OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Ctsbex poptsmouth Annual Re ort 2022

ASPEX VISUAL ARTS TRUST LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Trustees, officers & professional advisers Trustees Dr Dawn Langley (Chair) Denise Barlow Maricar Jagger Prof. Trevor Keeble Josephine Lanyon (left November 2021) Christine Martin Adrian Mundy Maxwell Craft Oliver Tubb Mark Greenwood ct peg tsmouth, Director & Company Secretary Joanne Bushnell Registered Office The Vulcan Building, Gunwharf Quays, Portsmouth, POI 3BF Auditors Gibson Whitter Limited, Statutory Auditors Larch House, Parklands Business Park, Denmead, Hampshire, P07 6XP galleiy caf8 shop Bankers Metro Bank plc, I Southampton Row, London, WCIB SHA Website aspex.org.uk Al't Charity registration number 1007620 41 Company registration number (England & Wales) 02674597 co Supported by Supported by ARTS COUNCIL • Portsmouth ENGLAND CITY COUNCIL

Contents Report of the Trustees Introduction Achievements and Programme Summary Aim I: Developing ambitious, experimental and inspiring artistic projects and programmes Aim 2: Connecting artists, audiences and participants 20 Aim 3: Being a valued, inclusive, caring and relevant organisation, vital for our communities 32 Aim 4: Ensuring environmental responsibility and appropriate resourcing, as an adaptable and robust organisation 40 Financial Review 44 Report of the Independent Auditors 52 Statement of Financial Activities 55 Balance Sheet 56 Notes to the Financial Statements 57 Credits 73

Introduction 'Aspex is a wonderful gallery, with a comfortable and friendly atmosphere. An experience I'll never forget!. Survey respondant This year a major project, Aspex (life begins) at 40, was the keystone of our anniversary celebrations. The programme of digital commissions, learning activities and public art focused on paying artists to make new work for online and in person audiences, responding to the ongoing impact of Covid-19 on artists. livelihoods and the reduced access to cultural activities for all. At the start of the year, a rebrand and the development of a new website as not only a site for visitor information and our archive, but also an exhibition space for new work. This will enabled us to position Aspex as an organisation with international ambitions and reach, while firmly situated in the City of Portsmouth. It also ensured that, when we reopened our doors following the end of the lockdown in May, we were refreshed and ready to welcome back visitors and reach out into the wider community. Although Aspex is a resolutely future-focused organisation, #AspexAt40 stories from the archive provided an ideal opportunity to remember, celebrate and learn from our past on social media and our website. Written from the personal perspectives of the organisation's former and current Directors Les Buckingham (1984-99) and Joanne Bushnell (2000-present), and guests, the series picked out key elements of Aspex's history, projects, programmes, artists and community engagement. Increased partnership working, diversity and support for young artists and creatives has characterised the year. Through our programme and partnerships we have strived to broaden the diversity of artists and participants engaging with Aspex particularly those with protected characteristics of ethnicity and physical disabilities, as well as low socioeconomic status. We have always aimed to provide opportunities for artists and creatives at the start of their careers, so as a rather challenging year drew to an end, it is a pleasure to look back at what was achieved for young people through Kickstart placements; the Weston Jerwood Creative Bursaries programme," our exhibition and learning programmes and artist support activities- all focused on supporting people to be creative and to develop in their practice. IL'I {.;.-- Dr Dawn Langley Chair Joanne Bushnell Director of Aspex Portsmouth

IMPACT DATA l// 13 30 artists were paid to support our learning programme 66 ARTISTS were exhibited, commissioned, had residencies or led workshops residencies hosted (8 physical at Aspex, and 4 were virtual) 24 male 41f emale non-binary schools, colleges and universities worked with Reached 740,011 22.4% online across website and social media 9 commissions, included 2 in the public realm, and a further 6 were digital artworks Identify as neurodiverse 20% 12% people of colour Kickstart trainees (6 months each) Identify as deaf, disabled or have a long-term health condition Volunteers l O (I disabled, 3 neurodiverse. 4 people of colour) We welcomed Additional 8 digital learning resources 10,234 people to exhibitions Trainee Assistant Curator as part of Weston Jerwood Creative Bursary (i year) Formal learning engaged 652 people (including 594 children and young people) Informal learning engaged 2,989 people Placement for a young person with special educational needs (6 months)

Achievements and programme summary SAPPHIRE, NT - in response to Harold Offeh's Being Mammy A short film addressing negative gendered, racial stereotypes portrayed in the mainstream media. The central figure takes her name from a common caricature; the two-dimensional, loud and angry black woman. In contrast NT'S protagonist is articulate, measured, confident, intelligent, sensitive and sympathetic. Aim I: Developing ambitious, experimental and inspiring artistic projects and programmes Aspex (life begins) at 40 digital commissions for online presentation Five digital commissions were delivered as part of Aspex (life begins) at 40: by Bettina Fung, Hardeep Pandhal, Jaf Yusuf and NT. The commissioned artists were invited to select a work or exhibition from Aspex's archive as a starting point and to have a conversation with the original artist who created it. The commissions were accompanied on our website with the transcribed conversations. The digital commissions were supported using public funding from the National Lottery through Arts Council England. "It's so impressive how Aspex has responded to the lockdowns - and l especially love Binfinity. It slowly crosses into really interesting and surprising territories, and I love the humanity of it all." Angela Kingston (curator) on Aspex Digital Commissions. The Sea Changes Into Words, Bettina Fung- in response to Suki Chan's A Hundred Seas Rising A durational online performance and text-based game, which invited visitors into a virtual building. Players determined their own route through the game to explore, ultimately arriving in an online Gathering Space. ¥Ff)RWNEN 11 ¥ .￿￿0 FOR WNEN 11 I'M A I•CII POC AOOWIC NiWMnNY rm A POC SIIPQNIC MIRXON¥ CM RI¢H ILM riicm Ii¢h atr ¥0 RICH ￿ RILM Alcrt tricm fvicm AICM AI SO PICH PICH AleH P Rishi Ritch & BAMEstorm, Hardeep Pandhal- in response to Peter Kennard's work in the1987 group exhibition In A Right State Recorded audio works, which discuss race and the artists, experiences of racial inequality within academia and the art world. The audio was accompanied by downloadable posters featuring the lyrics. 50 RtCH CN %Ic fti so RICH R ICN RKH R iThbo ftICH R RKH klCI¢ I￿Nx31 X31 Binfinity & Beyond, Jaf Yusuf- in response to Nils Norman's Ruins. Monuments and Follies A 3D animated video, taking the viewer on a journey through the artist's memories of Hayling Island, near Portsmouth; where as a child he would visit his grandparents. Presented as a rolling screen, Yusuf recollects the stories related to particular objects and locations.

Aspex (life begins) at 40 public art commision Commissions & exhibitions I stand for language. I speak for history. I shout for truth. Heather Peak and Ivan Morison. Conceived as a long-lasting tribute to Luna Park (2010), the artist's16m high artwork, affectionately known by local residents as 'The Southsea Dinosaur, which tragically burned down. The new piece of public art consists of a bronze sculpture of the original dinosaur, atop a fossil Portland stone plinth totalling l.4m. A plaque on the plinth enables visitors to connect to an Augmented Reality experience on their smartphones - revealing a full-size digital rendering of the original artwork at its original position on Southsea Common. This work was commissioned by Aspex with pledges from 147 individuals, the majority from Portsmouth, through Crowdfunder, Portsmouth City Council Community Infrastructure Levy and support using public funding from the National Lottery through Arts Council England, along with support in kind from Brymor, JLR Services and Portsmouth City Council. Promises of Thing To Come, Chris Alton This new commission of three banners, combined written metaphor and geological imagery to reflect on Aspex's 40-year track record of supporting emerging artists, and our project to revisit and reconnect with our extensive archive in 2021. PIOMII$ 'Huge roar of approval for 'Luna' tributell The News Within the gallery four exhibitions in the main space were complemented by small showcases within our craft space: Spring Summer In Search of Chemozoa, boredomresearch Emergency 2021 (group show) Clay, Paper, Scissors, Malene Hartmann Rasmussen, Fung + Bedford & Will Cruickshank The Montieren Collection, William Sharp Autumn Winter The Platform Graduate A ward 2021 • Player of Cosmic Realms, Keiken (group show) Groundett. Meditations of Ancestors and Connection, Lisa Atkin Tale of Tresses, Maral Mamaghanizadeh Soft Vessels, Sne Tak 11

In Search of Chemozoa, boredomresearch (Vicky Isley& Paul Smith) This solo exhibition presented a new moving image commission developed during residencies at the Arizona Cancer Evolution Centre (USA) and at Aspex. The multi-channel video responds to new therapeutic approaches centred on managing rather than curing cancer. Commissioned and funded by the Arizona Cancer Evolution Centre at the Biodesign Institute, Arizona State University, developed in partnership with Aspex and supported using public funding by the National Lottery through Arts Council England. The Montieren Collection, William Sharp Contemporary jewellery built using modular systems and geometric forms, designed using CAD (computer-aided design). Spping 'The team were fantastic and so welcoming. Such a wonderful experience and exhibition!. 12

Emergency 2021 The ninth edition of the biennial group exhibition of work by emerging artists, selected from an international open call. The selected artists were Helen Anna Flanagan, Vera Hadzhiyska, Eugene Macki, Adriane Morard, Rhys Morgan, Rossella Nisio, Jim Roseveare and Jessica Wetherly. The open call generated over 300 submissions from artists around the world and the final eight were selected by Joanne Bushnell with a guest panel of judges, Alessio Antoniolli, Director Gasworks; Helen CammocL Artist; and Will Lunn, Director Copperfield Gallery. Clay Paper Scissors, Malene Hartmann Rasmussen, Fung + Bedford & Will Cruickshank To mark our 40th anniversary we invited artists back to the gallery, whose work crosses the boundaries between contemporary craft and art. The ceramics, folded paper and textile sculptures celebrated the direct involvement of the maker, their processes, techniques, materials and concepts. ?•- rpp 11 Summer 'it was great to have the opportunity to talk to the artists. 15

The Platform Graduate Award An initiative to support emerging artists at a key moment of transition from university into the wider world, Platform has been running since 2012. Led by Contemporary Visual Arts Network South East (CVAN South East) in partnership with four galleries: Aspex, MK Gallery in Milton Keynes, Modern Art Oxford, and Phoenix Art Space in Brighton. At Aspex we presented work by twelve artists from six universities: Lucy House and Lily Tutty (Arts University Bournemouth); Sophie Bazgier and Laura Buckle (University of Chichester); Julia Da Costa and Abigail Jones (UCA Farnham); Conor Hallan Clements and Daniel Webb (University of Portsmouth); Gabrielle Plommer and Chealsie Wild (Solent University, Southampton); Jenny Andrews and Anna Marris (Winchester School of Art, Southampton University). 'The Private View was a super evening. We enjoyed meeting the artists and being able to hear about their work first hand. It was a happy celebration of their work.. Survey respondant Soft Vessels, Sne Tak A collection of adaptable and multifaceted knitted vessels from Royal College of Art MA graduate, inspired by her own experience of travelling, relocation and embracing new cultures. The work shuns the burden of conventional home objects, in favour of flexible products. Tale of Tresses, Maral Mamaghanizadeh Mixed media, jewellery and video installation of work which draws on the artist's experience as a Deaf Iranian woman, navigating feminism, oppression and the forced wearing of the hijab in Iran. Organised in partnership with ArtReach for Journeys Festival International. ri Autumn 16

Player of Cosmic Realms. Keiken (Tanya Cruz, Hana Omori, Isobel Ramos) The artist collective contemplated the future of gaming environments and human relationships through this exhibition featuring two works, The Life Game, an interactive CGI film series,. and Bet(a)Bodies, a wearable technology designed to stimulate empathy and a physical simulation of the experience of pregnancy. An event also saw the screening of We are at the end of something, made by Keiken during their Interreg funded PONToon project residency at Aspex in 2020. Keiken were winners of the 2021 Chanel Next Prize and have exhibited nationally and internationally. The exhibition at Aspex marked the artist's first solo show in the South of England, and during the exhibition run, the work was purchased and also presented by the Zabludowicz collection. Grounded: Meditations of Ancestors and Connection, Lisa Atkin A collection of works exploring our relationship to the Earth, our ancestors and the process of making through contemporary basketmaking. Finding inspiration and foraging materials in the forest bordering her home, the visceral pieces, integrating historical methods, provided an excellent contrast to Keiken's highly technical work in the main space. Unexpected and ascinating. Themes round interconnection, mpathy, environment nd digital world, very hought provoking.. urvey respondant alls. Winter 19

Aim 2: Connecting artists, audiences and participants A Town Shaped By Us showed origami houses, flats, caravans and boats, made by pupils of St John's Primary School in Gosport, inspired by the work of Bettina Fung. The individual elements were brought together to make a patchwork town. The project was supported by the Hornpipe Arts for Schools Small Grants Scheme. Through our programme and partnerships we have broadened the diversity of participants engaging with Aspex. This has included members of our local communities with low socioeconomic status as well as with protected characteristics. Learning Space exhibitions Throughout the year we have used exhibitions in our Learning space to give public profile to work that would otherwise remain hidden: PAUSE, on display at a time when our in-person programme had paused due to Covid-19, this exhibition looked back and celebrated key Aspex education projects over the last decade which continue to influence our thinking about gallery education and inform our plans for the future development of our learning programme. Familiarity in the Unknown a display of work by Ist & 2nd year students from City of Portsmouth College, showing creative responses to Keiken's practice. Generated Together showcased work by participants of our Generate group for people with dementia. Wonderland, an exhibition of new work by internationally renowned artist and Paralympic athlete Mohammad Barrangi, shown alongside an installation in the artist studio and workshop, all part of Journeys Festival International, in partnership with ArtReach. The Tweeting Birds project was coordinated by the Harbour School, a maintained Special School and Alternative Provision in Portsmouth, and shared messages to those missed during lockdown. The school provides education for pupils who are unable to attend mainstream school for either Social, Emotional and Mental Health needs or medical reasons. After School Art Club & Young Curators (both part of the Aspex at 40 project). Il 20 21

Learning for children, young people and families Family Saturdays Our weekly Family Saturdays drop-in workshop recommenced in the Summer holidays, including creative activities inspired by the digital commissions, Luna Park and our exhibition programme. The sessions are led by artists or members of our learning team and provide families with opportunities to explore new ideas and techniques while working together. HAF Fun Pompey In the Summer and Christmas holidays we worked with Portsmouth City Council to contribute to the delivery of this citywide scheme, as part of the national Holiday Activities and Food government initative. 'The facilitators are great and very enthusiastic and friendly. The kids really enjoy it and it is a pleasure to bring them to the gallery and I hope they will grow up appreciating and making art.. Survey respondant 22

Aspex (life begins) at 40 programme The learning elements of this organisation development programme included: Young Curators Flora Duley was recruited as lead artist educator to work with 11 young people aged 14-19. The group met weekly for nine months to learn more about creative careers, take part in artist-led workshops and co-commission artwork as a collective. The group had two exhibitions in the learning space: Map of Portsmouth in which they identified areas in the City of personal importance; and Living Manifesto resulting from work with artist collective Stair/siide/space and featuring commissions by artists Sasha Damjanovic and Carys Tait, as well as two food commissions, a mocktail and pizza. Remote learning resources Downloadable digital learning resources were developed in response to the Aspex at 40 digital commissions, by artists Abigail Gilchrist, John Stewart, Eva Jonas and Shepherd Manyika, and also by Jordan Baines in response to I stand for language. I speak for history. I shout for truth. .1 really value having Aspex in the city. It's cultural lifeline, particularly over the recent years of the pandemic., Survey respondant 'Safe and therapeutic. Participant gp After-school club A weekly art club ran from September to February for Year 6 pupils from St. George's Beneficial School in Portsea. Pupils had the opportunity to work collaboratively in response to the gallery exhibitions, with their work shown in the learning space. 'If Aspex didn't offer these opportunities my pupils would never have the experience.. Headteacher 24

Learning for adults Adult learning provision through the year included a broad range of in person and online events. These included: Bettina Fung's The Silent Reading Group and a conversation about art and gaming with The White Pube's Gabrielle de la Puente; a coding workshop with boredomresearch: regular Touch Tours for people who are blind or partially sighted; artist talks and conversations, including one for Portsmouth City Council's Over 60s festival; and an open studio. Generate Our free, weekly, inclusive group for people with dementia and their carers. Generous support from the Rayne Foundation enabled the group to continue through the pandemic, and in person meetings at the gallery finally recommenced in July 2021. Attendance was initially low with members unsurprisingly being cautious, but new members joined and it built steadily. An exhibition Generated Together, showcased participants. work in the learning space, celebrating the group being back in the building and remembering those we lost. The programme was supported by the Rayne Foundation, Charles Hayward Foundation and the Southern Co-operative. 'Living with dementia has closed down many of the activities l used to do. Having a regular slot on a Friday morning to meet up with others and be creative has become a really important part of my week. And the very positive attitude of Roy and Abi makes me feel my work is worthwhile.. Participant 27

Formal education and partnership projects Covid-19 and the resulting lockdowns, closures, home-schooling and necessary infection control measures all had a huge impact on our work with formal education partners over the last few years. In 2021122 we were able to start rebuilding and reconnecting with our local schools, colleges and universities. In addition to short projects resulting in exhibitions at the gallery and offsite, we hosted gallery visits; and delivered a professional development unit for City of Portsmouth College. Net corbon nevlral by 2030. The UK'S tlrst zero emission port by 2050. l>ortsmoulh Partnerships sustained through the pandemic were continued with Contemporary Visual Arts Network, South East, allery partners and six universities (The Platform Graduate A ward 2021 , and with ArtReach for the return of Journey's Festival International to the City. Lifting of restrictions enabled further partnerships to be developed with Portsmouth Creates (We Shine and We Create Market), Crafts Council (Feeling Form), Portsmouth City Council (HAF Fun Pompey) and Portsmouth International Port (Together We Can). ••¢ Together We Can Collaborating with Portsmouth International Port, supported by Portsmouth City Council's Energy Services Team and local technologists B4T, artist Peter Driver and The Flying Bull Academy, we produced and installed an artwork on a 13-metre-long billboard at the Port. Commenced as part of Portsmouth City Council's Aspirations Week, the children were encouraged to think about the future, both in terms of their possible careers but also environmental impact and how to reduce carbon emissions. We estimate the billboard had 1,907,304 views. 28 29

i {IiIIV14 Journeys Festival International Aspex & coculture, Berlin hosted short residencies with four european-based artists from sanctuary-seeking backgrounds as part of ArtReach's Liberty EU project. We hosted UK based Parham Ghalamdar and Ally Zlatar while preparing for their public realm commissions. During the festival in October we also showed Tale of Tresses by Maral Mamaghanizadeh, a graduate from the MA school of Jewellery and Silversmithing, Birmingham City University. During his exhibition Wonderland, short residency, and Family Saturdays workshop Mohammad Barrangi used traditional Persian calligraphy techniques woven through contemporary printing and collage processes to create an intimate and personal story of cultural identity and immigration. 'Aspex has such a diverse range of visual art on show and this is really important. It always has a welcoming and comfortable atmosphere. Survey res ondant 30

Aim 3: Being a valued, inclusive, caring and relevant organisation, vital for our communities Local Community The lifting of Covid-19 restrictions meant that we were able to recommence our offsite work in the community, attending the Victoria Park Community Fair in July 2021. This was our first offsite appearance in the Mobile Art studio since the pandemic began. At this event, and for our return to the Victorious Festival Kids Arena, we delivered dinosaur inspired participatory activities for children and young people, increasing awareness of the forthcoming tribute to Luna Park. The dinosaur theme was also carried through shop stock at Victorious and the We Create market. The Pompey Heroes A project by Portsmouth-based photographer Olufemi Olaiya, which honours the brave key workers who volunteered and worked tirelessly at the peak of the Covid-19 pandemic to improve the lives of the people of Portsmouth. For a special Portsmouth Creates We Shine event at Aspex, Olaiya presented the full series of portraits as a digital projection; shining a light on the incredible key workers one more time and radiating the belief that together we can create a better future for humanity. ex .tsmouth 32

Artists Aspex supports artists, professional development in all areas of our programme, particularly through the regular Platform and Emergency exhibitions, commissions, residencies, bursaries and employment of artists to deliver our learning projects. Responding to the devastating impact on artists, livelihoods as a result of the Covid-19 pandemic, this year our focus has been on paying freelance artists to undertake work, with 66 artists paid over £43K in fees. Our artist support activities have also helped artists to develop their practice and earn a living. These have included l-2-1's with staff members, including curator Vickie Fear who also led an introduction to DIY Curating and Self-organising, and we worked with Arts Council England to deliver an online guide to applying for a Developing Your Creative Practice (DYCP) grant, resulting in successful bids from artists. Residencies have taken place with twelve artists, including those delivering Aspex (life begins) at 40 digital commissions and developing work for Journeys Festival International. Megan Georgia Smith, a painter based in Aldershot, and graduate from Solent University, Southampton was awarded the three month Platform Alumni Residency. 'Something I set out to do during this residency was to connect with other young people in Portsmouth. I wanted to facilitate a safe space in which young people could have frank conversations on the ways in which the ongoing pandemic and lockdowns have effected their lives. I was so happy to work with the Young Curators group at the gallery.. Megan Georgia Smith ¥1 35

Advocacy Joanne Bushnell, Director of Aspex is Chair of Portsmouth Cultural Education Partnership. This is a key advocacy role, providing connection to Aspex's peers in the arts and education sectors, influence on national policy and collectionlsharing of information. Vickie Fear, Aspex's Curatorlprogramme Manager has been a member of the Steering Group of Visual Arts South West (VASW) until March, strengthening connection to the Arts Council England South West region, and simultaneously participates in the CVAN SE Curatorial Working Group, focused on improving diversity and accessibility in the region's visual arts sector. Aspex connected with a cohort of 50 host organisations across the UK. Through participation in the Weston Jerwood Creative Bursaries programme, providing opportunities and support for young people with social and economic disadvantage, routes into the arts sector. The team have also worked together to develop and support the Portsmouth Visual Arts Network of professional, artist and volunteer led organisations and groups from the City and surrounding sub- region. Governance •••'• 4 +114 The Trustees have also sought to shift the way the board works to make it more relevant, reflecting societal and professional shifts in practice. Trustees have worked alongside staff to drive change, including the development, monitoring and evaluation of our Equalities, Diversity and Inclusion Action Plan, and all participate in an annual board monitoring survey. Our Chair Dr Dawn Langley was an active contributor to the Weston Jerwood Creative Bursary programme, enabling learning to be shared across the organisation. We have adapted to hybrid governance, with meetings taking place in person, online or both, better responding to the needs of individuals. We have also created more space for general discussion and engagement with the challenges and opportunities facing Aspex. x) 36 11 41

These fixed term training opportunities, together with maternity cover for two staff members and two roles becoming vacant has meant that staff turnover was significant in the small team. While we were sorry to see long-term staff members move on, we are proud of how Aspex has been able to contribute to their career development. Volunteers are essential to support the day-to-day delivery of our work at Aspex. Many are with us for a short time (3-6 months), as they start out in their creative careers coming to us to develop skills and experience, but a small core have been with us for many years, focused on the delivery of specific projects and programmes. Most volunteer roles were suspended during lockdown, but during the last year we welcomed new and returning volunteers back to the team. Training is provided on a continuous basis, with all staff members and volunteers offered formal and informal training relevant to their roles and development plans. At the start of 2022 the management team participated in Spaces of Sanctuary training with Portsmouth City of Sanctuary. This provided broad and valuable learning which will improve our ability to welcome all, and support our aspiration to become an Arts Organisation of Sanctuary. staff and Volunteers Aspex has always aimed to provide opportunities for artists and creatives at the start of their careers, so it was a pleasure to participate in the Weston Jerwood Creative Bursaries Programme providing a year-long opportunity for someone from a lower socioeconomic background as our Assistant Curator. We were also able to offer a further four young people traineeships for six months through the government's Kickstart programme, and an eight-month placement for a young person with special educational needs who also achieved her Bronze arts award while with us. 'Art has always been at the heart of everything I do so I'm immensely grateful for this experience and for the opportunity to be part of such a wonderful team. Jay (Kickstart Placement) 38

Aim 4: Ensuring environmental responsibility and appropriate resourcing, as an adaptable and robust organisation Sales in the shop, focusing on the sale of contemporary craft work by local and national makers, cards, books, magazines and creative gifts for children and adults continued to be negatively impacted by low levels of visitors to the gallery due to periods of closure. Nevertheless we achieved our best ever sales in the mobile shop at Victorious Festival and good sales were achieved at the We Create and Hotwalls markets. A new barcoding system was implemented to improve stock control. Environmental responsibility Throughout the year, all staff contributed to quarterly green meetings intended to ensure that environmental improvements are made on a continuous basis, key actions were: Independent Port Coffee run by Alena Rasche delivers a simple but extremely high quality catering offer. Her business was also impacted by the lockdown, reduction in gallery visitors and reduced events, but she has managed to sustain her business and income is improving. Recycling of all materials used for Keiken's installation including one ton of salt, donated to Gunwharf Quays for de-icing in winter. Switched to using only recycled paper stock for all marketing materials and recycled or sustainably sourced paper stock for day-to-day printing, with the supplier also donating trees to The Woodland Trust. Continued use of a IO0% renewable energy supplier. Moved to a 100% green web hosting provider upon the launch of the new website. Alternative options always discussed before using the gallery van. Heating & ventilation system fully overhauled and ser+/iced, with adjustments made improving overall efficiency. All new staff and volunteers are made aware of the organisation's environmental policy and action plan. Income generation Income generating activities continued to be affected by the impact of the pandemic and national lockdowns. Venue hire was suspended until the summer, when business picked up sharply and, despite continued Covid spikes and disruption continued to develop. We continued to receive COVID-19 business support from the government through Portsmouth City Council to mitigate the impact of the pandemic through periods of closure and restrictions, offsetting losses in earned income. 40 41

@Jv8dr¢wille_ @Southseasnapper @Bigfat$ai$uma Fundraising Throughout the year the Management Team worked extremely hard on funding applications to enable the continuation of existing programmes during the pandemic and new projects. Successful funding bids for small grants were made to Charles Hayward Foundation, Co-operative, Crafts Council and HAF Fun Pompey to enable the development of our participatory activities and deliver more effectively to our local communities. We were also successful in our application to the Arts Council Collection's Borrow Big programme for an exhibition in January 2023. '• @Jennylandrews sorrEthirgtockn ilis afterr￿￿ , ' ":,: We are experiencing a highly competitive environment for fundraising and it is extremely challenging to secure support for both artistic and educational projects. Nevertheless as the Management Team continued to work collaboratively, approaching the challenge with positivity and optimism. No approaches were made to corporatesl businesses for support due to the ongoing impact of the pandemic. We have however, retained one of our Patrons who remains an enthusiastic supporter and have continued to receive individual donations, to support the Generate programme and in recognition of our work with emerging artists. @Southsoastudio @Breenscuisin• jre 'Really enjoyed my visit. The staff were really friendly and informative and the exhibition was really immersive.. Survey respondant @Annewhitearttst st•ph•nmorg8nmp 'The exhibition is one of a kind, I haven't seen anything like it before. l find visual arts very interesting as it pushes me to question and starts conversations, which is really important.. Survey respondant upwih the tm1lwntte￿j èt 42

Financial Review Experimentation Collaboration The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Ambition Brave Values Charitable Objectives The principal activity of Aspex Visual Arts Trust (Aspex Portsmouth) is to further the development, awareness, knowledge and understanding of the visual arts. We believe that art makes our lives better, brings joy, broadens minds, facilitates learning and creates meaningful connections in our communities. Caring Inclusivity Mission: Cultivating art, creativity and a collaborative community Inspiring Values What we do_ We run a contemporary art gallery, which includes a programme of educational opportunities, events and projects on the premises and in the community, together with professional development support for artists. Ambition - for the work and lives of artists and our wider community. Experimentation - championing innovative arts practice. Collaboration - we can achieve more working in partnership than alone. Where we do it... The gallery occupies part of the Vulcan Building (an early 19th Century naval storehouse) at Gunwharf Quays, on the waterfront in Portsmouth. Inclusivity- be open and welcoming to all. Inspiring - engage and encourage the next generation of creatives. Brave - be courageous in the way we work, taking (calculated) risks to make a real difference. Public benefit In accordance with the requirements of the Charities Act 2011 and the associated Charities (Accounts and Reports) Regulations 2008, the trustees confirm that they have complied with their duties to have due regard to the guidance on public benefit as published by the Charity Commission, in exercising their powers and duties in the year under review. Caring - about human rights and the planet, taking our environmental responsibility seriously. 44 45

Results Restricted project funds The restricted project funds can be in surplus or deficit in any particular year depending upon when funds are received relative to when the expenditure of the projects are incurred. Over the long-term, the funds will be expended and the balance will be zero. The Statement of Financial Activities shows an overall deficit for the year of £296, compared to a surplus of £8,133 in the previous year. 2022 2021 Grants for projects amounted to £158,152 (2021: £167,010) reflecting continued success in raising project grants despite an increasingly competitive fundraising environment. This year a significant roject grant from Arts Council England (£84,422 expended in 2021 & 2022 , supported the Aspex (Life Begins) at 40 anniversary project. Net Income (Expenditure) Less surplus on restricted funds (£296) £8,133 (£29.941) (£5.494) Add Capital Project Depreciation £45,321 £46,629 Restricted capital funds A deficit or a surplus arises on the capital funds each year, which may be owing to depreciation charged on capital improvements to the premises, or due to grant income received in the current year. Net Operating Income (contributing to unrestricted reserves) £15,075 £49,268 Unrealised gains and losses Following the investment of £53,000 in the COIF Charities Investment Fund, the charity has to record the investment on its balance sheet at market value, in accordance with the accounting requirements of the SORP on charity accounts. This may give rise to an unrealised gain or loss at the year-end, and during the year under review the gain was £7,571. The results of the charity are best analysed as arising under four sections: The unrestricted fund A deficit arose on the unrestricted fund of £30,237 (2021 surplus: £49,268) including net gainsliosses) on investments. Aspex continues to rely on its general revenue grants from Arts Council England and Portsmouth City Council to cover most of its core staff and premises costs. The grants from Arts Council England £114,180 and Portsmouth City Council £16,900 were maintained. Reserves policy Relating to unrestricted funds, Aspex has set its reserves policy to include: £55K designated to cover functional fixed assets & orderly wind up,. £95K allowing 3 months trading equivalent. Unrestricted reserves are currently £164,915 (2021: £164,915) of which £109,915 are considered to be free reserves. In recognition of our current operating environment (rising inflation, geopoliticslconflict, high cost of living) we aim to reserve additional funds which may be allocated to cover the risk of unforeseen emergency or other unexpected need and to allow scope for scaling up pilot projects and experimentation. Other reserves arise when grants are received in advance of the payment of the project costs, such that a restricted reserve is carried forward to the next period, when it will be utilised against future expenditure, or when grant monies are dedicated to fixed assets, and the reserve is then reduced over time as the assets in question are depreciated. Income from the shop and venue hire increased to £27,821 (2021: £17,033), earned income for the artistic programme amounted to £10,671 (2021: £11,394), and the level of donations was maintained at £10,735 (2021: £10,324)- all reflecting the impact of Covid-19 and the start of a slow recovery following lockdowns and restrictions. staff costs, the largest single expense, increased to £174,216 (2021". £168,582) reflecting a 2% increase in salaries and increased numbers of staff due to Kickstart placements. Premises costs were increased to £40,746 (2021: £27,235) as business rates were reintroduced and the gallery opened back 46 47

Investment policy and review structure, Governance & Management The investment policy is reviewed by the Trustees every year. Aspex invests our unrestricted reserve in a long-term investment. The policy of the Trustees is to invest these funds with a view to obtaining a balance between income and future long-term capital growth. The policy is to invest in a well-diversified fund managed by an independent manager who specialises in the charity sector. For the ear under view, the investment produced a dividend income of £2,607 2021." £2,556) and an unrealised capital gain of £7,571 (2021: £14,978). This brings the value of the investment to £94,904 at the year-end, compared to its original cost of £53,000. The constitution of the charity, being a limited company, is its Memorandum and Articles of Association. The company is limited by guarantee, and being a charity has no share capital. The members of the company (Trustees) are prohibited from receiving any share of the surpluses the company may make, these being retained by it to further its charitable objectives. The charity's registration number is1007620 and its company registration number is 2674597. Looking forward The company/charity is overseen by a voluntary board of Trustee/Directors who delegate the day-to-day management of Aspex to the Director, Joanne Bushnell (Company Secretary). Trustee meetings are held on a regular basis, with sub-committees and sub-groups formed where found necessary, to consider specific matters in more detail. Our future plans focus on improving access to cultural opportunities for our audiences and participants who live in Portsmouth and the surrounding area. We continue to work to engage the wider community who may have not previously visited the gallery, or seen or interacted with contemporary visual art before. We have established meaningful relationships with people with dementia, children and young people and the refugee and asylum seeker community, and our focus remains on improving access experiences for them - continuing to provide a vital seniice that they would otherwise have limited access to. Firmly rooted in our local community we will deliver targeted programmes to increase the depth of our relationships and our knowledge and understanding of people's needs, while also valuing their experience and expertise. The trustees are appointed at Aspex's annual general meeting and can be recruited during the year by the board. One-third of the trustees are required to stand down and if eligible are able to stand for re-election. The Articles of Association also limit the period of office to two three-year terms. All of the trustees are also the members of the company, and none received any remuneration during the year. The minimum number of trustees is three and the maximum is fifteen. Aspex regularly reviews its board membership to identify where trustees with new skills are required. Prospective trustees are recruited through an open process, and are given an induction pack which provides comprehensive details of the organisation. Each new trustee has an induction meeting with the Director and an established trustee (normally the Chair). Board training is offered through recognised training programme providers, or briefing sessions provided by the funders. The charity holds meetings throughout the year to provide an opportunity for more concentrated discussion and strategic thinking. This approach will inform our work with artists, ensuring that commissions and opportunities at the gallery and in the public realm are rich and impactful, locally meaningful and globally relevant. Building on past experience we will off er high quality professional development opportunities to diverse artists, makers and creatives. Our holistic approach will focus on the development of the local artslcultural scene including: increasing awareness of creative careers and provision of entry points into the sector; providing paid opportunities; and increasing artistic aspirations. Through collaborative working in strong partnerships, a culture of experimentation and a commitment to raising the ambitions of both Aspex and the artists and communities with whom we work, we will make a real difference to people's lives and ensure that culture in Portsmouth thrives. 48 49

Risks & uncertainties statement of Trustee Responsibilities The main operating risks facing Aspex are generating sufficient income and those associated with operating the premises and the employment of staff. A full range of risk assessments, policies and insurances are in place. Trustees are involved regularly in reviewing policies and in staff and premises matters. The charity has a Staffing sub-group of the board to consider personnel matters. Security is also regularly considered in terms of both controls over unauthorised access to the premises, security of cash and other assets held on the premises, and the safety of staff on duty. The trustees (who are also the directors of Aspex Visual Arts Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently," observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Covid continues to remain a risk, as does the beginning of the international cost of living crisis and political uncertainty. While the year has tested the organisation's resilience we have demonstrated agility and a good understanding of the changing tinancial, social and political environment in which we operate. The long-term viability of Aspex is dependent upon funding from a small number of organisations (i.e. Arts Council England and Portsmouth City Council). The trustees continue to maintain good relations with its funding bodies, and additional project funding from other charitable trusts and similar organisations is obtained wherever possible to supplement the main grants. Since the core revenue grants do not fund all of the charity's fixed costs, there is a significant dependence upon other earned income and project grants to meet all of the operating costs. Therefore, this drives the need for a reserve in case of a shortfall in funding. Budgets are prepared annually and management accounts and cashflow forecasts are prepared monthly and reviewed by the trustees at their meetings. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: There is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. This report has been prepared in accordance with the special provisions of Part15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 30 November 2022 and signed on its behalf by: Dr D Langley - Chair of Trustees 50 51

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ASPEX VISUAL ARTS TRUST LIMITED

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ASPEX VISUAL ARTS TRUST LIMITED

Opinion

We have audited the financial statements of Aspex Visual Arts Trust Limited (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed audit procedures to respond to the risk, 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 deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the group audit team included:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ASPEX VISUAL ARTS TRUST LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Whitter (Senior Statutory Auditor)

for and on behalf of Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP Date: ... ..

ASPEX VISUAL ARTS TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
134,120
Charitable activities
Promotion and education of Visual Art
15,890
Other trading activities
3
27,810
Investment income
4
2,607
Other income
6
23,251
Total
203,678
EXPENDITURE ON
Raising funds
7
2,936
Charitable activities
8
Promotion and education of Visual Art
238,550
Total
241,486
Net gains on investments
7,571
NET INCOME/(EXPENDITURE)
(30,237)
RECONCILIATION OF FUNDS
Total funds brought forward
195,152
TOTAL FUNDS CARRIED FORWARD
164,915		 Restricted
funds
£
7,695
152,933
11
-
-
160,639
300
130,398
130,698
-
29,941
420,879
450,820		 31.3.22
Total
funds
£
141,815
168,823
27,821
2,607
23,251
364,317
3,236
368,948
372,184
7,571
(296)
616,031
615,735		 31.3.21
Total
funds
£
141,404
178,404
17,033
2,556
11,407
350,804
2,270
355,379
357,649
14,978
8,133
607,898
616,031

The notes form part of these financial statements

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

BALANCE SHEET 31 MARCH 2022

Notes
FIXED ASSETS
Tangible assets
15
Heritage assets
16
Investments
17
CURRENT ASSETS
Stocks
18
Debtors
19
Cash at bank
CREDITORS
Amounts falling due within one year
20
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.3.22
£
390,414
30,000
94,904
515,318
3,228
78,248
59,953
141,429
(41,012)
100,417
615,735
615,735
164,915
450,820
615,735		 31.3.21
£
431,100
-
87,333
518,433
2,123
74,037
93,752
169,912
(72,314)
97,598
616,031
616,031
195,152
420,879
616,031

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The going concern status of the charitable company has been considered appropriate on the basis of cash flow forecasts to November 2023 and the agreed continuation of support from major funder Arts Council England until at least 2026.

Income

Voluntary income including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when:

Investment income is recognised on a receivable basis.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific conditions is recognised as earned (as the related goods and services are provided). Grant income included in this category provides funding to support activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Grants received to fund the major building works on the gallery and other capital grants for the purchase of equipment, fixtures and fittings are included in income as restricted income. A charge against this income is made each year equal to the depreciation charged on the assets purchased with these funds.

Volunteers and donated services

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on and were signed on its behalf by:

The value of services provided by volunteers is not incorporated into these financial statements.

Where goods or services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods or services as they are supplied.

Dr D Langley - Trustee

Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

The notes form part of these financial statements

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - Straight line over 25 years Fixtures and fittings - 20% on cost and 10% on cost Motor vehicles - 20% on cost Computer equipment - 33% on cost

Individual fixed assets costing £250 or more are capitalised at cost.

Assets which are over 10 years old and hence fully depreciated are periodically written off.

The costs shown for improvements to long leasehold buildings include £6,582 for the lease premium of a 120 year lease. No depreciation has yet been provided on this sum on the grounds of materiality. The lease premium costs represent the capital costs of entering into the long term lease, such as stamp duty land tax and legal fees.

Heritage assets

Heritage assets consist of artworks commissioned by the charity that may be kept offsite but remain the property of the charity.

Artworks are initially measured at cost but are reviewed for indicators of impairment annually.

Artworks are not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued on a first in first out basis.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Grants		 31.3.22
£
10,735
131,080
141,815		 31.3.21
£
10,324
131,080
141,404

The charitable company leases premises, The Vulcan Building, Gunwharf Quays, Portsmouth, for which no rent is payable to the landlord, Land Securities. Due to the nature of the property and lease arrangements no reliable estimate can be obtained on its value to the charitable company. On the basis that no reliable estimate of the value to the charitable company can be obtained for using this property, no entry has been included in these financial statements for donated goods and services in this respect.

Grants received, included in the above, are as follows:

Arts Council England - core grant
Portsmouth City Council - core grant
3.
OTHER TRADING ACTIVITIES
Shop income
Hire and catering facilities
4.
INVESTMENT INCOME
Dividends received on capital endowment fund		 31.3.22
£
114,180
16,900
131,080
31.3.22
£
5,294
22,527
27,821
31.3.22
£
2,607		 31.3.21
£
114,180
16,900		 31.3.21
£
114,180
16,900
131,080
31.3.21
£
1,628
15,405
17,033
31.3.21
£
2,556

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Grants
Promotion and education of Visual Art
Exhibitions income
Promotion and education of Visual Art
Workshops and education
projects
Promotion and education of Visual Art
Grants received, included in the above, are as follows:
Arts Council England - Catalyst:Evolve
Rayne Foundation
PONToon
Hornpipe Theatre Company
Arts Council England - Generate
Portsmouth City Council - Coronavirus business support grants
Portsmouth City Council - High Street Grant
Arts Council England - Aspex at 40
Fratton Big Local
Weston Jerwood Creative Bursary
National Lottery Covid Support Fund
PCEP Programme Facilitator
Kickstart grant
Charles Haywood Foundation
6.
OTHER INCOME
Exhibition tax credit
Coronavirus Job Retention Scheme grant		 31.3.22
£
158,152
4,000
6,671
168,823
31.3.22
£
-
6,160
-
672
1,041
24,000
-
73,572
-
11,219
-
13,700
23,788
4,000
158,152
31.3.22
£
23,251
-
23,251		 31.3.21
£
167,010
6,000
5,394		 31.3.21
£
167,010
6,000
5,394
178,404
31.3.21
£
7,907
10,103
94,200
154
-
28,340
2,000
10,850
1,040
3,656
8,760
-
-
-
167,010
31.3.21
£
-
11,407
11,407

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

7. RAISING FUNDS

Raising donations and legacies

Raising donations and legacies
31.3.22 31.3.21
£ £
Fundraising consultant and associated costs - 600
Other trading activities
31.3.22 31.3.21
£ £
Hire and catering direct costs 1,124 324
Shop direct costs 1,227 724
Credit card charges 885 622
3,236 1,670
Aggregate amounts 3,236 2,270

8. CHARITABLE ACTIVITIES COSTS

Promotion and education of Visual
Art
9.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Recruitment, training and DBS checks
Exhibition costs
Workshops and education projects
Artists support costs
Premises costs
Marketing and publicity
Volunteer travel costs
Depreciation
Loss on sale of assets		 Direct
Costs (see
note 9)
£
329,675		 Support
costs (see
note 10)
£
39,273
31.3.22
£
174,216
425
15,392
27,825
-
40,746
24,027
319
45,312
1,413
329,675		 Totals
£
368,948
31.3.21
£
168,582
1,345
30,949
29,437
1,775
27,235
25,127
-
47,446
-
331,896

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

10. SUPPORT COSTS

Governance
Management
costs
£
£
Promotion and education of Visual Art
34,923
4,350		 Totals
£
39,273

Support costs, included in the above, are as follows:

Management

31.3.22
Promotion
and
education
of Visual
Art
£
Telephone
3,696
Postage, stationery and photocopying
661
Sundry expenses
7,149
Travel and subsistence
2,009
Bookkeeping and administrative support
7,716
Consultancy costs - PCEP Co-ordinator
13,700
Till differences
(8)
34,923
Governance costs
31.3.22
Promotion
and
education
of Visual
Art
£
Auditors' remuneration
4,350		 31.3.21
Total
activities
£
4,148
667
3,979
372
7,573
-
-
16,739
31.3.21
Total
activities
£
6,744

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration - Gibson Whitter
Auditors' remuneration - Gibson Whitter - grant audit
Depreciation - owned assets
Deficit on disposal of fixed assets		 31.3.22
£
4,350
-
45,312
1,413		 31.3.21
£
5,034
1,710
47,447
-

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

12. TRUSTEES' REMUNERATION AND BENEFITS

During the year no trustee director received any remuneration from the charitable company (31.3.21: none).

Trustees' expenses

During the current and previous year no trustee directors were reimbursed expenses by the charitable company.

13. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.22
£
157,588
7,458
9,170
174,216		 31.3.21
£
156,051
4,972
7,559
168,582

The average monthly number of employees during the year was as follows:

31.3.22 31.3.21
Cost of generating funds 1 1
Direct charitable 9 9
10 10

No employees received emoluments in excess of £60,000.

The charitable company employed on average three full time (31.3.21: four) and seven part-time (31.3.21: six) staff during the year. This equated to a full time equivalent number of employees of seven (31.3.21: seven).

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
140,436
Charitable activities
Promotion and education of Visual Art
54,691
Other trading activities
17,033
Investment income
2,556
Other income
11,407
Total
226,123
EXPENDITURE ON
Raising funds
2,270
Charitable activities
Promotion and education of Visual Art
189,563
Total
191,833		 Restricted
funds
£
968
123,713
-
-
-
124,681
-
165,816
165,816		 Total
funds
£
141,404
178,404
17,033
2,556
11,407
350,804
2,270
355,379
357,649

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
fund
£
Net gains on investments
14,978
NET INCOME/(EXPENDITURE)
49,268
RECONCILIATION OF FUNDS
Total funds brought forward
145,884
TOTAL FUNDS CARRIED FORWARD
195,152		 Restricted
funds
£
-
(41,135)
462,014
420,879		 Total
funds
£
14,978
8,133
607,898
616,031

The above Statement of Financial Activities relates to the year ended 31 March 2021.

15. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 April 2021
879,812
Additions
-
Disposals
-
At 31 March 2022
879,812
DEPRECIATION
At 1 April 2021
477,003
Charge for year
34,930
Eliminated on disposal
-
At 31 March 2022
511,933
NET BOOK VALUE
At 31 March 2022
367,879
At 31 March 2021
402,809		 Artists'
resources
£
2,948
-
-
2,948
2,948
-
-
2,948
-
-		 Fixtures
and
fittings
£
112,604
1,955
(2,569)
111,990
90,155
3,866
(1,156)
92,865
19,125
22,449

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

15. TANGIBLE FIXED ASSETS - continued

COST
At 1 April 2021
Additions
Disposals
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
Eliminated on disposal
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Motor
vehicles
£
38,953
-
-
38,953
33,111
5,842
-
38,953
-
5,842		 Computer
equipment
Totals
£
£
17,213
1,051,530
4,084
6,039
-
(2,569)
21,297
1,055,000
17,213
620,430
674
45,312
-
(1,156)
17,887
664,586
3,410
390,414
-
431,100

Improvements to property and fixture and fittings primarily relate to assets funded by capital grants from various sources. These assets are held in restricted funds. See note 19 for details of the allocation of fixed assets and note 20 for details of the funds they are held in.

16. HERITAGE ASSETS

MARKET VALUE
Additions
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Total
£
30,000
30,000
-

Addition in 2022 year is "The Southsea Dinosaur" sculpture.

17. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2021 87,333
Revaluations 7,571
At 31 March 2022 94,904
NET BOOK VALUE
At 31 March 2022 94,904
At 31 March 2021 87,333

Revaluations represents an increase in the market value of the investments due to stock market performance.

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. FIXED ASSET INVESTMENTS - continued

The cost of the fixed asset investments above at 31 March 2022 is £53,000 (31.3.21: £53,000).

There were no investment assets held outside the UK.

The fixed asset investment represent a holding in UK equity linked investments in the COIF Charities Investment Fund.

18. STOCKS

Stocks
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Operating debtors
Other debtors
Prepayments and accrued income		 31.3.22
£
3,228
31.3.22
£
37,342
1,175
39,731
78,248		 31.3.21
£
2,123
31.3.21
£
34,904
-
39,133
74,037

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Other creditors
Accrued expenses
Deferred income (see below)		 31.3.22
£
10,274
2,172
1,737
4,350
22,479
41,012		 31.3.21
£
21,016
-
1,460
6,527
43,311
72,314

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
fund
£
Fixed assets
390,414
Investments
94,904
Current assets
(279,051)
Current liabilities
(41,352)
164,915		 Restricted
funds
£
30,000
-
420,480
340
450,820		 31.3.22
Total
funds
£
420,414
94,904
141,429
(41,012)
615,735		 31.3.21
Total
funds
£
431,100
87,333
169,912
(72,314)
616,031

22. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Yellow Kite
PCC education equipment
Capital project - 2006
Generate
Capital project - 2017
Family Saturdays
Touch Tours
Hornpipe Theatre Company
ACE - Aspex at 40
Kickstart
TOTAL FUNDS		 At 1.4.21
£
195,152
427
4
312,392
673
104,051
1,028
1,485
819
-
-
420,879
616,031		 Net
movement
in funds
£
(30,237)
(143)
(4)
(30,722)
4,418
(7,147)
(1,028)
(840)
326
49,573
15,508
29,941
(296)		 At
31.3.22
£
164,915
284
-
281,670
5,091
96,904
-
645
1,145
49,573
15,508
450,820
615,735

Deferred income

Deferred income comprises grants received for future financial periods.

Balance brought forward
Amount release to incoming resources
Amount deferred in the year
Balance carried forward		 31.3.22
£
43,311
(43,311)
22,820
22,820		 31.3.21
£
11,777
(11,777)
43,311
43,311

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

22. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Yellow Kite
PCC education equipment
Capital project - 2006
Generate
Capital project - 2017
Family Saturdays
Touch Tours
Hornpipe Theatre Company
ACE - Aspex at 40
PCEP
Kickstart
TOTAL FUNDS		 Incoming
resources
£
203,678
-
1
-
13,849
-
46
-
672
108,583
13,700
23,788
160,639
364,317		 Resources
expended
£
(241,486)
(143)
(5)
(30,722)
(9,431)
(7,147)
(1,074)
(840)
(346)
(59,010)
(13,700)
(8,280)
(130,698)
(372,184)		 Gains and
Movement
losses
in funds
£
£
7,571
(30,237)
-
(143)
-
(4)
-
(30,722)
-
4,418
-
(7,147)
-
(1,028)
-
(840)
-
326
-
49,573
-
-
-
15,508
-
29,941
7,571
(296)		 Gains and
Movement
losses
in funds
£
£
7,571
(30,237)
-
(143)
-
(4)
-
(30,722)
-
4,418
-
(7,147)
-
(1,028)
-
(840)
-
326
-
49,573
-
-
-
15,508
-
29,941
7,571
(296)
29,941
(296)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

22. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Yellow Kite
PCC education equipment
Capital project - 2006
Generate
Capital project - 2017
Family Saturdays
PONToon
Touch Tours
Hornpipe Theatre Company
ACE - Aspex at 40
TOTAL FUNDS		 Incoming
resources
£
226,123
-
-
-
13,654
-
3,950
94,199
1,874
154
10,850
124,681
350,804		 Resources
expended
£
(191,833)
(276)
(57)
(30,759)
(12,981)
(15,209)
(2,922)
(92,222)
(390)
(150)
(10,850)
(165,816)
(357,649)		 Gains and
Movemen
losses
in funds
£
£
14,978
49,268
-
(276)
-
(57)
-
(30,759)
-
673
-
(15,209)
-
1,028
-
1,977
-
1,484
-
4
-
-
-
(41,135)
14,978
8,133		 Gains and
Movemen
losses
in funds
£
£
14,978
49,268
-
(276)
-
(57)
-
(30,759)
-
673
-
(15,209)
-
1,028
-
1,977
-
1,484
-
4
-
-
-
(41,135)
14,978
8,133
(41,135)
8,133

A current year 12 months and prior year 12 months combined position is as follows:

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Yellow Kite
PCC education equipment
Capital project - 2006
Generate
Capital project - 2017
Family Saturdays
PONToon
Touch Tours
Hornpipe Theatre Company
TOTAL FUNDS		 At 1.4.20
£
145,884
703
61
343,151
-
119,261
-
(1,977)
-
815
462,014
607,898		 Net
movement
in funds
£
49,268
(276)
(57)
(30,759)
673
(15,209)
1,028
1,977
1,484
4
(41,135)
8,133		 At
31.3.21
£
195,152
427
4
312,392
673
104,052
1,028
-
1,484
819
420,879
616,031
Unrestricted funds
General fund
Restricted funds
Yellow Kite
PCC education equipment
Capital project - 2006
Generate
Capital project - 2017
PONToon
Touch Tours
Hornpipe Theatre Company
ACE - Aspex at 40
Kickstart
TOTAL FUNDS		 At 1.4.20
£
145,884
703
61
343,151
-
119,261
(1,977)
-
815
-
-
462,014
607,898		 Net
movement
in funds
£
19,031
(419)
(61)
(61,481)
5,091
(22,356)
1,977
644
330
49,573
15,508
(11,194)
7,837		 At
31.3.22
£
164,915
284
-
281,670
5,091
96,905
-
644
1,145
49,573
15,508
450,820
615,735

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

22. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Yellow Kite
PCC education equipment
Capital project - 2006
Generate
Capital project - 2017
Family Saturdays
PONToon
Touch Tours
Hornpipe Theatre Company
ACE - Aspex at 40
PCEP
Kickstart
TOTAL FUNDS		 Incoming
resources
£
429,801
-
1
-
27,503
-
3,996
94,199
1,874
826
119,433
13,700
23,788
285,320
715,121		 Resources
expended
£
(433,319)
(419)
(62)
(61,481)
(22,412)
(22,356)
(3,996)
(92,222)
(1,230)
(496)
(69,860)
(13,700)
(8,280)
(296,514)
(729,833)		 Gains and
Movement
losses
in funds
£
£
22,549
19,031
-
(419)
-
(61)
-
(61,481)
-
5,091
-
(22,356)
-
-
-
1,977
-
644
-
330
-
49,573
-
-
-
15,508
-
(11,194)
22,549
7,837

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

22. MOVEMENT IN FUNDS - continued

Yellow Kite - funding to update the café kitchen and provision of additional training for café staff.

PCC education equipment - capital grant in respect of Aiming High equipment.

Capital project - 2006 - capital funding from various sources to facilitate the relocation to Gunwharf Quays in 2006. The funds received were fully expensed in making improvements to the leasehold premises and the purchase of fixtures and fittings. The fund balance represents the net book value of those fixed assets purchased. Movement on the capital project fund comprises depreciation of £30,515 for improvements and £307 for fixtures and fittings.

Generate - project funding from NHS Clinical Commissioning Group to support delivery of a programme of workshops with people with Dementia. Funding has now been received from Rayne Foundation and match funding from Arts Council England.

Capital project - 2017 - capital grants received from Arts Council England (£158,504), The Foyle Foundation (£20,000) and Garfield Weston Foundation (£7,500) to support the refurbishment of the building, including development of a new learning space, artists studio, digital upgrade and environmental improvements to lighting and heating. The grants also supported the purchase of a van which was converted into a mobile learning studio increasing outreach beyond the building.

Family Saturdays - project funding from Trusthouse Charitable Foundation and match funding from Arts Council England and then Big Lottery Fund grant for free art classes for young families.

PONToon - funding received through a joint claim with the University of Portsmouth for workshops for young women to help develop technical skills and employment opportunities.

Touch Tours - project funding from HiWCF and Catalyst: Evolve match funding from Arts Council England to allow exhibition touch tours for people with visual impairment.

Hornpipe Theatre Company - funding received for workshops to support the project between Aspex and St. Johns Primary School.

Aspex at 40 - project grant received from Arts Council England to support Aspex's 40th anniversary programme, including digital commissions, a public artwork and learning programme for children and young people.

PCEP - funds transferred from Portsmouth City Council to cover the freelance PCEP co-ordinator post for a fixed period until October 2022.

Kickstart - a government initiative to support the training and development of young unemployed people aged 18-24 for a period of 6-months each. Employment costs of Kickstart Placements (at minimum wage for their age) are paid by Aspex and reimbursed by the Department of Work and Pensions (DWP).

continued...

continued...

ASPEX VISUAL ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

23. EMPLOYEE BENEFIT OBLIGATIONS

The charitable company operates an auto enrolment scheme. Staff members may join this government run scheme, or opt out and continue their own personal pensions to which Aspex will contribute at the same level of 6% of salaries. The pension costs charge represents contributions payable by the charitable company to these schemes and amounted to £7,559 (31.3.21: £6,941). There was £Nil of outstanding contributions at 31 March 2022 (31.3.21: £282).

24. RELATED PARTY DISCLOSURES

During the year £nil was donated to the charity by a trustee (31.3.21: £1,200)

25. ULTIMATE CONTROLLING PARTY

The charitable company is controlled by its board of trustee directors acting in concert.