Charity regrstratiott number 1180816 (England and Walesl Company registration number 06669673 ARTREACH (TRUST) LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ARTREACH (TRUST) LTD LEGALAND ADMINISTRATIVE INFORMATION Trustees N Popat C Stafford E Hooper-srnith S Patel M Reza rtior manaKemÈnt P Steele Chief Executive olCer Charity number 1180816 Cc*mpany number 06669673 Registered ofFicÈ and principal address LCB Depot 31 Rutland Street Leicester LEI IRE Independent examiner Thoma5 Mrfield BA FfA Mayfield & Co 2 Merus Court Meridian Business Park Leicester LE19 1
ARTREACH {TRUST) LTD CONTENTS Page Trustees report IndependÈnt Èxaminer's report Statement of financial activities io Balance sheet li Statement of cash flows 12 Note5 to the financial staternents 13-23
ARTREACH {TRUST) LTD TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORTI FOR THE YEAR ENDED 31 MARCH 2025 The tru#ees present their annual report and financial staternentsforthe year ended 31 March 2025. The financial 5tatemÈnts h3ve been prep8rÈd in actordance with the accounting policie5 set out in note I ttr the financial staternents 2nd comply with the charity'5 govÈrning document, the Companies Act 2006 and Accounting and Reporting by Charitie5- Statement of Recommended Pratti¢e appIlble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 2nd Republic of Ireland IFAS 1021" (effective l January 20191. This Annual Report TepresentsArt Re)ch (the trading name of ArtReach (Trust) Ltd., a registered charity. N¢te that ArtReach tTrustl Ltd's wholly owned subsidiary, ArtReach IEventsl Ltd was officially dissolved on 16 July 2024 through voluntary strike-off. Thetts, these accounts are not Consolidated due to the dissolution of the subsidiary. Objectives and activities ThÈ charity's objetts Ithe 'Objects'l are to promote. maintain, improve and advance education by the encouragement of the arts through research, desi8n. creation, produttion and delivery of performin& visual, street and digital arts and 3sso£iated activity. Mission/Purp05e Connetting cultures throu8h extraordinary art Art Reach.. values brave voices and arnplifies them value5 cultural growth and delivers it values vibrant change and creates it
ARTREACH (TRUST) LTD TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Str•tegiesfor Achieving Objertives What we do WÈ commission bold, ambitlOUS art and festlV31s that bring people together, delivering acrivities and authentic experiences that unify art, audience5 and Cultu5. We empower a Rnge of artistic voices thÈt excite and surprise with fresh ener8y and new ideas. Together we explore complex pasts, reshape the prÈsent and imagine new futures. We telÈbrJte the power of $3nctuary, unleash expression and tell extr30rdin3ry Stories. Our programmes focus on presenting world cl355 work that is rooted in the human experiÈnce. transforms outdoor spaces, and is irnpactful, inclusive and inspiring to local and internatlDnal audiences. We build collaborative partnerships and 5UPPOrt public and cultural institutions with ambitl¢U$ 8nd effective strategies for growth znd cre3tive success. Whywedoit We bÈlieve that art brings people together. It entertsins and moves us, challenges and educates us. together. We believe that shared experience of art starts conversations and helps us to under5tsnd one another better. We know that our work can ignite imèginations and help people and communities to find their place in our cultu1 and creative landscape,. that great art Can @nable u5 to Share lives, storiÈs and entertainment. How Our Services Deliver Publi¢ Benefit The trustees have p3id due regard to the Charity Commission guidance on public benefit reporting in deciding what 3ttiVlties the charity h3s undÈrtaken this ye3r.
ARTREACH (TRUST) LTD TRUSTEES REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Main Activities Undertaken to Furtherthe Char¢ty'S Purposes for Public Benefit Between 1st April 2024 and 31st March 2025. Art Reach delivered the following public events= Joumeys Festsval lrtternational IJFII this festival creates a platFDrrn to ShowSe 3rtistic tslent and create community cultural exchanges in a vibTrnt live Èvent. The core festival took place on 11 ènd 12 October, acwmpanied by an extended exhibition ol the specially commissioned Plt7nts Pluy by Mandeep Dhadi3113, in pBrtnership with Leicester Cathedral, which continued until 31 October 2024. The festival featured artists and cJlle¢tivÈs presentinE a diverse progr8mme of visual arts, interactive instsllations, cornedyi Street th@atrÈ and dance. Contributions were made from international artists, as well as presentations by UK artists Bnd collectives. Our spe¢ial projects included.. 'Home'_ part of Refugee Week- We delivered four sessions acr055 tr0 s¢hL>ols in Bel8rave and Hi8hfields. In total we worked with 85 children and young people from Mellor Community Primary School Iselgrdvel and Medway Primary School (Highfieldsl. The workshops were delivered by ftsur female artists includin8 a Global Events Man38ement student from De Montfort University, and it focused on creating new armork explorin8 what we rnean by'home, using re-purposed textile5. Pathways to Process- Art Reach w85 successful in securing funding through Round 3 of the IntÈrn3tional Touring and Environmentsl Responsibility IITERI Fund with international partners, Elle Sofe Cornpany INorwayl,' and Olga Regitte Dyrlov Hoegh IDenmarkl. Pathways to Process is about exploring the concept of slow and deep mobility as a creative process for developing new artwork. The artistic lead, 0183 Regitze Dyr10v Hoegh, eng8ged participants in convewtions and research while travellin8 by tr3in in the UK, Norway and Denmark, using the journey itself a$ 3 space for reflettion and artistic inspiration. The project examines how cultural identities are exprÈssÈd through clothing and costurne, and how these expressions emerged through dialogue and 5h8red experiÈnte through the process. The projecr also served as a testbed for environmentally conscious tourinz prattices. Crossing Path5 - Th@ project brought together multiple generations in Highfields, 8raunstone and Belgrave in ¢reative project that culminated in a Community-led procession. The projÈtt Èngaged over 100 participants through workshops deliVed in p3rtnership with trusted local hubs- The Highfields CentrÈ. Cross Corners Community Centre. and The Grove Is well as local 5choo15. Participants explored cultural #ories and traditions, co-creating contribution5 for the final event. A special 'Cr055ing Paths. celebration event was held in May 2025 at Curve. Pas5inz it Ort= Framin8 the Stories of Football in Our Community- This is a major heritage project delivered in partnership with Leicester Nirvana FC and Opal 22, supported by a grant from The National Lottery Heritsge Fund. It aims to celebrate the club'5 impact and cDnne¢t past and present rneMbe of one of Leicester's most diverse BsSroots football communities. Through community workshops and oral history session5, the projett explores the lub's unique legacy of anti-racist activisrn, youth empowerrnent and its arnbition to bÈcome the UK'S first carbon- neutral football club. The project h35 producÈd 3 documentary filrn, podca5t5, digital 3rchive. which in the surnmer, alongside an outdoDr phDtography exhibition, will be launched at Relaction festival 2025. Impact Netsvork for Creatives- With funding from the UK Shared Prosperity Fund and LeicÈster City Council. Art Re3ch launched this network and development programme for anyone based in Leicester who seeks to create change and achieve irnpact for people. orEanisation5, andlor communities through thÈir creative work and cultural projects. The membership consists of so¢ially-enga8ed 3rtists, creative producers, arts administr6tors, events managers, ¢ultur31 leaders, entrepreneurs (including recent grdduate5 looking to enter the creative workforce), and learnin8 practitioners and facilitators. Members get access to.. 'Go and See, Cultur?1 Trips- To events and festivals acro55 the country Ontty-One Consultations- Dedicated surgery sessions to address individu31 needs Networking 2nd Training- Facilitated session5 to build me3ningful connections Peer Attion Learning Sets-collaborative problern-solving sessions. Art Re8¢h also delivered cultural ¢onsukancy support includin8 business plannin& fundraisingi cultural strate8y, and research and learning services to arts and heritage org8nisations, lo1 authorities, 3nd funding bodies. This provided unrestricted earned income that was reinvested back into the charity's Creative programme.
ARTREACH (TRUST) LTD TRUSTEES REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Achievements and performance Joumeys Festib71 International Journeys Fettival International took place on 11 and 12 October 2024, attractin8 èn audience of over 8,500 across the two day5. The festi1 fe3tured.. 42 performonces 28 workshops and participatory sessions 3 new artist ¢ommission5 Contributions from 28 artists The festival proudly showcased underrepresented voice5 in the cultural sector. Over 80% of participating art15ts identified a5 being from global m8jority backgrounds or groups underrepresented in mainstream arts and culture. Over 40% Of our audience were from Global Majority ba¢k8rounds. The headline feature, Plttnts ond Pluy by M3ndeep Dhadi3113 was 3 resounding success. It attracted thOundS to Leicester Cathedral and rÈceived national rnedia covege, including fÈaturÈs on BBC Eatt Midlands Today and B8C BrÈ2kFast. The progrnmme included a range of tsmily-friendly presentations such a5 Toust by Pif-Paf Theatre, the Desiblitr Art Bus, Sambando, and craft sessions 3t thÈ festival hub in Haymarket Shopping Centre, delivered by Mission Magpie. which engaged 250 participants. We were also proud to present AqGI (House of the WÈ8ving Song) by Dhaqan Colle¢rive and Songs of the Woter by K38jal Modi two co-commissions developed in partnership with Counterpoints Arts. These works were also featured at rnajor lestiwdls in 2D24, including at the Eden Project, Southbank Centre and Platforma Festival. Other featured artlsts included Sarah Al-sarrah and touring performers Selam Amare, Loraine tvTponela and Anastasia Chokuwamba frDm Counterpoints Arts. cornedy pro8mMe No Direction Home. A special 8irro went launched Pathways tc Process Ipart of the ITER programmel, where participants explored thèmes of culturÈ, clothing, 3nd minority 3nd Indigenous ¢ommun¢ies, led by Elle Sofe Company and artist, Olga Regitre Dyrlov Hoegh. Journeys FestlV31 InternatlDnal continues to collaborate with partners to cr28te inclusive opportunities for audiences facing barriers to cultural enga8ernent. In 2024. we worked with Leicester Civic Society, the British Red Cross and Leicester fity of Sanctuaryto extend our reach and impact. We are 3150 proud of our partnership with De Montfort University IDMUI, through which we cuTrted a special panel event, 3 bakfast 5erninar on sustainability in the arts. We also engaged DMU students as volunteers. Special Projects Specizl projects, which focussed on engaging with diverse communities with creatwe engagement throu8hout the year, en8a8ed over SOO people including.. 350 school children SO members of community groups 100 members Icomprising freelance and employed cijltural workers) of the Impact Network for Creatives
ARTREACH (TRUST) LTD TRusfEES REPORT (INCLUDING DIREcfoRS' REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 CoAsultsncy Servlces Art Reach was cornmissioned by L6 orgènisations to provide a range of consultancy services, including business planning. fundraising str6tegy development, research 8nd evaluation projects. and facilitating co-created cultural SttegieS. Notable projects included.. Facilitsting the w-creation of a cultural strategrf for the Borough Council of King's Lynn and West Norfolk. Condurting research into disabled leadership within rhe Midlands, culturdl settor a project commissioned by Arts Council England. In ttstal, Art Reach supported cultural organisations in securing over half a million in revenue funding. Thanky•u to Supporters In addition to the continued financial support of Arts Council England, Art Reach would like to thank the Local Authorities- in particular, Leicester City Countil,. Higher Education Institutions- such as De Monrfort University,. Ch8ritie5- including Leicester CathedTrl,' and other Lottery sources for their support in the year to 31 March 2025. Firtancial review Overview The trustee5 have noted the financial position of the charity at the 31 March 2025 yeBr-end. The Statement of Financial Activities shows 8 turnoverfor the financial year 2024125 of £604,142. The principal sources of income forthe charity were.. Regular annual funding from Arts Coun¢il England (via the National Port*olio Orgznisation funding under a multiwear funding agreement betsveen 2023124 to 2025126. Extension funding is yetto be confirmed for 26127 and 271281. Local Authority grants and commissioning. Grant through Lottery. Foundations and other cultural institutions. Earned income through cultural consultancy. There are no funds held as custodian trustee on behalf of others. Reserves The Truste25 tognISe the importance of maintaining adequate reservÈs to ensure the financial Stability and rÈsiliÈn¢e of the Charity. Reserves provide a vital internal source of funds to manage unforeseen ¢ir¢umstance5 such as sudden increH5es in expenditure. unanticipated losses in in£ome, or exceptional costs. The current poliw is to hold re5erve5 equivalent to three month5 of operating costs, which is approximately £96,000. This level is Considered appropriate to protett the charity's core activities and commitments. Art Reach currently holds reserves of £88,S85 which 15 split betNeen Unrestricted reserffts of £67,274 antl Restritted reserves of £21,311. This 15 a significant improvement on 2023/24 and retognises the steps that the charity took to return to a positive reserve5 position, including a full review of financial oper3tions and Simplifitioft of the charity's structure. Based on current projections and continued fundraising success, the charity aims to meÈt its reserves policyt3r8et by March 2027.
ARTREACH (TRUST} LTD TRUSTEES REPORT (INCLUDING DIREoRs, REPORTI {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Going Concern The Trustees have assessed the charity's financi31 position and its ability to continue operating for the foreseeable future. During 2024125 the charity has retumed to a positivÈ rÈsÈrves position and ended the financial year with unrestritted reserves of £67.274. The Trustees have condutted regular and robust rÈviews of cash flow forecasts. covering at least the next 12 months. Based on current financi31 performance. secured income streams, and future projections. the Trustees have a re850nablÈ expect3tion that the charity has adequate resources to continue to operate. Attordin8ly, the financial statements have been prepared on going concern b3S1S. Fundraising In 2024125, Art Reach r)ised £604,142 in grant support and earned income to deliver its mre PTogr3rnme. In ?ddition to funding through ACE, additional smaller scale fundin8 was received through Local Authorities, other Lottery sources. charitable foundations and via sponsorship from Higher Education Institutions and other cultuol organisations. Art Reach does not have any material furtdraising costs. Risk Review A comprehensive risk register is reviewed èt each quarterly Board meeting, covering finanual, artistic, governance and leadership. compliance with13w and regu13tion, external risk. personnel/wellbein8 and business continuity- As with m05t charitie5, thi5 proces5 exp05es risks, with sy5tem5 identifiÈd and established to miti8ate them. External risks have been managed through z robust business plan that is flexible and adaptable. yet still ambitious. Internal risks were minimised by adherence to its Financial Regulations, Policies and Procedures, along with updates to its HR Policies. Key risks are considered to be: Cost of inflation le8ds to increased cost, and imp3tt on activity, operations and cashflow. Fundraising and Èarned income t8rgÈts not achieved Reduction in Arts Council England funding should government support to the arts be reduced. Securin8 earned income in a competitive Tnarket place through delivery of Art Reach's cultural consultsncy work. Opportunities to source new. long-term incorne strearn5 forArt Reach Loss of executivÈlsÈnior personnel. which can impact on the programme delivery, partnerships and finance/ operations of a small business. Plans for Future Periods Art Reach will continue to deliver on its Art5 Council National Portfolio organition INPOI funding for the next year with an opportunity to extend for a fvrther l or 2 y2?rs. In 2D25 WÈ have a busy festival programme delivering Re/artion in July and Journeys Festival International in October. We will 8lso develop our year-round engagÈmÈnt programme and special projects with the communities of Leicester. We havÈ funding to continue the INC programTne for a further year supporting socially en8aged creatives and plan to grow the membership of this network. Our festival delivery will include Re/?ction (July 20251. This bienni31 outdoor arts festtval brings together communities and artists to explore clirnate change ènd how small changes can make a bi8 difference. For this year's two-day event we have an exciting programme of free tsmily-friendly performancÈs. installations, work5hop5 and artivities for all ages, including two world premieres of new artworks. journeys Festival International IJFII will take place in October once 38ain working a¢ross the city with presentations in venues 3nd pub5ic spaces. Within tsur festival delivery we continue to build partnerships with the wider region81 and national cultural sector alongside Leicester City Council. De Montfort University. Leicester CathÈdral and many other Ioc31 st3keholders. Both festivals include a year-rDund engagement programme developing new artistic work and èng3ging new audiences and particip3nts, and in 2D25126 we want to re-establish community consultstion 4dvisory groups to inform our festival programme going forward.
ARTREACH (TRUST} LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARTREACH ITRUSTI LTD I report to the trustees on my MInatIon of the financial statements of ArtReach (Trust) Ltd (the charityl for the year ended 31 March 2025. Responsibilities and basis of report A5 the trustees of the charity land also its director5 for the purposes of cornpany lawl, you are responsible for the prÈparation of the financial st3temÈnts in accordance with the requirements of the Comp3nie5 Att 2006. Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Cornpanies Act 2006 and are eligible for independent examination, I report in respect of my exarninati¢N of the charity's financial ststement5 carried out under section 145 of the Charitie5 Art 2011. In carryin8 Out My examination I have followed the Direttions given bythe Charity Commission under section 1451Sllbl of the Charities Act 2011. Independent examiner's statement Since the ch3rity'$ 8ros5 income exceeded £250,DOO, the independent examiner must be a rnember of a body listed in settion 145 of the Ch8Tlties Act 2011. 1 confirm th3t l am qu81ified to undertake the examinarion because i am a mÈmber of ICAEW, which is tsne of the listed bodies. I have Completed my examination. I confirm that no matters have come to my attention in connection wtth the exarnination givin8 rne causÈ to believe that in any material respett.. ecounting records were not kept in respètt of the charity a5 required by sÈction 386 of the Companies Act 2006. the financial statements do not accord with those records; or the financial statements do not comply with the accounting qUIrementS of settion 396 of the Companies Att 2006 other than any reqU1ment that the financial statements give a true and fair view, which is not a matter considered as part Df an independent examination., or the finan¢ial statements have not been prepared in accordance with the methods and principles of the Statement of Fiecommended Practice for attounting and reporting by charities applicable to charitiès prèparing their financial statements in accordance with the Fin3nci31 Reporting Stand3rd applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connettion with the minatIOn to which attention should be drdwn in thi5 report in order to enable 3 proper understanding of the financial statements to be reach. Thomas Mayfield BA F Mayfield & Co 2 Merus Court Meridian Business Park Leicester LE19 1 14July 2025
ARTREACH (TRUST) LTD STATEMEW OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YE4R ENDED 31 MARCH 2025 UnstrICted funds 2025 Restrtrted funds 2025 Total Unrestricted funds 2024 Restricted fvnds 2024 Total 202S 2024 Notes Income and endowments frorn: Donations and legacies Charitable activities Investments Othèr income 356.440 151,817 1.157 118 94,610 451,050 151,817 1,157 118 356,440 136,382 290 5,574 64,472 420,912 136.382 290 5,574 Total income 509.532 94,610 604,142 498.68S 64,472 563,158 Expenditure on= Charitable activities 414,212 73,299 487.sll 631,410 64.472 695,882 Total expenditure 414.212 73,299 487,511 631,410 64,472 695,882 Net incomellexpÈnditurel and movement in funds 95,320 21.311 116,631 1132,7241 1132.7241 ReconciliatioTh of funds: Fund bal8nces at l April 2024 128,0461 128,0461 104.678 104,678 Fund balances at 31 March 2025 67.274 21,311 88,585 128,0461 128,0461 The statement of financia1 activities includes 3118ains and losses recognised in the year. All income and expenditure derive from continuing attivitie5. 10
ARTREACH (TRUST) LTD BALANCE SHE ASAT31 MARCH 2025 2025 2024 Notss Fixed assets Tangible a55Èts Investments 12 5.948 1,156 13 S,948 1.157 Current assets Debtors Cash at bank and in hand 82,102 53,010 52,329 98 135.112 152.4751 52,427 181,6301 Creditors= amounts falling due within orttyear 16 Net current assetsllliabtlitiesl 82.637 129.2031 Total 35spts less current liabilities 88,585 128,0461 The tunds of the tharity Restricted in¢omÈ funds UnrÈstricted funds 20 19 21,311 67,274 128,D461 88,585 128,0461 The company is entitled to the exemption from the audit QuIrnent contained in s&ction 477 of the Companies Act 2006, for the year ended 31 March 2025. The direttors acknowledge their responsibilities for c<>mplying with the qUirementS of the Companies Act 2006 with re5pe¢t to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financ4al statements for the year in question in accordantr with settion 476. These financial statemÈnts have been prepared in accordance with the provisions appIlble to companies subject to the small companies re8ime. The f1nancial statements werè approved by the trustees on 14July 2025 E Hooper-smith Trustee Company registration number 06669673 IEngland and Wales) 11
ARTREACH {TRUST} LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flowsfrom opemting artivities Cash geneTrted from/labsorbed byl oper?tions 23 88.126 136.7001 Investing a¢tivities Purch3se of tangible fixed assets Proceeds from disposal of subsidiaries Investrnent income received 15.9481 1,157 290 Net cash (used inll8enerated from in¥esting activities 14,7901 290 Net ¢ash generated fr¢*m financing activities Net increase/lde¢reasel tn cash and cash equivalents 83,336 136.4101 Cash and tssh equivalents at beginning of year 130,3261 6.084 Cash and ¢ash equivalÈnts at end of year 53,010 130,3261 Relat¢nE to: Cash at bank and in hand ank overdrafts included in creditors payable within one year 53,010 98 130,4241 12-
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢countin8 policies Charity information ArtRe3ch (Trustl Ltd is a private ¢omp3ny lirnited by guarantee without share capital incorparated in England and Wales. The registered office is LCB Depot, 31 Rutland Street, Leicester, LEL IRE. 1.1 Accounting convention The fin3nci315tatements have been prepared in accordance with the Companies Act 2006, FR5 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland- I'FRS 102"13nd the CharitiÈ5 50RP 'Accountin8 and Reporting by Charities.. St3Ment of Recommended Practice applicable to charitie5 preparing their accounts in a¢cord3nce with thÈ Financial Reporting Standard applicable in the UK Bnd Republic of Ireland IFRS 1021" (effective I January 20191. The charity is a Public Benefit Entity a5 defined by FRS 102. The financial statements bre pPared in sterling, which is the functional currency of the charity- Monetrdry amounts in these financial statements are rounded to the nearest £. The financial statemÈnts have been prepared under the historical cost convention, Imodified to include the revaluation of frÈehold properties and to include investment properties and certain financial inttruments at fair valuel. The printipal accounting policies adopted arÉ set out below. 1.2 Going con¢¢rn At the time of approving the financial statements. the trustees have 3 reasonable expectation that thÈ ¢harity has adequate resources to continue in operation?1 existence for the foresee8ble future. Thus the trustee5 continue to adopt the 8oin8 concern basis of accounting in preparing the fin3nci31 statements. 1.3 CharitsblÈfunds Unrestricted funds are available for use at the discretion of thÈ trustees in furtherance of their chantable objettives. R&stricted funds are subject to specific conditions by donors or grantors as to how they rnay be used. The purposes and uses of the restricted funds are sÈt out in the notes to the financi31 statements. Endowment funds are subjett to specific conditions by donors th8t the capitsl must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably. and it is probable th3t income will be received. Cash donations are recognised on receipt. OthÈr donations are recognised once the charity has been notified of the don3tion, unless performance conditions requirÈ deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deed5 of tovÈnant is recoenised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has bÈen notified of an impending distribution, the èmount is known. and receipt Is expected. If the amount 15 not known, the leg3Cy IS treated as a contingent a55et. 13
ARTREACH (TRusn LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting poltcies Icontinuedl 1.5 Expenditure Expenditure is recognised oncÈ there is a legal or constructive obligation to transfer economic benefit to a third party, it is prob3ble thÈt a transfer of etonornic benefits will be required in settlement, and the amount of the obli8ation cèn be measured reliably. Expenditure is classified by attivity. The ¢0sts of each attivity a made up of the total of direct costs and shared costs. including support costs involved in tsndertsking each activity. Dirett costs attributsble to a single activity are alloted directly to that activity. Shared costs which contribute to more than one activity and support costs which arÈ not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff ¢0sts 3re allocated on the basis of tirne spent, and depreci?tion charges are allocared on the portion of the asset's USÈ. 1.6 Tangible fixed assets Tangible fixed assets are initially measured èt cost and subsequently measUd at cosi or valuation, net of depreciztion and any impairrnent losses. Depreeiation is recognised so as to write off the wst or vzluation of assets less their sidU1 value5 over their useful lives on the following bases.. Computer Equipment 25% Straight line basi5 The 83in or IDSS arising on the disposal of an 85set is determined as the difference between the sale proceeds and the carrying value tsf the a55et, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed èsset investments are initially measured at tronsaction price excluding tr3ns2CtiDn costs, and are subsequently measured at fair value ?t each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transaction cost5 are expensed as irtcurd. A subsidiary is an entity ¢ontrolled by the parent. Crjntrol is thè power to govern the fin8n£ial and Opeting policies of the entity so as to obtain benefits from its attivities. 1.8 Impairnlent of fixed assets At e3ch reptsrting end date, the charity reviews the Carrying amounts of its tsn8ible Jssets to determine whether there is any indication that those assets have suffÈrèd an impairment loss. If any such inditstion exists, the recover8ble amount of the a55et is estirnated in Drder to deterrnine the extent of the irnpairment loss lif any). 1.9 Cash and tash equivalents C8sh and ¢¥sh equivalents include cash in hand, deposits held at call with ban, other short_term liquid investments with Original maturitie5 of three rnonths or less. 2nd bank overdrydfts. Bank overdrafts a shown within borrowings in 1.10 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualifv a5 basic fin3ncial instrurnents. 8a51C financial instruments are iftitially recognised at transaction value and subsequently measures at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost uslng the effective interest method. 14-
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting polities (Continued) Btssiefinclnciol us5et& Basic financi31 assets, which include debtors and cash and bank b31ènces, are initially measured at transaction price including transaction costs ènd are subsequently rrIed at amortised ¢ott using the effective interest method unle55 the arrangernent Constitutes 3 financin8 transartion, where the transaction is measured at the present value of the future receipts discounted at a market rate of intÈrest. Financial assets classified as receivable within one year are not amortised. 80siefinonciolliabilities Basic financial liabilitiÈs, Including creditor5 and bank loans are initially reeoBnised at tnsaCtIon price unless the arrangement constitutes a financing transartion, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortlsed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obliydtions to pay for 8ood5 or serwites that have been acquired in the ordinary course of opeotions from suppliers. Amount5 paydble 3re classified as current liabilities if payment is due within one year or le55. If not, thev are presented as non-¢urrent li3bilities. Trade creditors are recognised initially èt tnSaCtIon price and sub5equentlv easured at amorti5ed cost usingthe effective interest method. Derecognition offinanciul liubilitse5 Financial liabilities are dereco8nised when the ch2ritWs contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cosr of any unused holiday entitlement is recognised in the period in which the employee's service5 are received. Termination benefits are recognisÈd immediately as an expense when the charity is dernon5trably Commtied to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Paytnents to defined c(>rttribution retirement benefit schemes are charged as an expense as they fall due. Critical ¥¢¢ounting estimate5 and judgemer In the application of the charity's accounting PDlicies, the trustees are requId to make judgernents. estimates and assumptitsns about the carrying amount of a55ets and li3bilitie5 that Bre not rèadily apparent from other Sources. The estimates and associated assumptions are ba5Èd on historical experience and other factors that are considered to be relevant. Actual results may differfrom these estimates. The estimate5 and underlying a55umptions are reviewed on an on8oin8 basis. Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised where the revision affetts only that period. or in the period of the revision and future periods wherÈ the revision 3ffe¢ts both current and future periods. 15-
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In¢ome from donations and lerdcies Unrestricted funds 2025 Restricted fvnds 2025 Total Unrestritted Restricted fund5 2024 funds 2024 2025 2024 Grants 356,440 94,610 451,050 356,440 64,472 420,912 GTants Arts Council England INPOI Nation31 Lottery Funders Other Public Bodies Other fjr8nt Funding 356.440 356,440 41.710 49,900 3,000 356,440 356,440 10,000 51.500 2,972 41,710 49,900 3,000 10,000 51,500 2,972 356,440 94,610 451,050 356,440 64,472 420.912 Income from charitable a¢tivities Unrestricted funds 2025 Unrestricted funds 2024 Income from charitable activities 151,817 136,382 Income from investments Unrestricted funds 2025 Unrestrirted funds 2024 Interest receivable 1,157 290 Other income UnTestri¢ted fvnds 2025 Unrestri¢ted funds 2024 Other income 118 5.574 16-
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL ¥fATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Expenditure o# charitable artivities Unrestricted Funds Z025 Restricted Funds 2025 Total Unrestricted Funds 2024 Rertrirted Funds 20Z4 Total 2025 2024 Direct costs Staff costs Creative Programme Consultancy Projetts M3rketing Loss on disposal of subsidiary 236,804 107,779 33,547 5,320 19.277 54.022 256,081 161,801 33,547 5,320 292,023 227,926 24,580 37,755 292.023 292.398 24,580 37.755 64,472 383,451 73,299 456,750 582,284 64,472 646,7S6 Share of supptsrt and governance costslsee ttote 81 Support 25,503 Governan 5,258 25,503 5,258 42.926 6,200 42,926 6,200 414,212 73,299 487,5LI 631,410 $4.472 695.882 Analysis byfund Unrestricted funds Restritted funds 414,212 414,212 73,299 631,410 631,410 64,472 73,299 64,472 414.212 73,299 487,511 631,410 64,472 695.882 Support tosts allocated to artivities 2025 2024 Rent, rates, insurance and light and heat Motor 3nd travel Maintenance, equipment and sundry costs Printing and office costs Telephonè and computer costs Events marketing and development Legal, profession31, cornputer and subscriptions Finance costs Depreciation Governance costs 11,073 13,159 1,551 354 2,174 3,332 11,266 6,934 2,745 1.411 6.200 2,525 1,306 2,334 2.872 2.272 477 1,156 5,258 30,761 49,126 Analysed between.. Unrestritted Fund5 30,761 49,126 17-
ARTREACH (TRUST) LTD NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Trustees None of the Trustees lor Èny person5 connected with them) received any MneratIOn or benefits from the ch8ritv duringthe year. io Employees ThÈ aver3ge rnonthly number of employees during the year was= 2Q25 Number 2024 Number Aéministrative and support Project Management Total 17 Émployment costs 202S 2024 Wages and salaries Social security costs Other pension costs 230,538 19.587 S,9S6 266,835 19,557 5,631 2S6.081 292,023 The were no employees whose annual remuneration was rnore than £60,000. Remuneration of key management perwnnel The remuneration of key rn8nBgernent personnel was as follows: 2025 2024 Ag8rÈgate cornpensation s9.17 49,204 The remunerztion of key management personnel includès Èmolurnents from Èmployment. employer pension contributions and employer national insurance. li Taxation The charity is exempt from taxation on its activities beuse all it5 intome is applied for ¢haritable purposes. 18-
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangible fixed assets Computer Equipment Cost At l April 2024 Additions 11,929 5.948 At 31 March 2025 17,877 Depreciation and impairment At l April 2024 Depreciation charged in the year 10,773 1,156 At 31 March 2025 11,929 Cèrrying omount At 31 March 2025 5.948 At 31 March 2024 1.156 Fixed asset investments Other irtvestmènts Cost orvaluation At l April 2024 Disposals At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 The subsidi3ry company, ArtRea¢h IEvÈntsl Ltd wès dissolved during the year on IS July 2024. The shares held in the subsidiary undertaking was in SpeCt of L Ordinary Share of £1. The subsidiary undertaking of £1 has now been disposed of within the accounts. 2025 2024 Other investments comprise- Notes Investments in 5ubsidi3ries 19
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH2025 14 Debtors 202S 2OZ4 Amtsuntsfalling due within one year: Tde debtors Prepayments and accrued income 79,277 2.82S 31,105 21,224 82,102 52,329 15 Loans and overdvdfts 202S 2024 Bank overdrafts 30,424 Payable within Dne year 30,424 16 CreditoYs= amounts falling due within one year 2025 2024 Notes Bank overdrafts Other taxation 4nd social security Government grants Tde creditors Other creditDrs Accrua15 and deferred income 15 30,424 14,290 2,000 27,859 2,258 4,799 14,680 17 15,075 1,942 20.r18 52.475 81,630 17 Government grants Deferred income is included in the financi31 statements as follows.. 2025 2024 Deferred income is included within.. Movements in the year.. -20-
ARTREACH {TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE Y&4R ENDED 31 MARCH 2025 17 Governmentgrants Icorttinuedl Deferred inttsme at l April 2024 Released from previous pÈriods Resources deferred in the Year 2,000 12.OQIDI ID,Doo iio,0001 2,000 Deferd income at 31 March 2025 2.000 18 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respect of defined Contribution schernes 5,956 5.631 The ¢h2rity operates è defined contribution pension scheme for all qualifying employees. The assets of the scheme are held sep3rÈtÈly from those of the charity in an independently administered fund. 19 Unrestrieted funds The unrestritted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they rn4y be used. These include designated funds which have been set aside out of unStricted funds by the trustees for specifi¢ purposes. At l April 2024 In¢c¥rniftg resources Resources expended At 31 March 2025 Unrestri¢ted projerts ACE NPO Gnt 128,0461 153,092 356,440 IS7,7721 1356,4401 67,274 128.0461 509,532 14L4,2121 67,274 PTevious year- At l April 2023 Incoming resources Resources expended At 31 Mar£h 2024 unStriCted projerts ACE NPO Grant 104,678 142,246 3S6,440 1274,9701 1356,4401 128.0461 104,678 498,686 1631,4101 128.0461 21
ARTREACH (TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds The restricted funds of the charity comprisÈ the unexpended balances of donations and grants held on trust 5ubjert to specific conditions by donors as to how they may be used. At l April 2024 IncDmtnz resour*s Resources expended At 31 Mar¢h 2025 Other Public Bodies Other Restricted Funds Nationzl Lottery Funding 49,900 3,000 41,710 149.9001 3.000 18,311 123,3991 94,610 173.2991 21,311 PrÈviou5 year: At l Aprsl 2023 In¢omin8 resources Resources expended At 31 Mèrch 2024 Other Public Bodies Other Restricted Funds National Lottery Funding si.soo 2.972 10,000 151,5001 12.9721 110,ooDI 64,472 64,4721 21 Analysis of net assets between funds Unstricted fLtthds 20Z5 Restritted funds 2025 Totsl 2025 At 31 March 2025.. Tangible assets 5,948 61,326 5,948 82,637 21,311 67.274 21,311 88,585 -22-
ARTREACH {TRUST) LTD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 21 Analysis of net assets between funds Icontlnuedl Unrestrirted funds 20Z4 Rèstrirtèd funds 2024 Total 2024 At 31 March 2024.. T3Dgible assets Investments Current a55etsll1iabilitiesl 1,156 1.156 129,2031 129,2031 128,0461 128.0461 Subsidiaries Name of undertakit)g Registered offi¢e Nature olbusiness Class of shaS held % Held Dirert IndirÈtt Artre8¢h (Eventsl Ltd UK Trading subsidiary Ordinary loo.00 The subsidiary ctsmpany. ArtReach (Events) Ltd was dissolved during the year on 16 July 2024. The shar&s held in the subsidiary undÈrt3king was in respect of l ordinary Sha of £1. The subsidiary undertaking of £1 has now been disposed ol within the acc(>unts. Cash Kenerated frorn/labsoTbed by) operations 2025 2024 Surplus/ldefititl forthe year 116,631 1132.7241 Adjustrnerttsfor Investment income recognised in statement of financial activities Deprec13tion and impairment of tangible fixed assets 11,1571 1.156 12901 1,411 Movemerts in working rapital: Ilncreasel/decreasÈ in debtors Incre3se/ldec3sel in creditors (Decrease) in deferred income 129,7731 3,269 12,0001 213,161 1110.2581 18,0001 Cash generated frtsm/labsorbed by) operations 88.126 136,7001 24 Analysis of changes in netfunds/ldebtl The charity had no debt during the year. -23-