Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**Registered number: 04899786 Charity number: 1121755**
## **THE NEW ART EXCHANGE LIMITED**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 12|
|**Independent auditors' report on the financial statements**|13 - 16|
|**Consolidated statement of financial activities**|17|
|**Consolidated balance sheet**|18 - 19|
|**Company balance sheet**|20 - 21|
|**Consolidated statement of cash flows**|22|
|**Notes to the financial statements**|23 - 41|
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024**
|**Trustees**|Professor C O'Brien (OBE)|
|---|---|
||A Akomfrah (resigned 1 December 2023)|
||J J Anand|
||M Dave|
||L McDonald (deceased 28 April 2023)|
||R E Pinchbeck|
||S Gambrah, Chair of Trustees (appointed 14 September 2023)|
||L A M Charles (appointed 14 September 2023)|
||M Lappin (appointed 1 December 2023)|
||N Popat (appointed 1 December 2023)|
|**Company registered**
**number**
04899786
**Charity registered**
**number**
1121755
**Registered office**
39 - 41 Gregory Boulevard
Hyson Green
Nottingham
NG7 6BE
**Chief executive officer**
S E Said
**Independent auditors**
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB
**Bankers**
National Westminster Bank plc
16 Long Row
Nottingham
NG1 2JX||
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their annual report together with the consolidated audited financial statements of the Company and its subsidiary undertaking for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## Contents
1. Vision, Mission and Values
2. Chair's Introduction
3. Exhibitions
4. Engagement, Outreach and Talent Development
5. Sustainability
6. Team Members
7. Board Members
8. Financial Review
9. Structure, Governance and Management
## **Objectives and activities**
## **a. Policies and objectives**
## **1. Vision, Misson and Values**
## **Vision**
Arts from diverse cultures for all
## **Mission**
To stimulate new perspectives about the value of diversity in art and society
NAE will champion, embrace and engender cultural diversity in all that we do. We will play a leading and stimulating role in the region to ensure that diversity resonates more widely at a national and international level. Through our commitment to informing and promoting the relationship between art and society, NAE will strive to make increasingly visible the contribution of diverse voices to this agenda.
## **Values**
- Nurturing: To become a place where talent and creativity is nurtured
- Accessible: To make art and culture accesible to all
- Open and experimental: To be open and receptive to new ideas and opportunities
- Excellence: To recognise the value of excellence in all that we do
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance**
## **a. Review of activities**
## **2. Chair's Introduction**
## **A Year of Delivery and Growth at NAE**
Dear friends and supporters of New Art Exchange,
As the Chair of the Board, I am honoured to present this year's annual report for NAE. This year has been one of delivery, growth, and steadfast dedication to our mission of promoting diverse art and cultural experiences.
## **Strengthening Our Neighbourhood: Building Strong Foundations**
This year, we have established a new foundation of activities and forged strong relationships within our neighbourhood. Our community engagement has flourished, enhancing our local presence and impact.
## **Expanding Partnerships: Regional and National Collaborations**
Our base of local, regional, and national partners has significantly enlarged. We launched our Connect programmes and spearheaded the Transform City Takeover, which saw wide participation from key cultural organisations in the city. These collaborations have been pivotal in expanding our reach and influence.
## **Nurturing Leadership: Supporting Future Leaders**
We are deeply committed to investing in and supporting the next generation of leaders from the global ethnic majority. Through our Reshaping Governance and Curate programmes, as well as our newly created developmental position of Associate Artistic Director, we are fostering leadership and innovation within the cultural sector.
## **Welcoming New Trustees: Strengthening Our Board**
We are delighted to have welcomed new trustees to our board. Letha Charles, Mikey Lappin and Nisha Popat bring valuable skills and fresh perspectives around enterprise and finance. Their contributions are vital as we continue to evolve and grow.
## **Innovative Enterprise: Reimagining Our Strategy**
This year, we conducted a comprehensive review of our strategy and approach to enterprise and commercial activities. We have reimagined our Cafe bar and venue hire to further support our civic ambitions and mission, ensuring that we remain sustainable and impactful.
## **A Heartfelt Thank You**
I would like to extend our deepest gratitude to all our community of partners, funders, artists and communities as well as the NAE team, and our trustees. Your unwavering support is instrumental to our continued success.
NAE remains dedicated to its mission of promoting Global Ethnic Majority talent, fostering inclusivity, and achieving excellence. Together, we will build a blueprint for creativity, fairness and equity.
Samori Gambrah, Chair of Trustees
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
## **3. Exhibitions**
## **JOURNEY OF THE MIND MAIN GALLERY, MEZZANINE GALLERY AND STREET GALLERY 28 JANUARY – 22 APRIL 2023**
Journey of the Mind, conceived by arts organisation Without Shape Without Form, combined Sikh teachings with new forms of storytelling to encourage visitors to think about their own minds to help improve mental wellbeing. Featuring figurative drawings and digitally created paintings by world-renowned Sikh artist Kanwar Singh, and short films by British animator Christian Wood, the exhibition explored the stories of those who historically attained the highest spiritual levels..
Focusing on ‘the mind’, the exhibition explored the texts of Sikh teachers, along with contemporary works to bridge the gap between art, spirituality, and mental health. Going beyond cultural, racial, and religious boundaries, Journey of the Mind aimed to overcome the social dilemmas of “Us”, “Them” and “All”, invited people to understand the commonality that is the mind; providing an alternative approach to understanding something that everyone has in common.
## **NAE OPEN 2023 20 MAY - 23 SEPTEMBER 2023 MAIN GALLERY**
The NAE Open returned for its third iteration, with a presentation of work that included paintings, video, live art, photography, textiles and sculpture. This dynamic exhibition was created through a competitive, open application process for Nottinghamshire-based artists and Global Ethnic Majority artists living anywhere in the UK. Tasked to seek out the most innovative and high-quality artworks that address key societal concerns and interests, a panel of advocates included artists and curators who chose from almost 350 submissions. The result was an eclectic and compelling selection of 44 artists at different stages of their careers. The artworks speak to contemporary conversations that align with NAE’s mission. They ranged from personal accounts of migration, retracing personal histories, questioning what it means to belong within a society, and race and gender politics to name a few. The exhibition also featured work that celebrates Nottingham through its people and landscape.
## **CELEBRATING ALL THINGS BLACK 20 MAY - 15 JULY 2023 MEZZANINE GALLERY**
The Black Heritage Exhibition presented a collection of art, stories and conversations around the wider black diaspora and the connection it has amongst its diversity. The exhibition invited a cross-generational collective of four local female Black Artists to showcase a collection of mosaics, artefacts, paintings, photography and archives. Panya Banjoko, Laura Decorum, Paula D Pontes and Kim Thompson’s work came together to celebrate the 75th Anniversary of the Windrush, and was an opportunity to reconnect stories from the past, present and future while remembering and celebrating important and forgotten stories and history from the wider black diaspora.
## **DELLU BY ENAM GBEWONYO 7 OCTOBER 2023 - 13 JANUARY 2024 MAIN GALLERY AND STREET GALLERY**
New Art Exchange was pleased to present Dellu, a showcase of textural works and performances on film by Enam Gbewonyo, winner of the NAE Open 2022 Exhibition Prize.
Enam is a British-Ghanian textile and performance artist, curator, and founder of BBFA (Black British Female
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
Artist) collective. Her art practice investigates identity – womanhood in particular, whilst advocating the healing benefits of craft. She uses performance as a vessel, creating live spaces of healing and direction to a positive place of awareness to counter systems of oppression such as racism and sexism. Her work enables audiences to face the truth of a dark past surrounding colonial legacies and the emotions they bring forth.
## **IN PRAISE OF BEAUTY BY ADEBAYO BOLAJI 17 FEBRUARY - 4 MAY 2024 MAIN GALLERY AND STREET GALLERY**
In a thought-provoking major new exhibition, acclaimed artist Adébayo Bolaji delved deep to explore notions of beauty, question established norms and embrace more inclusive definitions of beauty in his latest showcase, ‘In Praise of Beauty’.
Known for his innovative approach, Bolaji prompted us to ponder the driving forces behind our collective belief in a myth of universal beauty and invites us to reflect on our understanding of beauty, transcending traditional binaries and celebrating the diverse meanings it holds for different communities.
## **YOUNIQUE POP-UP EXHIBITION 13 MARCH – 12 APRIL 2024 MEZZAININE GALLERY**
In collaboration with Captivate, Artist Facilitator Ismail Khokon led a group of young people in Mansfield on a journey of photography and storytelling. The group explored different photography techniques and how to use photography as a medium to tell stories about their communities. This journey resulted in a pop-up exhibition during YOUnique Festival 2024.
## **RESIDENCIES**
Throughout 2023 and 2024, NAE continued its artist-in-residence programme, Reside, which invites artists and creative groups to reside in NAE and collaborate and connect with our wider community to generate inspiring ideas, develop new initiatives and nurture their practice. Sayra Begum (22 July - 23 September 2023) explored pilgrimage from religious and secular perspectives, informing ideas for her next graphic novel. Her aim was to capture ideas from philosophers, society, and the embodied experience of the pilgrimage itself.
NAE’s artist-in-residence programme continued with Justin Carey (17 Oct – 28 Nov 2023), a UK artist fascinated by urban landscapes due to his Birmingham upbringing. He combined images and words that reacted to his visual work, exploring the space between the unknown and familiar, focusing on contrasts like light and shadow, urban spaces and solitude. He aimed for accessible work that resonated emotionally and conceptually.
## **4. Engagement, Outreach and Talent Development**
NAE’s various engagement programmes continued during the period, comprising of a series of new and further developed programmes that targeted Global Ethnic Majority and other marginalised individuals to create lifeenhancing opportunities, new audiences for the arts and importantly, new diverse talent within the arts.
Our **YOU** programmes offered a range of opportunities for individuals and groups to shape and lead positive change in their communities. By supporting community-led events, developing leadership and entrepreneurship skills, or learning and leading in festival production and management, these programmes were designed to foster creativity, collaboration, and social impact.
Participants in these programmes receive specialist training, tailored mentoring and coaching sessions, networking opportunities, and individualised feedback from industry experts. With a focus on diversity and inclusion, these programmes welcome applicants from all backgrounds and are especially interested in
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
supporting applications from the Global Ethnic Majority. By offering practical skills and support, as well as opportunities to develop and pitch projects, these programmes enable participants to make a tangible difference in their communities and contribute to a more equitable and vibrant cultural landscape.
**YOUnity** is a programme that aims to support community-led events in Hyson Green. The programme offered a series of commissions to develop and deliver events by, with, and for the local neighbourhood. These events could be anything from workshops to performances and could take place anywhere within Hyson Green. The programme was open to individuals aged 18+ years, collectives, and registered companies who had a community project established within Hyson Green. Through YOUnity we supported 3 commissions, engaging with 13 artists in total and had 50 audience members attend the YOUNITY launch showcasing the work of the three commissions, this comprised of a documentary film screening and live Q&A, a live performance by the Dream Sixty Choir, and a walk and talk with the artists behind the murals.
**YOUlead** was a program that aimed to support individuals in developing and delivering projects that would have a positive impact on their local community. 6 Participants took part in a programme of workshops developing their skills as creatives and leaders within the cultural sector. Participants also developed their idea for community based initiatives throughout the programme, which resulted in a pitching day to a panel of industry professionals and community leaders, resulting in a participant securing a £2000 grant to begin working on their project. We are now offering guidance and support to help their initiative flourish. Participants also received coaching and mentoring throughout.
**YOUnique** is a programme aimed at young people interested in pursuing a career in festival and event production. A cohort of 8 young producers engaged in a programme which guided them through developing as a creative producer within the cultural sector. This culminated in them programming a festival at the New Art Exchange, this consisted of live music events, DJ workshops, poetry events, creative markets and more! We also ran a strand of the programme in partnership with Unanima theatre company in Mansfield; a company which works with learning disabled performers, and their wok was exhibited during the festival. Overall, we engaged with 121 young artists and producers, and had 1076 attendees across the festival.
The **Under The Spotlight** programme offers a unique opportunity for Black performance artists, musicians, poets, dancers and comedians to showcase their talents and grow their audiences in a supportive environment. We worked with three upcoming musicians throughout the development programme, providing mentoring and coaching in areas such as business development, live performance, marketing, and vocal coaching. The artists were also given monthly performance opportunities to experiment and develop their work with a live audience. Overall performing to a total of 203 audience members in intimate gigs.
This year, all activities for **YARD Youth Theatre** programme were led on-site with 20 young people taking part in the programme. We have worked with two regular YARD groups from September 23 – March 24 that have developed as an ensemble of young performers devising their own original work. The young people have learnt new skills, developed friendships and social skills and performed for public audiences. One young person said that ‘I love YARD, and I love my YARD family’. A parent said ‘Thank you so much. Freya loves YARD and we can’t wait to see them perform next time’. 58 audience members attending their recent show for YOUNIQUE.
**Saturday Art Club** offered a gateway into NAE’s creative activities and exhibitions, fostering a welcoming and secure space for local families to connect. Through a series of inclusive and engaging workshops, families are invited to expand their artistic skills, learn about various cultural perspectives from the Global Ethnic Majority, and discover new methods of expression. We have engaged with 283 people during the Saturday Arts Club sessions, between September 2023-March 2024. Families have been very engaged and given wonderful feedback about the sessions, such as:
_'Our children love it, and are always very relaxed after doing some creative work'_
_'Such great sessons, materials and guidance. Thank you!'_
_'We loved to paint and the freedom to create!'_
**Art Your Way** , previously our Create Neighbourhoods programme, consisted of a series of community consultation sessions where the citizens of Hyson Green gave their feedback on what they would like commissioning as part of three new pieces of work for Hyson Green. Following these we identified three ideas
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## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
which stood out in the feedback, a festival for Hyson Green, a public art work, and a series of workshops for shared community Learning. These were made into callouts and shared widely, a panel of citizens then selected 3 fantastic proposals which are being delivered throughout 2024 and early 2025.
Over the past year we ran **Connect Community** workshops with eight community partners, made up of local groups, services and schools that play an active role within Hyson Green. The workshops addressed areas such as developing an understanding of quality and the development of a quality framework, future engagement with communities and their ideas and suggestions around programming.
This was used to inform public commissions and future public projects, as well as forming part of our framework for community engagement.
For **Beyond the Walls** , we worked with five local groups and grass roots organisations across the area, running weekly workshops exploring themes of identity, place, culture and local heroes. Through the workshops participants explored different art forms, made their own work and discussed what they’d like to see in a largescale mural piece. Working with Graffwerk, the murals were then co-designed, with the delivery of the murals taking place throughout the summer.
We have engaged well with local primary and secondary schools, as well as NCN and both NTU and UoN. We have delivered a number workshops, gallery tours and events at NAE and out in educational settings. We continue to build very strong relationships with our neighbours Djanogly and Scotholme Primary, delivering a variety of visual and performing arts sessions with the, and collaborating with them on projects. NTU remain a close partner and we engage their students through gallery tours, workshops at NTU and through our YOU programmes.
## **5. Sustainability**
Over the past year, New Art Exchange has continued to make good progress in our commitment to sustainability and in our contribution to Nottingham's vision of a carbon-neutral future. By aligning our operations with Arts Council England's Environmental Responsibility and supporting Nottingham City Council's carbon neutrality ambitions, we are not just meeting regulatory requirements but are proactively shaping a more sustainable and environmentally conscious future for the arts and our community.
Through our collective action we continue to embed sustainable practices into our ways of working that ensure our carbon footprint continues to reduce, but we know we can do more. That’s why in 2024-25 we will double down on our commitment, rethinking our approach to reducing our carbon footprint by revisiting and updating our strategy to ensure we adopt a more holistic approach to resource management, waste reduction, and energy efficiency, ensuring our operations align with the principles of a greener, more sustainable future.
Since 2021-22, we have halved our environmental impact, in Consumption and Carbon Dioxide Equivalent (CO2e) terms, in both energy and water usage. In 2023-24 we produced 36 tonnes of CO2 from energy usage (against a target of 54 tonnes) and 0.266 tonnes of CO2 from water usage (against a target of 0.275 tonnes).
A key focus of our sustainability efforts has remained on our cafébar, ensuring we continue to offer an ever more environmentally responsible space. As part of our efforts to minimising our environmental impact, in 2023-24 we joined the Sustainable Restaurant Association to enable us to benchmark our activity against some of the highest standards in the UK as part of our efforts to achieve the Food Made Good standards. This work will continue to be at the forefront of our strategy as we move into 2024-25.
We understand that achieving sustainability goals requires collaboration. We actively seek partnerships with local businesses, suppliers, and community stakeholders who share our commitment to environmental responsibility. Through these collaborations, we aim to build a network of like-minded entities contributing to the broader goal of creating a sustainable and resilient community.
New Art Exchange is proud of the progress we have made in 2023-24, demonstrating our dedication to sustainability and our ongoing commitment to making a positive environmental impact.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
## 6. Team Members
- *Indicates joined in this period
**Indicates left during this period
**Person**
## **Job Title**
|**Person**|**Job Title**|
|---|---|
|Adaeze Nduaguibe|Catering Assistant|
|Adam Roe*|Executive Director|
|Anita Kumari|Head of People and Operations|
|Anna Hardy|Catering Assistant|
|Asha Vijesinghe**|Learning Coordinator|
|Asher Yan Gough|Catering Assistant|
|Alexander Khan*|General Manager|
|Colette Griffin*|Director, CVAN East Midlands|
|Craig Mawer*|Head Chef/CafeBar Manager|
|David Horton**|Head Chef/CafeBar Manager|
|David Sinclair*|Head Curator (Maternity Cover)|
|Elaine Carthy|Duty Manager|
|Ella van der Straaten*|Catering Assistant|
|Ellesia Hanna**|Catering Assistant|
|Emma Cox|Cleaner|
|Emma Gower|Head of Partnerships and Compliance|
|Jez Bernholz**|Facilities Manager|
|Joshan Gangotra|Front of House Manager|
|Kiesha Gibson|Catering Assistant|
|Kyle Futers|Executive Producer|
|Laurencia Sutherland**|Finance Manager|
|Lisa Bonsu|Cleaner|
|Lucy Davies**|Catering Assistant|
|Maria Narducci**|Head of Marketing and Communications|
|Megan Hockey*|Catering Assistant|
|Melanie Kidd|Head of Programmes (Maternity Leave)|
|Michael Radford*|Head of Neighbourhoods|
|Nellie O’Rourke-Stopka**|Catering Assistant|
|Olga Andrade*|Marketing Manager|
|Prathyusha Kantheti*|Finance Officer|
|Richard Chung|Front of House Assistant|
|Robert Stephens**|Head of Neighbourhoods|
|Saad Eddine Said|CEO and Artistic Director|
|Saziso Phiri*|Associate Artistic Director|
|Tatenda Chitsamba**|Youth Projects Co-ordinator|
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
## **7. Board Members**
*indicates joined during this period **indicates left during this period
Leslie McDonald** – Chair Samori Gambrah* - Chair Ashitey Akomfrah** - Trustee Professor Christopher O'Brien, OBE – Vice Chair Jiten Anand - Trustee Meeta Dave - Trustee Dr Rhiannon Pinchbeck - Trustee Letha Charles* - Trustee Mikey Lappin* - Trustee Nisha Popat* - Trustee
## **8. Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Principal risks and uncertainties**
The Charity operates a Finance, Risk and HR Committee as a sub-committee of the board of Trustees. Meetings are held quarterly and as part of the tabled agenda an organisational Risk Register is discussed alongside mitigation strategies. Risk is measured on a colour scale from high risk to low risk by red, orange, yellow or green by likelihood of occurring and impact if it does occur. High risks are reported on a quarterly basis to the Board.
## **c. Reserves policy**
NAE recognises the need for the organisation to generate sufficiently robust reserves to ensure we can operate on a financially sound position to test new business activities and models going forwards. The level should have regard to the aims, needs, objectives and risks that we face. It is the intention of the Charity to follow the guidance of the Charity Commission to Trustees and the appropriate legislation.
The unrestricted general reserve as at 31 March 2024 was £3,919,207 (2023: £3,793,341). The restricted reserve as at 31 March 2024 was £Nil (2023: £178). It is the Trustees' long term objective to build up sufficient unrestricted reserves to cover 3 months of operating expenses in order to provide resilience and to allow the organisation to deal with contingencies.
The subsidiary undertaking of the charity, NAE Enterprises Limited, recorded a profit for the year of £65,189 (2023: £26,278 loss). The subsidiary should make a positive contribution to the financial performance of the group going forwards. However, the trustees and the management team are working to improve the financial performance of the subsidiary company.
The level of reserves and the reserves policy is the responsibility of the Finance and General Purposes Committee and the Board. Allocation of any reserves are agreed in line with operational priorities and incorporated into discussions feeding into the annual budget cycle.
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**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **d. Principal funding**
The Trustees are satisfied that the charitable company's assets attributable to each of its individual funds are available and adequate to fulfil its obligations in relation to those funds. All funding sourced is held in restricted accounts and managed according to the requirements of the grant application and regulations by the funding body.
## **9. Structure, governance and management**
## **a. Constitution**
The charity's governing document is the Articles of Association dated 15 September 2003 which was adopted on incorporation of the charitable company. The charity is a company limited by guarantee.
The principal object of the company and the group is to stimulate new perspectives on the value of diversity in art and society, operating from the principal address which is 39 - 41 Gregory Boulevard, Hyson Green, Nottingham, NG7 6BE.
We have a trading company which is a wholly owned subsidiary of The New Art Exchange Limited. Further information is given in note 18 of the financial statements.
## **b. Methods of appointment or election of Trustees**
The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association one third of the members of the Board shall retire from office annually. A retiring member of the Board shall be eligible for re-election.
The Board seeks to ensure the vision and aims of the organisation are appropriately reflected through the diversity and skills of the trustee body. It is planned that the potential pool of trustees the charity has will be further enhanced during future years through selective advertising and networking.
## **c. Pay policy for key management personnel**
The Board have a pay and remuneration working group, chaired by the Chair, to review senior members of the team's pay and remuneration, with reviews based on benchmarks from local and regional cultural organisations and advice from institutions including ACE, Tate etc.
## **d. Policies adopted for the induction and training of Trustees**
In Autumn 2022, Trustees took part in a good governance training programme, with the aim of reviewing, developing and strengthening the governance processes and structures at New Art Exchange. The outcomes included a set of clear governance policies, the completion of a skills review, and the development of a plan to strengthen and refresh the Board of Trustees. All of this was done to the benefit of NAE by enabling us to better meet the needs of our diverse artists, audiences, and communities. Since then, NAE has continued with its induction process for new Trustees joining the Board, which includes the provision of a thorough suite of documents outlining NAE’s mission, vision and business plan, and opportunities to attend staff training days and workshops via our Board Champions programme.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **9. Structure, governance and management (continued)**
## **e. Organisational structure and decision-making policies**
The Board of Trustees administers the charity. The Board meets quarterly. There are subgroup meetings including that of a Finance, Risk and HR Committee that meets on a quarterly basis. A Chief Executive Officer/Artistic Director (CEO/AD) is appointed by the Trustees to manage the day-to-day operations of the charity. The CEO/AD is supported by a senior management team consisting of an Executive Director, Head of Compliance and Partnerships, Head of Neighbourhoods, Head Curator, Head of Programmes, Associate Artistic Director, Head of People and Operations and a Head of Marketing and Communications.
## **Plans for future periods**
NAE remains committed to its ambitions of becoming a national and international model for citizen-led galleries, whilst continuing to promote excellence in culturally diverse contemporary arts through our exhibitions, events, and engagement initiatives. Looking ahead to 2023/24 and beyond, we have an exciting programme lined up.
Our National Conference, ‘Transform,’ will delve into reshaping the narrative and opportunities for global ethnic majority leadership within the sector. This will be complemented by the launch of VOICE, the first Citizen Assembly to be embedded as a third pillar of leadership in a cultural organisation in the world.
We are also increasing our leading partnerships around our mission, enhancing our collaborative efforts to drive our goals forward. This year marks the launch of Exhibit, our first open call for main exhibitions, aimed at making our organisation more transparent and accessible to all.
Our Reside programme will continue in our renewed in-house studio, providing a nurturing space for artists to develop their practice. Our exhibitions will continue to showcase incredible local, regional, and national talent within the Main Gallery, Mezzanine, and the Street Gallery.
Our Neighbourhoods programme will continue to thrive, with Beyond the Walls connecting local communities with internationally acclaimed mural practitioners to tell the stories of local heroes, while our YOU programmes will provide training and development opportunities for young people.
Additionally, we are excited to introduce Art Your Way, our new commission initiative that invests in local talent, by, for, and with Hyson Green.
As we move forward, NAE continues to strive for excellence in delivery while increasing our relevance and impact. Our ambition to become a global model for citizen-led galleries is driven by our unique mission to be a foundation for global ethnic majority talent.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
## **Auditors**
The auditors, PKF Smith Cooper Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**S Gambrah** (Chair of Trustees) Date: 16/12/2024
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW ART EXCHANGE LIMITED**
## **Opinion**
We have audited the financial statements of The New Art Exchange Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's 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 Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 qualified opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company'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.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW ART EXCHANGE LIMITED (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **Matters on which we are required to report by exception**
Except for the matter described in the basis for qualified opinion section of our report, We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- the parent charitable company has not kept sufficient accounting records; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW ART EXCHANGE LIMITED (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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. Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. 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 have identified that the principal risk of fraud or non-compliance with laws and regulations related to:
- Management bias in respect of accounting estimates and judgements made;
- Management override of control;
- Posting of unusual journals or transactions
We focussed on those areas that could give rise to a material misstatement in the Company's financial statements.
Our procedures included, but were not limited to:
- Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
- Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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 financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, 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 Auditors' report.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW ART EXCHANGE LIMITED (CONTINUED)**
## **Use of our report**
This report is made solely 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 trustees those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
**PKF Smith Cooper Audit Limited** Statutory Auditors 2 Lace Market Square Nottingham NG1 1PB Date: 17/12/2024
PKF Smith Cooper Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
**Total income**
**Expenditure on:**
Raising funds
9
Charitable activities
10
**Total expenditure**
**Net income/(expenditure)**
Transfers between funds
23
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**1,268,591**
**20,000**
**164,382**
**9,475**
**-**
**1,462,448**
**159,235**
**1,133,892**
**1,293,127**
**169,321**
**(43,455)**
**125,866**
**3,793,341**
**125,866**
**3,919,207**|**Restricted**
**funds**
**2024**
**£**
**-**
**184,011**
**-**
**-**
**-**
**184,011**
**-**
**227,644**
**227,644**
**(43,633)**
**43,455**
**(178)**
**178**
**(178)**
**-**|**Total**
**funds**
**2024**
**£**
**1,268,591**
**204,011**
**164,382**
**9,475**
**-**
**1,646,459**
**159,235**
**1,361,536**
**1,520,771**
**125,688**
**-**
**125,688**
**3,793,519**
**125,688**
**3,919,207**|Total
funds
2023
£
868,591
235,001
60,021
1,742
1,375
1,166,730
142,366
1,062,899
1,205,265
(38,535)
-
(38,535)
3,832,054
(38,535)
3,793,519|
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 23 to 41 form part of these financial statements.
Page 17
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04899786**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Intangible assets
16
Tangible assets
17
**Current assets**
Stocks
19
Debtors
20
Cash at bank and in hand
27
Creditors: amounts falling due within one
year
21
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
23
Unrestricted funds
23
**Total funds**|**3,324**
**115,419**
**824,211**
**942,954**
**(243,837)**|**2024**
**£**
**-**
**3,220,090**
**3,220,090**
**699,117**
**3,919,207**
**3,919,207**
**-**
**3,919,207**
**3,919,207**|3,495
140,758
393,598
537,851
(81,296)|2023
£
18,612
3,318,352|
|---|---|---|---|---|
|||||3,336,964
456,555|
|||||3,793,519|
||||||
|||||3,793,519|
|||||178
3,793,341|
||||||
|||||3,793,519|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
# **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04899786**
# **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**S Gambrah**
(Chair of Trustees) Date: 16/12/2024
The notes on pages 23 to 41 form part of these financial statements.
Page 19
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04899786**
## **COMPANY BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Intangible assets
16
Tangible assets
17
Investments
18
**Current assets**
Debtors
20
Cash at bank and in hand
Creditors: amounts falling due within one
year
21
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
23
Unrestricted funds
23
**Total funds**|**149,859**
**820,897**
**970,756**
**(229,798)**|**2024**
**£**
**-**
**3,220,090**
**1**
**3,220,091**
**740,958**
**3,961,049**
**3,961,049**
**-**
**3,961,049**
**3,961,049**|250,612
378,805
629,417
(65,832)|2023
£
18,612
3,318,352
1|
|---|---|---|---|---|
|||||3,336,965
563,585|
|||||3,900,550|
||||||
|||||3,900,550|
|||||178
3,900,372|
||||||
|||||3,900,550|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 20
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
# **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04899786**
# **COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**S Gambrah**
(Chair of Trustees) Date: 16/12/2024
The notes on pages 23 to 41 form part of these financial statements.
Page 21
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of intangible assets
Purchase of tangible fixed assets
Investment income received
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2024**
**£**
**434,516**
**-**
**(13,378)**
**9,475**
**(3,903)**
**430,613**
**393,598**
**824,211**|2023
£
196,304
(20,160)
(1,440)
1,742
**(19,858)**
**176,446**
217,152
393,598|
|---|---|---|
The notes on pages 23 to 41 form part of these financial statements
Page 22
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. General information**
The New Art Exchange Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 39 - 41 Gregory Boulevard, Hyson Green, Nottingham, NG7 6BE.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The New Art Exchange Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The financial statements are presented in Sterling which is the functional currency of the company and are rounded to the nearest £1.
## **2.2 Basis of consolidation**
The financial statements consolidate the accounts of The New Art Exchange Limited and its subsidiary undertaking ('subsidiary').
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
For the year ended 31 March 2024 the company generated a surplus of £60,499 (2023: Deficit of £12,257).
## **2.3 Going concern**
The Trustees have reviewed latest management information, budgets and forecast cashflows to 31 March 2026. Due to the additional funds received and the strong level of cash reserves, the Trustees are confident that the company and Group will have adequate resources to continue in operational existence for the foreseeable future and at least one year from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.4 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The company is awarded grants, for which we are not entitled to recognise the income until costs have been defrayed for the prupose the grant was intended. Therefore the recognition of any grants received in advance is usually deferred in the balance sheet.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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.
## **2.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.6 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.
Page 24
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
**THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.7 Research and development**
Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.
Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Consolidated statement of financial activities.
## **2.8 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.9 Intangible assets and amortisation**
Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Website / Software Development - 15 % straight line
## **2.10 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Long-term leasehold property 2% straight line - Fixtures and fittings 15% - 33% straight line
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.
Page 25
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
# **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.11 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
## **2.12 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.13 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.14 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.15 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
## **2.16 Financial instruments**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.17 Pensions**
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
Page 26
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.18 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Critical accounting estimates and judgements**
The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The Trustees are of the opinion that there are no key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **4. Income from donations and legacies**
|ACE revenue core
Total 2023|**Unrestricted**
**funds**
**2024**
**£**
1,268,591
868,591|**Total**
**funds**
**2024**
**£**
**1,268,591**
868,591|Total
funds
2023
£
868,591|
|---|---|---|---|
Page 27
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Income from charitable activities**
|Hyson Green Mural
Freelands
Real Creative Futures ERDF
The Art of Belonging
Nottingham Mela
Arts Patrons Trust - Our Yard
NTU - University Reimagined
HS1's Keyhole Wires
Other project income
Total 2023|**Unrestricted**
**funds**
**2024**
**£**
-
-
-
-
-
-
20,000
-
-
20,000
20,000|**Restricted**
**funds**
**2024**
**£**
18,450
133,924
-
-
1,717
-
-
-
29,920
184,011
215,001|**Total**
**funds**
**2024**
**£**
**18,450**
**133,924**
**-**
**-**
**1,717**
**-**
**20,000**
**-**
**29,920**
**204,011**
235,001|Total
funds
2023
£
-
136,080
46,769
6,550
7,856
9,400
20,000
7,500
846
235,001|
|---|---|---|---|---|
## **6. Income from other trading activities**
|Services contract Nottingham City Council
Facility income
Workshop and education income
Retailing
HMRC Creative Industries Tax Credit
Sundry income
Consultancy fees
Café and catering|**Unrestricted**
**funds**
**2024**
**£**
8,912
23,980
1,531
2,829
49,096
1,631
50
76,353
164,382|**Total**
**funds**
**2024**
**£**
**8,912**
**23,980**
**1,531**
**2,829**
**49,096**
**1,631**
**50**
**76,353**
**164,382**|Total
funds
2023
£
14,047
23,507
2,970
1,259
(49,765)
1,578
1,675
64,750
60,021|
|---|---|---|---|
Page 28
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **7. Investment income**
||**Unrestricted**|**Total**|Total|
|---|---|---|---|
||**funds**|**funds**|funds|
||**2024**|**2024**|2023|
||**£**|**£**|£|
|Interest receivable|9,475|**9,475**|1,742|
## **8. Other incoming resources**
|Sundry income
Government grants - review|**Unrestricted**
**funds**
**2024**
**£**
-
-
-|**Total**
**funds**
**2024**
**£**
**-**
**-**
**-**|Total
funds
2023
£
375
1,000
1,375|
|---|---|---|---|
## **9. Expenditure on raising funds**
|Advertising and marketing
Café purchases
Support costs
Administration staff costs|**Unrestricted**
**funds**
**2024**
**£**
34,538
33,809
13,552
77,336
159,235|**Total**
**funds**
**2024**
**£**
**34,538**
**33,809**
**13,552**
**77,336**
**159,235**|Tota
funds
2023
£
32,790
26,115
17,204
66,257|
|---|---|---|---|
||||142,366|
Page 29
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **10. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Cost of charitable activities
Total 2023
**Analysis of expenditure by activities**
Cost of charitable activities
Total 2023
**Analysis of direct costs**
Depreciation and amortisation
Research and Development
Main Gallery
Project costs|**Unrestricted**
**funds**
**2024**
**£**
1,133,892
850,976
**Activities**
**undertaken**
**directly**
**2024**
**£**
580,846
392,938||**Restricted**
**funds**
**2024**
**£**
227,644
211,923
**Support**
**costs**
**2024**
**£**
780,690
669,961
**Cost of**
**charitable**
**activities**
**2024**
**£**
99,420
-
31,101
450,325
580,846||**Total**
**2024**
**£**
**1,361,536**
1,062,899
**Total**
**funds**
**2024**
**£**
**1,361,536**
1,062,899
**Total**
**funds**
**2024**
**£**
**99,420**
**-**
**31,101**
**450,325**
**580,846**||Total
2023
£
1,062,899|
|---|---|---|---|---|---|---|---|
||||||||Total
funds
2023
£
1,062,899
Total
funds
2023
£
101,686
1,360
30,561
259,331
392,938|
|||||||||
|||||||||
|||||||||
|||||||||
|||||||||
**11. Analysis of expenditure by activities**
Page 30
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
IT expenses
Premises costs
Professional fees
Travelling expenses
Staff training costs
Sundry expenses
Postage and stationery
Exhibition technicians
Bank charges
Repairs and renewals
Governance costs
**12.**
**Auditors' remuneration**
Auditors' remuneration for the group
Fees payable to the Company's auditor in respect of:
All non-audit services not included above|**Cost of**
**charitable**
**activities**
**2024**
**£**
496,899
6,721
97,349
62,120
1,632
13,003
6,400
289
10,324
1,106
37,736
47,111
780,690|**Total**
**funds**
**2024**
**£**
**496,899**
**6,721**
**97,349**
**62,120**
**1,632**
**13,003**
**6,400**
**289**
**10,324**
**1,106**
**37,736**
**47,111**
**780,690**
**2024**
**£**
**11,200**
**3,200**|Total
funds
2023
£
465,294
114
65,665
40,507
821
5,553
7,376
717
20,690
914
32,067
30,243|
|---|---|---|---|
||||669,961|
||||2023
£
11,450
3,550|
Page 31
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Staff costs**
||**Group**|**Group**|Group|Group|**Company**|**Company**|Company|Company|
|---|---|---|---|---|---|---|---|---|
||**2024**||2023||**2024**||2023||
||**£**||£||**£**||£||
|Wages and salaries|**518,519**||470,197||**535,833**||408,805||
|Employers NI|**42,226**||44,440||**38,642**||41,002||
|Pension costs|**13,490**||16,914||**12,577**||15,487||
||**574,235**||531,551||**587,052**||465,294||
|The average number of persons employed by the Company during the year||||was as follows:|||||
||**Group**||Group||**Company**||Company||
||**2024**||2023||**2024**||2023||
||**No.**||No.||**No.**||No.||
|Employees|**23**||25||**17**||19||
|The number of employees whose employee|benefits (excluding employer pension costs) exceede||||||||
|£60,000 was:|||||||||
||||||**Group**||Group||
||||||**2024**||2023||
||||||**No.**||No.||
|In the band £60,001 - £70,000|||||**-**||1||
|In the band £70,001 - £80,000|||||**1**||-||
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
The total amount of employee benefits received by key management personnel is £305,096 (2023: £176,772).
## **14. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 March 2024, expenses totalling £34 were reimbursed or paid directly to 1 Trustee (2023 - £NIL to no Trustee). The expenses reimbursed related entirely to travel expenses for board meetings.
## **15. Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Page 32
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**16.**
**Intangible assets**
**Group and Company**
At 1 April 2023
Disposals
At 31 March 2024
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023|**Website /**
**Software**
**Development**
**£**
**20,160**
**(20,160)**
**-**
**1,548**
**3,024**
**-**
**-**
18,612|
|---|---|
Page 33
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Tangible fixed assets**
## **Group and Company**
|**Cost**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023
**18.**
**Fixed asset investments**
**Company**
**Cost or valuation**
At 1 April 2023
At 31 March 2024|**Long-term**
**leasehold**
**property**
**£**
**4,549,049**
**-**
**-**
**4,549,049**
**1,262,042**
**88,421**
**-**
**1,350,463**
**3,198,586**
3,287,007|**Fixtures and**
**fittings**
**£**
**156,095**
**13,378**
**(72,010)**
**97,463**
**124,750**
**7,975**
**(56,766)**
**75,959**
**21,504**
31,345|**Total**
**£**
**4,705,144**
**13,378**
**(72,010)**
**4,646,512**
**1,386,792**
**96,396**
**(56,766)**
**1,426,422**
**3,220,090**
3,318,352
**Investments**
**in**
**subsidiaries**
**£**
**1**
**1**|
|---|---|---|---|
Page 34
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Fixed asset investments (continued)**
## **Principal subsidiaries**
The following were subsidiary undertakings of the Company:
|**Names**|**Company**|**Principal activity**|**Class of**|**Holding**|
|---|---|---|---|---|
||**number**||**shares**||
|NAE Enterprises|09462470|Café|Ordinary|100%|
|NAE Developments Limited|09462213|Dormant company|Ordinary|100%|
The financial results of the subsidiary for the year were:
## **NAE Enterprises Limited**
Income: £99,733 Expenditure: (£34,544) Profit/ (Loss) for the year: £65,189 Net assets/ (liabilities): (£41,841)
## **NAE Developments Limited**
Net assets: £1
## **19. Stocks**
||**Group**|Group|
|---|---|---|
||**2024**|2023|
||**£**|£|
|Café stock|**3,324**|3,495|
## **20. Debtors**
|**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
**13,381**
**-**
**17,132**
**84,906**
**115,419**|Group
2023
£
4,404
-
6,156
130,198
140,758|**Company**
**2024**
**£**
**5,887**
**44,020**
**16,642**
**83,310**
**149,859**|Company
2023
£
-
115,427
5,704
129,481|
|---|---|---|---|---|
||||||
|||||250,612|
Page 35
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
**Financial instruments**
**Financial assets**
Financial assets measured at fair value
through income and expenditure
**Financial liabilities**
Financial liabilities measured at amortised
cost through income and expenditure|**Group**
**2024**
**£**
**163,298**
**26,655**
**9,184**
**44,700**
**243,837**
**Group**
**2024**
**£**
**939,630**
**Group**
**2024**
**£**
**(235,506)**|Group
2023
£
37,359
10,927
4,828
28,182
81,296
Group
2023
£
534,356
Group
2023
£
(81,296)|**Company**
**2024**
**£**
**162,004**
**22,548**
**7,020**
**38,226**
**229,798**
**Company**
**2024**
**£**
**970,756**
**Company**
**2024**
**£**
**(221,467)**|Company
2023
£
32,492
8,034
3,618
21,688
65,832
Company
2023
£
629,417
Company
2023
£
(65,832)|
|---|---|---|---|---|
## **22. Financial instruments**
Financial assets measured at fair value through income and expenditure comprise trade debtors, amounts owed by group undertakings, other debtors, prepayments and accrued income and cash at bank.
Financial liabilities measured at fair value through income and expenditure comprise trade creditors, other taxation and social security, other creditors and accruals and deferred income.
Page 36
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **23. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
Reserves - subsidiary
**Restricted funds**
Freelands income
HS1's Keyhole Wires
Nottingham Mela
CVAN
Beyond the Wall
**Total of funds**|**Balance at 1**
**April 2023**
**£**
**3,900,372**
**(107,031)**
**3,793,341**
**-**
**178**
**-**
**-**
**-**
**178**
**3,793,519**||**Income**
**£**
**1,362,715**
**99,733**
**1,462,448**
**133,924**
**-**
**1,717**
**29,920**
**18,450**
**184,011**
**1,646,459**||**Expenditure**
**£**
**(1,258,583)**
**(34,544)**
**(1,293,127)**
**(133,924)**
**-**
**(5,428)**
**(56,606)**
**(31,686)**
**(227,644)**
**(1,520,771)**|**Transfers**
**in/out**
**£**
**(43,455)**
**-**
**(43,455)**
**-**
**(178)**
**3,711**
**26,686**
**13,236**
**43,455**
**-**|**Balance at**
**31 March**
**2024**
**£**
**3,961,049**
**(41,842)**
**3,919,207**
**-**
**-**
**-**
**-**
**-**
**-**
**3,919,207**|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
|||||||||
|||||||||
Freelands is a three year 'Power to Change' programme drawing on the legacy of community activism in Nottingham and working with young people and adults to support community empowerment and talent development.
HS1's Keyhole Wires follows HS1’s ‘Terrace Wires’, one of the country’s most ambitious public art programmes. The programme supports the hanging of unique contemporary artwork at a key junction in St Pancras Station. Suspended high, surrounded by the glass windows connecting the old St Pancras Station with the new.
Nottingham Mela is a South Asian festival of art and culture supported by the Mela Network.
CVAN celebrates and supports arts and culture in the region, fostering an inclusve long-term future for the sector, emphasising equity and access for all arts workers.
Beyond The Wall is a programme for the delivery of artwork projects at Hyson Green marketplace.
Page 37
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **23. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds
Reserves - subsidiary
**Restricted funds**
Real Creative Futures ERDF
Freelands income
PCC Community
Arts Patrons Trust - Our Yard
The Art of Belonging
HS1's Keyhole Wires
Nottingham Mela
**Total of funds**|Balance at
1 April 2022
£
3,912,807
(80,753)
3,832,054
-
-
-
-
-
-
-
-
3,832,054|Income
£
868,431
83,298
951,729
46,769
136,080
846
9,400
6,550
7,500
7,856
215,001
1,166,730|Expenditure
£
(883,766)
(109,576)
(993,342)
(46,769)
(136,080)
(846)
(6,500)
(6,550)
(7,322)
(7,856)
(211,923)
(1,205,265)|Transfers
in/out
£
2,900
-
2,900
-
-
-
(2,900)
-
-
-
(2,900)
-|Balance at
31 March
2023
£
3,900,372
(107,031)
3,793,341
-
-
-
-
-
178
-
178
3,793,519|
|---|---|---|---|---|---|
Page 38
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **24. Summary of funds**
**Summary of funds - current year**
|**Balance at 1**
**April 2023**
**£**
General funds
**3,793,341**
Restricted funds
**178**
**3,793,519**
**Summary of funds - prior year**
Balance at
1 April 2022
£
General funds
3,832,054
Restricted funds
-
3,832,054|**Income**
**£**
**1,462,448**
**184,011**
**1,646,459**
Income
£
951,729
215,001
1,166,730|**Expenditure**
**£**
**(1,293,127)**
**(227,644)**
**(1,520,771)**
Expenditure
£
(993,342)
(211,923)
(1,205,265)|**Transfers**
**in/out**
**£**
**(43,455)**
**43,455**
**-**
Transfers
in/out
£
2,900
(2,900)
-|**Balance at**
**31 March**
**2024**
**£**
**3,919,207**
**-**|
|---|---|---|---|---|
|||||**3,919,207**|
|||||Balance at
31 March
2023
£
3,793,341
178|
|**Summary of funds - prior year**|||||
|General funds
Restricted funds|||||
|||||3,793,519|
**25. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
3,220,090
Current assets
918,700
Creditors due within one year
(219,583)
**Total**
3,919,207|**Restricted**
**funds**
**2024**
**£**
-
24,254
(24,254)
-|**Total**
**funds**
**2024**
**£**
**3,220,090**
**942,954**
**(243,837)**|
|---|---|---|
|||**3,919,207**|
Page 39
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**25. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period**
|Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2023
£
3,318,352
18,612
537,673
(81,296)
3,793,341|Restricted
funds
2023
£
-
-
178
-
178|Total
funds
2023
£
3,318,352
18,612
537,851
(81,296)|
|---|---|---|---|
||||3,793,519|
|**26.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**Group**
**2024**
**£**
Net income/expenditure for the period (as per Statement of Financial
Activities)
**125,688**
**Adjustments for:**
Depreciation charges
**96,396**
Amortisation charges
**3,024**
Investment income recognised in statement of financial activities
**(9,475)**
Loss on disposal of intangible assets
**15,588**
Loss on disposal of tangible fixed assets
**15,244**
Decrease/(increase) in stocks
**171**
Decrease in debtors
**25,339**
Increase/(decrease) in creditors
**162,541**
**Net cash provided by operating activities**
**434,516**|Group
2023
£
(38,535)|
|---|---|
||100,138
1,548
(1,742)
-
-
(553)
225,134
(89,686)|
|||
||196,304|
|**27.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**|**Group**
**2024**
**£**
**824,211**
**824,211**|Group
2023
£
393,598|
|---|---|---|
||||
|||393,598|
Page 40
Docusign Envelope ID: 9FC933F7-FADE-408A-887A-C3CBB1D63F5D
## **THE NEW ART EXCHANGE LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **28. Analysis of changes in net debt**
|Cash at bank and in hand|**At 1 April**
**2023**
**£**
**393,598**
**393,598**|**Cash flows**
**£**
**430,613**
**430,613**|**At 31 March**
**2024**
**£**
**824,211**|
|---|---|---|---|
||||**824,211**|
## **29. Pension commitments**
The Group and Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £13,490 (2023 - £16,914). Contributions totalling £2,334 (2023 - £2,485) were payable to the fund at the balance sheet date.
## **30. Related party transactions**
The Group has taken advantage of the exemption under S.33 1A of FRS 102 from disclosing transactions entered into between two or more members of the group as the subsidiary is fully owned.
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 March 2024.
## **31. Controlling party**
The New Art Exchange is a Company limited by guarantee and accordingly does not have share capital.
Every member of the charitable Company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable Company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.
There is no ultimate controlling party of the charitable Company.
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