Charlty reglstration number 1190216 {England and Wales) Company reglstration number 12121475 UNDEREXPOSED ARTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 UNDEREXPOSED ARTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Franklyn Rodgers Mr Graham Martin FCCA Dr Faisal Abdu Allah Ms Gemma Diane Seltzer Secrotary Mr J E L Fraser Charlty number (England and Wales) 1190216 Company number 12121475 Registsr8d office 27 Mortimer Street London W1T 3BL Independent gxamlner Stephen McAlplne BA (Econl FCA SBM Associates Limited, trading as SBM & Co 24 Wandsworth Road London SW8 2JW UNDEREXPOSED ARTS CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 10-13 UNDEREXPOSED ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared In accordance with the accounting policies set out in note 1 to the rinancial statements and comply with the charity's memorandum and articles, the Companies Act 2006 and "Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Oblectlves and activltles Pollcles and oblectives UNDEREXPOSED ARTS is a dynamic and crucial black-led arts and cuttural charity wmmitted to fostering positive representslion. Our central mission involves Celebrating diverse artistic lalenl and partnering with artists to develop range of engaging activities. These include exhibitions. films, talks, educational programmes, and workshops designed to ignite imagination, creatlV1ty, and critical thinking. We strongly believe that posillve representation plays vital role in shaping identity, sell-worth, courage, and ambition. We actively engage our primary audience, which comprises children and young people from global majority and lower socioeconomic backgrounds. By ulilising high-quality visual arts and theme-based aclivilies, we develop and deliver impactful creative engagernenl initiatives. At the core of our work is the creation of dislinclive still photographic images and Portraits that challenge conventional representations. Our goal is lo di$￿Ver and promote UNDEREXPOSED narratives, employing moving imagery and storylellino methods to examine the perceptions, ideas, histories, and beliets that both connect and separate us. Our activities lake place in diverse enwronments such Ss schools. Community venues, and public spaces, enabling U5 to connect with participants and aUdIen￿S across vaTiOUS platforms. The policies and goals of our charity are Closely aligned with the objective of advancing public benefrt, while also adhering lo guidelines issued by the Charity Commission. The policies and objectives are closely tied wth the aim of the charity described above. In setting objectives and planning for activities, the founders and Iruslees have given due consideration lo general guidance published by the Charity Commission relating to public benefit and there has been no change in these during the year. Activitlgs for achieving objectives The charity's activities towards achieving ils oblectives are-. Deliver high-impact cultural artistic inlervenlions. Build collaborative platforms that promote positive representation and inclusive opportunities. Inspire young people through Creative aclivilies, learning materials, 8nd the GEMS OF KNOWLEDGE hub. Increase access to cultural and creative activities for underrepresented youth. Develop a dislincl strategy extending beyond educational piojecls, focusing on career opportunf(ies within the cultural sector and creative industries. Provide a¢livities for participants lo explore storytelling and visual arts, understand their creative power, and gain insight into portraiture as a means of ¢onveying important messages and narratives. UNDEREXPOSEDARTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 UNDEREXPOSED ARTS. key strategic objectives this year were.. Artlstlc Expresslon and Understsnding: To use moving imagery and storytelling to examine perceptions, beliefs, and histories. We aim lo challenge traditional art notions and broaden representation by engaging with multimedia, fostering a deeper underst8nding of shared and dislincl human experiences, and promoting empathy through artistic expression. Youth Empowerment through Education: Developing and delivering an educational programme that empowers young people by equipping them with essential skills and confidence lo achieve their aspirations and contribute positively to society. We aim to inspire the next generation of leaders lo express themselves and advocate for sooal change through the arts by nurturing crealivty and an entrèpreneurial spirf(, and by inlegraling mindfulness pracli¢es for emotional regulation and cuttural connection. Empowering Educators and Students: To create educational resources that emphasise creative approaches lo art education, promoting self-expression and cultural exploration. We are committed lo cullivaling supportive and inclusive environments where thildren and young individuals feel encouraW to explore their creative potential. Organisational Resili6nce- To strengthen our long-lem) suslainabilily and growth by actively securing funding from a diverse range of sources, including corporate and charitable donors. Network Expansion.. To expand and strengthen our network of supporters, partners, and collaborators to faalilale future exhibitions and projects. Enhanced Online Presence.. To update and improve our online presence by developing our website, updating content with new visuals, and implementing a social media strategy lo broaden our reach. Communlty Engagement and Impact Measurement: To establish and develop innovative method5 for engaging with communities and accurately assessing our impact. We will track participation rates, engagement levels, skill development. and overall impact, using these metrics to estsblish benchmarks for monitoring our progress towards specific objectives and targets. This strategic approach seeks lo create a tsngible and lasting impact within the UNDEREXPOSED ARTS community. By actively working lo amplity a wide range of diverse voices and unique perspectives. we aim lo foster a more inclusive and represenlalive artistic landscape. Furthermore. a key component of this strategy involves empowering the next generation of artists and cultural leaders through mentorship, training, and the provision of platfomis for their creative expression. This mullif8celed approach is designed not only lo elevate individual talents bul also lo strengthen the overall vibrancy and relevance of the arts within our communty and beyond. The trustees have paid due regard to guidance issued by the Charty Commission in deciding what activities the charity should undertake. Achlovements and perfomiance 12-Month Overvlew of UA Activitles Th8 year 2023 has proven to be an 8xceplional period for UNDEREXPOSED ARTS, marked by impactful initiats.ves that resonate wth our mission. Our exhibition installations, particularly within the Next Gen pods. have showcased the creativity and potential of young artists while fostering vital community engagement. 1. Charter School East Dulwich: In December 2023, we launched our first inslallalion al Charter School East Dulwich, where Next Gen pods were displayed prominently in the school playground. This innovative approach allowed us to engage students with art in a meaningfvl and accessible manner. 2. Crayley Mall: In January. we broke new ground by exhibiting Next Gen pods in a public setting al cra&￿eY Mall. This in(iialive was Complemented by a talk delivered by Frank at Crawley Museum, where he discussed the paramount Importance of representation in the arts. 3. Bird & Blrd Law Firm OffSces.' Continuing our fruifful collaboration, we installed the Next Gen pods during Black History Month IBHMI 2023. This partnership not only highlights our commitment lo diversity but also enhances our visibility in ¢￿porate environments. UNDEREXPOSED ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Educational Initiatlves and Communlty Programmes Our commitment lo educational programming remains a comerslone of our mission. The Screen Acting workshop al Lilian Baylis Technology School ILBTSI, completed in March, received overwhelmingly positive feedback, further solidifying our goal to offer impacfful arts education. Additionally, a new girls-only project led by Mya and Lara responds to the specific needs of our community, demonstrating our adaptability and commi(ment to inclusivity. Through new partnerships with Ark Evelyn Gra￿ Academy and Nautical School. we have established programs designed lo enrich student lives while reinforcing our co118borative re5alionship with educational instrtutions. Our efforts extend to Crawley, where we will engage with the 75th Windrush activities. A poetry workshop al Holy Trinity School will commemorate the contributions of the Wndrush 9eneralion. This inilialive, in collaboration with Diverse Crawley, will culminate in an event showcasing student poetry alongside Franklyn's Elders colleclKJn at Crawley Museum in June 2024. Our collaborative relationships wth teachers and schools have been pivotal in developing diverse and ambitious approaches lo arts education, thereby exploring the value that arts and cutture bring to students. Corporat& Engagement Our relationships with corporate partners have remained strong, particulady with Bird & Bird, who have 8¢tively engaged with UNDEREXPOSED ARTS for their inclusion week aclivilies. This partnership includes panel discussions on representation in the corporate seGtor, featuring Trevor Sterling, as well as a podcast with Ayanna tter-Johnson, a respected member of our collection. This multimedia outreach not only broadens UAS audience bul also emphasises the Significan￿ of our mission in reshaping narratives around representation. The podcast wlll be extensively promoted through Bird & Bird's and UNDEREXPOSED ARTS, social media channels (Linkedln, Instagram, Xl as well as various podcast platforms Isoundcloud. Spotify. Apple Podca5tsl. This effort wtll signrficantly enhan￿ our reach an¢J visibility. We have maintained our relationships with organisations such as Amazon'5 Black Employee Network {BENI, who have continued to exhibit the Next Gen exhibition pods across their sites. A highlight was the ouldcnr exhibition al their Tilbury si(e to commemorate the Windrush Generation anniversary.. they also funded the installation at Charter School East Dulwich. New Partnershlps and Collaboratlve Opportunlties We have continued to develop our partnership with A.l.R.E.. based In the North East of England, particularly in Gateshead, which faces high levels of child poverty. We collaborale¢J with Theresa Poullon and Martin Hylton to organise a Gateshead Cultural event at Gateway Studio in New¢astle, introduGing the North East community to UNDEREXPOSED ARTS. This event featured a film screening of work from Gateway. an introduction to UA, spoken word perfoimances, and a Q&A se55ion Tmth the UA team. The objective of UA visiting Newcastle was lo meet with local individuals and organisalions in search of collaboration and partnership. By aligning ourselves with organisations that share our mission and v81ues, we can ereate meaningful connections that enable us to reach a wider audien￿ and have a lasting impact. We hope to share ideas, develop relationships, and establish partnerships for future projects that benefit communities outside of London. continuir￿ our evènl and partnership with Martin and Theresa, we delivered a thre&day dants and acting workshop In collaboration with Gateway Studio. We are also excited to announce our Collaboration wth the University of Southamplon, working alongside Dr. Eloi Ribe and his team on a critical research study that explores employment trajectories for Black, Pakistani. and Bangladeshi women. This partnership not only elevates our credibility but also enables us to delve <*eper into vital discussions surrounding employment equity. The findings from this research will serve as a foundation for our advocacy, informing policy discussions and the creative design of subseqiJ8nt reports. UNDEREXPOSED ARTS TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Funding and Future Strategies Vwhile securing funding remains a challenge, the outset of our relationships with organisations such as Crawley Council, the Active Communities Network, and Bird & Bird has yielded substantial resources for our txogrammes. We are actively pursuing additional funding avenues, including applications to the Garfield Weston Foundab'on and Arts Council England. Furthermore. we are preparing an application for the National Lottery Heritsge Fund, strategically alignecl with the 2Dth anniversary of the Peckham Portraits This initiative aims lo explore the impact of these portraits on the representab.on of Black British actors over the years. Commitment to Long-Tem7 Growth As we acknowledge the ¢hallenges of the past year, we musl also underscore our unwavering cornmitment to growth and adVan￿Ment. Our immediate goals include consolidating new partnerships and identtying additional funding streams. In the long term, we recognise the importance of enhancing our board by recruiting individuals with expertise in education, wrporale strategy, and creative technologies. Leadorshlp Transltlon A significant ¢hange for our organisation is the decision of Fraser James, our chair and co-founder, to step down. In sponse to this transition, we will work closely with a specialist organisational development consultsnt to ensure a seamless transition and maintain our strategic focus. We believe that this process will bolster our governance, allowing us to navigate this change wrth Confiden￿ and continue our mission effectively. Conclusion The past year has been a testament to the resilien¢e 8nd adaptability of UNDEREXPOSED ARTS. We have not only achieved significant milestones bul have also estsblished robust partnerships in a dynami¢ arts landscape. As we look ahead. we are eager to leverage these accomplishments in our strategy to nurture artistic talent and advocate foT representation through innovative programming and collaborations. With the continued support of our board and trustees, we are confident that UNDEREXPOSED ARTS is poised to elevate our charitable efforts, empowering young people through the arts fof years lo come. UNDEREXPOSED ARTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Our key plan$ for th& next 1.2 years inclL5de'. As we look forward lo the next years, our strategic plans are designed to enhance community engagement, expand our educational initiatives, and promote cultural awareness through innovative partnerships and creative projects. Our focus will Genter tsn creating relationships with organisalions that share our core values and are committed lo community-oriented work. By collaborating with groups experienced in community settings, we will facilitale the seamless transilion of our initiative$ from school environments to broader youth and community landscapes, thereby maximising our impact. Continued efforts will be the expansion and enhancement of our Schools and Communities Programme. The engagement sessions and workshops offered through this initiative are pivotsl in facilitating personal development for young people. Our workshops are slruclured lo empower participants, providing them with a safe plattorm for self-exploralion and artistic exp￿sSIon. By promoting inclusivity and unty among individuals fron) diverse backgrounds, we aim lo Cultivate a collaborative spirit within our communities. This initiative wll not only foster individual lalenl but also create networks of support that encourage young Individuals to unearth their potential. In an effort lo broaden our reach. wè plan to onboard additional school$. parti¢LJlarly OLrtside of London. By doing so, we will introduce our portrait collections and project activities lo new communities, thereby diversifying our audien and impact. In conjunction with expanding our school base, we will work closely with our cohort of tsci1itators. artists, and creatsve practitioners to enhance our offerings in cultural and creative industries subjeds. This will provide a wider array of activities, thereby exposing youth to essential skills, enriching opportunrties, and potential career pathways iri the arts. To facililale this expansion. we will increase our team of facilitators, ensuring the delivery of high-qualily sessions. The creation and completion of a film or documentary featuring interviews with our cohort of 20 Next Gen pa￿CIpants. This important work will culminate in a launch event at PeckhamPlex Cinema, providing a platform not only to showcase the voices of emerging young artists but also to foster a sense of community through shared narratives. In addition to our film project, we will undertake the renovation of portraits currently displayed at PeckhamPlex. This wll involve curating a more sustainable and diverse selection of portraits for installation on the cinema's external wall. This initiative will enhance the visibility of OUT artists and Contribute lo the cultural landscape of Peckham. In an era marked by a demand for indusivity, representation, and empowemienl in the arts. our organisation stsnds resolutely eommitted lo uplifting young global majority creatives and artists. Over the next one lo two years, we intend lo expand our efforts in providing wlal support, mentorship, and platforms that allow these artists to showcase their wotk and Sha￿ their unique stories. Our strategic plans entail Collaborations rooted in community engagement, skill development. and a celebration of cultur81 heritage. all while fostering a vibrant artistic environment that refflects the diverse backgrounds of the communities we serve. Looknng toward the future. we are excited to announce plans for a National Tour and permanent art installation designed to celebrate the conlributsons of the global majority diaspora in the United Ksngdom. Our touring exhibition will highlight six cities known for their rich cultural heritage and demographic diversity. Each location will feature freestanding. illuminated outdoor pods that wll serve as immersive displays of contemporary artistic expression. Through this exhibition, we aim to engage communities and foreground the talents of both established and emerging artists, showcasing the breadth and depth of global majority narrative5. In line wlh our commitment to heritage and historical significance, we will also launth a project centered a¥ound the iconic "30 Peckham Portraits" of Black British actors, created in 2008 by UNDEREXPOSED ARTS and award- winning visual artist Franklyn Rodgers. This heritage project will explore the professional trajectories of a generation of Blaek British actors, investigating the legacy and impact these pioneering figures have had on Bri115h theatre, film, and television. Given the significance of the Peckham Portrarts as one of London's longest-running sile-specific photographic instsllalions, this project will contribute ID a greater untlerstanding of cultural history and influence. Lastly, we are determined to solidify the role of 0￿ratIOnS Manager as a permanent position within our organisalion. This strategic move ￿11 ensure that our efforts are efficiently coordinated and that we deliver our ambitious aims for 202412025 to the highest possible standard. We wll continue lo leverage the talents of our exceptional team of freelancers while collaborating Closely with our Board of Trustees. Our plans for the Coming years are not merety aspirations bul a comprehensive and strategic approach to enriching community engagement and cultural heritage. Through collaboration. innovation, and dedication. we are poised to (realelastlng change and empower the voices of our youth while honoring the rich tspeslry of our colleGtive history. UNDEREXPOSED ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Financial review 11 is the policy of the charty that unrestricted funds which have not been designated foi a specific use should be maintained at a level equivalent lo between three and six month's expenditure. The Iruslees consider that reserves al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current act(vilies while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Iruslees have assessed the major risks lo which the tharity is exposed, and are satisfied that systems are in place lo mrfiigate exposure to the major risks. Structure, governance and management The charity is a company limited by guarantee and was set up by a Memorandum of association on 2 July 2022. The trustees. who are also the dire¢tors for the purpose of company law, and who served during the year and up to the dale of signature of the financial slalements were.. Mr J E L Fraser Mr Franklyn Rodgers (Resigned 18 February 2025} Mr Graham Martin FCCA Dr Faisal Abdu'Allah Ms Gemma Diane Seltzer The Iwstees, report was approved by the Board of Trustees. r Graham Martin FCCA - Trustee 1 May 2025 ## **UNDEREXPOSED ARTS** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF UNDEREXPOSED ARTS** I report to the trustees on my examination of the financial statements of Underexposed Arts (the charity) for the year ended 30 June 2024. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Stephen B McAlpine BA(Econ) FCA** SBM Associates Limited, trading as SBM & Co 24 Wandsworth Road London SW8 2JW Dated:. 2 May 2025 - 7 - UNDEREXPOSED ARTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Unrestrlcted funds funds 2024 2023 Note# Ineome from: Donations and legacies Charitable activities 33,938 33 87,586 112 Totsl Incom• 33,971 87,698 Expenditure on: Charitable activities 38.713 86,529 Total expendlture 38,713 86,529 Net Incomellexpenditurel and movemgnt In funds 14.742} 1.169 Rgconciliatlon of funds: Fund balances at 1 July 2023 11,179 10.010 Fund balancos at 30 June 2024 6.437 11,179 The statement of financial activities Includes all g8ins and losses recogni$ed in the yoar. All irKome and expenditure derive from continuing aclivilies. UNDEREXPOSED ARTS BALANCE SHEET ASAT30JUNE 2024 2024 2023 Notes Current assets Debtors Cash al bank and in hand 2.630 3.807 11,179 6,437 11.179 Net current assets 6,437 11.179 The funds of the charity Unrestricted funds 6,437 11,179 6,437 11,179 The cornpany is enlilled lo the exemption from the aL￿1t requirement contsined in section 477 of the Companies A 2006, for the year ended 30 June 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalements. The members have not required the company lo obtain an audit of Its financial statements for the year in question in accordance with section 476. These financial slalemenls have been prepared in accordance with the provisions applicable to companies subject lo the Small eompanies regime. The fin Daal statements We￿ approved by the trustees on 1 May 2025 Mr Graham Martin FCCA Trustea Company registration number 12121475 (England and Wales) UNDEREXPOSED ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charlty Information Underexposed Arts is a private company limilgd by guarantee incorporated in England and Wales. The registered offlce is 27 Mortimer Street. London, W1T 3BL. 1.1 Accounllng convention The financial st*emenls have been prepared in accordan￿ with the charills Igoverning documentl, the Companies Act 2006 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in sterling, which is the functional currenw of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The accounts present a true and fair view and no changes have been made lo the principal accounting poliaes adopted below. 1.2 Golng concern Al the lime of approwng the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in opeiational existence for the foreseeable future. Thus the tntslees continue to adopt the going concern basis of accounbng in preparing the finan¢ial slatemenls. 1.3 Charitable funds Unrestri¢led funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recognised when the charity is legally entitled to rt after any Performan￿ conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require dgferral of the amount. Income lax recoverable in relation to Lyonations re￿iVed under GiftAid or deeds of covenant Is recognised al the time of the donation. The charity reGeived money mainly through Arts Council grants during the year. Total of the grants received is shown in note 3 of the accounts. 1.5 Expendltu Expenditure is recognised On￿ there is a legal or con$lructNe obligation to transfer economic benefit to a third party, il is probable that 8 transfer of economic benefits wll be required in settlement, and the amount ol Ihe obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIr￿t costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated diredly to that activity Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned be￿een those activit*s on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of time spent, and depreciation charge5 are allocated on the portion of the asset's use. Costs are accounted for when they are incurred, wth irrecoverable VAT being charged as a ￿$1 ag￿nst the relevant activity. Costs of charitsble activities relate to the furtherance of the charitable objectives 10- UNDEREXPOSED ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Icontinuedl Costs of raising funds relate to events and other activities through which the companies raises ils profile 1.6 Cash and cash equlvalents C8sh and cash equivalents include cash in hand, deposits held at call with banks. other short-temi liquid investments wlh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wf(hin borrowings in current liabilities. 1.7 Financlal Instruments Basle flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost. Financial assets classrfied as receivable wilhln one year are not amortised Basic fiTnancial Ilabllltles Trade creditors are obligations to pay for goods or services that have been acquired in the oidinary course of operations from suppliers_ Amounts payable are classified as current Iiabililies if payment is due within one year or less. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Critical accountlng estimates and Judgements In the application of the charity's accounting policies, the trustees a￿ required to make judgements, estimates and assumptions about the carrying amount of assets and Iiabililies that are not ￿adIlY apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basss. Revisions to 8¢counting estimates are re￿nISed in the period in which the estimate is revised where the revision affects Imly that period, or in thè period of the revision and future periods where the revision affects both current and future periods. Donation$ and legacles Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts Grants re￿IVable 1,500 32,438 6.400 81.186 33,938 87,586 11 UNDEREXPOSED ARTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from charltable activitie$ Unrgstricted funds 2024 Unrestricted funds 2023 Other incom8 33 112 Charltable activitles 2024 2023 Exhibib'on expenses Computer running costs Travelling expenses Bank charges Insurance Printing and stationery Rent Sundry Subscriptions 32,043 1,909 g37 42 1.004 142 1,139 1,102 395 72,483 5.732 2,097 70 852 1,043 1,373 2,546 333 38,713 86.529 38,713 86.529 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Trustees There were no employees whose annual remuneration was more than £80,000. 12- UNDEREXPOSED ARTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 Debtors 2024 2023 Amounts falllng due viithln one year.. Trade debtors 2,630 Flnanclal commitm•nts> guarantees and contlngent liabilltlgs The company is Ilmiled by guarantee of members and does not have a share capital. The liability of members is Ilmiled lo £1 10 Rolated party transactlons Transactions with related parties During the year the charity entered into the following transactions wth related parties= Franklyn Rodgers and James Fraser were both paid fees of £1,075 12023 £8,150) & £850 12023 - £6,400) respe¢lively for independent freelance services provided for the charity. 13-