2023-03-31-accounts - esea contemporary ltd

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Registered offic	e and operational address	e and operational address
	Market Buildings,		Thomas Street, Northern		Quarter, Manchester,	M4 1EU
Trustees	Trustees, who are		also directors under company law, who served			during the year		and up
	to the date	ofthis	report were as follows:
	Nicholas Buckley Wood			Chair (appointed to Board		22	November	2019,
				appointed	as Chair 01February 2022)
	Patrick Alexander			(appointed	17August 2018)
	Philomena	Lee Yuen Chen		(appointed	on 18March 2022)
	Bonnie Sue	Yin Yeung		(appointed	on 18March 2022)
	Christopher	Lau		(appointed	22 November 2019,acting Treasurer from 31"
				March 2021)
	Simon Ying	Hua Li		Treasurer	(appointed on 12May 2022)
	Yung Yuen	Ma		(appointed	on 12May 2022)
	Wenkai Xu			(appointed	13July 2022)
	Margaret Hobbs			Secretary (resigned 28 May 2022)

		for	the	year ended 3	1 March 2023
				Unrestricted	Restricted	Total funds	Total funds
				funds	funds	2023	2022
			Note		E	E	E
Income from:
Donations and legacies				2,481		2,481	303
Charitable activities
Educating the public	in
contemporary Chinese arts culture		and	4	327,771		327,771	398,300
Other trading activities			5	9,479		9,479	6,178
Investments			6	1,939		1,939	425
Total income				341,670		341,670	405,206
Expenditure on:
Raising funds			7	84,914		84,914	72,797
Charitable activities
Educating the public	in
contemporary Chinese arts and culture				403,201	4,568	407,769	284,471
Total expenditure				488,115	4,568	492,683	357,268
Net income/(expenditure)		for the
year			10	(146,445)	(4r568)	(151r013)	47,938
Transfer between funds
Net movement in funds for		the year		(146,445)	(4,568)	(151,013)	47r938
Reconciliation offunds
Total funds brought forward				706,047	49,889	755,936	707,998
Total funds carried forward				559,602	45,321	604,923	755,936

	Note	2023
Fixed assets
Tangible assets	15		392,725		392,725
Current assets
Stock		4,709		5,559
Debtors	16	6,395		20,266
Cash at bank and in hand	17	220,108		346,593
Total current assets		231,212		372,4i8
Liabilities
Creditors: amounts falling
due in less than one year	18	(22,148)		(9,207)
Net current assets			209,064		363,2ii
Total assets less current liabilities			604,923		755,936
The funds ofthe charity:
Restricted income funds	19		45,321		49,889
Unrestricted income funds	20		559,603		706,047
Total charity funds			604,923		755,936

					2023	2022
						E
Cash provided by/(used		in) operating	activities		(125,005)	20,215
Cash flows frominvesting	activities:
Dividends, interest, and		rents from investments			1,939	425
Purchase oftangible fixed assets					(3,419)
Cash provided by/{used		in) investing	activities		{1,480)	425
Increase/(decrease) in cash and cash equivalents				in the
year					(126,485)	20,640
Cash and cash equivalents	at the beginning		of the year		346,593	325,953
Cash and cash equivalents		at the end	ofthe year		220,108	346,593

	Current reporting	period			Unrestricted	Unrestricted	Restricted	Total 2023	Total 2023
					E		E	E
	Donations				2,481			2,481
	Previous reporti ng period				Unrestricted		Restricted	Total 2022
					E		E	E
	Donations					303			303
4	Income from charitable		activities
					Unrestricted		Restricted	Total	2023
					E		E	E
	Arts Council of England:
	Revenue grant				292,	771		292,771
	Manchester City Council:
	COVID Business	relief grants
	Greater Manchester	Council			35,000			35,000
	ESF/WEA Volunteer	project
	Education workshop	and performance
	Co-commissioning/	sponsorship		income
	RSMP HK BN(0) Project
	Exhibition Income
	In-kind Support
	Other income
	Total				327,771			327,771

	Income from charitable	activities 2022	activities 2022	Unrestricted	Unrestricted	Restricted	Total 2022
				E		E	E
	Arts Council ofEngland:
	Revenue grant			292,	771		292,771
	Cultural Recovery Fund	Grant
	Manchester City Council:
	COVID Business relief grants			48,141			48,141
	Greater Manchester Council			35,000			35,000
	British Council:
	Artist in residence project					219	219
	ESF/WEA Volunteer project					(315)	(315)
	HMRC Furlough Grants			4,464			4,464
	Education workshop and performance
	Co-commissioning/ sponsorship		income
	RSMP HK BN(O) project Swire Charitable Trust			5,000		5,000	5,000 5,000
	Exhibition Income			8,020			8,020
	In-kind Support
	Other income
	Total			393,396		4,904	398,300
s	Income from other trading		activities
					2023	2022
					E	E
	Shop Income				934	740
	Room Hire				1,116	5,438
	Fundraising				170
	Insurance claims				7,259
					9,479	6,178
	All income from other trading		activities	is unrestricted.
6	Investment income
					2023	2022
					E	E
	Income from bank deposits				1,939	425

								2023	2022
								E	E
Direct expenditure								1,942	2,518
Staff costs								67,249	64,175
Premises								6,974	3,968
Adjustment		to stock valuation						85	(832)
Support costs (see note 9)								8,663	2,968
								84,914	72,797
All expenditure on cost			of raising		funds	is unrestricted.
The value	of	stock recognised		as	an expense		is E827	(2022: E909)
Analysis of		expenditure on		charitable		activities
								2023	2022
								E	E
Staff costs								129,467	123,547
Exhibition	programme							110,602	62,647
Exhibition	programme:		in kind
Marketing								29,109	4,145
Depreciation		(see note	15)					285
Premises								86,017	48,942
Governance costs (see Support costs (see note			note 9) 9)					33,119 19,170	38,622 6,568
								407,769	284,471
Restricted	expenditure							4,568	25,010
Unrestricted		expenditure						403,201	259,461
								407,769	284,471

Analysis	ofgovernance an	d support costs
		Basis of	Support	Governance	Total 2023
		apportionment
Staff costs		Time spent		19,337	19,337
Office costs		Time spent	27,833		27,833
Audit and accountancy		Governance		4,131	4,131
Legal and professional		Governance		8,296	8,296
Trustees expenses		Governance		96	96
Board costs		Governance		1,040	1,040
Governance	other costs	Governance		219	219
			27,833	33,119	60 952

	Analysis ofgovernance	and support	costs 2022	costs 2022			Total 2022
	Staff costs		Time spent			18,453	18,453
	Office costs		Time spent		9,536		9,536
	Audit and accountancy		Governance			4,159	4,159
	Legal and professional		Governance			12,083	12,083
	Trustees expenses		Governance			435	435
	Board costs		Governance			2,429	2,429
	Governance other costs		Governance			1,063	1,063
					9,536	38,622	48,158
10	Net income/(expenditure)	for the year
	This stated after charging/(crediting):
					2023	2022
					E	E
	Depreciation				285
	Auditor's remuneration	- audit fees			4,550	3,717
	Auditor's remuneration	- accountancy		fees		462
11	Staff costs
	Staff costs during the year were as follows:				2023	2022
					E
	Wages and salaries				195,141	196,874
	Social security costs				7,219	7,252
	Pension costs				3,172	2,049
	German social security	costs			10,521
					216,053	206,175
	Allocated as follows:
	Cost of raising funds				67,249	64,175
	Charitable activities				129,467	123,547
	Governance costs				19,337	18,453
					216,053	206,175

government gr	ants	recognise	d in the account	s were as follows:
				2023	2022
					E
Arts Council				292,771	292,771
Manchester City	Council				48,14i
Greater Manchester		Combined	Authority	35,000	35,000
British Council					219
HMRC Furlough	Grants				4,464
				327,771	380,595

Notes to the ac 15 Fixed assets: tangible	counts for assets	the year ende	d 31 March 2	023 (contin	ued)
		Leasehold
		Property	Equipment		Total
Cost		E	E		E
At 1 April 2022 Additions		1,679,138	9,555 3,419		1,688,693 3,419
Disposals
At 31 March 2023		1,679,138	12,974		1,692,112
Depreciation
At 1 April 2022		1,286,413	9,555		1,295,968
Charge for the year			285
Disposals
At 31 March 2023		1,286,413	9,840		1,296,253
Net book value
At 31 March 2023		392,725	3,134		395,859
At 31 March 2022		392,725			392,725
			2023		2022
16 Debtors
Other debtors 5grants Trade debtors	receivable		178 6,217		698 19,568
Prepayments and accrued income			6,395		20,266
17 Cash at bank and in hand
				2023	2022
				E	E
Short term deposits Cash at bank and on hand				206,564 13,544	318,602 27,991
				220,108	346,593


18 Credito	rs: amounts			falling		due	within one year
									2023	2022
									E	f
Trade creditors									2,437	949
Other creditors		and		accruals					19,935	8,258
Deferred	income								315
									22,148	9,207
19Analysis of	movements			in restricted			funds
		Balance at			'					Balance	at
		1	April							31 March
		2022				Income		Expenditure	Transfers	2023
				E					E	E
British Council 8
AAMC Curatorial
grants				1,804						1,804
British Council HK
Welcome project			4,435					(4,435)
ESF/WEA Volunteer
development
programme
RSMP HK BN(0)
Welcome project
MANCC network:
British Council	and
MCC Global Cities								(133)
project		43,379								43,246
Universities of
Salford, Manchester
fk MMU: ARNAM
projects				271							271
ACE Cultural
Recovery Fund
Total		49,889						(4,568)		45,321

Analysis ofmo	vem	en	ts in restricte	d funds 2022
			Balance at				Balance at
			1 April				31 March
			2021	Income	Expenditure	Transfers	2022
			E	E	E	E	E
British Council 5
AAMC Cura toria	I		4,089		(2,285)		1,804
British Council HK
Artist in Residence		-	3,445	219	(3,664)
programme
ESF/WEA Volunteer			3,467	(315)	(3,152)
development
programme
RSMP HK BN(0)				5,000	(565)		4,435
Welcome project
Universitv of
Salford: jack Tan
commission
MANCC network:
British Council and			43,379				43,379
MCC Globa I Cities
project
Universities of			271				271
Salford, Manchester		S.
MMU: ARNAM projects
ACE Cultural			1,395		(1,395)
Recovery Fund
Big Lottery Fund
plus MCC
Neighbourhood Innovation fund:			13,949		(13,949)
Dumpling Socials
In-Kind support
Total			69,995	4,904	(25,010)		49,889

20 Analysis of movement	20 Analysis of movement	20 Analysis of movement	in unrestricted	in unrestricted	funds
		Balance at
			1 April					As at 31
			2022	Income		Expenditure	Transfers	March 2023
			E		E	E	E	E
General	fund		181,048	341,670		(488,114)		34,604
Designated		funds:
Capital Maintenance
Fund			8,636					8,636
Research	and
Development		Fund	24,190					24,190
Reserves Building	policy Fund Fund		99,448 392,725					99,448 392,725
		706,047		341,670		(488,114)		559,603

Analysis of	movemen	tin unrestr	icted funds 2	022
		Balance				Balance at
		at 1 April				31 March
		2021	Income	Expenditure	Transfers	2022
		E	E	E	E	E
General fund		105,927	400,302	(331,258)	6,077	181,048
Designated	funds:
Capital Maintenance
Fund		8,636				8,636
Research and
Development Fund Reserves policy Fund		25,190 105,525		(1,000)	(6,077)	24,190 99,448
Building fund		392,725				392,725
		638,003	400,302	(332,258)		706,047

nalysis	o	f net ass	ets between	funds
				General	Designated	Restricted	2023
				fund	funds	funds	Total
				E	E	E	E
Tangible	fixed assets			3,134	392,725		395,859
Net current		assets/(liabilities)		31,469	132,274	45,321	209,064
Total				34,603	524,999	45,321	604,923
Previous	reporting		period	General	Designated	Restricted	2022
				fund	funds	funds	Total
Tangible	fixed assets				392,725		392,725
Net current		assets/(liabilities)		181,048	132,274	49,889	363,211
Total				105,927	532,076	69,995	755,936

econciliation of net	moveme	nt in funds t	o net cash flow	from operating act	ivities
				2023	2022
				E	E
Net income/(expenditure) for the year				(151,013)	47,938
Adjustments for:
Depreciation charge				285
Dividends, interest	and rents	from investments		(1,939)	(425)
Decrease/(increase)	in stock			850	1,052
Decrease/(increase)	in debtors			13,871	25,590
Increase/(decrease)	in creditors			12,941	(53,940)
Net cash provided by/(used		in) operating	activities	(125,005)	20,2i5