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 2024 esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 Company number 02137427 Charity numbèr 518992 Regi8terod office end operational addr08• Market Buildings, 13 Thomas Street, Northern Quarter. Manchester, M4 IEU Tru•too• Trustees, who are also directors under company18w, who 88rved during the year and up to the date of thi8 report were as follow8.. Nicholas Buckley Wood Chair (appointed to Board 01 February 2020. appointed as Chair 01 February 2022) Patrick Alexander Iresigned15" March 2024) Philomena Lee Yuen Chen (appointed on 18 March 2022) Bonnie Sue Yin (appointed on 18 March 2022) Christopher Lau (appointed 22 November 20191 Simon Ying Hua Li Treasurer (appointed on12 May 2022) Yung Yuen Ma lappointed on 22 May 2022) Wenkai Xu lappointed 13 July 2022) No trustees held title to property belonging to the charity during the reporting period or at the date of approval K•y man•g•m•nt p•r•onn•l Xiaowen Zhu Director lappointed on l June 2022) Huina Zhang Chief Operating Officer (appointed on l August 2022, to 23 August 2023) Sally Cook Chief Operating Officer (1st October 2023 to 30th April 2024) esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 Benker8 CAF Bank Ltd, 25 Kings Hill Ave, King8 Hill. West Malling, Kent ME19 4JQ Auditor8 Manchester. M16 OQG JT Accountants Limited, Flat I Sir Matt Busby Way. Old Trafford, esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 The trustees present their report and the audited financial statements for the year ended 31 March 2024. 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 FRS102. Obj•ctiv•• In 2023, our charity's key objectives were to develop our artistic programme, enhance team capacity, and strengthen community engagement and public offerings, all in line with our National Portfolio Organisation (NPO) activity plan. investment principles. and the vision established by the Board of Trustees and leadership. Thls followed rhe successful re- envisioning period initiated after the internal audit in 2022. Under our new name and identity, esea contemporary, we aimed to create a more inclusive and diverse platform for East and Southeast Asian contemporary visuel arts. serving a wider community in Manchester end beyond, with a focu8 on embedding best practice and ethical conduct in all aspects of our operations and activitie8. As e revitalised organisation. our mi88ion 18 to elevate the vi8ibility of contemporary art practices from E88t and Southeast Asian communities and their diasporas. esea contempor8ry is positioned as 8 space for forward-thinking art programmes that extend beyond exhibition8 to include commissions, research, residencies, publishing. and a dynamic array of public events. Wo value Creativity. compassion. intarconnectedness. and colloctivity in f ulf illing our mission. The trustees conduct an 8nnual review of the charity's aims, objectives, and activities. This report outlines the charity's key achievement8 and outcomes during the reporting period, highlighting the su¢ces8 of each activity and the benefits provided to the target groups we were establi8hed to support. Thi8 review also en8ure8 that the ¢h8rity'8 objective8 and activities remain aligned with it8 stated purpo8e8. When assessing the charity'8 aims and objectives end planning future activitie8, the trustees refer to the Charity Commission's guidance on public benefit. In particular, they evaluate how f uture activities will continue to contribute to the charity's overarching goals. Activiti88 Exhibitions: In line with our NPO activity plan, during this period. we realised three successful major exhibi- tions. Our inaugural exhibition, 'Practice Till We Meet,. from 18 February 2023 to 28 May 2023. was a resounding success, drawing thousands of visitors frorn Greater Manchester and beyond. esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 Curated by Hanlu Zhang. it showcased 8 diverse roster of artists. including internationally ac- claimed figures like Koki Tanaka and emerging talents from Manchester and the UK. such as Audrèy Albert and Asi8-Art-Activism (AAA). The exhibition dèlved into diasporic expèriences. migration, and the struggles and triumphs of forging a just life in a new environment. Both deeply personal and politically charged, it transcended borders and generations, examining how individual and community perspectives intertwine with global upheavals. The exhibition garnered Signif icant attention f rom local, national, and international visitors and received ex- tensive coverage in prominent media outlets including Artnet. Art Asi8 P8cific, ArtReview. and The South Chin8 Morning Posf. solidifying Manchester's position on the internation81 art8 stage a8 8 city known for innovative. high-quality artistic presentations. Following our inaugural exhibition, from 22 July 2023 to19 Novernber 2023, we curated and pre- sented 'A Phantom's Vibe., a solo exhibition by 8rtist Dinu Li, featuring newly commissioned and existing works that combine music, sculptural assemblages. and video installation. The exhibi- tion explored the complexities of colonial history. cultural memory, and hybrid identities. Li'8 work combined autobiographical allegories with a tape8try of cultural influences, taking vi8i- tors f rom the night markets of Hong Kong to the blues partie8 of Hulme and M088 Side, via Ja- maican recording 8tudi08 owned by the de8cendant8 of Chine8e coolie8. The reggae cl8881¢ 'AIw8ys Together, ran through the heart of the exhibition. where music became a medium for culture8 to meet, mix, and become hybrid. This exhibition rnarked our commitment to supporting British ESEA mid-career 8rtl8ts, especially those with a strong cultur81 connection with Man- chester. In addition to the highly regarded new commissions, we published a publication ac- compenying the exhibition with contributions from renowned authors and released two albums made by the artist as part of the project. Through this exhibition, we engaged meaningfully with a diverse audience in Manchester and from other parts of the UK. further expanding our com- munity outreach to varied cultural and Social backgrounds. The last exhibition during this period wa8 internationally acclaimed arti8t J8ne Jin K8i8en'8 first UK solo show, 'Halmang.' from 20 January 2024 to 23 June 2024. This highly regarded exhibition was reviewed by a wide range of national and international pre88 and media, including e-flux. ArtReview. Art Monthly. 88C, Art Review Oxford. and Burlington Contempor8ry, among others. 'Halmang' featured polyphonic moving-image works alongside erchive and reference materials. By weeving together oceanic cosmology and gendered histories. the exhibition offered an in- depth inquiry into narratives of subjective and collective loss. resilience. and the formation of alternative communities. Numerous communities from Marschester and afar engaged meaning- fully through guided tours. public events. community workshops. and reading and screening events during the exh ibition. Our guest book was filled with praises in multiple languages. serving as evidence of the exhibition's popularity and intellectual value, of which we are highly esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 proud. Notably. 'Halmang' was also nominated for a Manchester Cultural Award. further high- lighting its impact and signif ic8nce. Public Pro ramme: Informed by our renewed mission and vision. guided by our Board of Trustees and leadership, as well as input from our Artistic Advisory Panel, we have adopted en expanded approach to our public programme. Alongside our monthly events dedicated to exhibitions and community outreach, we developed independent projects such as 'Communitie8 in the Making., an ongoing series of events that unites community-led and process-driven approache8 to fostering co- existence amongst diverse underrepre8ented cultures and communitie8 in Manchester. Addi- tionally, we launched 'Publishing Otherwise: A Slow Book Fair for Coexistence., featuring a growing book display in our Communal Project Space, accompanied by both live and virtU81 talks, workshops and many free events on the therne of coexistence. We also Introduced esea bhowcase. a new Initiatlve by e8ea contemporary that Champions the visibility of contemporary art practices within the ESEA communities and their diasporas. This initiative highlights their unique perspectives within the diverse UK art scene, marking the art- ist8' debut presentations in Manchester at our Communal Project Space in the vibrant North- ern Quarter. Highlighted activities under the8e initi8tive8 included Colour& Corks."A Special Iyine fasting Workshop celebreting ESEA Heritage Month, the Points-of-youd) Conflict Management Work- shop in December. 8 talk by Ch80 Jiaxing on Curating the Speculative, and a family- friendly Sh8dow Play Lyorkshop, among others. These programmes have significantly boosted community engagement. attracting diverse audi- ences and fostering conversations around cultural co-existence. Attendee feedback has been overwhelmingly positive, underscoring the importance of these initiatives in promoting under- standing among various cultural backgrounds. Overall, this approach has reinforced our com- mitment to being an inclusive platform for E88t and Southe88t A8ian contemporary visual ert8 in Manchester and beyond. Communit En ement and Develo ment: Our community engagement and development continued to thrive during this period. Our three exhibitions from 2023-24 attracted tens of thousands of visitors, many of whom were first- time visitors to esea contemporary and Manchester. According to our audience survey, over half of the visitors expressed strong interest in returning for public programmes during the exhibition period. which featured a diverse range of activities catering to age-friendly, family. academic. Asian community. and general arts and cultural audiences. Throughout this time. our team actively researched and gathered hundreds of survey respons- es, which informed our engagement development strategies. With a small but dedicated team, we adeptly adapted to our audience's needs and maximised our public offering8. taking into esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 account the broader cultural calendar in Manchester and northern England, including Pride Month, ESEA Heritage Month, and the Manchester International Festival. Our signature age-friendly programme, esea Artclub. is designed for East and Southeast Asian residents of Manchester aged over fifty. Participants have the opportunity to engage in art- making. socialise, explore arts and culture venues across Greater Manchester. and enjoy pre- paring and tasting A8i8n cuisine. Monthly activitie8 included Cantonese opera singing. Year of the Dragon painting workshops, a 'Halmang' portrait painting workshop, and a Lunar New Year Celebration lunch, among other8. During this period, we also re-envisioned our Residency programme to align mor8 closely with our renewed institutional values and mission. Since1986, esea contemporary has served a8 beacon for Asian artists and communities. fostering exchange and innovation. As we mark the 20th anniversary of our residency programme, we celebrate nearly100 artists f rom East and Southeast Asian backgrounds who have embraced our platform. We view the Residency pro- gratnJne d¥ iiil¥yi lil iv uui Luiiimuriity development work, ensuring that the arti45tic Community we engage with remains interconnected with our audience and supporters. Highlighted residencies during thi8 period included the 'Reconnecting, Artmaking and Mobility, programme, which invited nine artist8, cultural producer8, curators. and writers from Chongdu. Hangzhou, Shenzhen, Changsha, and Wuhan to reflect anew on network-to-network, peer-to- peer exchange8 between cultural 8nd creative practitioner8 and organi88tion8 in Gre8ter Man- chester and China. Another highlight wa8 the residency of Shanghai-based curator and writer Gu Ling. funded by the British Council 88 part of the 'Developing Co-Cur8tion Strategy for Emerging Curators in China and the UK, project, co-initiated by the De Ying Foundation. Furthermore. our staff actively engaged in a range of community development efforts address- ing institutional best practices and environmental impact. supporting marginalised communi- ties in Manchester through regular meetings with the l Love Chinatown network. HK BNO net- work, GMAST, end Museum Detox network. Ski118 Develo ment: Enhancing the skills and employability of Greater Manchester residents was central to esea contemporary's mission, particularly in light of the challenges posed by the rising cost of living, ongoing isolation, and discrimination faced by many in our East and Southeast A8i8n IESEA) community. From April 2023 to March 2024, we provided over 200 volunteering opportunities, with 85% of our volunteers being Greater Manchester residents. Our staff ensured that all volunteers received comprehensive training and ongoing support. helping them feel comforta- ble in their roles-many of which offered their first exposure to an art gallery and the non- prof it sector. Our volunteers engaged in various roles at the gallery. including invigilation. welcoming visitors, conducting audience surveys. and assisting with community events and exhibition openings. We also recognised and celebrated outstanding volunteers by awarding certificates of excel- esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 lence and connecting them with our valuable network of museum professionals. Notably. some volunteers secured paid positions at other cultural institutions in Manchester. including one who was hired as our Programme and Communications Assistant. We actively encouraged our programme team to participate in major events such as biennials. exhibition previews, conferences. and art fairs. all of which are essential for professional de- velopment end building connections within the art community. For our operational roles, we prioritised training and development opportunities that enhance skills and knowledge. enabling staff to engage effectively with Ioc81. regional. and national network8. These initiatives aimed to maximise their impact within the organisation and the broader community while aligning with our mission and addressing the unique challenges faced by our sector. Buildin Partnershi Through our partnership-building efforts, we have not only nurtured artistic development but 8180 enriched the cultural vibrancy of Greater Manchester. Collaborating with esteemed artist8 and art professionals has established the city as a notable hub of creativity on a national level. Our global partnerships with renowned art institutions have further showcased Manchester's artistic talent on the international stage. By offering platforrn8 for both established and emerging arti8t8, along with residencies, grants. and community-focu8ed events, we have 8t- tracted new t8Sent and fostered an environment conducive to their growth. significantly con- tributing to the ongoing cultural ren8iS8ance of the region and beyond. We are elso in the pro- cess of developing new funded opportunities. supported by various private and public national and international f ound8tion8 and trusts. Koy Obj•ctiV08 for 2023-24 l. Enhance Governance: Strengthen the organisation's governance by further developing the capabilities and cohesion of the new Board. This includes fostering an environment of collaboration and transparency to ensure effective decision-making and strategic oversight. 2. Su ort Leadershi and Staff Team: Provide robust support to the Director and Chief Operating Officer (COO) to ensure effective leadership and operational continuity. This support will focus on empowering Staff through rnentorship, tailored skill training. and professional development opportunities. enhancing overall team dynamics and productivity. 3. Promote E ualit Diversit and Inclusion: Ernbed values of Equality, Diversity. and In- clusion throughout the organisation's operations. creating a culture that not only val- ues diverse perspectives but also actively seeks to represent underrepresented voices. This commitment will foster a truly inclusive environment for all staff and community members. 4. Develo Artistic and Public Pro ramme: Curate a high-quality artistic programme char- acterised by a fonvard-thinking vision and an exploratory ethos. ensuring relevance and esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 engagement with contemporary issues. Enhance community engagement and outreach by delivering exceptional programming that resonates with diverse audiences and is supported by effective marketing strategies. 5. Devèlo Businéss Strate 2nd Secure Sustainable Fundin Focus on securing both ex- isting and f uture f unding to support our mission and initiatives. This will involve lever- aging partnerships and exploring new opportunitie8. ensuring the organisation's SU8- tainability while enhancing its ability to serve the community and f ulf ill its artistic vi- sion. Achi•v•m•nt8 and p•rtorm•nc• •goin•t obj•ctivu: 1. Enhance Governance Querterly Board meetings facilitated open discussions that led to strategic decision-rnaking. The appointment of a new Finance Manager. who collaborate8 closely with the Treesurer and brings significant expertise in financial management, has strengthened fiscal oversight. The Board implemented new governance policies that improved accountability and transparency, laying a solid f oundation for future growth. 2.su ort Leadershi and Staff Team The leadership team ettended training programme8 and work8hop8, Such 88 the Plus Tate Le8dership Forum and Peninsula HR training courses, aimed at developing their oper8tional Strategies, fostering a unified approach to organi8ational challenge8. Regular feedback ses- sions were established, enabling staff to voice concerns and contribute to 8trategic discus- 8ion8, which improved morale and operational continuity. 3. Promote Equality, Oiversity, and Inclusion The organisation made significant strides in embedding Equality. Diversity, and Inclusion values throughout its operations. Initiatives such a8 the 'Communitie8 in the Making, series brought together diverse groups. fostering collaboration and understanding among underrepresented communities. The successful delivery of th8 esea Artclub for older residents and 'Moving Forwards, Side- ways, for Hong Kong BN(01 communities residing in Manchester highlighted a commitment to inclusivity, allowing participants to engage in art8 and cultural activities while building Social connections. 4. Develo Artistic and Public Pro A high-quality artistic programme was curated. marked by a forward-thinking vision and an ex- ploratory ethos. Three major exhibitions attracted tens of thousands of visitors. enhancing the organisation's profile in the art community. The diversity of programming-ranging from various workshops, screenings, to artist talks-ensured engagement with contemporary issues. demon- strating the organisation'8 responsivene88 to audience interests and community needs. ramrne esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 5. Develo Business Strate and Secure Sustainable Fundin Efforts to secure funding met our targets. effectively supporting the organisation's mission and initiatives. We established new partnerships not only with prominent institutions but also with artist-run and cornmunity-oriented initiatives, thereby enhancing collaborative opportuni- ties and funding prospects. Our inaugural Lunar New Year Fundraising event and the first edi- tion of esea Showcase successfully raised additional funds while helping to establish a new network of local, national, end international 8upporter8. Furthermore, our shop and venue hire income increased, contributing to greater f inancial Stability during this period of exciting growth and development. Financial r•vi•w This year marks the first full year of reopening after the organisations re-branding. The orggnigation has bogn primarily gupportèd by a core grant from ACE and funding from GMCA. which together constitute 78% of the income for this financial year. Our aim 18 to further reduce this f igure in the next f inancial year. The financiel y8er came to a close with a return to 8 surplus. further boosted by £17k creative tax credits that the organi88tion is entitled to cleim. Meaning 8 £32k increase in unrestricted re8erve8. esea contemporary expresse8 profound appreciation for the continuous public funding Secured this year. ACE and GMCA have both provided another multi-year funding of £292.771 and £38,500 per year for period 2023-2026. Nevertheless esea contemporary recognises that UK investment in culture is struggling to keep pace with inflation. The organisation continues focusing on diver8ifying income 8tream8 to overcome this challenge, in line with its fundraising and commercial income strategy. Ri8k monag•m•nt Our risk assessment from Arts Council England has shifted to a medium rating. marking a signif icent improvement from the previous high-risk classif ication during the Covid period. The 2023-24 timeframe offered a crucial opportunity to evaluate our status a8 we successfully relaunched the organisation with a more progressive mission and an ambitiOU8 development plan. The creation of the Investment Principles Plan, facilitated by our primary funder ACE. acted as a catalyst for this revitalisation. promoting collaboration and engagement throughout the organisation. This process ensured that our organisational roadmap and our dedication to equality and diversity were seamlessly aligned with the investment principles, all while recognising that we are still navigating our recovery. esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 We have consistently shown our capacity to operate within budget while implementing meticulous financial planning that addresses inflation and depreciation. The expertise present at both the Board and Finance Manager levels has been vital, enabling us to uphold strong fiscal management. Moreover. we empower staff at all levels to take shargd responsibility for adhering to financial procedures, cultivating a Culture of accountability across the organisation. Major risk8 and their mitigation strategies are rigorously examined by the full Board of Trustee8. Our objective is to ensure that esea contemporary h88 effective 8y8tems in place to addres8 these ri8k8, reinforced by robu8t control8 over kèy financial process88 and o comprehensive understanding of the operational ch811enges we face. This proective Stance underscores our commitment to stability and growth as we continue to support our community. R•a•rv•8 Policy esea contemporary has a reserves policy. reviewed annually by trustees. aiming to maintain an unrestricted reserve sufficient to cover approximately three months, running costs. The 'Reserves Policy, Fund, which reflects this objective, is assessed each year to clarify the reserves available for ongoing expenditure. At the latest review, this reserve was valued at £132,274. providing stability 88 the organisation embark8 on ambitious programmes amidst the current18nd8C8pe. Given thi8 policy and revi8ed projections of income and expenditure for the next two years, the trustees are confident that the current g8n8ral unrestricted r88erve of £66,774 18 adequate. Total reserve8 at the year-end amounted to £629,719, with re8tricted fund8 totalling £37,946. Various grants and other forms of 8UPPOrt are allocated to specific activities and classified as restricted income. All balances of grant income awarded in 2023-24 for ongoing activities are committed for expenditure within the same financial year. Furthermore. esea contemporary holds funds previously designated for Capital Maintenance 8nd Research and Oevelopment. The Capital Maintenance fund was not utili8ed in 2023-24, although we anticipate potential significant costs for the HVAC system in the near future. The Research and Development fund 8UPPOrts exhibition rese8rch and the development of fundraising and bu8ine88 initiative8: it was drawn upon in 2020-21 for £3,405 to aid the expansion of the Development & Marketing Manager's role. At the end of 2023-24, these designated funds totalled £32,826. Additionally, the residual value of the lease on our current building, valued at £392,725, is held in another designated fund. Plan8 for the Future Building on insights from our audit and guidance from Board of Trustees. including our Artistic Advisory Panel, esea contemporary 18 Poised to embrace institutional growth by integrating esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 pri nciples of creative collaboration. care. critical ref lection. and community into our curatorial approach. Our commitment to delivering a dynamic and ambitious artistic programme will actively engage a wide array of East and Southeast Asian artists and practitioners in the UK and beyond, as well as local cofflmunities and the wider public. From 2024 to 2026, esea contemporary aims to sustain its commitment to three major exhibitions each year, complemented by dynamic public programme8 and community engagement8. We are focused on commissioning outstanding artistic works that promote critical dialogue 8cro88 diverse cultures and communities, ensuring our reach extend8 to both local and global audiences. Furthermore. esea contemporary will cultivate unique opportunities to inspire and elevate the next generation of arts professionals while enhancing public engagement. Our activities will encompass innovative residency programmes. partnership building. and research-oriented projects, all aimed at exploring new methods of displaying, communicating, and researching ESEA contemporary art. Through these Inventive and collaborative approaches. we strive to enrich the cultural landscape and foster a deeper understanding of ESEA artistic practices. Our development seeks to embody our core values of creativity. collectivity, interconnectedne88, and compa88ion by 8trengthening our team's capacity through collaboration with the sector, we aspire to produce exceptional artistic outputs that resonate with diverse communitie8. We will actively pursue new partnerships and knowledge exchange, engaging with varied eudience8 and locol communities to create meaningful connections. Throughout this journey. we will implement performance measures-such as feedback from artists, participants. stakeholders, and audiences, alongside metrics of reach and satisfaction to continually refine our approach. Additionally, we envision initiatives that facilitate mentorship, workshops, and community dialogues, further enriching our mission and expending our impact. Incom• A88umption8 We anticipate receiving NPO funding at the same levels as in previous years. Our established partner, GMCA, is expected to maintain its support at existing leve18. Our targets for additional Trust8 & Foundations funding are ambitiOU8 yet achievable, with parallel uncommitted project expenditure in the budget to mitigate risks. Additionally. commercial and retail targets will be conservatively Set below pre-COVIO levels as we navigate the new landscape and explore emerging opportunities. Expenditure Programme costs have been allocated broadly in the sarne categories as in previous years, though it is likely that the actual spending profile within those categories will take shape as the programme develops. esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 Structure, gov•rnanc• and manogorn•nt 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 association. Member8 of the charity guarantee to contribute an arnount not exceeding £1 to the 888et8 of the charity in the event of winding up. The total number of such guarantees on 31 March 2022 W88 1112021: 12). The tru8tees 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 expense8 reclaimed from the charity are Set out in note 12 to the accounts. The existing trustee's review the membership of the Board and all sub-committees to ensure that a range of strengths. interests and experiences are represented. To strenothen key areas as well as to maintain nurnbers as members retire following our articles of association, recruitment takes place periodically using a combination of advertisement and targeted approaches. Shortlisted 8ppIic8nts 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. Sub-committee8, con8i8ting of a Subset of Board rnembers agreed annu811y by the Board, meet quarterly to allow detailed discussion of matters relating to HR & Finance and the Arti8tic Programme. These make recomrnendations for approval by the full Board which 8180 meet8 quarterly. Oay-to-d8y management of ESEA CONTEMPORARY was delegated to the Director. Xiaowen Zhu who formed 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. Stit•m•nt ot r••pon8ibiliti08 of th• tru8t••8 The trustee8 Iwho are 8180 directors of ESEA CONTEMPORARY for the purposes of company lawl are responsible for preparing the tru8tee8' annual report and financial 8tatements following applicable law and United Kingdom Accounting Standard8 Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial staternents 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. In preparing these financial statements. the trustees are required to: Select suitable accounting policies and then apply them consistently esea contemporary Ltd Trustees, annual report for the year ended 31 March 2024 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 f inancial statements Prepare the financial st8tement8 on a going concern basis unles8 it 18 inappropriate to presume that the charity will continue in operation The tru8tees are responsible for keeping proper accounting records that di8close 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 18 no relevant audit information of which the charitable company 8 auditor8 are unaware The trustees have taken all 8tep8 that they ought to have taken to make them8elve8 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 irbformation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and di88•mination of financial etatemonts may difter from legislation in other jurisdictions. Auditor• JT Accountants Limited were appointed as the charitable company's auditors in 2022 and have expressed their willingne88 to act in that capacity. This report has been prepared in accordance with the provisions applicable to companie8 subject to the small companies, regime of the Companies Act 2006. The trustees, annual report has been approved by the trustees on and signed on their behalf by Nick Buckley Wood Chair of Trustee esea contemporary Ltd Independent auditor's report to the members of esea contamporary Ltd Matters on which wo arè requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financlal slalements are not in agreement with the accounting records and relums., or Certain disclosures ol directors. remunerallon specified by law are not made.. or we have not r8celved all the information and explanations we require for our aud¢t', or the trustees were not entitled lo prepare the financial slalements in accordance with the small comp8ni8s' regime and lake advantage of the small companies, exemptions in preparing the Trustees. Annual Roport and from the requirement lo prèpare a strategic report. Rosponslbllltles of trustees A5 explained more fully In the Iruslees, responsibilities ststement, the trus188s (who are also the directors of the charitable company for the purpose5 of company law} are responsible for the preparation of the financlal statements and for being satisfied that they give a true and fair view. and for such intemal control as the Iruslees detemiine is necessary lo enable the preparation of financial statements thal are free from material misstalement, whether due to fraud or error. In prepadng the flnancial slalemenls. Ihe IfU$tee$ are responslble lor assesslng the charitable company s abillly to continue as a going concem, disclosing, as applicable. rnatter5 rolaled to going concem and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no r6alislic allernatlve bul lo do so. Audltor's responslbllltle8 for th• audlt of the Ilnanclal Statements Our objectives are lo oblaln reasonable assurance about whether the flnanclal 81atements as a whole are free from material misslalemenl, wh8lh8r due lo Iraud or error. and to Issue an audllor's report that Includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee Ihal an audit conducted in accordance with ISAS IUKI will always d8lect a material missialemenl when il exisis. Misstslements ¢8n arise from fraud or error and are consldered material if, Individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non