||||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)| ## ## ## ## ## ## ## ## ## ## ##