## **ARTS EDUCATION EXCHANGE**
## **REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
The board of trustees presents their report with the financial statements of the charity for the year ended 31 March 2023.
The board has adopted the general provisions of UK FRS 102.
Board members who served the Charity between 1 April 2022 and 31 March 2023 were -
## **Date appointed or resigned**
## **Chair:**
Dr Tracie Trimmer-Platman Appointed: 12/10/2021 **Trustees:** Dr Alan Meades Appointed: 31/03/2022 Resigned:22/08/2023 Michele Buchanan Appointed: 31/03/2022 Emma Meades FCCA Appointed: 04/12/2019 Tina Hoare Appointed: 11/11/2021 Resigned:13/10/2022 Fiona Kingsman Appointed: 19/07/2019 Resigned: 01/12/2022 Naami Padi Appointed: 19/07/2019 Resigned:13/10/2022 Victoria Barrow Williams Appointed: 20/11/2022 Lizo Ngqobongwana Appointed: 20/10/2022 Paulo Moreira Gomes Appointed: 24/05/2023
1
## **ARTS EDUCATION EXCHANGE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 continued**
## **BANKER**
Co-operative Bank
## **OBJECTIVES AND ACTIVITIES**
Arts Education Exchange is a youth organisation based in Margate, East Kent. Our focus is to harness the potential of young people; to inspire social engagement through creative processes and to provide pathways to continued education, employment, or work-based training.
## **THE PUBLIC BENEFIT**
The trustees confirm that they have taken due regard to the public benefit guidance published by the Charity Commission when reviewing the charity’s aims and objectives and in planning future activities.
We act as a resource for young people up to the age of 30 years old, providing advice and assistance and organising educational programmes; particularly in the creative arts and other related disciplines and other activities as a means of':
1. Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals.
2. Advancing education
3. Relieving unemployment
## **FINANCIAL REVIEW**
## Reserves policy
The Charity endeavours to keep two to three months' running costs in reserve to allow for late receipt of income.
## Reserves
As at 31 March 2023 the reserves stand at **£279,378** and will enable Trustees to implement their objectives over the next 12 months.
## Income
Total income for the year ended 31 March 2023 was **£365,046** . Net incoming resources for the year were **£74,741.**
**2**
## **ARTS EDUCATION EXCHANGE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 continued**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **GOVERNING DOCUMENT**
The Charity is constituted as a Foundation Charitable Incorporated Organisation, charity number 1184494 and is controlled by a constitution, a copy of which can be obtained from the Board Secretary.
## **TRUSTEES**
Recruitment and appointment of new Board Members
As and when a new board member (trustee) is required, either due to a vacancy or to fulfil a new specific need, individuals with the relevant skills are identified and approached. If a board member is deemed appropriate and willing to make the required commitment, then they are proposed to the board by the Chair.
## Induction and training of new Board Members
New board members are fully briefed on the Charity’s activities and procedures. Each board member is given an induction which sets out their responsibilities as a board member.
Organisational structure:
Decisions are taken at meetings of the board of trustees.
## Risk Management
The trustees recognise their duty to identify and mitigate the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error.
On behalf of the Trustees
Dr Tracie Trimmer-Platman Emma Meades
DATE: 27 January 2024
3
## ARTS EDUCATION EXCHANGE
ANNUAL REPORT AND FINANCIAL
STATEMENTS
YEAR ENDED
31 March 2023
Charity number 1184494
## **Arts Education Exchange**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
## **For the year ended 31 March 2023**
|**CONTENTS**|**Page**|
|---|---|
|Particulars of Trustees|1|
|Report of Trustees|2 - 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 onwards|
## **Art Education Exchange**
## **STATEMENT OF FINANCIAL ACTIVITY**
## **For the year ended 31st March 2023**
|Note
**INCOME FROM:**
Donations and legacies
2
Other
2
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
4
Other
4
**TOTAL EXPENDITURE**
**NET INCOME/EXPENDITURE**
**Profit/(loss) on disposal**
**NET MOVEMENT IN FUNDS**
**BEFORE TRANSFERS**
**TRANSFERS**
**BALANCES BROUGHT FORWARD**
**AS AT 1 APRIL 2022**
**BALANCES CARRIED FORWARD**
**AS AT 31 MARCH 2023**|**2023**
2022
**Unrestricted**
**Restricted**
**Total**
Unrestricted Restricted
Total
**Funds**
**Funds**
**Funds**
Funds
Funds
Funds
**£**
**£**
**£**
£
£
£
84,174
280,872
365,046
111,761
238,485
350,246
-
-
-
2,300
-
2,300
**84,174**
**280,872**
**365,046**
114,061
238,485
352,546
72,297
215,862
288,159
44,493
210,204
254,697
-
2,146
2,146
-
1,650
1,650
**72,297**
**218,008**
**290,305**
44,493
211,854
256,347
**11,877**
**62,864**
**74,741**
69,568
26,631
96,199
**-**
**-**
**-**
(50.00)
**-**
(50.00)
**11,877**
**62,864**
**74,741**
69,518
26,631
96,149
**-**
**-**
**-**
-
-
-
**94,869**
**109,768**
**204,637**
25,351
83,137
108,488
**106,746**
**172,632**
**279,378**
94,869
109,768
204,637|
|---|---|
5
**Arts Education Exchange**
## **BALANCE SHEET as at 31st March 2023**
|Note
**2023**
**£**
**£**
**FIXED ASSETS**
Tangible assets
8
**2,216**
**Current Assets:**
Debtors
5
**2,000**
Cash at Bank
6
**285,124**
**287,124**
**Creditors:**
Amounts falling due within
one year
7
**9,962**
Net current assets and total net assets
**277,162**
**NET ASSETS**
**279,378**
**Funds represented by the assets:**
Unrestricted funds
**106,746**
Restricted funds
10
**172,632**
**Total funds**
**279,378**|£
2,000
219,730
221,730
20,417
|2022
£
3,324
201,313
204,637
94,869
109,768
204,637|
|---|---|---|
Approved by the trustees on 27 January 2024 and signed on their behalf by:-
Chairperson Dr Tracie Trimmer-Platman
Treasurer Emma Meades
6
## **Arts Education Exchange**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 March 2023**
## **1 Accounting Policies:**
## a) Accounting Policies:
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
The Charity is a Public Benefit Entity as deifined by FRS102.
## c) Accruals basis
All income is accounted for when the Charity becomes entitled to receipt. Expenses are accounted for when the liability is incurred or there is an obligation for payment and is accounted for gross of VAT. No income is netted off against expenditure.
## d) Fixed assets
Purchases of fixtures and equipment are generally expensed to the income and expenditure account or capitalised at the discretion of the trustees.
Depreciation is provided on the cost less residual value over the anticipated useful economic life of the asset.
Music and computer equipment - 25% straight line
## e) Funds
Unrestricted funds represent funds of the charity not subject to any special restriction regarding its use and which are available for the general purposes of the charity.
Restricted funds represent monies given with some restriction dictated by the donor as to its use.
## **2 Grants and donations**
|**Grants**
Arts Council Activity Funding
Colyer Fergusson
Colyer Fergusson Hardship
National Lottery
KCC Early Help
Garfield Weston
AEP/Commission work
Youth Music
University of Kent
Paul Hamlyn
Mayor Fund
Creative Estuary
**Donations**
Donations
Gift aid
**Other**
TDC
Workshops|**2023**
2022
**Income**
**Expenses**
**Net**
Income
Expenses
Net
**£**
**£**
**£**
£
£
£
**54,000**
**15,341**
**38,659**
16,391
3,958
12,433
**30,000**
**33,144**
**(3,144)**
45,000
32,882
12,118
**1,774**
**1,000**
**774**
2,095
386
1,709
**103,992**
**98,738**
**5,254**
107,536
150,341
(42,805)
**13,856**
**4,004**
**9,852**
8,512
4,254
4,258
**-**
**14,915**
**(14,915)**
20,000
377
19,623
**82,963**
**72,797**
**10,166**
109,080
34,923
74,157
**14,557**
**30,799**
**(16,242)**
38,951
19,656
19,295
**2,443**
**2,075**
**368**
-
-
-
**50,000**
**9,373**
**40,627**
-
-
-
**250**
**125**
**125**
-
-
-
**10,000**
**8,494**
**1,506**
-
-
-
**1,211**
**(500)**
**1,711**
2,681
7,345
(4,664)
**-**
**-**
**-**
-
-
-
**-**
**-**
**-**
1,800
2,225
(425)
**-**
**-**
**-**
500
-
500
**365,046**
**290,305**
**74,741**
352,546
256,347
96,199|
|---|---|
7
**Arts Education Exchange**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 March 2023**
|**3**
**Donations:**
Thanet Lottery
Sundry
Tesco
Resort Studio
Art Cry
Headstart
**4**
**Charitable activities**
Grants
Rent, Rates, Heat, Light, Power
Telephone
Repairs and maintenance
Equipment expensed
Insurance
Printing, Stationery and office supplies
Software
Staffing costs
Workshop costs
Sundry
Depreciation
**Other**
Independent examiner fees
Accountancy fees|**2023**
**£**
**87**
**124**
**-**
**-**
**-**
**1,000**
**1,211**
**2023**
**£**
**1,000**
**16,060**
**792**
**3,584**
**1,987**
**900**
**1,343**
**2,088**
**250,790**
**-**
**8,507**
**1,108**
**1,080**
**1,066**
**290,305**|2022
£
54
277
1,000
900
450
-
2,681
2022
£
4,640
13,954
1,186
11,332
10,640
1,001
310
1,377
198,245
1,182
8,352
1,662
834
816
255,531|
|---|---|---|
8
**Arts Education Exchange**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 March 2023**
|**5**
**Debtors and prepayments**
Deposit paid in advance
**6**
**Cash at Bank:**
Coop Bank
**7**
**Accruals and deferred income**
Deferred income
Colyer Ferguson Hardship grants
KCC Early Help grants
Creditors
Independent examination
Accountancy fees
PAYE and NI
**8**
**Tangible fixed assets**
**Cost**
Opening balance 1 April 2022
Disposal
Closing balance 31 March 2023
**Accumulated depreciation**
Opening balance 1 April 2022
Depreciation on disposal
Provision for the year
Closing balance 31 March 2023
**Net book values**
Opening balance 1 April 2022
Closing balance 31 March 2023
**9**
**Trustees' remuneration and expenses**|**2023**
2022
**£**
£
**2,000**
2,000
**2,000**
2,000
**2023**
2022
**£**
£
**285,124**
219,730
**285,124**
**219,730**
**2023**
2022
**£**
£
**-**
774
**-**
13,856
**1,680**
600
**1,950**
-
**6,332**
4,371
**-**
816
**9,962**
20,417
**Music and computer equipment**
£
6,650
**6,650**
3,324
1,108
**4,432**
3,324
**2,216**|
|---|---|
The trustees did not receive any remuneration or expenses during this year or the last.
9
## **Arts Education Exchange**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 March 2023**
## **10 Restricted funds**
|Year ended 31 March 2022
Income
Expenditure
Net income/
(expenditure)
Transfers
Brought forward
01 April 2021
Carried forward
31 March 2022
**Year ended 31 March 2023**
**Income**
**Expenditure**
**Net income/**
**(expenditure)**
**Carried forward**
**31 March 2023**|Arts Council
Colyer
Ferguson
CF
Hardship
Early Help
National
Lottery
Garfield
Weston
Youth Music
University of
Kent
Paul
Hamlyn
Mayor Fund
Creative
Estuary
Total
restricted
£
£
£
£
£
£
£
£
£
£
£
£
16,391
45,000
2,095
8,512
107,536
20,000
38,951
-
-
-
-
238,485
3,958
32,882
386
4,254
150,341
377
19,656
-
-
-
-
211,854
12,433
12,118
1,709
4,258
(42,805)
19,623
19,295
-
-
-
-
26,631
-
-
-
-
-
-
-
-
-
-
-
0
-
32,220
1,709
4,258
44,950
-
-
-
-
-
-
83,137
12,433
44,338
3,418
8,516
2,145
19,623
19,295
-
-
-
-
109,768
**54,000**
**30,000**
**1,774**
**13,856**
**103,992**
**-**
**14,557**
**2,443**
**50,000**
**250**
**10,000**
**280,872**
**15,341**
**33,144**
**1,000**
**4,004**
**98,738**
**14,915**
**30,799**
**2,075**
**9,373**
**125**
**8,494**
**218,008**
**38,659**
**(3,144)**
**774**
**9,852**
**5,254**
**(14,915)**
**(16,242)**
**368**
**40,627**
**125**
**1,506**
**62,864**
**51,092**
**41,194**
**4,192**
**18,368**
**7,399**
**4,708**
**3,053**
**368**
**40,627**
**125**
**1,506**
**172,632**|
|---|---|
## **Restricted funds purposes**
Arts Council To cover costs to provide music sessions to young people Colyer Ferguson To cover delivery costs including specific salaries Colyer Ferguson Hardship Grant To provide equipment, travel, therapy and help back into education for individuals Early Help To provide creative sessions with a tutor Garfield Weston To cover costs to enable Arts Education Exchange to deliver sessions to young people Youth Music To provide young people access to recording studios University of Kent To provide art supplies, training and travel off site with the art group Paul Hamlyn To provide the delivery of a two year school arts programme Mayor Fund To purchase gardening products to improve outdoor space Creative Estuary To cover the costs of specific salaries
## **11 Guarantees and debts**
The trustees confirm, in accordance with the Charitable Incorporated Organisations (General) Regulations 2012, that at the year end the CIO did not have any outstanding guarantees to third parties, nor any debts secured on the assets of the CIO.
10
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ART EDUCATION EXCHANGE FOR THE YEAR ENDED 31 MARCH 2023**
I report on the accounts of Art Education Exchange for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet and related notes set out on pages 5 to 10.
## _Respective responsibilities of members and examiner_
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
_Basis of independent examiner’s report_
My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as members concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## _Independent examiner’s statement_
In connection with my examination, no material matters have come to my attention which give me cause to believe that in any material respect:
- the accounting records were not kept in accordance with section 130 of the 2011 Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement to show a ‘true and fair’ view, which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
J A Griggs FCA LEVICKS Chartered Accountants & Business Advisers 61 London Road Maidstone Kent ME16 8TX
> 30 January 2024
**4**