Cl• Re¢rakn Ng. 1180816 C4fflpany Rry15tratlon No. 06669673 IEn8iaMI arrtl Wale51 ARTREACH (TrUST) LTD ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ADFC564B" 0&11112024 COKANIES HOUSE
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ARTREACH (TRUST) LTD LEGAL AND ADMINisfRATIVE INFORMATION Trusteès C Stafford Ico Chaw) A Sinclair (Co Chairl E Hooper-smith IWKtrChairl V Aro8undade L aeaver S Patel N Popat M Rela Senlof Manwmem P stee Ichief ExffutP1 Chaiity number 1180816 Cornpary nwthr (16669673 Rqlstered olfice and wlnctpal address LCB Depot 31 Rutland Street Leicester LEI IRE Independent examiner Thomas Mzyfidd FCA Mayfield & Co. 2 Merus Court Meridian Business Pafk Leicester LE19 IRI
ARTREACH ITRUST) LTD CONTENTS Trustees. report Trustees. Res[K)nbIlityaternent Independent examiner's report Consolidated statement of financial activitie5 li Consolidated balance sheet 12 Charity balance sheer 13 Consolidated statement of cash flow5 14 Notes to the xcounts 15-29
ARTREACH (TRUST) LTD TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH2024 The trustees present thwr feport and financial statements for the year ended 31 March 2024. The accounts have been prepared in a¢¢ordan¢e with the accounting policies set out in note I to the a¢counts and comply with the charity'5 governing document. the Companies Act 2LI)6 and"Accounting and Reporting by Chaflties.. Statement of Recommended Pradice applicable to tharities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- las amended for accounting perTrods commenting from l January 20191. Thls Annual Report represents Art R&ich (the tradi name of ArtReath (Trust) Ltd.. a re£tered charity, and its whollv owned subsidiary. ArtReach IEventsl Ltd. ArtReach (Eventsl Ltd was offiaally dissolved on 16 Juty 2024 throu8h voluntary striktroff. Obiertives Jnd artwities The charivs objects Ithe'objects'l are to promote. maintain. improve and advance educaiion by the encouragement of the arts through research, desi8n. creation, production and delivery of performin& wsual, streei and digitsl arts and associated activity- Mi55iwIpurp Conne¢tin8 cultures through extraordinary art Art Reach: * value5 brave voices and amplifie5 them value5 cultural groth and delivers it values vibrant change and create5 it Strategies for Athie¥ini Obie¢ii¥es What we do We commission bold, ambitious art and festivals that bri people together. delivering artNities and authentic experiences that vnify art, audiences and culture5. We empower a range of artistic voices that exote an(15urw5e wtth fresh energy. and new ideas. Together we explore complex pasts. reshape the present. and ima8ine new fvtures. We celebrate the power of sanctuary. unleash expression, and tell extraordlnary stories. Our programmes fLKUS on presenting world dass work that is rooted in the human e¥perien¢e, transforms outdoor 5pace5, and is impa¢tful. indusive and inspiring to local and international audiences. We bulld collaborative partnerships. and support public and culiural institutions with ambitious and effective Strategies for growth and creative success. Why we do it We believe that art brings people together. It entertain5 and moves us, thallenges and educates us, together. We believe that shared experience of art starts conversations and helps us to understsnd one another better. We know that our work can i8nTrte imaginations and help people and communities to find their Pla in our cultural and creative landscape., that great art can enable us to share lives. stories and entertainment.
ARTREACH ITrUST) LTD TRUSTEES. REPORT (CONTINUEDIIINCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 31 MARCH 2024 How Our Ser¥i¢es Dell¥er pb Benefft The trustees have paid due regard to the Chartty Ctynm1ssn guidance on public benefft reporting in decidin8 what activities the charity has undertaken this year. Maln Artl¥5tles Undertaken to Further the Charws Purp¢)5e5 fw Public Benefft Beeen 1st April 2023 and 31st March 2024, Art Reach delivered the followin8 aCtNities= * Joumeys Festlval Intematlonal (JFII - thi5 festival creates a platforrn tts share artistit talent and communltv cultural exchanges in an incredible live event. Takin8 place between 22 and 23 July 2023, the festival featured artists and collectives presenting sireet theatre and dance. The festival welcomed contributions from international artists. as wdl as presentations by UK artists and collertive5. * Relactlon- launched in 23124. this new festival advocates creativity for the climate. Continuing our speclalism in addressing contemporary issues and building on key theme5 from our former Liberty progr3rnmÈs and Night of Fesiivals. this iniliative is centred on artlartists, unique position as inspirers to encourage u5 all to take action to address climate change. The first edition of this festival took place on 26 arsd 27 Au8U5t 2023, with pop-up performances, exhibitions, workshops and installations. The festival aims to help people learn how to relwind otsr impact on the environment. The festival commissions new artwork that addresses the climate emergen¢y, showcases local. ethical traders and food. shares skills. offers workshops in re/purposing and re/u5in& and elebrate5 the lands¢ape of Le1ter city and county. The festNal shows how we can make chan8es that add up to a big difference for the future of our planet. Key to the festival are youn8 people, as drivers, activists and produtÈrs. Re/thread- this initiatlve CL)nnected Leicesterfs rich te(ile history with eco-friendly learning in a creative projèct for thildren and young people ihat took place from November 2023 to February 2024. Artist Jessica Grady created a workshop programme that used scrap materials donated by factories and local organisation5 to make a trail of giant sequins acmss thè oty. Participants were encouraBed to design and create their own giant sÈpuins using rwclin& Ising and upcycling teehniques. which helped them learn about eco-friendly arts and sustainability. Partiupants a150 gained increased soaal and cultural understanding through the sharing of experiences, tradition5 and exploring different materials. Platforma- working in partnership wilh Counterpoint Arts. Art Reach tOTrcommissioned two new works with sanctuary seeking artists and communities in LeIster and the UK. The work commissioned is to be presented at Joumeys Festival Intemational, Plattorma and in other events in 2024. ArtReach ITrustl Ltd also ddivered cultvral consultancy 5UPPOrt induding bLrsiness plannin& fvndraising and cultural 5trate8y services to arts and heritage or8anisations such as The Mill Arts CèntrÈ. Simmer Down Arts CIC. Royal Borough of Greenwich, The Music Partnership (via Entrust) and other5. Thi5 provided unrestricted eamed income that was reinvested back into the charivs creative programme. Achle¥ements and Perfornian Journeys Fesllval Internallonal Journeys Festival International took place between 22 and 23 Juty 2023. attracting an audience of over 14,((K) a¢ross thè two days. Audience Insight5'. 55% of attendees were from Global Majority backgrounds Il% identified as Dldeaf andlor disabled Nearly 70% of the audleft was aged 44 or under 95% rated the quality of the event as good or very good 40% of the audience do not reBulaTly atlend creative or tuftural events
ARTREACH ryRUST) LTD TRUSTEES, REPORT IcoKfiNUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The festival showcased underrepresented voices in the cultural scene. Perfomiers included Sonia Sabri Company (South Asian Dance). fem31frlÈd companies such as Mimbre. Lifted. Whispered Tales. Refuge Island. Damae Dance- and Avant Garde Dance (Global Majority companyl, who Prent SCRUM. A total of 15 touring companies participated. with 7 international and European collectives performi Journey5 Festival International continue5 to work with partner5 to create indusNe opportunities for audiences facing barriefs to cultural engagement_ For example. we collaborated with the BRC Family Resettlement S¢heme to delivèr workshops for 45 partscipants. who also ieceived 5UPPOrt to attend the festival. We are proud to have been awarded the Attitude is Everythin8 Bronze (harter Standard, a nationally reco8nised award for accessibility at live events. Relartion Festi¥al The first edition of Relartion Festival was held on 26 and 27 August 2023. attracting over 11.OC(J attendee5. Audience Insr8hts'. 90% of respondents rated the event as good or very good 44% were from Global Majority backgrounds 31% of the audience do not regularly attend creative or cultural events 7% identified as Dldeaf andlor disabled 61% of attendees were aged 44 or under We would like to thank our cultural and community partrS for SUPPOrting delivery of thi5 new festival, in¢ludln8 Bricks for Braunstone Gate. Nupur Arts and Leicester Textiles Festival. A collaboration with Nupur Arts featured SO community participants in a vibrant street parade. The festival also feaiured 9 touring works from companies such as Pif Paf. The Vegetable Orchestra of Vienna and Puppets with Guts. Over the weekend, we hosted 12 workshops covering topks like lascale artwork production. upcyClir and water- saving initiattves. Relihread Our engaÉement projert. Re/thread, was laun¢hed ai RelalOn festNal.At Relaction, Relthread was a drowin workshop, led by textile art151 Jessica Grady. invitingchildrt and young people to create sequins from repurposed textiles for a city- wide exhibition and art trail, which look place in January 2024. Followin8 Rela¢tiort, we launched a range of education resources and fun activities to do at hometo continue to 8athersequin5to display in ihe exhibition. The initiative involved contribution5 from 1,258 participants from 18 schools. As part of thi5 exhibition, we shared family-friendly tips for sustainable clothing practices in partnership with Net Good City, alon8 with a treasure hunt-style game across various exhibition venues. The exhibltion launched at the Y Theatre on 13 January. acwmpanied by a workshop programme as part of the Creative Quarter Early's event at LCB Dep)t. Art Reach continue5 to prioriti5e accessibility. inclusivityand community engagement around all its festivals and projects. It is committed to creating meaningful cultural experiences fora diverseaudience. Wecontinueto work with the Leicester A114n group to Smprove aSSIbIlIty and ¢$tenCY across cuttural venues. We look forward to continuing our work in Increasi cultural partiapation and buildirtg stronger connections with our communities. Con5uttancy Sefvlces Art Reath was commissioned by 20 or8anisations to support business plannin& develop fundraising strategies and plans,
ARTREACH (TRUST) LTD TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH2024 and deliver ¢ultural siraiegy projects. Significant projects induded facilitating the development and launch of a cultural strategy for Royal Borough of Greenwb¢h. In total. Art Reach supported cultural or8anisotions to raise over £1.12m in revenue fundin8. Thank yoy to Supporter5 In addition to the continued financial support of ACE and CreatNe Europe. Art Reach would like to thank the Local Authorities. Higher Education Institutions. Charities, EuropÈan tuliural institutions based in the UK, and other Lottery sources for their 5UPPOrt in the year to 31" Marth 2024. Flnanclal Revlew Overvlew The trustees have note(I the financial position of the Charity at the 31 Marth 2024 year*nd. The Statement of Financial Actrvities shows a combined group annual turnover for the financial year 2023-24 of £563,158. Turnover for ArtReach ITrustl Ltd in 2023n4 was £563.158. The principal sources of income for the charity were- Regular annual fundin8 frorn Arts Council En8larKI (viè thè NatTronal Portfo140 Organisation funding under a multi- vear fundin8 agreement between 2023124- 20251261. * Local Authority 8rants and Commissioning. * Grant through Lottery, Foundations and other cultural institution5. * Earned income through cultural consulLincy. There are no funds held as custodian trustee on behalf Of oihers. Reserve5 Reserves are planned to provide an intem41 sour¢e of funds for situations such as a sudden increase in expenses, one- time unbudgeted expenses, unanticipated 1055 in fundin& or uninsured losses. or where the company permanently ceases charitable activities and must close operation5. The current policy of the Trustees is to hold resetwes equivalent to three months operating costs. Thi5 equates to approximatety £99.(IxI. The ch31ity ended the 23124 financial year in negative reserves position and in order to meet the aims of this policy, the Tru5tee5 have in place a dear plan to build reserves over the next three years. 2023124 was a challenging Sime for the arts sertor. Art Reach operated in a rn0 competitive fundraisi landscape and was not ablè to fully realise its fundfaising targets while also experiencirhg an increase in costs owinB to hi8h inflation. Art Reach utilisÈd its reserves to ddiver an ambitious and high-quality creative programme to establish its new Art5 Council En8land NPO proBramme (thi5 15 a multi-year fvnding agreement up to March 20271 and to sustain the orBani5ation through funding and leadership chan8es. Several positNe steps were taken by the Trustees to build bath reserves includin8 simplifying the corporate structure and administratwe cost basevia voluntarydissolution of ArtReach (Events) Ltd (the chariW5 trading 5ub5tdiaryl. Following delivery of thè charitvs large-scale public ents in July and August 2023. a new Creative Directorwas appointed and was tasked to set out the approach to rebuild re5erve5. A review of the charws finanos and expenditure was conducted, and a robust income generation plan developed. P05t balance sheet. the first Quarter of the 24125 financial year has seen 918nifi¢ant achievements in fundraising for Art Reach's creative programme and securinB earned income via rts consultancy servi.
ARTREACH ITRUST) LTD TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH2024 The charlty is projecting that by the end of the 24125 financial year. it will have positive reserves rebuilt from unrestricted income sour¢es through its consultanty and events commission contratts. Longer term tjudget forecasts set out a clear plan to rneet the re5erve5 poliry of holding reserves equivalent to three months operating costs by March 2027. Golni Cfjern Whi15t the tharity was utilisin8 an arranged overdraft ai the end of thefinancial year, theTrustees conducted regular and robusi reviews of the ¢a5hflow forecasis lup to 18 months in advantel, streamlined 0rationS and made administrative ost efficiencies with the closure of the Charit5 trading subsidiary IArtReach {E¥entsl Lid. The Trustees remain confident that the charity is a going concern. Fundraisini In 2023124, Art Reath rar5ed £563,158 in grant 5UPPOrt and earned rncorrte to deliver its ¢ore progfamme. In addition to funding through ACE. additional smaller s¢ale funding was received through Lo¢al Authorities. other Lottery sources. charitable fouAdations and wa sponsorship from Hi8her E¢allOn Insttlutlclls and other cukural organlsations. Art Reach does not have any matÈrial fundrai8 costs. Rlsk Re¥levJ A ¢ornprehen5ive risk re8i5ter 15 reviewed at eath quarterly Board meetin& covering financial. artistic, governance and leadership. compliance with law and re4ulation. external risk, personneVwellbein8 business continuity. A5 With most charities, thi5 process exp05es ri5k5, with systems identified and established to mitigate thern. External risks have been managed through a robust bu5ine55 plan that 15 flexible and adaptable. yet still ambitious. Internal ris were minimised by adheren to its Financial Regulations, Policies and Proce(lure5, along with updates to its HR Policies. Key risks are considered to be: Cost of inflation leads to increased t05t, and impact on artTvrty. operations and cashfiow. Fundraisin8 and earned income targets not achieved Reduction in Arts Council England funding should government support to the arts be reduced. Securing earned income in a competitive market placethrou8h delivery of Art Reach's cultural ¢onsultanLywork. Opportunities to Sour new, long-term income streams as Art Reach will no longer be able io submit applications to the European Union as a lead partner. Art Reach can. however, still be a partner on bids submitted by others within the EU under the limitations of a Third Country. Loss of executivelsenior personnel. which can impact on the programme delivery, partnerships and rinanceloperations of a small business. Plans for Future Perlods Art Reach will continue to deliver on its Arts Council National Portfolio Organisation INPOI funding for the next two years with an opportunity to extend for a further year. In 2024 we will continue to focvs programme delivery on Leicester City and its surrounding communities, developin8 8 pro8ramme timetable that enables us to better utilise partnefships with stakeholders and the uneTsItIeS in ihe rrty. From 2024 onwards we will deliver journeys Festival International in October working across the city with presentations in venues and outdoors and building relationship5 With De Montfort University and the University of Leicester to work with student volunteers. Our Relaction environmental festival will continue to be outdoor arts focussed and will lake pla in July frorn 2025 onwards. Both festivals will include a year-round engagernent pro8ramme developing new art45tTrc work and engaging new audiences and participants. In 2024125 this will include an arts and heritage projecr WOTking with Nirvana FC. to explore how migratoryjourneys to and from Highfields (Leicesterl have developed its identity through the len5 of
ARTREACH ITRUST) LTD TRUSTEES. REpoKf {CONTINUED}(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 football. For the Relattion engagement work we will develop a new young person's group who will drwe forward elemerbts of the festival. Art Reach will continue to be international in our outlook and will continue to develop new work with international artists and bring international work to the ¢ommunities of leicester and ihe wider UK. In 2024125 we are working with Elle Sofe Company (Norway) and artist Olga Regttie (Denmarkl to deliver a new trilateral collaboration exploring culture and costume. We will wntinue to be values drr¥en and our core value linked to developing cultural growth will be delivered throu8h our consultancy strand of work. We will continue to 5UPPOrt the cultural 5ertor io develop through fundraising and developmental support and throuBh developing place-based cultural strategies. Art Reach will a150 SUPPOrt creatNe prartitioners and cultural or8anisations through the development of a new Leicester based neOrk called the Impact Network for CreatOve5 IINCI. Strurture, Governm WNI maryawnI ArtRea¢h rrrustl Ltd ArtReath ITrus11 Lid w¥s re8jStered on 11 Au8U5t 2[ as a ¢ornpany limited by guarantee and its governing document comprise5 Mernorandum an(J Artides of Assouation. An or8anisational risk re8tster and performance indicator5 are upjated regularty by the Creative Director and shared quarterly with the Board of Trustees for review. Tru51ee5 The trustees, who are also the directOT5 for the purpose of cornpany law, arbd who served during thè year are shown below. C Stafford Ictrchairl A Sinclair ICo-a)3irl E Hooper-smith (Vice Chair) V Arogundade L Cartwiight N Popat L Cleaver (nee Kateregal E Taffesse S Patel M Re28 ResEned on 10 October 2023 Resi8ned 12 March 2024 Trustee Re¢rulimenL I1ttl and Tolnlne Trustees are retruited through a fornial proce55 that includes.open invttation to applf and with due reco8nfjtion of the charitvs fequirements for skills and experience and of its dNersity balance. The recruitment proce55 include5 dissemination of a trustee recruitment pack. interview. and initial opportunity to attend a board meeting as an ob5efveT. An induction is provided for new trust through the Ctrchairs and Creative Director. alongside opportunities for being assigned a 'budd( {an existing trustee that can offer support). and to re¢eive training in matters as needed e. financial monitoring. ArtReach (Trustl Ltd is led by a diverse Board of Trustees representing tr*eadih and depth of skills and experience from across a range of sectors to support the delopment of the charity and the achievernent of its objertives.
ARTREACH ITRUM LTD TRUSTEES. REPORT {CONTINUED){INCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 31 MARCH 2024 Organlsatlonal Slructsre and Decision Maklng The trustees meet formal on a quarterly basis and attend Art Reach aalvities and events and at least one annual, strategic planning away-day. The Creative Director reports to the Co(hairs of the Trustees in addition to attending arml reporting at trustee meetinBs. Decision making bndudes defined delegated author¢ty. The organisational structure allows for an appointed CEO- Creative Director. with a small supporting Senior management team. who manage the implementation of the stratey'c direttion and the daY-tdaY operations of the charity. In support of the trustees there are the following senior staff members= Creative Director ICEOI.. P Steele lappointed on 8 August 20231 Pay Polky for Sensor Staff All tiustees give their time freely. One trustee was contraded as artistic support for Journey5 Festival International 2023 and was remunerated to the value of £102.78. The Board of Trustees meets in March each year to review the pay and remuneratlon arrangements for the Creative Director las well as all roles within the organr5ationl. Decisions on levels of remuneration consifler performance reviews. benchmarking against other loral cultural organisations and salary levels. and in line with any changÈ to scope in duties. staff and Kei Management The charitable company is fortunate to ern0v a nurnber of key members of staff. The charity has dassified there to be one key management personnel in line with the requirements of the SORP. Thev CEO. Creative Director.. P Steele lapwnted on 8 August 20231 Related Partles ArtReach (Events) Ltd ArtReach (Events) Ltd was initially re8iStered on 11 August 2CQ4 as a private company limiied by shares and its BoverninB document comprises Memorandum and Article5 of Association. The sole share in ArtReach IEventsl Ltd was acquired by ArtReach (Trust) Ltd on S July 2018. Directors of ArtReach (Events) Ltd are rrninated by theTrustees of ArtReath (Trust) Ltd and DirectorsofArtReach (Trust) Ltd are a majority of these Dirertors. The directors meet formally on a qvarterly basi5Wlth attendanceand a reportfrom the Creative Director. Decision making in¢ludes deffined delegated authority a1 any kvi decisions are referred to the board of the parent company. ArtReach ITru5tl Ltd. Private Company Limited by Shares, Number= 5285174 Principal and Registered Office.. LCB Depot, 31 Rutland Street. Leicester LEI IRE Re8lStered Office: LCB Dèpot, 31 Rutland Street Leicester LEI IRE Directors- C Staffofd (Chairl L Cleaver
ARTREACH (TRusll LTD TRUSTEES. REPORT (coMllNUEDJ(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Company SecreLiry'. L Fulton (appointed on 17 October 2022, resigned on 30 May 20231 ArtReach IE¥entsl Ltd was Official dissolved on 16 ju 2024 through voluntary strik&off. Independent RevIevr In accordartce with the company's artides. a Tesolution proposing th Thomas Mtyfield and Mayfield & Co be reappointed as independent examiner of the company will be put at a General Meeting. Disdosure of Information to Independent Re¥ièw Each of the trusiees has ¢onfirmed that there is no information of which they are aware which is relevant to the audit, but of which the independent examiner is unaware. They have further confirmed that they have taken appropriate Steps to identify such relevant information and to esiablish that the independent examiner is aware of such information. The Trustees, Report was approved by the Board of Trustees and SIed on their behalf. Signed ChrSstopher Stafford Co<hair Allson Slnthir Co-chair Dated.. 21 October 2024
ARTREACH (TRUST) LTD STATEMENT OF TRUSTEES RESPONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are respon51trAe for preparing theTrustees' Report and the financial sleMen[S in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom General1 Accepted Accountin8 Practicel. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each finantial vear which give a true and fair wew of the state of affairs of the charity and of the incomin8 resourc and applKation of resource5 of the charity for that year. In preparin8these financial ststements. thetrustees are required to.. - selert suitable accounting polKies and then apptythem consr5tentty.' - observe the methods and principl in the chariti SORP.- - make judgements and esrimate5that ¥e rea50nable and wudÈnL' -statewhetherapplicable accounting 5tandard5have been fdbvrtd.subjectto any m*erialdeparturesdisclosed and explained in the financial statements- and - preparethefinancial statements on thegoingu>ncern bas Mless it is inappropriateto presumethatthe charitywill continue in operation. The trusttts are re5pon5ible for keeping suffitiÈnt atcountine records that disck)se with reasonable accuracy at any time the financial position ol the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011. the Charity IAccounts and Report51 Regulations 2008 and the prowsions of the trust deed. They are also responsible for safeguardingthe assetsof the charity and hèntefortakin8 reasonablestepsfor the prevention and detertion otfraud and other irregularities.
ARTREACH (TRUST) LTD INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE ARTREACH (TRU1 LTD I report to the charitable compan(strustees on my Èxaminatitin of the tOn501idated attovnts of the Group comprising ArtReach ITrustl Ltd Ithe charity) and its subsidiary. ArtRezch (Events) Ltd for the year ended 31 Marth 2024 which are set out on pa8es 11 to 13. Responslbllhles and $5 of rep As the trustees of the charitable company land also its directors for the puTSe$ of company lawl you are responsible for the preparation of the consolidated accounts of the Group in (ordanCe w((h the requirements of the Charities Art 2011 Iihe 2011 Attl and the Companies Act 2(M)6 and you have chosen to ppare consolidated accounts for the Group. You are satisfied that the accounts ol both the charitable company and the Group are required by charr(v law io be audited have chosen instead to have an independent exambnation. Havin8 satisfied myself that the accounts of the Company are not required to be audr(ed under Part 16 of the Companies Art and are eli8ible for independent examination, l port in respett of my examinaKJn of the consolidaied account5. 1 have carried out my examination under se(tion 145 of the Charifies Act. In carrwn8 Out my examination I have followed the Direttions given by the thwiiy Commission under sectK>n 145ISHbl ofthe Charities Art. An independent examinatw)n does noi in¥ohfe gathering all the evidence that would be required in an audit and conseqijently does not cover all the marrers that aud((or congders in gNing rheir opinion on the account5. The planning and conduct of an audir 8oes beyond the limtied assurance thai an independent examination can provide. Consequently I express no opinion as to whether the consolidated xcounts present a'true and fairf wi and my report 15 limited to t1$ specific matters set out in the independent examinerfs statement. Independent ex•miner's st•tement Since the chariiws gross income exceeded £2So,LY9ur exarTwner rnust be a ffmber of ? body listed in section 14S of th? 2011 Act. I confirm that l am qualified to underte the examination bewse l am a member of IfAEW. whKh 15 one of ¢he listed bodie5. I have completed my examination. I confirm that no material matter5 have coffe to my attention in connettion with th examination giving me cause to believe that in any material respect.. accounting recoids with respert to thecharitable company and it55ubsidiaries were rt kept as required by sectitin 386 ofthe Companies Att: gr the accounts do not accord with those record5.' or the accourts do not compty with the applicable requirementsconcerning the form and ¢rJntent of attounts set out in the Charities (Accounts and Reports) Aegulation5 2(*)8 orthe Companie5 Act other than any requirement that the accounts gwe a'true and fair view which is not a matter considered as part of an independent examination." or the accounts have not been prepared in accordance w4th the methods znd principles of the Statement of Recommended Prattice for accounring and reporting by charities lapplicable to charities preparing their ¥c¢ounts in accordance with the Finanoal Reporting stdar applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other marters in COnnectn the examination to whbch attention should be drawn in this report in order to enable a woper vnderstandiTrd of the financial statements to be reached. Thtsmas Mayfield 8A FCA Mayfidd & Co 2 Merus Court Meridian Buslness Park LeicestÈr LE19 IRJ Dated.. 211¢ October 2024 10
ARTREACH (TRUST) LTD CONSOUDATED STATEMENT OF FINANaAL ACTivmES INCLUDING CONSOUDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH2024 Unrestritted Restrlded Total Funds Fund5 Fvnds 2024 2024 2023 2023 2023 Income From Donaiions & Le8acies Charitable Activities 64.472 420,912 136.382 5.574 29J 3fA).302 236,179 5%,481 133.043 862 136.382 133.043 862 Other IrKome 5.574 290 Investmenis 341 341 Tot•1 Incom• 498.686 64.472 563,158 494,548 236,179 730,727 ndlture Charitable artivities 631.410 64.472 69S.882 634.386 348.924 983.310 Net lexpendlturev Intomè for Ihe year (132.n41 1132.724) {139A38I 1112.7451 1252.5831 Gross transfers between funds Net movement in funds 1132.7241 1132.7241 1139.8381 1112.7451 1252.5831 Fund balances at l April 2023 104.678 104.678 244.516 112.745 357.261 Fund balances at 31 March 2024 128JJ46) 128J>461 104.678 104,678 The statement of financial attivr(ies includes all gains and losses retognised in the year. All income and expenditure derive from continuw)E activities. li
ARTREACH ITRUSTI LTD CONSOLIDATED BALANCE SHEET AS Af31 MARCH 2024 2023 FFxed 355ets Tan8iWe a$5ets 2.567 Cwrent a$5ets Debtors Cash at bank and in hand 52.329 240,473 37.661 52.428 278,134 Crethtors: arnounts fallin¢ dut within o 17 181,6301 1176.0231 Net current assets 129,2021 102,111 Totsl assets less <utyent Il•blllties 128.0461 104,678 Incorne funds Unrestrirted funds 21 128.0461 104,678 128.0461 104.678 The company is èntitled to the exemption from audit requirement ¢ontained section 477 of the Companies Act 2cl6, for the year ended 31 March 2024. The direct$ acknowled8etheir respoNbilities for coMpn8 With the requirementsof the CompaniesAtt 2C(16 wi(h respect to 3ccountin8 records and the preparation of financial statements. The members have required the companyto obtain an adt of rts fmarKial statements for theyew in questK)n in accordance wr(h section 476. These accounts have been prepared in accordCe with the provlsions applKable to corryanies subjert to the small companies, regime. The financial statements were approved bythe Tivstees on 215E Cktober 2024. Emma H per- rnith- Trustee Comp•ny Re815tJ•tlgn No. 06669673 12
ARTREACH ITRUST) LTD CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 1024 2023 Flxed assets Tangible assets Investments 2,567 1.157 2.568 Current assets Debtors Cash at bank and hand 52.329 98 265.490 6.084 52.417 271.574 Crnd1: amounts fallin8 du with} o 17 181.6301 1169.4641 Net current assets 129,2031 102,110 Totsl assets less arrent Ihblities 128,0461 104,678 Income lunds Unrestricted funds 21 128,0461 104.678 128.0461 104.678 As permitted by s408 Companies Act 2{(. the charity has not presented its ovm income and expenditure account and related notes. The tharitls net expenditure before all transfers was £132.72412023- £270,51? income). The company is entitled to the exemptK)n from the audrt requirement contained in stttion 477 ofthe Companies Att 2(6. for the year ended 31 March 2024. The director5 acknowled8etheir responsibilities for Compkn. with the requirement5 of thè Companies Act 21)J6 with respect to accounting records and the preparation of financial st*ements. The members have not required the companyto obt•n audit of itsfmancial ststÈments for thè year in question Mi accordance with 5ertion 476. These accovnts have been prepared in accordan ¥Mth the provisions aPp1Kab to compznies subject to thè small tornpanies, rewrne. The financial staternents were approved bythe Trusteeson 211t October 2024. Emma H per- mi¢h- Trusiee Company Re8iStratlon No. 066696n 13
ARTREACH {TRUST) LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2023 Cash from operallry attht5 Cash labsorbed byllgenerated from operatTr$ {68,2761 1323.8121 Inve5tlnga¢tfvities Investment income recw¥ed 290 341 Net cash generated frornllryd Inl In¥estlngactl¥lllts 290 341 Nèt IdÈ¢rtasÈllkncrease kn cash and ush ewknle• 167,9861 1323.4711 Cash and cash equival&)ts at beelnnin8 of year 37.661 361.132 Cash and wh equhrnlents at end ofyear 130.3251 37.661 Reco Cash at bank and in hand Bank ovefdr3fts {30.4241 Net De 1303251 Cash at Bank Borrowin8s- repayable within oneyear 130.4241 Net Debt 130J25) 14
ARTREACH {TRUST) LTD NOTES TO THE FINANaAL sfATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Accoynthy polkles Charity inlomution ArtReath (Trust) Ltd is a private company limr(ed by8UaWtee without share caprtal trKorpored In England and Wales. The re815tered office 15 LCB Depot. 31 Rutland Stred. Leicester, LEI IRE. 1.1 ACcountl(0n¥enfltin Thefifflancialstatements have been prepared in accordancewiththeCharr(iesArt 2011, FRS 102 Yhe Financial Reportin8 Standard applicable in the UK and RepublK of Ireland- I-FRS 102-1 and ihe Charities SORP"A¢countsng and RekKJrtin8 bv Charities.. Statement of Retommende(I PrxtKe applicable to charities preparing their accounts in accordance with the Finantial AtrtIng Standard applicable in the UK RewblK of Ireland IFRS 1021" leffertive l January 20191. The charity is a Public Benefft Entity as defined by FRS 102. The financial stements are prepare(l in sterlrn& whKh is the fvnrtN>nJl currenty of thè thaiity. Monetary amounts In these financial statements are rounded tothe nearest £. The financial statements have been prepared under the hiswrical cost convention. modiffied to include the revaluation of freehold properties and to indude investment propenie5 and certain finantial instruments at fair value. The principal accountin8 polKies adopte(l are set out bdow. 1.2 Gokng COnrn Al the time of approving thè financial statements, the tntstees have a feasonable expertation that the charity ha5 adequate re50urce5to continue in operatKsnal lStenCe for the foreseeable future. In considerin8 the appropriateness olthe goingconcern assumption. the trustees havetaken intocons1tleratn the charit(s cash fv)w forecast for 2024125. Thu5 thè trustees continue to adopt the eoing toncem bags of accounting in preparin8 the financial statement5. The Director5 c105ed ArtReath IEventsl Ltd inApril 2024onceall remaini balanceshad been settled. Formal notifitation of the dissol10n wa5 received in July 2024. 13 Charftsblelund5 Unrestricted funds are available for use the discretion of thetrustees in fvrtberae of thefjr charitable obfrectives. Restrtied funds are subject to specffjK conditions donors a5 to howthey may be used. The purposes and uses ofthe restritted funds a set out in ihe notes to the financial statements. IA Income Income is recognised when the charity is legally entitled to it after any performance condit$ have been met, the mountscan be measured rdiabty. and it is wobable that incomè will be received. Gish donations are reco8nised on recwpt. Other donations are recognised once the charity has been notified of the donion, unless perfofmanceconditions require deferral of the arrthnt. Income tax recoverable in rektion to donations received under Gift Aid or deeds olcovenant is re(08nised at ihe time of the donation. Le8acies are reco8nised on receipt Of oiherwise tf the charity has been notified of an irnpending distribution. the amount is known. and receipt is expetted. ff the amunt is not known, the leeacy is treated as a contingent asset. 15
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH2024 Atcountlni Oklts 1.5 Expendlture Expenditure Is recognised once there is a legal orconstructive obligatiDn to tvansfer eCOrmi( benefit to a ihird party. it is probable that a transfer of economK benefits will bè required in settlemenL and the amount of the obligation can be measured reliabty. Expenditure is cl355ified by actNity- The costs of eath artivity are made up of the total of dirert COSts and shared tosts. including supporr costs involved in undertakin8 each actr¥ity- Oirert tosts attributable to a single activity are all(xated directly to that ¥tivity- Shared costs which contributè to more than one attivtty and support costs which are not attrlbutable to a single activity are apportioned between those activities on a basisconsistent withthe use of re59urces. Central staff costs a allocated on the bas5 of time spen¢ and depreuation thar8es are aljocated on the portion of the assevs use. 1.6 Talb1fNed assèts Tangible fixed assets a iTrrcialty measured at C05t and sub5equentty measured at tost or valuation, net of depreciation antl any impaimient losses. Depreciation Is reco8nise(I so as to write off the cost or valuation of assets less their residLtal values over their useful lives on the followin8 base5'. Fixtufes, fittines & equipment 25% Straight line basis 1.7 Flxed asset In¥esth)ents Fixed asset iThve5tments are initially aSured at transaction pre exclud5ng transattion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are reco8nised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. A 5ub5idizry 15 an entity controlled by the parent. Control is the power to govern the finanoal and operating poli¢ies of the entity so as to obtain beneffts from it5 activities. 1.8 lrnpalnnentof fixed a55ets At each reporting end date, the ¢harrty reviews the carrying anM)unts of its tangible assets to determine whèther there is any indicationthat those assets have suffered an impairment loss. Ifanysuch indication exist5. theretoverableamovnt of the asset is estimed in order io determine the ertent of the impairment loss lif any). 1.9 Cash and cash equivalents Cash and tash equivalents include cash in hand. dep)sits hehl at call with banks. other short-terni liquid investments with ori8inal maturities of three months or less. and bank ovtrdraftk Bank overdraft5 are shown within borrowiThgs in current liabilities. 16
ARTREACH ITRUST) LTD NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH2024 Accouortin8 polkles LIO Flnan¢lal Instruments The charity only has financial assets and financial 11a"1111eS of a nd rhat qualify as basK financial instruments. Basi financial instrufflents are initially recognised attransattion value and subseqventfy measures at thar settlement value with the txtption ol bank los. whith arè subsequentty measured at amortised tost using the elfertive interest method. frasKfinonciolaMets 8asic financial assets. whKh include debtors and cash and bank balances. are Inftial rnea5ured at tran5artion price includin8 tranSactn costs and are Subsequent carried at amortised cost using the effertive interest method unless the arrangemeni constitutes a financin8 transaction. where the transartion is measured at the present value of the future receipts discounte(l at a market rate of interesi. Financial assets classified as receNable within one year ¥e not amortise(l. 8oskfvartciolliobilities Basic financral liabilities, includin8 creditors and bank loans a inr(ially rttognised at rransaction price unles5 the arran8ement constitutes a financing transn, where the debt instrument is measured at the present value of the luture payments discounted at a met rate of interest. Financial liabilttie5 classifd as payable within one year are not amortised. Debt instruments are 5ubsequentty carried at arnortised cost, USIthe effertive interest rate fflethod. Tradecreditors are obligationsto payforgoodsor5eNcesthat have been acquired in thèordinarycoursèof operations from suppliers. Amounts payawe are classrfied as current liabilities if paYffnt 15 due within one year or le55. If not, they are presented as non-current liabilities. Trade creditots ale retognised initially at transaction price and subsequently measured at zmorti5ed cost usingthe effectr¥e interest rnethod. Deretognition 0Afint¥rtrtillitibilitits Financial liabilities are deiecognised when the tharivs contr%tual oblwions expire or are dlschar8ed or cancelled. 1.11 ftetlrement Beneffts Payment5 to defined contrtbution retirement beneffit sCheS are charged as an expensè a5 they fall due. Critlc•l %Ctyjntf estlmates and jUdMents In the zpplication of the charl$ accounting lIcieS. the tnotee5 are required tg rnake judgements. e5timate5 and a$5umptions about the carrying arrbount of assets and liabilities that are rKst readily apparent from other source5. The estimates and associated assumptions are based on historical experience and oiher facwrs that are considered to be relevant. Actual re5utts may differ from these estimates. The estimates and underlyin8 assumptions are Iee on an oreoing basis. Rethi$Tr$ to accountin8 estimates are reco8nised in the period in which the estimate is revised where the revision affetts only that period, or in the period ol the ievision and future periodswhere the reviyon affetts both turrent and future periods. 17
ARTREACH (TRUSTI LTD NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Donations and leg•cles Totsl Unrestricted funds 2023 Restricted fursds 2023 Totsl 2024 2024 2024 2023 Grants 356.440 64,472 420,912 360.302 236.179 5%.481 356.410 64An 420.912 360302 236,179 596A81 Grants recelvab Arts Council En8land INPOI European Union, Education, Audio Visual and Cuhural EU Natn31 Lottery Funding Other Public Bodies Other Grant Funding 356.440 356.440 356.440 356.440 228.679 228.679 io.¢ 51.5 2,972 io,( S1.S 2,972 3.362 500 10,862 356.440 64.472 420.912 360,302 236,179 596.481 Charitable aaiviths 2024 2023 In¢ome frorn charitable activities 136.382 133,043 136382 133,043 All Intome from tharitable actNities were unrestrKted funds 18
ARTREACH (TrUST) LTD NOTES TO THE FINANCIAL sfATEMENfS FOR THE YEAR ENDED 31 MARCH 2024 her kncome Ttxal UnrestrKted Funds 2023 Total Funds 2024 2024 2023 (Xher income 5574 5574 862 862 5.574 5574 862 T4)l•l Unrestriaed funds 2023 Total 2024 2024 2023 Interest receivab Other Interest 258 83 258 83 zg 258 341 341 19
ARTREAOI ¢TRusn LTD NOTESTOTHE FINANaALSTATEMENTS FOR THE YEAREIIDED31 MAR012024 292m3 227.916 2I5bJ 292.D23 192.3YB 4JWI 339.951 2016 3.491 195.44D 313A41 39B.IZO Con5uh?w ProiKts MJrkÈtire g•Jdebts 37.755 37.7$5 17.143 17.143 34.286 5822 472 216.074 GrIntndIn10I (see wtÈ81 125A26 125.826 SreaSrt(05ts1sttr9l Sh¥eofgOwntQStslsenDtÉ9l 42J26 ?21 63L410 472 634.386 348.924 983.310 nrestrlcted fn5 Restricted fvnds 63l410 63L410 64.4n 634.386 341924 348.924 631.41ts 64.4 348.924 .31ty
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants Pble Duringthe year to 31 March 2024. ArtReh (Trust) Ltd made no grant& In the previous year1202318rants were made to the folk)win8 oreanisations as part of the Uberty EU Proiert. 2023 CESIE (Ita) Cerfer E8, for promoting lifestyles (Serbial European Educational Exchan8es- Youth for underslanding18eb.uml CNC Danse INath31ie Cornille Companyl IFr3ncel Trafo House of ContemporaryArts IHun8ary) Pnir$kI dom- Center kutturo fflladih151g¥enial Aalborg Kameval Museo dei Bambini Iar¥I Swinging Europe IDenmarkl Altonale GmbH 3.080 5,697 7.02S 16,465 11.179 10.988 S,475 11.846 3.279 32,109 18.683 Teatrul Natnal Ralu Stsnca Sibiu Grant5 to instytution5 125,826 Support tosts Governance t05ts 2024 2024 2024 2023 2023 2023 Rent. v*es and light and heat Motor and travel costs Maintenance, eouipment sundry costs Printin8 and office costs Telephone and computercosrs Marketing Finance costs Depciat•n Sundry costs Le8al and professional Accounts fees including indtptndent examination 13,159 1,551 354 2,174 3,332 11.266 2.745 1.411 13.159 1.551 354 2.174 3,332 11.266 2.745 1.411 20.734 5.519 20,734 5.519 1.709 10,529 12.806 5.740 2,105 1.020 11.521 10.529 12.806 5.740 2.105 1.020 11.521 8,100 6.934 6.934 6.2 6,200 8.100 42.926 6.2 49,126 72,528 8,100 80.628 Governance costs includes paywents to the independent examiner of £6.2(KI12023- £8,1) for independent examination and accrNJntancw fees. 21
ARTREACH (TRusn LTD NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2024 Ith TNstÈes One trustee. Eliab Tzfe55e who w3s a trustee ofArtReach (frustl tirnited Invoiced the charity £102.78 for servKes delivered to the Charity in 2023n4. Mahmtsod Rela who 15 a trusttÈ of Artreath (Trustl Limited inwiced the chartty £4.860 thrOh his company. l Hate Numbers knted. for SeiCe5 delivered to the Charity in 2023n4. In the previous year. ty)e trustee. Louise aeaver reteived £250 for arti#i¢ Ser¥e5 delivereLI to the Char6ty 11. ErnPl 14umber of employt The average monthly numberof empw during the ytarwas= 2024 2023 Number Number Administrative and support Projett Management li Empknnnt costs Xz4 2023 Wage5 and salaries Social securiiy costs Other pension costs 266.835 19.557 5.631 310.856 25.352 7,234 292,023 343,442 Remuneration (rf key rnanaKeThnt peIne1 The remuneration of key management personnel is as follows. 2024 2023 A88re8ate compensation 49,204 58.409 The remuneration ofkey management personnel includes emoluments from emplOtnt. employer penon contribthions and employer national insurance. 12. The Charity is exernpt from taxation M its artivities because all its income is applied ftr thairtable purposes
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tale tlxed a55ets (Grow and Charlty) Cornputef E¢wlpment At l April 2023 11.929 At 31 March 2024 11,929 Depreclatlon At l April 2023 Charge for Year 9,362 1.411 At 31 March 2024 10.7n Carrying amount At 31 Marth 2024 1.156 At 31 March 2023 2,567 14. fed asset In¥estments (Charfty) Share In youp undwtskl C05t or ¥alu•tlon At l April 2023 At 31 March 2024 anK)ynt At 31 March 2024 At 31 March 2023 2024 2023 Other investments comprise: InStMentS in subsidiaries 21 The charity holds the one Share of £1 in it5wholly owned tradin8sub5idiarycompanyArtReaEh IEvÈntsl Ltd whh is incorpor*ed in England arnd Wale5. This is the only 5h¥e allotted. cald up and fijlty paid. 23
ARTREACH ITRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Gmup Group 2023 Charity 2024 Charity 2023 Trade debtors Other debtors Prepayments and accrued income 31.105 10.642 31.los 3.050 32.609 229,831 21,224 229,831 21,224 52.329 240.473 52,329 265,490 16. 2024 2023 Bank Overdrafts 30,424 30.424 All payable within one year 17. Creditors: amounts falling due within year Group 2023 Charfty 2024 Charity 2023 2024 8ank erdraft5 Trade creditors Other taxation and social security VAT payable Other creditor5 Accruals and defer incoff 30.424 27.859 6.782 30.424 27,859 6,782 7.508 2.258 6.799 3,246 3,956 3.581 1.545 163.695 3,246 3,956 724 1.545 159.993 2.258 81.630 176.023 81.630 169.464 24
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 2024 2023 Grants deferred io,cK) iom Movements 2024 2023 Dtferreil intome at l April 2023 Released from previous periods Resources deferred In the year iO.LY lio,1x) iO.L Deferred income at 31 March 2024 19. lleMent benefrt sthemes 2023 Char8e to Stement of financial attivr(ies in respect of defined contribution schemes 5.631 6.625 s31 6.625 The charity operates a defined contribution pension scheme for all qualifyin8employees. The assets of the scherne are held separately from those of the charity in an independently administered fvnd. 25
ARTrEACH ffRusn LTD NOTESTO THE FINANCIALSTATEMENTS FOR TIIE YEARFPdD£031 MARCHaO24 andgrantshehlontru5tlLyspecthwoSe5'. ASAt 3V0¥2014 Europpan LNIlL. Ed31.JJiOI 111745 2U679 ¢L4241 GovernmentGr•nts (hher Pu1c80dies Other Ae5trKte4 Funds 101 Lottery FunL* Events 17x0) 54N72 154.4721 ioxDJ Iwrthi iU745 179 64An 16vni IL Thdgrant5trId ontTU5tlw Dun-5PEofrI purpD5e5'. AsAt YVO¥ZQZ4 Un1È5tdcted Prcler15 ACE NPOGranr otherPtDjett5 IH516 134246 1174.ce41 101675 1274.9701 (35QWI 128.U461 13A61) 104M IW I6310)
ARTREACH (YRusn LTD NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAREftIDED31 MAR012024 Totrl Funds 2023 TaW1bsSets Investments currthitasset5l1liabilitl LIS6 1S67 9.2011 (292021 102.111 T• Toial 2123 2023 2D25 T4n8ible a55Ets InStmentS (v1t#S$#5llablkn1 L156 2.$67 129JQ31 iOLi iryiio 1fj4.6n 104.6n
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Itelated p3rtytransaLlons Eliab Tafe5se who was a tnjstee ofArtreath (Trust) Mr(ed inw)iced the charity £102.78 for See$ ddr¥ered to the Charity in 2023124. Mahmood Rela who is a trustee of Artreach (fru5tl Limited invoiced the tharity £4.860 thrtsl his toryany. l HatÈ Nrnr$ timtted. for service5 delwered to the Charity in 2023124. 2L Subsldl•rle5 Detaits of ihe charity's subsidiaries at 31 March 2024 are a5 folbw5: Namt ol undertaking N•tsreol buskness a•$$ of sharns held Hèld Dirtt Indir•tt ArtReach IEventsl Ltd Eneland Events manwent Ordinary Ico.c#) The charity owns the whole of the issued ordinary share tapital of ArtReh (Events) Ltd. a company regt5tered in England. All activities have been consolidated on a line by line ba515 in the SOFA. Any total net profits will be gifted to the charity. A Summary ofthe resulis ofihe subsid1 is shown below.. ArtRea¢h (Eveni81 Llmited 2024 2023 Income Administrative expenses 142,709 1234.8991 Net profiVlk)ssl 192,1901 The aggregate of the assets, liabilities and fvndswas.. Assets abilities Funds 28
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 21. Group eash Kenerated from optrations 2023 IDeficitl/Surplus forthe year lJ32.724) 1252.5831 Adjustments for: Investment incorne recogni5ed in statement of ffinancial xtivit$ I2} 13411 Depreciation and impairment of tanBible fixed assets 1.411 2.105 M0VerrntS in working tapital.. Ilncrea5ellde(rease in debto Increa5elldecreasel in tredr(ors 188.144 1124.8171 1195.5201 122.527 Cash (absorbed byllgener•ted frnm opÈratA* 168.2761 1323.8121 29