57,053 (2021: £nil).
Employees with emoluments totalling £60,000 or more, excluding pension At 31 December 2022 (541) (257) (200) (998)

contributions and Employer’s National Insurance contributions: Net book value

2022 2021 At 31 December 2022 5,496 40 45 5,581

At 31 December 2021 5,556 55 12 5,623
£60,001 - £70,000 5 1
£70,001 - £80,000 1 3
7. Heritage assets
£80,001 - £90,000 - 1
Group and charity Value at Value at
£90,001 - £100,000 2 - 1 January 31 December
2022 Additions 2022
£110,001 - £120,000 1 - £’000 £’000 £’000
102 103
£140,001 - £150,000 1 1 Prospect Cottage 1,500 - 1,500

The charity operates a defined contribution pension scheme. Contributions in

respect of these staff were £87,755 (2021: £57,746).
Members of the Board did not receive any fees in the current or preceding year.
Two (2021: three) Members of the Board received a total of £2,026 (2021: £876)
reimbursement for expenses incurred in the year.
The key management personnel of the parent charity comprise the Trustees and
the Senior Management Team. The total employee benefits of the key management
personnel of the Charity were £799,508 (2021: £628,520).
 8. Fixed asset investments 9. Debtors
Group and charity Group Group Charity Charity
2022 2021
£’000 £’000 2022 2021 2022 2021
£’000 £’000 £’000 £’000
Investments at market value comprised: Trade debtors 68 14 34 5
UK equities 7,378 8,318
Amounts due from subsidiary undertaking - - 307 93
Overseas equities 19,401 21,835
Prepayments and accrued income 216 278 216 278
Private equity 1,817 1,995
Other debtors 162 84 162 84
Hedge funds 8,381 8,150 Accrued legacy income 243 801 243 801
Inflation hedge 2,913 2,573 VAT 275 396 275 396
Overseas bonds 1,549 1,676 964 1,573 1,237 1,657
Cash 4,622 4,588
10. Contingent assets – legacy income
46,061 49,135
As at 31 December 2022 the Charity has been notified of £3,823,258 (2021:
Movement in investments – group and charity
£3,580,318) residuary legacies and £nil (2021: £nil) pecuniary legacies, however they
Market value at 1 January 49,135 50,102
did not meet Art Fund’s recognition criteria and have therefore not been accrued.
Sale proceeds (10,467) (5,781)
11. Creditors
Acquisitions at cost 8,336 132
Group Group Charity Charity
Net (losses) / gains on revaluation (943) 4,682 2022 2021 2022 2021
£’000 £’000 £’000 £’000
Falling due within one year:
Market value at 31 December 46,061 49,135
104 Trade creditors 336 567 336 567 105
Historical cost at 31 December 26,905 30,967
Tax and social security 107 117 107 100
Investments constituting at least 5% of the portfolio at 31 December 2022 Other creditors and accruals 6,518 4,894 6,506 4,886
(at market values) were: Deferred income 54 328 54 328
2022 2021 7,015 5,906 7,003 5,881
£’000 £’000
Artemis 3,704 (9.6%) 3,953 (8.0%) 12. Long-term creditors
Brummer Investment 3,715 (9.7%) 3,460 (7.0%) Group Group Charity Charity
Coutts 90-day notice account 3,610 (9.4%) 3,588 (7.3%) 2022 2021 2022 2021
£’000 £’000 £’000 £’000
Heron Bridge - - 4,365 (8.9%)
Deferred income as at 1 January 223 497 223 497
Longview Partners 6,671 (17.4%) 6,574 (13.4%)
Released during the year (60) (335) (60) (335)
3,675 (9.6%) - -
Deferred during the year 32 61 32 61
MFG Investments 3,848 (10.0%) 5,190 (10.6%)
Deferred income as at 31 December 195 223 195 223
MAJ 3,921 (10.2%) - -
Orbis - - 4,544 (9.2%) The deferred income falling due after one year is the money received for life
Stewart 2,517 (6.6%) 2,759 (5.6%) membership subscriptions, which is released to the Statement of Financial Activities
over a period of ten years.
 13. Net movement in funds - Group Balance at Balance at Net gains Transfers Balance at
31 December 1 January on between 31 December
These funds are split between permanent endowment funds where the capital must 2020 2022 Income Expenditure investments funds 2022
be retained and other restricted funds where both capital and income can be spent
Freelands Prize - - - (106) - - (106)
in accordance with the donor’s wishes. Investment income on endowment funds is
Garfield Weston UK
expendable in accordance with the donor’s wishes. Any income unspent at the end Loans Programme
186 296 270 (367) - - 199
of the year is carried forward to the next year as a restricted fund. Greater London Authority - - 40 (40) - - -
Headley Fellowships 387 80 - (31) - - 49
Balance at Balance at Net gains Transfers Balance at
31 December 1 January on between 31 December International 8 - - - - - -
2020 2022 Income Expenditure investments funds 2022 Jonathan Ruffer curatorial
78 88 75 (64) - - 99
General fund 5,008 6,920 11,568 (18,201) (6) 4,309 4,590 scheme
Ivor Goudge bequest 200 1,486 120 - (34) - 1,573
The Parker fund 2,028 1,171 - - (24) - 1,145
Kusuma Trust - The Wild
Perpetuity fund 33,788 35,738 292 - (752) (4,357) 30,922 - - - (25) - - (25)
Escape
Fixed asset fund 5,665 5,622 - (42) - - 5,581 London Historic House
1,531 1,682 - - (35) - 1,646
Challenge fund 75 83 - (2) (2) - 79 Museums Trust

Wedgwood future fund 472 506 - (118) (8) - 381 Michael Bassett bequest 231 - - - - - -

2021 Reimagine fund - 472 - (472) - - - Modern British Group 39 170 1 - - - 172
Moving Image Fund 104 104 - - - - 104
Total unrestricted funds 47,036 50,512 11,861 (18,835) (792) (48) 42,698
National Gallery trainees 81 - 81 - - - 81
Restricted fund:
Art Connects 40 109 - (0) - - 109
National Museum Wales 5 5 - - - - 5
Arts Council England -
- - - (345) - - (345)
The Wild Escape National Museums
5 5 - - - - 5
106 Arts Council England - Scotland 107
14 29 - (15) - - 14
Visual Arts Programme
Art Happens (82) (101) 201 (101) - - - New Collecting Awards - - 10 2 - - 12
Art Happens - Heritage
8 8 (13) 3 - 2 - Omai Portrait appeal - - 38 - - - 38
Lottery Fund
Art Happens - Unlock Prevost appeal 107 107 - - - - 107
129 105 - (38) - - 66
campaign
Art Tickets 23 23 - - - - 23 Prospect Cottage
2,378 1,576 136 (159) - - 1,549
Dungeness
Conservation appeal - 19 6 (14) - - 12
Prospect Cottage -
Contemporary - 1,500 - - - - 1,500
7 7 (10) - - 3 - Heritage asset fund
programme
David and Liza Brown Regional grants appeal 18 17 - - - - 17
47 2 - - (0) - 3
bequest
Da Costa bequest - 70 - (54) (0) - 16 Restricted acquisitions - - - - - - -
David Armstrong RI Gunn bequest 872 958 - - (20) - 936
27 30 - - (1) - 29
bequest Richard Gordon Deeble
- - 51 - - - 51
Bequest
David Harrison bequest 1 1 - - (0) - 1
Rought Fund 50 10 30 - - - 40
De Livera legacy 15 17 - - (0) - 16
Student Art Pass
1 - - (2) - 2 -
Energise young minds - 105 281 - - - 386 programme
The Wild Escape - Trusts
Exhibition Networks - - - 55 (10) - - 45
- - 4 - - - 4 and Foundations
Creative Scotland
Trustees Dinner - 2021
Export stopped - - 76 - - - 76
- - 18 - - - 18 Energise Young Minds
acquisitions
Valerie Weston bequest - - 10 (40) - 30 -
Fidelity digital impact
- - 20 (32) - (12) - WM Bond bequest 176 193 0 - (4) - 189
research
 Balance at Balance at Net gains Transfers Balance at Art Happens – Unlock campaign
31 December 1 January on between 31 December This fund is to cover the direct costs of setting up and running each crowdfunding
2020 2022 Income Expenditure investments funds 2022
Winter appeal 2017 - campaign on Art Happens. This includes producing a short film, creating rewards for
13 13 - (7) - - 6
Supporting Curators donors and providing hands-on training throughout.
Wolfson 10 10 600 (600) - - 10
Total restricted funds 6,709 8,727 2,087 (2,038) (94) 47 8,731 Art Tickets
Permanent endowment This fund related to the development and launch our online ticketing platform,
funds: Art Tickets.
Campbell Dodgson
4 6 - - - - 6
bequest Conservation
Cochrane trust 187 205 - - (4) - 202
This was launched in 2018 as an appeal to our Art Partners, donors and wider
Fulham fund 731 803 - - (17) - 786
membership to help us make a bold new commitment towards supporting conservation
Ramsey Dyce bequest 170 187 - - (4) - 182
projects at museums and galleries across the UK. We opened the programme in July
Reginald Jones bequest 379 417 - - (9) - 408
2019 for applications, making 11 grant offers to date and continue to develop our funding
Modern Art fund 985 1,082 - - (23) - 1,060 available to support conservation.
Wakefield fund 60 66 - - (1) - 65
Da Costa Bequest
Total endowment funds 2,517 2,765 - - (57) - 2,708
A bequest to support students to obtain curatorial knowledge, skills and experience
Total funds 56,262 62,005 13,948 (20,873) (943) - 54,136
which contributes to Art Fund’s student opportunities programme to enable museums to
Net movement in funds – Charity recruit and pay students to work with them and gain experience of the cultural sector.

Balance at Balance at Net gains/ Transfers Balance at David and Liza Brown Bequest
31 December 1 January (loss) on between 31 December
108 2020 2022 Income Expenditure investments funds 2022 The bequest is for the benefit of the Department of Prints and Drawings at the British 109
Total unrestricted funds 47,033 50,511 11,830 (18,806) (792) (48) 42,695 Museum and the Southampton City Art Gallery, supporting cataloguing and acquisition
Total restricted funds 6,709 8,727 2,087 (2,038) (94) 48 8,730 costs. In 2019 Southampton City Art Gallery received the balance of funds from this
Total endowment funds 2,517 2,765 - - (57) - 2,707 bequest to acquire a moving-image work Robots in Distress by Boredomresearch.
Total funds 56,259 62,002 13,917 (20,844) (943) - 54,132 The Bequest enabled a total of 19 acquisitions to join Southampton City Art
Gallery’s collection.
ACE – The Wild Escape David Armstrong Bequest
This fund relates to support from Arts Council England towards the Wild Escape. The funds are for the benefit of Stirling and Falkirk Museums.
Art Connects David Harrison Bequest
This fund relates to the Student Art Pass programme, specifically the development of the Proceeds from the auctioning of a work of art bequeathed to York Art Gallery by David
online platform and content / ‘beyond visiting’ opportunities associated with it to help Harrison. This fund is available to support future acquisitions for York Art Gallery.
students get more out of museums, galleries and public art collections. Art Connects
is supported by the Stavros Niarchos Foundation, alongside a group of other private De Livera Legacy
donors who support the wider Student Art Pass programme. The legacy was left to Art Fund to contribute towards the acquisition of decorative arts in
Cornwall or Devon.
Art Happens
This fund relates to Art Fund’s crowdfunding initiative which enables museums to make Energise young minds
fundraising appeals to the public in support of specific works of art or projects. This fund generated from donations from our members and donors will be directed
to programmes which provide creative opportunities for children, schools and young
Art Happens – Heritage Lottery Foundation
people in and with museums.
The funds granted to Art Fund by the Heritage Lottery Foundation are to be used towards
the future development of the Art Happens crowdfunding platform.
 Export stopped acquisitions Modern British Group
This fund relates to donations from Art Fund supporters to enable museums and galleries This fund is provided by a group of donors who wish to support acquisitions of work by
to acquire works of art that have been export stopped or require urgent support in order modern British artists.
to secure them for public view.
Moving Image Fund
Fidelity Digital Research This fund supports the acquisition of artists’ moving-image work at Towner Eastbourne,
This fund relates to the development of a new funding project to support digital projects Whitworth Art Gallery, Bristol Museums and Galleries and The Hunterian in Glasgow.
at museums and galleries across the UK beyond the pandemic.
National Gallery trainees
Garfield Weston UK Loans Programme The National Gallery Curatorial Traineeship Programme is supported by Art Fund with the
This is a three-year programme to support loans to regional galleries across the UK from assistance of the Vivmar Foundation, offering a training programme for future curators in
national galleries and museums. partnership with regional museums and galleries. Traineeships run for 22 months, with six
months spent at the National Gallery and a further 16 months at partner museums.
Headley Fellowships
Headley Fellowships with Art Fund give curators focused time to research their National Museum Wales
collections either on a full-time basis for six months or part-time over a year, providing These funds are to be used to support the acquisition of work for the National
funding for their posts to be backfilled. Fellows also receive funds towards their project Museum Wales.
which can be assigned towards travel, research, training opportunities, courses of
National Museums Scotland
study and more. Made possible by the support of the Headley Trust, the scheme is
especially intended to support those museums and galleries facing the most acute This fund was set up by David and Anne Hyatt King to make money available to National
funding challenges. Museums Scotland to purchase a painting by Taki Katei.

Ivor Goudge Bequest New Collecting Awards

110 111
The funds are to be used for purchasing works of art that exclude paintings and prints, This programme enables promising and ambitious curators to pursue new avenues of
and that have been completed during the seventeenth, eighteenth or nineteenth collecting for their museums, and at the same time build critical professional skills.
centuries. Works are to be for suitable museums or galleries and are to be with an Omai Portrait appeal
accreditation preference.
This fund relates to support from Art Fund members and donors to support the National
Jonathan Ruffer Curatorial Grants Scheme Portrait Gallery’s acquisition of Portrait of Mai (Omai) (c1776) by Sir Joshua Reynolds.
This fund, provided through the auspices of Jonathan Ruffer, supports collections and Prevost
exhibitions research for curators working in and with museums and galleries.
In July 2018 we asked a group of donors to help the Museum of London to secure a rare
Kusuma Trust 19th-century panorama of the London skyline by the French artist Pierre Prevost, ahead
This fund relates to support from the Kusuma Trust towards The Wild Escape. This funding of sale at auction. This quick-fire fundraising helped us to provide a significant grant to
specifically supports activity in London. enable the museum to purchase the painting.

London Historic House Museums Trust Prospect Cottage Dungeness

The funds were received from the transfer of the assets of the London Historic House In March 2020 Art Fund successfully completed the largest ever arts crowdfunding
Museums Trust in October 2009 and are to be applied towards the purchase of works campaign to save artist and filmmaker Derek Jarman’s Prospect Cottage. The success
of art for Kenwood House, Hampstead; Marble Hill House, Twickenham; The Ranger’s of the campaign has enabled Art Fund to purchase Prospect Cottage and to support a
House, Blackheath; and Chiswick House, Chiswick. permanent public programme, the conservation and maintenance of the building, its
collection, its contents and its renowned garden.
Michael Bassett Bequest
Regional grants appeal
The fund is to be used to save, protect, conserve one single object or building dating
before 1900. The appeal was launched to support the acquisition of artworks for galleries and
museums based outside of London.
 R I Gunn Bequest Campbell Dodgson Bequest
The bequest is to be applied towards the purchase of one or more paintings or drawings The income is to be used for the benefit of the Department of Prints and Drawings in the
of the French Impressionist School for presentation to one or more of the museums or British Museum.
collections of pictures belonging to the nation in London or the University of Oxford.
Cochrane Trust
Richard Gordon Deeble Bequest The income may be used for the purchase of works of art not being the work of any
A fund dedicated to supporting museums and galleries to acquire objects for their person living at the date of purchase.
collections.
Fulham Fund
Rought Fund The income generated is neither restricted nor designated and is therefore taken to
The funds are to be used to acquire artworks prior to 1815. The capital and income of the unrestricted funds.
fund may be accessed by the trustees from its establishment and they may use their total
Ramsey Dyce Bequest
discretion as to what artworks within the restriction are most appropriate to acquire.
The income must be used to acquire objects of art to be added to the permanent
Student Art Pass programme collection of the Aberdeen Art Gallery.
The funds are to be used towards the future development of the Student Art Pass
Reginald Jones Bequest
programme.
The income is to be used to purchase pictures and other works of art that are at least 100
Wedgwood Future Fund and Minton Archive Fund years old.
The Wedgwood Future Fund and Minton Archive Fund were established by the Trustees
Modern Art Fund
in 2017 to provide support for the ongoing care of the Wedgwood collection following
the transfer of its ownership to the Victoria and Albert Museum and the Minton Archive at The income is to be used towards the purchase of twentieth century art.

112 Stoke on Trent City Archives. Wakefield Fund 113

The Wild Escape – Trusts and Foundations The income is to be used for the purchase of contemporary craft.
This fund relates to major support from a group of Trusts and Foundations towards The
14. Unrestricted funds
Wild Escape, a major creative project for museums encouraging children, families and
visitors to be inspired by the wildlife found in museum and gallery collections, taking At the balance sheet date, Art Fund’s reserves comprised the following:
place from January to July 2023. 2022 2021
£’000 £’000
Winter Appeal 2017 Total funds per Balance Sheet 54,136 62,005

In 2017 we launched a ‘Regional Acquisitions Appeal’ to Art Partners and donors, asking Endowment funds (note 12) (2,708) (2,766)

for their support to help us increase our grant-giving for museums outside London to Restricted funds (note 12) (8,730) (8,727)

acquire works of art for their collections. Unrestricted funds as per the Balance Sheet 42,698 50,512
Parker fund (1,146) (1,171)
Wolfson
Perpetuity fund (30,922) (35,738)
The Wolfson Foundation make a major contribution towards our work to support Fixed assets held for charity use (5,581) (5,622)
museum collections; their funds are directly primarily to our main acquisitions grant Challenge fund (79) (83)
programme and also to the New Collecting Awards. Wedgwood future fund (381) (506)
W M Bond Bequest 2021 Reimagine fund - (472)

The bequest is to be held in trust for the Laing Art Gallery, Newcastle upon Tyne, and is General funds at 31 December 4,590 6,920

to be devoted to the purchase of the following, to be displayed in that gallery: antique

china, pottery, furniture, historical painting including oil painting but in particular
watercolours; and work by living artists whose work creatively utilises china, pottery
or furniture.
 15. Analysis of net assets between funds – Group Analysis of net assets between funds – Charity (Previous Year)
General Designated Restricted Endowment Total Total General Designated Restricted Endowment Total
funds funds funds funds funds funds funds funds funds funds funds
2022 2022 2022 2022 2022 2021 2021 2021 2021 2021 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Fund balances at Fund balances at 31 December
31 December are are represented by:
represented by:
Tangible fixed assets - 5,622 - - 5,622
Tangible fixed assets - 5,581 - - 5,581 5,622
Heritage assets - - 1,500 - 1,500
Heritage assets - - 1,500 - 1,500 1,500
Investments 8,399 37,970 - 2,766 49,135
Investments 10,826 32,527 - 2,708 46,061 49,135
Current assets 7,528 - 7,227 - 14,755
Current assets 5,616 - 7,230 - 12,846 14,783
Total liabilities (9,010) - - - (9,010)
Total liabilities (11,852) - - - (11,852) (9,035)
6,917 43,592 8,727 2,766 62,002
4,590 38,108 8,730 2,708 54,136 62,005

Included above are unrealised losses on investment assets as at 31 December 2022

16. Operating leases
of £943,000. At 31 December 2022 the charity had minimum lease commitments under operating
leases which expire:
Analysis of net assets between funds – Charity 2022 2021
£’000 £’000
General Designated Restricted Endowment Total Total
funds funds funds funds funds funds In the first year 2 6
2022 2022 2022 2022 2022 2021 In the second to fifth years inclusive - 2
£’000 £’000 £’000 £’000 £’000 £’000
0 8
Fund balances at
31 December are
114 represented by: 17. Related party transactions 115
Tangible fixed assets - 5,581 - - 5,581 5,622
During the year four Trustees (2021: five) made donations to Art Fund totalling £13,560
Heritage assets - - 1,500 - 1,500 1,500
(2021: £12,960).
Investments 10,826 32,527 - 2,708 46,061 49,135
Current assets 5,600 - 7,230 - 12,830 14,755 At the May 2022 Board meeting, Art Fund’s Director Jenny Waldman declared a
Total liabilities (11,840) - - - (11,840) (9,010) conflict of interest with regard to the Artangel application for £40,000 towards a
4,586 38,108 8,730 2,708 54,132 62,002 moving-image commission, The Directors by Marcus Coates as she is Chair of the
Board of Artangel. She left the room when this item was discussed.
Analysis of net assets between funds – Group (Previous Year)
At the December 2022 Board meeting, Tessa Jackson wished for it to be noted that
General Designated Restricted Endowment Total
funds funds funds funds funds she had a personal connection with Create London and Valence House Museum’s
2021 2021 2021 2021 2021 joint application for £34,423 towards a moving-image commission, Barking Creek
£’000 £’000 £’000 £’000 £’000
Flood Barrier by Catherine Yass.
Fund balances at 31 December
are represented by: In 2022 a total of £612,000 (2021: £530,000) was donated to Art Fund by American
Tangible fixed assets - 5,622 - - 5,622
Friends of the Art Fund (AFAF), a US-based non-profit organisation. AFAF is
Heritage assets - - 1,500 - 1,500
considered to be a related party, as a member of Art Fund’s senior management
Investments 8,399 37,970 - 2,766 49,135
team is also a director of AFAF.
Current assets 7,556 - 7,227 - 14,783
Total liabilities (9,035) - - - (9,035)
6,920 43,592 8,727 2,766 62,005

Included above are unrealised gains on investment assets at 31 December 2021 of

£4,803,000.
 Get in touch Staff (May 2023)
Tashir Ahmed
Fatemeh Beyad
Anwar Meah
Scarlett Millar
Lucy Bird Emma Mills
Rachael Browning Hamza Moallin
Join us to support museums, now and in the future. Natalie Cahillane Nisha Mohamed Sultan
Jane Cairns Vaishnavi Mohan
Become a member Freya Case Catherine Monks
Philip Chandler Jasper Morvaridi
artfund.org/national-art-pass
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  /corporate-membership to become a corporate member Robin Clark Laura Murphy
and offer the National Art Pass for companies Sarah Cosby Ben Murray
/art-partners to become one of our closest supporters Ed Cutcher Helen Nippress
Robert Dingle Claire Noakes
Support us Emma Dunmore Annitta Oribhabor
artfund.org/donate Andrew Durrant Evelyn Oshevire
Ella Fallows Ciara Otuokere
Join the National Art Pass network of museums Olivia Francis Rebecca Passmore
artfund.org/join-the-network Catriona Gallagher Jo Paton
Jessica Gallagher Sarah Philp
Apply for funding Zosia Gamgee Alice Regent
artfund.org/professional Samantha Grayson Karen Reichenbach
116
Yvonne Hanson-Mills Lizzie Richards
Follow us Annesah Al Harbi Elsa Robert
@artfund George Harrop Louise Rutledge
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@artfunduk
Alex Hull Becca Scott
@artfund Rhianna Jarrett Clare Shanklyn
Joe Jefford Amy Sharp
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Sarah Kaye Helen Sumpter
Mike Keating Ying Tan
Charlotte Keeble Alexandra Thompson
Shalini Kunhamboo Sarah Timmins
Sean Lawrence Sue Virgoe
Katie Lloyd Nadia Vistisen
Grayson Perry, Jorge Lugo Andere Jenny Waldman
Inspiration Lives
Rachel Mapplebeck Laura Wells
Here, 2022.
Commissioned by Pippa Masters Richard Wilkinson
Create London
and made
Rhys Mathews Benjamin Williams
possible with Art Peter McAndrew Charlotte Wood
Fund support.
© Grayson Perry. Paul McQueen Carolyn Young
Courtesy Create Text: Ruth Findlay
London. Photo:
Thierry Bal Design: Helen Nippress
2 Granary Square
King’s Cross
London
N1C 4BH
020 7225 4800
artfund.org

Art Fund is a charity registered in England and Wales (209174) and Scotland (SC038331)