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2024-03-31-accounts

ASPEX VISUAL ARTS TRUST LIMITED Report of the Trustees for the year ended 31 MARCH 2024

ASPEX VISUAL ARTS TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Dr Dawn Langley (Chair) Denise Barlow Leo Burtin Maxwell Craft Dr Adrian Hull (joined March 2024) Victoria Ingles (joined July 2023) Maricar Jagger (left November 2023) Prof. Trevor Keeble (left November 2023) Loredana McCay (joined March 2024) Adrian Mundy (left November 2023) Martyn Reah Clarke Reynolds (joined November 2023) Oliver Tubb (left November 2023) Victoria Turner

Director & Company Secretary

Joanne Bushnell

The Vulcan Building, Gunwharf Quays, Portsmouth, PO1 3BF

Auditors

Compass Accountants, Venture House, The Tanneries, East Street, Titchfield, Hampshire, PO14 4AR

Bankers

Metro Bank plc, 1 Southampton Row, London, WC1B 5HA

Website

aspex.org.uk

Charity registration number

1007620

Company registration number (England & Wales) 02674597

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 2024. 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 1 January 2019).

Contents

Contents
Reference and administrative details 1
Report of the Trustees 2 - 33
Independent Auditor’s Report 34 - 37
Statement of Financial Activities 38
Balance Sheet 39
Notes to the fnancial statements 40 - 49

Introduction

Aspex is proud to work in Portsmouth, a City of Sanctuary for those most in need; proud of our diverse communities (made up of groups of awesome, resilient, creative individuals of all ages and backgrounds); and we are proud of the way our staff, trustees, volunteers and artists ensure that community engagement is firmly embedded in every part of our work. This year, throughout our exhibition, artist support and creative engagement programmes, visual art has been integral to creating connections, community building, representation and inclusion.

Our exhibition programme showcases diverse artists at all stages of their artistic careers, and seeks to act as an anchor point to enable connection to our local audience and communities. Spring 2023 marked a real step change in how we engaged with our local community of artists, audiences, participants and partners. Group Show sought to paint a picture of who are part of our communities, through the presentation of figurative work by emerging and established artists. It explored how diverse communities can intersect and coexist, bringing attention to the power of togetherness. Depicting a wide range of relationships and group dynamics; such as families, friends, allies and partners, the works demonstrated the human need for company. The exhibition was devised as an act of radical inclusion, we did this through showing a Royal Academician alongside work by emerging artists, some with learning disabilities.

Group Show, exhibition visitors (2024) © Phoebe Wingrove

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Group Show set the tone for everything that surrounded it. We threw open our doors and invited our local creative community in, in order to experiment and to explore new ways of working which continued throughout the year. We also made a significant shift in the way we work in the community, developing a new Creative Families programme that enabled us to deliver creative activities at large scale community events and neighbourhoods in the city, alongside regular activities provided through strong partnerships for diverse communities including Refugees and Asylum Seekers; early years; and home educated children. Through this work we nurture and foster creativity, wellbeing, integration and combat isolation. Working alongside children and their carers, we support the development of artistic, social and practical skills through art making while having fun. Engaging the next generation of artists and creative thinkers.

Our values, recently reviewed collectively by our board and staff team, are actively owned and consistently used to underpin every element of our work and measure our progress. Communal, Open-hearted and Radical reflect where we are going and what we want to do as a cultural organisation, active in the development of our city. We are extremely proud that over the last year, our activity has: created a space for being and belonging; amplified diverse creative voices; increased integration - enabling communities and individuals from all backgrounds to come together and build meaningful connections through creativity and culture. This has been further reinforced as we have recently been awarded Gallery of Sanctuary status, the first in the South of England, in recognition of our longterm work with our local sanctuary seeking community, but also a clear marker of who we are as an organisation and the positive impact we can have on people’s lives.

Dr Dawn Langley Chair

Joanne Bushnell Director, Aspex Portsmouth

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2023/24 at a glance

We delivered 17 exhibitions at our gallery space

We welcomed 14,177 visitors to exhibitions

109 artists were exhibited, commissioned, had residencies or led workshops

We worked with 30 community partners and national partners to deliver projects

We delivered 40 mentorship sessions with artists & makers, online and in person

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9,862 people participated in creative activities

We worked with 13 schools, colleges & universities

30 volunteers were supported through professional development opportunities

We worked with people in 8 wards across Portsmouth

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Achievements 7 — “a & Programme Summary

The year’s achievements and programme are summarised here against our aims

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Aim 1 - Art

This page: Visitors at , =paeopa= Rae Yen Song (2023) © Phoebe Wingrove

Left page: Visitors at The Temperament Index , Melanie Jackson (2024) © Karl Bailey

Exploring urgent themes and issues that are relevant to our communities through creative programming and commissioning, platforming artists who are underrepresented (in the arts) and marginalised

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Commissions & exhibitions

Within the gallery, four exhibitions in the main space were thematically complemented by showcases within our craft space and presentations of work in our learning (now communal) space.

Spring

Group Show , Rakibul Chowdhury, Eileen Cooper RA, - Alice Haynes, Uduehi Imienwanrin, Janet Sainsbury inclusive figurative paintings.

Assemble , Cassia Beck, Faye Hall, Mia Parkinson – exploration of different materials, assemblages and disciplines to make usable and wearable objects.

Let’s Paint Together - artwork made collaboratively at community events throughout Portsmouth.

Left: Ceramic vases, Assemble exhibition in the craft space (2023). © Phoebe Wingrove

Right: Group Show , Installation view (2023). © Kirstie Banks

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Summer

=paeopa= , Rae-Yen Song – immersive exhibition referencing family history, Eastern spiritualism, science fiction, video gaming and 1970s psychedelia. A new moving image work was created in collaboration with Song’s father and University of Portsmouth’s Centre for Creative and Immersive Extended Realities (CCIXR).

Traces , Becca Macdonald – conceptual contemporary jewellery inspired by the power of memory.

Re-Focus , in partnership with Photoworks – images created by neurodivergent adults and their support workers.

Communal Body – work produced by artist Flora Duley, created with local community groups and visitors to the Kids Arena at Victorious Festival.

Wood, Fire, Earth, Metal, Water - showcase of creative outcomes by Family Saturday’s participants, inspired by Rae-Yen Song’s work.

“Aspex Gallery, each time I visit, gives me a taste of London’s creativity & innovation.”

Top left: =paeopas , Rae-Yen Song (2023) © Phoebe Wingrove

Bottom left: Close-up of charcoal drawings, Wood, Fire, Earth, Metal (2023) © Kirstie Banks

Right: Visitor observes prints on display in Re-Focus (2023) © Phoebe Wingrove

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Autumn

The Platform Graduate Award 2023 - group show featuring ten recent graduates from five local art schools/universities, in partnership with Contemporary Visual Arts Network South East (CVAN SE).

Structurally Unsound, Ruth Petersen – collection of woven sculptures focusing on socio-political themes and the injustices of social housing.

Cities and Spaces – work made by Family Saturdays and Home Ed Arts Club participants in response to the exhibitions on display.

“I always love visiting Aspex for arts events or exhibitions.

It’s undoubtedly the most creative and alternative spot in Portsmouth for me.”

Top left: Platform Graduate Award , Installation view (2023) © Phoebe Wingrove

Bottom left: Visitors at Platform Graduate Award (2023) © Phoebe Wingrove

Right: Structurally Unsound , Ruth Petersen, installation view (2023) © Phoebe Wingrove

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Winter

The Temperament Index , Melanie Jackson – immersive body of sculptural and animated carnivalesque characters drawn from medieval ‘bawdy’ pilgrim badges, which looked to reveal new narratives of dissent and empowerment around sexual and reproductive bodies.

Languish, Katie Smith – ceramic and illustrative anatomical looking forms which explore stories revealed through wrinkles, scarring and stretch marks.

Henosis 2.040 , City of Portsmouth College – artworks made by Art and Design Level 3 students in response to Jackson’s work and practice.

Women In Art – part of a city-wide programme to champion the inspiring community of female-identifying artists and creatives in Portsmouth, the exhibition featured over 30 artists work.

Progression , 432 NO-MADS x Counterpoint Arts – exhibition and event featuring performances from local poets, musicians, dancers and a panel discussion discussing the experiences of refugees and asylum seekers in the city.

PARCS Grow Everybody – an intergenerational oral history project, exhibition, events and workshops, which celebrated the history and legacy of the Portsmouth Abuse and Rape Crisis Service from 1981-2021.

Left: Visitors watch projection, The Temperament Index , Melanie Jackson (2024) © Phoebe Wingrove

Right: Languish , Katie Smith, close-up of installation view (2024) © Kirstie Banks

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Residencies

Alongside the seasonal exhibitions selected artists were invited to use our Artist Studio to develop new work and in doing so, often organised workshops or directly engaged visitors.

Michelle Ezeuko , in partnership with the Working Class Creatives Database , led a series of Radical Imaginings workshops.

Neurodiverse artists supported by Art Invisible , alongside their work in Group Show.

TheFabulousJosh , further developing their autobiographical work CHAV-FAG-CLOWN.

Alice Hume , to develop her project From Soil to Cloth.

Thaïs Verhasselt , Platform Alumni Residency , investigation and visualisation of sexual health narratives.

Joshua Raffell , development of new work for the exhibition in Summer 2024.

Donna Poingdestre , Women In Art residency and live performances of Did I Work Today?

“This residency has projected me to a place of confidence to take huge risks. I would like to thank the Aspex team for giving me this opportunity and for allowing me to be a part of their community.”

Top left: Joshua Raffell in the artist studio (2024) © Kirstie Banks

Right: Michelle Ezeuko outside the artist studio (2023) © Phoebe Wingrove

Right page: Visitors to Rae Yen Song’s in the =paeopa= main space (2023) © Phoebe Wingrove

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Aim 2 - Creative Engagement

Connecting and empowering artists, audiences and participants through creativity and collaboration

This page: Artist Flora Duley leads a creative workshop with participants from MAKE (2023) © Paul Gonella

Right page: A family taking part in creative activities in the Kids Arena at Victorious Festival (2023)

© Jasmine Rance

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Programmes at Aspex & in the community

Our creative activities develop stronger links between Portsmouth’s diverse communities. Through bespoke and holistic creative workshops, we embrace diversity and encourage collaboration and participation amongst those facing inequality. Work happens at the gallery, with partners in areas most in need in the City, and at community events with our Mobile Art Studio.

Creative Families

A programme comprised of three elements:

Creative Families was supported by the Partnership Foundation, Portsmouth City Council, Victorious Events and Wightlink.

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Programmes for adults

Creative engagement through the year was broad ranging:

Generate

A weekly workshop for people with Dementia and their carers (sustained since 2015), provides a safe space and creative outlet for an isolated and vulnerable group in society. It is loved and valued by its participants, clearly demonstrates the wellbeing aspects of creative practice and is one of the parts of our programme that brings real joy to Aspex Portsmouth every Friday morning.

Funded this year through HIWCF: Hampshire & Isle of Wight Community Foundation and public donations through the #DonateForGenerate crowdfunding campaign.

Left: Generate participant (2023) © Kirstie Banks

Centre: Participant on touch tour of the Platform Graduate Award (2023) © Aspex Portsmouth

Right: Participants at the Southsea Eyes COMMUNAL workshop (2023) © Kirstie Banks

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Formal Education & Partnership Projects

We work closely with schools, colleges and universities. In 2023/24 in addition to one-off visits and workshops, we delivered a professional development unit for City of Portsmouth College resulting in an exhibition in our communal space; a project with BA to PHD level students at the University of Portsmouth’s CCI (Creative & Cultural Industries) Faculty; and became an Industry Patron of Arts University Bournemouth’s MA in Fine Art.

Strong partnerships continued with: Contemporary Visual Arts Network, South East, gallery partners and five universities (The Platform Graduate Award 2023); with Portsmouth Cultural Education Partnership; Victorious ( Communal Body ); Portsmouth City Council (HAF Fun Pompey, part of the national Holiday Activities and Food government initiative). The In Focus partnership project with Photoworks with neurodivergent adults and their support workers continued through the year as part of their contribution to the Explorers II programme with Project Art Works. We also continued to support This New Ground to develop their programme for learning disabled people, a relationship that is set to expand in the coming year as they become an Associate Company.

Image: Visitor explores Re-Focus exhibition in the craft space (2023) © Phoebe Wingrove

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Being more inclusive, diverse and socially relevant, actively living our values

This page: Visitors explore Group Show exhibition (2023) © Phoebe Wingrove

Aim 3 - Sector Support

Left page: Parent and young child at Festive Family Fun Day (2023) © Kirstie Banks

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Artists

Aspex Portsmouth supports artists’ professional development in all areas of our programme, particularly through our regular mentoring sessions, Platform exhibition, commissions, residencies, bursaries and employment of artists to deliver creative engagement projects.

Advocacy

A critical part of our role as an Arts Council England, National Portfolio Organisation (NPO), board and staff all contribute to advocacy in Portsmouth, the sub-region and nationally. Key advocacy work this year included:

Staff

Aspex Portsmouth has always aimed to provide opportunities for artists and creatives at the start of their careers. Key developments included:

These fixed-term training opportunities, and significant shifts in the way we deliver our Creative Engagement work mean that there was regular staff turnover as we contribute to the career development of team members, but the core team was maintained through the year.

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Volunteers

Volunteers are essential to support the day-to-day delivery of our work. 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. 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.

Governance

The Trustees have updated 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 Justice, Equity, Diversity and Inclusion, and Environmental Action Plans, and all participate in an annual board monitoring survey. 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 Portsmouth. There has been significant change to the composition of the board over the year, as four Trustees retired at the end of their term in November 2023, replaced with four new Trustees recruited through an open process.

Left: Members of the Aspex Portsmouth team (2023) © Aspex Portsmouth

Right: Clarke Reynolds at Aspex Portsmouth (2024) © Kirstie Banks

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Aim 4 - Resourcing

Ensuring environmental responsibility, financial sustainability and being a open-hearted organisation

A close-up of a child drawing the Earth (2024). Film still © Paul Gonella

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Environmental responsibility

We have co-environmental champions, our Facilities and Resources Manager Sam Foot and Trustee Victoria Ingles, who oversee delivery of our Environmental Action Plan.

This year we have developed and adopted a sustainability opening and closing checklist to reduce unnecessary energy usage. We have assessed and reduced print across the programme, limiting waste to no more than 2% per order. All print materials use FSC approved paper or recycled stock. Our creative engagement team use recycled and repurposed materials and resources for workshops and activities, actively promoting this to encourage participants to adopt similar practices. We have also recycled our old and unused office equipment. We joined the Gallery Climate Coalition in 2024 to support the ongoing development of our Environmental Policy and Action Plan.

JEDI (Justice, Equity, Diversity, Inclusion)

Marketing and Communications Manager Kirstie Banks and new Trustee, blind artist Clarke Reynolds became our JEDI champions. They oversee all JEDI activity across the organisation, from programme to organisation policy and practices, working collaboratively to deliver sessions with the staff and board, ensuring JEDI is always on the agenda.

We have delivered touch tours throughout the year, large print guides for all exhibitions, implemented alt-text across all social media content, and are designing according to accessible principals.

Left: Close-up of Platform Graduate Award touch tour (2023) © Aspex Portsmouth

Right: Visitor on accessible tour of Rae-Yen Song’s =paeopa= (2023) © Aspex Portsmouth

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Income generation

Event hire has remained consistent this year, but the loss of long-term individual desk hire tenants at the end of 2022 impacted negatively on income generation this year and saw this aspect of our business suspended. Instead, from December 2023, we welcomed new tenants Delivered Social, a marketing agency who rent two stand-alone spaces for their business operation in Portsmouth.

Sales in the shop increased, with a continued focus on contemporary craft work by local and national makers, cards, books, magazines and creative gifts for children and adults. We continued to take our mobile shop to key events in the city including Victorious Festival and Hotwalls markets.

Independent caterer Port Coffee run by Alena Rasche delivers a simple but extremely high quality catering offer both for day-to-day operation of the gallery café and special event catering. Customer feedback is exceptional, with Port Coffee developing a growing and loyal customer base.

Fundraising

Throughout the year the Management Team and Trustees worked extremely hard on funding applications to enable the continuation of existing programmes and new projects.

Successful funding bids for small grants were made to Royal College of Art for a publication and public programme for The Temperament Index , HAF Fun Pompey (PCC); Communities (PCC) for Let’s Paint Together/Creative Families ; Artswork and University of Southampton to support trainee roles; HIWCF for Generate , while our crowdfunding campaign also secured small and large donations from individuals.

We continued to experience a highly competitive environment for fundraising, but we carried on working collaboratively, approaching the challenge with positivity and optimism and achieved comparable level of grants and donations to last year. This year we raised funds for our creative engagement work in the community, and have a committed Patron who has increased their support of our work with emerging artists.

Right page: Visitors browse Aspex Shop (2023) © Phoebe Wingrove

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Financial Review

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 2023. 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 1 January 2015).

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. Aspex brings new art and ideas to Portsmouth. We believe that in bringing joy, art broadens minds, facilitates learning, connects and nurtures our communities and stimulates radical imagining.

Mission

Cultivating art & creativity, rooted in community

Values

Communal

We are proud of Portsmouth & have a strong sense of belonging;

We are welcoming, collaborative, inclusive & diverse;

We are unifying, empowering, platforming & developing our creative community.

Open-hearted

We are compassionate, caring empathetic, grateful & generous;

We are authentic, non-judgemental, candid, honest & human.

Radical

We are change agents, experimenting, testing new ideas & challenging the status quo;

We are provocative, brave & playful;

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What we do

We run a contemporary art gallery, which includes a varied programme of exhibitions, educational/creative engagement opportunities, events and projects on the premises and in the community, together with professional development support for artists.

Where we do it

The gallery occupies part of the Vulcan Building (being an early 19th Century naval storehouse) at Gunwharf Quays, on the waterfront in Portsmouth.

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.

Our programme over the next few years is strongly focused on sustaining and building on the legacy of the work achieved this last year. We are utterly committed to ensuring accessibility is embedded in everything we do. We actively work to create a space without barriers, assumptions or judgement. Partnership work on the In Focus programme with Photoworks as part of the Explorers project with Project Artworks, has already led to shifts in the way we work, and we are thrilled that This New Ground, who elevate the artistic voices and talents of people with learning disabilities, will become an Associate Company in 2024. We are currently on a transformational journey to become more relevant and sustainable for our local and creative communities in our extremely fast changing world.

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Results

The Statement of Financial Activities shows an overall deficit for the year of £42,068, compared to a deficit of £62,360 in the previous year.

Net Income (Expenditure)
Add defcit on restricted funds
Add Capital Project Depreciation
Net operating income
(contributing to unrestricted reserves)		 2024
£
(42,068)
5,245
38,002
1,179		 2023
£
(62,360)
65,598
40,139
43,377

The results of the charity are best analysed as arising under four sections:

The unrestricted fund

A surplus arose on the unrestricted fund of £1,179 (2023 deficit: £43,377) including net gains/losses 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.

Income from the shop and venue hire decreased to £39,393 (2023: £47,139) due to a period of transition from individual desk hire to multiple tenants to a long-term tenancy with Delivered Social. Earned income for the artistic programme amounted to £10,869 (2023: £9,721) and the level of donations increased to £12,561 (2023: £2,951).

Staff costs, the largest single expense, increased to £198,899 (2023: £165,531) due to the development of the Creative Engagement programme and funded trainee roles. Premises costs were decreased to £40,877 (2023: £50,747) reflecting the reduction of costs following the energy crisis.

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.

Grants for projects amounted to £67,819 (2023: £63,287) as the fundraising environment continues to be highly competitive.

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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.

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 yearend, and during the year under review the gain was £8,279 (2023: a loss of £3,446).

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 £209,471 (2023: £208,292) of which £156,117 are considered to be free reserves. In recognition of our current operating environment (rising inflation, geopolitics/conflict, 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.

Investment Policy & Review

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 year under view, the investment produced a dividend income of £2,659 (2023: £2,659) and an unrealised capital gain of £8,279 (2023: loss £3,446). This brings the value of the investment to £99,737 at the year-end, compared to its original cost of £53,000.

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Looking Forward

We are thrilled that Portsmouth has been selected to host national Pride in 2025, and to have the opportunity to contribute towards this incredible opportunity for the city, we have already started to develop solid partnerships with Portsmouth Pride and Queer All Year. Portsmouth as a city is changing its story, strongly communicated by hosting UK Pride. We want to reinforce this change, and grow in sync with other cultural organisations who alongside us are leading the way. We are proud of the level of ambition achieved in a place which is often forgotten, misrepresented and misunderstood. As a Gallery of Sanctuary, we want to change the narrative of the city for the artists and communities with whom we work. Together, we move forward, proud of our working class culture and heritage, while earning a sense of achievement in making Portsmouth a culturally exciting, diverse and inclusive place.

Our programme over the next few years is strongly focused on sustaining and building on the legacy of the work achieved this last year. We are utterly committed to ensuring accessibility is embedded in everything we do. We actively work to create a space without barriers, assumptions or judgement. Partnership work on the In Focus programme with Photoworks as part of the Explorers project with Project Artworks, has already led to shifts in the way we work, and we are thrilled that This New Ground, who elevate the artistic voices and talents of people with learning disabilities, will become an Associate Company in 2024. We are currently on a transformational journey to become more relevant and sustainable for our local and creative communities in our extremely fast changing world.

Members of the Aspex Team celebrate Gallery of Sanctuary status (2024) © Aspex Portsmouth

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Structure, Governance & Management

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 is 1007620 and its company registration number is 2674597.

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.

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 threeyear 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

Aspex regularly reviews its board membership to identify where trustees with new skills and experience 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.

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Risks & uncertainties

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 continuation of the international cost of living crisis, rising inflation and political uncertainty remain risks. While the year has continued to test the organisation’s resilience we have demonstrated agility and a good understanding of the changing financial, 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 cash flow forecasts are prepared monthly and reviewed by the trustees at their meetings.

Statement of Trustee Responsibilities

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).

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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:

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:

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on and signed on its behalf by:

Dr Dawn Langley - Chair of Trustees

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ASPEX VISUAL ARTS TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES 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 31March 2024 which comprise the statement of financial activities, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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.

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 entity'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 auditor’s report 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

34

ASPEX VISUAL ARTS TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF ASPEX VISUAL ARTS TRUST LIMITED

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

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 trustees’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with this Act.

35

ASPEX VISUAL ARTS TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF ASPEX VISUAL ARTS TRUST LIMITED

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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the accounts or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the accounts, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 auditor’s report.

36

ASPEX VISUAL ARTS TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES 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 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s 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, and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have

formed.

Kerry Lawrance FCA Senior Statutory Auditor For and on behalf of Compass Accountants, Statutory Auditor

Venture House, The Tanneries East Street, Titchfield Hampshire PO14 4AR

Date: 28th October 2024

37

ASPEX VISUAL ARTS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted
2024
Funds
Funds
Total
Notes
£
£
£
Income
Donations and legacies
2
143,653
-
143,653
Income from charitable activities
3
41,385
50,303
91,688
Other trading activities
4
39,393
-
39,393
Investment income
5
2,659
-
2,659
Other income
6
18,675
-
18,675
Total Income
245,765
50,303
296,068
Expenditure
Raising funds
7
10,387
-
10,387
Charitable activities
8
254,344
94,084
348,428
Total expenditure
264,731
94,084
358,815
Net gains/(losses) on investments
8,279
-
8,279
Net income/expenditure
(10,687)
(43,781)
(54,468)
Transfers between funds
(534)
534
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
12,400
-
12,400
Net movement in funds
1,179
(43,247)
(42,068)
Reconciliation of funds:
Total funds brought forward
208,292
345,083
553,375
Total funds carried forward
209,471
301,836
511,307		 Unrestricted Restricted
2023
Funds
Funds
Total
£
£
£
133,031
1,000
134,031
59,838
73,645
133,483
47,139
-
47,139
2,659
-
2,659
7,482
-
7,482
250,149
74,645
324,794
9,859
-
9,859
263,034
110,815
373,849
272,893
110,815
383,708
(3,446)
-
(3,446)
(26,190)
(36,170)
(62,360)
69,567
(69,567)
-
-
-
-
43,377
(105,737)
(62,360)
164,915
450,820
615,735
208,292
345,083
553,375

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities

The notes on pages 40 to 49 form an integral part of these financial statements

38

ASPEX VISUAL ARTS TRUST CONSOLIDATED BALANCE SHEET - COMPANY REGISTRATION NUMBER 07267846 AS AT 31 MARCH 2024

2024 2023
Notes £ £
Tangible assets 13 324,072 350,275
Heritage assets 14 30,000 30,000
Investments 15 99,737 91,458
Current Assets 453,809 471,733
Stock 16 2,855 2,644
Debtors 17 54,428 81,359
Cash at bank and in hand 34,753 54,017
Creditors: amounts falling due within one year 18 92,036
(34,538)		 138,020
(56,378)
Net Current Assets 57,498 81,642
Net Assets 511,307
£		 553,375
£
Funds
Unrestricted funds 20 209,471 208,292
Restricted funds 20 301,836 345,083
511,307
£		 553,375
£

The 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 signed on its behalf by:

Dr D Langley Trustee, on behalf of the Board of Trustees

Date: 25th October 2024

The notes on pages 40 to 49 form an integral part of these financial statements

39

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting Policies

Basis of preparation of financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with 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) (issued October 2019) - Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Aspex Visual Arts Trust is a private company limited by guarantee and incorporated in England and Wales. The registered office is The Vulcan Building, Gunwharf Quays, Portsmouth, Hampshire, PO1 3BF.

Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy.

The principal objectives of the charity are detailed in the Trustees Report.

Income

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

Investment income is recognised on a receivable basis.

Income from charitable activities, including 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

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.

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.

40

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Tangible Fixed Assets and Depreciation

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

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 pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the levels of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Basic Financial Instruments

The charitable company's financial assets and liabilities consist of cash and cash equivalents, trade and other debtors, and trade and other creditors. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

41

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2 Donations and legacies

Donations
Core Grants:
Arts Council England
Portsmouth City Council
Donations in kind		 Unrestricted
Restricted
2024
Funds
Funds
£
£
£
12,561
-
12,561
114,180
-
114,180
16,900
-
16,900
12
-
12
143,653
-
143,653		 Unrestricted
Restricted
2023
Funds
Funds
£
£
£
1,951
-
1,951
114,180
-
114,180
16,900
-
16,900
-
1,000
1,000
133,031
1,000
134,031

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

3 Income from charitable activities

Unrestricted
Restricted
2024
Funds
Funds
£
£
£
Promotion and education of Visual Art:
Grants
17,516
50,303
67,819
Exhibitions income
6,563
-
6,563
Workshops and
education projects
5,306
-
5,306
Sponsorship
5,000
-
5,000
Rates refund
-
-
-
Services provided
7,000
-
7,000
41,385
50,303
91,688
Grants received, included in the above, are as follows:
Portsmouth City Council - Generate
Portsmouth City Council - HAF
Portsmouth City Council - Let's Paint
Arts Council Collection - CAPSID
Artworks - Breakthrough Training Grant
Henry Moore Foundation - Rae-Yen Song
HIWCF
Kickstart grant
Partnership Foundation
PCEP - on Plastics
PCEP Programme Facilitator
Royal College of Art
University of Portsmouth eXRe
University of Southampton
Other grants for education projects		 Unrestricted
Restricted
Funds
Funds
£
£
(858)
64,145
-
4,500
5,221
-
-
5,000
48,475
-
7,000
-
59,838
73,645
2024
£
-
5,989
10,000
-
7,283
-
9,925
-
30,000
-
-
1,943
-
2,300
379
67,819		 2023
£
63,287
4,500
5,221
5,000
48,475
7,000
133,483
2023
£
11,780
3,181
-
4,500
-
6,000
-
6,265
10,000
6,000
11,600
-
4,000
-
(39)
63,287

4 Other trading activities

Shop income
Hire and catering facilities		 Unrestricted
Restricted
2024
Funds
Funds
£
£
£
9,914
-
9,914
29,479
-
29,479
39,393
-
39,393		 Unrestricted
Restricted
2023
Funds
Funds
£
£
£
7,028
-
7,028
40,111
-
40,111
47,139
-
47,139

42

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5
Investment income
Unrestricted
Restricted
2024
Funds
Funds
£
£
£
Dividends received on
capital endowment fund
2,659
-
2,659
2,659
-
2,659
6
Other income
Unrestricted
Restricted
2024
Funds
Funds
£
£
£
Museum & Galleries
Exhibition Tax Relief
18,675
-
18,675
18,675
-
18,675
7
Raising funds
Unrestricted
Restricted
2024
Funds
Funds
£
£
£
Other trading activities:
Fundraising costs
450
-
450
Hire and catering direct costs
5,988
-
5,988
Shop direct costs
3,215
-
3,215
Credit card charges
734
-
734
10,387
-
10,387
8
Charitable activities
Unrestricted
Restricted
2024
Funds
Funds
£
£
£
Promotion and education of Visual Art:
Staff costs
170,656
28,243
198,899
Recruitment, training and
DBS checks
3,286
-
3,286
Exhibition costs
4,096
17,129
21,225
Workshops and
education projects
9,408
10,614
20,022
Premises costs
40,877
-
40,877
Marketing and publicity
6,284
-
6,284
Volunteer travel costs
385
-
385
Depreciation
2,410
38,002
40,412
Support costs (see Note 9)
16,942
96
17,038
254,344
94,084
348,428		 Unrestricted
Restricted
2023
Funds
Funds
£
£
£
2,659
-
2,659
2,659
-
2,659
Unrestricted
Restricted
2023
Funds
Funds
£
£
£
7,482
-
7,482
7,482
-
7,482
Unrestricted
Restricted
2023
Funds
Funds
£
£
£
-
-
-
5,495
-
5,495
3,702
-
3,702
662
-
662
9,859
-
9,859
Unrestricted
Restricted
2023
Funds
Funds
£
£
£
159,265
6,266
165,531
912
-
912
731
30,669
31,400
926
22,141
23,067
50,747
-
50,747
9,646
-
9,646
372
-
372
-
40,139
40,139
40,435
11,600
52,035
263,034
110,815
373,849

43

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9 Support costs

Management costs:
Telephone
Postage, stationery and
photocopying
Sundry expenses
Travel and subsistence
Bookkeeping and
administrative support
Bad debts
Legal and professional fees
Consultancy costs -
PCEP Co-ordinator
Governance costs:
Auditors' remuneration		 Unrestricted
Restricted
2024
Funds
Funds
£
£
£
4,096
-
4,096
979
96
1,075
3,713
-
3,713
2,785
-
2,785
-
-
-
-
-
-
-
-
-
-
-
-
5,369
-
5,369
16,942
96
17,038		 Unrestricted
Restricted
2023
Funds
Funds
£
£
£
3,767
-
3,767
564
-
564
4,801
-
4,801
4,505
-
4,505
3,056
-
3,056
(105)
-
(105)
17,496
-
17,496
-
11,600
11,600
6,351
-
6,351
40,435
11,600
52,035

10 Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation		 2024
£
5,369
40,412		 2023
£
6,351
40,139

11 Trustees' remuneration and benefits

During the year no trustee director received any remuneration from the charitable company (2023: Nil).

Trustees' expenses

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

12 Staff costs

Employment costs
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Cost of generating funds
Direct charitable activities		 2024
£
181,666
7,986
9,247
198,899
2024
1
9
10		 2023
£
151,178
6,881
7,472
165,531
2023
1
7
8

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

44

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13 Tangible fixed assets

Cost
At 1 April 2023
Additions
Revaluation
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
On disposals
Charge for the year
On revaluation
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Improvements
Artists'
Fixtures &
Motor
Computer
Total
to property
resources
fittings
Vehicles
equipment
£
£
£
£
£
£
879,812
2,948
111,990
38,953
21,297
1,055,000
-
-
990
-
819
1,809
-
-
-
12,400
-
12,400
-
-
-
-
-
-
879,812
2,948
112,980
51,353
22,116
1,069,209
546,862
2,948
96,727
38,953
19,235
704,725
-
-
-
-
-
-
34,929
-
4,000
-
1,483
40,412
-
581,791
2,948
100,727
38,953
20,718
745,137
298,021
-
12,253
12,400
1,398
324,072
332,950
-
15,263
-
2,062
350,275

Improvements to property and fixtures 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

14 Heritage assets

Market value
At 1 April 2023
and
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
5 Year summary
2024
2023
2022
2021
Additions
-
-
30,000
-
Disposals
-
-
-
-		 Total
£
30,000
30,000
30,000
2020
-
-

45

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15 Fixed asset investments

Market value
At 1 April 2023
Revaluation
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Total
£
91,458
8,279
99,737
99,737
91,458

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

Historical cost
At 31 March 2024
At 31 March 2023		 53,000
53,000

There were no investments held outside the UK.

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

16 Stocks

16 Stocks
Stocks 2024
2023
£
£
2,855
2,644
17 Debtors
Operating debtors 2024
2023
£
£
6,391
4,261
Prepayments and accrued income 48,037
77,098
54,428
81,359
18 Creditors: amounts falling due within one year
Operating creditors 2024
2023
£
£
7,143
6,184
Other taxes & social security 2,760
3,099
Other creditors 2,463
2,618
Accrued expenses 4,908
22,977
Deferred income (see below) 17,264
21,500
34,538
56,378
Deferred income
Deferred income comprises grants received for future financial periods. 2024
2023
Balance brought forward £
£
21,500
22,479
Amount released to incoming resources -
(22,479)
Amount deferred in year -
21,500
Balance carried forward 21,500
21,500

46

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19 Analysis of net assets between funds

Fixed assets
Investments
Current assets
Current liabilities
20
Movement in funds
Unrestricted funds
General fund
Restricted funds
Yellow Kite
Capital project - 2006
Generate
Capital project - 2017
HAF
ACC CAPSID
Creative families
Let's paint together		 1 April
2023
£
208,292
141
248,821
4,990
89,757
768
606
-
-
345,083
553,375		 Unrestricted Restricted
2024
2023
Funds
Funds
£
£
£
£
53,354
300,717
354,071
380,275
99,737
-
99,737
91,458
90,918
1,119
92,037
138,020
(34,538)
-
(34,538)
(56,378)
209,471
301,836
511,307
553,375
Gains &
31 March
Income
Expenditure
losses
Transfers
2024
£
£
£
£
£
245,765
(264,731)
20,679
(534)
209,471
-
(141)
-
-
-
-
(30,714)
-
-
218,107
9,925
(13,865)
-
-
1,050
-
(7,147)
-
-
82,610
-
(768)
-
-
-
378
(1,518)
-
534
-
30,000
(29,931)
-
-
69
10,000
(10,000)
-
-
-
50,303
(94,084)
-
534
301,836
296,068
(358,815)
20,679
-
511,307

47

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Movement in funds (comparative)

1 April Gains & 31 March
2022 Income Expenditure losses Transfers 2023
£ £ £ £ £ £
Unrestricted funds
General fund 164,915 250,149 (272,893) (3,446) 69,567 208,292
Restricted funds
Yellow Kite 284 - (143) - - 141
Capital project - 2006 281,670 - (32,849) - - 248,821
Generate 5,091 11,780 (11,881) - - 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 at 40 49,573 - - - (49,573) -
PCEP (business development - 11,600 (11,600) - - -
Kickstart 15,508 6,266 (6,266) - (15,508) -
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 - 3,999 (3,231) - - 768
ACC CAPSID - 4,500 (3,694) - (200) 606
450,820 74,645 (110,815) - (69,567) 345,083
615,735 324,794 (383,708) (3,446) - 553,375

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 Keys 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 £1,865 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 was received from Rayne Foundation with matched funding from Arts Council England.

Capital project 2017 - capital grants received from Arts Council England, The Foyle Foundation and Garfield Weston 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.

HAF - Government/LA funded Holiday Activities with Food programme, delivered in partnership with Portsmouth Museum.

ACC CAPSID - support from Arts Council Collection through their Borrow Big programme, to fund the costs of borrowing and exhibiting a body of work by the artist John Walter.

48

ASPEX VISUAL ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21 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 £9,247 (2023: £7,472). There were £813 of outstanding contributions at 31 March 2024 (2023: £350).

22 Related party transactions

There were no related party transactions for the year.

49

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