Charity Registration No. 10202489 Company Registration No. CE031818 (England and Wales) ART EXPLORA UK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ART EXPLORA UK LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Honourable AAllemandi F Jousset, Chairman K Zemtsova Charity number 10202489 Company number CE031818 Registered office Newwing Somerset House Strand LDndon WC2R 1LA Auditor Ward Wlliams Limited Belgrave House 3943 Monument Hill Weybridge Surrey KT13 BRN Bankers HSBC UK Bank PIC 1 Centenary Square Birmingham Unitèd Kingdom B1 1HQ
ART EXPLORA UK CONTENTS Page Trustees. report Statement of Trustees, responsibilities Independent auditovs report Stslemenl of finan¢ial actlvilie5 Balance shéèt Notes to the financial stslemenls 10-19
ART EXPLORA UK TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees presenttheir report and financial statements for the year ended 31 December 2024. The finanoal ststemenls have been prepared in accordance wth the accounting policies Set OLJt in note 1 to the financial Statements and comply with the charity's governing document. the Companies Act 20D8 and 'Accounting and Reporting by Charities." Sl*emenl of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 3pplie3bl& in the UK and Republic of Ireland (FRS 1021" las amended for accounting peri¢d5 commenrAng from 1 January 20161. Objectives and activities The tharity's objects are to advanGe the arts and culture by increasing access and public èngagement, promoting the positive soaal irnpact of art, and supporting cultural institutions, a5 well as artists in the creation ol contemporary art. The tharty was founded by French philanthropist Frédéric JoiJ55el a3 the counter part to his charitable foundation established in Frall in 2019. Both organisations share the same mission, and cooperate on some programmes, but are separately incorporated and operate according lo local law. Fréderic Jousset pledges to nd the core operations of the charity, and is prepared to increase his support where new initiatives are closely aligned with the charity's mission. However, as the charity grows, there is the expectab.on to decrease reliance csn a 801e funder. and diversify the support base, increasing the futurè SLJStainability of the charity. The Trustees meet regulady to discuss current programmes and potsntial new partnerships, 38 well as lo consider other sources of fvnding. The Trustees have paid due regard to guidance issued by the Charity Commission in decAding what activrties the charity should undertake. Achievèments and pgrform8nce Maln Achrevements 2024 was a pivotal y&ar for Art Explora UK, marked by growth. new partnerships and deeper engagèment acT05S all programmes. The charity advanced its mission to widen access lo the art5, particularfy for under-represented communities and young people. Time Odyssey became a fvlly managed Art Explora UK initiativÈ, delivering national museum participation for UK schools," the partnership with V&A East established iwo major multi-year programmes,. and the Mobile Museum achieved record audiences during ils UK lour. The Art Explora Academy extended glob81 digitsl le2ming, while the Community Programme delivered creative a¢tivty in ¢are setbngs and family hubs. The role of volunteers remains integral, with the numbers of volunteers increasing year on year. Collectively, these programmes dBTnonstrale the charity's continued commitment to accessibility, innovation, and collaboration in connecting people with art. Time Odyssey In 2024, Art Explora UK assumed full responsibility for the delivery of Time Odyssey, previoLJsly co-managed with the BrÈbsh Museum. The programme expanded to five regional museum5 IRAMM, Exeter., North East Museums, Newcastle and South Shields., YoTkshire Museum, York., Manchester Museum), completing 150 school visits and engaging 5,739 participan15. Evaluation confimied strong educational impact and teacher sab"sfaction. The Time Odyssey app was upgraded with improved gamification and a¢sSibl11(y, and 73 sthools benefitted fnxn transport grants. Programme branding, learning materials and promotion31 film8 were completed, with presentations at the Museums Association conference in Leeds. FLJiurÈ plans include national expansi across Scotland, Wales and Northem Ireland, th& developrnenl of a longitudinal study with a UK university, and enhancements lo the app for family audiences. Time Odyssey is now Art Explora UK'S flagship leaming initi'ative, combining digital innovation and cultural aeSS lo engage schools and museums nationwide.
ART EXPLORA UK TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 V&A East Partnership Art Explora UK formalised a major new partnership with the V&A East in October 2024, commrtbng £849,000 over four years lo two programmes.. the Art Explora Artisl Commission ayjd th6 Art Explora Performing Arts Prograrnme. The Artist Commission, delivered collaboratively with the V&A team, will produce a large-scale public artwork for V&A East opening in 2026. Ajury chaired by leading curators sholsted seven arbsts, with thè final selection due in March 2025. The Perfomiing Arts Progr8mme. in partnership with a local performing arts company will begin in 2025-26, engaging young people in creative performance and co-production. Thig collaboration represents a strategic investment in contemporary artistic practice and youth engagement, strengthening Art Explora UK'S role in supptsrting nèw work snd expanding cultural participation in East London communities. Mobile Museum UK Tour 2024 The 2024 Mobile Museum tour, a p8rtnèrshrp th Tate and Mumo, travelled to 13 UK locatic5 from FebNary to May, doubling preVioS attendance to 8,346 visitors. The exhibition provided a high-qualty art exhibition in an accessible mobile gallery format, achieving 95% visrtor satisfaction and 86% intent lo r&visit local museums. Improved planning reduced average weekly costs by 14% while increasing diverslty and Incluslon. Following Tate's wthdraw81 from future tours, the next UK programme is postponed lo 2026 to allow development of a new exhibition and collections partnership, wrth discussions UndeaY w+th the Govemmenl Art Collection. The project remains a leading example of cultural mobility and community outreach, succ@ssfiJlly exiending access to art for audiences often exduded from conventional gallery experiences and successfvlly launching a compelling model for touring national collections more widely. Art Explora A¢ad•my Art Explora UK launched a new digital learning course for the Art Explora Academy, Art of the Every6ay.' Modem and ConteMpory Still knfe, inspired by the UK Mobile Museum exhibition. Developed with Tate educator Tina CoTri. the course attracted over 3,200 page views and 1,094 leamers, achieving a 51% complelicn rate. The course extended the Academy's bilingLJal eonlent and deepened links beeen live exhibitions and online learning. The Acaderny continues to strengthen Art Explora's edijeational mission, offering free, hTrgh-quality cultural learning worfdwide through aceessible, digital engagernenl with art. Community Programme The Community Programme reached over 2,300 residents. stsff and volunteers a¢r05s care homes, hospitals and family hubs. Arts at Home delivèrsd 183 $8ssions in 20 care settings., Art Explorers at... ran 11 ojltural outings wfih partners sÈJth as Vvhilechapel and Hayward Galleries., Theatre at Home and Music al Home introduced Ilve perfornian and musc residencies. Mini Art Explorers provided creative sessions for earfy years children in Walthamstow libraries. Two new 2025 pilots with Hospital Rooms and Bright Futures UK will exiend arts 8cce55 in healthcare and hospital settings. Despite staff changes. programme continuity remained strong, reinforang Art Explora's goal of reducing isolation and enhanang wellbeing through creative partiapation in evèryday community life. Volunts•rs Volunteers remain fund8mental to Art Explora UK'S delivery, with 271 engaged during 2024, an in¢rease from 235 the previous yea¥. Recruitment expanded through tsrgeled campaigns, online webinars and partnerships wf(h local voluntary networks. Monthly inductions supported active volunteering across Arts 8t Home and Mini Art Explorers. Volunteers contributed signrficanly to care, family and mMUnItY programmes, providing indusive and intergeneralional engagement. Their contribution Continues to underpin Art Explora'g th8rft8ble mission of promoting partipatIOn, connection and creativty through shared cuKural experience.
ART EXPLORA UK TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial review Going ¢on¢ern After making appropriate enquiries, the Trustees have a reasonable expectation that thé Charity has adèquatè resources to eontinue in oper8tional existence for the foreseeable future. For this reason, they continue to adopt the gling concern ba51s in preparin9 the financial statements. Reserves policy The Charity maintsins 8 gen8r81 fund that is u8e¢J to SUPPOrt various projects aimed al achieving its objectives. As at 31 Decernber 2024, the Charity had free reserves in the general fund of £509,21512023'. £479,088). The Trustees consider that a minimum of £100,000 should be retained in readily realisable funds in order lo rneel currènt and likely futur8 commitment for al least the next twelve months. Financial risk management objectives and policTres The Trustees have assessed the major risks to which the Charity is exposed, in particular those related lo the operalic>ns and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Risks and uncertainty facing the Charity The Trustees are responsible for the identification and management of the major risks facing the Charity. The Twslees receive monthly figures outlining the performance ol the Charity's projects and the availability of cash resources to fund future projecis. They also meet form311y on a regLJlar basis and consider anything that might undermine the capacity of the Charity to fvWIl its charitable objectives. Structure. govemance and management Art ExploTa UK is registered as a charitable company limited by guarantee and is incorporated in England and Vllales wth its registered office address at New Wing, Som@rsèt House, Strand, London, WC2R 1LA. The Charity 1$ regisleTecl as a charity wth the Charities Commission in the UK and was set up by a Trust deed. Charity number 1202489. The Trustees, who are also the directors for the purpose of comp8ny law. snd who served during the ye31 and up to thè date of signatur8 of the financial slalemenls were.. The Honour3bl& AAllèmandi F Jousset, Chairman K ZemtSOV8 The management of the Charity is the responsibility of the Trustees who are elected and co.opted under the terms ofthe Trust deed. Auditor Ward Wlliams Limited were appcinted as auditor to the company and a resolutlon proposlng that they be r appointed will be pul al a General Meeting. Dl$¢losure of Information to auditor Each of the Trustees has confirmed that there is no infomiation of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such infomiation. The Trustees. report was a proved by the Board of Trustees. F Joussè Ichair of Trustees) Dated.. 231.1012025
ART EXPLORA UK STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trust6tss. who arè alsts the dire(aor8 of Art Explora UK for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordan wth applicable law and Urited Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial 81alements for each financial year which give a trLJe and fair view of the state of affairs of the charity and of the incoming resources and applie2tion of resources, including the income and expenditure, of the charitable Company for that year. In preparing these financial statements, the Trusteès arè requId lo.. sele¢t SLJit8ble 3(Lounting poli¢ies and then apply them consistently., - observe the methods and principles in the Charities SORP., make judgements and estimates that are 8$Oable and prudent., and prepare the financial statements on the going concern basis unless it is inappropiiate to presume that the tharily 11 conllnue in operation. The Trustees are responsible f¢r keepng adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are al$0 responsible for safeguarding the assets of the Gharity and hence for taking reasonable steps for the prevention and detection of fraud and other iTregularities.
ART EXPLORA UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ART EXPLORA UK Opinion We have audited the financial ststements of Art Explora UK Ithe 'charity'l for the year ended 31 December 2024 which comprise the statement of finanaal activities, the balancé shèÉt 8nd th8 notès to the finanaal statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in thr preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting StandErd 8pplicable in the UK 3ncS RepubliG of Ireland (United Kingdom GenerallyAc¢epled Accounting Praclicel. In our opinion. the financial statements.. give a true and fair wew of the state of the charitable company's affairs as at 31 Decèmber 2024 and of its incorning resoLJrces and application of restsurcÉs, for the year then ended," have been Pperfy prepared In accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wtth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordancè with IntÈrn*ional Standaids on Audrting IUKI IISA8 IUKII and applicable law. Our responsibilities under those standards are furth8r described in the Auclitorfs spOnSIbl11t1eS for the audit ol thg accounts sects.on of our report. We are independent of the chariiy in accord3ncE Wlth the ethical requiTernents that are relevant to our audit of the accounts in the UK, induding the FRG'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance rith these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis foT our opinion. Conclusions relating to going concem We have nothing tD report in SpeCt of the following rnatters in relation to which the ISAS IUKI require us to report lo you where_. the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is not appropriate.. or the Trustees have not disdoged in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concem basis of accounting for a period of at lea51 twelve months from the date when the financial statements are authorised for issue. Other information The Trustees are responsible for the other information. The other information cornprises the inforrnation induded in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the fin3n¢ial statements does not cover the other information and we do not express Any fomi of assurance condusion Ihereon. In connection with Dur audit of the financial statements, our responsibility is to read the other informatlon and, in doing so, consider whether the other information Is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otheISe appears to be materially misstated. If we idèntify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial ststemenls or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other lnlom13tlon. we ¥e required lo report that fact. We have nothing to report in this regard. Matters on which wè arè rèqulred to report by exception We have nothing lo report in respect of the followng matters in relation to whith the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the infomiation given in the financial statements is inconsistent in any mateTial respect th the Trustees, report,. or sufficient accounting records have not beèn kept,. or the financial 5t31emenls are not Tn agreement with the accounting records,. or we have not received all the information and èxp13n8bons we require for our audiL
ART EXPLORA UK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ART EXPLORA UK Responsibilities of Trustses As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the ¢harty for the purpose of company law, arè responsible for the preparation of the finandal statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial Ststemenls that are free from material misslatemenl, whether due to fraud or error. In preparing the financ4al statements, the Trustees are responsible for assessing the charity's ability lo continue as a going Concern, distslosing, as applicable, matters related to going concern and using the going concem basis of accounting unles5 the Trustees either intend to liquidate the chayrtable cDmpany OT to cease Dperations. or have nD realistic alternative but to do so. Auditorfs responsibjilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Aci 2011 and report in accordance with the Act and relevant regulations made or hawng effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in aCCDrdan with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are con5idored m3teiial rf, individually or the aggregate. they could ieasonably be exKEcled to intluence the economic decisions of users taken on the basis of these financial ststements. Irregularities. including fraud. are instances Df non-complian wlh laws and regulations. We dewgn procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, induding fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud. is detailed below. The objectives of our audit are to identify and assess the risks ol material misstatement of the financial statements due to fraud or error." to obtain sufficient appropriate audit evidence regarding the a55essed rTsk5 of maleNal misstatement due to fraud or eThor', and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that materi81 mi551atemenls in the finanaal ststements may rt be detected, even though the audit is proper5y planned and perfomied in accordance with Ihe ISAS IUKI. In identifying and 8s3e55ing risks of material misslatemenl in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures induded the following.. obtained an understanding of the legal and regulatory frameworks applicable to the charitable company and the sector in which they operate. We detemiined that thè following were most significant., the Companies Act 2006 and the Charitie5 Act 2011. We obtained an understanding of how the company are complying with those legal and regulatory frameworf(s by making inquiries to the management of the charitsble company. We corioboraled oui inquiries through our review of ¢DrregpondencE during our audit work. Wè assèssed the SLJs¢eptibility of th8 charitable company's financial 8l*ements lo m8leri81 misstatement, induding how fraud rnighl occur. Audit prOdureS perfomied included.. identifying and ass8ssing thè désign effectiveness of controls managervent has in pla¢e to prevent and detect fraud., understanding how those charged with govemance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process., challenging assumptions and judgements made by managernent in ils significant accounting eslimales., identifying and testing journal entries, in particular joumal entries posted wth unusual account combinations,. and assessing the extent of compliance wlh the relevant law3 and regulations.
ART EXPLORA UK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ART EXPLORA UK A fijrther de8¢riplion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http'.IlvAm.frc.0rg.Uk1audltorsre$p0nsIbIIilIe$. This description fomis part of our audrf£o¢5 report. Usè of our roport This report is made 501ely lo the charity's Iruslees, as a body. in accordance wvch part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work hats been undertaken so that we might slate lo the charity's trustees those matters we are required lo stsle lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the ct)arlty and the charty's trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Colin Hamllton Isenitsr Statutory Auditor) for and on bèhalf of Ward Williams LÉmit¢d Chartered Accountsnts Statutory Auditor Belgrave House 3943 Monument Hill Weybridge Surrey Kf13 8RN Ward Williams Limited is eligible for appointment as auditor of thè charity by virtue of its eligib.lity for appointment as auditor of a Company Under of sè¢lion 1212 of the Companies Act 2006
ART EXPLORA UK STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted lunds funds 2024 2024 Total fund5 2024 Totsl funds 2023 Note Income from.. Donations 1,201,922 1301.922 694,501 Expendlture on.. Raising funds Charitable a¢tivities Support Costs 1,4n 1,073,405 96,912 1,478 1,073AOS 98,912 163 168,447 46,803 Total expenditure 1,171,795 1.171,795 215,413 Recon¢lllatSon of funds: N8t rnOV8m8nt in fullits 30,127 30,127 479,088 Total funds brought fomard 479,088 479,088 Totsl tunds carried torward 509,215 509,215 479.088 The Siarement of Finandal Activfties includes all gains arKI losses recognised In the period. The note5 on pag8s 10 to 19 fortn part ol Ihes8 financial stat8ments.
ART EXPLORA UK BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets Investments 150,723 100 2,747 10 Current assets Debtors Cash at bank and hand 27.989 470.554 498,543 22,086 492,211 514.297 Creclilois.. amounts lalling due within orTr8 y8ar Net curient assets 12 37,956 358.392 476,341 Nèt ès$ots S09.215 479,088 Charityfunds Unrestri¢ted funds Restrietsy fund5 13 509.215 479,088 Total funds 509,215 479.088 The charity is 8nli118d to th8 8xemption Iroffl the audit r&ouirgmenl contained in se¢tyon 477 of the Companies Act 2006, for the year end8d 31 Dec8mb8r 2024, although an audit has b8en carri8d out under seelion 144 of the Charities Act 2011, No memb&r tsl the charity has deposit8d a notic8, ptsrsuani to section 476, quIrIng an audit of these financial statements urthr the reqU1ments of the Companies Act 2006. The Trust888 acknowlgdg8 Ih8ir responsibilities for &nsurinG that the charity ke8P8 accountir rECDrds which comply with section 386 01 the Act and lor preparing financial statements which gwe a tFUP and fair vi8w of the State of affairs of the charGty as at the erKI of the financial year and of its incoming resources and applKalion of resource5, including it5 income and 8XP8nditure, tof the fSnancial year in accordance with the requirements of s8ctions 394 and 395 and which otherwise Comply with the requirements of the Companies Act 2006 relating to financial 5tatetrEllt5, so far a5 applicable lo the charity. These financial slatemenfs have been PrePad irl accordance with the provisions applica£ to companies subject tu the small CDmpanies regim8. Th8 linancial statements were approved by the Trustees on 231.1012025 F Jousset Chair of Trustees Reolstere(I number- CE031818 Th8 notss on pag85 10 to 19 forrn part of th8S8 financial statements.
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infomiatlon Art Explora UK is a charitsble ctrmpany limited by guarantee incorporated in England and VVale8. The registered office is New Wng, Somerset House, Strand, London, WC2R 1 LA. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing docuTnent, the Companies Act 2006 and 'Accounting and Reportit)g by Charities." Ststement of Recommended Practice applicable lo char((les preparing their accounts in accordance with the Financial Reporting Standard pplicable in the UK and Republic of Ireland (FRS 1021° (as amendéd for accounling periods commencing from 1 January 20161. The tharity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantag8 of tha provisions in the SQRP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. Tha financial stBtements are prepared in sterfing, which is the functional currency of the tharity. Monetary amounts in these financial statements are rounded to the nearest £. The finanaal statements have been prepared under the hlslorlcal cost convention. The principal accounting policies adopted are set Olrt below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that tho charlty has adequate resources to continue In operational existen for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the linancial statements. 1.3 Charitable funds Unrestricted funds are available for use at the dls¢relion of the Trustees in fvrtherance of their charitable objectives unless the funds have been designated for olher purposes. Restricted funds are subject to speafic conditions by donoTS as to how they may be used. Th& purp)ses and uses of the restricted funds are set out in the notes tu the financial statements. 1.4 Income Income is recognised when the charity is legally enlilled to il 8fter any performance conditions have been rnet, th8 amounts can be measured reliably, and it is probable that income will be re¢eived. Cash donations ar# recognised on reTript. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legaaes 8re recoynised on receipt or otherwise if the charty has been notified of an impending dSstribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expenditur• Expenditure 1$ recognised once there Is a legal or constructive obligation lo transfer economic benefit to a third party, it 18 probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expendrture is classified by activty. The costs of each 3th.vty are made up of the tolal of direct costs 8nd shared costs. inc5uding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. 10-
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Govemance costs are those incurred in connection th compliance with ¢onslilutitsnal and statutory quirements. Expenditure on charitable activities is incurred on directly undertaking the a(*wilies which furthei the Charity's objectives. 85 well as any support ¢t)sts. Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional. sucki grants being re¢ognise(l as expenditure when ihe conditions attaching are fulf Iled. Grants offered subject to conditions which have not been met at the period end are noted as a cornmitmenl, not accrued as èxpendilurÈ. All èxpenditure is inclusive of irrecoverable VAT. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al c051 or valuation, net of depretion and any impaiTment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and frttings Computers 20Vo straight line 33% straight line The gain or loss arising on tre disposal of an asset is determined a5 the difference between the sale proceeds and the carrying value of the asset, and 18 recognised in net income/lexp8ndilurel for the year. 1.7 Impalrniènt of fixèd assèts At each reporting end dale, the charity rewews the carrying amount5 of ils tangible assets to determine whether the is any indication that those assets have guffered an impairment loss. If any such IndatiOn exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equival8nts Cash and cash equivalents Indude cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrDwings in current liabilities. 1.9 Financial instrum8ntx The Gharity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and seCtn 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Finanaal instruments are recognised in the charity's balance sheet when the charity becomes party lo the eontractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when therè is a legally Ènforceable right to set off the recognised amounts and there is an intention to settle on a net basis Dr to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which incjude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently rrIed at amortised cost using the effective interest method unless the arrangement constilLrte5 a financlng transaction, where the transartion is measured at the present value of the future receipts discounted at a market rate ol interest. Financial assets classrfied as receivable within one year are not amortised. 11
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilib"e5, induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measLJred at the present value of the future payments discounted at a market rate of interest. Finanaal liabilities classified as payable within one year are not amorti5ed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or semces that have been acquired in the ordinary course of operations frorn suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as non-cuThenl liabilities. Trade creditors are recognised initially at transactlon pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial li?bllitl¢s Financial liabilities are derecognised when th& ch3rily'8 ¢onlraclu¥l obligations expire or are discharyed or cancelled. 1.10 Leases Rentals payable under operating leases, induding any lease incentives received, are charged lo income on a straight line basis over the term of the relevant lease. 12
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMETrllS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donalion¥ un$1cted Re$trl¢ted fund$ tund$ 2024 2024 Total ftJnd$ 2024 Toial funds 2023 Mr F Jou859t, TnJ5t89, via The Prism Charitable Trust Arts Council England- Th8 Mobile Mus8um Proj8el HOLBA- Take a Moment Zone Project Donated assets Other 1,000,000 1,000,000 661,594 29,980 2,927 198,646 3,276 198,646 3.276 1,201,922 1,201.922 694,501 For the period &nded 31 December 2023 861,594 32,907 694,501 Donated assets were transferred from The British Mu5eu¥n with a value of £198,646, con5iStiTrg of ollice and computer equiptnent have been capitalisEd during the year. Expenditure on raising lund$ Unrestricted Restrlcted fund8 funds 2024 2024 Total funds 2024 Totsl lund5 2023 8ank Interest and charges 1,478 1.478 163 1,478 163 For the period end8d 31 Dec8mb&r 2023 163 163
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Oth¢rexpenditurÈ Unrestrlcted Restrlcte funds lunds 2024 Totsl funds Totsl lunds 2023 2024 2024 Advertisi Printing and stationery GleanirvJ Entertaintnent Hotel. travel and subsistence Insurance Computsr expenses Rent Repair8 and mainlgnanco Realised currecY gains Subscriptions Sundry expenses 26,205 1,686 2.903 1.401 3,151 4,651 9,058 45,181 124 26,205 1,68 2.903 1,401 3,151 4,651 9,058 45,181 124 2,988 1,096 553 181 11.924 4,039 426 25,459 118 19 2,301 382 2,301 382 96,912 96,912 46,803 For the period ended 31 December 2023 46.803 46,803 Expenditure on charitable aetivities undertaken Activities undertak?n Support costs 2024 Total lunds 2024 Total funds 2023 2024 Arts Council Enoland Heart of London Busines$ Alliance The British MuseuFn Partnership The V&A Museum Charitable activth88 29,980 2,927 206,959 124,000 206.959 124,000 742.446 742,446 135,540 330,959 742.446 1,073,405 168,447 For the period ended 31 December 2023 15,067 158.880 168,447 14
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on chaiilable acfivilies undertaken Icontlnuedl Charitable Charitable activitie5 activities 2024 2023 Staff sarleS Staff training Othgr staff costs and volunteers Advertising Learning tnalerials and consultancy Logistics Hol81, tiavel and sub518t8nC8 Legal and professional Sundry expenses Depr8eiation Governance costs 286,487 1,766 38,585 80,623 20,2B5 117,841 35,750 53,435 7,536 70,359 29,779 128,611 2,564 9,570 297 12,388 742,446 153,380 Some staff costs relate to ltiple charitable proj8Cts throughDUt th8 yeaT. Audltor$' remuneratlon 2024 2023 Auditorfs r98r&I1Orn 13,200 4,800 Staff costs 2024 2023 Stsfl salarie8 286,487 128,611 The av8r8ge numbgr of persons employed by Ihe Charity during the period was as follows.. 2024 2023 15
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAFI ENDED 31 DECEthqBER 2024 Staff costs {Continuedl The number ol employees whose employee ben81its 18xcluding 8rnploy8r p8nsion costs) exce8ded £60,000 was.. 2024 20rJ In the band £60,001 £70,000 In th& band £70.001 £80,000 In the band £80,001- £90,000 Tru$tee$' remuneratlon and expen$e$ No Trustee received any remuneyab.on or other benefits in thè yèar or in the prior period. No Trustee received any exp8n56s in th8 ygar or in the prior period. Tangtbl• fixo(188$ets Offic8 Computer equlF)ment equlpment Totèl Cost At 1 January 2024 Addthons Disposals 652 25,499 2,392 192,836 3,044 218,335 At 31 December 2024 26,151 195,X8 221,379 Depre¢iètion At 1 January 2024 Charge for the period On disposals 57 4,284 240 66.075 297 70,359 At 31 Deffrt)er 2024 4.341 66,315 70,656 Net book value At 31 December 2024 21,810 128,913 150,723 At 31 Dernber 2023 595 2.152 2,747 16
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Investmonts 2024 2023 Art Explora UK LiMit8d 100 During the year the Charity acqulred 100°k of the share capital in Art Eyplora UK Limited, a Llormant company incorporated In England and Wales, Debtors 2024 2023 Rent deposits Prepasmènts and &ccnJed incom8 10,293 17,696 10.293 11,793 27,989 22,086 12 Creditors.. Amounts talling due within one year 2024 2d Ttade creditur5 Other taxation and So81 security Other creditors Accruals and d8ferred incorne 97.347 8,794 1,637 32A73 8.100 10.352 1,700 17.804 140,151 37.956 17
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Statement of fund8 Balance at Balance at 31 Income Expendlture December January Current ar UtFre5thcted funds Reslri¢led funds 479,088 1.201,922 1,171,795 509,215 Total luhd$ 479,088 1,201,922 1,171,795 509,215 Precedlng perlod Unr8Strict8d funds Restricted funds 861,594 32,907 1182,5061 132,9071 479,088 Total fund$ 694,501 1215,4131 479,088 14 knalysls ot net assets between tunds Unrestricted Restricted lunds lunds 2024 2024 Total funds 2024 Current year FIx8d assets Current assets Cr8ditors du8 Wlthin on8 y8ar 150,823 498,543 1140,1511 150.823 498.543 1140.1511 Net assets 509,215 509215 UnrestriclEd Restrfcled funds tunils 2023 2023 Tolal fund$ 2023 PrdIng period Fixed as5eis Current assets Creditors due within one year 2,747 514,297 137,9S61 2,747 514,297 137,9S61 Net assets 479,088 479.068 18
ART EXPLORA UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Opèrating lea$è commitments At 31 D8cernb8r, the Charity had commitments to make fulurg minimum lease payrnents under non- canc811ablg operating 19as88 as follows.. 2024 2023 Within one year 8etW68n Iwo and fN8 year5 25,732 19,928 20,478 45,660 20,478 16 Related partytransactions During the year under reviBW the Charity receried donation5 amounting to £1,000,000 12023.. £661,594) from Mi F Jousset, Tiuslee, via The Prism Charitable Tru51. 19