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2022-03-31-accounts

Company number: 02137427 Charity Number: 518992 esea contemporary Ltd Formally known as Centre for Chinese Contemporary Art Ltd Report and financial statements For the year ended 31 March 2022

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Company number 02137427 Charity number 518992 Registered office and operational address Market Buildings, Thomas Street, Northern Quarter, Manchester, M4 IEU Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows.. Nicholas Buckley Wood Chair (appointed to Board 01 Feb 2020, appointed as Chair 01 February 2022) (appointed 17 August 2018) Philomena Lee Yuen Chen (appointed on 18 March 2022) Bonnie Sue Yin (appointed on 18 March 2022) (acting Treasurer from 31, March 2021) Treasurer (appointed on 12 May 2022) (appointed on 22 May 2022) (appointed 13 July 2022) Vice Chair (retired 21, May 2021) th (retired 11 May 2021) (retired 21st May 2021) (retired Ilth May 2021) (retired 3rd March 2022) (retired 3rd March 2022) No trustees held title to property belonging to the charity during the reporting period or at the date of approval Patrick Alexander Christopher Lau Simon Ying Hua Li Yung Yuen Ma Wenkai Xu Menaka Munro Susan Pui San Lok James Turner Kwong Lee Tessa Jackson Allan Walker Key management personnel Thanh Sinden Interim Executive Director (from 16 September 2021 to 31st May 2022) Director and Company Secreiary {to 315L August 2021) Zoe Duiibai- James Byrom th Operations Manager (to 16 April 2021) Finance Manager (and company secretary from 10th September 2021 to 28 Ih May 2022) CAF Bank Ltd, 25 Kings Hill Ave, Kings Hill, West Malling, Kent ME19 4JQ Margaret Hobbs Bankers

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Auditors JT Accountants Limited, Flat I Sir Matt Busby Way, Old Trafford, Manchester, M16 OQG Note In this report, the charity is mentioned as 'CFCCA' for 'Centre For Chinese Contemporary Art,, a name that was effective in the reporting period. The trustees present their report and the audited financial statements for the year ended 31 March 2022. Included within the trustees, report is the directors, report as required by company law. Reference and administrative information set out on page I form part of this report. The financial statements comply with current Statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts following FRS 102. Objectives and activities In 2021, the charity's objectives were to set a consolidated foundation in terms of its approach to People Management and EqLSality and Diversity to better continue its mission of advancing the education of the public in contemporary Chinese arts and culture and to support such charitable purposes as the association may determine. The Centre carried out a revisioning project and internal audit to achieve this while creating a recovery plan to resume its legacy of promoting and enhancing Chinese arts and culture within the UK. The trustees review the aims, objectives, and activities of the charity each year. This report focuses on the achievement of the charity, and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes. The Centre for Chinese Contemporary Art (CFCCA) emerged 36 years ago as an artist- initiated, community-oriented arts festival in Manchester. Todayi CFCCA remains a unique organisation in the UK dedicated to presenting and platforming art practices that are informed by East and Southeast Asian (E5EA) cultural experiences. Situated in a RIBA award-winning building in the heart of Manchester, CFCCA has delivered high-quality public programmes, including exhibitions, talks, screenings, residencies, performances, and other positive forms of community engagement for over 36 years. This is achieved both on-site through exhibitions, events and residencies and externally through engagement and partnership projects. On multiple occasions during our history, the organisation has shifted its mission, approach, and home. We now find ourselves at another juncture.. a moment to take action, reflect on our model of cultural production and consider how we can best speak to societal needs to ensure our work is both effective and relevant now. 2021-22 was a seminal year to complete this chapter of change inspired and informed by the outcomes and principles of Arts Council England (our main public funder)'s Let's Create Vision and the dynamlc leadership of a new Chair of Trustees.

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Our focus has been to work on improvements to strengthen the organisation and stabilise its leadership in order to grow and renew. We have taken actions and updated our live monitoring plan for organisational development as part of our roadmap to building a new institution. Key areas of developments and improvements were in strengthening governance and appointing new senior leadership of the organisation. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In pa rticular, the trustees consider how planned actlvities will contribute to the aims and objectives that have been set. Activities The Centre for Chinese Contemporary Art building was closed for most of the prevlous year due to Covid-19 and the complex revisioning project pushed the closure further affecting the reporting period. However, the Centre is scheduled to reopen in early 2023 once the recruitment of key staff is complete. Dumpling Social Club The Dumpling social Club is a fortnightly art club open to the elderly (50+) members from local communities which is the longest community-oriented project initiated by CFCCA. With over 880/0 of participants aged 60 - 71 years old and 69010 engaging with the project to socialise and meet new people, levels of reported loneliness in participants has decreased by 400/0 With 29 engaging from 5 Greater Manchester districts which include some of the most deprived areas of the city region. Throughout the pandemic, the Dumpling Social Club members continued to meet up virtually and gained confidence in experimenting with various mediums of artmaking, The experience of collective art making has also generated a restoration of soclal bond during times of isolation. Social Media Social media spotlights on artists.. a series of 'throw back5, Posts on Instagram and twitter of past projects and delve into the archives for works presented by artists through the years as an online engagement and continued amplification of artists, work and their visibility. Recruitment In preparation for transformative change the appointment of a new Board and Director are crucial to the delivery of the change we have committed to make. We've been focused on our goal of bringing in vital lived experience, knowledge and skills of Chinese contemporary culture and arts to ensure this next phase of organisational change will be led and informed with authenticity and agency to inquiry a new direction for developing, platforming and creating East and Southeast Asian creativity. The work that we have been doing has been to secure and protect our resources, in creating the space and stability for the transition to happen. We had planned that in the trustee recruitment call and three open calls for key staff appointments, we would significantly address the representation of l ived experience, knowledge and skills needed to re-energise the organisation's recovery and begin exploring a new vision.

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Applicants of trustees saw a great match to the goal and were selected and appointed in May 2022. An interim Director was successfully recruited with outstanding expertise in diversity and equality consultancy with excellent ability of mitigating risks and senior management in arts and culture sector. Achievements and performance In 2021, CFCCA overcame the significant challenge caused by the pandemic, a falled revisioning project and the resulting boycott by a group of art15ts. This experience has brought the organisation both robust criticism and val uable learning. The board of trustees and senior rnanagement took appropriate actions to mitigate the risks and focus on stabilising the institution and rebuilding organisational capacity. The Board and Management team have taken this opportunity to restructure and reposition CFCCA, enable further funding investment, and begin trust building and re-engagement with the communitie5. This approach has positioned CFCCA into a hopeful future where the organisation was able to attract a high number of candidates to the Director's role and other staff appointments. CFCCA was able to hold onto all the existing funding and be in a positive position to apply for major future funding of the NPO investment. This hugp_ task has been achieved successfully. CFCCA has undergone significant organisational change. Is has strengthened the governance of the organisation with Increased lived experience of Chinese culture and heritage on the Board and the organisation's senior management team, one led by new, younger, knowledgeable, diverse and relevant leadership. These significant appointments will lead the transformation and growth of CFCCA to embed sustainable change that better serves its communities, In addition, stabilising the income of the organisation In this period was a parallel and vital objective that was delivered. Key Objectives for 2021-22 I. To strengthen the governance of the organisation, recruiting 6 new Board members, confirming its chair leadership and including a new Treasurer and people with artistic expertise in East and Southeast Asian fields. 2, To bring in new leadership to the organisation by recruiting a new Director and a new COO to steer the organisation through changes. 3. To ensure Equality, Diversity and Inclusion values are constitutive throughout the operation of the organisation. 4. To focus more resources on community engagement with the appointment of a Community Engagement and Development Manager. 5. To implement improvement plans and a new People Strategy for creating an inclusive and happy and high performing team. 6. To secure existing and future funding.

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Achievements and performance against objectives: l. To strengthen the governance of the organisation The governance of the institution has been greatly strengthened by new Board Members who have joined recently, We have a wide range of skill-sets, o_xpp_ripnref and representation of sectors on the Board. Our Board currently has eight independent members, who meet at least four times a year with an annual 'away day,. The Board members are community leaders from the ESEA local communities, strategic marketing, business development, commercial, arts and curatorial expertlse, finance and accounting. CFCCA strives to achieve a balanced Board that is representative of communities we exist to serve. Our Board is made up of 900/0 being of ESEA heritage, who bring experience and understanding of Chinese culture. We have local, regional representation in Manchester and the North-west and international connections. We continue to add further important experience and expertise to our Board and are bringing on trustees with public arts sector, local authorlty and public engagement experience. Each Board member serves a maximum of 2 terms, with a maximum of 3 years per term. 2. To bring in new leadership to the organisation for changes 2021 saw a refreshing senior leadership in the organisation. With the appointment of an interim Director who prioritised building the organisational capacity and undertaking strateglc planning, we received applications after the fi rst open call for a Director. We were close to appointing a new director, however, we could not appoint our preferred candidate and used this as an opportunity to rethink about the different possibilities of future leadership in the 2nd recrultment round. We provided some provocations to inspire and motivate a response from potential candidates about the type organisation CFCCA under their leadership could become. We were keen to attract leaders who were iull(Jborative and Inclusive in their leadership approach. We are excited by the possible ideas, collaborations and models that this call to actlon presented and successfully appointed a new Director in April 2022. We implemented a new organisational structure with other key role5, we appointed a talented and qualified Director as well as a COO to provide a strong leadership on which to build a relevant, dynamic and exciting future for one of the only institutions promoting Chinese, East and Southeast Asian art and culture in the UK and Europe. 3. To ensure Equalityi Diversity and Inclusion values are constitutive throughout the operation of the organisation This objective reflects our recognition and needs for change and transformation of CFCCA. 2021 has been a very challenging year for the organisation. As we look to learn from recent challenges and re-establish the relevance of CFCCA and its positive impact on communities, the organisation took action to redeem our position as the UK'S leading authorlty in Chinese, East and Southeast Asian contemporary art and culture that truly delivers positive value to our communities.

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 We communicated our new ambitious and progressive artistic programme and commitments with the Artist's Working Group and the wider artist community that: CFCCA will actively listen to our artists, local stakeholders and communities so we are more relevant to them and therefore, matter more to more people. We will strengthen allyship with UK and International Chinese, East and Southeast Asian diaspora communities through our cross-cultural work, allowing cultural dialogue and appreciation of cultural heritage. We want to enable artists, curators and other creatives from East and Southeast Asian backgrounds and those from disabled and lower socio-economic backgrounds to have access to support and development opportunities. We want to support the creative case for diversity in ensuring that our cultural sector draws from and reflects our diversity. We will commit to developing access and opportunities for these artlsts and creatives and help build strategic pathways for their progression and visibility within the cultural sector in the UK and internationally. The former members of the AWG (artist working group), initially convened by CFCCA to help advise on the revisioning process embarked on in 2020 had been engaged on several occasions and they have now disbanded as a group. We continued to take action to build back trust and reconciliation with the wider artist community in co-creating a vision for the future. The new Director continued to progress changes and build a new public programme from a collaborative process. 4. To focus more resources on community engagement This is one of the areas being identified as the strategic change to make in the reporting year and we created a new Community Development and Engagement Manager position to plan and oversee the delivery of CFCCA'S community engagement programme and contribute to its new development, engaging Manchester communitie5 in Chinese, East an Southeast Asian contemporary arts and culture. The role develops a programme of engagement projects including the organising and development of the Dumpling Social Club, Other responsibilities include the development of wellbeing and age friendly activities, fam ily learni ng events, workshops and tal ks in l ine with the Centre's comm unity engagement goals,. scheduling and delivery of the artist-in-residence programrne,. and overseeing displays of engagement projects and activities in the CFCCA galleries and in community settings in Manchester where appropriate. In 2021, we successfully secured a restricted funding dedicated tn wp.Ic.oming the new migrants from Hong Kong (BNO) in Manchester and this role facilitated part of a series of events for the targeted group in the reporting period and will complete the overall project in Jun 2022. The creation of this role has demonstrated CFCCA'S commitment to the community and will develop our positive impact on the wellbeing of the minority groups in Manchester at a different level.

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 5. To implement improvement plans and a new People Strategy for creating an inclusive and happy and high-performing team Due to internal and external criticisms around the issues and challenges of lack of Chinese ' lived experience, representation within the organisation, areas of concern were raised for the Board about CFCCA'S approach to People Management and Equality and Diversity. In response, the Board of Trustees initiated an independent audit, carried out by Diverse Matter5 Consultancyi into CFCCA'S Equality and Diversity and People Management policyi processes and organisational culture. The internal Audit of Policies and Processes (People Management and Equality & Diversity) was commissioned in the winter of 2020 and the review took place in the spring of 2021 with the final report being delivered in the summer of 2021. Internal and external contributions were invited as part of this process and the executive summary of the findings and recommendations was published by the Board of Trustees in August 2021 together with a statement of acceptance of the recommendations, an apology and a commitment to engage wilh the recommendatlons to enable positive change for the organisation. The board approved a new version of the Equality Diversity Inclusive Policy and created Equality Diversity Inclusion Artion Plan as the key commitment. It was also agreed that the policy will be reviewed annually to ensure it continues to advance our watch in this area. In addition, policies such as grievance, whistleblowing, lone working, stress, training and development were updated in the Employee Handbook to promote positive well-being, safety and belonging, welcomingi inclusive and diverse organisational culture. 6. To secure existing and future funding An organisational development strategy and actlon plan that was purposely created by the organlsation was approved by our main funder, Arts Council England (ACE) and with regular monitoring on progress made to improvements in policy, practice, recruitment, governance and future direction. This wa5 to stabilise the organisation's risk of losing major funding, which would put the institution's financial viability in jeopardy. CFCCA'S interim Director with the Board worked to make improvements in the governance, policy and practice as well as a compelling future plan to gain the confidence and support of major funders, especially ACE, along with Manchester City Council and Greater Manchester Combined Authority to continue their investment so that this vital and unique platform for contemporary visual representation of East and Southeast Asian arts exists for the benefit of this community and wider British society. The work successfully built a path to confidence and financial security. Financial review Reserves policy CFCCA has a reserves policy, reviewed annually by trustees, which aims to hold an unrestricted reserve to cover approximately three months, running costs. The 'Reserves

esea contemporary Ltd Trustees, annual report ror the year ended 31 March 2022 Policy, Fund which reflects this is reviewed annually so that it is more clear what reserves are available for ongoing expenditure. The value calculated for this reserve at this review was £132,274. This gives stability as the organisation revises and develops ambitious programmes due to the current situation. In light of this policy and revised projections of income and expenditure for the coming two years, the trustees are satisfied that the current general unrestricteiy reserve of £ 181,048 is sufficient. Total reserves at the year- end were £755,936, of which the total restricted funds were £49,889. Various grants and other support are awarded to support specific areas of activity and as such are treated as Restricted income. All balances of grant income awarded in 2021-22 relating to ongoing activity in future years are committed for expenditure in 2021-22. In addition, CFCCA holds funds previously designated for Capital Maintenance and for Research and Development. The Capital Maintenance fund was not called on in 2021-22, though we are aware that significant costs for the HVAC system may arise soon. The Research and Development fund is to support both exhibition research and developing fundraising and business initiatives; it was called on in 2020-21 by £3,405 to support the expansion of the Development & Marketing Manager's post. At the end of 2021-22, these designated funds totalled £32,826. In addition, the residual value of the lease on our current building, valued at £392,725, is held in a further designated fund. Key Management Personnel Within the Management structure the Key Management Personnel are identified as the Director and Chief Operations Officer, who form the 'Executive'. They join with the Finance Manager to form the 'Management Team,. The pay of key management personnel will follow this agreed banding structure until amendment approved by the Board. Plans for the future Following the audit and the advice of our stakeholders. including the newly formed Artistic Advisory Panel, CFCCA will demonstrate its commitment to institutional change and supporting i nnovative practice by embeddi ng principles of creative col laboration, care, critical reflection and community in its curatorial ethos. CFCCA is committed to delivering dynamic and ambitious programme that actively engages with transnational East and Southeast Asian artists and researchers in the UK and internationaSly, local communities and the wider public. In the next few months, CFCCA will embark on the next stage of its Revisioning process by re-launching the Centre to the public under its new identity 'esea contemporary, in early 2023. The new name indicates the organisation's profound trust in the East and Southeast Asian (ESEA) community. As a re-generated organisation, esea contemporary strives to empower artists, curators, academics, and cultural practitioncrs whose work reflects, investigates and is informed by topics pertinent to the ESEA community at large. Archiving and conveying community stories and memories are responsibilities close to the organisation's new mission, as they contribute to an inclusive cultural ecology and compassionate worldview.

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 esea contemporary's inaugural exhibition 'Practice Till We Meet, will open to the public in mid-February, which is a group show featuring works by both established and emerging artists and collectives from ESEA backgrounds. The exhibition delves into diasporic experiences and the condition of immigration, and not only presents but also creates encounters. It is a project in which artists, researchers, and activities strive to carve a space foi- voices fruiH minority communlties as well as for larger social Justice issues. A series of public engagements and events will take place throughout the exhibition, which is free to all. In addition, esea contemporary's newly converted Communal Project Space will evolve as a space for sharing, co-learning, creatingi and resting. It reflects the organisation's belief in bringi ng people together across com munities in Ma nchester, the UK and the world through the interconnectivity and empowerment ofthe global ESEA diaspora. From 2023-2026, esea contemporary plans to produce three major exhibitions per year, alongside boundary-pushing public programmes and engagements. The organisation is dedicated to presenting and commissioning exceptional artistic productions to spur dynamic critical exchanges across cultures and communities while engaging with local and global audiences. In addition, esea contemporary wi11 offer distinct opportur)ities to inspire and elevate the next generation of arts professionals and facilitate public interartion5. In all its activities it explores and initiates new ways of displaying, communicating, and researching ESEA contemporary art through inventive and collaborative approaches. The aim of esea contemporary's transformation is to provide a platform for transnational Chinese, East and Southeast Asian artistic experimentation and research,. to incubate new talent,. encourage diversity, equality and inclusion; innovate an agile, critical and collaborative approach to curatorial practice and research; promote new partnerships, research and knowledge,. and actively engage with wider audiences and local communities. Performance measures such as artist, participant and audience feedback, audience reach and satisfaction, and equality audit calls will be in place throughout this process. • Income assumptions We hope to receive the NPO funding at the same level as in previous years. Our established partners such as GMCA, MCC and Taiwan Representatives Office will continue to support us at the levels previously offered. Our additional Trusts & Foundations target is ambitious but reasonable; there is parallel un-committed project expenditure in the budget which reduces the risk associated with this target. Commercial and retail targets are well below pre-covid levels as we explore the new normal and the opportunities available. Expenditure Programme costs have been allocated broadly in the same categories as in previous years, though it is likely that the actual spending profile within those categories will take shape as the programme develops. Staff costs in both the 22-23 projection and 23-24 budget include the key Director and Artistic Curatorial roles, filled by consultants in 21-22. In 22-23, these have been replaced by

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 employees. Another consultancy (both historic and projected) is included in the total for Admin. The main change from previous spending patterns is the increased building costs anticipated from service charges as the managing agents pass on costs of insurance and remediation relating to the fire risk assessments on the block. If these are reduced, the additioiial free budget would be applied to the HVAC project, though as this is an environmental goal it would be a project for which appropriate funding would also be 50ught. No assumptions have been made about the possiblllty of covering any of this budget from restricted funds, although there is significant project funding already held to support our role as a leader in UK- China cultural relationships. Structure, governance and management The organisation is a charitable company limited by guarantee, incorporated on 4 June 1987 and registered as a charity on 24 June 1987. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of a550ciation. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees on 31 March 2022 was 11 (2021: 12). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 12 to the accounts. The existing trustee's review the membership of the Board and a51 sub-committees to ensure that a range of strengths, interests and experiences are represented. To strengthen key areas as well as to maintain numbers as members retire following our articles of association, recrultment takes place periodically using a combination of advertisement and targeted approaches. Shortlisted applicants are interviewed, and references are sought. Appointment to posts on the Board is by election, annually or as required. Induction and training are offered, depending on the individual's experience and the role's requirements. During 2021-22 there were several changes to the Board membershipi and we are hoping to consolidate soon under the leadership of the new Chair and recruit fresh expertise and insights to the Board membership. Sub-committees, consisting of a subset of Board members agreed annually by the Board, meet qLJarterly to allow detailed discussion of matters relating to HR & Finance and the Artistic Programme. These make recommendations for approval by the full Board which also meets quarterly. Day-to-day management of CFCCA was delegated to the Director, (Zoe Dunbar until 31 August 2021 and then Thanh Sinden as Interim Executive Director), who liaises regularly with the Chair and with other trustees as appropriate till 31 May 2021. From l June 2022, the new Director Xiaower) Zhu will take over the responsibility from the Interim Executive io

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Director and will form the senior management with a COO and a Finance Manager to continue effectively working with the Chair and with other trustees on the same basis. Volunteer programme In 2020-2021 CFCCA received funding from the WEA to deliver the Art of Volunteering, bringing a structured programme of activities to support unemployed residents from the Greater Manchester city region to gain employment. The project was successfully completed in 2021 and the outcomes of the programme have been extensive with many participants developing skills, experience and contacts that have led to future employment. Following closure of the gallery, all activity was delivered online with no detriment to the programme. 47 volunteers through this programme gained either CDP accredited courses or WEA level 2 qualifications. Volunteers, involvement is crucial and is greatly a ppreciated. In addition we often accommodate student placements and work experience requests. This is paused in the current finance year and will be resumed in 2022. Related parties and relationships with other organisations Following the appointments of four Artistic Advisory Panel members, esea contemporary has established new partnerships with the advisors, associated organisations, they include the Museum of Asian Art MAO (Turin, Italy), the University of Salford, the Courtauld Institute of Art, Centre for Chinese Visual Art affiliated with the Birmingham City University. e5ea contemporary will continue working with local and national creative partnerships to contri bute to festivals a nd other creative activities in Manchester such as the Manchester Internationa1 Festival (MIF), The Manchester Network for Creative and Cultural Collaboration with China (MANCCC), Wai Yin Society, and Chinese Arts Now (CAN). esea contemporary's community and engagement work will be delivered in collaboration with local aiid IldLiunal partners to contribute to the creative ecology of Greater Manchester and represent diverse communities and creative talents in Greater Manchester. In recent years the organisation has received support for its engagement work from Big Lottery Fund, Baring Foundation- Manchester City Council; and the North-west Regional Strategic Migration Partnership (RSMP). esea contemporary 15 in conversation with The Lowry and New Earth Theatre to develop an ESEA Talent Development programme in 2023-2024. It is working with the Chinatown action group, led by Manchester City Council and local businesses, to explore ways to regenerate local ESEA-owned businesses and footfall, particularly during busy seasonal periods such as Lunar New Year and the Mid-Autumn Festival. It also plans to collaborate with Queer China and the Proud Trust to create a year- long programme of LGBTQ+-focused initiatives. The organisation is developing projects with the be.sean network and Chinese Film Forum UK to platform collective thinking and to showcase a diverse range of interests and experiences across the ESEA diaspora. As part of the organisation's commitment to becoming a research hub for contemporary ESEA arts and culture, esea contemporary plans to work with academic partners including Manchester Metropolitan University, HOMELandS (Hub on Migration, Exile, Languages and Spaces) at the University of Westminster, and CREATURE (Creative Arts, Cultures and Engagement) at the London Metropolitan University. li

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 Statement of responsibilities of the trustees The trustees (who are also directors of CFCCA for the purposes of company law) are responsible for preparing the trustees, annual report and financial statements following applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. En preparing these financial statements, the trustees are required to., Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the flnancial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable company's auditors are unaware The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors JT Accountants Limited were appointed as the charitable company's auditors in 2022 and have expressed their willingness to act in that capacity. This report has been prepared in accordance with the provisions applicable to companies subject to the small companies, regime of the Companies Act 2006. 12

esea contemporary Ltd Trustees, annual report for the year ended 31 March 2022 The trustees, annual report has been approved by the trustees on 30th November 2022 and signed on their behalf by Nick Buckley Wood Chair of Trustees 13

Independent auditors' report to the members of the esea contemporary Ltd for the year ended 31 March 2022

Opinion

We have audited the financial statements of the Centre for Chinese Contemporary Art Ltd (the 'charitable company') for the year ended 31 March 2021, which comprise the Statement of Financial Activities (including the income and expenditure account), the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial

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Independent auditors, report (continued) to the members of the esea contemporary Ltd for the year ended 31 March 2022 statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 1% tn read the other information and, in doing so, consider whether the other information is materially inconsistent with the flnancial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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 information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken during the course of the audit: the information given in the trustees, report (incorporating the directors, report) for the fina ncial yea r for wh ich the financia I statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained during the audit, we have not identified material mi5Statement5 in the trustees, repoit. 15

Independent auditors, report (continued) to the members of the esea contemporary Ltd for the year ended 31 March 2022 We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion., adequate accounting recoi-ds liave not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, Annual Report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsi bi Iltles statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of flnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mattcrs related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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 accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 16

Independent auditors, report (continued) to the members of the esea contemporary Ltd for the year ended 31 March 2022 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined a bove, to detect material m isstatements in respect of irregularities, incl ud i ng fraud. The specific procedur.es for Lhi5 engagement and the extent to whlch these are capable of detecting irregularities, including fraud is detailed below: enquiry of management and those charged with governance around actual and potential litigation and claims. enquiry of the charity's staff, management and those charged with governance to identify any instances of non-compliance with laws and regulations. reviewing minutes of meetings of those charged with governance. reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. auditing the risk of management override of controls, including through testing journal entrles and other adJ"ustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a materia1 misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financia I statements, as we will be less likely to become aware of instances of non-compliance. The risk is also gr'e¢aLer regarding Irregularltles occurring due to fraud rather tha n error, as fraud i nvolves intentional concealment, forgeryi coll usion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htt www.frc.or .uk Our-work Audit Audit-and- assurance Stand rds-and- uid nce standard -and- uidance-for- auditors Auditors-res onsibilities-for-audit scri tion-of-auditors- res onsibilities-for-audit.as This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 17

Independent auditors, report (continued) to the membei"s of the esea contemporary Ltd for the year ended 31 March 2022 responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. John Ttikkirou (Senior Statutory Auditor) for and on behalf of JT Accountants Flat I Sir Matt Busby Way Old Trafford Manchester M16 Date: 29th December 2022 18

Centre for Chinese Contemporary Art Ltd Statement of Financial Activities (including income and Expenditure account) for the year ended 31 March 2022 Unrestricted funds Restricted funds Total funds 2022 Total funds 2021 Note Income from: Donations and legacies 303 303 iii Charitable activities Educating the public in contemporary Chinese arts and cultu 393,396 4,904 398,300 567.330 Other trading activities 6,178 6,178 590 Investments 425 425 738 Total income 400,302 4,904 405,206 568,769 Expenditure on: Raisin9 funds 72,797 72,797 82,323 Charitable activities Educating the public in contemporary Chinese arts and culture 259,461 25,010 284,471 374,303 Total expendlture 332,258 25.010 357,268 456.626 Net income/(expenditure) for the year io 68,044 (20,106) 47,938 112,143 Transfer between funds Net movement in funds for the year 68,044 (20,106) 47,938 112.143 Reconciliation of funds Total funds brought forward 638,003 69,995 707,998 595,855 Total funds carried forward 706,047 49,889 755,936 707,998 The stalement ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 19

Centre for Chinese Contemporary Art Ltd Company number 2137427 Balance sheet as at 31 March 2022 Note 2022 2021 Flxed assets Tangible a55ets Current assets Stock Debtors Cash at bank and in han 15 392,725 392, 725 5,559 20.266 346,593 6,611 45,856 325, 953 16 Total current assets 372,418 378,420 Liabilitles Creditors.. amounts falling due in le55 than one year 16 19,2071 (63, 147) Net current assets 363,211 315,273 Total assets les5 current liabilities 755,936 707,998 The funds or the charlty: Restricted income funds Unrestricted income funds 49,889 706,047 69,995 638,003 20 Total charity funds 755.936 707.998 I nese accounts are prepareo In accoraance witn the special provisir)ns or parr Is or tne Lompanies Act 2006 relating to small companies and constitute the annual account5 required by the Companies Act 2006 and are for circulation to tnetnbers of the cornpanv. 17 The notes on pages fyto 38 form part of these accounts. Approved by the trustees on I and signed on their behalf hy.. Simon Li (Treasurer) 20

Centre for Chinese Contemporary Art Ltd Statement of Cash Flows for the year ending 31 March 2022 Ntste 2022 2021 Cash provided by/(used in) operating activities 24 20,215 123,309 Cash tlows from investing activities.- Dividends, interest, and rents from investments Purchase of tangible fixed assels 425 738 Cash provided by/(used In) investing artivities 425 738 Increase/ldecrease) in cash and cash equivalents in the vear 20,640 124,047 Cash and cash equivalents at the beginning of the year 325,953 201,906 Cash and cash equlvalents at the end of the year 346,593 325,953 21

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 Accounting polities The principal accounting policies attopted, judgments and key sources of estimation uncertainty in the prepar3tion of the financial statements are as follows.. Basis of preparatlon The financial slatements have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Prèctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic OF Ireland IFRS 1021, second edition October 2019 ICharttie5 SORP IFRS 102)). the Financial Reporting StandBrd applicable in the UK and Republic of I￿land (FR5 1021 and the Companies Act 2006 and UK Generally Accepted Accounting Practice. Centre for Chinese Contemporary Art Ltd meets the definition of a public benefit entity under FRS102. A55ets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated In Lhe relevant accounting policy note. b Preparation of the accounts on a golng tofic@rn basls The trustees have considered a number of p055ible scenarios in depth and consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of e5timalion uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period. 22

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) c Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met. it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grant5, 15 recogni5ed when the charity has entitlement to the fLJnds, any performance conditions attached to the grants have been met, it is probable that the income w511 be received and the amount can be measured reliably and is not deferred. Income received in advance of a provision of a specified service is deferred until the crlteria for income recognition are met. d Donated services and facilities Donated professional services and donated Facillties are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economlc benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, general volunteer time is not recognised,. refer to the trustees, annual report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay lo obtain services or facilities of eouivalent economic benefit on the open market,. a corresponding amount is then recognlsed in expenditu￿ in the period OF receipt. È Interèst recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. thi5 is normally upon notification of the interest paid or pavable bv the Bank. f Fund aceounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds a￿ unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. In particular, these include the Building Fund (representing the value of the building held on the Balance Sheet which would not be available to the charity in the event of winding up due lo the lease on the propertv held by ACE) and the Reserve5 Policy Fund (which provides for approximately 3 months, running costs and for anticipated fluctuètions in funding which might otherwise threaten the stabilitv of onooino ooerationl. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for Specific projects being undertaken by the charity. 23

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) g ExpÈnditure and irrecoverable VAT Expenditure is recognised once the￿ is a legal or constructive obligation to make è payrrFent to a third party, it is probable that settlement will be required and the amounl OF the obligation can be mo3%LJrp.d rpliably. Expenditure is cla5sififyd under the following activity heèdinas.. Costs of raising funds comprise the costs of commercial trading including the shop and room hire, and associated 5UPPOrt costs. Expenditure on charitable &clivitie5 includes the cost5 of exhibitions, education work, curating and residencies undertaken to Furthei Lhe purposes of the chanty nd their associated support costs. other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was IncUr￿d. h Allocatlon of support costs Support Costs are those functions that assist the work of the charity but do not directlv undertake tharitahlp activitles. support costs include back office co= financc, pcrsoonel, payroll and governance costs which support the charity's programrres and activities. These costs have been allocated between tost of raising funds and expenditure on charitable activitie5. The bases on which support costs have been allocated are set out in note 9. l Operatin9 leases Operating leases are leases in which the title to the assets, and the risk$ and rewards of ownership, remain with the lessor. Rental charge5 are charged on a straight line basis over the term of the lease. j Tangible fixed asset5 Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a Siraighl line bast5 as follows- IT equipment Other equipment 50% 250/0 In 2016 the trustees reconsidered the useful economic life of the building which had previously been estimated at 20 years, and agreed that In fact a MO￿ realistic life was 50 years. The trustees also reconsidered the estimated residual value of the leasehold property, and have come to the conclusion that It Is in excess of the current net book value. Because of this, no depreciation has been charged in the CUr￿￿t period. 24

Centre for Chinese Contemporary Art Ltd Note5 to the accounts for the year ended 31 March 2022 (continued) k Stock Stock 15 included at the lower of cost or net realisable value. In general. cost is deterrnined on a first in, first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessai v for ub¥ulete. SIDW movlno. and defettive stock5. l Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. m Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid Investment5 Wlth a short maturity of three months or less from the date of acquisitson or opening of the deposit or similar account. n Creditors and provisions Creditors and provision5 are recognised where the charity has a present obligation resulting From 3 past event that will probably re￿Ult In the transfcr of funds to a third party and the afflount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their Settlement amount after allowing for any trade o Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrufflents. Basic financial Instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest tnethod. p Pensions The charity introduced automatic enrolment in a pension scheme by the applicable staging date of 1st February 2017. Employees of the charity are entitled to join a defined contnbution 'inoiiey purLlicise' scheme. The charlty's contribution is restricted to the contributions disclosed in note I l. There were no outstanding contributions at the year end. Legal status of the charity The charity is a company limited by guarantee registered in England and Wale5 and h65 no Share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The regISte￿rt office address is disclosed 1. 25

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) Income from donations and legacies Current reporting period un￿strICted Restricted Total 2022 Donations 303 303 Previous reporting period Total 2021 Donations iii iii Income from charitable artivities Unrestricted Restricted Total 2022 Art5 Council of England.. Revenue grant Cultural Recovery Fund Grant Manchester City Council.. COVID Business relief grants Greater Manchester Council 8ig Lotiery Fund British Council.. Artist In Residence project ESF/WEA Volunteer project HLF COVID Ernergency Fund HMRC Furlough Grants Education workshop and performance co-commis5ioning/ sponsorship income R5MP HK 8NIO} Project Swire Charilable Trust Exhibition Income In-kind Support Other income 292,771 292,771 48,141 35,000 4Q,141 35,000 219 13151 219 13151 4,464 4,464 5,000 5,000 5,000 8,020 5,000 8,020 Total 393,396 4,904 398,300 26

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) Income From charitable activities 2021 Unrestricted Restricted rotal 2021 Arts Colfncil of England.. Revenue grant Cultur31 Recovery Fund Grant Manchester City Cotsncil.. COVID 8usfness relief grants Greater Manchester Council Big Lottery Fund British Council.. ManCCC Global Cltie5 project ESF/WEA Volunteer project HLF COVID Emergency Fund HMRC Furlough Grants Education workshop and performance co-commi55ioning/ sponsorship income Partnership Funding SWI￿ Charit3ble Trust Exhibition Income In-kind Support Other income 292, 771 292, 771 55,000 55,000 38,800 35,000 38.800 35,000 12,403 12.403 25,500 10,586 17,700 25,500 10,586 17,700 43,914 43,914 1,800 1,800 4,535 5, QOO 23, 608 4,535 5.000 23,608 713 713 Total 443,628 123, 702 567,330 Income from other trading activities 2022 2021 Shop Income Room Hire Fundraising Consultancy 740 5,438 1,028 (438) 6, 178 590 All income from other tradin9 activities is unrestricted. Investment Intome 2022 2021 Income from bank deposits 425 738 All of the chariLy's Investment income arises from money held in interest bearing deposit accounts. All investmonf incotne is unrestric.tred. 27

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) Cost of raising funds 2022 2021 Direct expenditure staff costs Prernises Adjustment to stock valuation Supporr costs 15ee note 91 2,518 64,175 3,968 (832) 2,968 1,433 72.386 3.975 (370) 4,899 72,797 82,323 All expenditure on cost of raising fund5 is unrestricte The value of stock recognised as an expense is £909 12021.. £7971 Analysis of expenditure on charitable activities 2022 2021 Staff cost5 Exhibition programme Exhibition programme.. in kind Marketing Depreciation 15ee note 151 Premises Governance costs (see note 91 Support Costs (see note 91 123,547 62,647 170, 909 111,319 4, 145 14,564 48,942 38,622 6,568 49,028 16,379 12,084 284,471 374,303 Restricted expenditure Unrestricted expenditure 25,010 259,461 104, 750 269,553 284,471 374,303 Analysis of governance and support Costs Basis of apportionment Support Governance Total 2022 Staff costs Office costs Audit and accountancy Leo61 and professional Trustees expense5 Board costs Govemance other cost5 Time spent Time spent Governance Governance Governance Gc>vernance Governance 18.453 18,453 9,536 4,159 12,083 435 2,429 1,063 9,536 4,159 12,083 435 2,429 1,063 9,536 38,622 48,158 28

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) Analysis of governance and support costs 2021 Total 2021 Staff costs Office costs Audit Bnd accountancy Legal and pmfessional Trustees expenses Board costs Governance other costs rime spent rime spent Governance Governance Govemance Governance Governance 7,656 7,656 16,983 3,920 3,687 16,983 3,920 3,687 1,103 13 1,103 13 16,983 16,379 33,362 10 Net In¢ome/(expenditure) for the year This is stated after charging/lcrediting): 2022 2021 Depreciation Operating lease rentals.. Other Auditor's remijneration - audit fees Auditor's remuneration - accountancy fees 3,717 462 3,540 440 11 Staff costs staff costs during the year were as follows.. 2022 2021 Wages and salaries Social security costs Pension costs 196,874 7,252 2,049 235,004 12,167 3,780 206, 175 250,951 Allocated as follows: C05t of raising funds Charitable activities Governance costs 64,175 123,547 18,453 72,386 170, 909 7,656 206, 175 250,951 One employee had employee beneflts in excess of £60,000 12021.. Nill. 1£80,000-£90.0001'. 1 The average number of staff employed during the period wa5 9 12021.. 131. The average full time equivalent number OF staff employed dLJring the period was 4.6 12021.. 9.21. The key management personnel of the charity comprise the trustee5, the D1￿Ctor, the Operations Manager, and the Finance Manager. The total employee benefits of the key anaoement personnel of the chartty were £130.792 12021.. £90,752). 29

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 {continued) 12 Trustee remuneration and expenses, and related party transaction5 Neither the tfU5tee, nor any persons connected with them, received remuneration during the year 12021.. Nill. The trustees were reimbursed out-of-pocket exppn_%p.% rr)talling 1507 12021- Nil) during the year. No members of the management committee received travel and sub5iStence expenses during the year 12021.. £1,078). Aggregate donations from related parties were Nil (2021.. £Nill. There are no donation5 from related parties which are outside the normal course of business. There were no restricted donations from related parties, Other than as detailed below. Professor Allan Walker is a trustee of the charity and is Dean of School at the University of Salford. No additional funding was received this year from the University of Salford in support of partnership activity 12021.- £20,400). £1,800 was Contributed for the commission of a work bv Jack Tèn- see note 20. Nn nther trustee or other person related to the Charity had any personal Interest in any contract or transaction entered into by the charity, including ouarantees. durinq the year12021.' nill. 13 Government grants The government grants recognised in the accounts were as follc)ws'. 2022 2021 Art5 Council Arts Cc>uncil CRF Manchester City Council Greater Manchester Combined Authority British Council HMRC Fui louyli Grants 292,771 292, 771 55,000 38,800 35,000 25,500 43,914 48,141 35,000 219 4,464 380,595 490,985 The unfulfilled conditions and contingencies altaching to the grants were.. l. in respect of the Arts Council CRF grant, completion of legitimate recovery spend, held up by the COVED- 19 breakout in respect of the British Council, continuation of the MANCCC Global Citles project, disrupted by the COVID-19 breakout. All of these are being rearranged within timescales agreed with funders. 14 Corporation tax I ne cnarity Is exempr rrom lax on Income ana gains railing witn1n Lnapier J or varr li or tne Corporation Tax Act 2010 or 5ertion 256 of the Taxation of Chargeable Gains Act 1992 to the extent that thcac are applied to its charitable objvLlb. Nu tax Eharges have arisen In the charity. However, a Corporation tax return was submitted in the year and ￿COVEred £8,020 in a claim for Exhibitions Tax Relief which is included in Exhibitions Income for the year 12021.. £23,608). 30

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) 15 Fixed assets: tanglble asset5 Leasehold Property Equipment Total Cost At l April 2021 Additions Disposals 1,679,138 9,555 1,688,693 At 31 March 2022 1,679, 138 9,555 1,688,693 Depreclatlon At l April 2021 Charge for the year Disposals 1,286,413 9,555 1,295,968 At 31 March 2022 1,286,413 9,555 1,295,968 Net book volue At 31 March 2022 392,725 392,725 At 31 March 2021 392,725 392, 725 16 Debtors 2022 2021 Other debtors & grants receivable Trade debtors Prepayment5 and accrued income 14,275 4,535 27,046 698 19,568 20,266 45,856 17 Cash at bank and In hand 2022 2021 Short term deposits Cash at b8nk and on hand 318,602 27,991 308,567 17,386 346,593 325,953 31

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) 18 Creditors: amounts falling due within one year 2022 2021 Trade cred1tor5 Other creditors and accruals Deferred income 949 8,258 29,639 33,508 9,207 63,147 32

Centre for Chinese Contemporary Art Ltd Notes to the accoLtnts for the year ended 31 March 2022 (continued) 19 Analysis of movements in restrlcted furtd5 Balance at l April 2021 Balance at 31 March 2022 Income Expenditure Transfers British Council & AAMC Curatorial grants British Council HK Artist in Residence nrnoramme. ESF/WEA Volunteer development nrnfjramm? 4,089 12,285) 1,804 3,445 219 13,6641 3,467 (3151 (3,152) RSMP HK BNIO) Welcome project MANCC network.. British Council and MCC Global Cities roiect Universities of Salford, Manchester & MMU.. ARNAM proiects ACE Cultural Recovery Fund 5,000 1565) 4,435 43,379 43.379 271 271 1,395 11,3951 Big Lottery Fund plu5 MCC Neighbourhood Innovation fund.. Dumpling Socials 13,949 113,949} In-Kind support Total 69,995 4,904 125,0101 49,889 33

Centre for Chinese Contemporary Art Ltd Ngtes to the accounts for the year ended 31 March 2022 (continued) Analysis of movements in restricted funds - continued Analysis of movements in restricted funds 2021 831ance at l April 2020 Balance at 31 March 2021 Income Expenditure Transfers BrNt15h Council & AAMC curatOr￿al British Council HK Artist in Residence ESF/WEA Volunteer development programme 3,376 713 4,089 3,445 3,445 10,586 (7,119) 3.467 University of Salford.. J3ck Tan commission 1,800 (1,800) MANCC network.. British Council and Universitie5 of Salford, Manchester HLF Covid emergency fund 17,879 25,500 43,379 271 271 17,700 (17, 700) ACE Cultural Recovery Fund 55.000 (53,605) 1,395 Sig Lottery Fund plus NCC 25,372 12,403 (23,826) 13,949 MAST c-chanoe 700 (700) In-Kind support Total 51,043 123, 702 (104. 750) 69,995 34

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) Analysls of movements in restr%cted funds - continued Name of restricted fund Deseription. nature and purposes of the fund ACE Cultural Recovery Fund Grarit tn a<£l£t with rpvisions to programme and operations to navlgate recovery post-COVID Grant to support Manchester Arts & Heolth projects Support For Manchester Community 'Dumpling Social. Project Baring Foundation Big Lottery Fund & MCC Neighbourhood Innovatitsn Fund Big Lottery Fund & Peter Kershaw Trust British CoLJncil HK Artist In Curatorial Grants from Bdtish Council and AAMC Ernest Cooke ESF / WEA Volunteer Programme Grants to conrinue project for young people's advisory board (Youthlabl Grant to fund a HK artist In re51dence in the CFCCA Re51dency Gr6rit5 to fund curatorial research trips to the USA, China and Singapore. Support for Aquatopia schools projects Grant to SUPPOrt a prOgraM￿e designed to engage and train economically inactive volunteers. Grant to support cost5 of adjustments to operating during COVID Support for Global Cities project HLF COVID EEneryency Fund MANCC Network.. A collaboration Involving the British Council and MCC willi sume fulldino oiven via MAST C-change pilot scheme Universities of Salford, Manchester &MMU University of Cambridge.. Future University of Salford.. Research Curator Grani to support youth project Support for ARNAM projects Support for Fulure Cities exhlbition Support for 0.4 fte Research Curator. On the termination of this post, Uos agreed to the transfer of £4.500 of the balance on this fund to support the Cheng Ran exhibition. and the remainlng balance to contribute to the costs of hosting Univer51tV 5tudentS for an event at CFCCA. To 5UPPOrt the comtlli55ion of a work by Cheng Ran To support the commission and exhibition of a work by Cheng Ran University of Salford.. lack Tan VideDclub Grant 20 Analysls of movement in unrestricted funds Balance at Asat31 Mèrch 2022 2021 Income Expenditure Transfers General fund Designated funds: Capital Maintenance Fund Research and Development Fund 25.190 Reserves policy Fund 105,525 Buildinq Fund 392,725 105,927 400,302 (331,2581 6,077 181.048 8,636 8,636 {I,0001 24,190 99,448 392,725 {6,0771 638,003 400,302 1332,2581 706,047 35

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) AnalysiTS of movement in unrestricted lunds 2021 t$31ance t l April 2020 AsaiJi March 2021 Jncome Expenditure Transfers General fvnd DesiTgnated funds.. Capital Maintenance Fund Research and Development Fund 28,595 Reserves Dolicv Fund 110, 612 guildino ftjnd 392, 725 4,244 445,067 (348,471) 5,087 105,927 8,636 8,636 (3,405) 25.190 105,525 392, 725 (5,067) 544,812 445, 067 (351,876) 638,003 Name of unrestricted fund Description, nature and purposes of the fund General fund The free reserves after allowing for all designat?d fijnd Capital Maintenance To deal with building maintenance and equipment needed in fulure years. Fund Research and Development Fund To enable staff to research new exhibitions, to develop new potential source5 of income and to support new business inltlatives. Reserves Policy Fund To enable the organisation to provide for anticipated funding fluctuatlDns and to meet It5 obligations in the event of windirig up. The building fund represents the net book value of the building which Is an asset of the charity but is not available for spending on charitable activities. Building fund 21 Analysls of net assets between funds General fund Designated funds Restricted funds 2fl2? Totèl Tangible fixed assets Net ctjrrent assets/lliabilitiesl 392,725 132,274 392,725 363,211 181,048 49,889 Total 181,048 524,999 49,889 755,936 Previous reporting period General fund Designated funds Restricted funds 2021 Total Tangible fixed assets Net current assets/(liabllities) 392, 725 139,351 392, 725 315,273 105,927 69,995 Total 105,927 532,076 69,995 707,998 36

Centre for Chinese Contemporary Art Ltd Notes to the accounts for the year ended 31 March 2022 (continued) 22 Operating lease commitments The charity'5 total future minimum lease payments under non-cancellable operating leases is as follows for each of the following period5'. Equipment 2022 Equipment 2021 Less than one year One to five years 23 Contingent liabilitv In 2002 and 2003 the Arts Council England IACEI granted £1,679, 138 to the charity to enable it to acquire the long leasehold of its premises at Unit 2, Market Buildings, Thornas Street, Manchester. and to carrv out a full ￿furbIShment. This grant is repayable in whole or in part If the charity change5 Its purpose or IF the charity ceases to operate or becomes insolvent. To secure its position, ACE has a charge on the Drooertv which It has aareed to lift in 2023. It is considered unlikely that the charity would change its purpose, ceèse to operate, or become insolvent. hence unlikely that the grant will need to be repaid. This liability has therefore not been included in creditors. 24 Reconcillation of net movement in funds to net cash flow from oparatlng actlvltles 2022 2021 Net income/(expenditure) for the year Adjustments for: Depreciètion charge Dividends, interest and rents from investment5 Decreasel(increasel in stock DeCrease/linc￿aSe) in debtors Increase/ldecreasel in creditors 47,938 112,143 14251 1,052 25,590 153.9401 (738) 370 (13, 866) 25.400 Net cash provided byl(used in) operatlng actlvltles 20,215 123,309 37