Rgglst8red number: CE031816 Charity number: 1202489 ART EXPLORA UK TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
ART EXPLORA UK CONTENTS Page Releronce and Administratlve Detalls of the Charlty, Its Trustees and Advlsors Trustees, Report Independènt Audltor$' Report on the Flnanclal Statement8 Statement ol Flnanclol Actlvllle8 10 Statement of Flnanclal Posltlon Statemont of Cash Flows 12 Notes to the Flnanclal Statements 13-21
ART EXPLORA UK REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2023 Trustees The Honourable A Allgmandi F Jouss8t, Chairman K Zemtsova Company roglstered number CE031818 Charlty r8glstered nurnber 1202489 Reglstored offlco New Wing Somerset House Strand London WC2FI 1LA Indopendont audltors Sopher + Co LLP Chartergd Accountants Stalulory Auditors 5 Elstree Gale Elslree Way Borehamwood Hertfordshire WD6 1JD Bankers HSBC UK Bank Plc. 1 Centenary Square 8Irmingham United Kingdom B1 1HQ Page 1
ART EXPLORA UK TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2023 Tho trusl@ès présent th@ir report with the financial 8lalem8nts of tha Charity for the period endod 31 December 2023. Oblectlves and actlvltl8S PolScles and oblectlv85 The objective ol the Charity 18 lo advanee the arts and culture by increasing access & public engagement, promoting the positive social impact ol art, and supporting cultural inslilulions, as well as artists in the creation ol contemporary art. In selling objectives and plannlng lor aellvllios, the Trustges have given due consideration lo general guldance published by the Charity CommissSon r8lallng lo public benetil, including th8 guidanc6 'Public benelit- runnlng a Charity IPB21'. b. Strategles tor achlevlng oblectlves Th8 charity was established wllh a subslanlial Inillal endowment by the Chairman, and a pledge lo ¢onlinue to fund the core opgralions ol the charity. Thè gtralÈgy ol the Trustees is to u8e thi8 income lo lund the individual projects and core costs. The Gharlly also partn8rs with other organisations lo share the costs ol proje¢l$, or to lund Specific inilialives. The Trustees meet regularly to consider suitable projects. c. Maln actlvltles undertaken to further the Charlty's purposes lor tho publlc beneflt The oblecl ol the Charity Is to advance arts and culture by al increasing access to arts and culiur&', bl promoting the positive social impact ol the arts,. Gl supportlng efforts lo share art and culture in an 8nvironm9nlally responsibl8 and suslalnable way,. and dl supporting cultural institutions, artists and the creation ol contèmporary art. The Ch8rliy m$els thes& obje¢lives through a programme ol acllvilies and partnerships descrlb6d bolow. Th8 Trusle8s ol th¢ Foundallon have oomplied with the duly in s4 01 the Charities Act 201110 have r6gard to the publlc ben&llt guidan¢8 publl$h8d by the Charity Commi88ion in administering the Foundation. Achlevements and performance a, Maln achlevements of the Charlty In thè first yoar ol operation, Ihe Charity still received the majority of ils funding through The Prism Charitable Trust, which manages a donor advised fund lo lacililate donation8 from trustees. These donations have been used In the Charity's corg programmes, described below, bul the funding via Prism was a transition arrangement until the charity established its own banklng arrangements. In the first year of operations, the Charity has delivered three Gore programmes: Culture Bus- a partnership with the British Museum The Culture Bus Programme was co-erealed with the British Museum with the aim ol increasing acc•ss lo museums lor school children agad 7-11 years (Key Stage 21 and transforming the IraditlDnal school visit into a lun day out. The programme aims to remove the cost barrier for schools by making schools trips free and aims to excite and engage ehildren through a specially designed digital advenlurg game to be played in the mus8ums. The British Museum commissioned digital developer Arcade to develop the digital adventure game. Discussions are now underway lor th& Charity to lake over the lull delivery ol the programme Irum the British Museum, and dlscusslons with museums in York, Exeter and Newcastle and underway to pilot the experience in spring 2024. Page 2
ART EXPLORA UK TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Achlevem8nts and pgrformance (contlnued) Mobile Museum in partnership with Tal8 and Mumo The Mobile Museum is a touring exhibition in a Iru¢k, dèsigned as a gallery space, loaned by French company Mumo. In Spring 2023, we piloted a first tour in partnership with Tale, touring an exhibition called Radical Landscapes around th& Liverpool City Rogion. The lour attracted huge national and local press and was very W811 reeeived by all visitors, especially schools. The exhibition included original works by Turner, Constable, John Nash, Jeremy Deller and Veronica Ryan, which were toured lo communities in small towns and suburbs around the Livérpool arèa. Tal6 wlll eontlnuè to partn•r with the Charity in 2Q24. The Charlly r8céIv8d a oranl from Arts Council England amounting lo £29,980 in partnership with Tale lor the Mobl18 Musèum lour. Communlly Programm8 Th8 Charlly runs a seri08 of programm@s brbnglng arts activities intD care settings around London. These include "Arts al Hom@ whlch bring conv8rsallons about art lo rèsidents in care home lo combat lonelin88s and isolation- "Mlnl Art Explorers" brlngs arts programming into children's centr88 and families hubs for early yèars ¢hildren and larni1165,' and "Theatre at Hom8" brlngs Ihaalrg performances into care sellings. A new programm¢ "Art Explorers at,,. brings care home resldenls lo pertormances al Sadlers Wells and lo exhibition8 at th& Haward Galleryi Whlt6¢hap&l Art Gallory and mof8. Other onè-oll projects lake place in public spaces, as occasion arises. For example, Ihg Charity reGelved £2,972 for the Take a Moment Zone project, days ol arts oulréaeh workshops In LeiGestgr Square during the SLJmrner. Flnan¢lal rovlew a. Golng ¢on¢orn Aflor making approprialg onquiries, the Trustees have a reasonable expeclailon that the Charity has adeqLJat• r9sourcos lo continue in opgralional existence lor the foreseeable lulure. For this reason, they continue lo adopt thg going con¢grn basis in pr9paring the financial slalem8nl8. b. R•$erve$ pollcy The Charity maintains a general fund that Is uged to 8UPPOrt varlous prolecls aimed al achievlng its objectives. As al 31 December 2023, the Charity had free reseryes in the genaral fund c>f £479,088. The Trustees consider that a minimum of £100,000 should be retained In readily reallsablè funcls in order lo meet ¢urrenl and likely lulure commitment for al leasl the next twelv& months. Flnanclal rlsk management oblectlves and pollcles The Trustees hav8 assessed the major risks lo whi¢h the Gharily is exposed, in particular those r8laled lo the operations and Ilnanc88 ol the Charfty, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. d. Rlsks and uncertalnty laclng the Charlty The Trusl&¢s arè responsibl¢ for the idgnlification and management ol the major risks lacing the Charity. The Trustees recÈive monthly figures outlining the pertormance ol the Charills projects and the availability of cash resour¢&s to fund future projects. They also meet formally on a regular basis and consider anylhing that might undermine thè capacity ol the Charity lo fuliil ils charitable objectives. Page 3
ART EXPLORA UK TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Structurei governanco and managem8nt Constltutlon Art Explora UK is registered as a Charity In the UK and was set up by a Trust deed. Charty number 1202489. b. Methods of appolntment or electlon ot Trustees The management ol tha Charlty Is tho rgsponsibility of th9 Tru8188s who are elected and Go-opled under the terms ol the Trust deed. Statement ot Trustees. responslbllltl88 The Trustees are responslbl@ for pr@paring the Trustees, Report and the financial slalemenls in aGcordance with appllcablg law and United Kingdom Accounting Standard8 (United Kingdom Genorally A¢Gepled Accounting Pracllcel. The law applicable lo charities In England & Wales requires the Tru8le88 lo pr•paro Ilnanclal slalemenls lor aach financial whi¢h give a Irue and lalr view of the stale ol allairs ol the Charity and ol Ils incoming rosources and 4ppli¢alion ol resourGes, SnGluding ils Income and expenditure, lor that p8rlod. In pr•p8rlng these linanclal Statements, the Trustee5 ar? requir8d lo.. select sullable accounllng policies and then apply them conslsl8nlly', observe the methods and principles ol the ChaTltles SORP IFRS 1021., make judgments and accounting eslimales that are r8asonablé and prudent., slat& whether appllcabl8 UK Accounting Standards IFRS 1021 havo b09n followèd, subject lo any material departures disclosed and explained in the financial slalements; prepara the financial slalèmonls on the going concern basls unl8ss11 is inappropriate lo presume that the Charlly wlll conllnuè In buslnèss. The Trustees are responslblè for k¢gping adoquale accountlng records that are sutticlenl to show and explain the Charity's Iransacilons and disclose with reasonable accuracy at any time the financial position of the Charity and 8nable ihem lo ensure Ihal the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Aeportsl Regulations 2008 and thè prowsions ol the Trust deed. They ar8 also responsiblg lor safeguarding the assets of the Charlly and h@nee for taking reasonable step8 (or tho prevention and detection ol fraud and other irregularitlas. Dlsclosure of Informatlon lo audltors Each ol the persons who are Tru81&8s al thè timo when this Trustees, Report is approved ha8 confirmed that: so lar as that Trustee is awar¢. there 15 no relevant audit inlormation ot which the charity's auditors ar9 unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee In order lo bè aware of any relevant audit information arbd lo establish that th8 charity's auditors are aware of that information. Page 4
ART EXPLORA UK TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2023 Auditors The auditors, Sopher + Co LLP were appointed durfng the period and have indicated their willingness lo conlinLEe In ollica. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order ol the members ol tho board ol Trustees on 8 October 2024 and signed on Ihelr behalf by: F Jousset (Chair ol Trusl¢e$l Page 5
ART EXPLORA UK INDEPENDENT AUDITORS. REPORT TO THE OF ART EXPLORA UK Opinion We hav8 audit8d the financial statements ol Art Explora UK (the 'Charity'l for the period ended 31 Dec8mber 2023, which comprise , the Sialemenl of Cash Flows and th8 related notes, including a summary of significant accounting policies. The financial reportlng framowork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, In¢luding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and R6publi¢ of Iraland, (United Kingdom Generally A¢¢epled Accounting Praclicel. In our opinion the financial statemènts,. glve a true and lair view of the stale ol the Charlly's affairs as at 31 December 2023 and ol its result for th8 period then ended., have been properly prepared in accordanc& wllh Unllod Kingdom Generally Accepted Ac¢ounling Pracllce., and have been preparéd In ac¢ordancg with the requirements ol the Ccharities AGt 2011. Basls for oplnlon WO conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicabl• law, Our respons5blliligs under those standards are lurth8r dascrib¢d in Ihg Auditors. rgsponsibililles lor the audll of the fSnanclal slalem8nls section ol our report. We ar6 Indépènd¢nl of the Charity in accordance with the ethical requlremenls that are relevant lo our audit ol th8 linanclal $lalemgnls in the United Kingdom, including the Financial Reportlng Council's Ethical Standard and w6 havo lullill¢d our other elhlcal rgspon8ibilities in acGordanG8 wlth these requirements. We believe that th8 audit evid9n¢e we have obtained is sullicienl and approprlale to provlde a basls for our opinion. Concluslons relatlng to golng concem In auditing Ihg flnancial stalemenls, we have concluded that th8 Trusle•s' use ol the going concern basis ol accounting in the preparation of the financial slalements is appropriatè. Based on the work we have performed, we have not Id8nliliÈd any material uncertainties relating lo èvants or conditions that, individually or collectively* rnay cast signilicanl doubl on the Charity's ability to continue as a going concern lor a period of al least twelve wnonlhs from wh8n the financial slalemenls are auihorised lor Issue. Our responsibi1Siies and the responsibilities ol the Tnjslees with respect to going concern are dèscrlbed in the relevant sections ol thi8 report. Page 6
ART EXPLORA UK INDEPENDENT AUDITORS, REPORT TO THE OF ART EXPLORA UK ICONTINUEDI Other information The Trustees are responsible for the other Information. The other information comprises the information Included in the Annual Report, other than the Ilnan¢Sal stalemgnls and our Auditors, Report thereon. Our opinion on the financial statements does not cover tha other inlormalion and, oxcepl lo the 8Xtenl otherwise explicllly slated in Dur report, we do not express any form ol assurance conclusion thereon. In connection with our audit ol the financial slalemenls, our r88ponsibilily is lo read the other information and, in doing so, consider whether the oth8r Information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be malarially misslaled. 11 we identify such material inconsistencies or apparent materlal misslalemenls, We are iequir8d lo determine whether Ihgre is a material misstatement in the financial stal@m8nts or a material misslal8menl ol the olher information. 11, based on the work we have pertormed, wo conclude that there is a material misslalernent ol this other information, we are required lo report Ihal laol, We have nothing lo report in Ihls regard. Oplnlon on other matters pres¢rlbed by the Charltles Act 2011 In our opinlon, basad on the work undertaken in the course ol the audit; the inlormation glven In the Trusl$gs' Report for the financial period lor which the fSnanclal stalèmgnts arg prepared is con8181enl with the financial slalements; and the Trusl8es' Report has been prepared in a¢¢ordance with appllcable legal requirements. Matters on whlch we are requlred lo report by exceptlon In the light ol the knowledg8 and undgrslanding of the Charity and ils environment oblaln&d In th* ¢OUTSe ol the audit, we have nol idenlilled material misstalemonts In the Trustees. Report. We have noihlng to report In rasped ol the following mallers in relation lo which the Chailtlos Act 2011 requires US lo report to you il, in Dur opinion.. adequate accounilng records have not been kopl, or returns adequate for our audit hav8 not b99n received from branches not visited by us., or the financial statements are not in agreement with tho accounting records and returns. or certain disclosures ol Trustees, remuneration sp8cilléd by law ar& not made; or we have not received all the information and explanations we r¢quire lor our audit. Page 7
ART EXPLORA UK INDEPENDENT AUDITORS. REPORT TO THE OF ART EXPLORA UK {CONTINUED) Respon$lbilitles of Trustees As explained more fully in the Trustees, Responsibilltl&8 Statement set out on page the Trusteès are responsible for the pr8paralion ol the financlal statements and lor being salisfi8d that they give a true and fair Vl8w, and lor Such internal control as the Trus18es determin8 is necessary lo enable the preparation of linan¢ial slalemenls that are free from material misstatement, wh@Ih8r due lo fraud or error. In preparing the linancial stalemenls, the Trus188s ar8 r8sponsible lor assessing the Charity's ability to continue a8 a going concern, disclosing, as applicable, ma118rs related to going concern and using the going ¢oncern basis of accounting unless the Trustees either intend lo Ilquidale the Charity or lo cease operations, or have no realistic alternative bul lo do so. Auditorg. re3pon3ibilltle8 for the audll ot the flnanclal statements Our obl8cliv88 are lo oblaln r$a$onablg assurance about whether the financial slalemenls as a wholo are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that Includès our opinlon. Fl8asonabl8 assuranea is a high level ol assurance, bul is not a guarantee that an audit conduel8d in accordance with ISAS IUKI will always delecl a material misslalernenl when il exists. Misslalemenls can arise from fraud or error and ar8 consid¢rod malerial il, individually or in the aggregate, they could re8sonably be expected lo Influence th8 8conoml¢ d9risions ol users taken on th8 basis ol thes8 financial stalemenls. Irregularlll88, including fraud. arè Inslan¢es ol non.compliance with laws and regulations. We design procedures In line wllh our responsibillti6s, oullinod above, lo d91ect material mi8slalement8 in respect ol irregulari11g5, including fraud. The extent lo whlch our procgdures are capable ol delecling irregularities, in¢luding fraud is detailed below.. our approach lo id8nlilylng and assèssing the risks ol rnalerial misstalemenl In respect of irragularilies, including fraud and non-¢ompllan¢e with laws and regulations, was as lollow8'. the engagement partner ensured that the engagèmonl tgam collectively had the appropriate compelenrg, capabilities and skills lo identify or recognise non-complian¢9 with applicable laws and regulation8; we identified the laws and regulallons applicable to tho Charity through discussions with trustees and other management, and Irorn our commercial knowledge and exporience ol the charity sector., we IocLJSOd on specific laws and regulations which we con$idered may have a direct rnalerial ellecl on the financial stalgmon15 Or the operatlons ol the Charity, including the Charities Act 2011. Wo ass¢ssod Ihg ¢xl¢ni ol compliance with the laws and regulations identified above through making enquiries ol management and inspecting legal correspondence., and idenlilied laws and regulations were communicated within the audit team regularly and the team romained alert lo instances ol non-complianc8 throughout the audit. W8 ass8ssed the susc8plibilily of the Charity's financial slalemenls lo malerlal mlsslatement, inoluding obtaining an und8rstanding ol how fraud might occur, by.. making enquiries of management as lo wher9 they considered thare was susc8ptibilily lo Iraud, their knowledge ol actual, suspèctèd and alleged fraud., considering the Intèrnal eontrols in place lo miligale risks ol fraud and non-compliance with laws and regulations., and understanding the design ol the Charity's remuneration policies. To address the risk of fraud Ihrough managem9nt bias and override ol controls, we: performed analytical procedures to identify any unusual or unexpected relationships., Page 8
ART EXPLORA UK INDEPENDENT AUDITORS, REPORT TO THE OF ART EXPLORA UK (CONTINUED) tested journal entries lo identify unusual transaelions., assessed whether judgements and assumptlons made in determining the accounting estimates were indicative ol potential bias., and investigated the rationale behind significant or unusual transactions. In response lo the risk of irregularities and non-complianc8 with laws and regulations, we d6slgn@d procedures which included, bul were not limited to.. agreeing financial statement di8closure$ lo underlying supportlng documentation., reading the minutes ol mgelings of Ih08e ¢h8rged with governance; enquiring ol management as to actual and potenlSal liligalion and claims; and reviewing correspondence with HMRC, relevant regLtlalors and thè Charllvs lègal advisor5. There are inherent Ilmitalions in our audit procedur88 d@scrlb8d above. Thg more removed that laws and regulations are trom financial tran8actiDns, the less Ilkely It is that we would become aware ol non-complian¢e. Auditing standards also limit the audit procedures req(Jired lo Id8nlily non.compliance with laws and regulations to enquiry ol the trustees and other management and the inspection ol regulatory and legal corr8spondonc•, if any. Material misstalemgnls that arise due lo fraud ¢an be harder lo d818Ct than those that ari58 from error as thèy may involv9 delibgralg concealment or collusion. A further description of our respon8ibilliles lor the audit ol the financial slalemenls is located on the FSnancial Reporting Council's website al: www.Irc.org.ukJaudllorsresponsibilities. Thls d8scrlplion forms part of our Auditors, Report. Us8 ot our report Thi5 report is made solely lo the Charltls m8mbors, as a body, In accordance wllh Part 4 01 the Ch8rlli&s (Accounts and Reports) Regulations 2008. Our audil work has been undertaken so that we might slate lo the Charity's members those mallers we are raqulréd lo slalg lo them in an Audilor8' Report and for no other purpose. To the lullest extent permitted by law, wè do not accept or assume respDnslbilily lo anyone other than the Charity and the Charity's members, as a body, for our audit work, lor thi8 report, or lor the opinions we have formed. Stephen lseman FGA (Senior Slalulory Audilorl lor and on behalf ol Sopher + Co LLP Chartered Accountants Siatulory Auditors 5 Elslree Gate Elslree Way Boreh8mwood Hertlordshlre WD6 IJD 8 October 2024 Page 9
ART EXPLORA UK STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 DECEMBER 2023 Unreslricted funds 2023 Restricted fund8 2023 Total funds 2023 Not• Income from: Donations 661,594 32,907 694,501 Expendlture on: Raising funds Charitable actlvilles Support Gosts 163 135,243 47,100 163 168,150 47,100 32,907 Total expendlture 182,506 32,907 215,413 Reconclllatlon of tunds: Nel movemenl Sn funds 479,088 479,088 Total funds carrled forward 479,086 479,088 The Slalemenl ol Financlal AcllvS118s Includes all gains and Ios8e8 recognlsed in tha period. The note$ on pages 13 to 21 form part of these financial statements. Page 10
ART EXPLORA UK REGISTERED NUMBER: CE031818 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 Note Fixed assets Tangiblè assals Current a550ts 10 2,747 Debtors Cash al bank and In hand 22,086 492.211 514,297 137,956) Credltor8'. amounts lalllng duè wllhln ong year 12 Net Current assets 476,341 Total not assets 479,088 Charlty tunds Unrgsliioled funds 13 479,088 Total funds 479,088 The enlily was enlilled to exemptSon from audit under section 477 of the Companlés Act 2006. Thg members have nol required the enlily to obtain an audit for the perlod In quastlon In a¢cordance wlth sectlon 476 01 the Companies AGI 2006. How$ver. an audit is rgquired in accordance with section 145 01 the Gharlll8s Act 2011, Thg Tru51ees acknowledge their rgsponsibililies for complying with the r8quirÈménls of the Act with rgspect lo accounting rgcords and prgpaTalion ol linancial Statements. The financial stalomenls have been pr9pared in accordance with th8 pmvlsions applicable to enlilie8 subl8cl lo the small companies regime. The financial slal8ments were approved and authorised lor issue by th8 Trustees and signed on their behalf by.. F Jousset (Chair ol Truslaasl Dale.. 8 October 2024 The notes on pagos 13 to 21 form part ol these financial statement8. Page11
ART EXPLORA UK STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2023 2023 Note Cash tlows trom operatlng actlvltles Nel cash used in op8raling aelivilies Cash flows used for Investlng actlvltle$ Purchase ol tangible assets 16 495,255 {3,044) Cash and cash equivalents at the end ot the perlod 17 492,211 The notes on page5 13 to 21 form part of the88 financial statements Page 12
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Genèral Information Art Explora UK is registered as a charitable company limited by guarantee and is incorporated in England and Wales with its regislared ollice address al New Wing, Somerset House, Strand, London, WC2R 1 LA. The Gharily was incorporated on 27 Mar¢h 2023 and commenced activity on the same date. The Gompany is also a Charity reglsler8d wllh th¢ Charlty Commission. The Company's charity registered number is 10202489. The members of the Gompany are thè Tru$t&os named on page 1. The Charity's oblectlV8 Is to 6ncouraoè ac¢è$s and 8naagemenl with arts and culture. The functional and pres&nlatlonal CLtrr8ntty ol the Charity is £ Sterling. Accountlng pollcleg 2.1 Basls of proparatlon of tlnanclal statements The financial slalemenls have been prepared In accordancè wlth thè Charitios SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Rocornm8nded Practice applicable lo ch8rlil8S preparln9 their accoun18 In accordance with the Flnanclal Reportlng Standard applicable in the UK and Republic ol Ireland IFRS 1021 lelle¢tive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFF¢S 1021 and the Charllle5 Act 2011. Art Explora UK meets the delinilion ol a publi¢ bonelil enlily under FRS 102. Assets and liabilities arè initially recognised al hlslorlcal cost or transaction valuo unless otheOse staled in the relevant accounting policy. 2.2 Fund accountlng General funds are unrestriclad funds whl¢h aro available lor use al thg discretion ol the Trustees in furtherance of the general oblacllvas of th¢ Charity and which have not been designaled for olh8r purposes. Reslricled funds are funds whlch ar¢ 1¢ b& used in accordance wllh specllic restricllons imposed by donors or which have b8&n raisèd by thg Gharily lor particular purposes. The costs of raising and adminislerlng such lunds ara charged againsl the specific fund. The aim and use of each restriGt8d fund Is set out in the nolas lo tho financial stalemenls. 2.3 Income All incom8 is r&cognised once ihe Charity has enliilement to the income. il is probable that the Incom8 will b8 r8c&ived and the amount ol income receivable can be measured reliably. 2.4 Exp8ndlturg Exp8ndilure is recognised once there is a legal or eonslrudive obligalion to Iransler economic benelil to a third paty, it is probable that a transfer ol economic benefits will be required in settlement and the amount ol the obligation can be measured reliably. Expenditure is classilied by activity. The costs ol each activity are made up of the total of direel costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Page 13
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnued) 2.4 Expendlture {contlnued) Govèrnanc& costs ar& thos• incurred in connection with compliance with conslitulional and slatulory rèqulrèménts. Expondilurè on charitable activities is incurred on directly undertaking the aelivilie$ which further the Charity's oblacllvgs, as well as any associated support costs. Grants payablg are charged in the period when the oller 18 mad8 excapt In those ¢eses where the oller is conditional, such grants being recognised as 8xpendilur& when th¢ conditions allaching are lullilled. Grants offered subject to conditions which have not been m61 at the parlod end are noted as a commitment, but not accrued as expenditure. All expendllure is inclusive of irrecoverable VAT. 2.5 Tanglble flxed a¥¥ots and depreclatlon Tanglbl8 fixed ass81s under the cost model are slated al hlstorical cost less aecumulaled depreciation and any accumulated impairment losses. Historical cost Includes exp8ndilurÈ that is directly attributable to bringlng the a8sel lo the location and ¢ondilion ne¢essary lor11 to b6 capable ol operating in the manner intended by management. DepreGiation is charged so as lo allocate the cost ol tangible Iix9d assets less their r&sidual valuè over Ih8ir estimated useful lives, using the stralghl-llne method. Dgprecialion is provided on the following basls.. Office 9quipment Computer equipment 20% Straight lin8 33% Straight line 2.6 Debtors Short term debtors are measured al the transaelion prlce, loss any impairment. 2.7 Cash at bank and In hand Cash at bank and in hand Includ&s cash and short-l¢rm highly liquid investments with a short maturity of three months or less Irom the data ol a¢quisllion or oponing ol the depos11 or similar account. 2.8 Llabllltles Liabllitles are recognlsad whon th¢ro is an obligation at the Statement of Financial P081tion date as a rèsult of a past evenl,11 Is probable that a Iransler ol economic benefit will be required in Settlement, and th8 amount ol th8 8@ttloment can be estimated reliably. Llabilill@s ar8 rècognised al the amount that the Charity anticipates it will pay to settle the debt or the amount il has r8ceived as advanced payments for the goods or services il musl provide. Page 14
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Accountlng pollcles {contlnued> 2.9 Flnanclal In$trumonts Th9 Charity only has financial ss8818 and financial liabilities of a kind that qualify as basic financial inslrum@nis. Basic financial instruments are initially recognised al transaction value and subsequently maasurad al their settlement value. 2.10 Op•ratlng1oas&s: th8 Charity as le88ee Flenlals paid under operating leases are Charged lo the Statement of Financial Activities on a slraight.line basis over the l&ase term. Income from donatlons Unr8$trlcted Rèstricted funds funds 2023 2023 Total funds 2023 The PrS8m Charitable Tru81 Arts Councll England - Tho Mobi19 Mus9um Project HOLBA- Take a Moment Zone Project 661,594 661,594 29,980 2,927 29,980 2,927 661,594 32,907 694,501 Expenditure on ralslng tunds Costs ot raising voluntary incorne Unrostrlct8d funds 2023 Total funds 2023 Bank charga$ 163 163 Page 15
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Other expenditure Unre$lrl¢ted funds 2023 Total funds 2023 Advertising Printing and stationary Cleaning 2,988 1,09e 553 2,988 1,096 553 k lj Entertainment 181 11,924 4,039 426 181 11,924 4,039 426 Hotel, travel and $ub$i$lenGe Insurance Computer expenses Rent R6palr$ and malnlenanc@ R@allsèd curroncy gains D8pr8ciallon 25,459 118 19 297 25,459 118 19 297 47,100 47,100 Expendlture on ¢harltable actlvltlos undertaken Actlvltles undertaken dlrectly 2023 Support costs 2023 Total funds 2023 Arts Councll England Heart of London Busin8ss Alllan¢o Chaiilable activities 12,140 2,927 17,840 29,980 2.927 135,243 135,243 15,067 153,083 168,150 Page 18
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Expenditure on charitable activitigs undgrtakgn Icontlnued) Analysis of support costs The Moblle Museum Proleet 2023 Charltable actlvltles 2023 Total lunds 2023 Slafl salaries Staff tralnSng Legal and professional Governance costs 17,840 110,771 2,564 9,570 12.338 128.611 2,564 9,570 12,338 17,840 135.243 153,083 Some slalf costs relale lo multiple charftabla prol8d$ throughout the year, Audltors, remuneratlon 2023 Fè&$ payablo to tho Charily's auditor for the audll ol th8 Charity's annual accounts 4,800 Staff costs 2023 Staff salaries 128,611 Th@ avarage number of porsons employed by the Charity during the period was as lollows: 2023 Operation staff Page 17
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Staff costs (continued) The numb8r ol employeas whose employee ben&flts lexcludlng omployar p9n$ion costs) excg8ded £60,000 was: 2023 In the band £60,001- £70,000 Trustees, remuneratlon and expen888 During the period, no Trustees recelved any remunerallon or othèr bonèlltS. During the period ended 31 December 2023, no Trust8e 8xp8ns88 havo b¢•n in¢urrod. 10. Tanglble tlxed a8get8 Olflc9 èqulpmont Compulor equipment Tolal Cost AdditSons 652 2,392 3,044 AI 31 D8C8mber 2023 652 2,392 3,044 Deproclatlon Charge lor the period 57 240 297 At 31 December 2023 57 240 297 Net book value Al 31 Decomb¢r 2023 595 2,152 2,747 Page 18
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 11. Debtors 2023 Due wlthln one year Rent deposits Prepayments and accrued Sncome 10,293 11,793 22,086 12. Credltors: Amounts falllng due wlthln ona y&ar 2023 Trade creditors Other laxalitsn and soGial socurlly Olhgr erodilors Accruals and dèferrèd income 8,100 10,352 1,700 17,804 37,956 13. Statement of fund8 Statement of tunds . eurrent perlod Balance at 31 December 2023 Income Expendllure Unrestrlcled funds General Funds - all funds 661,594 1182,506) 479,088 Restrlcted funds Restricted Funds - all funds 32,907 132,9071 Total of funds 694,501 (215,413) 479,088 Page 19
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 14. Summary of funds Summary of lunds . current perlod Balance at 31 December 2023 Income Expenditure General funds Restrlctad funds 661,594 32,907 1182,506) {32,9071 479,088 694,501 {215,413) 479,088 15. Analysls of net assets b8tween lundA Analys18 Ot n8t 8S88ts between funds - currant porlod Unr•strlct8d funds 2023 Total lunds 2023 Tangible lixed assets Current ass•ts Creditors due within one year 2,747 514,297 137,9561 2,747 514,297 137,956) Total 479,088 479,088 16. Reconclllatlon of n8t movernent In tunds to nel cash flow from operallng actlvltles 2023 Nel income for the period la8 per Statement ol Financial Activiliesl 479,088 Adlustments for: Depreciation charges Increase in debtors Increase in creditors 297 {22,0861 37,956 Net cash gen8rated frorn opgratlng actlvlties 495,255 Page 20
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 17. Analysis of cash and cash equivalent$ 2023 Cash In hand 492,211 Total cash and cash equlvalents 492,211 18. Analys18 of changos In net d8bt At31 December 2023 Cash flow8 Cash al bank and In hand 492,211 492,211 492,211 492,211 19. Op8ratlng lease commltments Ai 31 December 2023 the Charliy had commilmanls lo mak9 future minimum lease paymen18 under non- cancellable opèralino leases as follows: 2023 Not later than 1 year 20,478 Page 21