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2024-03-30-accounts

Company number 07732887

Charity number 1149079

(A company limited by guarantee)

Annual Report

&

Financial Statements

For the year end 30th March 2024

Index

Company Information 1
Directors Report 2-5
Independent examiners report 6
Statement of Financial Activities 7
Balance sheet 8
Notes to the accounts 9 - 18

Portraits of Recovery

Company Information

For the year-end 30th March 2024

The directors present their report and unaudited financial statements for the year ended 30th March 2024.

Reference and Administrative Information

Charity name Portraits of Recovery Charity Registration Number 1149079 Company Registration Number 07732887 Registered Office 88 Victoria Street Chadderton Oldham Greater Manchester OL9 0HJ Principle place of Business Beehive Lofts, Beehive Mill Jersey Street Ancoats Manchester M4 6JG

Directors

William Griffiths – Chair Stephen Whittle Zoe Welch

Company secretary

Mark Prest – Company Secretary

Bankers

The Co-Operative Bank

Independent examiner

Paul Cowham FCA DChA Withington Works Withington Baths 30 Burton Road Manchester, M20 3EB

1

Portraits of Recovery

Directors Report

For the year-end 30th March 2024

The directors, who are trustees of the charity, present their annual report and financial statements for the year ended 30th March 2024.

Status and Administration

The company is a registered charity and a company limited by guarantee and governed by its Memorandum and Articles of Association.

Charitable Objectives and Principal Activities

The company is established to promote the health and wellbeing of the public, those who are affected by addiction and in recovery from drugs and alcohol, through the use of visual arts.

Directors Appointment and Retirement

All Directors who served in the last financial year remain in their posts. A new Trustee was appointed to the board during the year. The company will continue to actively recruit additional Directors/Trustees as part of an organisational development initiative over the next financial year. Recruitment of new members is in line with the company’s Equality, Diversity and Disability policies.

Training of new Directors

New Directors/Trustees, particularly those who have not previously been directors in the arts sector, will be encouraged to attend relevant training courses if available in the Northwest. If it is felt by the Board that any member(s) need other additional training this will be actioned and facilitated where possible. New recruits during 2022 have taken part in two training courses through the NCVO:

Additional training for new and current Directors/Trustees will be organised during the 24/25 financial year.

Directors and Trustees both new and current are encouraged to attend the organisation’s public exhibitions, and events & engage with planned organisational development initiatives.

Public Benefit

The directors have had regard to the Charity Commission’s guidance on public benefit and can confirm that they have complied with the guidance.

The directors are satisfied that the activities of the charity, as explained in the overview of the year below, benefit the public. The section of the public that benefits from the activities of the charity are those affected by/or in recovery from substance use disorders with poverty and not precluding people from benefitting.

2

Portraits of Recovery

Directors Report For the year-end 30th March 2024

Overview of the Year

After 12 years of operating on a project-by-project basis, 2023-24 brought financial stability, with PORE in receipt of 3-year revenue funding by becoming a national portfolio (NPO) client of Arts Council England and securing Culture Funding from Greater Manchester Combined Authority.

DEVELOPING THE TEAM

Portraits of Recovery has nearly recruited a full team with the full-time appointment of a Director & CEO and a Business Operations and Finance Manager alongside a part time role of Digital Marketing lead, this role supports comms and audience development for the company and its activities. A fulltime Curator of Social Engagement will be recruited in the next financial year.

This increase in team capacity allows space for:

DELIVERING THE FIRST RECOVERIST MONTH CREATIVE PROGRAMME

Throughout Sept 2023, Portraits of Recovery delivered its first major month-long public programme of activities in significant art spaces across the Greater Manchester area. We successfully developed the artistic programme to cover a range of art forms while retaining a bias towards visual arts. Recoverist Month is a new annual awareness month forming a new part of Greater Manchester’s Cultural calendar.

Core to all activities was a detailed participatory programme that enabled PORe to maintain our ethos of ‘art made with communities instead of for communities.’

Our programme was designed to reach and reflect the voices of a broad range of communities and cultural backgrounds. Addiction reaches everyone in a variety of ways and with that comes a broad panoply of stories, cultures, experiences and opportunities to give voice to all and champion all in recovery as a welcoming community.

A first for us this year was the commissioning of a creative to develop documentary material for distribution online only. This work brought a significant increase in audiences online and we are keen to develop our online provision going forwards.

3

Portraits of Recovery

Directors Report For the year-end 30th March 2024

DEVELOPING 2024’S ARTISTIC PROGRAMME

The 2023 artistic programme brought with it several opportunities for the development of more significant works for 2024.

Further to this, we have begun working towards developing international partnerships and the prospects of touring one of the 2024 artistic projects (Let’s Talk About Chemsex) to other communities nationwide.

Further to this, we are developing the last in a trio of commissions which will be developed for presentation in 2024, which will conclude with a major conference on Recoverism and creativity at the Whitworth Art Gallery.

For 2025, we will develop private-sector co-investment to further the scale of our work, this will increase the surety of PORe, making it less reliant upon public-sector investment solely. Care will be taken in seeking this investment to ensure that all investment is ethical and from companies that reflect our values as an organisation.

NEW COMMERCIAL ACTIVITY WITH MANCHESTER CONTEMPORARY ART FAYRE

For 2024 we trialled a presence at the Manchester Contemporary Art Fayre which is the region’s most significant commercial art showcase. This brought the following benefits/ opportunities to PORe:

Financial review and reserves policy

Reserves – at the close of 2023-24 financial year, the directors recognise that the financial position of the charity has improved with a total reserve of £72,803 (2023: £3,128). This is much improved on the previous year. Total reserves comprised restricted funds £15,643 (2023: £1,338), and unrestricted funds of £60,629 (2023 £1,790). Unrestricted funds are comprise general funds of £8,629 (2023: £753) and designated funds £52,000 (2023 £1,037). This financial year is the first of three years of Arts Council NPO funding (£450,000 across 3 years) and the Greater Manchester Culture Portfolio (90,000 across 3 years). Additional potential funding streams having been identified and PORe will increase its financial stability with the business plan projecting a much greater build of general funds over the next three years.

The charity aims to hold between 3 and 6 months core costs in reserves which equates to approximately £30,000 to £60,000. It expects to reach this target in 2 year’s time.

4

Portraits of Recovery

Directors Report For the year-end 30th March 2024

Directors Responsibilities

Company Law requires all directors to prepare financial statements for each financial year which gives a true and fair view of the state of the company and the surplus and deficit of the company for that period. In preparing those statements the directors have: -

Selected suitable accounting policies and applied them consistently.

Made judgements and estimates that are reasonable and prudent.

Stating whether accounting standards are followed, subject to any material departures disclosed and explained in the financial statements.

Prepared financial statements on an ongoing basis.

Funds

Funds held by the company are detailed in the notes to the accounts.

Small Company Provisions

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

On Behalf of the Board

William F Griffiths (Chair)

Signed: …………………................................

16th December 2024 Dated: …………………................................

5

Independent Examiner’s Report to the Trustees of

Portraits of Recovery

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 March 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

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

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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

Paul Cowham FCA DChA Withington Works Withington Baths 30 Burton Road Manchester, M20 3EB

Dated: ………………………............

6

Portraits of Recovery

Statement of Financial Activities (including Income and Expenditure account) for the year ended 30 March 2024

Unrestricted
funds
Note
£
Income
Donations and legacies
3
164
Charitable activities
4
147,937
5
3,149
Investments
6
-
Total income
151,250
Expenditure
Raising funds
-
-
Charitable activities
8
92,411
Total expenditure
92,411
10
58,839
Transfer between funds
1,338
Net movement in funds for the year
60,177
Reconciliation of funds
Total funds brought forward
1,790
Total funds carried forward
61,967
Fees and other income
Net income/(expenditure) for the
year		 Restricted
funds
£
-
40,898
-
-
40,898
-
25,255
25,255
15,643
(1,338)
14,305
1,338
15,643		 Total funds
2024
£
164
188,835
3,149
-
192,148
-
117,666
117,666
74,482
-
74,482
3,128
77,610		 Total funds
2023
£
228
54,652
-
-
54,880
-
85,335
85,335
(30,455)
-
(30,455)
33,583
3,128

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

7

Portraits of Recovery Company number 7732887

Balance sheet as at 30 March 2024

----- Start of picture text -----
Note 2024 2023
£ £ £ £
Fixed assets
Tangible assets ## - -
Total fixed assets - -
Current assets
Stock
Debtors 15 55,610 5,189
Cash at bank and in hand 23,886 17,511
Total current assets 79,496 22,700
Liabilities
Creditors: amounts falling
due in less than one year 16 (1,886) (19,572)
Net current assets 77,610 3,128
Total assets less current liabilities 77,610 3,128
Net assets 77,610 3,128
Funds of the charity
Restricted income funds 17 15,643 1,338
General funds 8,629 753
Designated funds 52,000 1,037
Total unrestricted income funds 18 60,629 1,790
Total charity funds 76,272 3,128
----- End of picture text -----

For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 9 to 18 form part of these accounts.

15.12.2024 Approved by the Management Committee on …………………. and signed on their behalf by:

William Griffiths

Name

Signed

8

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 section 1A.

Portraits of Recovery meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the Management Committee have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No such restatement was required.

c Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. They do recognise that the charity had negative unrestricted funds as at 30 March 2019, however there are plans to increase income streams and the reserves of the charity. The project director is able to work for free and agree with creditors that payment terms can be flexible so trustees consider that the charity is solvent.

There are no key judgments which the trustees have made which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

9

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

d Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

e Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

10

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

g Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

h Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j Cash at bank and in hand

Cash at bank and cash 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.

k Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

11

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

N Financial instruments

The charity 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 Legal status of the charity

The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1.

3 Income from donations and legacies

Donations
Total		 Unrestricted
Restricted
Total 2024
Unrestricted
Restricted
Total 2023
£
£
£
£
£
£
164
-
164
228
-
228
164
-
164
228
-
228

16th December 2024

12

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

4 Income from charitable activities

Unrestricted Restricted Total 2024 Unrestricted Restricted Total 2023
£ £ £ £ £ £
Grants
Achieve - Salford
Community - - - - (11,972) (11,972)
Arts Council England
NPO funding 150,000 - 150,000 -
Elevate (K.I.S.S) (2,063) - (2,063) - 51,729 51,729
GMCA - 30,000 30,000 - - -
Oldham one - 10,000 10,000 - - -
Super bia grant -
chaordic - 898 898 - - -
The Repair Centre -
WEA - - - - 14,895 14,895
Total 147,937 40,898 188,835 - 54,652 54,652

5 Fees and other income

Earned income Unrestricted
Restricted
2024
Unrestricted
Restricted
2023
£
£
£
£
£
£
3,149
-
3,149
-
-
-
3,149
-
3,149
-
-
-

All income from fees and trading is unrestricted.

6 Investment income

Income from bank
deposits		 Unrestricted
Restricted
2024
Unrestricted
Restricted
2023
£
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-

All of the charity's investment income arises from money held in interest bearing deposit accounts. All investment income is unrestricted.

13

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

Analysis of expenditure on raising funds

Total 2024 Total 2023
£ £
7 Fundraising costs - -
Artists fees, consultancy & freelance staffing
Salaries and wages
Travel and subsistence
Artists' materials/equipment
Office rent
Training
Marketing & publications
Insurance IT & office costs
Equipment & studio hire
Governance costs
Restricted expenditure
Unrestricted expenditure
Accountancy and independent
examination
Board development		 Total 2024
Total 2023
£
£
18,075
70,490
79,247
-
678
825
-
1,297
8,778
7,260
849
450
3,987
872
2,689
2,456
2,363
975
1,000
600
-
110
117,666
85,335
2024
2023
£
£
25,255
70,182
92,411
15,153
117,666
85,335

14

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

10 Net income/(expenditure) for the year

This is stated after charging/(crediting): 2024 2023
£ £
Independent examiner's remuneration
- accountancy 450 300
- independent examination 450 300

11 Staff costs

Staff costs during the year were as follows:

Wages and salaries
Social security costs
Employers pension contributions
Temporary staff		 2024
2023
£
£
72,894
-
-
-
1,653
-
4,700
-
79,247
-

The key management personnel of the charity comprise the trustees and the project manager. The total employee benefits of the key management personnel of the charity were £????? (2023: £25,200).

12 Trustee remuneration and expenses, and related party transactions

No trustees received any remuneration or reimbursed expenditure in the year (2023 £nil).

Aggregate donations from related parties were £nil (2023: £nil).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year other than those disclosed above (2023: nil).

15

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

13 Government grants

The government grants recognised in the accounts were as follows:

Arts Council England
GMCA		 2024
2023
£
£
(2,063)
51,729
30,000
-
(2,063)
51,729

14 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

15 Debtors

Trade debtors
Prepayments and other debtors		 2024
2023
£
£
55,610
5,173
-
16
55,610
5,189

16 Creditors: amounts falling due within one year

Other creditors and accruals
Grant repayable
Taxation and social security		 2024
2023
£
£
900
7,600
-
11,972
986
-
1,886
19,572

16

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

17 Analysis of movements in restricted funds

GMCA
Arts Council England - Elevate
Oldham one
Super bia grant - chaordic
WEA - The Repair Centre
WEA - Sounds at the Edges
Arts Council England - Elevate
Achieve - the Repair Works
Previous
reporting
period		 Balance at
31 March
2023
Income
Expenditure
Transfers
Balance at
30 March
2024
£
£
£
£
£
-
30,000
(19,644)
-
10,356
1,338
-
-
(1,338)
-
-
10,000
(4,713)
-
5,287
-
898
(898)
-
-
1,338
40,898
(25,255)
(1,338)
15,643
Balance at
31 March
2022
Income
Expenditure
Transfers
Balance at
30 March
2023
£
£
£
£
£
1,727
14,895
(16,622)
-
-
-
-
-
-
-
16,763
51,729
(67,154)
-
1,338
15,000
(11,972)
(3,028)
-
-
31,763
39,757
(70,182)
-
1,338

18 Analysis of movement in unrestricted funds

General fund
Core contribution to Elevate
Designated fund - project delivery
to March 26		 Balance at
31 March
2023
Income
Expenditure
Transfers
As at 30
March 2024
£
£
£
£
£
753
151,250
(92,411)
(50,963)
8,629
-
52,000
52,000
1,037
-
-
(1,037)
-
753
151,250
(92,411)
-
60,629

17

Portraits of Recovery

Notes to the accounts for the year ended 30 March 2024 (continued)

18 Analysis of movement in unrestricted funds (continued)

Core contribution to Elevate
General fund
Previous
reporting
period		 Balance at
31 March
2023
Income
Expenditure
Transfers
As at 30
March 2023
£
£
£
£
£
93
228
1,469
(1,037)
753
-
1,037
1,037
93
228
1,469
-
1,790

19 Analysis of net assets between funds

Tangible fixed assets
Net current assets/(liabilities)
Total		 General
Designated
Restricted
fund
funds
funds
Total
£
£
£
£
-
-
-
-
60,930
1,037
15,643
77,610
60,930
1,037
15,643
77,610

18