2023-03-31-accounts - The Aspex Visual Arts Trust Limited

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		Page
Report ofthe Trustees		1 to10
Report ofthe Independent	Auditors	11 to	13
Statement of Financial Activities		14
Balance Sheet
Notes to the Financial Statements		16 to	29

					31.3.23	31.3.22
			Unrestricted	Restricted	Total	Total
			fund	funds	funds	funds
		Notes	F	f.	E	F
INCOME AND ENDOWMENTS	FROM
Donations and legacies		2	133,031	1,000	134,031	141,815
Charitable activities
Promotion and education ofVisual Art			59,838	73,645	133,483	168,823
Other trading activities Investment income			47,139 2,659		47,139 2,659	27,821 2,607
Other income			7,482		7,482	23,251
Total			250,149	74,645	324,794	364,317
EXPENDITURE ON
Raising funds			9,859		9,859	3,236
Charitable activities
Promotion and education ofVisual Art			263,034	110,815	373,849	368,948
Total			272,893	110,815	383,708	372,184
Net gains/(losses) on investments			~3,446)		~3,446)	7,571
NET INCOME/(EXPENDITURE)			(26,190)	(36,170)	(62,360)	(296)
Transfers between funds		22	69,567	~69,567)
Net movement in funds			43,377	(105,737)	(62,360)	(296)
RECONCILIATION OF FUNDS
Total funds brought forward			164,915	450,820	615,735	616,031
TOTAL FUNDS CARRIED FORWARD			208,292	345,083	553,375	615,735

	BALANCE SHEET 31 MARCH 2023
		31.3.23	31.3.22
	Notes
FIXEDASSETS
Tangible assets	15	350,275	390,414
Heritage assets	16	30,000	30,000
Investments	17	91,458	94,904
		471,733	515,318
CURRENT ASSETS
Stocks	18	2,644	3,228
Debtors	19	81,359	78,248
Cash at bank		54,017	59,953
		138,020	141,429
CREDITORS
Amounts falling due within one year	20	(56,378)	(41,012)
NET CURRENT ASSETS		81,642	100,417
TOTAL ASSETSLESSCURRENT
LIABILITIES		553,375	615,735
NET ASSETS		553,375	6'I5,735
FUNDS	22
Unrestricted funds		208,292	164,915
Restricted funds		345,083	450,820
TOTAL FUNDS		553,375	615,735

			31.3.23	31.3.22
Donations			1,951	10,735
Grants			131,080	131,080
Donations	in	kind	1,000
			134,031	141,815

Grants received, included	in the above, ar	e as follows:
			31.3.23	31.3.22
Arts Council England -	core grant		114,180	114,180
Portsmouth City Council	- core grant		16,900	16,900
			131,D80	131,D80
OTHER TRADING ACTIVITIES
			31.3.23	31.3.22
				f.
Shop income Hire and catering facilities			7,028 40,111	5,294 22,527
			47,138	27,821
INVESTMENT INCOME
			31.3.23	31.3.22
				F
Dividends received on capital endowment		fund	2,659	2,607

	INCOME FROM CHARIT	A	B	LE ACTIV	ITIES
								31.3.23	31.3.22
				Activity
	Grants			Promotion	and education		ofVisual Art	63,287	158,152
	Exhibitions income			Promotion	and education		ofVisual Art	4,500	4,000
	Workshops and education
	projects			Promotion	and education		ofVisual Art	5,221	6,671
	Sponsorship			Promotion	and education		ofVisual Art	5,000
	Rates refund			Promotion	and education		ofVisual Art	48,475
	Services provided			Promotion	and education		ofVisual Art	7,000
								133,483	168,823
	Grants received, included	in		the above,	are as follows:
								31.3.23	31.3.22
									f
	Other grants for education		projects					(39)
	Partnership Foundation							10,000
	Rayne Foundation								6,160
	Hornpipe Theatre Company								672
	Arts Council England - Generate								1,041
	Portsmouth City Council - Coronavirus				business	support grants			24,000
	Arts Council England - Aspex at 40								73,572
	Weston Jerwood Creative	Bursary							11,219
	PCEP Programme Facilitator							11,600	13,700
	Kickstart grant							6,265	23,788
	Charles Haywood Foundation								4,000
	PCEP - on Plastics							6,000
	Portsmouth City Council - Generate							11,780
	Portsmouth City Council - HAF							3,181
	University of Portsmouth	eXRe						4,000
	Henry Moore Foundation	-	Rae-Yen Song					6,000
	Arts Council Collection - CAPSID							4,500
								83,287	158,152
6.	OTHER INCOME
								31.3.23	31.3.22
									F
	Museum &Galleries Exhibition Tax Relief							7,482	23,251

7.	RAISING FUNDS	FOR THE YEAR ENDED 31	MARCH 2023
	Other trading activities			31.3.23	31.3.22
				F
	Hire and catering direct costs			5,495	1,124
	Shop direct costs Credit card charges			3,702 662	1,227 885
				9,859	3,236
8.	CHARITABLE ACTIVITIES COSTS
			Direct	Support
			Costs (see	costs (see
			note 9)	note 10)	Totals
			F		F
	Promotion and education	ofVisual
	Art		321,814	52,035	373,849
9.	DIRECT COSTS OF CHARITABLE ACTIVITIES
				31.3.23 f	31.3.22 F
	Staffcosts			165,531	174,216
	Recruitment, training and	DBSchecks		912	425
	Exhibition costs			31,400	15,392
	Workshops and education	projects		23,067	27,825
	Premises costs			50,747	40,746
	Marketing and publicity Volunteer travel costs			9,646 372	24,027 319
	Depreciation Loss on sale ofassets			40,139	45,312 1,413
				321,814	329,675
10.	SUPPORT COSTS
				Governance
			Management	costs	Totals
			E	F
	Promotion and education	ofVisual Art	45 684	6,351	52,035

Management
					31.3.23	31.3.22
					Promotion
					and
					education
					ofVisual	Total
					Art	activities
Telephone					3,767	3,696
Postage, stationery		and	photocopying		564	661
Sundry expenses					4,801	7,149
Travel and subsistence					4,505	2,009
Bookkeeping	and administrative			support	3,056	7,716
Bad debts					(105)
Legal and professional			fees		17,496
Consultancy costs - Till differences		PCEP Co-ordinator			11,600	13,700 ~8)
					45,684	34,923
Governance	costs
					31.3.23	31.3.22
					Promotion
					and
					education
					ofVisual	Total
					Art E	activities f
Auditors' remuneration					6,351	4,350
NET INCOME/(EXPENDITURE)
Net income/(expenditure)			is stated after charging/(crediting):
					31.3.23	31.3.22
					F
Auditors' remuneration			-Gibson Whitter		6,351	4,350
Depreciation	-owned assets				40,139	45,312
Deficit on disposal offixed assets						1,413

STAFF COSTS
			31.3.23 F	31.3.22 f
Wages and salaries Social security costs Other pension costs			151,178 6,881 7,472	157,588 7,458 9,170
			165,531	174,216
The average monthly	number ofemployees	during the year was as follows:
			31.3.23	31.3.22
Cost ofgenerating funds Direct charitable			1 7	1 9
				10

(31.3.22:seven) staff du six(31.3.22:seven).	(31.3.22:seven) staff du six(31.3.22:seven).	ring the year. This equated to a full time equivalent	ring the year. This equated to a full time equivalent	ring the year. This equated to a full time equivalent	number ofem	ployees of
COMPARATIVES FOR		THE STATEMENT OF FINANCIAL ACTIVITIES
				Unrestricted	Restricted	Total
				fund	funds	funds
				f		F
INCOME AND ENDOWMENTS			FROM
Donations	and legacies			134,120	7,695	141,815
Charitable	activities
Promotion	and education	ofVisual Art		15,890	152,933	168,823
Other trading activities Investment income				27,810 2,607		27,821 2,607
Other income				23,251		23,251
Total				203,678	160,639	364,317
EXPENDITURE ON
Raising funds				2,936	300	3,236
Charitable	activities
Promotion	and education	ofVisual Art		238,550	130,398	368,948
Total				241,486	130,698	372,184
Net gains	on investments			7,571		7,571

		Unrestricted	Restricted	Total
		fund	funds	funds
		F	E
NET INCOME/(EXPENDITURE)		(30,237)	29,941	(296)
RECONCILIATION	OF FUNDS
Total funds brought	forward	195,152	420,879	616,031
TOTAL FUNDS CARRIED FORWARD		164,915	450,620	615,735

The above Statement of Financial Activities rela TANGIBLE FIXEDASSETS	tes to the year ended 31	March 2022.
	Improvements		Fixtures
	to	Artists'	and
	property	resources	fittings
		E
COST
At 1 April 2022 and 31 March 2023	879,812	2,948	111,990
DEPRECIATION
At 1 April 2022	511,933	2,948	92,865
Charge for year	34,929		3,862
At 31 March 2023	546,862	2,948	96,727
NET BOOK VALUE
At 31 March 2023	332,950		15,263
At 31 March 2022	367,879		19,125
	Motor	Computer
	vehicles	equipment	Totals
		P	F
COST
At 1 April 2022 and 31 March 2023	38,953	21,297	1,055,000
DEPRECIATION
At 1 April 2022	38,953	17,887	664,586
Charge for year		1,348	40,139
At 31 March 2023	38,953	19,235	704,725
NET BOOK VALUE
At 31 March 2023		2,062	350,275
At 31 March 2022		3,410	390,414

FIXEDASSET INVESTMENTS
	Listed
	investments
MARKET VALUE
At 1 April 2022	94,904
Revaluations	~3,446)
At 31 March 2023	91,458
NET BOOK VALUE
At 31 March 2023	91,458
At 31 March 2022	94,904

							31.3.23	31.3.22
Operating debtors							4,261	37,342
Other debtors								1,175
Prepayments and		accrued	income				77098	39,731
							81,359	78248
CREDITORS: AMOUNTS			FALLING DUE WITHIN ONE		YEAR
							31.3.23	31.3.22
Operating creditors							6,184	10,274
Social security and other taxes							3,099	2,172
Other creditors							2,618	1,737
Accrued expenses							22,977	4,350
Deferred income		(see below)					21,500	22,479
							56,378	41,012
Deferred income
Deferred income		comprises	grants received	for future financial		periods.
							31.3.23	31.3.22
							F
Balance brought	forward						22,479	43,311
Amount release to incoming			resources				(22,479)	(43,311)
Amount deferred		in the year					21,500	22,479
Balance carried forward							21,500	22,479
ANALYSIS OF NET ASSETS BETWEEN FUNDS
							31.3.23	31.3.22
				Unrestricted	Restricted		Total	Total
				fund		funds	funds	funds
				E
Fixed assets				380,275			380,275	420,414
Investments				91,458			91,458	94,904
Current assets				(207,063)		345,083	138,020	141,429
Current liabilities				~56,378)			~56378)	~41,012)
				208,292		345,083	553,375	615,735

MOVEMENT	IN FUNDS			' ~
			Net	Transfers
			movement	between	At
		At 1.4.22 f	in funds f	funds f	31.3.23
Unrestricted	funds
General fund		164,915	(26,190)	69,567	208,292
Restricted funds
Yellow Kite		284	(143)		141
Capital project - 2006 Generate		281,670 5,091	(32,849) (101)		248,821 4,990
Capital project - 2017		96,904	(7,147)		89,757
Touch Tours		645	(628)	(17)
Hornpipe Theatre Company		1,145		(1,145)
ACE - Aspex	at40	49,573		(49,573)
Kickstart		15,508		(15,508)
Platform			242	(242)
HMF			(1,029)	1,029
PCEP - On Plastics			(152)	152
RAS Pilot			4,063	(4,063)
HAF ACC CAPSID			768 806	~200)	768 606
		450,820	~36,170)	~69,567)	345,083
TOTAL FUNDS		615,735	~62,360)		553,375

Net movement	in	funds, included in th	e above are as follo	ws:
			Incoming	Resources	Gains and	Movement
			resources f	expended f	losses f	in funds
Unrestricted	funds
General fund			250,149	(272,893)	(3,446)	(26,190)
Restricted funds
Yellow Kite				(143)		(143)
Capital project - 2006				(32,849)		(32,849)
Generate			11,780	(11,881)		(101)
Capital project - 2017				(7,147)		(7,147)
Touch Tours				(628)		(628)
PCEP (business		development)	11,600	(11,600)
Kickstart			6,266	(6,266)
Platform			4,500	(4,258)		242
eXRe			4,000	(4,000)
HMF			6,000	(7,029)		(1,029)
PCEP - On Plastics			12,000	(12,152)		(152)
RAS Pilot			10,000	(5,937)		4,063
HAF ACC CAPSID			3,999 4,500	(3,231) ~3,694)		768 806
			74,645	~110,815)		36,170
TOTAL FUNDS			324,794	~383,708)	~3,446)	~62,360)

Comparatives	fo	r moveme	nt in funds
							Net
							movement	At
						At 1.4.21	in funds	31.3.22
						E		F
Unrestricted funds
General fund						195,152	(30,237)	164,915
Restricted funds
Yellow Kite						427	(143)	284
PCC education	equipment					4	(4)
Capital project - 2006						312,392	(30,722)	281,670
Generate						673	4,418	5,091
Capital project - 2017						104,051	(7,147)	96,904
Family Saturdays						1,028	(1,028)
Touch Tours						1,485	(840)	645
Hornpipe Theatre		Company				819	326	1,145
ACE - Aspex at	40						49,573	49,573
Kickstart							15,508	15,508
						420,879	29,941	450,820
TOTAL FUNDS						616,031	~296)	615,735
Comparative net		movement	in funds, included	in the	above	are as follows:
				Incoming		Resources	Gains and	Movement
				resources		expended	losses	in funds
				F		F		F
Unrestricted funds
General fund				203,678		(241,486)	7,571	(30,237)
Restricted funds
Yellow Kite						(143)		(143)
PCC education	equipment					(5)		(4)
Capital project -	2006					(30,722)		(30,722)
Generate				13,849		(9,431)		4,418
Capital project - 2017						(7,147)		(7,147)
Family Saturdays					46	(1,074)		(1,028)
Touch Tours						(840)		(840)
Hornpipe Theatre		Company		672		(346)		326
ACE - Aspex at	40			108,583		(59,010)		49,573
PCEP (business Kickstart		development)		13,700 23,788		(13,700) ~8,280)		15,508
				160,639		~130,698)		29,941
TOTAL FUNDS				364,317		~372,184)	7,571	~296)