REGISTERED COMPANY NUMBER: 07655709 (England and Wales) REGISTERED CHARITY NUMBER: 1152377 Report of the Trustees and Unaudlted Financlal Statement5 for the Year Ended 30 June 2025 for The Arts Emergency Service Swindells LLP Chartered Accountants Atlantic House 8 Bell Lane Bellbrook Industrial Estate Ucl<field East Sussex TN22 IQL
The Arts Emergency Service Contents of the Financial Statements for the Year Ended 30 June 2025 Page Report of the Trustees I to 12 Independent Examlner's Report 13 to 14 Statement of Financlal Activities 15 Balance Sheet 16 to 17 Cash Flow Statement 18 Notes to the Cash Flow Statement 19 Note5 to the Financial Statements 20 to 32 Detailed Statement of Financlal Actlvities 33 to 34
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 The trustees, who are also dlrectors of the charity for the purp05e5 of the Companies Act 2006, present their report with the financlal statement5 of the charity for the year ended 30 Ju ne 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparlnE their accounts in accordance with the Financial Reporting standard appl icable in the UK and Republic of Ireland IFRS 1021 {effective l January 20191. OBJEcfivES AND ACTIVITIES Objectives and aims The charity's objects are to promote the art5 and higher education and to encourag@, maintain and develop publlc education and appreclation of the arts and hlgher education, to remove barriers to young people who wish to study an arts degree and to promote, improve, develop and maintain the appreciation of the arts. Public benefit I n planning the charity's activities for the year, the trustees complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Page I
The Arts Emergency Servlce Report of the Trustees for the Year Ended 30 June 2025 STRATEGIC REPORT Achlevements and performance Main achievements summary Supporting 1,841 underrepresented young people aged 16 to 25 years old across London, Greater M anchester and MerseysSde to acce55 information, build connections, and feel empowered to pursue their creatlve am bitions in the arts and humanltles, and the creative and cultural industries, th rough youth-led, goal-focu5ed mentoring and community programmes. Summary of the maln actlvlties of the charlty during the year In 2024125, Arts Ernergency's activities were organised into three main strands: Mentorlng, Young Community, and Youth Collective. Across these three programme5 Strands we worl<ed with 1,841 young people aged 16-25 years mainly in London, Greater Manchester, and Merseyside, Programme delivery across these three strands was supported by a Network of 10,688 experienced professionals from across the creative and cultura5 sectors (2023124.. 10,223), 1,478 of whom were actlvely enEaged with Arts Emergency's pro8rammes12023124: 1,7091. Our full impact report can be found at www.arts-emer enc .or about-us re orts Mentoring programme Through our one-year mentorlng prograNme, young people aged 16-18 are paired up wlth trained mentors, based-on thelr Interests and goals, from our network of volunteers who are experienced professionals from across the creative and cultural sectors. Mentoring pairs meet one hour a month throughout the year, for mentors to provide support as young people take their flrst steps out of com pulsory education and mal<e declsions a bout their f utu re in higher education, vocational tralnlng, and early careers. . In 2024125, we wrapped up our 2024 mentoring cohort which began in January 2024 with 251 mentoring pairs across London, Brighton, Greater Manchester, and Mersey5ide12023 cohort: 225 pairs). Within th is cohort, 880A of mentees are from a lower socioeconomlc background I working class ),' 59A describe themselves as f rom an ethnic minority background,. and 30% have a disabi lity or special educational need. Importantly, 66% of mentees meet more than one of these criteria concurrently. 740A of pairs met our criteria for a 'successful' relationship12023 cohort: 63%) I,e. meeting over six times with positive mentee ratlngs or quantifia ble impact, Our evaluation indicates that the mentoring programme made a significant impact on our aims to widen knowledge of routes into the creative and cultu ral industries, gain understanding and experiences of those industrles, and gain confidence in pursuing their creative ambltlon5. The mentoring programme was POSltlvely received by both mentees and mentors, wlth stron8 Indicators of impatt and engagement across all data points. All mentees who responded to our survey reported that the programme offered valuable opportu nities they would not have otherwise accessed, a nd 85% now feel clearer about their futu re career paths, The core qualities of the mentoring programme whlch are important to mentees are- the programme is useful te them; their mentor was well-matched to them or thelr needs; the experSence wa5 enjoyable,, they felt safe and comfortable with their mentors; and that the sesslons were regular and sufficient, Page 2
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 Our flndings show that the mentoring programme is 5ucce5sful in supporting young people to make better informed choices as they take their first Steps out of compulsory education. Ninety elght percent of mentees had improved in at least one area of our Theory of Change framework assesslng the level of knowledge, experience and confidence a young person has, and 84% of mentees had improved thelr overall average score across these areas, indicating a 'net POSltive' effect. Arts Emergency has Internal targets for each outcome group (minimum of 75% showing a p051tive impact) and all these were met sn 2024. 'I've learnt throuEh conversation5 With my mentor to be a lot more comfortable in myself and the work we are putting into thi5 experience together is helping rne to feel so much more positively about my future wlth a wider range of knowledge to support me, I think two of the biggest changes have been that I've grown in confidence and maturity. Something I think has helped thi5 is having our meetings at various theatre venues in Manchester and havlng the independence to make my way to and from them" 2024 mentee, For the 2025 mentoring programme, we made two distinct change5. We expanded our London capacity, recruiting a second full-time Mentoring Officer with an ambition to work with 200 young people In London each year. We also closed our Brlghton project due to lack of resource5 dedicated to this region. In preparatlon, we recruited a new cohort of mentor5 and mentees. We had 668 experienced professionals registering thelr Interest In volunteering as a mentor12024 cohort: 5801, and we delivered tra ining for 326 volunteers who were new to the programme {2024 cohort.. 3061, covering topics such 85 what mentoring is, safeguarding,-and tlps_for Supporting and worklng with young people. We also worked with 57 schools and partner organlsatlons12024 cohort.. 491 to recrult young people who could benefit from mentoring. 470 young people applied for the programme12024 cohort.. 3451, with 91% coming from our referral partners. We matched_321 mentorlng palrs across London, Greater Manchester, and Merseyside lup from 247 in 20241. Within this cohort,.72°A are from a lower 50cioeconomlc bacl<ground I working class),. 59% describe themselves as from a n ethnic m i nority background- and 34% have a disability or special educational need. Notably, 550k of mentees meet more than one of these three criteria. Mentoring pairs met for one hour a month throughout the year to galn Inside knowledge about the industry, Set goals, and get advice into the sector. By the end of June 2025, 95% of young people rated their sessions p051tively, 74% had identified goals with their mentor, and 680A of them had already achieved some of their initial goals. This interlm evaluation provides encouraging initial indications that mentees are making progress towards the mentoring outcomes within our Theory of Change aiming to support young people to make better informed choices as they tal(e their first steps out of CDmpu150ry education. Young Community In 2024/25, the Young Community grew to 1,841 young people12023124,. 1,3921. Every young person who takes part in our programmes becomes a member of our Young Community, national community of young people aged 16-25 from underrepresented bacl(grounds, with creative intere5t5 and practices spanning all artforrlls and disciplines. Th rough bringlng people together in person and online, our Young Community programme fosters authentic connectlons within an inclusive and supportive environment that encourages creatlve, persona I, and professional growth. Page 3
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 In 2024125, we undertook a revlew of the Community programme to ensure It was responding to the need5 of the young people we work with and connects wlth our wlder Theory of Change, focussinE our strength on connecting people together. As a resu It, several progra mme stra nds were d iscontlnued, including our Ruby Tickets scheme, Ask Arts Emergency, and our summer work experience programme. In late 2024, we hired a new Community Events Offlcer tasked with connecting the community together through monthly In-person events, including soclals and workshop5 which have now tal<en place in locations across our three reglons, Including Old Dlorama Arts Centre & The Treehouse In London, Futu re Yard in Merseyside, and Altogether Otherwise in Manchester. We have also run a variety of online events. 'It has made me feel connected to a talented Eroup of people. - Young Community member 'Thhe impacts have beenl connecting me with a larger creatlve community. Having another set of friend5 that all have dlfferent strengths and experien$, sharlng advice and opportunities, as well as being able to work together. Some early takeaways from these events have been that attendees have appreciated connecting with a community and learning about other people, developSng a deeper appreciation of the work of creatives, and also having the opportu nity to share their own skills, knowledge and Interests. In 2024125, we shared 369 creative and cultural opportunities vla our monthly newsletter and a newly launched Opportunitie5 Board webpage 12023124.. 422 opportunltles sharedl. We also hosted and moderated a Discord server where young people could communicate and network with each other. Collective programme The Youth Collective was e5tabli5hed in 2020 to ensure that young people's voices are Ilstened to and amplified through Arts Emergenry'5 activitie5 and to generate leadership capabilities wlthin the Community. In 2024125, we also undertook a review of the Youth Collective programme to ensure it is impactful for the Indivlduals a5 well as the wider movement. As a result, the Collective programme changed its focus away from developlng an Individual advocacy piece each year to becoming leader5 of the Young Community and developing the offer and depth of the Community programme, Thls new approach launched in October 2024 with a representative group of 12 young people working col laboratively to provide leadership for the Young Comm un ity. These young people are paid as consulta nts to ensure young people's views and voices are at the heart of everything we do. By the end of 2024125, the Youth Collective have made a huge impact on the Community programme. They have launched a monthly podcast series, The Emergency Room {creative chats in critical times), where in pairs they speak with creative profe55ionals. The Collectlve have taken over production of our monthly Young Community Newsletter, and refreshed its content to include new element5 including quotes/afflrmations, h15toric days of the month, and recommendations from the Youth Collective. They have also played a leading role in overseeing the introductSon of in-person events and influenced the structure of in-person event5, Additionally, two members of the Youth Collectlve served on the board a5 Young Trustees to ensure that young people's voices were represented at the governance level, Page 4
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 'It's helped me grow in confidence both personally and as an advocate member. 2024125 Youth Collective Flnanclal revlew Flnanclal position The charitable company held free reserves as at 30 June 2025 of £300,12012024,, £411,4161, At 3D June 2025, the charitable company held restricted reserves of £19,27912024: £62,6251, Net movement In funds for the year was an outflow of £154,64212024: inflow of £20,899>. Reserves pollcy Arts Emergency's policy wlth regard to reserves is to ensure that the charlty, and the services we offer to our beneflclaries, a re reasona bly secure in the event of significa nt red uctlon In I ncome, allowing.. Tlme to re-establish income streams Time to ma nage reductlon in service levels or restructure shou Id this become necessary. The trustees recognise the need to hold sufficient free reserves to ensure protectlon of core activities in the event of unforeseen circumstances, includlng any unplanned reduction In fu nding or an unforeseen need for funds to deliver additional charltable actlvlty. Since September 2022 we have been worklng to a reserves target equivalent to 6 months of running costs. In January 2025, trustees agreed to reduce the reserves target to 3 months, in light of a challenging economic climate and a need to deliver a deflclt budget for one year. The organisatlon went through a restructure_to Teduce headcount and establish a staff structure able to successfully deliver on ou r misslon. Programme delivery was protected during this process. As at 30th June 2025 the organisation held free reseNes equivalent to 3 months of running costs based on 25126 costs. With i ncreasing costs related to the cu rrent cost of living crisis, our strategy for the next three fi na ncia I years IS to steadily build u nre5tricted reserves, Current forecasts predict a retu rn to 6 months reserves by the end of 27128. Designated funds Arts Emergency holds no designated funds at this time. Page 5
The Arts Emergency Servi Report of the Trustees for the Year Ended 30 June 2025 STRATEGIC REPORT Princlpal rlsks and uncertainties The trustees continually review.. The high and Significa nt risks to whlch the charity is exposed; The potential impact and proba bility associated with each risk; Existing i nternal co ntrols a nd accounta bility for them; and Mitigating actions to reduce each ris1( to a level that the Board considers to be acceptable. The relevant findings and mitigations are set out below: Young people do not have decision-making agency, control or power.. Youth Collective provide ongoing feedback to emerging programmes and ideas,. Young people served on the Community project steering committee, provided feedback in consultation interviews and Theory of Change workshops,. - Two Youth Collective members serve on the board as Young Trustees. Economic pressures related to current fl nancial climate: The fundraising team has expanded to further diversify and increase revenue; Ta rgeted appeals relating to cu rrent Issues facing our beneficia ries will continue to run; - Annual budgeting and ongoing monitoring of financial performance including monthly cashflow forecasting; We implemented ari in-house-finance sysfem-to ènsure quiclc and accurate oversight of our financlsl position; The preparation of financial forecasts aligned to the Arts Emergency strategy to target a diversification of income streams and incorporate an ongoing consideration of market and consumer trends,. Contingency is built into fina ncial forecasts for future financial yea rs. Incidents that damage reputation and/or negatively impact operations (including cyber security, serious fraud, major hea Ith and safety incidents, safeguarding and Internal process failures): Safeguarding team in place,. Safeguarding trai n i ng programme delivered to all stafF and volunteers,. Safeguarding lead trustee on the board; Finance manual updated and team training carried out; Senior roles in place with responsibility for data and systems: Head of Systems and Chief Operating Officer,. Full data review and team training undertal(en lastfinancial year, Changes in Government regulatory requirements andlor Charity Sector guidance le,g., GDPR, Fundraising Code) negatively impact on Arts Emergency's strategy and activities: The team monitors public policy and the regulatory environment on an ongoing basis to ensure potential risks can be proactively managed. This includes a particular focus on developments in fundralsing regulation and the requirements of the General Data Protection Regulation IGDPRI; Representation at key events and forums to help shape the research agenda; Strategic priorities and programme initiatives which target a diversification of income streams. Page 6
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 Arts E mergency's strategy and activities are not properly or sufflciently focused In order for the charlty to meet its objectives: Charity has a clear vision and a strategy settinE Out how we play a leading role in achieving slgnificant irnprovements in access to careers in the arts a nd h umanities,, STRATEGIC REPORT Following our full strategic revlew In 21122 to ensure that our mission is clear, the Leadership Team worked with colleagues and trustees to develop a three-year business plan taklng us to 2026,. We reviewed our three-year plan focussing on the goals for 2023- 2026. Attracting, developing and retaining talented staff in a competitive employment market combined with the reliance on significant levels of volunteer Support both in f u ndraising and mentoring,. Regular benchma rl<ing of compensation a nd benefits across the sector,, Ongoing proactive volunteer and employee recruitment programmes; - Active communication and training programme in place for volunteer mentors,. Programme of annua l appraisals, development opportu nities and ind ividual tra i ning budgets provided,. Staff wel Ibeing progrdmmes i n place including Em ployee A5SiStance Program me; Staff handbook updated and key policies reviewed; Fixed term Nead of People & Culture role invested in this Pinancial to support the team and culture,. Clear schedule of department and whole staff in person time. Delivering"effective change manage.ment through major process improvement programmes in support of the charity's Strategy: Finance a nd resou rces corn mittee is in place to review any proposed cha nges to staff structure, including new roles in order to make recommendations to the wider board,. All new prograrnrnes are reviewed to ensure alignment with mission and strategy and that appropriate governance and resourcing in place, Financial security and th reats of fraud or misuse of compa ny expenses: Li mits set on expenditu re via all channels (expenses cards, bank account); Authorisation process in place for all outgoing payments (including incoming invoices and expense cla im51; Appropriate authorlsatlon process in place for any payments made by job role and bank limit placed on daily transactions; - Trustee authorlsatlon for any payments over £lO,QOO- Processes in place to check all new payees or payees who request payment to new a new bank account,. Bank account revlewed regularly and accounting system reviewed monthly to ensure any unexpected expenditure is picked up immediatety. Full management accounts reviewed quarterly by trustees. Page 7
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 STRATEGIC REPORT Future plans Over the next three years, we want to lean into what we know works: long-term relationships built on trust, care and shared values. Arts Emergency exists because real change isn't going to make headlines, it's slow news and constant work. Our programme Is deliberatelyi radically long term, and that means we must plan in the same way. Practically, thi5 means worklng toward5 securing 70% of the income needed to run projects by the start of the year they launch, allowlng us to focus on people and purpose rather than precarity. This approach al lows us to u ndemrite programmes in the long term, build deeper connections, and bring our people together as a collective to collaborate, create, and support one another through what are increasingly scary tlmes. The same commitment applles Internally., to our staff team, our board, and our Youth Collective. Arts Emergency is one movement for the future, but it Is powered by thousands of individual ideas, needs and superpowers. Our role Is to make space for all of us, and IndSvldually and collectively contribute as much as posslble to the cuFture we live In. This Is how we'll do our blt to change the world. We also want to widen our reach without breaching our operational and ethical limits. We have worked with partner schools for 15 years in London, and 11 years in Manchester. We want to offer greater access to our networks and resources to young people beyond our core programme. We can't mal(e a mentor match for everyone who wants one, but we can explore new ways to be a place for people to be their best, most aspirational Self. Alongside this, we are building closer relationships with creatlve buslnesses, cultural organisations and grassroots causes who share our values and are working ethlcally and sustainably. We want to learn from our allies.. T_here is also an enormous amount of carefully developed practlce wtthin Arts Emergency, pa rticularly around-inentori ng that Is safe, authentic and high-impact. Combined wlth the cultu ral clout a nd radica I creativity that lives within our movement, this is someth ing we want to share intentionally we are one organisation contributing to a much broader struggle and we're committed to helplng bulld a future that's worth living for. Now is the time to 58y this out loud, defiantly, hopefully, to everyone I STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Art5 Emergency SeNice is a registered charity (Registered Charity number 11523771, and a company Ilmited by guarantee as defined by the Companies Act 2006 (number 076557091, governed by its Memorandum and Articles of sociation and incorporated on 2 June 2011. The company was granted charitable status on 11 June 2013. Organisational structure The charitable company is administered by the tru5tee5 comprising of individuals who are the trustees of the charitable company at any given tlme, including the first trustees and their successors. In selecting indivSdua1s for appointment as trustees, the trustees have regard to the skills, knowledge and experience required for the effective administration of the charitable company. Page 8
The Arts Emergency Servlce Report ofthe Trustees frjr the Year Ended 30 June 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Declslon making The Board of Trustees has overarchi ng responsibility for the approva l and monitoring of the organisation's strategic pla n. This includes: Overall approval of an nual budgets and a nnual accounts Approval of charity's approach to risk a nd monitoring of risk re8iSter Development and implementation of board development plan Approving the Fundraising Policy and ensuring fu ndraising activity falls in line with thls The board has two subcommittees to SUPPDrt with key strategic and operational decislons. The Flnance and Resources sub-committee oversees in detail the financial plans and performance of the charity and reviews the charity's risk manag@ment processes. The Appointments sub-committee leads the process for appointments and election to the Board of Trustees. The charity is led by the CEO who is responsible for the day-to-day management of the organisation. Following the period of these accounts, this moved to a CO-CEO model. Day-to-day management of the organisation includes.. Development, mc>nitoring and implementation of strategic plan Identifying a nd pu rsuing opportunities for fundraising and business development Arranging prep8 ration of budget5 a nd forecasts for presentation to the board Adm inistrative decisions regardi ng f ina nce, FIR, health a nd safety, project evaluation, management Information systems, marketing and communic8tion5 The_Co-CEOs work with a Senior Leadership Team who sUPPOrt in these areas. Page 9
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees When new trustees are appolnted to the Board, they receive an induction pack wh ich includes information on trustee duties, a copy of our governlng document and Charity Comm ission guideli nes for trustees. We provide a n OveieW of the charlty's finances, our Safeguarding policy a nd a guide to the decisions that will need to be made as part of the role, We also give training on safeguarding, what to do if thing5 go wrong and have a code of conduct wh1ch trustee5 sign up to when they loln. Trustee terms are four years each, wlth a maximum of 9 years served in total. After four years, should the trustee wish to remain they are re-elected onto the Board by the remalning trustees. If the trustee is considering stepping clown, we asl< trustees to continue for one year In order to induct a replacement trustee, or to give a minimum 6 months, notice. When recruiting new trustees, the charity will create a recruitment pack Includlng a person speclficatlon. We regularly undertal<e a skllls audit to identify any ga ps in knowledge or expertise that wou Id be usefu I to the charity. When recruiting we wlll outline any skills we are partlcularly looklng for. We advertlse on ou r own websit@ and soclal rredia channels, alongside industry recruitment site5 and publications. In some cases, we will engaEe a charity trustee recruiter to su pport this process. I n all of our recruitment, we are com mitted to belng a welcom ing and inclusive organisation. It is important to us that our Board is representative of the young people we serve. We particularly welcome applicatlons from disabled people, LGBTQIA+ people, and Black, Asian and other people of colour. We believe that a d iverse board will have the best range of talents to work effectively, and we encourage applications f rom people under the age of 30. For all roles we guarantee to Intenriew anyone with a disability whose application meets the essential criteria for a post. Two trustees on the board are representatives of our Youth Collectlve. Key management remuneration Within the organisation we have salary points for the d ifferent levels of role and take Into conslderatlon the seniority of the role and the sl(ills requi red when setting the salary. When recruiting for any paid role, we benchmark against comparable role5 Within similar organisations, taking into account our salary bands, budgets, and current fina ncia I position, We run an annual appraisal prOs5 where performance-related pay rises can be discussed and considered. When budgeting forfuture year5 we take into account a cost-of-living adjustment. Related parties There were no such i nstances in the current year other than those mentioned in the notes of the fina ncial Statements. Management The management of the charitable Company is vested in the trustees who are directors for the purposes of company law. The trustees delegate the day-to-day administration of the charity to the CO-CEOS. Page 10
The Arts Emersency Servlce Report of the Trustees for the Year Ended 30 June 2025 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 07655709 (England and Wales) Registered Charlty number 1152377 Registered office Offic@ 02.06 Peter House Oxford Street Manchester MI SAN Trustees Ms F Woodrow (Treasurer) (resigned 219/20251 Mr J J Burke (resigned 219120251 Ms KJ A Edwards Ms E O Adegoke MSA Keramidas Miss C L Heywood Miss J Dotiwala Ms P K Mann Ichairl Mrs J Oddie Ms B V Patel Ms D J N icholls lappointed 26/6120251 Ms A L Kirby (appointed 2616120251 M5 S K Hands (appointed 219120251 Mr5 S B van SchalknNyk (appointed 2/9120251 Company Secretary Mr T D Fletcher Iresigned 25/11/20251 Ms L C P Newton lappointed 25/11120251 Independent Examiner Joanna Green BSC FCA Swindells LLP Chartered Accountants Atlantic House 8 Bell Lane Bellbrook I ndu5trlal Estate Uckfleld East Sussex TN22 IQL Support team of the trustees Co-chief Executlve Off icer.. M r Neil Griffiths Co-chief Executive Off icer.. Mis5 Lucinda Newton Adm inistration support,. Jacques Preiss, Excluserv Ltd Page 11
The Arts Emergency Service Report of the Trustees for the Year Ended 30 June 2025 REFERENCE AND ADMINISTRATIVE DETAILS Other Information Website: www,arts-emergency.org Social Medla., FacebooK Bluesky, I nstagram a nd Linkedl n accou nts.. visit website Report of the trustees, incorpor company dlrectors, on tln 2410&&26 a strategic report, approved by order of the board of trustees, as the and signed on the board's behalf bv.. Ms P K Mann-Trustee Page 12
Independent Examiner's Report to the Trustees of The Arts Emergency Service Independent examiner's report to the trustees of The Arts Emergency Service I'the Company, report to the charity trustees on my examinatlon of the accounts of the Company for the year ended 30 June 2025. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companles Att 20061'the 2006 Act'l. Having satisfied myself that the account5 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 exam i nation of you r charity's accou nts as carried out under Section 145 of the Charities Att 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission u nder Section 145151 Ibl of the 2011 Act. Page 13
Independent Examiner's Report to the Trustees of The Arts Emergency Service Independent examlner's ststement Slnce your charity's gross Income exceeded £250,000 your examlner must be a member of a 5isted body. I can conflrm that l am quallfled to undertake the examlnatlon because l am a member of the Institute of Chartered Accou ntants In England and Wales, wh ich Is one of the Ilsted bodies. I have completed my examlnatlon. I confirm that no matters have come to my attention in connection with the examlnation givlng me cause to believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord wlth those records; or the accounts do not comply wlth the accounting requlrements of Section 396 of the 2006 Act other than any requirement that the accou nts give a true and fair view which is not a matter considered as part of an independent examination; or the accounts have not been prepared In accordance with the methods and principles of the Statement of Recommended Practlce for accountlng and reporting by charlties (applicable to charities preparing their accou nts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021}. I have nt) concerns and have come across no other matters in connection with the examination to which attention Shou Id be drawn in this report in order to enable a proper understanding of the accounts to be reached. Joanna Green Bsc FCA Swindells LLP Chartered Accountants Atlantic House 8 Bell Lane Bellbrook Industrial Estate Uckfield East Su55ex TN22 IQL Date:....,.,...,. Page 14
The Arts Emergenry Servlce Statement of Flnancial Activities for the Year Ended 30 June 2025 2025 Tota I funds 2024 Total funds U n restricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations a nd legacies 747,314 65,532 812,846 852,924 Other trading activities Investment income 5,5QO 86 5,500 86 11,653 46 Total 752,900 65,532 818,432 864,633 EXPENDITURE ON Charitable activities Charitable activities 857,365 115,709 973,074 843,744 NET INCOMEIIEXPENDITUREI Transfers between funds 1104,4651 16,8301 {50,177 6,830 1154,6421 20,889 16 Net movement in funds 1111,2951 {43,3471 1154,6421 20,889 RECONCILIATION OF FUNDS Total fund5 brought forward 411,416 62,625 474,041 453,152 TOTAL FUNDS CARRIED FORWARD 300,121 19,278 319,399 474,041 The notes form part of these financlal statements Page 15
The Arts Emergency Service Balance Sheet 30 June 2025 2025 Total funds 2024 Total funds U nrestricted Restricted fund f u nds Notes FIXED ASSETS I ntangible assets Ta nglble as5et5 12 13 3,762 9,852 3,762 10,962 4,181 10,994 I,iio 13,614 I,iio 14,724 15,175 CURRENT ASSETS Debtors Cash at bank 14 97,993 234,384 97,993 252,553 95,566 399,245 18,169 332,377 18,169 350,545 494,811 CREDITORS Amount5 falling due wlthin one year 15 145,8711 145,8711 135,9451 NET CURRENT ASSErs 286,506 18,169 304,675 458,866 TOTAL ASS5 LESS CURRENT LIABILITIES 300,120 19,279 319,399 474,041 NET ASSET5 300,120 19,279 319,399 474,041 FUNDS U nrestricted funds Restricted fu nds 16 300,120 19,279 411,416 62,625 TOTAL FUNDS 319,399 474,041 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025. The members have not required the company to obtain an audit of its financial statement5 for the year ended 30 June 2025 In accordance with Section 476 of the Companies Act 2006. The trustee5 acknowledge their responsibilities fDr lal ensuring that the charita ble company keep5 accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing f i na ncial statements which give a true and fair view of the state of affa irs of the charitable company as at the end of each financial year and of its Surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the Ibl The notes form pa rt of these financlal statements Page 16 continued...
The Arts Emergency Servlce Balance Sheet- conllnued 30 June 2025 The trustees acknowledge their responsibilities for lal ensuring that the charitable company keep5 accounting records that com ply with Sectlons 386 and 387 of the Companies Act 2006 and Ibl preparlng financia I statements which give a true and fair view of the state of affairs of the charitable company as at the end of each fSnancla l yea r and of Its surplus or deflcit for each flnanclal yea r In accordance with the requirements of Sectlons 394 and 395 and which otherwise comply with the requ irements of the Compa nles Act 2006 relatl ng to fl nanclal statements, so far as applicable to the charita ble com pany. The flna ¥Jid3Allg ments were approved by the Board of Trustees and authorised for issue on and were si8ned on Its behalf by: Ms P K Mann-Trustee The notes form part of these flnancial statements Page 17
The Arts Emergency Service Cash Flow Statement for the Year Ended 30 June 2025 2025 2024 Notes Cash flow5 from operatlng actlvlt5es Cash generated from operations Interest paid 1143,1571 123,4571 1701 Net cash used In operating activities 1143,1571 123,5271 Cash flows from Investlng actlvlties Purchase of intanglble fixed assets Purchase of tangible fixed assets Sale of tangible f ixed assets Interest received 14,6451 13,6301 650 46 13,6211 86 Net cash used in Investlng actlvlties {3,5351 17,5791 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 1146,6921 {21,106 399,245 430,351 Cash and cash equivalents at the end of the reportlng perlod 252,553 399,245 The notes form part of these financial statements Page 18
The Arts Emergency Service Notes to the Cash Flow Statement for the Year Ended 30 June 2025 RECONCILIATION OF NEf {EXPENDITUREI/INCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net lexpendlture)/lncome for the reporting period las per the Statement of Financlal Activlties) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Interest paid Increase in debtors Increase/ldecreasel in cred itors 1154,6421 20,889 4,072 4,129 1181} 1461 70 133,5631 {14,7551 1861 12,4271 9,926 Net cash used in operations {143,1571 123,4571 ANALYSIS OF CHANGES IN FUNDS At 1.7.24 Cash flow At 30.6.25 Net cash Cash at bank 399,245 1146,6921 252,553 Total 399,245 1146,6921 252,553 The notes form part of these financial statements Page 19
The Art5 Emergency Servlce Notes to the Financial Statements for the Year Ended 30 June 2025 ACCOUNTING POLICIES Basis of preparing the financial statement5 The flna nclal statements of the charitable company, which is a public benefit entlty u nder FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting bv Charities., Statement of Recom mended Practice appl icable to charities preparing their accou nts in accordance with the Financial Reporting Standard applica ble in the U l< and Republic of Irela nd IFRS 102} leffectlve l January 20191,, Financial Reporting Standard 102 'The Flnanclal Reportlng Standard applicable In the U l( and Repu blic Df I reland, and the Companies Act 2006. The financial statements have been prepared u nder the historical cost convention. The present2tion cu rrency in the f inancial statements is the Pound Sterling 1£). Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount Can be measured reliably. The charity receives donations from members of the public. These donation5 are dep051ted into the charity's bank account and are recognised when the funds are received. Grant income is recognised when the charity has entitlement to the funds, and any performance conditions attached to the grants have been met. Expenditure Liabilitie5 are recognised as expenditure as 500n as there is a legal or constructive obligation com mitting the cha rity to that expenditure, it is probable that a transfer of economic benef its will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been a Ilocated to activities on a bas is consistent with the use of resources. Expenditure on charitable activities Includes administering mentoring schemes and other projects associated with the charity's aims. All support costs are allocated to expenditure on charttable activities, Tanglble fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated usefu I life. Office equipment 25% on reducing balance Taxation The charity is exempt from corporation tax on its charitable activitie5, Fund accounting U nrestricted fund5 ca n be used in accordance with the charltable objectives at the discretion of the trustees. Page 20 continued...
The Arts Emergency Service Notes to the Financial Statements - continued for the Year Ended 30 June 2025 ACCOUNTING POUCIES- continued Fund accounting Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further expla nation of the natu re a nd pu rpose of each fund is included in the notes to the financial statements, Pension costs and other post-retirement benefits The charitable compa ny contributes towards em ployee's defined contribution pension Schemes. Contributions payable to the pension schemes are charged to the Statement of Financial Activities in the period to which they relate. Going concern The trustees have reviewed the circumstances of The Arts Emergency SeNice and consider that adequate resources continue to be available to f und the activities of the cha rity for the foreseeable future. A5 such, the trustees are of the view that the charity is a going concern. Grants Government grants in respect of capital expenditure are cred ited to a deferred income account a nd released to profit over the expected useful lives of the relevant assets in equal annual in5talments. Government grants of a revenue nature are credited to income 50 as to match them with the expenditu re to whlch they relate, DONATIONS AND LEGACIES 2025 2024 Donations Giftaid Grant5 507,750 78,437 226,659 463,992 69,323 319,609 812,846 852,924 Grants received, included in the above, are a5 follows.. 2025 2024 Grants 226,659 319,609 Page 21 continued...
The Arts Emergency Service Notes to the Flnanclal Statements- contlnued for the Year Ended 30 June 2025 OTHER TRADING ACTIVITIES 2025 2024 Other income received 5,500 11,663 INVESTMENT INCOME 2025 2024 Other Interest received 86 46 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 61 Support costs (see note 71 Totals Charitable activities 927,492 45,582 973,074 DIRE COSTS OF CHARITABLE ACTIVITIES 2025 2024 Staff costs Rent and rates Insurance Telephone Postage, stationery and prlntlng of materlals Service support Staff training Subscriptions Office IT cost5 Travel DBS check5 Event costs Consultancy Hospita lity Recruitrnent costs Voucher5 Depreciation 758,251 45,625 3,079 3,100 5,258 300 1,731 2,942 4,060 38,581 20,459 1,276 7,500 17,423 2,451 10,453 831 4,072 607,612 23,752 504 2,530 14,088 11,368 1,862 5,717 23,404 21,653 1,055 6,805 43,455 1,632 17,981 2,906 4,129 927,492 790,453 Page 22 continued...
The Arts Emergency SeNlce Notes to the Financial Statements- contlnued for the Year Ended 30 June 2025 SUPPORT COST5 Governance costs Flnance Totals Charitable activitles 13,403 32,179 45,582 Governance costs include £5,70012024', £3,490) in respect of the independent examination of these financial staternents. NET INCOME/(EXPENDITURE) Net income/lexpendltu rel 15 stated after cha rging/lcreditingl'. 2025 2024 Depreciation - owned assets Surplu5 on disposal of fixed assets Cornputer software arrortlsation 3,653 3,665 11811 464 419 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024. Trustees, expenses During the year, three 12024: twol trustees received reimbursements of employment related expenses amounting to £1,153 {2024: £2,889). 10. STAFF COSTS 2025 2024 WaEes and salaries Social secu rlty costs Other pension costs 667,680 59,482 31,089 533,179 50,254 24,179 758,251 607,612 The average monthly number of employees during the year was a5 follows., 2025 20 2024 18 Charltable activities and adminlstration No employees received emoluments in excess of £60,000. Page 23 continued...
The Arts Emergency Service Notes to the Financial Statements - continued for the Year Ended 30 June 2025 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES U nrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacie5 694,358 158,566 852,924 Othertrading activities Investment income 11,663 46 11,663 46 Total 706,067 158,566 864,633 EXPENDITURE ON Charitable activities Charitable activities 690,030 153,714 843,744 NET INCOME Transfers between funds 16,037 13,225} 4,852 3,225 20,889 Net movement In funds 12,812 8,077 20,889 RECONCILIATION OF FUNDS Total funds brought forward 398,604 54,548 453,152 TOTAL FUNDS CARRIED FORWARD 411,416 62,625 474,041 12. INTANGIBLE FIXED ASSETS Camputer software COST At ljuly 2024 and 30June 2025 4,645 AMORTISATION At ljuly 2024 Charge for year 464 419 At 30 June 2025 883 NET BOOKVALUE At 30 June 2025 3,762 At 30 June 2024 4,181 Page 24 continued...
The Art5 Emergency Servlce Notes to the Financial Statements- contlnued for the Year Ended 30 June 2025 13. TANGIBLE FIXED ASSETS Office equipment COST At lJuly 2024 Additions 21,588 3,621 At 30 June 2025 25,209 DEPRECIATION At I July 2024 Charge for year 10,594 3,653 At 30 June 2025 14,247 NET BOOK VALUE At 30 June 2025 10,962 At 30June 2024 10,994 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtor5 Other debtor5 Prepayments and accrued income 8,721 78,716 10,556 3,286 77,774 14,506 97,993 95,566 Page 25 continued...
The Arts Emergency 5ervlce Notes to the Financial Statements- contlnued for the Year Ended 30 June 2025 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors social security and other taxes Other creditors Accruals and deferred income 16,143 19,949 3,871 5,908 18,605 10,246 3,304 3,790 45,871 35,945 16. MOVEMENT IN FUNDS Net movement In funds Tr8 nsfers between funds At 30.6.25 At 1.7.24 Unrestricted funds General fund 411,416 1104,4561 16,8301 300,120 Restritted funds John Lyon's Charity Westminster Foundation Sarah Chamberlain &Tom Curtis Dr Martens Foundation The f>ortal Trust Cha rles S French Charitable Trust The Di5chma Charitable Trust Derek Hill Foundation Noel Coward Foundation Awards for All Bu2zacott Stuart Defrles Memorial Fund Chapman Charlta ble Trust John Thaw Foundation Three Monkles Trust 9,402 17,647 113,2521 15,8101 11871 11821 126,1551 11, 1061 3,850 11,837 187 182 1,155 157 25,000 949 1,329 1,645 638 6,015 3,000 11,742 11,587 16,0151 97 949 1,299 1561 11971 3,144 1,299 56 197 3,144 62,625 150,1751 6,830 19,279 TOTAL FUNDS 474,041 (154,6421 319,399 Page 26 continued...
The Arts Emergency Service Notes to the Flnanclal Statements- contlnued for the Year Ended 30 June 2025 16. MOVEMENT IN FUNDS- contlnued Net movement in funds, included Sn the above are as follows: Incoming resou rces Resou rces expended Movement in f u nd5 Unrestrlcted funds General f u nd 752,900 1857,3661 1104,4661 Restrlcted funds John Lyon's Cha rity Westmlnster Foundatlon Sarah Chamberlain & Tom Curtls Dr Martens Foundatlon The Portal Trust Charles S French Charltable Trust The Dischma Charita ble Trust Derek H ill Foundation Noel Coward Foundation Awards for All Buzzacott Stuart Defries Memorial Fund Chapman Charltable Trust John Thaw Foundation London Mentoring Programme Stichting Horizon Foundation Three Monkies Trust (13,2521 {50,8101 11871 11821 126,1551 13,1061 11,3291 11,7421 15,0871 16,015) 113,2521 15,8101 1187} 11821 126,155 11, 1061 1,671 11,7421 1,587} 16,0151 45,000 2,000 3,000 3,500 2,000 1,000 1,000 1,000 2,033 5,000 17011 11,0561 11,1971 11,0001 12,0331 11,856} 1,299 1561 11971 3,144 65,532 1115,7081 150,1761 TOTAL FUNDS 818,432 1973,0741 1154,6421 Page 27 continued...
The Arts Emergency Service Notes to the Financial Statements - continued for the Year Ended 30 June 2025 16. MOVEMENT IN FUNDS- continued Comparatlves for movement in funds Net movement in funds Transfer5 between fund5 At 30,6,24 At 1.7.23 Unre5trlcted funds General fund 398,604 16,037 13,2251 411,416 Restrlcted funds John Lyon's Charity Westminster Foundation Sarah Chamberlain & Tom Curtis Dr Martens Foundation Youth Collective The Portal Trnst Cha rles S French Charitable Trust The Dischma Charltable Trust Derel< Hill Fou ndatlon Jerwood Arts The Jessica Mathers Trust Noel Coward Foundatlon Awards for All 8,859 543 17,647 112,3871 15,9201 12,8201 11,5681 949 1,329 1,645 11,2151 141 638 6,015 9,402 17,647 12,387 5,920 2,382 25,000 438 1,568 25,OCN) 949 1,329 1,645 1,215 638 6,015 54,548 4,852 3,225 62,625 TOTAL FUNDS 453,152 20,889 474,041 Page 28 continued...
The Arts Emergency Servlce Notes to the Flnancial Statements - continued for the Year Ended 30 June 2025 16. MOVEMENT IN FUNDS- Contlnued Com parative net movem ent in funds, included i n the above a re as follows.. Incomi ng resources Resources expend@d Movement in fu nds Unrestricted funds General fund 706,057 {690,03DI 16,037 Restricted funds John Lyon's Charity Westminster Foundatlon Sarah Chamberlain & Torn Curtis Dr Marten5 Foundatlon Youth Collective The Portal Trust Charles S French Charitable Trust The Dischma Charita ble Trust Derel( H ill Foundation Jerwood Arts The Jessica Mathers Trust Noel Coward Foundation Awa rds for All Tesco Stronger Starts 25,000 41,201 124,4571 123,5541 112,3871 15,9201 (10,278) 126,5681 {1,0511 11,1711 13551 131,7661 11,0041 12,7181 111,9851 15001 543 17,647 112,3871 15,9201 12,8201 11,5681 949 1,329 1,645 11,2151 14) 638 6,015 7,458 25,000 2,000 2,500 2,000 30,551 1,000 3,356 18,000 500 158,565 {153,714) 4,852 TOTAL FUNDS 864,633 {843,744 20,889 Restricted funds John Lyon's Charity £25,000 was received in January 2024. These funds were used towards the direct salary c05t5 relating to our London Mentoring programme. Westminster Foundation £45,000 was received in December 2025. This funding was used to support mentoring for young people in Westminster i n 2025. Sarah Chamberlain & Tom Curtis Sarah Chamberlain & Tom Curti5 £46,076 was received from Sarah Chamberlain and Tom Curtls in July 2022 to fund the costs of a new Fundraising Manager for Arts Ernergency, Funds in thi5 year werespent on the Fundraising Manager. Page 29 continued.
The Arts Emergency Service Notes to the Financial Statements . continued for the Year Ended 30 June 2025 16. MOVEMENT IN FUNDS - continued Dr Martens Foundation Dr Martens Foundation £15,639 was received from the Dr Martens Foundation in November 2022 to fund the Greater Manchester mentoring programme. The mentoring project is designed to provlde opportunitie5 and advice for young people to gain knowledge about the industry and a pathway into the arts. Funds in thi5 year were spent on core costs. Youth Collective Youth Collective - £2,382 was received in donation5 in the previous year to fund the Youth Collective. The Youth Collective are the representatives of the young people in the Arts Emergency networl<, and funds were used to provide training and support so that the team are able to develop their own advocacyi actiVi5m and community worl<. The Portal Trust £25,OW was received in June 2024. This grant was to fund the London mentoring programme. No funds were spent in 23124 and were carried forward to be spent on the project in this year. Charle5 S French Charitable Trust £2,000 was recelved Sn November 2024, This funding was used to support mentoring for young people in North East London boroughs. The Dlschma Charltable Trust £3,000 was received In September 2024, Thls funding was used to support mentorlng for young people in London. Derek Hlll Foundation £2,000 was received in May 2024 towards the cost of our London Mentoring programme. At the end of the 23124 financial year £1,645 of the fund remained whlch was carrled forward to be spent on the project In this year. The Jesslca Mathers Trust £1,000 was recelved In August 2023. These funds were used to fund places on our mentoring programme for flve young people In Deptford. Noel Coward Foundation £3,500 was received in June 2025. This fundlng was used to support mentoring for young people in Manchester. Awards for All - Natlonal Lottery Community fund £18,000 was received in March 2024 to support young people in London living with a dlsability. £6,015 was carried forward Into this year to support the project. Buzzacott Stuart Defries Memorlal Fund £2,000 was received in February 2025. This funding was used to support mentoring for young people in London. Page 30 continued...
The Arts Emergency 5ervlce Notes to the Financial Statements- continued for the Year Ended 30 June 2025 16. MOVEMENT IN FUNDS - continued Chapman Charltable Trust £1,000 was received in September 2024. This funding was used to support mentoring for young people i n London, John Thaw Foundation £1,000 was received in January 2025. These fund5 were to support young people taking part in our Merseyside mentoring programme, London Mentorlng Programme A donation of £1,000 was received from a company to support mentoring for young people in London, Stlchtlng Horlzon Foundation £2,033 was received in December 2024, These funds were used to support research into the possibility of expanding mentoring into West Yorkshire. Three Monkles Trust £5,000 was recetved in February 2025. These funds were used to support mentoring for young people in London. Tesco Stronger Starts £500 was received from the Te5co Stronger Starts Scheme in May 2024. This was used toward the cost of our Merseyside Mentorlng programme. 17. RELATED PARTY DISCLOSURES The total amount of employee benefits Isalaryl recelved by key management personnel ICEOI was £53,33812024: £51,883). During the year donations were received from trustees totalling £2,286 12024.. £1,568). At the balance sheet date, the charlty owed various shareholders a total of £30012024,. £9441 for charitable costs. There were no further related party transactions for the year ended 30 June 2025. Page 31 continued...
The Arts Emergency Service Notes to the Financial Statements . continued for the Year Ended 30 June 2025 18. COMPANY LIMITED BY GUARANTEE The company is limited by guarantee with the liability of its members limited to £10, being the a mount each member 15 requ ired to contribute toward5 any outstanding debts and l labilities upon the winding up of the company. Page 32
The Arts Emergency Service Detailed Statement of Financial Activities for the Year Ended 30 June 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacie5 Donations Gift aid Grants 507,750 78,437 226,659 463,992 69,323 319,609 812,846 852,924 Other trading activities Other income received 5,500 11,663 Investment Income Other interest received 86 46 Total incoming resources 818,432 864,633 EXPENDITURE Charltable actlvltles Wages Social secu rity Superannuation Rent a nd rates Insurance Telephone Postage, stationery a nd printing of materials Service support Staff tralnl ng Subscrlptions Off ice IT costs Travel DBS checks Event costs Consulta ncy Hospitality Recruitment costs Vouche Carried forward 667,680 59,482 31,089 45,625 3,079 3,100 533,179 50,254 24,179 23,752 504 2,530 5,258 300 1,731 2,942 4,050 38,581 20,459 1,276 7,600 17,423 2,451 ID,453 831 923,420 14,088 11,368 1,862 5,717 23,404 21,653 1,065 6,805 43,455 1,632 17,981 2,906 786,334 Th is page does not form part of the statutory financial statements Page 33
The Arts Emergency Service Detailed Statement of Flnanclal Actlvitie5 for the Year Ended 30 June 2025 2Q25 2024 Charitable activities Brought forward Computer software Office equipment 923,420 418 3,654 786,334 464 3,665 927,492 790,463 Support costs Management Ban1( interest 70 Finance Ban l< charges Loss o n sale of ta ngi ble f ixed assets 13,403 12,894 11811 13,403 12,713 Governance costs Legal fees Governance 3,070 29,109 2,785 37,713 32,179 40,498 Total resources expended 973,074 843,744 Net lexpendlture}/lncome (154,6421 20,889 Th is page does not form part of the statutory flnancial statements Page 34