## aspex portsmouth 

Report of the Trustees & Financial Statements for the Year Ended 31 March 2025 



## **Aspex Visual Arts Trust Limited** 

## **Report of the Trustees for the year ended 31 March 2025** 

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 2025. 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). 

## **Trustees, officers & professional advisers** 

## **Trustees** 

Dr Dawn Langley (Co-chair) Denise Barlow Dr Leo Burtin (appointed as Co-chair March 2025) Maxwell Craft Dr Adrian Hull Victoria Ingles Loredana McCay Dr Panagiota Papadimitri (joined November 2024) Charlotte Phillips (joined November 2024) Martyn Reah Clarke Reynolds Victoria Turner 

## **Director & Company Secretary** 

Joanne Bushnell 

## **Registered Office** 

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 

**1** 



|**Contents**|Reference and administrative details|**1**|
|---|---|---|
||Report of the Trustees|**3 - 37**|
||Independent Auditor’s Report|**38 - 41**|
||Statement of Financial Activities|**42**|
||Balance Sheet|**43**|
||Notes to the fnancial statements|**44 - 54**|



Front cover: Performer at _Embodied Activism_ Preview (2025) © Goble Photography 

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## **Introduction** 

Aspex Portsmouth continued to have a positive impact on the lives of the people of Portsmouth. In recognition Aspex was awarded Gallery of Sanctuary status in 2024, the first in the South of England, as a result of our long-term work with our local sanctuary seeking community, When Portsmouth was selected to host UK Pride, this became a key narrative through which we took the opportunity to contribute towards this transformational, story changing, moment for the city. 

We have sought 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. We are actively changing 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. 

> This page: Top to bottom - Visitors explore Sivan Rubinstein’s _Embodied Activism_ exhibition (2025) © Goble Photography. A child and adult looking at works in _CLASSifications_ (2024) © Goble Photography. 

Right page: Aspex team members celebrating Sanctuary in Arts Award status (2024) © Aspex Portsmouth. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

Our values, actively put into action by our board, staff team and volunteers, are 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. 

## **Dr Dawn Langley & Dr Leo Burtin** 

Co-chairs, Aspex Visual Arts Trust 

## **Joanne Bushnell** 

Director, Aspex Portsmouth 

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## **2024/25 at a glance** 

We worked with **26** community partners and national partners to deliver projects 

**27** volunteers were supported through professional development opportunities 

**8,760** people participated in creative activities 

We welcomed **11,584** visitors to exhibitions 

**5** 



We delivered **17** exhibitions at our gallery space 

We worked with **9** schools, colleges & universities 

We worked with people in **6** wards across Portsmouth 

We mentored **21** artists & makers, & **3** creative organisations 

**147** artists were exhibited, commissioned, had residencies or led workshops 

Image: Visitor at Lauren Joy Kennett’s _Sorry I’m Not Sorry_ (2024) © Phoebe Wingrove. 

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## **Achievements & Programme Summary** 

**The year’s achievements and programme** | NN Me **are summarised here against our aims: Art, Creative Engagement,** = **Sector Support, and Resourcing** 



## **Aim 1** 

## **Art** 

> This page: Top to bottom - Visitors at _COLONY_ (2024) © Goble Photography. 

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

Left page: Guests at _CLASSifications_ exhibition preview (2024) © Phoebe Wingrove. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Commissions & exhibitions** 

**Within the gallery, four exhibitions in the main space were thematically complemented by craft showcases and presentations of creative engagement work in our communal space.** 

## **Spring** 

## _**Sorry I’m Not Sorry**_ 

## **Lauren Joy Kennett** 

Photographic autobiographical work exploring the artists’ experience of autism. Commissioned as part of the _In Focus_ programme in partnership with Photoworks. 

_**I saw you in blue…,**_ **Laxmi Hussain** Paintings inspired by the artists’ personal journey of motherhood. 

## _**Captive Identities**_ 

Outcomes from the Photoworks Photography Club supported by English Heritage and the University of Warwick. 

## _**Our Sanctuary**_ 

VR and drawings co-created by sanctuary seekers with Michelle Ezeuko and Lara Kobeissi. 

This page: Top to bottom - _Captive Identities_ (2024) © Goble Photography. Video still from _Our Sanctuary_ (2024). _I Saw you in blue_ (2024) © Aspex Portsmouth. 

Right page: _Sorry I’m Not Sorry_ Installation view (2024) © Goble Photography. 

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**“The LJK exhibtion was particularly affecting. Immediate, intimate, a perfect encapsulation of what it feels like to be neurodivergent in an assigned-female-at-birth body”** 



**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Summer** 

## **Jasleen Kaur, Dinu Li,** _**CLASSifications,**_ **Jamila Prowse & Joshua Raffell** 

Sculptural show which explored how we assign meaning to objects and categorise them, reflecting the complex class systems that shape society. 

## _**A Seat at the Table,**_ **Gee Mullins** 

Ceramic, print and painted works that celebrate food culture and the joys of coming together to share a meal. 

## _**THINGifications**_ 

Evolving collection of artworks cocreated with local communities and participants from our creative engagement programme. 

This page: Top to bottom - Artwork detail from T _HINGifications_ (2024) © Aspex Portsmouth. Artwork detail from _A Seat at the Table_ (2024). Installation, Jasleen Kaur, _CLASSifications_ (2024) © Phoebe Wingrove. 

Right page: Installation, Jamila Prowse, _CLASSifications_ (2024) © Phoebe Wingrove. 

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**“Whether you’re an art aficionado or just curious, Aspex offers a refreshing cultural experience in the heart of Portsmouth”** 



**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Autumn** 

## _**COLONY**_ 

## _**The Platform Graduate Award 2024**_ 

Group show examining the enduring impact of colonialism, featuring nine emerging artists, graduating from five local art schools/universities, in partnership with Contemporary Visual Arts Network South East (CVAN SE). 

_**Underland,**_ **Hannah Bestley-Burt** Woven hangings, soft sculptures and blooming slime moulds invited viewers to reflect on interconnected systems and their parallels with human society. 

## _**Silent Dialogues,**_ **Vera Hadzhiyska & Anbuh, in partnership with Pompey Darkroom** 

Photographic series presented as part of the Photo Fringe Festival 2024. 

## _**Open24 Young Photographers**_ 

Showcase of work by local photographers aged 14-18 as part of the Photo Fringe Festival 2024. 

## _**CONNECT**_ 

Work made as part of a collaborative programme with University of Portsmouth students. 

## _**Arts Award 2024**_ 

Work made by young participants of the Home Ed Arts Club towards achieving an Arts Award qualification. 

This page: Top to bottom - Installation view, _COLONY_ (2024) © Goble Photography. Artwork detail, _Underland_ , Hannah Bestley-Burt (2024). © Aspex Portsmouth. Collage, _CONNECT_ (2024) © Aspex Portsmouth. 

Right page: Visitor at _COLONY_ (2024) © Goble Photography. 

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**“Wonderful to see graduate’s work so thoughtfully and carefully curated.”** 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Winter** 

## _**Embodied Activism,**_ **Sivan Rubinstein** 

Merging of visceral movement, choreography, and installation to unpack the complexities of the climate crisis, migration, and womanhood. 

## _**Living Materials,**_ **Louise Frances Smith** 

Installations, sculpture and works on paper, which sought to capture the fragility and resilience of ecosystems. 

_**Entwined,**_ **City of Portsmouth College** Artworks made by Art and Design Level 3 students in response to Sivan Rubinstein’s work and practice. 

## _**Traces of Being**_ 

Group show of the work of 13 artists participating in the Aspire professional development programme. 

This page: Top to bottom - _Living Materials,_ Louise Frances Smith (2025) © Goble Photography. Collage, _Entwined_ (2025) © Aspex Portsmouth. Visitor at _Traces of Being_ (2025) © Karl Bailey. 

Right page: _Embodied Activism_ Installation view (2025) © Goble Photography. 

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**“The exhibitions were very thought-provoking and had a personal and inspiring touch”** 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **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** 

**Pompey Darkroom** , photography workshops and drop in sessions invited the public to interact with photography and use it to respond to some of the themes explored within _Sorry I’m Not Sorry._ 

**Boris Allenou,** the musician and technologist invited visitors to explore sound art and ecology. 

**PAX (Portsmouth Analogue eXperiments)** , artists Patti GaalHolmes, Evagelia Hagikalfa, Frankie Knight, Jane Shepherd and Vicky Smith showcased analogue media through installations and events. 

**Anna Marris** , Platform Alumni reimagined the ocean’s vital circulations through creative interventions to highlight its role in regulating global climate. 

**Tracey Bush** , engaged in the exploration of large-scale botanical artworks. 

**Mutiny Collective** , photographers Barney Jobson, Joshua Corston and Ethan Bennett) explored and examined themes of ‘place’ in partnership with Pompey Darkroom. 

## **“A wonderful time, seeing an artists work and hearing their first hand story”** 

This page: Pompey Darkroom residency (2024) © Aspex Portsmouth. Artist Tracey Bush leading workshop (2025) © Aspex Portsmouth. 

Right page: Children at Family Saturdays (2025) © Aspex Portsmouth. 

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## **Aim 2 Creative engagement** 

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

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Programmes at the gallery & 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 and in need of being celebrated. 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** fF 

A programme comprising: 

- Creative engagement opportunities at key community events throughout Portsmouth. This year we worked at **5** community events all around the city, delivered with **8** partner organisations, working with **3,232** people. 

- Deeper and sustained engagement provided through partnerships with three organisations: Portsmouth City of Sanctuary (with Refugee and Asylum Seekers); Portsmouth Home Education Network (with elective home educated children); and Home-Start Portsmouth (with early years children and carers). 

- New taster sessions with Young Carers in Paulsgrove. 

- Signposting participants to the sustained free weekly Family Saturday provision offered on a drop-in-basis back at the gallery. 

_Creative Families_ was supported by the Partnership Foundation, Wightlink, Trash Arts / Open Ya Mouth Festival, Foyle Foundation and HIVE Portsmouth. 

This page: Top to bottom - Young children at the Kite Festival (2024). Participants at a collage workshop (2024). Young child with ‘Portsmouth’ artwork (2024). Young children painting during a Home Ed session (2024) © Aspex Portsmouth. 

Left page: Adult and child at Pride activities (2024) © Aspex Portsmouth. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **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. 

This year the group collaborated with the Mary Rose Museum as part of its Heritage Lottery funded project Anchored in the Community and visited Portsmouth Museum & Art Gallery. Generate was support through HIWCF: Hampshire & Isle of Wight Community Foundation and public donations through the #DonateForGenerate crowdfunding campaign in 2024. 

## **Public programme for adults** 

## Activities included: 

- Touch Tours for people who are blind or partially sighted; 

- Artist talks, conversations, and collaborative events hosted in partnership with 432 NOMAD’s for Refugee Week, Photoworks, Photo Fringe, and seasonally with Pompey Darkroom; 

- Friday Lates, a curated social event platforming local artists and creatives in response to the seasons themes, including collaborations with Women In Art and Portsmouth Creates for _We Shine_ . 

## **Formal education & partnership projects** 

We work closely with schools, colleges and universities. In 2024/25 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 new project with postgraduate students at the University of Portsmouth’s CCI (Creative & Cultural Industries) Faculty; and continued as 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 2024); with Portsmouth Cultural Education Partnership; Portsmouth City Council (HAF Fun Pompey, part of the national Holiday Activities and Food government initiative). We continued to support Associate Company This New Ground to develop their programme for learning disabled people, as they work towards a major exhibition and take-over festival in 2026. 

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## **Aim 3** 

## **Sector Support** 

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

This page: Top to bottom - Attendees at _COLONY_ preview (2024) © Goble Photography. 

Left page: Generate at _Anchored in the Community_ , Mary Rose Museum (2025) © Aspex Portsmouth. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

**Artist and sector support has always been a core concern for Aspex Portsmouth, and this year has seen our work flourish in the area. From welcoming This New Ground as our first ever Associate Company; to supporting the growth of new organisations Pompey Darkroom and 432 NOMAD’s; the development of artists through access to studio space, specialist mentoring support, supplying opportunities to test and experiment with new ways of working at events; the new Aspire development programme; or providing the next generation of arts managers learning and developmental opportunities through school and university placements; our engagement with our community is stronger than ever. We were especially thrilled that Jasleen Kaur, included in ,** _**CLASSifications**_ **won the Turner Prize!** 

## **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: 

- Co-founder & steering group member of the Cultural Collective of Portsmouth based cultural organisations; 

- Development of the Portsmouth Visual Arts Network; 

- Active participation in CVAN (Contemporary Visual Arts Network) in the South East and South West (Visual Arts South West). 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Staff & Volunteers** 

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

- Edon Thomson joined as us Creative Engagement Assistant, for 6 months, through Artworks Breakthrough programme. 

- Maya Brassington, former Breakthrough trainee, appointed to the new role of Assistant Curator. 

- Programme Assistant placements from MA Curating courses at the University of Leicester and Winchester School of Art, University of Southampton. 

- Increase of University of Portsmouth post-graduate student volunteers following establishment of collaborative CONNECT programme. 

## **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. Two new Trustees were recruited this year through an open process. 

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. 

This page: Top to bottom - Curator Ricardo Reveron Blanco and Assistant Curator Maya Brassington (2024) © Goble Photography. 

Left page: Top to bottom - CVAN SE Manager Oliver Sumner at COLONY Preview (2024) © Goble Photography. Artist talk with Lauren Joy Kennett (2024) © Aspex Portsmouth. **24** 



## **Aim 4 Resourcing** 

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

**25** 



**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Environmental responsibility** 

We have co-environmental champions, our Facilities and Resources Co-ordinator Sam Foot and Trustee Victoria Ingles, who oversee delivery of our Environmental Action Plan. The whole team takes great pride in recycling materials across every aspect of the organisation. Wood, MDF and screws are carefully dismantled and sorted for every exhibition de-installation, enabling repeated reuse. Recycling was a key feature of Joshua Raffell’s work in , with this ethos taken _CLASSifications_ through the entire summer creative engagement programme. Print was reduced to a minimum throughout the year, and communication around the climate crisis was increased through promotion of the _Embodied Activism_ exhibition to have wider impact in the community. 

## **Income generation** 

Event hire has remained consistent this year, with a mix of repeat clients from the corporate, higher education and charity sectors, including Associate Company This New Ground. Digital marketing agency Delivered Social were maintained as tenants of two stand-alone spaces. 

Sales in the shop decreased very slightly, possibly impacted by ongoing cost of living challenges. Its focus remained on contemporary craft work by local and national makers, cards, books, magazines and creative gifts for children and adults. 

Income was boosted by an increase in our claim for Museum & Galleries Exhibition Tax Relief, reflecting increased exhibition expenditure and staff time. 

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. 

This page: Left to right - Map detail, _Embodied Activism_ (2025) © Karl Bailey. Visitor with coffee sitting in the Aspex patio (2025) © Karl Bailey. 

Left page: Young children work on sculpture during community activity (2024) © Aspex Portsmouth. 

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i

**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Fundraising JEDI (Justice, Equity, Diversity & Inclusion)** 

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 Counterpoint Arts; Henry Moore Foundation; and HAF Fun Pompey (PCC); Artswork and University of Southampton to support trainee roles; a grant was secured from Big Lottery Awards for All, to fund Generate activity from Spring 2025; and another from the Foyle Foundation to support Creative Families activity through to the end of 2025. 

Marketing and Communications Manager Kirstie Banks and Trustee/ artist Clarke Reynolds continued as 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. 

We are continuing to experience a highly competitive environment for traditional fundraising, but we carried on working collaboratively, approaching the challenge with positivity and optimism and thanks to significant support received from Portsmouth Partnership Foundation, HIVE Portsmouth and Foyle Foundation, for our creative engagement work in the community, we achieved a comparable level of grants and donations to last year. Our Patron maintained their donation to our work with emerging artists, and we aim to grow this type of support in the future. 

This page: Top to bottom - SEND tour of _Sorry I’m Not Sorry_ (2024) © Aspex Portsmouth. Touch Tour of _Sorry I’m Not Sorry_ (2024) © Aspex Portsmouth. 

Left page: Touch Tour of _Sorry I’m Not Sorry_ (2024) © Aspex Portsmouth. 

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> Image: Visitors sitting in patio area _— ‘io of Aspex (2025) © Karl Bailey. r‘ ‘ So , 

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## **How we work** | Po 

**Our vision is to provoke joy through art in a more equitable society** 

**To achieve this, we are guided by our values** 

## **Communal** 

**Our mission is cultivating art and creativity, rooted in community** 

- 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 believe that in bringing joy, art broadens minds, facilitates learning, connects and nurtures our communities and stimulates radical imagining** 

- We are authentic, nonjudgemental, candid, honest & human. 

## **Radical** 

- We are change agents, 

- experimenting, testing new ideas & challenging the status quo; 

- We are provocative, brave & playful; 

- We are resourceful, flexible & resilient. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **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 2025. 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. 

## **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. 

Images Left to right - Aspex Portsmouth (2025) © Karl Bailey. Visitors at _Sorry I’m Not Sorry_ (2024) © Phoebe Wingrove. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Public Benefit** 

In accordance with the requirements of the Charities Act 2011 and the associated Charities (Accounts and Reports) Regulations 2008, the trustees confirm that they have complied with their duties to have due regard to the guidance on public benefit as published by the Charity Commission, in exercising their powers and duties in the year under review. 

## **Results** 

The Statement of Financial Activities shows an overall planned deficit for the year of £72,074, compared to a deficit of £42,068 in the previous year. 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br> Net Income (Expenditure)<br>(72,074) (42,068)<br>Add deficit on restricted funds 1,120 5,245<br>Add Capital Project Depreciation  37,666 38,002<br>Net operating income<br>(contributing to unrestricted reserves)  (33,288) 1,179<br>**----- End of picture text -----**<br>


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

## **The unrestricted fund** 

A deficit arose on the unrestricted reserve of £33,288 (2024 surplus: £1,179) including net gains/losses on investments. This was planned and approved by the board. 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 increased to £43,332 (2024: £39,393) due to a long-term tenancy with Delivered Social. Earned income for the artistic programme amounted to £12,871 (2024: £11,869) and the level of donations increased to £19,742 (2024: £12,561). 

Staff costs, the largest single expense, increased to £224,797 (2024: £198,899) due to the development of the Creative Engagement programme and funded trainee roles. Premises costs were increased to £46,387 (2024: £40,877) reflecting the unstable nature of energy prices. 

## **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 £71,536 (2024: £67,819) maintained despite the  fundraising environment continuing to be highly competitive. 

## **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 year-end, and during the year under review the loss was £4,674 (2024: a gain of £8,279). 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **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 £176,183 (2024: £209,471) of which £176,183 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 longterm 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 £2,713 (2024: £2,659) and an unrealised capital loss of £4,647 (2024: gain £8,279). This brings the value of the investment to £95,090 at the year-end, compared to its original cost of £53,000. 

Image: Close up of child drawing ‘Portsmouth’ artwork © Aspex Portsmouth. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Looking Forward** 

We are actively leaning into our Gallery of Sanctuary status, working to change the narrative of the city for the artists and communities with whom we work, to ensure that Portsmouth is a culturally exciting, diverse and inclusive place. 

Our programme is strongly focused on sustaining and building on the legacy of the work achieved over the last few years. 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 with Associate Company This New Ground, will elevate the artistic voices and talents of people with learning disabilities. We will also build on the connections developed with Portsmouth Pride and Queer All Year, to continue to programme work that is relevant to and inclusive of our LGBTQIA+ community. We will continue to champion sanctuary seeking and migrant artists and communities through our work and partnerships with Portsmouth City of Sanctuary and 432 NOMAD’s, including but reaching beyond our support for the annual Refugee Week programme. 

Over the coming year we will review the design and delivery of our Creative Engagement programmes to ensure that we keep developing and checking our relevance. The local and national political context is shifting radically, and the impact of devolution and Local Government reorganisation in the near future is still uncertain and will present considerable risks and opportunities. Nevertheless, we are on a transformational journey to become more relevant and sustainable for our local and creative communities in our extremely fast changing world, and plan to approach this with the same level of agility that we have successfully demonstrated in the past. 

Image: This New Ground interviews © This New Ground. 

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**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **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-today management of Aspex to the Director, Joanne Bushnell (Company Secretary). Trustee meetings are held on a regular basis, with subcommittees and sub-groups formed where found necessary, to consider specific matters in more detail. 

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 one of the Co-Chairs). 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. 

The trustees are appointed at Aspex’s annual general meeting and can be recruited during the year by the board. One-third of the trustees are required to stand down and if eligible are able to stand for re-election. The Articles of Association also limit the period of office to two three-year terms.  All of the trustees are also the members of the company, and none received any remuneration during the year. The minimum number of trustees is three and the maximum is fifteen. 

Image: _COLONY_ preview (2024) © Goble Photography. 

**35** 



**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **Risks & Uncertainties** 

The Trustees had a meeting in February 2025 to focus on future challenges and opportunities. The main operating risks facing Aspex are generating sufficient income to meet our targets and contribute to unrestricted reserves, 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 long-term viability of Aspex is currently dependent upon funding from a small number of organisations (i.e. Arts Council England and Portsmouth City Council). The trustees continue to maintain good relations with its funding bodies, and additional project funding from other charitable trusts and similar organisations is obtained wherever possible to supplement the main grants. Since the core revenue grants do not fund all of the charity’s fixed costs, there is a significant dependence upon other earned income and project grants to meet all of the operating costs. Therefore, this drives the need for a reserve in case of a shortfall in funding. Budgets are prepared annually and management accounts and cashflow forecasts are prepared monthly and reviewed by the trustees at their meetings. 

The 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. 

Image: _CLASSifications_ Installation view, Dinu Li (2024) © Goble Photography. 

**36** 



**Aspex Visual Arts Trust Limited - Report of the Trustees for the year ended 31 March 2025** 

## **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). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 

In preparing those financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

## **Structure, Governance & Management** 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company’s auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

This report has been prepared in accordance with the special provisions of 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 & Dr Leo Burtin** Co-chairs of Trustees 

**37** 



## **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 31 March 2025 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. 

- Give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

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

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

## **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. 

**38** 



**Independent Auditor’s Report to the Members and Trustees of Aspex Visual Arts Trust Limited** 

## **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 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: 

- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial s tatements are prepared is consistent with the financial statements; and 

- the directors’ report has been prepared in accordance with applicable legal requirements. 

## **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: 

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

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

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

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

**39** 



**Independent Auditor’s Report to the Members and Trustees of Aspex Visual Arts Trust Limited** 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 19, 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. 

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: 

- We gained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates through discussions with management, sector research, and the application of relevant audit knowledge and experience 

- We made enquiries of management around actual and potential litigation and claims 

**40** 



**Independent Auditor’s Report to the Members and Trustees of Aspex Visual Arts Trust Limited** 

- We made enquiries of management and relevant staff, and designed our audit procedures, including reviewing financial statement disclosures and testing of supporting documentation, to assess compliance with applicable laws and regulations. We focussed on laws and regulations which could give rise to material misstatement in the financial statements including, but not limited to, the Companies Act 2006, the Charities Act 2011, the Charities SORP, and the Financial Reporting Standard 102 

- We identified the risk of material misstatement of the financial statements due to fraud and designed audit procedures to respond to the risk. We performed audit procedures designed to address the risk of fraud arising from management override of controls, including, but not limited to, testing of journal entries and other adjustments, reviewing accounting estimates for evidence of bias, and evaluating the business rationale of significant transactions outside the normal course of business. 

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 noncompliance 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. 

## **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: 13th November 2025 

**41** 



## **Aspex Visual Arts Trust Consolidated Statement of Financial Activities (Incorporating the Income and Expenditure Account) for the Year Ended 31 March 2025** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025  Unrestricted  Restricted  2024<br>Funds Funds Total Funds Funds Total<br>Notes £ £ £ £ £ £<br>Income<br>Donations and legacies 2 132,191 18,631 150,822 143,653 -  143,653<br>Income from charitable  3 30,697 57,209 87,906 41,385 50,303 91,688<br>activities<br>Other trading activities 4 43,332 - 43,332 39,393 - 39,393<br>Investment income 5 2,713 - 2,713 2,659 - 2,659<br>Other income 6 27,083 - 27,083 18,675 - 18,675<br>Total Income 236,016 75,840 311,856 245,765 50,303 296,068<br>Expenditure<br>Raising funds 7 11,643 - 11,643 10,387 - 10,387<br>Charitable activities 8 249,379 118,261 367,640 254,344 94,084 348,428<br>Total Expenditure 261,022 118,261 379,283 264,731 94,084 358,815<br>Net gains/(losses) on  (4,647)  - (4,647) 8,279 - 8,279<br>investments<br>Net income/expenditure (29,653) (42,421) (72,074) (10,687) (43,781) (54,468)<br>Transfers between funds (3,635) 3,635 - (534) 534 -<br>Other recognised gains/<br>(losses)<br>Gains on revaluation of fixed  - - - 12,400 - 12,400<br>assets<br>Net movement in funds (33,288) (38,786) (72,074) 1,179 (43,247) (42,068)<br>Reconciliation of funds:<br>Total funds brought forward 209,471 301,836 511,307 208,292 345,083 553,375<br>Total funds carried forward 176,183 263,050 439,233 209,471 301,836 511,307<br>**----- End of picture text -----**<br>


All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. 

**The notes on pages 44 to 54 form an integral part of these financial statements.** 

**42** 



## **Aspex Visual Arts Trust Consolidated Balance Sheet Company Registration Number 07267846 as at 31 March 2025** 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|2025|2024|
|Notes|£|£|
|Tangible assets|13|281,965|324,072|
|Heritage assets|14|30,000|30,000|
|Investments|15|95,090|99,737|
|407,055|453,809|
|Current Assets|
|Stock|16|3,273|2,855|
|Debtors|17|29,413|54,428|
|Cash at bank and in hand|48,020|34,753|
|80,706|92,036|
|Creditors: amounts falling due within one year|18|(48,528)|34,538)|
|Net Current Assets|32,178|57,498|
|Net Assets|439,233|511,307|
|Funds|
|Unrestricted fund|20|176,183|209,471|
|Restricted fund|20|263,050|301,836|
|439,233|511,307|

**----- End of picture text -----**<br>


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: 6th November 2025** 

**The notes on pages 44 to 54 form an integral part of these financial statements.** 

**43** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

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

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

Investment income is recognised on a receivable basis. 

Income from charitable activities, 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. 

**44** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **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 - 20% on cost and 10% on cost Fixtures and fittings 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. 

## **Investments** 

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain 

or loss taken to the Statement of Financial Activities. 

## **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. 

**45** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **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. 

## **2. Donations and legacies** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>-<br>Donations 1,111 18,631 19,742 12,561 12,561<br>Core Grants:<br>Arts Council England 114,180 - 114,180 114,180 - 114,180<br>Portsmouth City Council 16,900 - 16,900 16,900 - 16,900<br>Donations in kind - - - 12 - 12<br>132,191      18,631 150,822 143,653 - 143,653<br>**----- End of picture text -----**<br>


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** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>Promotion and education of Visual<br>Art:<br>Grants 14,801 56,734 71,535 17,516 50,303 67,819<br>Exhibitions income 8,882 159 9,041 6,563 - 6,563<br>Workshops and education projects 3,514 316 3,830 5,306 - 5,306<br>Sponsorship - - - 5,000 - 5,000<br>Services provided 3,500 - 3,500 7,000 - 7,000<br>30,697 57,209 87,906 41,385 50,303 91,688<br>**----- End of picture text -----**<br>


**46** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 


**----- Start of picture text -----**<br>
Grants received, included in the above, are as follows: 2025 2024<br>£ £<br>Portsmouth City Council - Kite Festival 1,960 -<br>Portsmouth City Council - HAF 1,394     5,989<br>Portsmouth City Council - Let’s Paint - 10,000<br>Trash Arts / Open Ya Mouth Festival 4,995 -<br>Artworks - Breakthrough Training Grant 7,301 7,283<br>Henry Moore Foundation 3,000 -<br>HIWCF 9,925<br>Portsmouth Pride 500 -<br>Portsmouth Partnership Foundation 20,000 30,000<br>-<br>HIVE Portsmouth 15,000<br>The Foyle Foundation 9,000 -<br>Royal College of Art 1,943<br>-<br>Photoworks 2,386<br>University of Southampton 2,500 2,300<br>Mary Rose Trust 3,000<br>Counterpoint Arts 500<br>Other grants for education projects 379<br>71,536 67,819<br>**----- End of picture text -----**<br>


## **4. Other trading activities** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>Shop income 8,606 - 8,606 9,914 - 9,914<br>Hire and catering facilities 34,726 - 34,726 29,479 - 29,479<br>43,332 - 43,332 39,393 - 39,393<br>**----- End of picture text -----**<br>


## **5. Investment Income** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>Dividends received on capital  2,713 - 2,713 2,659 - 2,659<br>endowment fund<br>2,713 - 2,713 2,659 - 2,659<br>**----- End of picture text -----**<br>


**47** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **6. Other Income** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>- -<br>Museum & Galleries Exhibition Tax  27,083 27,083 18,675 18,675<br>Relief<br>27,083 - 27,083 18,675 - 18,675<br>**----- End of picture text -----**<br>


## **7. Raising Funds** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>Other trading activities:<br>Fundraising costs 1,200 - 1,200 450 - 450<br>Hire and catering direct costs 6,873 - 6,873 5,988 - 5,988<br>Shop direct costs 2,923 - 2,923 3,215 - 3,215<br>Credit card charges 647 - 647 734 - 734<br>11,643 - 11,643 10,387 - 10,387<br>**----- End of picture text -----**<br>


## **8. Charitable activities** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>Promotion and education of Visual<br>Art:<br>Staff costs 187,615 37,182 224,797 170,656 28,243 198,899<br>Recruitment, training and DBS checks 3,433 - 3,433 3,286 - 3,286<br>Exhibition costs 1,968 16,042 18,010 4,096 17,129 21,255<br>Workshops and education projects (9,642) 24,958 15,316 9,408 10,614 20,022<br>-<br>Premises costs 44,025 2,362 46,387 40,877 40,877<br>Marketing and publicity 6,777 - 6,777 6,284 - 6,284<br>Volunteer travel costs 347 - 347 385 - 385<br>Depreciation 4,441 37,666 42,107 2,410 38,002 40,412<br>Support costs (see Note 9) 10,415 51 10,466 16,942 96 17,038<br>249,379 118,261 367,640 254,344 94,084 348,428<br>**----- End of picture text -----**<br>


**48** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **9. Support costs** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2025 Unrestricted  Restricted  2024<br>Funds Funds Funds Funds<br>£ £ £ £ £ £<br>Management costs:<br>Telephone 1,476 - 1,476 4,096 - 4,096<br>Postage, stationery and photocopying 524 13 537 979 96 1,075<br>Sundry expenses 1,164 38 1,202 3,173 - 3,173<br>- -<br>Travel and subsistence 3,509 3,509 2,785 2,785<br>- - - - - -<br>Bookkeeping and administrative<br>support<br>- - - - - -<br>Bad debts<br>- - - - - -<br>Legal and professional fees<br>- - - - - -<br>Consultancy costs -<br>PCEP Co-ordinator<br>Governance costs - - - - - -<br>- -<br>Auditors remuneration 3,742 3,742 5,369 5,369<br>10,415 51 10,466 16,942 96 17,038<br>**----- End of picture text -----**<br>


## **10. Net income/(expenditure)** 

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


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>Auditors’ remuneration 3,742 5,369<br>Depreciation 42,107 40,412<br>**----- End of picture text -----**<br>


## **11. Trustees’ remuneration and benefits** 

During the year no trustee director received any remuneration from the charitable company (2024: Nil). 

## **Trustees’ expenses** 

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

**49** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **12. Staff costs** 

|**Employment costs**<br>Wages and salaries<br>Social security costs<br>Other pension costs|**2025**<br>**£**<br>203,016<br>10,473<br>11,308<br>224,797|**2024**<br>**£**<br>181,666<br>7,986<br>9,247<br>198,899|
|---|---|---|
|The average monthly number of employees during the year was as follows:|||
|Cost of generating funds<br>Direct charitable activities|**2025**<br>1<br>9<br>10|**2024**<br>1<br>9<br>10|
|No employee received emoluments in excess of £60,000.|||
|Number of Key Management Personnel|1|1|
|Total Trustee and Key Management Personnel<br>Remuneration & Benefts|44,577|42,950|



## **13. Tangible fixed assets** 


**----- Start of picture text -----**<br>
Improvements Artists’  Fixtures  Motor  Computer  Total<br>to property resources & fittings vehicles equipment<br>£ £ £ £ £ £<br>Cost<br>At April 2024 879,812 2,948 112,980 51,353 22,116 1,069,209<br>- - - - - -<br>Additions<br>- - - - - -<br>Revaluation<br>- - - - - -<br>Disposals<br>At 31 March 2025 879,812 2,948 112,980 51,353 22,116 1,069,209<br>Depreciation<br>At 1 April 2024 581,791 2,948 100,727 38,953 20,718 745,137<br>- - - - - -<br>On disposals<br>Charge for the year 34,929 - 3,714 2,480 984 42,107<br>-<br>On revaluation<br>At 31 March 2025 616,720 2,948 104,441 41,433 21,702 787,244<br>Net book value<br>At 31 March 2025 263,092 - 8,539 9,920 414 281,965<br>-<br>At 31 March 2024 298,021 12,253 12,400 1,398 324,072<br>**----- End of picture text -----**<br>


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 20 for details of the funds they are held in. 

**50** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **14. Heritage assets** 


**----- Start of picture text -----**<br>
Total<br>£<br>Market Value<br>At 1 April 2024 30,000<br>and<br>At 31 March 2025 30,000<br>Total<br>£<br>Net book value<br>At 31 March 2025 30,000<br>At 31 March 2024 30,000<br>5 Year summary<br>2025 2024 2023 2022 2021<br>Cost<br>- - - -<br>Additions 30,000<br>- - - - -<br>Disposals<br>**----- End of picture text -----**<br>


## **15. Fixed asset investments** 

||**Total**<br>**£**|
|---|---|
|**Market Value**||
|At 1 April 2024|99,737|
|Revaluation|(4,647)|
|At 31 March 2025|95,090|
||**Total**<br>**£**|
|**Net book value**||
|At 31 March 2025|95,090|
|At 31 March 2024|99,737|



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

**51** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **Historical cost** 

|At|31|March|2025|53,000|
|---|---|---|---|---|
|At|31|March|2024|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** 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>Stocks 3,273 2,855<br>17. Debtors<br>2025 2024<br>£ £<br>Operating debtors 7,882 6,391<br>Prepayments and accrued income 21,531 48,037<br>29,413 54,428<br>**----- End of picture text -----**<br>


## **18. Creditors: amounts falling due within one year** 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>Operating creditors 5,884 7,143<br>Other taxes & social security 3,287 2,760<br>Other creditors 1,650 2,463<br>Accrued expenses 3,708 4,908<br>Deferred income (see below) 33,999 17,264<br>48,528 34,538<br>**----- End of picture text -----**<br>


## **Deferred income** 

## **Deferred income comprises grants received for future financial periods.** 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>Balance brought forward 21,500 21,500<br>-<br>Amount released to incoming resources  (21,500)<br>Amount deferred in year 29,999 -<br>Balance carried forward 29,999 21,500<br>**----- End of picture text -----**<br>


**52** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **19. Analysis of net assets between funds** 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  2024 2025<br>Funds Funds<br>£ £ £ £<br>Fixed assets 48,915 263,050 311,965 354,071<br>Investments 95,090 - 95,090 99,737<br>Current assets 50,707 29,999 80,706 92,037<br>Current liabilities (18,529) (29,999) (48,528) (34,538)<br>176,183 263,050 439,233 511,307<br>**----- End of picture text -----**<br>


## **20. Movement in funds** 


**----- Start of picture text -----**<br>
1 April Income Expenditure Gains & Transfers 31 March<br>2024 losses 2025<br>£ £ £ £ £ £<br>Unrestricted funds<br>General fund 209,471 236,016 (261,022) (4,647) (3,635) 176,183<br>Restricted funds<br>CLASSifications - 7,759 (6,682) - (1,077) -<br>Embodied Activism - 500 (2,838) - 2,338 -<br>Sorry I’m Not Sorry - 1,886 (1,919) - 33 -<br>Traces of the non-existent - 4,000 (4,364) - 364 -<br>HAF - 1,424 (1,325) - (99) -<br>Capital project - 2006 218,107 - (30,520) - - 187,587<br>Generate 1,050 14,030 (15,252) - 172 -<br>Capital project - 2017 82,610 - (7,147) - - 75,463<br>Creative Families 69 46,241 (48,214) - 1,904 -<br>301,836 75,840 (118,261) - 3,635 263,050<br>511,307 311,856 (379,283) (4,647) - 439,233<br>**----- End of picture text -----**<br>


**53** 



**Aspex Visual Arts Trust Notes to the Financial Statements** 

## **Movement in funds (comparative)** 


**----- Start of picture text -----**<br>
1 April Income Expenditure Gains & Transfers 31 March<br>2023 losses 2024<br>£ £ £ £ £ £<br>Unrestricted funds<br>General fund 208,292 245,765 (264,731) 20,679 (534) 209,471<br>Restricted funds<br>Yellow Kite 141 - (141) - - -<br>Capital project - 2006 248,821 - (30,714) - - 218,107<br>Generate 4,990 9,925 (13,865) - - 1,050<br>Capital project - 2017 89,757 - (7,147) - - 82,610<br>HAF 768 - (768) - 534 -<br>ACC CAPSID 606 378 (1,518) - - -<br>Creative Families - 30,000 (29,931) - - 69<br>Let’s paint together - 10,000 (10,000) - - -<br>345,083 50,303 (94,084) - 534 301,836<br>553,375 296,068 (358,815) 20,679 - 511,307<br>**----- End of picture text -----**<br>


**CLASSifications** - project funding for Joshua Raffell residency and Summer 2024 exhibition. 

**Embodied Activism** - project funding for Winter 2025 exhibition. 

**Sorry I’m Not Sorry** - project funding for Spring 2024 commission and exhibition. 

**Traces of the non-existent** - project funding from Henry Moore Foundation and Patron for Spring 2025 commission and exhibition. 

**HAF** - Government/LA funded Holiday Activities with Food programme. 

**Capital project 2006** - capital funding from various sources to facilitate the relocation to Gunwharf Quays in 2006. The funds received were fully expensed in making improvements to the leasehold premises and the purchase of fixtures and fittings. The fund balance represents the net book value of those fixed assets purchased. Movement on the capital project fund comprises depreciation of £30,714 for improvements. 

**Generate** - project funding from various sources to support ongoing delivery of a programme of workshops with people with Dementia. 

**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 art studio increasing outreach beyond the building. 

## **21. Employee benefit obligations** 

The charitable company operates an auto enrolment pension 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 £11,308 (2024: £9,247). There were £0 of outstanding contributions at 31 March 2025 (2024: £813). 

## **22. Related party transactions** 

There were no related party transactions for the year. 

**54** 



## **Aspex Portsmouth is supported by** 

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