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2022-03-31-accounts

Charity Registration No. 1086229

Company Registration No. 03961654 (England and Wales)

ASIAN ARTS AGENCY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

30-31 St.James Place Mangotsfield Bristol United Kingdom BS16 9JB

ASIAN ARTS AGENCY

CONTENTS

Page
Company information 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8 - 9
Notes to the financial statements 10 - 17

ASIAN ARTS AGENCY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms L Porter Mr A G K Ismail Mr S Marwah Mr S R Singh MBE Mr T Corum Secretary Mr S Marwah Charity number 1086229 Company number 03961654 Registered office 4th Floor Royal Oak House Royal Oak Avenue Bristol United Kingdom BS 1 4GB Independent examiner TC Group 30-31 St.James Place Mangotsfield Bristol United Kingdom BS16 9JB

ASIAN ARTS AGENCY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

The charity's objectives are to mainstream Asian Arts in the South West of England and nationally.

The charity's mission, based in Bristol the Asian Arts Agency supports artists and practitioners to deliver traditional and contemporary South Asian arts, encouraging engagement from all communities and from venues in the South West and nationally.

Our key aims are:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The main activities undertaken to achieve the charity's objectives are the running of various events to allow Asian artists to showcase the Asian culture to all communities in the South West and nationally.

Achievements and performance

The ongoing pandemic has once again caused major disruption to our live events programme for the year ending 31 March 2022. In addition several planned forthcoming events have been cancelled or postponed due to lockdowns. Despite these challenges we have managed to adapt and deliver most of our work on digital platforms in the form of online performances this year.

ASIAN ARTS AGENCY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

New music commissions and support for artists

In response to our ongoing commitment to support artists and freelance practitioners, especially from a South Asian background, we were successful in developing a new interventionist project ‘Breaking Barriers’, offering music commissions to support artists in creating and recording new work. We secured a grant aid from Arts Council England and WECA to deliver this project and as a result we would be able to offer new opportunities to over fifty artists and freelance practitioners from a South Asian background. In particular we were able to support opportunities for established musicians/groups to record their work digitally at the prestigious Real World Studios. The project resulted in two new music albums, creation of five new works that were designed for presentation on online platforms; this was supported by two live performances of the new work created at Arnolfini in Bristol. Audiences were therefore able to engage with the work both online and at live performances at venues in the City. A further stage of the project in 2023 will provide training and mentoring support for emerging South Asian artists.

We are hoping to build on our new music commissioning programmes to create more opportunities for artists in the future.

Live events

A major achievement for our live events programme was presenting several successful events in November and December. The first, a live music event with Grammy Winner Zakir Hussain in Bristol, represented a major achievement for our work. The concert attracted an enthusiastic and supportive response from our audience. Other live events in December and March were also attended by nearly full capacity audiences at various venues. These featured several local artists including Bristol-based Durga Ramakrishnan, RSVP band and other nationally touring artists.

Other achievements include offering educational bursaries to artists to run online workshops for Children and Young people.

Diversity and Inclusion

This year, through our Director, we continued to have several ongoing discussions with strategic bodies and partners including Arts Council England, Bristol City Council and WECA, to secure more investment and support for South Asian artists. The work undertaken to support future policy and investment in communities by these major funders has made a positive impact. This will allow us to work continuously with a wider range of audiences and to increase our work with South Asian artists and South Asian communities both in South West and nationally.

Digital – We produced online concerts for audiences at digital platforms, offered new music commissions and created new content for online platforms to increase our engagement with artists and communities.

As mentioned above, we offered new music commissions for artists to record and make new work at Real World Studios. These fully-paid opportunities allowed artists to create new music and record for future release. Both the artists/groups involved have secured deals and opportunities to present their work to live audiences in the future, an important breakthrough for the artists.

In the future we are looking forward to having more clarity and stability in 2022/23 and to continue to deliver some touring activity with selected artists.

Financial review

The charity has a policy to hold reserves equal to six months' core expenditure. The charity's reserves of £389,600 at the year ended 31 March 2022 meet this target of which £317,961 is restricted.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

ASIAN ARTS AGENCY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ms L Porter

Mr A G K Ismail

Mr S Marwah Mr S R Singh MBE Mr T Corum

The appointment of trustees is a rigorous process. Trustees are recruited via a mix of open recruitment and invites depending on the experience and skills they have that are relevant to the role. Before appointment all trustees have to go through a thorough interview process to assess their suitability for the role.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Key management remuneration during the year amounted to £85,214

The trustees, who are also the directors of Asian Arts Agency for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

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

ASIAN ARTS AGENCY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Reference and Administrative Details

Full Name: Name: Asian Arts Agency
Registered Company Number: 03961654 (England & Wales)
Registered Charity Number: 1086229
Registered Office: 4th Floor,
Royal		 Oak House, Royal Oak Avenue, Bristol, BS1
4GB

Independent Examiner: TC Group, 30-31 St James Place, Mangotsfield, Bristol, BS16 9JB

The trustees' report was approved by the Board of Trustees.

..............................

Mr S Marwah

Trustee 29/12/2022 Dated: .........................

ASIAN ARTS AGENCY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ASIAN ARTS AGENCY

I report to the trustees on my examination of the financial statements of Asian Arts Agency (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

TC Group

Edward Holcombe ACA 30-31 St.James Place Mangotsfield Bristol BS16 9JB United Kingdom

29/12/2022 Dated: .........................

ASIAN ARTS AGENCY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
2
405,809
-
Other trading activities
3
34,292
-
Investments
4
11
-
Total income
440,112
-
Expenditure on:
Charitable activities
Charitable Activities
5
298,042
-
Total charitable expenditure
298,042
-
Net incoming resources before transfers
142,070
-
Gross transfers between funds
(139,055)
139,055
Net income for the year/
Net movement in funds
3,015
139,055
Fund balances at 1 April 2021
68,624
178,264
Fund balances at 31 March 2022
71,639
317,319		 Total
2022
£
405,809
34,292
11
440,112
298,042
298,042
142,070
-
142,070
246,888
388,958		 Total
2021
£
270,816
778
43
271,637
195,821
195,821
75,816
-
75,816
171,072
246,888

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ASIAN ARTS AGENCY

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2022
£
9,184
379,216
388,400
(3,301)		 £
3,859
385,099
388,958
317,319
71,639
388,958		 2021
£
58,242
242,844
301,086
(54,198)		 £
-
246,888
246,888
178,264
68,624
246,888

ASIAN ARTS AGENCY

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

----- Start of picture text -----
2022 2021
Notes £ £ £ £
----- End of picture text -----

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

29/12/2022

The financial statements were approved by the Trustees on .........................

..............................

Mr S Marwah

Trustee

Company Registration No. 03961654

FOR THE YEAR ENDED 31 MARCH 2022

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

Asian Arts Agency is a private company limited by guarantee incorporated in England and Wales. The registered office is 4th Floor, Royal Oak House, Royal Oak Avenue, Bristol, BS 1 4GB, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Debtors are measured at the amount expected to be received by the charity.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

FOR THE YEAR ENDED 31 MARCH 2022

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Liabilities are measured at the value of the expected economic outflow.

Expenditure is accounted for on the accruals basis and has been classified under headings that aggregate all costs related to the 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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers

2 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Taxation

The company is exempt from corporation tax on its charitable activities.

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

2
Donations and legacies
Unrestricted
funds
2022
£
Grants
405,809
3
Other trading activities
Unrestricted
funds
2022
£
Fundraising events
34,292
4
Investments
Unrestricted
funds
2022
£
Interest receivable
11		 Total
2021
£
270,816
Total
2021
£
778
Total
2021
£
43

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

5 Charitable activities

Charitable Charitable
Activities Activities
2022 2021
£ £
Artist fees and expenses 148,856 44,808
Events 1,983 1,723
Organisational development 7,206 8,511
Sundries 11,289 10,527
Training - 34
169,334 65,603
Share of support costs (see note 6) 126,528 128,133
Share of governance costs (see note 6) 2,180 2,085
298,042 195,821

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6 Support costs

Wages
Social security
Rent and rates
Insurance
Repairs and renewals
Telephone
Postage and stationery
Bookkeeping
Advertising
Subscriptions
Bad debts
Depreciation
Bank charges
Accountancy and legal fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
94,785
-
5,056
-
15,519
-
467
-
392
-
2,159
-
75
-
2,740
-
736
-
540
-
-
-
3,860
-
199
-
-
2,180
126,528
2,180
126,528
2,180		 2022
£
94,785
5,056
15,519
467
392
2,159
75
2,740
736
540
-
3,860
199
2,180
128,708
128,708		 2021
£
98,191
5,259
14,810
561
644
2,186
620
3,924
-
-
1,800
-
138
2,085
130,218
130,218

Governance costs includes payments to the independent examiners of £2,085 (2021- £2,020) for examination fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year.

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
2022 2021
Number Number
Employees 3 3
The number of employees whose annual remuneration was £60,000 or more
were:
2022 2021
Number Number
£60,000 - £69,999 1 -
9 Tangible fixed assets
Computers
£
Cost
Additions 7,719
At 31 March 2022 7,719
Depreciation and impairment
Depreciation charged in the year 3,860
At 31 March 2022 3,860
Carrying amount
At 31 March 2022 3,859

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

10
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
2,177
4,374
2,633
9,184		 2021
£
64
2,207
55,971
58,242

11 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2022
£
-
288
3,013
3,301		 2021
£
1,937
-
52,261
54,198

12 Movement in funds

Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at
1 April 2021 resources expended 31 March 2022
£ £ £ £ £
Unrestricted funds 68,624 440,112 (298,042) (139,055) 71,639
Restricted funds 178,264 - - 139,055 317,319
246,888 440,112 (298,042) - 388,958
13 Analysis of net assets between funds
Unrestricted Restricted Total Total
2022 2022 2022 2021
£ £ £ £
Fund balances at 31 March 2022 are
represented by:
Tangible assets 3,859 - 3,859 -
Current assets/(liabilities) 67,780 317,319 385,099 246,888
71,639 317,319 388,958 246,888

ASIAN ARTS AGENCY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

14 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

ASIAN ARTS AGENCY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Donations and legacies
Grants
Other trading activities
Fundraising income
Investment Income
Bank interest
Charitable Activities
Artist fees and expenses
Events
Organisational development
Sundries
Training
Support costs
Wages
Social security
Rent and rates
Insurance
Repairs and renewals
Telephone
Postage and stationery
Bookkeeping
Advertising
Subscriptions
Bad debts
Depreciation
Bank charges
Governance costs
Accountancy and legal fees
Net income		 £
148,212
1,983
7,206
11,289
-
94,785
5,056
15,519
467
392
2,159
75
2,740
736
540
-
3,860
199
2,180		 2022
£
405,809
34,292
11
440,112
168,690
126,528
2,180
142,714		 £
44,808
1,723
8,511
10,527
34
98,191
5,259
14,810
561
644
2,186
620
3,924
-
-
1,800
-
138
2,085		 2021
£
273,316
778
43
274,137
65,603
128,133
2,085
78,316

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Sandeep Marwah

Wed, 28 Dec 2022 12:17:14 GMT Approved Approved Thu, 29 Dec 2022 05:45:40 GMT

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Thu, 29 Dec 2022 05:45:37 GMT Sandeep Marwah Approved the document Thu, 29 Dec 2022 05:41:34 GMT Sandeep Marwah viewed the document Wed, 28 Dec 2022 13:27:52 GMT Jaswinder Singh viewed the document Wed, 28 Dec 2022 12:20:03 GMT Document Sent

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