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2021-03-31-accounts

Page
Report ofthe Trustees 1 to 12
Report ofthe Independent Auditors 13 to 15
Statement ofFinancial Activities 16
Balance Sheet 17
Notes to the Financial Statements 18 to 32

31.3.21 31.3.20
Unrestricted Restricted Total Total
fund funds funds funds
Notes F F F
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 2 140,436 968 141,404 148,039
Charitable
activities
Promotion
and education		 ofVisual Art 54,691 123,713 178,404 117,835
Other trading
activities		 17,033 17,033 42,351
Investment
income		 2,556 2,556 2,506
Other income 11,407 11,407 9,337
Total 226,123 124,681 350,804 320,068
EXPENDITURE ON
Raising funds 2,270 2,270 10,896
Charitable
activities
Promotion
and education		 ofVisual Art 189,563 165,816 355,379 350,690
Total 191,833 165,816 357,649 361,586
Net gains/(losses)
on investments		 14,978 14,978 (2,354)
NET INCOMEj(EXPENDITURE) 49,268 (41,135) 8,133 (43,872)
RECONCILIATION
OF		 FUNDS
Total funds brought forward 145,884 462,014 607,898 651,770
TOTAL FUNDS CARRIED FORWARD 195,152 420,879 616,031 607,898

ASPE XVISUAL ARTS TRUST LIMITED
BALANCE SHEET
31 MARCH 2021
Notes 31.3.21
f		 31.3.20
f
FIXEDASSETS
Tangible assets 15 431,100 476,866
Investments 16 87,333 72,355
518,433 549,221
CURRENT ASSETS
Stocks 17 2,123 1,998
Debtors 18 74,037 86,695
Cash at bank 93,752 4,971
169,912 93,664
CREDITORS
Amounts
falling due within one year		 19 (72,314) (34,987)
NET CURRENT ASSETS 97,598 58,677
TOTAL ASSETSLESSCURRENT
LIABILITIES 616,031 607,898
NET ASSETS 616,031 607,898
FUNDS 21
Unrestricted
funds		 195,152 145,884
Restricted funds 420,879 462,014
TOTAL FUNDS 616,031 607,898

DONATIONS
AND LEGACIES
31.3.21 31.3.20
F F
Donations 10,324 18,327
Gift aid tax income 695
Grants 131,080 129,017
141,404 148,039

INCOME F ROM CHARIT ABLE ACTIV ITIES
31.3.21 31.3.20
Activity
Grants Promotion and education ofVisual Art 167,010 106,015
Exhibitions income Promotion and education ofVisual Art 6,000 5,000
Workshops and education
projects Promotion and education ofVisual Art 5,394 4,820
Sponsorship Promotion and education ofVisual Art 2,000
178,404 117,835
Grants received, included in the above, are as follows:
31.3.21 31.3.20
F
Other grants for education projects 500
Hampshire and IOW Community Foundation 920
Big Lottery Fund 5,833
Portsmouth City Council 750
Arts Council England - Catalyst:Evolve 7,907 33,992
Rayne Foundation 10,103 10,337
PONToon 94,200 53,104
Hornpipe
Theatre		 Company 154 579
Portsmouth City Council - Coronavirus grants 28,340
Portsmouth City Council - High Street Grant 2,000
Arts Council England - Aspex at 40 10,850
Fratton Big Local 1,040
Weston Jerwood Creative Bursary 3,656
National
Lottery Covid Support		 Fund 8,760
167,010 106,015
6. OTHER INCOME
31.3.21 31.3.20
E
Exhibition tax credit 9,337
Coronavirus Job Retention Scheme grant 11,407
11,407 9,337

Raising do nations
 and legacies
31.3.21 31.3.20
E
Fundraising consultant and associated costs 600 1,867
Other trading activities
31.3.21 31.3.20
F
Hire and catering direct costs 324 5,281
Shop direct costs 724 3,100
Credit card charges 622 648
1,670 9,029
Aggregate amounts 2,270 10,896
CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 9) note 10) Totals
f
Promotion
and education		 ofVisual
Art 331,896 23,483 355,379
DIRECT COSTS OF CHARITABLE ACTIVITIES
31.3.21 31.3.20
Staff costs 168,582 155,848
Recruitment, training and DBSchecks 1,345 819
Exhibition costs 30,949 20,010
Workshops and education projects 29,437 40,868
Artists support costs 1,775 1,025
Premises costs 27,235 37,272
Marketing
and publicity		 25,127 10,227
Depreciation 47,446 52,239
Loss on sale ofassets 356
331,896 318,664

SUPPORT COSTS
Governance
Management costs Totals
F F F
Promotion
and education		 ofVisual Art 16,739 6,744 23,483
Support costs, included in the above, are as follows:
Management
31.3.21 31.3.20
Promotion
and
education
ofVisual Total
Art
F		 activities
f
Telephone 4,148 4,547
Postage, stationery and photocopying 667 2,814
Sundry expenses 3,979 7,326
Travel and subsistence 372 6,335
Bookkeeping and administrative support 7,573 4,894
Bad debts 56
16,739 25,972
Governance costs
31.3.21 31.3.20
Promotion
and
education
ofVisual Total
Ait activities
F F
Auditors'
remuneration		 6,744 6,054
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.21 31.3.20
F
Auditors'
remuneration		 - Gibson Whitter 5,034 4,914
Auditors'
remuneration		 - Gibson Whitter -grant audit 1,710 1,140
Depreciation - owned assets 47,447 52,239
Deficit on disposal offixed assets 356

STAFF COSTS
31.3.21 31.3.20
f f
Wages and salaries 156,051 143,248
Social security costs 4,972 5,659
Other pension costs 7,559 6,941
168,582 155,848
31.3.21 31.3.20
Cost ofgenerating funds 1 1
Direct charitable 9 7
Support 1
10

Unrestricted Restricted Total
fund
f		 funds
f		 funds
INCOME AND ENDOWMENTS FROM
Donations and legacies 145,052 2,987 148,039
Charitable activities
Promotion and education ofVisual Art 30,521 87,314 117,835
Other trading
activities		 42,351 42,351
Investment income 2,506 2,506
Other income 9,337 9,337
Total 229,767 90,301 320,068
EXPENDITURE ON
Raising funds 10,896 10,896
Charitable activities
Promotion and education ofVisual Art 203,323 147,367 350,690

Unrestricted Restricted Total
fund funds funds
F F F
Total 214,219 147,367 361,586
Net gains/(losses) on investments (2,354) (2,354)
NET INCOME/(EXPENDITURE) 13,194 (57,066) (43,872)
RECONCILIATION OF FUNDS
Total funds brought forward 132,690 519,080 651,770
TOTAL FUNDS CARRIED FORWARD 145,884 462,014 607,898

TANGIBLE FIXEDASSETS
Improvements Fixtures
to Artists' and
property resources fittings
F F
COST
At 1 April 2020 879,812 2,948 110,923
Additions 1,681
At 31 March 2021 879,812 2,948 112,604
DEPRECIATION
At 1 April 2020 442,074 2,948 85,428
Charge for year 34,929 4,727
At 31 March 2021 477,003 2,948 90,155
NET BOOK VALUE
At 31 March 2021 402,809 22,449
At 31 March 2020 437,738 25,495

TANGIBLE FIXEDASSETS - continued
Motor Computer
vehicles
f		 equipment
f		 Totals
COST
At 1 April 2020 38,953 17,213 1,049,849
Additions 1,681
At 31 March 2021 38,953 17,213 1,051,530
DEPRECIATION
At 1 April 2020 25,320 17,213 572,983
Charge for year 7,791 47,447
At 31 March 2021 33,111 17,213 620,430
NET BOOK VALUE
At 31 March 2021 5,842 431,100
At 31 March 2020 13,633 476,866

FIXEDASSET INVESTMENTS
Listed
investments
F
MARKET VALUE
At 1 April 2020 72,355
Revaluations 14,978
At 31 March 2021 87,333
NET BOOK VALUE
At 31 March 2021 87,333
At 31 March 2020 72,355

17. STOCKS
31.3.21 31.3.20
F F
Stocks 2.123 1,998
18. DEBTORS:AMOUNTS
FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
F F
Operating
debtors		 34,904 56,471
Prepayments
and		 accrued income 39,133 30,224
74,037 86,695
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
F F
Trade creditors 21,016 11,847
Social security and other taxes 2,258
Other creditors 1,460 2,427
Accrued expenses 6,527 6,678
Deferred income (see below) 43,311 11,777
72,314 34,987
Deferred income
Deferred income comprises grants received for future financial periods.
31.3.21 31.3.20
Balance brought forward 11,777 20,253
Amount release to incoming resources (11,777) (20,253)
Amount
deferred		 in the year 43,311 11,777
Balance carried forward 43,311 11,777
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.3.21 31.3.20
Unrestricted Restricted Total Total
fund funds funds funds
F F F F
Fixed assets 14,224 416,876 431,100 476,866
Investments 87,333 87,333 72,355
Current assets 165,909 4,003 169,912 93,664
Current
liabilities		 (72,314) (72,314) (34,987)
195,152 420,879 616,031 607,898

Net
movement At
At 1.4.20
f		 in funds
f		 31.3.21
f
Unrestricted funds
General fund 145,884 49,268 195,152
Restricted funds
Yellow Kite 703 (276) 427
PCC education equipment 61 (57) 4
Capital project - 2006 343,151 (30,759) 312,392
Generate 673 673
Capital project - 2017 119,261 (15,209) 104,052
Family Saturdays 1,028 1,028
PONToon (1,977) 1,977
Touch Tours 1,484 1,484
Hornpipe
Theatre Company		 815 4 819
462,014 (41,135) 420,879
TOTAL FUNDS 607,898 8,133 616,031
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources
f		 expended losses in funds
f
Unrestricted
funds
General fund 226,123 (191,833) 14,978 49,268
Restricted funds
Yellow Kite (276) (276)
PCC education equipment (57) (57)
Capital project - 2006 (30,759) (30,759)
Generate 13,654 (12,981) 673
Capital project - 2017 (15,209) (15,209)
Family Saturdays 3,950 (2,922) 1,028
PONToon 94,199 (92,222) 1,977
Touch Tours 1,874 (390) 1,484
Hornpipe
Theatre Company
ACE - Aspex at 40		 154
10,850		 (150)
(10,850)		 4
124,681 (165,816) (41,135)
TOTAL FUNDS 350,804 (357,649) 14,978 8,133

Comparatives for movement
in funds
Net
movement At
At 1.4.19 in funds 31.3.20
E F
Unrestricted funds
General fund 132,690 13,194 145,884
Restricted funds
Yellow Kite 1,258 (555) 703
PCC education equipment 575 (514) 61
Capital project - 2006 373,973 (30,822) 343,151
Generate 665 (665)
Capital project - 2017 138,736 (19,475) 119,261
Catalyst: Evolve 2,191 (2,191)
Family Saturdays 796 (796)
PONToon (1,977) (1,977)
Touch Tours 886 (886)
Hornpipe
Theatre Company		 815 815
519,080 (57,066) 462,014
TOTAL FUNDS 651,770 (43,872) 607,898
Comparative
 ne t movement
in funds,		 included
in the above		 are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
E
Unrestricted funds
General fund 229,767 (214,219) (2,354) 13,194
Restricted funds
Yellow Kite (555) (555)
PCC education equipment (514) (514)
Capital project - 2006 (30,822) (30,822)
Generate 20,675 (21,340) (665)
Capital project - 2017 (19,475) (19,475)
Catalyst: Evolve 5,000 (7,191) (2,191)
Family Saturdays 8,819 (9,615) (796)
PONToon 53,104 (55,081) (1,977)
Touch Tours 1,545 (2,431) (886)
Hornpipe
Theatre Company		 1,158 (343) 815
90,301 (147,367) (57,066)
TOTAL FUNDS 320,068 (361,586) (2,354) (43,872)

A current year 12months
a		 nd pdor year 12months
c		 ombine d
 position
is as fo		 llows:
Net
movement At
At 1.4.19
f		 in funds
f		 31.3.21
Unrestricted
funds
General fund 132,690 62,462 195,152
Restricted funds
Yellow Kite 1,258 (831) 427
PCC education
equipment		 575 (571) 4
Capital project - 2006 373,973 (61,581) 312,392
Generate 665 8 673
Capital project - 2017 138,736 (34,684) 104,052
Catalyst: Evolve 2,191 (2,191)
Family Saturdays 796 232 1,028
Touch Tours 886 598 1,484
Hornpipe
Theatre Company		 819 819
519,080 (98,201) 420,879
TOTAL FUNDS 651,770 (35,739) 616,031
A current
year 12 months		 and prior year 12 months combined net movement in funds, included
in t
above are as follows:
Incoming Resources Gains and Movement
resources
E		 expended
f		 losses in funds
Unrestricted
funds
General fund 455,890 (406,052) 12,624 62,462
Restricted funds
Yellow Kite (831) (831)
PCC education
equipment		 (571) (571)
Capital project - 2006 (61,581) (61,581)
Generate 34,329 (34,321) 8
Capital project - 2017 (34,684) (34,684)
Catalyst: Evolve 5,000 (7,191) (2,191)
Family Saturdays 12,769 (12,537) 232
PONToon 147,303 (147,303)
Touch Tours 3,419 (2,821) 598
Hornpipe
Theatre Company
ACE - Aspex at 40		 1,312
10,850		 (493)
(10,850)		 819
214,982 (313,183) (98,201)
TOTAL FUNDS 670,872 (719,235) 12,624 (35,739)