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.
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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.
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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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

- We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing 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: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

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: 

- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations; and 

- Assessing journals entries as part of our planned audit approach. Evaluation of management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considering that the principal risk were related to the posting of inappropriate journal entries to improve the result for the year. 

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<br>fund<br>Notes<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>134,120<br>**Charitable activities**<br>Promotion and education of Visual Art<br>15,890<br>Other trading activities<br>3<br>27,810<br>Investment income<br>4<br>2,607<br>Other income<br>6<br>23,251<br>**Total**<br>203,678<br>**EXPENDITURE ON**<br>Raising funds<br>7<br>2,936<br>**Charitable activities**<br>8<br>Promotion and education of Visual Art<br>238,550<br>**Total**<br>241,486<br>Net gains on investments<br>7,571<br>**NET INCOME/(EXPENDITURE)**<br>(30,237)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>195,152<br>**TOTAL FUNDS CARRIED FORWARD**<br>164,915|Restricted<br>funds<br>£<br>7,695<br>152,933<br>11<br>-<br>-<br>160,639<br>300<br>130,398<br>130,698<br>-<br>29,941<br>420,879<br>450,820|31.3.22<br>Total<br>funds<br>£<br>141,815<br>168,823<br>27,821<br>2,607<br>23,251<br>364,317<br>3,236<br>368,948<br>372,184<br>7,571<br>(296)<br>616,031<br>615,735|31.3.21<br>Total<br>funds<br>£<br>141,404<br>178,404<br>17,033<br>2,556<br>11,407|
|---|---|---|---|
||||350,804|
||||2,270<br>355,379|
||||357,649|
||||14,978|
||||8,133<br>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<br>**FIXED ASSETS**<br>Tangible assets<br>15<br>Heritage assets<br>16<br>Investments<br>17<br>**CURRENT ASSETS**<br>Stocks<br>18<br>Debtors<br>19<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>20<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>22<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|31.3.22<br>£<br>390,414<br>30,000<br>94,904<br>515,318<br>3,228<br>78,248<br>59,953<br>141,429<br>(41,012)<br>100,417<br>615,735<br>615,735<br>164,915<br>450,820<br>615,735|31.3.21<br>£<br>431,100<br>-<br>87,333<br>518,433<br>2,123<br>74,037<br>93,752<br>169,912<br>(72,314)<br>97,598<br>616,031<br>616,031<br>195,152<br>420,879<br>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: 

- the donor specifies that the grant or donation must only be used in future accounting periods; or 

- the donor has imposed conditions which must be met before the charity has unconditional entitlement. 

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 

- Expenditure on raising funds are those costs incurred in attracting voluntary income. 

- Charitable activities include expenditure associated with providing services to the charity's beneficiaries and include both the direct costs and support costs relating to those activities. 

- Support and governance costs include central functions and have been allocated to activities on a basis consistent with the use of resources. 

## **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<br>Grants|31.3.22<br>£<br>10,735<br>131,080<br>141,815|31.3.21<br>£<br>10,324<br>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<br>Portsmouth City Council - core grant<br>**3.**<br>**OTHER TRADING ACTIVITIES**<br>Shop income<br>Hire and catering facilities<br>**4.**<br>**INVESTMENT INCOME**<br>Dividends received on capital endowment fund|31.3.22<br>£<br>114,180<br>16,900<br>131,080<br>31.3.22<br>£<br>5,294<br>22,527<br>27,821<br>31.3.22<br>£<br>2,607|31.3.21<br>£<br>114,180<br>16,900|31.3.21<br>£<br>114,180<br>16,900|
|---|---|---|---|
|||131,080||
||||31.3.21<br>£<br>1,628<br>15,405|
||||17,033|
||||31.3.21<br>£<br>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<br>Grants<br>Promotion and education of Visual Art<br>Exhibitions income<br>Promotion and education of Visual Art<br>Workshops and education<br>projects<br>Promotion and education of Visual Art<br>Grants received, included in the above, are as follows:<br>Arts Council England - Catalyst:Evolve<br>Rayne Foundation<br>PONToon<br>Hornpipe Theatre Company<br>Arts Council England - Generate<br>Portsmouth City Council - Coronavirus business support grants<br>Portsmouth City Council - High Street Grant<br>Arts Council England - Aspex at 40<br>Fratton Big Local<br>Weston Jerwood Creative Bursary<br>National Lottery Covid Support Fund<br>PCEP Programme Facilitator<br>Kickstart grant<br>Charles Haywood Foundation<br>**6.**<br>**OTHER INCOME**<br>Exhibition tax credit<br>Coronavirus Job Retention Scheme grant|31.3.22<br>£<br>158,152<br>4,000<br>6,671<br>168,823<br>31.3.22<br>£<br>-<br>6,160<br>-<br>672<br>1,041<br>24,000<br>-<br>73,572<br>-<br>11,219<br>-<br>13,700<br>23,788<br>4,000<br>158,152<br>31.3.22<br>£<br>23,251<br>-<br>23,251|31.3.21<br>£<br>167,010<br>6,000<br>5,394|31.3.21<br>£<br>167,010<br>6,000<br>5,394|
|---|---|---|---|
|||178,404||
|||31.3.21<br>£<br>7,907<br>10,103<br>94,200<br>154<br>-<br>28,340<br>2,000<br>10,850<br>1,040<br>3,656<br>8,760<br>-<br>-<br>-||
|||167,010||
||||31.3.21<br>£<br>-<br>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<br>Art<br>**9.**<br>**DIRECT COSTS OF CHARITABLE ACTIVITIES**<br>Staff costs<br>Recruitment, training and DBS checks<br>Exhibition costs<br>Workshops and education projects<br>Artists support costs<br>Premises costs<br>Marketing and publicity<br>Volunteer travel costs<br>Depreciation<br>Loss on sale of assets|Direct<br>Costs (see<br>note 9)<br>£<br>329,675|Support<br>costs (see<br>note 10)<br>£<br>39,273<br>31.3.22<br>£<br>174,216<br>425<br>15,392<br>27,825<br>-<br>40,746<br>24,027<br>319<br>45,312<br>1,413<br>329,675|Totals<br>£<br>368,948|
|---|---|---|---|
||||31.3.21<br>£<br>168,582<br>1,345<br>30,949<br>29,437<br>1,775<br>27,235<br>25,127<br>-<br>47,446<br>-|
||||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<br>Management<br>costs<br>£<br>£<br>Promotion and education of Visual Art<br>34,923<br>4,350|Totals<br>£<br>39,273|
|---|---|



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

## **Management** 

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



## **11. NET INCOME/(EXPENDITURE)** 

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

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



## **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<br>Social security costs<br>Other pension costs|31.3.22<br>£<br>157,588<br>7,458<br>9,170<br>174,216|31.3.21<br>£<br>156,051<br>4,972<br>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<br>fund<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>140,436<br>**Charitable activities**<br>Promotion and education of Visual Art<br>54,691<br>Other trading activities<br>17,033<br>Investment income<br>2,556<br>Other income<br>11,407<br>**Total**<br>226,123<br>**EXPENDITURE ON**<br>Raising funds<br>2,270<br>**Charitable activities**<br>Promotion and education of Visual Art<br>189,563<br>**Total**<br>191,833|Restricted<br>funds<br>£<br>968<br>123,713<br>-<br>-<br>-<br>124,681<br>-<br>165,816<br>165,816|Total<br>funds<br>£<br>141,404<br>178,404<br>17,033<br>2,556<br>11,407|
|---|---|---|
|||350,804|
|||2,270<br>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<br>fund<br>£<br>Net gains on investments<br>14,978<br>**NET INCOME/(EXPENDITURE)**<br>49,268<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>145,884<br>**TOTAL FUNDS CARRIED FORWARD**<br>195,152|Restricted<br>funds<br>£<br>-<br>(41,135)<br>462,014<br>420,879|Total<br>funds<br>£<br>14,978|
|---|---|---|
|||8,133<br>607,898|
|||616,031|



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

## **15. TANGIBLE FIXED ASSETS** 

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



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

## **15. TANGIBLE FIXED ASSETS - continued** 

|**COST**<br>At 1 April 2021<br>Additions<br>Disposals<br>At 31 March 2022<br>**DEPRECIATION**<br>At 1 April 2021<br>Charge for year<br>Eliminated on disposal<br>At 31 March 2022<br>**NET BOOK VALUE**<br>At 31 March 2022<br>At 31 March 2021|Motor<br>vehicles<br>£<br>38,953<br>-<br>-<br>38,953<br>33,111<br>5,842<br>-<br>38,953<br>-<br>5,842|Computer<br>equipment<br>Totals<br>£<br>£<br>17,213<br>1,051,530<br>4,084<br>6,039<br>-<br>(2,569)<br>21,297<br>1,055,000<br>17,213<br>620,430<br>674<br>45,312<br>-<br>(1,156)<br>17,887<br>664,586<br>3,410<br>390,414<br>-<br>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**<br>Additions<br>**NET BOOK VALUE**<br>At 31 March 2022<br>At 31 March 2021|Total<br>£<br>30,000<br>30,000<br>-|
|---|---|



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



## **19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

## **20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

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



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

## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

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



## **22. MOVEMENT IN FUNDS** 

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



## **Deferred income** 

Deferred income comprises grants received for future financial periods. 

|Balance brought forward<br>Amount release to incoming resources<br>Amount deferred in the year<br>Balance carried forward|31.3.22<br>£<br>43,311<br>(43,311)<br>22,820<br>22,820|31.3.21<br>£<br>11,777<br>(11,777)<br>43,311<br>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**<br>General fund<br>**Restricted funds**<br>Yellow Kite<br>PCC education equipment<br>Capital project - 2006<br>Generate<br>Capital project - 2017<br>Family Saturdays<br>Touch Tours<br>Hornpipe Theatre Company<br>ACE - Aspex at 40<br>PCEP<br>Kickstart<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>203,678<br>-<br>1<br>-<br>13,849<br>-<br>46<br>-<br>672<br>108,583<br>13,700<br>23,788<br>160,639<br>364,317|Resources<br>expended<br>£<br>(241,486)<br>(143)<br>(5)<br>(30,722)<br>(9,431)<br>(7,147)<br>(1,074)<br>(840)<br>(346)<br>(59,010)<br>(13,700)<br>(8,280)<br>(130,698)<br>(372,184)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>7,571<br>(30,237)<br>-<br>(143)<br>-<br>(4)<br>-<br>(30,722)<br>-<br>4,418<br>-<br>(7,147)<br>-<br>(1,028)<br>-<br>(840)<br>-<br>326<br>-<br>49,573<br>-<br>-<br>-<br>15,508<br>-<br>29,941<br>7,571<br>(296)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>7,571<br>(30,237)<br>-<br>(143)<br>-<br>(4)<br>-<br>(30,722)<br>-<br>4,418<br>-<br>(7,147)<br>-<br>(1,028)<br>-<br>(840)<br>-<br>326<br>-<br>49,573<br>-<br>-<br>-<br>15,508<br>-<br>29,941<br>7,571<br>(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**<br>General fund<br>**Restricted funds**<br>Yellow Kite<br>PCC education equipment<br>Capital project - 2006<br>Generate<br>Capital project - 2017<br>Family Saturdays<br>PONToon<br>Touch Tours<br>Hornpipe Theatre Company<br>ACE - Aspex at 40<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>226,123<br>-<br>-<br>-<br>13,654<br>-<br>3,950<br>94,199<br>1,874<br>154<br>10,850<br>124,681<br>350,804|Resources<br>expended<br>£<br>(191,833)<br>(276)<br>(57)<br>(30,759)<br>(12,981)<br>(15,209)<br>(2,922)<br>(92,222)<br>(390)<br>(150)<br>(10,850)<br>(165,816)<br>(357,649)|Gains and<br>Movemen<br>losses<br>in funds<br>£<br>£<br>14,978<br>49,268<br>-<br>(276)<br>-<br>(57)<br>-<br>(30,759)<br>-<br>673<br>-<br>(15,209)<br>-<br>1,028<br>-<br>1,977<br>-<br>1,484<br>-<br>4<br>-<br>-<br>-<br>(41,135)<br>14,978<br>8,133|Gains and<br>Movemen<br>losses<br>in funds<br>£<br>£<br>14,978<br>49,268<br>-<br>(276)<br>-<br>(57)<br>-<br>(30,759)<br>-<br>673<br>-<br>(15,209)<br>-<br>1,028<br>-<br>1,977<br>-<br>1,484<br>-<br>4<br>-<br>-<br>-<br>(41,135)<br>14,978<br>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**<br>General fund<br>**Restricted funds**<br>Yellow Kite<br>PCC education equipment<br>Capital project - 2006<br>Generate<br>Capital project - 2017<br>Family Saturdays<br>PONToon<br>Touch Tours<br>Hornpipe Theatre Company<br>**TOTAL FUNDS**|At 1.4.20<br>£<br>145,884<br>703<br>61<br>343,151<br>-<br>119,261<br>-<br>(1,977)<br>-<br>815<br>462,014<br>607,898|Net<br>movement<br>in funds<br>£<br>49,268<br>(276)<br>(57)<br>(30,759)<br>673<br>(15,209)<br>1,028<br>1,977<br>1,484<br>4<br>(41,135)<br>8,133|At<br>31.3.21<br>£<br>195,152<br>427<br>4<br>312,392<br>673<br>104,052<br>1,028<br>-<br>1,484<br>819|
|---|---|---|---|
||||420,879|
||||616,031|



|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Yellow Kite<br>PCC education equipment<br>Capital project - 2006<br>Generate<br>Capital project - 2017<br>PONToon<br>Touch Tours<br>Hornpipe Theatre Company<br>ACE - Aspex at 40<br>Kickstart<br>**TOTAL FUNDS**|At 1.4.20<br>£<br>145,884<br>703<br>61<br>343,151<br>-<br>119,261<br>(1,977)<br>-<br>815<br>-<br>-<br>462,014<br>607,898|Net<br>movement<br>in funds<br>£<br>19,031<br>(419)<br>(61)<br>(61,481)<br>5,091<br>(22,356)<br>1,977<br>644<br>330<br>49,573<br>15,508<br>(11,194)<br>7,837|At<br>31.3.22<br>£<br>164,915<br>284<br>-<br>281,670<br>5,091<br>96,905<br>-<br>644<br>1,145<br>49,573<br>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**<br>General fund<br>**Restricted funds**<br>Yellow Kite<br>PCC education equipment<br>Capital project - 2006<br>Generate<br>Capital project - 2017<br>Family Saturdays<br>PONToon<br>Touch Tours<br>Hornpipe Theatre Company<br>ACE - Aspex at 40<br>PCEP<br>Kickstart<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>429,801<br>-<br>1<br>-<br>27,503<br>-<br>3,996<br>94,199<br>1,874<br>826<br>119,433<br>13,700<br>23,788<br>285,320<br>715,121|Resources<br>expended<br>£<br>(433,319)<br>(419)<br>(62)<br>(61,481)<br>(22,412)<br>(22,356)<br>(3,996)<br>(92,222)<br>(1,230)<br>(496)<br>(69,860)<br>(13,700)<br>(8,280)<br>(296,514)<br>(729,833)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>22,549<br>19,031<br>-<br>(419)<br>-<br>(61)<br>-<br>(61,481)<br>-<br>5,091<br>-<br>(22,356)<br>-<br>-<br>-<br>1,977<br>-<br>644<br>-<br>330<br>-<br>49,573<br>-<br>-<br>-<br>15,508<br>-<br>(11,194)<br>22,549<br>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... 

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**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.