Developing Artists REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Regtstered Charity No. 1175594 Cornpany No. 10195289 Developing Artists Registered Charity No. 1175594 Company No. 10195289 Trustees Guy Mark Chapman Paul Stuart Mitchell Giles Timothy Ramsay Registered Address Ground Floor 26 Bloomsbury Street London WCIB 3QJ Bankers Barclays Bank PIC 48 Regent Street London WIB 5RA ## **Developing Artists** ## **Contents of the Financial Statements for the year end d 31 May 2025** |**Contents of the Financial Statements for the**|**year end d 31 May 2025**| |---|---| ||**Page**| |Report of the Trustees|1-3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes to the Financial Statements|6-10| |IndependentExaminer Report|11| ## **Developing Artists** ## **Trustees' Report for the year ended** ## **31 May 2025** ## **Trustees** The Trustees present their annual report together with the unaudited financial statements for the year ended 31 May 2025. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the charity'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 (FRS 102). The Directors of the charitable company are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. The trustees who held office during the period were as follows: Georgina Caroline Godwin Guy Mark Chapman Kushal Kumar Sood Giles Timothy Ramsay The trustees who were holding office at the date of signature of the financial statements were as follows: Guy Mark Chapman Paul Stuart Mitchell Giles Timothy Ramsay ## **Managing Director** Vladimir Ashurkov ## **Founding Director** Giles Ramsay ## **Structure, governance and management** Developing Artists is a registered charity (No.1175594), incorporated under Memorandum & Articles of Association on 23 May 2016. The company was established with solely charitable objects and has operated within these since incorporation, so is treated as a charity from inception. It obtained formal registration with the Charity Commission on 7 November 2017. The first trustees of the charity were appointed on incorporation. Subsequent trustees can be appointed by the trustees and there is no limit to the term of office. There must be a minimum of 3 trustees at any given time. The board is responsible for the strategic management of the charity and for setting policy. The day to day operational management is delegated to the Managing Director. All trustees give their time and expertise on a voluntary basis and receive no remuneration or other benefits. Developing Artists creates partnerships with pre-existing arts, charitable and cultural organisations in the countries it operates within to facilitate training programmes, live entertainment productions, and apprenticeships. Past partners include The Harare International Festival of the Arts, Zimbabwe, The British Council in Jordan, and The Young Vic, London. The Trustees of the Charity, have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing its aims and objectives and in planning the Charity's future activities, including its guidance 'Public benefit: running a charity (PB2)'. ## **Objectives and activities for the public benefit** To advance the education of the public through the promotion of all forms of art and culture. In particular, but without limitation, by supporting emerging artists from the developing world. **Developing Artists Trustees' Report for the year ended 31 May 2025** ## **Statement of Trustees Responsibilities** The trustees (who are also directors of Developing Artists for the purposes of co I pany law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) in I luding FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Company law requires trustees to prepare financial statements for each financial year, whi, h give a true and fair view of the I state of affairs of the charitable company and of the incoming resources and application or resources, including the income and expenditure, of the charitable company for that period. In preparing the financi I statements, the trustees are required to: - select suitable accounting and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, sub ect to any material departures disclosed and explained in the financial statements; and I - prepare the financial statements on the going concern basis unless it is ina, propriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensurk that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. **----- Start of picture text -----**
_.03.2026
Th is report was a pp roved by the Trustees on and signed on thei behalf by:
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................................. ;..;.---',�� ......
Paul Stuart Mitchell
Trustee
**----- End of picture text -----**
## **Developing Artists** ## **Trustees' Report for the year ended** Developing Artists: ## **31 May 2025** - Identifies, supports and promotes artists both within their home country and overseas - Breaks down the barriers - practical or psychological - that prevent performing artists from fully developing their work and sharing it on the world stage - Connects a global network of artists, entrepreneurs, teachers and arts institutions By creating international networks of artists, entrepreneurs, teachers and arts institutions Developing Artists facilitates the reciprocal sharing of skills and experience whereby artists from all cultures are challenged to question, collaborate and grow. Developing Artists fosters a self-sustaining approach to the arts through which individuals acquire the skills to earn an income from their work and begin to support their own projects over the long term. They are further encouraged to share what they have learned within their local communities thereby acting as catalysts for wider change. ## **Financial Review** The accounts for the year show a net surplus of £7. No reserves were carried forward as at 31 May 2025 with an amount on account of -£542. ## **Policy on Reserves** Reserves are held to ensure the Charity has enough reserve funding in place to cover planned expenditure, taking account of known future revenue streams. There is a relatively small level of unrestricted funding at the balance sheet date, but the intention is to build unrestricted reserves over the next 3 to 5 years in line with the charity's operational plans. ## **Achievements & Performance** During 2024/25 Developing Artists received one restricted grant from the New Generation Europe Foundation; this was to support a production of "The Last Word" at the Marylebone Theatre, a searing multimedia theatre piece based on the last words of women accused of political crimes in the Russian courts. Developing Artists in turn allocated a grant to the company producing the production. ## **Future plans** The charity intends to on board new trustees and transfer the operations of Developing Artists to them, upon which the current trustees, except Paul Stuart Mitchell, shall resign, and this process is now on-going. The new director and trustees of the charity intend to adapt the charity's current aims and constitution, in order to similarly work with artists early in their careers and provide opportunities for the development of their craft in professional theatre settings. ## **Developing Artists** ## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 May 2025** |**(Incorporating**
**Note**
**Income from:**
Donations
Grants
**Total Income**
**Expenditure on:**
Charitable activities
**4**
**Total Expenditure**
**Net expenditure**
Transfer between funds
**10**
**Net movement in funds**
Fund balances at 1st June 2024
**10**
Fund balances at 31st May 2025
**10**|**Income and Expenditure Accou**
**1**
**t)**
**Unrestricted**
**Restricted**
**�otal**
**Funds**
**Funds**
**, 025**
£
£
£
30,0
30,000
30,0
30,000
(993)
(29,00)
(29,993)
(993)
(29,00)
(29,993)
(993)
(29,00)
(29,993)
(993)
1,0
7
(549)
(549)
(1,542)
1,0
(542)|**Total**
**2024**
£
{1,062)
(1,062)| |---|---|---| |||(1,062)| |||(1,062)| |||513| |||(549)| |||| All disclosures relate only to continuing operations. There are no recognised gains or losses other than the net expended resources for thE period. ## **Developing Artists BALANCE SHEET** ## **as at 31 May 2025** |**CURRENT ASSETS**
Debtors
Cash at bank and in hand
CREDITORS: Amounts falling due
within one year
NET CURRENT ASSETS
**TOTAL NET ASSETS**
**FUNDS**
General funds
Restricted Funds
**TOTAL FUNDS**
**Note**
**8**
**9**
**10**
**10**|**2025**
£
71
71
(613)
£
(542)
**(542)**
(1,542)
1,0
**(542)**|**2024**
£
£
1,315
1,315
(1,864)
(549)
**(549)**|**2024**
£
£
1,315
1,315
(1,864)
(549)
**(549)**| |---|---|---|---| ||||(549)| ||||**(549)**| For the year ended 31 May 2025 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees and authorised for issue on: _.03.2026 and were signed on their behalf by: .[...............] .[.] .[........... � ............................. . ] _f r JJJ_ Paul Stuart Mitchell Trustee Company Number: 10195289 ## **Developing Artists NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2025** ## **1. ACCOUNTING POLICIES** ## **Company information** Developing Artists is a private company limited by guarantee incorporated in England I nd Wales. The registered office is Ground Floor, 26 Bloomsbury Street, London, England, WClB 3QJ. ## **a) Accounting convention** ## **Basis of Preparation** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), as it applies from January 2019. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial staterents in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts 'n accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charitie • SORP), the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of t e company. Monetary amounts in these financial statements are rounded to the nearest pound. ## **b) Going concern basis** The financial statements have been prepared on a going concern basis. Having carried out a detailed review of the Charity's resources and the current econo ic challenges facing both the Charity and its members the Trustees are satisfied that the Charity has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the finandal statement This has been a quiet year for the charity, and the charity delivered a small surplus. In �he year ahead the charity's trustees and directors will look for a new board to take over and restart the charity's ctivities. ## **c) Incoming resources** e and the amount can be Donations are recognised when there is evidence of entitlement, the receipt is probal: measured reliably. Merchandise income is recognised when the goods are transferred. Income represent amounts receivable net of VAT. ## **d) Expenditure and its basis of allocation** All expenditure is dealt with on the accruals basis and excludes value added tax where appropriate. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes direct costs of activities and those costs of an indirect nature necessary to support those acti1ities, allocated between expenditure categories on an appropriate basis. ## **Developing Artists** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2025** ## **1. ACCOUNTING POLICIES (continued)** ## **e) Fund accounting** The unrestricted funds are other income receivable or generated for the ob[j] ectives of the charity without further specified purpose, and are available as general funds. The 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 cost of raising and administering such funds are charged against the specific fund. ## **f) Taxation** The Company is a registered charity and as such is entitled to exemption from taxation on its charitable activities under Section 478 of the Corporation Tax Act 2010. ## **g) Value Added Taxation** The Charity is registered for Value Added Tax and charges and recovers tax as appropriate on its income and expenditure. ## **h) Financial Instruments** ## **Cash and Cash Equivalents** Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. ## **Basic Financial Instruments** The charity only holds basic financial instruments as defined by FRS 102. Financial instruments receivable or payable within one year of the reporting date are carried at their at transaction price and subsequently at settlement value. ## **2. Critical accounting estimates and areas of judgement** In the application of accounting[p] olicies the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities. Actual results may differ from these estimates. The trustees do not consider that any estimate and area of judgement relevant to these financial statements are likely to lead to significant revision in a subsequent accounting period. |**3. Income from donations**
Restricted funds
Voluntary income
Grant income
**4. Charitable activities**
Restricted and unrestricted funds
Grant funding of activities(note 5)
Support costs including governance costs|**2025**
£
30,000
**2024**
£| |---|---| ||30,000| ||**2025**
£
29,000
993
**2024**
£
1,062| ||29,993
1,062| ## **Developing Artists** **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2025** |**5. Grants payable**|**2025**|**2024**| |---|---|---| ||**£**|**£**| |Restricted funds||| |Grants given|29,000|| ||29,000|| |**6. Governance costs**|**2025**|**2024**| ||**£**|£| |Accountancy||| |||| |**7. Staff Costs**|**2025**|**2024**| ||£|**£**| |Remuneration payable to freelance staff||| |There were no employees during the current or prior period whose emoluments, exclIding pension costs, fell above||| |£60,000.||| |The average weekly number of employees during the period was:|**2025**|**2024**| |Total||| All workers are engaged on a freelance basis per project. The charity relies on the se 1 company administration. ## **Key Management Personnel** Key management personnel includes the Trustees and senior management. The total . mployee benefits, including pension costs, of the charity's key management personnel were £nil (2022: £nil). No t+stees have been paid any remuneration by the company or related parties in the current or prior period. No expenses have been reimbursed to trustees in the current or prior period. ## **Developing Artists NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2025** ## **8. Debtors** **2025 2024** £ £ VAT ## **9. Creditors: Amounts falling due within one year** |||| |---|---|---| |**9. Creditors: Amounts falling due**
Trade creditors
Accruals
**10. Analysis of funds**
**Current year**
**Unrestricted Funds:**
General reserve
**Total unrestricted funds**
**Total restricted funds**
**Total funds**
**Prior year**
**Unrestricted Funds:**
General reserve
**Total unrestricted funds**
**Total restricted funds**
**Total funds**|**within one year**
**At 1st June 2024 Transfers**
**Incoming**
**Resources**
£
£
£
(549)|**2025**
**£**
613
**2024**
£
1,864| |||**Resources**
**Expended**
£
613
(993)
(993)
(29,00)
(29,993)
**Resources**
**Expended**
**£**
(1,062)
{1,062)
(1,062)
1,864
**At 31st May**
**2025**
£
(1,542)
(1,542)
1,0
(542)
**At 31st May**
**2024**
£
(549)
(549)
(549)| ||(549)|| |||| ||30,0
(549)|| ||**At 1st June 2023 Transfers**
**Incoming**
**Resources**|| ||**£**
**£**
**£**
513|| ||513|| |||| |||| ||513|| ## **Analysis between funds** All funds held by the charity at the current and prior year end are unrestricted. All assets and liabilities of the charity are representative of unrestricted fund ## Developing Artists ## **Independent examiner's report to the trustees of Developing Artists** I report to the charity trustees on my examination of the accounts of Developing Artists (the Trust) for the year ended 31 May 2025. ## Responsibilities and basis of report As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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 to enable a proper understanding of the accounts to be reached. Kind regards, Krishna Arjun Director Atlas Bookkeeping & Consultancy Ltd 228A High Street Bromley BR1 1PQ 11 March 2026