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2024-03-31-accounts

Registered number: 07157813 Charity number: 1164826

UK NEW ARTISTS

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

UK NEW ARTISTS

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 17

UK NEW ARTISTS (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees Mr N Cherry
Mr D McGravie
Mr J Hickford
Ms R Baynton
Ms T Akrofi
Mr B Madiyiko
Mr M John Knox
Dr H Bao
Ms I Lam
Company registered
number
07157813
Charity registered
number
1164826
Registered office
Room 121 Trent House
Nottingham Trent University
50 Shakespeare Street
Nottinghamshire
NG1 4FQ
Accountants
PKF Smith Cooper Limited
2 Lace Market Square
Nottingham
NG1 1PB

Page 1

UK NEW ARTISTS

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report together with the financial statements of charity for the period 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

We confirm that our charity trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Review of activities

In November 2022, we launched our new program model, "Taking Place: People, Place, and Practice," which successfully completed its pilot year in Lincoln in October 2023. Throughout the year, we delivered an array of public activities, as well as creative and professional development opportunities for artists. Key achievements included:

The program exceeded expectations, and in 2024, we extended the model to Derby, achieving similar impact and setting the stage for broader regional expansion of "People, Place, and Practice." and setting the stage for broader regional expansion of "People, Place, and Practice."

Additionally, this year marked the 4th Robert Walters UK New Artist of the Year Award, which garnered a 30% increase in applications. The award culminated in a high-profile exhibition featuring 10 outstanding artists at the Saatchi Gallery in London. This event not only engages large audiences but also serves as a valuable incomegeneration opportunity for the organisation.

We are also pleased to celebrate our ongoing corporate partnership with 4C Group, a leading property and hotel development company with a global footprint. Through this sponsorship, we will offer three artist bursaries of £10,000 each, with an artist residency planned at the Canopy London City Hotel. Our second bursary recipient, Parham Ghalamdar, leveraged this opportunity to transition from painting to ceramics.

Despite these successes, challenges persist as we continue our work outside of the National Portfolio Organization (NPO) framework, which limits our ability to sustain support for emerging artists in the UK.

Page 2

UK NEW ARTISTS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Main achievements of the charity

This year’s accomplishments reflect our ongoing commitment to fostering creative practice and supporting artists across the UK.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

UKNA requires an appropriate level of reserves in order to effectively meet its short-term operational funding requirements ensuring adequate liquidity levels are maintained at all times. The UKNA Board approved and implemented a reserves policy (£35.5k) in 2019 as a contingency to mitigate against any future short term financial risks. The reserves policy target has been successfully met from inception (2019) and the UKNA Board and Director continuously monitor forecast cashflow to ensure the reserves policy is maintained going forward and continuing to follow guidance from the Charity Commission to Trustees and appropriate legislation.

The unrestricted general reserve for the financial year ended 31 March 2024 was £78.2k, of which £35.5k is maintained to satisfy the UKNA's Board approved reserves policy.

Page 3

UK NEW ARTISTS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

a. Constitution

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The principal object of the charity is to champion the next generation of creativity, supporting collaboration and intercultural dialogue, ensuring a vibrant and diverse creative future for the UK. We develop artists' practice through cross art form opportunities and celebrate creativity at national and international festivals.

b. Methods of appointment or election of trustees

The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed.

Approved by order of the members of the board of trustees and signed on their behalf by:

Mr D McGravie Trustee Date:

Page 4

UK NEW ARTISTS (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Independent examiner's report to the trustees of UK New Artists ('the charity')

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024.

Responsibilities and basis of report

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

Having satisfied myself that the accounts of the charity 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 the charity's accounts 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 the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I 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 charity 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.

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.

Signed: Sarah Flear

Dated: 12 November 2024

PKF Smith Cooper Limited

2 Lace Market Square Nottingham NG1 1PB

Page 5

UK NEW ARTISTS

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Income from:
Donations and legacies
2
Other trading activities
Total income
Expenditure on:
Charitable activities
3
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
185,110
5,606
190,716
173,998
173,998
16,718
61,567
16,718
78,285		 Restricted
funds
2024
£
88,281
-
88,281
92,830
92,830
(4,549)
4,549
(4,549)
-		 Total
funds
2024
£
273,391
5,606
278,997
266,828
266,828
12,169
66,116
12,169
78,285		 Total
funds
2023
£
229,569
14,402
243,971
257,174
257,174
(13,203)
79,319
(13,203)
66,116

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 8 to 17 form part of these financial statements.

Page 6

UK NEW ARTISTS (A company limited by guarantee) REGISTERED NUMBER: 07157813

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one
year
9
Net current assets
Total net assets/(liabilities)
Charity funds
Restricted funds
10
Unrestricted funds
10
Total funds		 604
86,872
87,476
(10,344)		 2024
£
1,153
77,132
78,285
-
78,285
78,285		 5,162
87,007
92,169
(28,019)		 2023
£
1,966
64,150
66,116
4,549
61,567
66,116

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

Mr D McGravie Trustee Date:

The notes on pages 8 to 17 form part of these financial statements.

Page 7

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

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

There have been no departures from the standard.

UK New Artists meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The registered office and principal office address is Room 121 Trent House, Nottingham Trent University, Nottingham, Nottinghamshire, NG1 4FQ, England.

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1.

1.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.3 Expenditure

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Office equipment - 25% on cost

1.5 Interest receivable

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

1.6 Debtors

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

1.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 8

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 Taxation

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

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 9

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Income from donations and legacies

Grants
Total 2023		 Unrestricted
funds
2024
£
185,110
182,760		 Restricted
funds
2024
£
88,281
46,809		 Total
funds
2024
£
273,391
229,569		 Total
funds
2023
£
229,569

3. Analysis of expenditure by activities

Charitable activities
Total 2023		 Activities
undertaken
directly
2024
£
226,757
226,556		 Support costs
2024
£
40,071
30,618		 Total
funds
2024
£
266,828
257,174		 Total
funds
2023
£
257,174

Analysis of direct costs

Staff costs
Domestic arts projects
Artistic projects
Artist development
Staff costs direct
Promoting charitable activities
Sundry expenses
Board Related Costs
Total 2023		 Activities
2024
£
99,353
92,830
4,151
14,039
1,560
5,396
7,759
1,669
226,757
226,556		 Total
funds
2024
£
99,353
92,830
4,151
14,039
1,560
5,396
7,759
1,669
226,757
226,556		 Total
funds
2023
£
93,001
45,285
33,099
31,370
470
3,363
14,012
5,956
226,556

Page 10

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Analysis of expenditure by activities (continued)

Analysis of support costs

Activities
2024
£
Wages and Salaries
4,000
Depreciation
813
Computer and software
471
Board member expenses
-
General Rates
-
Bank (income) / charges
51
Insurance
1,429
Legal fees
13
Travelling
6,836
Postage and stationery
1,025
Subsistence and accommodation
12,736
Governance - accountancy costs
12,697
40,071
Total 2023
30,618
4.
Independent examiner's remuneration
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts
5.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Total
funds
2024
£
4,000
813
471
-
-
51
1,429
13
6,836
1,025
12,736
12,697
40,071
30,618
2024
£
3,102
2024
£
99,066
2,289
1,998
103,353		 Total
funds
2023
£
4,535
694
281
194
195
48
1,352
13
5,208
882
3,377
13,839
30,618
2023
£
2,376
2023
£
93,122
2,704
1,710
97,536

Page 11

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

2024 2023
No. No.
Staff 4 4

No employee received remuneration amounting to more than £60,000 in either year.

6. Trustees' remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, expenses totalling £ 206 were reimbursed or paid directly to 2 trustees (2023 - £NIL to zero trustees).

7. Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Office
equipment
£
7,651
7,651
5,685
813
6,498
1,153
1,966

Page 12

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Debtors

2024 2023
£ £
Prepayments and accrued income 604 5,162

9. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
755
912
901
7,776
10,344		 2023
£
815
1,785
512
24,907
28,019

Page 13

(A company limited by guarantee)

UK NEW ARTISTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Creative Citizens
Taking Place
Young Creative Award
Community Grant Fund
Leicester 2022
Sincil Bank Grant
Foyle Foundation
Robert Walters Award
4C Hotel Group Bursary
Total of funds		 Balance at 1
April 2023
£
61,567
-
-
-
-
-
-
-
-
4,549
4,549
66,116		 Income
£
190,716
5,000
2,000
1,605
10,930
1,000
2,310
27,000
26,436
12,000
88,281
278,997		 Expenditure
£
(173,998)
(5,000)
(2,000)
(1,605)
(10,930)
(1,000)
(2,310)
(27,000)
(26,436)
(16,549)
(92,830)
(266,828)		 Balance at 31
March 2024
£
78,285
-
-
-
-
-
-
-
-
-
-
78,285

Page 14

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Funds - all funds
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Creative Citizens
Taking Place
Young Creative Award
Community Grant Fund
Leicester 2022
Sincil Bank Grant
Foyle Foundation
Robert Walters Award
Future Producers
NCC Light Night
4C Hotel Group Bursary
Youth Weekender
Total of funds		 Balance at
1 April 2022
£
6,000
60,178
66,178
1,926
213
-
2,636
-
-
-
-
8,366
-
-
-
13,141
79,319		 Income
£
-
197,162
197,162
-
-
1,095
-
1,500
840
1,500
24,024
4,500
350
12,000
1,000
46,809
243,971		 Expenditure
£
(6,000)
(195,773)
(201,773)
(1,926)
(213)
(1,095)
(2,636)
(1,500)
(840)
(1,500)
(24,024)
(12,866)
(350)
(7,451)
(1,000)
(55,401)
(257,174)		 Balance at
31 March
2023
£
-
61,567
61,567
-
-
-
-
-
-
-
-
-
-
4,549
-
4,549
66,116

Page 15

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
Designated funds
General funds
Restricted funds		 Balance at 1
April 2023
£
61,567
4,549
66,116
Balance at
1 April 2022
£
6,000
60,178
13,141
79,319		 Income
£
190,716
88,281
278,997
Income
£
-
197,162
46,809
243,971		 Expenditure
£
(173,998)
(92,830)
(266,828)
Expenditure
£
(6,000)
(195,773)
(55,401)
(257,174)		 Balance at 31
March 2024
£
78,285
-
78,285
Balance at
31 March
2023
£
-
61,567
4,549
66,116

12. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
1,153
87,476
(10,344)
78,285		 Total
funds
2024
£
1,153
87,476
(10,344)
78,285

Page 16

UK NEW ARTISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
1,966
87,620
(28,019)
61,567		 Restricted
funds
2023
£
-
4,549
-
4,549		 Total
funds
2023
£
1,966
92,169
(28,019)
66,116

13. Related party transactions

There were no related party transactions in either period.

Page 17