REGISTERED COMPANY NUMBER: 03136932 (England and Wales) REGISTERED CHARITY NUMBER: 105A551 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE PHOEJYIX ARTS ASSOCIATION LIMrrED Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
THE PHOENIX ARTS ASSOCIATION LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THI YEAR ENDED 31 DECEMBER 2024 PAge Report of the Tru$tee8 Independent Examiner's Report Statement of Fin#ll¢i41 AdAtIeS Balance Sheet Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Flnancial Statements 14 to 23
THE PHOENLY ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of th¢ charity for the purposes of the Companies Act 2006, present their report with the financial statements of the chatity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Cliarities.. Statement of R¢¢ommended Practic¢ applicable to cliarities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repiiblic of Ireland (FRS 102) (effective l January 2019). OBJEcfivES AND ACTIVITIES Objectives and aims The Charity's objective and principal activities are: l. The promotion of the arts, and 2. The advancement of public education in the appreciation, production and practiGe of the aTts, and 3. To r¢li¢ve poor artists by providing workspa¢¢ and studio facilities and by the pn)vision of advic¢ in artist development seminars. Slgnifi¢ant activities Our ¢ommitment to actioning and promoting inclusion and diversity through the arts was fiirther developed thrOll 5 key exhibitions in 2024 in our Main Gallery, and was also strongly represented in our Project Space prograrnm¢. All exhibitions were open to the public and fre¢ to visit. Family workshops and events aliglled to the exhibition themes ran throughout the 2024 programme. Phoenix is PToactive in encouraging new audiences and creating a truly welcoming. safe and accessible ¢nvironmenl. Each year, part of the Phoenix Studio Award, we offer rent-free studio space to an artist from an under-represented gmup and who experiences intersecting fonns of discrimination. In 2024 digital artist Judith Ricketts was the recipient of the award, which included a solo exhibition in the Window Gallery in 2024. Following extensive consultation in 2023, and in line with the recommendations from the 2021 Governance Review, we have reviewed our Memorandum and Articles of Association, which includes a proposed chang¢ to our charitable objects. This was fornially reviewed and approved by sp¢¢ial resoliition al an EGM in January 2025 and subsequently approved by the Charity Commission in F¢bruary 2025. The n¢w charitable objects are.. 'Tor the public benefit to promote the arts,. to promote equality and diversity in the arts. and to educate the public in the production and the appreciation of the arts- in particular but Dot exclusively by providing exhibition and sMdio spaces for em¢rging artists and those in necessitous circumstan¢¢s due to their age, race, gender, disability, sexual orientation or financial hardship, particularly in the towns of Brighton and Hove, and in other areas of the South East of England. We r¢¢ruit¢d for and welcomed one new Trustee to the board thts y, and are supporting a young individual to join the board as a Trustee in 2025. Six Trustees resigned in 2024, having r¢ached the end of their of office. We are looking to further develop the skills and diversity of our Board in 2025. In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. Phoenix relies on the income from studio rentals, community workspace hire and educational activities to cover operating costs and to contribute to the art exhibition programme and creative activities free to the publi¢. However, in setting the rent levels and course Charges the board gives careful consideration to the affordability of the services Phoenix provid¢s. In tern]s of studio rents an affordable rent level has been assessed against tlie current comparable mark¢t and the Phoenix rent level is in line with this. Page I
THE PHOENIX ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANC Charitable aetivities In 2024 Phoenix Art Space Wel¢omed 19,987 visitors into the building, including 14.741 visitors lo our exhibitions -we worked with 142 artists through our exhibition programme.1 I l artists benefited from having a sthdio. 2,862 people visited our Open Studios 2024. - We hosted 2 annual Studio Awards in our studios. - We ran 198 creative workshops and courses. - 1,377 people partlcipated in our learning and communAty engagement pmgramme. - 77 artists were paid to support our learning programme. 210 Art Packs were distributed to local families. Affordable work space for tht arts The artist studios in the building, over 100 Spaces, are always fully occupied and in 2024 we maintain a sizeable waiting list of artists keen to join the talent¢d community of artists. We continiie to support recent graduates through a patlnership with CASS Art and University of Brighton and through the Phoenix Studio Award we are able to off¢r & fre¢ Sdi0 to one artist annually. We particularly welcome applications from artists who are n]arginalised or experience intersecting forn)s of discriniination with the award allocated based on talent and ne¢d.The Rockets, (an inclusive group of visual and performance artists who challenge barriers around art, diversity, learning and communkcation) continue to have a sdi0 on the ground floor at Phoenix. Oiw waiting list and call for applications remained paused in 2024 whilst we review our application processing in light of our proposed changes to our charitable objects. Sthdio members receive a weekly news letter via ¢nthil, all 'open doov system is in pla¢¢ in the office for members, as are I:1 meetings witb the Executive Director, and meetings as a larger group. Hire Space Phoenix provides a lively and welcoming spac¢. Many external organisations hiie the rooms for meetings, and workshops. Our Project Space has been host to many exbibtions in 2024, on a hire basis. We note that January and Febnwy remain quiet and are looking at different ways to generate income from th¢ spa¢e during tbese times. Our workshop spaces were busy in 2024, both with our own workshops and as booked spaces. We have been fundraising to support upgrade of our White Room in particular to create a more inviting spa¢e, and encourage more bookings. Exhibitions Phoenix has a large nthin gallery, suitsble for Major exhibitions and events, plu8 the Window Gallery and the Project Space, all on the ground floor and an experimental exliibition space, Gallery DODO, which is run by Phoenix Studio artists. On o¢easion there have been four different exhibitions opening in the building at one time, all free ¢nty, providing the publi¢ with a rich cultural experienc¢. kIN GALLERY In 2024, we presented five main exhibitions in the Main Gallery and hosted a Winter Residency in January IFebruary 2024. This residency provided a time-limited, larger, wami space to artists selected through an open call. 2 March - 14 April 2024: H A R D P A P E R. The third in a series of exhibitions at Phoenix Art Space that highlight work by contemporary abstract painters. 4 May - 30 June: Ooze Machin¢s was a solo exhibition by award winning visual artist and quantLtm physicisL Dr Libby H¢aney featuring an immersive multi-¢hannel video, new glass and 2D works and a playable experience. Co- presented by Brighton Festival and Phoenix Art Spa¢e. 3 July - 22 September 2024.. Swan Song: sing her to me. A solo eKhibition by Remi Rana Allen of textile sculptures, collage arnd film addresses the impact of colonialism, migration and patriarchy. 5 October - 17 Novernber: CommoThGround. The biem]i&l. open-platforni photography festival Photo Fringe Tettmied for ils eleventh edition. The Collectives Hub at Phoenix Art Space has consistently fonned one of Photo Fringe's most visible, visited and critically acclaimed exhibitions. Funded by Arts Council Ellgland. Page 2
THE PHOENIX ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 REPORT OF THE TRUSTEKS VOR THE YEAR ENDED 31 DECEMBER 2024 23 November - l D¢G¢mber 2024: Youth Takeover -YourSpace to Make. A creative programme led by alid for young people aged 13-25 y¢ars. Young people took over our Main Gallery and transfornied tlie gallery space and windows with their own artwork. The space was activated by creative activities, workshops and events, including through partnerships with Brighton Youth Centre and Lighthouse Future CTeativ¢ Leaders. 7 & 8 December 2024., The inaugural Brighton Art Book Fair. This tabletop fair broiight a diverse and dynamic mix of some of tbe best international artists, book publishers to audiences in Brighton. Some exhibtions were funded through Arts Council England and other Tnts and Foundations, and some from our own in¢om¢ or in partnership with other OrgilSatiOns (e.g Brighton Festival and Pholofringe). PROJECT SPACE EXHIBITIONS OLW Project Space is available to hire for exhibitions and events tbroughout the year. In 2024 this included . Events and workshops with Lighthouse, Outside In, MET and the NHS & Probation Seryice (The Art Sthdio) . We hosted an exhibition by University of Brighton Freelands Fellow Michael CLar¢nGe, and supported many mor¢ artists and groups by providing exhibtion space for hire. In 2024 we once again programmed the Platform Gradiiate Award, in the Project Space. A CVAN SE (Contemporary Visual Arts Network South East) itiitiative it brings together HE fine art recent graduates with arts organisatio1 in their region for an exhlbition. In 2024 (in a ¢hallg¢ from previous years) one exhibitor from each participating institution w¢nt on to win £500 each, and the group r¢c¢ived a mentoring session with the directors or curators from each of the participating inStitIOns. WINDOW GALLERY Throughout the year, Sthdio artists ar¢ given an opportunity to propose an exhibition for the Window Gallery. which is supported by the Exhibitions team. In 2024, six ttists, including one Studio Awardee, pres¢nt¢d work in the Window Gallery. We also trialled the Window Gallery as a hire option for the wider arts community at two points diwing the year. GALLERY DODO An artist-led ¢xhibition space situated on the south stainvay of the building, which offers an opportunity for artists to ollaborate together in an experimental way. Visitors Pre-book a free timed slot for their visit wh¢n ¢xhibition5 are on. One artist from the Winter Residency has gone on to work with us in a freelance Gapacity as Front of House staff, enabling them to gain employment and develop their CV, alongside networking oppornitIeS wTth the staff team and skndio members at Phoenix. Edueatfion, Engagement and Learning Phoenix has a vibrant and inclusive learning programme which offers many free art activities associated with the year-round programm¢ of ¢xhibitions. Our course fees are se¢ in line with similar offerings and kept at an affordable level foi the general public on limited means. In the pt, we have been able to support free packages for some of our local community. However, the nding landscape has proven exceptionally challengin& and we have b¢en unable to offer free places this year. Our creative course8 for adults are taught by professional artists and continue to b¢ well-subscribed, despite the economic challenges. We are mindful to balance our economic needs as a clwity with affordability, 9nd keep a watchful eye on both course and tutor fe¢s. Page 3
THE PIIOENIX ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 RPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024 Our link with th¢ local ¢ommunity continues to flourish as we provide art packs for the fainilies in our neighbourhood, and to engage with issues and social events. Through siiccessful funding bids Phoenix has provided many free creative opportunities, including creative workshops for members of Olir local community who face multiple disadvantages. tn 2024, we continued to work Closely with our local community, older residents and families, for whom the cost of living crisis remains especially Challenging. W¢ know that ¢reative activity can provide a huge benefit t(> wellbeing. We continue to work with Hanover and Elm Grov¢ Conjmunities Forum on joint initiative$, impTovittg our local environment and introducing new audiences to the arts. We work with the Phoenix Community Food Shop (fonnerly Phoenix Food Bank), to Sort and deliver produce as w¢ll as providing art packs to families to hav¢ creative fiin together. Phoenx Art Space is a partner in our Neighbourhood Action Plan a cornmunity-led approach to improving and developing Local &reas, focusing on specific issues and goals. During each of the Main Gallery exhibitions, we held at least one free Family workshop, where visitors engaged with themes or mrAteria]s in a hands-on creative way. Where thnding was in place we ran creative workshops with specifi groups r¢lated to the exhibition themes. Increased competition for decreased funding nationally is impacting our ability to d¢liv¢r &9 many workshops and activities as we have in previous years. Over th¢ half term and for one week in the summer holidays, artists 'Leap then Look, ran creative art sessions for young people, working tog¢ther on projects, learning to cooperate and experin]ent with new nterialS and tecljniques. Our parthership with the Probation Service continued with The Art Studio(fornierly the Art Club), a weekly meeting space for people on probatiots. The programme was established at Phoenix Art Space in the wake of the COVID-19 pandemic. It aims to improve m¢ntal health and reduce reoffending by providing participants with opportunities for social connection, creative expression. and a sense of belonging witbin the arts conllnunily. Our partnership with CASS Art and the University of Brighton remains strong with one of the University of Briltoll graduates being awarded the 2024 prize of a studio for a year and an exhibition in the Window Gallery. University of Brighton third year students are a180 invit¢d to apply for th¢ Platfonn Graduate Award, alongside those from East Sussex College, Hastillgs. Events We were delighted to hold our annual Open Studios event in May 2024, and welcomed 2,862 people to our building. We w¢r¢ part of Artist Open Houses Festival Hanover Trail. Both members of the public and artists benefit from this annual ¢v¢nL with visits by local eur&tors and galleries, as well as giving an opportunity for visitors to buy work directly frorn the artistlmaker. We wel¢ome families to Open Studios, providing an art trail through th¢ building and encouraging an understanding of caTe¢rs in the art sector for young people. It is a high point on our calendar each year, and takes plac¢ in May during the Brighton Festival. Cafe Canvas Café provided snacks and drinks throughout the y¢Ar. Th¢ $pa¢e is whe¢lchiÉ ir ac¢¢s$ible and is a great creative hub for our artists, workshop users, gallery visitors aDd the g¢n¢ral publi¢. The ¢af¢ attracts a broad visitor range, from students through to families and older residents of Brighton. FINANCIAL REVIEW FiDAncial position Despite the continued reduction of, and increed competition for, funding to support our work, Phoenix has made a surplus in unrestricted funds in a challenging economic environment. We have 9W/o occupancy in our stl108 and our learning progr}llne continues to prove popular with the public. 2024 has also seen a significant increase in our workspace hire bookings and this 18 a promising source of revenue generation. The level of costs has continued to incr¢ase however we have managed our costs well alongside exploring ways to make our activities more sustainable and environmentally friendly. The tnTStees regularly revisit the 20-ye&r planned maintenance schedule of works and ensure any large upcoming works can be paid for through designated funds. Page 4
THE PHOENIX ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 REPORT OF THE TRUSTKES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Reserves policy Phoenix recognises thttt it is finaThcially prudent to accumiilate and designate thnds to cover any unexpected financial ircumstance and to fund strategic projects. The Trustees will therefore aijn to hold reserve levels equivalent to three months average expenditure ill order to help Phoenix continue to be a going concern. Any r¢serves accumulat¢d above this target will be banked or designated to the plat)ned maintenmce of tbe building, or to strat¢gic projects as they arise. Excluding the designated planned maintenance funds, the level of free reserves a$ at 3 1st December 2024 is £70,570. Thts is 620/• of the reserY¢s policy target of £114,655. Including designated planned maintenance funds, tbe level of reserves is 860/0 of the target. The trustees aim to increas¢ reserves by exploring new opportunities for revenue g¢n¢ralion and cost reduction and the fundraising alld development committee meets regularly to discuss funding ideas and income generation opponIties. FUTURE PLANS Phoenix remains committed to implementing the re¢omm¢ndalions of our 2021 Governance Review. This has stabilised the charity, clarifying the stru¢ture and responsibilities of all parties, By reviewing policies and pro¢ediwes, Phoenix is now in a strong position to develop its Business Plan. This incliides continuing our research and development project for a major retrofit of oiw building, aimed at reducing our carbon emissions and energy ¢osts and ellsuring it remains fit for use. In 2024, we signifi¢antly pi'ogressed this piece of work and are actively fid[alS1Thg to rea¢h RIBA Stage 3 in 2025. The studios continue to enjoy 990/0 occupancy, with a waiting list of artists wishing to join when a vacancy appears. In 2025, we aim to reopen our waiting lisL with a new application procedure that will better meet our proposed new charitable objects. Phoeni¥ attendees at educational programmes and at exhibittons and events c()ntinu¢ to grow, as does th¢ engagement with our website and social medi& We will continue to apply to Public Funds, Trusts, Foundations, Major Donors and Sponsors for funding and support, so that we can build on the highly vajued work we have been doing with the conllnunity and for our diverse audiences. Phoenix is constantly looking at ways to r¢duce costs and to make our building more sustainabl¢. The retrofit research has informed our environmental strategy and action plan for improving the ¢co footprint and sustainability of th¢ organisation. Page 5
THE PHOENIX ARTS ASSOCIATION LIMITED GISTERED NUIVIBER: 03136932 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEIIqENT Governing doeument The charity is controlled by its M¢morandum and Articles of Association and constitut¢s a limited company, lirnited by guarantee, as defined by the Companies A¢t 2006. Trustees, recruitment and appointment TSte¢S are invited to apply and are interview¢d by the board. The criteria for appointment are based on the skills and experi¢llce they can bring to the team and their ability to represent the different sectors of the ¢ommunity. After an initial CoOPted period, the prospective tnistee will be presented to the atTiliate members at the AGM and elected fonnally. The 2021 governance review noted the board's lack of diversity. Through s¢nsitive and proactive T¢cruitmen( our Board's div¢rsity is now mor¢ closely ill line with local demographics for Biighton and Hove. There are a minimunj number of trustees required but no maximum. One third of tlie trustees stand down at th¢ Annual General Meeting and can be reappoinfrd by the members for a maximum of two consecutive terms. Phoenix has two categories of m¢mber' members (who apply to become full members and are agreed by the Board) and associate mejnbers (who are Studio members). AII trLiStees are offered trustee trainlng if require(L The prospective trnstee has an induction meeting and is mentor¢d to ensure a smooth transition into the organisation. Full trustee meetings take place quarterly. however sub committees and sub groups m¢¢t InoTe regularly and special meetings occur wh¢n necessary. Trnstees also attend nleetings with Associate members and social ¢vent8. REFERENCE AND ADMINISTRATIVK DETAtLS Reghstered Company number 03136932 (England and Wales) Registered Charlty number 1051551 Registered office 10114 Waterloo Place Brigbton BN2 9NB Trustees Ms K H Strachan (resigned 611212024) Mr A G Murray (resigned 611212024) Mrs J Walters (resi)ed 611212024} Mrs H L Chester Ms S E Prime (resigned 231112024) Ms A G Bright Ms A J Cameron (resigned 31412025) Dr C L F Courage Mr A J Cummius Ms S L Parkin Mr J P Turko Mr S D Wilkinson Mr S Quiam (resigned 81412024) Ms R K Allen (appointed 2711212024) Company Secretary Ms S J McC(Fnnell Page 6
THE PHOENIX ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examlner Dr Shona F Wardnjp C.A. ChaTlOt House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Approved by order of the board of tStee8 on zS....O.kwL..%<.. and signed on its behalf by.. J Cummins - Tntee Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF T{ PHOENIX ARTS ASSOCIATION LILMtTED Independent examiner's report to the trustees of The Phoenix Arts AssoclAtion Limited ('the Company,) report to the ¢harity trnstees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and ba$ls of report As the charity's trustees of th¢ Company (and also its directors for the piirpos¢s of Gompany law) you are responstble for the preparntion of the accounts in accordan¢¢ with the requirements of the Companies Act 2006 ('the 2006 ACV). Having satisfied myself that the accounts of the Company ar¢ not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your chatit)4s accounts as carried out Uler Section 145 of the Charities Act 2011 ('the 2011 Acv). In carrying out my examination I have followed the DireGtions given by the Charity Commission und¢r Se¢tion 145(5) (b) of the 2011 Act. Independent examiner's statement Since your ¢harity'8 gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirni that I am qualified to undertake the examination because l am a memb¢r of the Instiiute of Chartered Accountants of Scotlan(L which is one of the listed bodies. I have completed my cxamination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe.. accouThting records were not kept in respect of the Company as reqiiired by Section 386 of the 2006 Act. or the accounts do not a¢¢ord with those records. or the accounts do not eomply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matt¢r considered as part of an independent examination. or the accounts have not been prepared in accordance with th¢ tnethods and principles of the Statement of Recommended Pra¢tice for accounting and reporting by charities (applicable to charities preparing their accounts in ac¢ordan¢¢ with the Finoncial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come a¢ros8 no other matters in connection with the examination to whi¢h attention shoidd be drawn in this r¢port in order to enable a proper understanding of the accounts to be reached. Dr Shona F Wardrop C.A. The Institute of Chartered Accountants of Scotland Chariot House Limtted Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Page 8
THE PHOENIX ARTS ASSOCIATION LIMITED STATEMENT OF FINANCIAL ACTIvrriES FOR THE YEAR ET4DED 31 DECEMBER 2024 2024 Total ftinds 2023 Total funds Unrestricted nds DeBÈgnated ftmds Restricted fijnds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 5.272 21,600 26,872 66,376 ChArfitable a¢tlvltfi¢s Events, Exhibitions alld Food & 13,429 313,000 103,660 15,888 13,429 313,000 103,660 15,888 11,845 293,418 110,501 2,595 Studios & Room Hire Courses OffLce and Finance Other trading activities Investment income Other income 23,725 720 23.725 720 19,525 452 1.250 Total 476,944 498,544 505,962 KXPENDITURE ON Charfitable gctivities Event4 Exhibitions and Food & 43,707 29,900 86,598 161,374 142,245 43,707 29,900 86,598 191,340 166,957 8,211 43,345 30,317 89,861 201,620 163,978 Studios & Room Hire Courses OlC¢ and Finance Building Maintenance Community Engagement 2024 29.966 24,712 Total 472 035 526 713 529 121 NET INCOMEI(EXPENDITURE) 4,909 (24,712) (8,366) (28.169) (23,159) RECONCILIATION OF FUNDS Total funds brought fonvard 448.118 53.037 20,000 521,155 544,314 TOTAL FUNDS CARRIED FORWARD 453,027 28,325 11,634 492,986 521,155 The not¢s forn) purt of these financial statements Page 9
THE PHOENIX ARTS ASSOCIATION LIMITED GISTERED NUMBER: 03136932 BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total fidS Unrestricted nds Designated funds RtrICted funds Notes FIXED ASSETS Tangible assets 12 382,458 382,458 388,277 CUIIRENT ASSETS Debtors Cash a¢ bank and in hand 13 25.950 98.890 25,950 138,848 25,987 170416 28,324 11,634 124,840 28,324 11,634 164,798 196,403 cREDoRs Amounts falling due within on¢ year 14 (54,270) (54,270) (63,525) NET CURRENT ASSETS 70,570 110528 132,878 TOTAL ASSETS LESS CURRENT LIABILITIES 453,028 28,324 11,634 492,986 521,155 NET ASSETS 453,028 492 986 521,155 FU14DS Unrestricted fimds Restricted funds 16 481,352 11.634 501,155 TOTAL FUNDS 492,986 521,155 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its fInancial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and prepillg financial st&temenls which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or defi¢it for each fmancial year in accordance with the requirements of Se¢tions 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable lo the charit&ble company. OTr) The notes forn] part of th¢se finan¢ial statements Page 10 contillu¢d...
THE PHOENIX ARTS ASSOCIATION LILIqITED REGISTERED NUMBER: 03136932 BALANCE SHEET - continued 31 DECEMBER 2024 These financial statements have been prepared in accordance with the pmvisions applicable to charitable CompleS subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 2.1.~. .J4£0.1..... and were signed on its behalf by.. Mr A J Cummins . Trustee The notes forni parl of these financial statements Page 11
THE PIIOENIX ARTS ASSOCIATION LIMITED CASH FLOW STATELIqENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash l]ow8 from oper4tlng activitl Cash generated from operations 32,288) 55 802) Net cash used in operating activities 32.288) 55,802) Cash flows from investing activities Interest received 720 452 Net cash provided by investing activiti 720 452 Change in cash and cash equivalents in the reporting period Cosh and cash equivalents at the beglnning of the reporting period (31,568) (55,350) 170,416 225 766 Cash and cash equivalents at the end of the reporting perAod 138 848 170,416 The notes forni part of these funcial statements Pag¢ 12
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE ITAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting perlod (as per the Stjtement of Financial Aetivities) Adjustments for: DeprecÉalion charges Interest received Decrease in debtor8 Decrease in creditors {28,169) (23,159) 5,819 (720) 37 6,093 (452) 10,600 48,884 Net cash used in operation5 32,288 55.802) ANALYSIS OF CHANGES IN NET FUNDS At 111124 Cash flow At 31112124 Net cash Cash at bank and in band 170 416 31,568 138 848 170416 138.848 Debt Debts falling due within l year 4,408 4,408 4,408 Tolal 166,008 138,848 The notes fom part of these financial statements Page 13
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL sTATENTs FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Cbarities SORP (FRS 102) 'Accounting and Reporttng by Charities: Statement of Recommended Practice appli¢able to charities preparing their accounts in a¢¢ordanr¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS E02) (effective l January 2019),, FiDlU]cial Reportlng Standard 102 'The Finan¢ial Reporting Standard applicable in the UK and Republic of Ir¢land' and the Companies Act 2006. The finan¢ial statements have been prepared under the historical cost onvention. At the time of approving the financial statements, the trustees have a reasonable expectation, from budgets and cashflow projections, tbat the charity has adequate resources to continue in operational existence for the foreseeable future and at least 12 months from the date of signing the accounts and on that basis tbe ¢harity is considered to be a going concern. Income All income is recogtiised in the Stgltement of Financial Activities once the clwity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constrnctive obligation committing the charity to that expenditlwe, it is probable that a transfer of economic benefits will be required in s¢ttl¢ment and the amount of the obligation can be m&qsured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to tbe category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangfible rued assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold propety Equipment Straight line over 50 years 250/0 on reducing balance The charity does not capitalise items costing less than £1,000. The trustees have made the de¢ision to depreciate the estimated cost of the building, £250.000, over 50 years from 1st January 2021. Taxatio Th¢ Charity is Considered to pass the tssts set out in Paragraph I Schedule 6 Finance Acl 2010 and therefore it meets the defInition of a charilabl¢ Gompany for UK cooration Tax pury)oses. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. accounting UJ]restricted funds are available for use at the discretion of the tLUStees in furtherance of the general objectives of the charity. Restricted funds can only be used for particular restricted purposes withill the objects of the charity. Restrictions arise when specified by the dollor or when fiJnd8 are raised for a particular restricted puOSe. Pension Costs and other post-retlrement benefits The charitable company operates a defined ¢ontiibution pension s¢h¢rne. Contnl)utions payable to the haritable company's p¢nsion s¢hem¢ are ¢haTged to the Statement of Financial Activities in the period to which they relate. Page 14 ¢ontinued...
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - contfillued FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Donations Grants 272 26,600 531 65,845 66,376 Grants received, included in the above, are as follows.. 2024 2023 Brighton and Hove City Council Chalk Cliff Trnst Sussex Police Uuiversity of Brighton Sussex PartneTship NHS Foundation Trust The Arts Society A Woman's Place Project CIC Project Art Works 2023 South E&8t Dance The Trust for Developing Communities Brighton Dome and Festival 7,350 2,000 350 9.075 17,450 3.000 2,000 24,020 loo 500 5,000 16,600 5,000 65,845 OTHER TRADING ACTIVITIES 2024 2023 Car Parking 23.725 19,525 INVESTMEIYT L¥COME 2024 2023 Deposit account interest 720 452 Pag¢ 15 continued...
THE PHOENIX ARTS ASSOCIATION LIMITED NOTKS TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBKR 2024 NCOME FROM CHARITABLE ACTIVITIES Events, Exhibitions and Food &Bar Studios & Room Hire Courses Studio Income Workspace hire Course fees Events, exhibitions and food & bar Office and finance 266,467 32,316 6,906 103,636 1,034 5,489 14,217 24 13,429 313,000 103,660 2024 2023 Office and Finance Total activities Total activities Studio Income Workspac¢ hiTe CouTse f¢¢s Events, exhibitions and food & bar OtTice and fmanG¢ 266,467 39,222 103,636 1,034 35,618 245,638 44,660 110,351 1,197 16,513 15,888 445,977 418,359 CHARrrABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Events, Exhibitions and Food & Bar sdI05 & Room Hire Courses 01CC and Finance Building Maintenance Community Engagement 2024 43,707 29,900 86,598 29,966 166,957 8,211 43,707 29,900 86,598 191,340 166,957 161,374 365 339 161374 526,713 Office and Finance Direct Costs relate to all restricted fund expenditure across th¢ Charitable aGtiViti. See note 16 for fid breakdown. Page 16 continued...
THE PHOENIX ARTS ASSOCIATION LIMrrED NOTES TO THE FINANCIAL STATEllNTs - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS Governance costs Management Totals Office and Finance 158,294 3,080 161,374 Support Costs. included in the above, are as follows: 2024 Otyice 2023 Total tivities Finance Wages Social security Pensions Advertising Operating costs Accountancy and legal fees I 13,076 7,721 2,587 2,146 32,764 95,099 6,562 2,368 2,508 26,979 3.787 161,374 137,303 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting)'. 2024 2023 Deprecialion - owned assels Independent Examiner 5,819 3,080 6,093 2,800 TRUSTEES, REMUIYEIL4TION AND BENEFITS During the year, no payments were made to artist trnstees for invigilation and course tutor fees (2023.. £228) Trustees, expenses There were no tNstees' expenses paid for the year ended 31 Dec¢mber 2024 nor for the year ended 31 December 2023. Page 17 continued...
THE PHOENIX ARTS ASSOCIATION LIMrrED NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE ITAR ENDED 31 DECEMBER 2024 io. STAFF COSTS 2024 2023 Wages and salaries So¢ial security costs Other pension costs 225,951 12,944 4,641 211,998 11,152 243,536 227 395 The total r¢rnuneration paid to k¢y management p¢rsonn¢l during the year was £163,670 (2023: £164,753). The average monthly nurnber of employees during the year was as follows: 2024 2023 No employees received emoluments in excess of £60,000. ii. COMPARATIVES FOR THE STATEMENT OF FINAIYCIAL AcfiviTIES Unrestricted Designated nds funds R¢stri¢ted funds Total nds INCOME AND ENDOWMENTS FROM Donations and legacies 2,534 63,842 66,376 Charitable activities Events. Exhibitions and Food & Bar Sdis & Room Hire Cours¢s Office and Finance 11.845 293.418 110,501 2,595 11,845 293,418 110,501 2,595 Other trading activities Investment income Other incojne 19,525 452 19,525 452 1,250 Total 442,120 63,842 505 962 EXPENDITURE ON Charitydble activities Events, Exhibitions and Food & Bar Sthdios & Room Hire Courses Office and Finance Building Maintenance 43,345 30,317 89,861 137,299 139,425 43.345 30,317 89,861 201,620 163 978 64,321 24,553 Total 529,121 NET INCOMEI(EXPENDITURE) 1,873 {24,553) (479) (23,159) RECONCILIATION OF FUM)S Total fidS brought fonvard 446,247 77,590 20,477 544,314 Page 18 continued...
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THK FINANCIAL STATEMKNTS - ¢oJ)tinued FOR THK YEAR ENDLD 31 DKCEMBER 2024 ii. COMPAIL4TIVES FOR THE STATEMEIYT OF FINAF4CIAL ACTIVITIES - contlnued Unrestricted Designated Restricted funds funds funds Total funds TOTAL FUIYDS CARRIED FORWARD 448,120 53,037 19,998 521,155 12. TANGIBLE FIXED ASSETS Freehold property Equipinent Totals COST At l January 2024 and 31 December 2024 443,908 DEPRECIATION At l January 2024 Charge for year 15,1100 5,000 40.631 819 55,631 5,819 At 31 December 2024 20,000 41,450 NET BOOK VALUE At 31 December 2024 382,458 At 31 December 2023 385,000 3,277 388 277 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accrued incorne 10,186 13,821 575 15,764 25,950 25.987 Page 19 ontinued...
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 15) Trade creditors Other ¢reditorg Refundable deposits held Income in advance Accrued expenses 4,408 2,614 2,759 29,449 7.506 16,789 4,727 5,125 28,209 5,498 54,270 63,525 15. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand: Bank loans 4,408 16. MOVEMENT IN FUNDS Net movement in fid8 At 3 1112124 At 111124 Unrestricted fund5 General fund Designated Fund - Planned Maintenance 448,118 53,037 4,910 24,713 453,028 28,324 501.155 (19,803) 481.352 Restricted lund$ BHCC G&G Kingswood Millner project ACE Accessibility Arts ClublPrisons & Probations Communities & Conversations Cost of Living Film Project 2,483 3,593 4,338 2,771 651 6.164 2.483 1,600 3,978 3,573 (1,993) (360) 802 (651) 8,366 TOTAL FUNDS 521.155 28,169 492,986 Page 20 continu...
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - ¢oJJtinued FOR THE YEAR EIYDED 31 DECEMBER 2024 16. MOVEMEfu IN Fuf+lDS - continued Net movement in funds, included in the above are as follows: Incoming r¢sour¢¢s R¢soiirc¢s ¢Kpended Movement in funds Unrestrfi¢ted funds General fund Designated Fund - Planned Maintenance 476,944 (472,034) 24,713 4.910 24,713 476,944 (496,747) (19,803) Restricted funds Kingswood Millner project ACE Accessibility Arts ClubJPrisons & Probations Communities & Conversations Cost of Living Film Project Youth Community Takeover 2024 (1,993) (360} (15,798) (651) (6,164) 5,000) (1.993) (360) 802 (651) (6,164) 16,600 5,000 21,600 29,966 TOTAL FUNDS 526.713) 28,169) Comparatives for movement in funds Net movement in funds At 31112123 At 111123 Unrestrficted funds General fund Designated Fund - PlaIed Mailltenance 446,247 1,871 448,118 523,837 (22,682) 50I,L55 Restricted fund5 BHCC G&G Kiiigswood Millner project ACE Accessibility Arts ClublPrisons & Probations Inclusivity Development Project Communities & Conversations Cost of Living Film Project 2,483 4,714 6,066 2,389 4,825 2,483 3,593 4,338 2,771 (1,121) (1,728) 382 (4,825) 651 6,164 651 6.164 47 20,OIM) TOTAL FUNDS 544,314 23,159 521 155 Page 21 continue(L..
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO T1 FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVKMENT IN FUNDS- continued Comparativ¢ net movement in funds, incliided in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund Designated Fund- Planned Maintenance 442,120 {440249) 24,553 1.871 24 553) 442,120 (464,802) (22,682) Restricted fund5 Kingswood Millner project ACE Accessibility Arts Club/Prisons & Probations Inclusivity Development Project Conlmiinities & Conversations Cost of Living Film Project BHCC Communities Fund Project Art Works 2023 (1,121} (1,728) {17,067} (4,825) {6,148) (2,411) (7,000) 24,019 (1,121) (1.728) 382 (4,825} 651 6,164 17,449 6,799 8,575 7,000 477 TOTAL FUiYDS 505,962 529,121) 23 159) R¢stri¢t¢d funds are 8iv¢n to the charity for sp¢¢ific, tim¢ bound projects and Gannot be spent on other activities. Thes¢ proj¢Gts contribute greatly to th¢ social impact of our role supporting all of our diverse communities. In all of these restricted funds, Phoenix artists gain paid fre¢lanc¢ work to deliv¢r projects thereby supporting th¢m as s¢lf-employed workers as well as giving them wider ¢xperi¢nc¢ of working within conmjunities. - Brighton and Hove City Council has funded us to work with the residents on the Phoenix Estate to renovate th¢ Ball Park. Phoenix has also rec¢iv¢d funding to work with overlooked coimcil estates including Kingswood 2nd Milner to help regenerate the area via a street art project. The Accessibility fund is supported by Arts Council of England to enable better access provision at Phoenix Art Space The Arts Club I Prisons and Probations is a partnership project between Sussex Partnership NHS Foundation Trust, Sussex Probation alld Phoenix Art Space, initiated by the Sussex Chiron: Intensive Intervention and Risk Management Service (IIIiMS). The project aims to contribute to positive outcomes for participants through improved psychological health, wellbeing, community integration and development of pro-social behaviour and relationships. Communities and Conversations is a nlulti-partnership funding to deliver a number of our Community engagement projects The Cost of Living Film project was part of the University of Brigbton's Ignite (2022123) community-university partnership programme, whtch is fimded under the Arts and Humanities Research Council's Impact Accelerntion Account. The film A Diffi¢ult Place was filmed in Brigliton by filmmaker lobn Edwards aThd artist and r¢s¢ar¢h¢r at Univ¢rsity of Brighton Katy B¢inart in partnership and collabotation with Phoenix Food Shop and Phoenix Arts Spa¢e. - Chalk Cliff Trust funded our Youth Takeover 2024 which was a creatlV¢ Programme for young people aged 13 25. Page 22 continued...
THE PHOENIX ARTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2024 17. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2024. Page 23