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