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← Serendipity Artists Movement Limited

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 07248813 (England and Wales) REGISTERED CHARITY NUMBER: 1160035

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SERENDIPITY ARTISTS MOVEMENT LIMITED

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

SERENDIPITY ARTISTS MOVEMENT LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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Page
Report of the Trustees 1 to 12
Independent Examiner's Report 13 to 14
Statement of Financial Activities 15
Balance Sheet 16 to 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 29
Detailed Statement of Financial Activities 30 to 31
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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Principal Activity

The principle activity of the charity during the year continued to be the promotion of arts and heritage including dance, live art, visual arts and cultural heritage.

Objectives and activities for the public benefit

Serendipity Institute for Black Arts and Heritage's objectives are: to promote, improve, develop and maintain appreciation of the arts for the public benefit; to advance education in the arts and different cultures and heritage for the public benefit; to promote equality and diversity for the public benefit through the arts, including hosting events that profile diversity such as Let's Dance International Frontiers (LDIF) and Black History Month (BHM).

Vision and Mission

Vision

Serendipity Institute for Black Arts and Heritage transforms the cultural landscape through innovative and inspiring programmes.

Mission

Serendipity Institute for Black Arts and Heritage's mission is to celebrate, preserve and support Black creative expression, whilst promoting social change, community engagement and diversity within the arts sector.

Values

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||| |---|---| |International|A global perspective, working together to make great things happen| |Creative|Showcasing innovative work that pushes boundaries, and imaginative problem solving| |Diverse|Championing access and inclusion for all| |Quality|Professional, high standard artistic work and practice that exceeds expectations| |Sharing|Opportunities to share knowledge and practice, inform and inspire|

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Page 1

SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Artistic

Let's Dance International Frontiers 2024

Let's Dance International Frontier 2024 (LDIF24) marked the fourteenth edition of the festival and can be recognised as one of the most successful editions of the festival to date. Running from 29 April-4 May 2024, the festival celebrated strong engagement from audiences and artists, significant international reach and a wider recongnition. The festival explored the theme of Camouflage: Embodied Dance, open to interpretation by participating artists, they then provided a central current throughout the festival exploring theories such as Édouard Glissant's "right to opacity", the paradox of invisibility/hypervisibility of Black women as proposed by bell hooks and ultimately issues of the Black performing body.

In summary, LDIF24 highlights included:

A recap of key events, achievements and lessons learned is as follows:

Let's Dance International Frontiers 2024 Launch

To mark the launch of LDIF24 celebrate International Dance Day, Serendipity Institute for Black Arts and Heritage commissioned Raúl Reinoso of Acosta Danza to create a new work UNBUNTU inspired by themes of humanity, connectedness and the concept of dance as a universal language. The performance made good use of the historic ballroom at City Rooms, showcasing the creolisation of dance practices: European contemporary and ballet, Cuban influences and African retentions.

LDIF24 was officially opened with speeches from Serendipity's patron, Pauline Black and Serendipity's CEO and Artistic Director, Pawlet Brookes. The evening also featured a performance from Artist in Residence, Diana Abankwah, The Psyber Giantess, with her work Trance-Fixed in Wonderland: Stranger Than Psy-Fi. A live-art performance piece that examined the narrative of code-switching, fractured identities, repressed queerness, generational trauma and cultural co-dependency, which underpinned the themes of the festival.

Camouflage: Embodied Dance Conference

Camouflage: Embodied Dance was a sold-out event, taking place at Phoenix. The line-up featured national and international proactitioners; Peter Badejo, Nora Chipaumire, Yinka Esi Graves, Tyrone Isaac-Stuart, Carole Y Johnson, Makini, Andrea E Woods Valdés and Marlon D Simms as keynote. The event was chaired by Pawlet Brookes and commenced with a performance of Trance-Fixed in Wonderland: Stranger Than Psy-Fi.

The conference was a successful event, contributing to the theory and practice underpinning the many performances and masterclasses. Practitioners had the opportunity to share their work and research, ranging from the history of the National Dance Theatre Company of Jamaica to the development of training and performance models with Indigenous communities in Australia, the development of Black dance in the UK and Black feminist dance practitioners in the USA.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

The conference was followed by a networking event, making the event a valuable opportunity for artists and participants to build connection for further work and collaboration. Audiences travelled from across the UK (with a significant delegation from Scotland) and also internationally (USA). Establishing the conference as a valuable development opportunity across the sector.

LDIF+ Masterclasses

LDIF24 featured five sold-out masterclasses in total:

There is growing respect for the LDIF+ masterclasses as a forum to experience a range of techniques, not usually available in the UK.

Dance Dialogues

LDIF24 hosted five Dance Dialogues:

The Dance Dialogues took place in Dialogue Box at Serendipity Institute for Black Arts and Heritage and were all sold-out events, with additional places being made available to meet demand. Many participants commented on the non-hierarchical opportunity for conversation amongst presenters and participants and the creation of a safe space for reflection and critical feedback.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Signatures and the Black British Dance Platform

Signatures and the Black British Dance Platform took place in the Curve Studio. Three performances took place as part of two platforms on one evening and included:

Menulis Dance Company were due to perform as part of Signatures, however the company, consisting of mainly Tanzanian dancers were not granted visas to perform in the UK. Mitigations were made to ensure the platform still provided a full programme of work.

Serendipity worked closely with Curve Community Ambassadors to promote the event with audiences across Leicester, including audiences not typically engaged with dance. Djoe Tomakloe, a Leicester based dancer was particularly celebrated by the audience, making a return to dance following a career break. As a direct result of their participation, BlacBrik have been invited to perform at a dance festival in Jamaica and Dance Base in Edinburgh have expressed an interest in programming work in the future.

Hidden Histories: Black Dance on Film Past and Present

The Hidden Histories series brought together Serendipity's expertise across arts and heritage. For Black Dance on Film Past and Present, this provided an opportunity to share historic works such as Witch Doctor (1952), Steel 'n' Skin (1979) and Emi ijo (2000) alongside contemporary dance for camera created by Serendipity Institute for Black Arts and Heritage for Let's Dance in the City.

The panel discussion with Peter Badejo, Maureen Salmon, Georgina Payne and Cayla Mae Simpson, chaired by Pawlet Brookes, provided an insight into both documentation of Black dance and the creative process of filmmaking, alongside the socio-political background that has shaped the development of Black arts in the UK.

Audience members highlighted the power of film in communicating key messages and increasing accessibility beyond geography. It was also the first opportunity to see the films created for Let's Dance in the City on the cinema screen.

National Dance Theatre Company of Jamaica

National Dance Theatre Company of Jamaica appeared at the Curve with two sold out performances. The company performed a mixed repertoire, demonstrating the company's ethos as a vessel for Jamaica identity. The works included a tribute to Haiti, acknowledging the interconnected nature of the Caribbean and the impact felt by current troubles there. Pieces such as Circa2K fused dancehall and contemporary dance, whilst Rex Nettleford's Kumina celebrated traditional dance practices.

The performances marked the first time the company has appeared in the UK in twelve years, the first during Marlon D Simm's time as Artistic Director of the company and the only UK appearances by the company in 2024. The company presented a full-scale performance including singers, drummers and dancers.

Feedback to the work was overwhelmingly positive, with audiences travelling from across the UK to attend. A significant number of groups attended the performances, which also included a number of new audiences to Curve alongside regular attendees.

National Dance Theatre Company of Jamaica have also received significant press and media attention for their performances as part of LDIF24 including features in The Voice, The Gleaner (UK and Jamaican editions), Seeing Dance, Lifted Leg and BBC Radio Leicester.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

The final performance was preceded with a reception with His Excellency Alexander Williams, the Jamaican High Commissioner in attendance and honoured guests. The event was recognised as a significant opportunity to promote the artistic and cultural connections between the UK and Jamaica.

Black History Month 2024

Black History Month 2024 overall was a huge success. The programme took place throughout October 2024, with a rich programme of activities including exhibitions, performances, film screenings and discussions, lectures and theatre pieces. 53 events featured in the official Black History Month brochure, the biggest programme that Serendipity Institute for Black Arts and Heritage has coordinated to date.

In 2024, Black History Month Leicester will explore the theme: Black Women: Invisible Power. Recognising the leadership of Black Women throughout British history. 2024 marked:

BlackInk Magazine

Serendipity Institute for Black Arts and Heritage published the fifth issue BlackInk, the annual magazine published for Black History Month exploring Black arts, heritage and cultural politics. BlackInk Issue 5 explores the theme of Black Women: Invisible Power, celebrating and championing the voices and stories of Black women who have navigated the paradox of invisibility/hypervisibility to empower others and make positive change. This issue features contributors from Lisa-Dionne Morris, the founder of the Black Female Academics' Network, Selasi Setufe, the Co-Director of Black Females in Architecture and Zandile Ndhlovu, the first Black female freediving instructor in South Africa, amongst a collective of writers from the emerging to the established. The cover artwork featured 10 posthumous portraits from 100 Black Women Who Have Made A Mark, complementing the exhibition and providing another platform for insight and analysis.

100 Black Women Who Have Made A Mark Leicester Gallery

A significant foundation of this year's Black History Month programme is 100 Black Women Who Have Made A Mark, an exhibition at Leicester Gallery, De Montfort University, curated by Pawlet Brookes MBE, CEO and Artistic Director of Serendipity Institute for Black Arts and Heritage. The exhibition features 100 portraits of Black British women by five Black female artists (Valerie Asiimwe Amani, Yvadney Davis, Gayle Ebose, Grace Lee and Lauryn Pinard).

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

100 Black Women Who Have Made A Mark is not a definitive list, but rather about shining a light on some of the many Black women whose work has made a significant difference. The exhibition also recognised the lack of representation of Black women in the British visual arts sector - there are 31,000 portraits registered on the Art UK list, of those portraits, 8,815 are women, but just 114 of these are tagged as Black. Selected from over seven hundred nominations, the exhibition sought to create a gallery of role models. The exhibition was complemented by a catalogue, with a podcast episode also dedicated to each sitter. The exhibition has received fantastic reception, with many positive comments received in the guestbook and people travelling from as far as Glasgow and London to attend.

The exhibition was open each day and free to visit, with a number of wrap-around activities bringing the exhibition to life. These included:

gal-dem Exhibition

Vijay Patel Atrium Gallery

Complementing the 100 Black Women Who Have Made A Mark exhibition, the gal-dem exhibition celebrates the work of the online and print magazine gal-dem, which was active 2023 - 2025. It explores gal-dem's work and journey, to address the inequality and misrepresentation in journalism and to platform and empower Black women and marginalised genders through their articles. One of the sitters from 100 Black Women Who Have Made A Mark is Liv Little, who is the founder of gal-dem.

Archiving the Past, Reflecting the Future and Larry Gains: Heavyweight Champion

John Lewis

Larry Gains: Heavyweight Champion

Larry Gains: Heavyweight Champion celebrated the life and boxing career of Larry Gains. Originally from Canada, he moved to England and spent some of his boxing career in Leicester during the 1930s. The exhibition featured items from Serendipity's Living Archive, which included a boxing programme for a match at The Royal Albert Hall, boxing gloves, cigarette cards, newspaper clippings and Larry Gains' autobiography.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Archiving the Past, Reflecting the Future

Archiving the Past, Reflecting the Future celebrates Black history in Britain through uncovering the artistic and cultural contributions of the African and African Caribbean Diaspora in Britain, and particularly in Leicester. The exhibition shared significant individuals and events that made an important impact in the arts and cultural landscape. Visitors could also scan a QR code to learn about key events in Black history internationally, nationally and regionally.

The two exhibitions at John Lewis Leicester were both well received. During the installation, members of the public were very intrigued by the exhibitions and it prompted valuable discussions about Leicester history and collective memory. Archiving the Past, Reflecting the Future has had an estimated 45,000 throughout the exhibition has been on display and a private view was hosted for approximately 50 invited guests, including members of Larry Gains' family. This has opened doors to continue conversations around documenting the legacy of Larry Gains and his career.

Film Programme

Phoenix

The film programme saw a rich programme of films presented, including Angels on Diamond Street, LUDI, Director Spotlight: Ngozi Onwurah, Zora Neale Hurston: Jump at the Sun and Sisters in Cinema. Angels on Diamond Street was particularly timely as the Church depicted in the film announced the closure of its outreach facilities five days prior to the screening. People travelled from as far away as Birmingham and London to attend the screenings, which included a group of Ethnography students.

Object of the Month

Leicester Museum and Art Gallery

Serendipity chose Leicester Museum and Art Gallery's Object of the Month. It was a chance to highlight objects created by the Diaspora. The team chose a set of Ashanti weights from Ghana. As well as writing the object label, Serendipity also produced an information pack that provided historical context and provenance of the weights. Visitors were able to access the information pack by scanning a QR code.

August Browne: The Story of Nigerian-Borne Resistant Fighter During The Warsaw Uprising

Serendipity Institute for Black Arts and Heritage and Project Polska collectively presented a lecture led by Dr Nicholas Boston, Associate Professor of Media Studies at City University of New York, Lehman College. The lecture provided an insight into the life of a Nigerian born Jazz musician who fought in the Warsaw Uprising. The online event was held in recognition of the eightieth anniversary of the Warsaw Uprising and the share history between the Polish and African Diaspora communities.

The Mountaintop

Curve

Following a rehearsed reading in 2023, Curve presented a full-scale production of The Mountaintop exploring Martin Luther King Jr. Pawlet Brookes was invited to lead an after-show discussion which unpack the socio-political landscape of the play and the relevance of its themes within the context of events that happened in the summer of 2024.

Other events in Black History Month 2024 included Tim Fowler: The Ground at Attenborough Arts Centre, Caribbean Woman: A Tribute Through Poetry, Words and Song by Word! Leicester and White Nanny, Black Child by Literati Arts at Phoenix.

Other highlights included:

International Women's Day 2025

In honour of International Women's Day 2025, Serendipity hosted the UK premiere of a new documentary Binta - The Conversation by Opal Palmer Adisa. The film shines a light on trailblazing poet Jean "Binta" Breeze. Emerging in the 1980s as the first female dub poet, Breeze forged a voice, speaking for and to the Black female experience, with her poem, Riddim Ravings ('The Mad Woman Poem') considered a classic of modern Caribbean poetry and an anthem for the scorned Black woman.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

The film screening was be followed by a panel discussion using Jean "Binta" Breeze's legacy as inspiration to further the much-needed conversation about Black women, culture, stigmatisation and silence.

The conversation was chaired by Pawlet Brookes MBE, CEO and Artistic Director of Serendipity Institute for Black Arts and Heritage, panellists included:

Windrush Day 2024

For the fifth year running, Serendipity Institute for Black Arts and Heritage presented the 2024 Annual Windrush Lecture by Professor Lisa-Dionne Morris. The lecture entitled Black Female Academics' Health and Psychological Markers: The Impact of Serenity, delved into the necessity, effects, and influence of a state of tranquillity, calmness, or peacefulness, commonly known as "serenity of thought", provided to Black females by other Black females working in academia. This exploration seeks to better understand the consequences and outcomes arising from the experience of Black females in a non-serene workforce and work environment.

Young Archivists

The 2024 Young Archivists course received 76 applications (with selected participants split between October 2024 cohorts and February 2025 due to demand). The course has given people between the ages of 18-30 with African, African Caribbean, Asian and Latinx heritage the opportunity to learn from industry experts. Visits to London archives and museums also gave the Young Archivists the opportunity to see case studies for archives and heritage and learn about what they can contribute to the sector. Once the Young Archivists have completed the course they become alumni, which allows Serendipity to continue to support and develop the Young Archivists in their career endeavours. The October 2024 cohort led to another trip being organised to the London Archives.

Audiences

2024/2025 saw Serendipity Institute for Black Arts and Heritage continue to grow in person audiences, particularly through sell-out performances at Let's Dance International Frontiers 2024, which attended by 1,457 people. Black History Month 2024 was attended by 8,608 known attendees and an estimated 74,500 attendees, including attendees to the four free exhibitions Serendipity hosted as part of its programme. By the end of March 2025, Serendipity Institute for Black Arts and Heritage had reached an estimated audience of 1,000,000 broadcast (television and radio) and online, internationally.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES Objectives for the Forthcoming Year Artistic and Heritage

Audiences

Governance and Leadership

Finance

Office Base

The financial year 2024/2025 saw Serendipity Institute for Black Arts and Heritage move to a new space at 8 Bowling Green Street. The new building provides dedicated spaces for a rolling archive, studio, meeting room, reference library and office space.

Page 9

SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Finance

In 2024/2025 Serendipity Institute for Black Arts and Heritage received annual funding from Arts Council England of £427,728 as a 2023-2026 National Portfolio Organisation. National Lottery Heritage Fund awarded a grant of £729,438 for the delivery phase of Unearthed: Forgotten Histories, spread over three years, April 2023-March 2026. The final instalment of the Space to Dream grant was received from the Freelands Foundation for the project 100 Black Women Who Have Made A Mark. The Esmee Fairbairn Foundation awarded a grant of £180,000 over three years 2025 - 2027 of which £60,000 was received in 2024/25 and the Garfield Weston Foundation awarded £15,000.

Leicester City Council continued their support of Let's Dance International Frontiers (LDIF) and Black History Month Leicester (BHM) with a contribution of £13,000. Alongside grant funding, trusts and foundations, the organisation has continued to increase its earned income through publications, ticket sales, consultancy and collaborations with partners.

Most expenditure was broadly in line with the original budget, apart from a commitment to undertake Phases 1 and 2 of refurbishing the new premises.

Reserves Policy

Rationale

The Serendipity Institute for Black Arts and Heritage's Reserves Policy is to maintain sufficient level of reserves to enable normal operating activities to continue over a period of up to three months should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time. Excluded from the Reserves Policy is income associated with Donor Restricted Funds (Earmarked Income). Therefore, in order to demonstrate transparency, accountability and sound financial management Serendipity Institute for Black Arts and Heritage's Reserves Policy clearly justifies the amount of reserves kept back each year.

Steps taken to establish the level of reserve

To make a judgement on the amount of reserve the Trustees have considered the risks in respect of expenditure, unrestricted income and where appropriate restricted income and where funds can only be realised by the disposal of a fixed asset. Also taken into consideration are any external identified potential major risks to income and expenditure during the year under consideration. A risk assessment is conducted each financial year using a risk determination approach looking at unrestricted income, restricted income, expenditure and external potential major risks.

Level of reserve required by Serendipity Institute for Black Arts and Heritage

The Board of Trustees has established that Serendipity Institute for Black Arts and Heritage should move towards holding approximately three months of turnover, which within 2024/25 equated to £239,151. The unrestricted funds available at 31 March 2025 was £390,989. Over the 2024-2025 period, Serendipity Institute for Black Arts and Heritage seeks to maintain or increase the same level of reserves.

Monitoring and reviewing the Reserves Policy

This policy will be reviewed at the Annual General Meeting each year. The CEO will present the Board of Trustees with a draft document and supporting materials that enables them to make an informed decision about levels of Reserves and feeds into their approval of the Strategy Document and Annual Operating Budget.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The company is incorporated under the Companies Act, company number 07248813 and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1160035.

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The directors of the charitable company (Serendipity Artists Movement Limited) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

As set out in the terms of reference serve for a five-year term, which is then renewable up to ten years. The board of trustees has the power to agree an extension of a trustee's appointment beyond this term. Trustees are asked to state their intention for commitment at the Annual General Meeting for the following year. The board review itself as an effective trustee body once a year via self-evaluation as per the guidance from the Charity Commission. Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees' meetings.

Organisational structure

Richard Anthony Graves, Karen Chouhan, Javier Torres, Jean-François Manicom, Leyla Okhai, Debbie Read and Pawlet Brookes remained in post as trustees during 2024/2025. Ivan Browne joined the board of trustees in May 2024.

During the financial year 2024/2025 Serendipity Institute for Black Arts and Heritage's CEO and Artistic Director, Administrator/Executive Assistant, Finance Officer, Digital Innovation Manager and Heritage Manager stayed in post. There were changes to staffing in Digital Archivist, Collections Archivist, Administration Assistant, Membership Coordinator and Communications Officer posts.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07248813 (England and Wales)

Registered Charity number

1160035

Registered office

8 Bowling Green Street Leicester Leicestershire LE1 6AT

Trustees

Mrs P A Brookes Ms K J H Chouhan Mr R A Graves Mr J Torres Del Sol Mr J Manicom Curator Ms L Okhai Ms D K Read Prof I U B Browne (appointed 10.5.2024)

Company Secretary

Mrs P A Brookes

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SERENDIPITY ARTISTS MOVEMENT LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

Senior Management

Mrs P A Brookes is the Chief Executive Officer and Artistic Director of the charity.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 1 October 2025 and signed on its behalf by:

Mrs P A Brookes - Trustee

Page 12

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SERENDIPITY ARTISTS MOVEMENT LIMITED

Independent examiner's report to the trustees of Serendipity Artists Movement Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also 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

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

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

  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.

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SERENDIPITY ARTISTS MOVEMENT LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our work, for this report, or for the opinions we have formed.

Mr P Bott FCA

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

29 October 2025

Page 14

SERENDIPITY ARTISTS MOVEMENT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and grants
2
862,994
Charitable activities
4
Promotion of arts
35,278
Investment income
3
1,525
Total
899,797
EXPENDITURE ON
Raising funds
12,590
Charitable activities
5
Promotion of arts
648,597
Total
661,187
NET INCOME/(EXPENDITURE)
238,610
RECONCILIATION OF FUNDS
Total funds brought forward
152,379
TOTAL FUNDS CARRIED FORWARD
390,989		 Restricted
funds
£
58,334
-
-
58,334
-
58,334
58,334
-
-
-		 2025
Total
funds
£
921,328
35,278
1,525
958,131
12,590
706,931
719,521
238,610
152,379
390,989		 2024
Total
funds
£
625,369
41,697
-
667,066
-
674,837
674,837
(7,771)
160,150
152,379

The notes form part of these financial statements

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SERENDIPITY ARTISTS MOVEMENT LIMITED

BALANCE SHEET 31 MARCH 2025

Unrestricted
fund
Notes
£
FIXED ASSETS
Intangible assets
11
43,338
Tangible assets
12
269,293
312,631
CURRENT ASSETS
Stocks
13
30,145
Debtors
14
46,344
Cash at bank
104,030
180,519
CREDITORS
Amounts falling due within one year
15
(102,161)
NET CURRENT ASSETS
78,358
TOTAL ASSETS LESS CURRENT
LIABILITIES
390,989
NET ASSETS
390,989
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-		 2025
Total
funds
£
43,338
269,293
312,631
30,145
46,344
104,030
180,519
(102,161)
78,358
390,989
390,989
390,989
390,989		 2024
Total
funds
£
54,172
43,361
97,533
13,389
32,012
163,391
208,792
(153,946)
54,846
152,379
152,379
152,379
152,379

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

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SERENDIPITY ARTISTS MOVEMENT LIMITED

BALANCE SHEET - continued 31 MARCH 2025

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

The financial statements were approved by the Board of Trustees and authorised for issue on 1 October 2025 and were signed on its behalf by:

Mrs P A Brookes - Trustee

The notes form part of these financial statements

Page 17

SERENDIPITY ARTISTS MOVEMENT LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
£
190,907
190,907
-
(251,793)
1,525
(250,268)
(59,361)
163,391
104,030		 2024
£
56,331
56,331
(9,184)
(8,867)
-
(18,051)
38,280
125,111
163,391

The notes form part of these financial statements

Page 18

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES ACTIVITIES
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors		 2025
2024
£
£
238,610
(7,771)
36,695
32,835
(1,525)
-
(16,756)
(13,389)
(14,332)
25,777
(51,785)
18,879
Net cash provided by operations 190,907
56,331
2.
ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank		 At 1.4.24
£
163,391		 Cash flow
At 31.3.25
£
£
(59,361)
104,030
163,391 (59,361)
104,030
Total 163,391 (59,361)
104,030

The notes form part of these financial statements

Page 19

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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 allocated to activities on a basis consistent with the use of resources.

Intangible fixed assets

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer software - 5 years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - Straight line over 20 years Fixtures and fittings - 25% on reducing balance Computer equipment - 33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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 explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 20

SERENDIPITY ARTISTS MOVEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going Concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Government Grants

Government grants received under the job retention scheme are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

2. DONATIONS AND GRANTS

Donations
Grants
Grants received, included in the above, are as follows:
Arts Council England-National Portfoilo Organistaion
Leicester City Council
Heritage Lottery Fund
Arts Council England - Capital
Freeland Foundation
Esmee Foundation
Garfield Weston Foundation
Other grants		 2025
£
37
921,291
921,328
2025
£
427,728
13,000
324,631
18,597
58,335
60,000
15,000
4,000
921,291		 2024
£
4,000
621,369
625,369
2024
£
440,729
13,000
130,791
25,259
11,590
-
-
-
621,369

continued...

Page 21

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
3. INVESTMENT INCOME
2025 2024
£ £
-
Deposit account interest 1,525
4. INCOME FROM CHARITABLE ACTIVITIES
2025 2024
Activity £ £
Admissions Promotion of arts 16,190 9,374
Book sales Promotion of arts 8,092 9,334
Consultancy services Promotion of arts 52 6,743
Sales Promotion of arts 9,084 14,371
Room hire Promotion of arts 1,860 1,875
35,278 41,697
5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Promotion of arts 335,368 371,563 706,931
6. SUPPORT COSTS
Governance
Finance Other costs Totals
£ £ £ £
- -
Raising donations and legacies 12,590 12,590
Promotion of arts 755 365,228 5,580 371,563
755 377,818 5,580 384,153
----- End of picture text -----

continued...

Page 22

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

6. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |Raising| |donations| |and|Promotion|Total|Total| |legacies|of arts|activities|activities| |£|£|£|£| |Bank charges|-|755|755|650| |-| |Wages|219,593|219,593|182,927| |-| |Social security|13,635|13,635|9,636| |Pensions|-|7,280|7,280|6,069| |Rent and rates|-|30,356|30,356|16,967| |Insurance|-|5,009|5,009|1,173| |Postage and stationery|-|8,419|8,419|994| |Sundries|-|14,491|14,491|21,775| |Subsistence and hospitality|-|266|266|5,663| |-| |Computer costs|27,617|27,617|12,722| |Professional fees|-|14,457|14,457|8,891| |-| |Amortisation of intangible fixed assets|10,834|10,834|13,543| |Depreciation of tangible fixed assets|12,590|13,271|25,861|19,292| |-| |Independent exam|5,580|5,580|4,871| |12,590|371,563|384,153|305,173|

----- End of picture text -----

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Independent exam|5,580|4,871| |Depreciation - owned assets|25,861|19,292| |Computer software amortisation|10,834|13,543|

----- End of picture text -----

continued...

Page 23

SERENDIPITY ARTISTS MOVEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

8. TRUSTEES' REMUNERATION AND BENEFITS

Mrs P A Brookes, Trustee, received remuneration of £47,203 (2024: £49,873) during the year.

Mrs P A Brookes, Trustee, invoiced the charity £5,000 (2024: £3,000) in consultancy charges and £15,000 (2024: £8,500) for producer charges during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. STAFF COSTS

9.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2025
£
219,593
13,635
7,280		 2024
£
182,927
9,636
6,069
240,508 198,632
The average monthly number of employees during the year was as follows:
Employees		 2025
9		 2024
11
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2025
2024
£60,001 - £70,000
1
1
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 31 MARCH 2024
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and grants
613,779
11,590
Charitable activities
Promotion of arts
41,697
-		 Total
funds
£
625,369
41,697
Total
655,476		 11,590 667,066
EXPENDITURE ON
Charitable activities
Promotion of arts
663,247		 11,590 674,837

continued...

Page 24

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 31 MARCH 2024 - continued
Unrestricted Restricted Total
fund funds funds
£ £ £
-
NET INCOME/(EXPENDITURE) (7,771) (7,771)
RECONCILIATION OF FUNDS
-
Total funds brought forward 160,150 160,150
TOTAL FUNDS CARRIED FORWARD 152,379 - 152,379
11. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 April 2024 and 31 March 2025 77,632
AMORTISATION
At 1 April 2024 23,460
Charge for year 10,834
At 31 March 2025 34,294
NET BOOK VALUE
At 31 March 2025 43,338
At 31 March 2024 54,172
----- End of picture text -----

continued...

Page 25

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 April 2024
-
Additions
251,793
At 31 March 2025
251,793
DEPRECIATION
At 1 April 2024
-
Charge for year
12,590
At 31 March 2025
12,590
NET BOOK VALUE
At 31 March 2025
239,203
At 31 March 2024
-
13.
STOCKS
Stocks
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Fixtures
and
fittings
£
54,923
-
54,923
41,955
3,242
45,197
9,726
12,968		 Computer
equipment
£
69,375
-
69,375
38,982
10,029
49,011
20,364
30,393
2025
£
30,145
2025
£
2,206
9,000
35,138
46,344		 Totals
£
124,298
251,793
376,091
80,937
25,861
106,798
269,293
43,361
2024
£
13,389
2024
£
167
9,000
22,845
32,012

continued...

Page 26

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade creditors 38,269 13,408
-
Social security and other taxes 3,808
-
Net wages 14,084
Other creditors 3,307 3,278
Accruals and deferred income 60,585 119,368
102,161 153,946
16. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£ £
-
Within one year 26,250
-
Between one and five years 97,500
-
123,750
17. MOVEMENT IN FUNDS
Net
movement At
At 1.4.24 in funds 31.3.25
£ £ £
Unrestricted funds
General fund 152,379 238,610 390,989
TOTAL FUNDS 152,379 238,610 390,989
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 899,797 (661,187) 238,610
Restricted funds
Freelands Foundation 58,334 (58,334) -
TOTAL FUNDS 958,131 (719,521) 238,610
----- End of picture text -----

continued...

Page 27

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.4.23
£
Unrestricted funds
General fund
160,150
TOTAL FUNDS
160,150
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
655,476
Restricted funds
Freelands Foundation
11,590
TOTAL FUNDS
667,066		 Net
movement
At
in funds
31.3.24
£
£
(7,771)
152,379
(7,771)
152,379
Resources
Movement
expended
in funds
£
£
(663,247)
(7,771)
(11,590)
-
(674,837)
(7,771)

The Freelands Foundation

The Freelands Foundation awarded Serendipity a grant of £69,925, as a restricted fund, to be spent over three years, 2023 - 2025, on a project 100 Black Women Who Have Made A Mark, selecting 100 Black British women to have their portraits taken by five Black UK based visual artists.

continued...

Page 28

SERENDIPITY ARTISTS MOVEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme for the benefit of employees. The assets of the scheme are administered by trustees in a fund independent from those of the company.

The total contributions paid in the year amounted to £7,280 (2024: £6,068). At the year end there were outstanding pension contributions of £1,260 (2024: £1,231).

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025 (2024 - Nil).

Page 29

SERENDIPITY ARTISTS MOVEMENT LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

INCOME AND ENDOWMENTS
Donations and grants
Donations
Grants
Investment income
Deposit account interest
Charitable activities
Admissions
Book sales
Consultancy services
Sales
Room hire
Total incoming resources
EXPENDITURE
Charitable activities
Artist fees
Consultants/Freelancers
Exhibitions
Films
Technical services
Venue hire
Marketing and publications
Artists travel
Research
Professional fees
Support costs
Finance
Bank charges		 2025
£
37
921,291
921,328
1,525
16,190
8,092
52
9,084
1,860
35,278
958,131
26,619
55,017
3,977
35,373
7,879
2,483
137,170
53,137
13,713
-
335,368
755		 2024
£
4,000
621,369
625,369
-
9,374
9,334
6,743
14,371
1,875
41,697
667,066
40,596
78,891
10,622
27,534
14,782
7,878
92,930
71,802
14,629
10,000
369,664
650

This page does not form part of the statutory financial statements

Page 30

SERENDIPITY ARTISTS MOVEMENT LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Finance
Other
Wages
Social security
Pensions
Rent and rates
Insurance
Postage and stationery
Sundries
Subsistence and hospitality
Computer costs
Professional fees
Computer software amortisation
Improvements to property
Fixtures and fittings depreciation
Computer equipment depreciation
Governance costs
Independent exam
Total resources expended
Net income/(expenditure)		 2025
£
219,593
13,635
7,280
30,356
5,009
8,419
14,491
266
27,617
14,457
10,834
12,590
3,242
10,029
377,818
5,580
719,521
238,610		 2024
£
182,927
9,636
6,069
16,967
1,173
994
21,775
5,663
12,722
8,891
13,543
-
4,323
14,969
299,652
4,871
674,837
(7,771)

This page does not form part of the statutory financial statements

Page 31