REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR ART SPACE PORTSMOUTH LIMITED COMPANY REGisfRA TION NUMBER.. 01590132 REGISTERED CHARITY NUMBER., 1106685 *ADIUY0IE¥ 2711212024 COMPANIES HOUSE ART SPACE PORTSMOUTH LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Examiners, Report Statements of Financial Activities Balance Sheet Notes to the Financial Statements 9-14 ART SPACE PORTSMOUTH LIMITED REPORT OF THE TRUSTEES The trustees. who are also directors of tho ch8rity for the purposes of th8 CoperatlV8 community ol artisi members Cullurally engaging wilh tho wider community of Portsmouth Art Space Portsmouth embeds opportunities lor artists in financial need throughout its progr8mme and provision. Art Space Portsmoulh is a registered charity committed lo reaching these aims and contributing to Ihe cultufal ecology of Portsmouth and the surroundln9 regions. ORGANISATION The day lo day running of Ihe company is delegated lo tho Sludio and Programme Manager (company secretory). is answerablè lo the 8oard ol Truslees. Meellngs are hold every 12 w88kg. whereby stroleglc issues. naw prolocts and financ• considerallons are dis¢uss•d. REVIEW The company has operaleil durlng the year and has generated an overall profil lo carry forward. PUBLIC BENEFIT Visual artists are Ihe primary beneficSaries of the charity through the provSslon of low cost studios.. however our other organisalional aims, to promo18 leaming and appreciation of the visual arts lo benefit the vAder public and local community are evidenced Ihrough an active programme of.. Opan Studlos Project aclivllies such 85 mentoring and gallery exhibiuons Poer group support and nety￿￿1n9 The ASP urban garden Indlvidual and groLtp exhibltlons Residencies for artists at every s149è of IhaSr t4reérs All of Ihese aclivilies are fundamgntsl lo our charllable aims 8nd cleady evldence publlc bengfil. Reporting on Publlc 8eneflt The Truslees have paid due regard ¢0 the guldance on public benefil in deciding aclivilies the Charity Should undertake, as Issued by the Charitlgs Commi58ion,' arising from tho Charllles Act 2006. Page 2 ART SPACE PORTSMOUTH LIMITED REPORT OF THE TRUSTEES - Continued ORGANISATIONAL ACTIVITIES & ACHIEVEMENTS IN 2023.24 The following list briefly highlights some of our main organisalional activities and achievements for the year 2023-2024. 1. Gallery at Art Space Portsmouth The Art Space Gallery calendar showed 8 growing display from various artists Ihroughovt the year. Starting with "New Shoots" group show organised by Studio member Kale Street, a seasonal show inviting all members lo respond lo the Ihem¢ of Spring. Slories from Mlndy Lee Within followed In May 2023, a solo exhSbilion by London based arti$l MirKIy Lee. The annual Stretched ftjndraising exhibition look place in July 2023 in line with Open Studios and the off-silo members exhibition. All work created for Stretched was sold. Open Studlos 2023 re-launched Art Space Portsmouth VIP evening on the Friday before opening studios to the public. The VIP &vent invited Ictal 8rtSsls, MP'S and other special guests to gather In the Gallery Space as a ne￿OrkIng and celebratory event. Solo shows look place by Membèrs Geoff Callow In October and Mike 81ackman in January 2024. curated by off-slle member Julie Graves. Studlo 1 r8sldenl artist Agala Wojdeszklew ran 81111 Ilfe drO￿1n workshops In response to work produced throughout her residency. The gallery was also dellghled lo show works by Kor88n artlsl Jisoo Jit Seo tilled 'Six Feet Forward. curated by non- member artist Ver8 Hadzhiyska in October 2023 which held an artist and curator in conversation talk. The month of October also exhibited work curated by studio member Adrian Mundy lillgd'Lungs of th8 Cill.. by photographer Paul Williams in connection wilh the g¢x)d mental health cooperative. Members Gillian Hawkins and Markella Korai exhibited Intuitlve large $¢ale collaborative work"The Slren Papers" across November. In December 2023. the gollery 8how8d group work from both current and non.m8mber8 includlng ceramlcs by Amy Standing and photographic works by Patti Gaal-Holme8 In Al¢h¢my. curated by 81udlo member Amand8 Berrldge wllh her own experimèntal textile woiks Included. 20x20 continuèd throughout 2023 and Into 2024 wllh 8 lolal of four artist talk events including a tskeover from UCA Famham final year Fine Art Students. Artists from these tslks induded Sarah Libenberg. Naomi Escoll, Hima Bijoy, Charlie Co8, Eva Hagikalfa. Tracey McEachran. Vlcky Smith, Hary Payne, Clive Tagg, Kart Bailey, Greg Palrner, Amanda 8erridge. The year ended wlh Art Space's highest visiting show tilled "Women of Art Space" in coniunclion with inlemalional women's d8y showing mulll-disclpllnary work by female sludS0 and off.slle members. The exhibition galherad a total of 113 vlsilors on the private view alone and included short artisl tslks across the month of March alongside local exhlbltions by Hoiwalls artists and Aspgx Gallery. 2. 8ulldlng Works Main building works came lo an end beginning of 2023 wlth a 12-monlh defect Inspection taking placg In February 2024 3. Art Spac• B•yond the Bulldlng The Art Spac8 studio I short lemi residency was fully booked through 2023 - 2024 and saw artlsls Agala Wojciesthiew, Chien Yu Chen and Daniel Gent 4. Total audien￿ nurnb¢rs In 2023 -2024 Art Space Portsmouth activity is eslimaled to have reached a lolal audience of some 1400+ people in the building. This excludes the many thousands of people who visited exhibitions of work produced by Art Space Artists exhibited elsewhere in the region and country and Ihose who participated In workshops delivered by our art1518. Our Open studios weekend gathered 400+ visitors across days alone. 11 also excludes the many thousands of people who saw our arts'sts work through online exhibitions. talks and our social media accounts. The yearly lolal for audience engagement across Art Space Portsmouth's website which includes artist member biographies and links lo their own individual websites rea¢hed a 10181 number of 26,768 visittsrs. Across the year, Art Space Portsmouth worked with a total number of 6 sludenl volvnleers from UCA Farnham and Portsmouth Grammar School Page 3 ART SPACE PORTSMOUTH LIMITED REPORT OF THE TRUSTEES - Continued 5. Impacl on Artists In 2023- 2024 Art Space Portsmouth has an active membership of artists,. 31 studio holders and 23 non- studio holder members that participated in their individual projects, workshops, artist talks, residencies. and exhibitions both nationally and internationally alongside other organisalional events. Art Space Portsmouth enrolled 9 new off-site members in 23-24. 2 of which went on to become studio holders and 3 who took on the studio 1 residency. Art Space Portsmouth was able lo accommodate 4 off sile artist members studio space within this period and 1 current studio member a studio swap to a larger space. Artspace Portsmouth continues to be a vibrant hub of artistic innovation. wilh its diverse community of artists Contributing significantly to local, national, and international art scenes. The 2023-2024 period has been marked by a wide array of artistic achievements, exhibitions, and community-driven projects that underscore the creative vilalily of our studio holders. Here is a selection of their achievements.. Adrian Mundy has cenlred his practice around the "Little Forest Land Art" project, a collaborative 8ffort with ceramicist Jan Griffiths. Located in North Boarhunt. this project is a year-round endeavour involving a team of eight creatives who transfomi the garden into a dynamic space for art. The annual "Art in the Garden" evenl has become a hallmark of their efforts, offering artists and makers an inspiring venue to exhibit and sell their work each spring. Agata Wojcieszklewlcz has expanded her reach slgnificantly slnce Joining Artspace, leveraging social media platforms to grow her audience both locally and internationally. Her participation in the Derwenl Art Prize has further developed her artistic ne￿ork, allowing her lo connect with a broader audience across both Polish and English-speaking communities. Evagelia Hagikalfa was shortlisled for the presligious 2020 Ruskin Award, a recognition that highlights her ongoing contributions to the arts. Meanwhile. Gillian Hawkins has made notable strides on both national and international levels. Her involv8ment in the 2023 Fringe Arts Bath and her collaborative project, "The Siren Papers," which Intertwines Greek mwhology with contemporary Issues, attracted a significant Greek community in Portsmouth. underscoring her abllity to engage diverse audiences through her experimenlal drawing. Kate Street has had an active year, participating in several prominent exhibitions across the UK. Her work was featured in shows like the Phoney Art Colleclive's"Lock in Gallery Brighton," and "Women of Art Space" at Art Space Portsmouth, as well as in prestigious venues like the Union Gallery in London. Her involvement in "Revolve - Edition 4" further cements her status as a dynamic flgure in the contemporary art scene. Kevin Dean continues to make an impact both locally and internationally. His work was exhibited at The Majilis Gallery in Dubai and featured in a documentary in Abu Dhabi that will reach a global audience. Kevin has also been dedicated lo community engagemenl, organising the annual Omega Arl School student show at The Jack House Gallery and running workshops for military veterans and asylum seekers in Portsmouth, showcasing his commitment to using art as a tool for social change. Lorralne Molins and Lynn Nicholls have each had a busy year filled with exhibitions and community-based workshops. Lorraine's solo show"Diptychs, Triptychs & Alll" at the New Park Centre in Chichester and her group exhibitions with the Artel group al the Oxmarket Contemporary Gallery were significant highlights. Lynn. on the other hand. has raised Ihe profile of Artspace through her exlensive serie5 of workshops and exhibitions across vari¢Jus venues, frorn London's Crafty Fox Market to the Southern Ceramic Group's exhibition at Bishop's Kitchen. Page 3 continued ART SPACE PORTSMOUTH LIMITED REPORT OF THE TRUSTEES - Continued 5. Impact on Artlsts contlnued Markella Korai and Olana Light have each explored innovative mediums and performances, with Markella participating in the Hayling Island Arts Trail and Olana presenting wearable sculpture street performances across multiple local venues. Both artists continue to push the boundaries of traditional art fomis. engaging audiences in new and unexpected ways. Phlllp Sanderson and Rachel Johnston have each contributed to the cultural landscape with their exhibitions and educational initiatives. Philip's "Elemental Pattems. exhibition at the Jack House Gallery, alongside Rachel's involvement in creating a large textile a￿Ork for Earth Day. exemplifies their dedication to both artistic excellence and community engagement. Rachel's residency in NO￿aY further expands her international profile, allowing her to develop new techniques and Collaborate with global artists. Sabatin Bascoban and Sarah Anne Patel have also made Iheir mark, with Sabalin participating in several exhibitions across London. including the Artcan fundraiser, and Sarah presenting her solo exhlbilion 'RAW" at the Yellow Edge Gallery in Gosport. These artists exemplify the diversity and dynamism of the Artspace community. each contrlbutlng uniquely to the cultural fabric of Portsmouth and beyond. Their collective achievements not only elevate the profile of Artspace but also reinforce its role as a critical platform for artistic expression and innovation. Amanda Berridge. a Studio 1 resident, curated an immersive exhibition in St Pauls Church Winchester with Artspace artists Rachel Johnston and Harry Payne, plus Portsmouth artists Amy Stsnding, lan Parmiter and Michelle Deacon. The exhibition "This Darker Path" attracted 200 visitors from all over Hampshire. Amanda has since become a studio holder. 6. Staff Two new members of freelance staff were employed on a part time basis in March 2023, Kate Reid and Steve Baker. Kate Reid look on the role of Studio Manager and Steve Baker was employed a new role as Community Engagement Director. 7. Board Tracey McEachran continued the role of Chair throughout the year and was re-appointed by the Board in January 2024. Page 3 continued ART SPACE PORTSMOUTH LIMITED REPORT OF THE TRUSTEES - Continued ChaS¢s Report Dear Members and Supporters of Art Space Portsmouth, As the Chair ol Art Space Portsmoulh, l am pleased to present Ihls annual report for the period from April 2023 to April 2024. This year has been marked by coniinued collaboration and groNth within our organisalion, further slrenglhenin9 the vibrant community of artists we are privileged to support. Board Meetings and Transparency: Our board of Injstees mel seven times over the course of the year. maintaining our commitment lo openness and mernber engagement. As always, these meetings were open lo all members, fostering a culture of transparency and inclusivity- We ensured that mlnules from Ihes8 meetings were promptly shared, uphokling our dedicats'on to accountability Changes in Leadership and 8oaTd Compositlon: This year brought significant changes lo our leadership team. Earfy in the year, we welcomed Kale Reid as our new office manager and Sleve Baker as our Community Engagement Dlreclor. In F8bru8ry 2024, Jonathan Chamber8 joined us as 8 Iruslee. addlng valuable insights lo our board. I would also like to lake Ihis opportunity lo thank Angela Parks, who resigned from the board al the end of January 2024. Angela made a si9nificanl conlribulion during her lime wilh ASP. and we a￿ deeply graleful for her dedication and expertise. Currenl Board Composltlon.. Our current board Is Composed ol individuals deeply committed lo the growth and success of Art Space Portsmouth. Anthony Cane, our longesl-seNing IN$lee, ¢onlinue$ lo provide invaluable continuity. Peter Dawson, who has been a Iruslee since Spring 2022. along with Evagelia Hagikalfa and Rachel Johnson, both $ludio holders who joined the board in January 2023, bring unique perspectives lo our discussions. Jonathan Chambers, our newest trustee since February 2023, has infused our team wllh fresh ideas and enlhuslasm. Collaboration and Community.. Throughout the year. we have actively sought opportunitles lo unite our members and the board, ensuring that Art Space Pcrtsmoulh ￿MaInS a thriving hub of artisti¢ activity. Our gallery has been especially busy, hosting numerous exhibilions and 20x20 evenings. all organised by our dedicated artist members. Wllhoul their hard work. we would not be able lo fulfil our mission. l extend my hearlfelt thanks lo overyoné who has conldbulad to bringing visual art lo a wider audlence and helping us meet our chariiable goals. Looking For•vard: As we move into the next year. our focus remains on building upon the strong foundations laid by those who came befo￿ us. We are dedicated to fostering a vibrant, incluslve, and creative envlronment for all our members and supporters. The r8c8nt changes in our board refl8cI our organisailon's ongoing evolution and our unwavering commllmenl lo the arts and our community. To enhance our slralegic plannin9, the board will hold four regular meeknngs and one strategy day throughout the year. We will also produce a board calendar that oullings key subjects and decisions to be addressed annually. This will provide clarity for our members. colleagues. and the board. In conclusion, I would like lo expr&$s my sincere appreualion lo all our members, supporters, and the board for their ongoing commitment. Together. we will continue lo nuriure and develop Art Spa¢e Portsmouth as a pia¢e ol artistsc practice and community engagement. Sincerely Tracey McEachran Chair Page 4 ART SPACE PORTSMOUTH LIMITED REPORT OF THE TRUSTEES - Contlnued FINANCIAL RESULTS The net incomlng restsurc•s lor the year amounted to £14,775 {2023.' net incoming fesources £9.8711 This compriset required the company lo obtain an audll In 8ccordance wllh Socllon 476 of the Companle$ Act 2008. The directors 8cknovAedgg thgSr reswnsibility for complyin9 with the reqviremenls of the Act wilh respe¢l to accounting rècords and lor the pr8paration ol accounts. Those accoun18 hav8 been PTepBr&d In ac￿r￿anCe ￿1h lh8 provlslons 8ppIic8bl8 10 small compan198 sublect to the sm011 companies regime. Approved by the Board of Trustees on 23 Sepl•mb8r 2024 and $lgned on its behalf. airperson Tracey McEachran The noies on pages 9 to 14 form port of Ihese financial stslements. Page 8 ART SPACE PORTSMOUTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Basis of Preparation of Accounts The financial statements are prepared under the historical cost Convention and Incorp￿*te the f8SLJIts of the principal actiwty which Is described in the trustees, report and which is conlinuing. The acLounting policies have remained unchanged throughout the year and are set out below. The accounts hav8 been pr8p8fed in 8ccordanc8 ￿th the Fln8ncial Reportlng S18ndard lor Small8r Entities l•ffectlvt January 20071 and Companies Act 2006. Grant In¢ome Gfanls are received In respect of direct projects in which th8 charity are involved. The money r•ceived musl then be diracty used for costs associated wilh those individu81 project8. Grants received In respect of expenditure charged lo the $latgment ol flnanoial actiwlies during the year have been included in Ihe surplus {2023' surplus} for the year. Grnnls wcelved in r•$pect of fixed ass•ts Ar• deferred and Included In ihe statem8nt ol financial activities at the polnl when the 88881 b6comt8 recelvable. Grants received lo b6 used for specific expendlture a￿ treated as restricted incorne flov45 on the face of th8 Statement of financial activity. other grants received are Irealed as unreslricled income. Incomlng Resour¢e8 All Incoming resources are included in th8 Slalemenl ol Fln8ncl81 Actlvities vth•n receivable. Resources Expended ResoLtrGes expended ara account￿ for on In *c¢N4ls bèsls. Resources expended includ• attrlbul¥ble VAT, whlch cannot be rgcovergd by tho Charfly. Management and Administration Costs Onty those costs specifically i¢Jeniifie¢J as for the 8dminlslr8tlon ar¥J manag&m&nt of Ihe charSty are included in Ihè finwclal slatem¢nts as such costs. Tanglble Flxed Assets Assets are capilali5ed al cost as tangible fixed assets when thgy are intènded for use on a continuing basls in the Depreclatlon 18 calculated to wrile off thè cost ol 8ssels 1088 their expected resldual valugs. over their useful 6conoml¢ Ilves. Tha lollovAng rates have been applled durfng the y•ar, on the follo%bing b88é8:. Computer equiprnenl Equipment L•asehold prémi5e$ - 33% on ¢o$l - 5% 8NJ 15% on ￿$t and reducln9 balance . to be writton off over 6 years lo the end ol its lea88. Page 9 ART SPACE PORTSMOUTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Funds Unrestricted funds are grant5. Studio renls and other incomin9 resources receivable or generaled for the obje¢ts of the Charity withwt further specified purpose and 8re 8V8i18ble as general funds. Restricted Funds Reslficted funds represent grants and olher income resources recelved by the Charity on the restriction that Ihey must be used for specific charilable purposes. 2. INCOMING RESOURCES FROM ACTIVITIES TO FURTHER THE CHARITIES OBJECTIVES Unrestricted Restricted Funds Funds Studio rents Mèmbers feès Sale ol works and other Incom• Gallery Incorne and Iracklng Prlnling income Studio project 1 PAT Tèsting 50.887 10.073 1.886 833 50.667 10,073 1.866 633 48.161 9,67S 2.982 785 1,840 238 1,840 238 4.350 145 65,317 65,317 66.289 3. OTHER INCOME Sundry Donallons 28 1,535 1.535 Page 10 ART SPACE PORTSMOUTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4. DIRECT CHARITABLE EXPENDITURE Unreslrfcled Reslricled Funds Funds 2024 Total 2024 2024 2023 Siudio manager Members atkn Sale of work expensos Open Studios Lakeside Studio 1 projecl Rent and rates Light and heal Repairs and mainlenance Clganing PAT le81ing Insucan¢e 14,583 235 154 1.419 14.0411 14,583 235 18,976 1,339 1.419 435 4.041 868 10,230 6.077 10,480 8,081 2,951 2,314 360 5,388 10,480 8.081 2.951 2,314 380 5,368 360 4.1S4 41.924 4,041 45.965 49,678 5. MANAGEMENT AND ADMINISTRATION OF THE CHARITY Unreslrtcled Reslflcted Accountancy Book-keepino Advertising and mark•ling r•lephon•, Inlernel and postage Sundry 8XP8ns8s Stationery 420 2,880 S7S 2,217 186 289 420 2,880 575 2,217 186 289 390 2.280 1,275 2.393 92 362 6,568 6,568 6,792 Stsff Cosls-. Wages and Salaries 14.583 18.976 14,583 18.976 Page 11 ART SPACE PORTSMOUTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5. MANAGEMENT AND ADMINISTRATION OF THE CHARITY (CONTINUED) No employee earned £50,000 per annum or more. Thè average weekly Dumb¢r of employees dyrin9 the year. calculated on the basis of full tirne equivalenl. 2024 Olfice manager 6. OPERATING SURPLUS The operating suwplus 1$ slated 8ftttr ¢harging'. Aeeoun18ncy Oeprecialion ol tangible fixed assets Olr•ctorfs emoluments and other beneflts eic 420 390 7. TAXATION Ou8 10 the nature ol the charitvs 8elthfili8s. there Is no ¢x)￿ra140n lax Ilability adslng on the ch8tltVs surplus for th8 year. 8. TANGIBLE FIXED ASSETS Lè8S8hold Compulèr COSTNALUATION At 1 April 2023 Additions OI¥po8818 60,432 8,590 8.190 73,212 At 31 March 2024 60,432 6.590 6,190 73,212 DEPRECIATION At l Aprfl 2023 Ch8rg& lor Year On dlsposal 80.432 6,589 8.184 73,203 At 31 March 2024 60,432 6.589 6.184 73,205 NET BOOK VALUES At 31 March 2024 At 31 Mareh 2023 Page 12 ART SPACE PORTSMOUTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 9. DEBTORS 20 2023 Trode debtors- Members feeslrents oulstanding Prepayments- 8ervi¢g plans such as lift18￿mi m8int&nance 11761 415 1201 240 864 Th&r• wère no amounts falling due after more than one year. 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry ¢redliors and 8ccruad expen8•S M8mb8rs rntumabl• d8poslt8 1,140 7.321 960 8,878 8,461 7,83B Page 13 ART SPACE PORTSMOUTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. STATEMENT OF FUNDS Balance at Incoming Outooino 8al8nce at r21QUWs Resources 31 March 2024 Unreslrict8d Fund* G¢naral fund8 Leasehold Smprovemenls $4,418 67,J08 148,4921 73.234 Total Unrestrlcted Funds $4,418 67.308 48.492 73.234 R•8lrl¢t•d Fund• GASP Garden prole¢i APD We Cfeale M8rtet L8ktsld¥ 6by4 1.252 720 1.252 720 S68 22 22 4.041 1.196 14,0411 1.196 Tot•1 R•strlct•d Funds 7,799 4,0411 3,758 Tolal Fund• 62,217 67,308 52,533 76,992 ASSETS OF THE FUNOS T•n9lbl• Unrn8lrfded G&ner•l Fund R*31rt¢i•il General FurKI 78.126 7.320 76,992 17,3201 8S,446 B,461 76,992 The Unreslrfcled Genernl Fund represents Ihe free lunds olth• chbrfty whlch ar¢ nol de519n¥t¢d lor partl¢ulgr purpo8w. The 8ssels 8nL1 liaknlilies ol the R•stricied G•n•ral Fund f•pr•s•nt 8 desl9nated bank balance ond Ihe sum ￿Pa￿tsIe to mem￿r$ for studio d•poslts. 12. TRANSACTIONS WITH TRUSTEES £nil was p8Id lo the Iru5188s durtng ￿arlor exp8nsos12023.. £nlll. £nil was p8id to Tru5tee5 lor 5ervic85 pffjvided12023.' £n"l} 13. POST BALANCE SHEET EVENTS The fingncial stal8mgnt¥ lake into consideration events cc(yJring beh¥een.31 March 2023 and the date of thelr approval by the Board of Tru5t8eS. 14. CONTROLLING P*RTY Thè Board of Truslets ar8 thè controlh'ng p8ty of Art Spèc8 Portsmouth Llmmel In accordanc4 *lth the conslilutknn of the charity and company. P8ge 14