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 2025
esea contemporary Ltd
## Reference and administrative information
for the year ended 31 March 2025
Company number
02137427
Charity number 518992 Registered office and operational address
Market Buildings, 13 Thomas Street, Northern Quarter, Manchester, M4 1EU
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 February 2020, appointed as Chair 01 February 2022) Patrick Alexander (resigned 15[th] March 2024) Philomena Lee Yuen Chen (appointed on 18 March 2022) Bonnie Sue Yin (appointed on 18 March 2022) Christopher Lau (appointed 22 November 2019) Simon Ying Hua Li Treasurer (appointed on 12 May 2022) Yung Yuen Ma (appointed on 12 May 2022) Wenkai Xu (appointed 13 July 2022) Chi Yan Stephanie Ho Poon (appointed 1 August 2024) Ngan Ying Krivinskas (appointed 15 September 2024) Pieternella Cornelia van den Houten (appointed 14 August 2024) Peter Yen-Ju Lin (appointed 2 August 2024) Maria Chen (appointed 12 August 2024)
No trustees held title to property belonging to the charity during the reporting period or at the date of approval
Key management personnel
Xiaowen Zhu Director (appointed on 1 June 2022) Sally Cook Chief Operating Officer (1st October 2023 to 30th April 2024) Bengü Gün Chief Operating Officer (appointed on 18th June 2024)
CAF Bank Ltd, 25 Kings Hill Ave, Kings Hill, West Malling, Kent ME19 4JQ
Flagstone Group Ltd,1st Floor, Clareville House 26-27 Oxendon Street London SW1Y 4EL
JT Accountants Limited, Flat 1 Sir Matt Busby Way, Old Trafford, Manchester, M16 0QG
1
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
The trustees present their report and the audited financial statements for the year ended 31 March 2025. Included within the trustees’ report is the directors’ report as required by company law.
Reference and administrative information set out on page 1 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.
In 2024–25, the charity advanced its mission to elevate contemporary art practices from East and Southeast Asian (ESEA) communities and their diasporas. Building on our refreshed identity, esea contemporary prioritised cross-cultural exchange, artist development and community access. In line with our NPO plan and investment principles, we embedded ethical practice, care, and collaboration across exhibitions, research, residencies, publishing, and public events. Trustees reviewed aims and activities against public benefit throughout the year to ensure our work remained relevant, inclusive, and responsive to community needs.
We delivered four exhibitions alongside process-led presentations in the Communal Project Space, strengthening Greater Manchester’s cultural offer and drawing new audiences:
- ‘Jane Jin Kaisen: Halmang’ (20 Jan — 23 Jun 2024)
The artist’s first UK solo show continued into this reporting year, attracting over
and being shortlisted for a . The exhibition’s
exploration of oceanic cosmologies and gendered histories sustained strong engagement and critical attention.
-
A post-residency project by Elgea Balzarie with the Indonesian collective Jatiwangi art Factory (JaF), foregrounding communal creativity and land-based clay practices rooted in West Java, and forging new connections between Manchester and rural Indonesian art-making traditions.
-
The artist’s first Manchester solo exhibition introduced audiences to an innovative sculptural practice and a new commission realised with the University of Salford’s Maker Space. As part of the National Touring Programme (with Standpoint), the show attracted national attention and strengthened partnerships with regional universities.
## ●
A major international collaboration with the Museum of Asian Art (Turin), bringing restored Buddhist sculptures (7th–18th centuries CE) into dialogue with contemporary works and three new commissions. With over 6,000 visitors expected by close, this became one of our most ambitious co-
2
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
productions to date, with audiences describing it as contemplative, moving and intellectually resonant.
## Public Programme
We delivered a free, accessible programme of workshops, talks, screenings, reading groups, exhibition tours, and community choral rehearsals for local communities, schools, and universities. Highlights included:
● — a summer framework activating archival and counter-archival practices through talks, screenings, and workshops with international contributors.
● ration Reading Group (14 Apr 2024) ; ‘Archiving Memoirs’ bilingual writing workshops with Zixin Li (8-9 Jun 2024) ; Slavs and Tatars lecture-performance e Tease’ (27 Jun 2024) . ● 2024) — rolling moving-
image presentations and archival displays across four themed weeks.
> ● (30 Oct 2024) ; Queer
East screening ‘Silence Will Not Protect You’ with director Q&A (28 ov 2024) ; Manchester Urban Film Series: ‘ESEA and South Asian Women Speak Out!’ 3 Mar 2025) .
● — five commissioned sound-based works reimagining early Chinese migration to Britain, presented online and in the Communal Project Space (1–25 May 2025).
> ● yers of Change’ tactile mindfulness workshop (10 May 2025) and Talks: ‘Queering the Asian Di .
## Community Engagement and Development
Our community work expanded to support elderly participants, new migrants (Hong Kong BN(O) families), and marginalised communities, including LGBTQ+ groups. Across all activities, our programmes
reached , strengthening Manchester’s reputation for world-class artistic ambition
with measurable social impact.
● : workshops in portrait and acrylic seascapes, Cantonese opera singing, bamboo and orchid painting, festive monoprint cards, and Chinese calligraphy, culminating in a festive display of member artworks. of participants reported , and increased confidence. The programme’s local impact was recognised through the Sp it of Man .
● : a creative workshop series for Hong Kong BN(O) communities on migration, home and memory, spanning papercutting, clay, mindfulness painting, music and Cantonese opera. took part, with of families reporting improved connection and creative skills; outcomes were showcased during ESEA
3
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
> Heritage Month. Supported by the gic Migration
.
- Accessibility improvements to our building (large-print guides, quiet space, sensory aids and multilingual guides) contributed to a , ensuring our programmes are welcoming to all.
## Residency Programme
Residencies remained central to artistic development, supporting practitioners to research, collaborate, and create new work:
● — Berlin-based artist and dancer exploring body politics and ‘expanded choreographies’, enacting shifting cultural narratives through performance, poetry, theory and choreographic archive.
- — Elgea Balzarie investigated edible-clay
- practices and land reclamation, fostering translocal dialogue between Jatiwangi and Manchester; the residency culminated in public clay workshops and the August exhibition ‘Clayground’.
- — Taipei- and Berlin-based artist and filmmaker
in residence for ‘Voicing the Archive’, researching overlooked histories of Asian indentured labourers and intercultural sound, in collaboration with Manchester Museum and composer Arthur Yuen Po Hang.
## Skills Development
We created paid and developmental opportunities for Greater Manchester-based freelancers, artists and
curators through residencies, workshops and exhibition production, and provided
and prioritisin nd neurodivergent individuals. 85% of participants reported . Staff development focused on curatorial research, safeguar ngagement and production, aligned to programme delivery.
## Building Partnerships
Partnerships underpinned artistic ambition and audience growth. Notable collaborations
included: (‘Buddha¹⁰’); s Maker Space (new commission for Steph Huang); t Factory (Indonesia) for ‘Clayground’; ; (Norway–East Asia cultural exchange); hester Urban ; and the Nor WestR . Touring and networked presentations with Standpoint and Projects (K extended the visibility of artists and the organisation
nationally and internationally.
Key Objectives for 2024-25
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esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
1. : consolidate trustee oversight through active sub-committees, skillsbased recruitment and clear rep lines.
2.
3.
training, mentoring and worklo
: strengthen organisational resilience via targeted ning aligned to programme delivery.
: prioritise access, representation and co-
creation with underrepresented communities, embedding inclusive practice across operations and programme design.
4. : commission and present high-quality, research-
driven exhibitions and events, with emphasis on archives, migration, care and experimental forms; deepen audience engagement on-site and online.
5. : diversify income
through partnerships, fundraising initiatives, retail and hires, complementing core public investment; refine data-led audience and impact reporting.
## Achievements and performance against objectives
1. — Quarterly Board and sub-committee meetings supported strategic decision-making and risk oversight; governance processes and finance reporting were strengthened to support programme scale-up ternational partnerships.
2.
3.
— Staff undertook sector training and peer exchange; residency-linked production sch improved cross-team coordination and operational continuity during a busy exhibition year.
— Community-centred projects such as esea
ArtClub and ‘Moving Forwards, Sideways’, plus collaborations with Queer East and partners across education and migration support, broadened participation and representation; accessibility upgrades contributed to a .
4.
— Four exhibitions, including a major
international co-production, residencies, commissions and a sustained talks/screenings offer, grew audiences to and deepened critical discourse around ESEA contemporary art.
5.
— Partnership-enabled commissions, touring relationships and stakeholder engagement supported fundraising and profileraising aims; retail and venue activity complemented core funding. In line with our environmental commitments, of exhibition/event materials were recycled and estimated carbon emissions reduced by 5% through local sourcing, reuse and print-on-demand.
Financial review
This year marks the third full year of reopening after the organisation’s re-branding. The organisation has been primarily supported by a core grant from ACE and funding from GMCA, which together constitute 78% of the income for this financial year. Our aim is to further reduce this figure in the next financial year.
The financial year came to a close with a £4,111 surplus on unrestricted funds.
esea contemporary expresses 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
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## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
2023-2026. Nevertheless esea contemporary recognises that UK investment in culture is struggling to keep pace with inflation. The organisation continues focusing on diversifying income streams to overcome this challenge, in line with its fundraising and commercial income strategy.
## Risk management
Our risk assessment from Arts Council England has shifted to a medium rating, marking a significant improvement from the previous high-risk classification during the Covid period. The 2024-25 timeframe offered a crucial opportunity to evaluate our status as we successfully relaunched the organisation with a more progressive mission and an ambitious 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.
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 shared responsibility for adhering to financial procedures, cultivating a culture of accountability across the organisation.
Major risks and their mitigation strategies are rigorously examined by the full Board of Trustees. Our objective is to ensure that esea contemporary has effective systems in place to address these risks, reinforced by robust controls over key financial processes and a comprehensive understanding of the operational challenges we face. This proactive stance underscores our commitment to stability and growth as we continue to support our community.
## Reserves 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 as the organisation embarks on ambitious programmes amidst the current landscape. Given this policy and revised projections of income and expenditure for the next two years, the trustees are confident that the current general unrestricted reserve of £71,711 is adequate. Total reserves at the year-end amounted to £608,727, with restricted funds totalling £12,843.
Various grants and other forms of support are allocated to specific activities and classified as restricted income. All balances of grant income awarded in 2024-25 for ongoing activities are committed for expenditure within the same financial year.
Furthermore, esea contemporary holds funds previously designated for Capital Maintenance and Research and Development. The Capital Maintenance fund was not utilised in 2024-25, although we anticipate potential significant costs fo in the near future. The Research and Development fund supports exhibition research and the development of fundraising and business initiatives; it was decided that £15,000 would be designated for a capital project feasibility study,these designated funds totalled £32,000.
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## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
Additionally, the residual value of the lease on our current building, valued at £392,725, is held in another designated fund.
Plans for the Future
Building on insights from our audit and guidance from Board of Trustees, including our Artistic Advisory Panel, esea contemporary is poised to embrace institutional growth by integrating principles of creative collaboration, care, critical reflection, 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 communities 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 programmes and community engagements. We are focused on commissioning outstanding artistic works that promote critical dialogue across diverse cultures and communities, ensuring our reach extends 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, interconnectedness, and compassion by strengthening our team's capacity through collaboration with the sector, we aspire to produce exceptional artistic outputs that resonate with diverse communities. We will actively pursue new partnerships and knowledge exchange, engaging with varied audiences and local 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 expanding our impact.
## Income Assumptions
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 levels. Our targets for additional Trusts & Foundations funding are ambitious yet achievable, with parallel uncommitted project expenditure in the budget to mitigate risks. Additionally, commercial and retail targets will be conservatively set below pre-COVID levels as we navigate the new landscape and explore emerging opportunities.
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.
Structure, governance and management
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## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
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.
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 all 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, recruitment 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.
Sub-committees, consisting of a subset of Board members agreed annually by the Board, meet quarterly 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 ESEA CONTEMPORARY was delegated to the Director, 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.
Statement of responsibilities of the trustees
The trustees (who are also directors of ESEA CONTEMPORARY 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. In 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 financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation
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## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
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.
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.
The trustees’ annual report has been approved by the trustees on and signed on their behalf by
Nick Buckley Wood
Chair of Trustee
9
## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
10
## esea contemporary Ltd
## Trustees’ annual report
for the year ended 31 March 2025
## esea contemporary Ltd Company number 2137427
||esea contemporary Ltd
Company number 2137427|esea contemporary Ltd
Company number 2137427|esea contemporary Ltd
Company number 2137427|||
|---|---|---|---|---|---|
||Balance sheet as at 31 March 2025|||||
||Note||2025|_2024_||
|||£|£|_£_|_£_|
|**Fixed assets**||||||
|Tangible assets|14||394,320||_395,175_|
|**Current assets**||||||
|Stock||7,664||_6,609_||
|Debtors|15|61,015||_21,204_||
|Cash at bank and in hand|16|182,298||_218,963_||
|**Total current assets**||**250,977**||**_246,776_**||
|**Liabilities**||||||
|Creditors: amounts falling||||||
|due in less than one year|17|(36,570)||_(12,232)_||
|**Net current assets**|||**214,407**||**_234,544_**|
|**Total assets less current liabilities**|||**608,727**||**_629,719_**|
|**The funds of the charity:**||||||
|Restricted income funds|18||12,843||_37,946_|
|Unrestricted income funds|19||595,884||_591,773_|
|**Total charity funds**|||**608,727**||**_629,719_**|
These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes on pages 24 to 38 form part of these accounts.
Approved by the trustees on 17 December 2025 and signed on their behalf by:
Nick Buckley Wood ( Chair)
11
esea contemporary Ltd
## Trustees’ annual report
for the year ended 31 March 2025
esea contemporary Ltd Statement of Cash Flows for the year ending 31 March 2025
|Note
2025
£
**Cash provided by/(used in) operating activities**
23
**(41,917)**
_Cash flows from investing activities:_
Dividends, interest, and rents from investments
5,252
Purchase of tangible fixed assets
-
**Cash provided by/(used in) investing activities**
**5,252**
Increase/(decrease) in cash and cash equivalents in the year
(36,665)
Cash and cash equivalents at the beginning of the year
218,963
**Cash and cash equivalents at the end of the year**
**182,298**|_2024_
_£_
**_43,346_**|
|---|---|
||_3,353_
_(3,419)_|
||**_(66)_**|
||_43,280_
_175,683_|
||**_218,963_**|
12
## esea contemporary Ltd
## Trustees’ annual report for the year ended 31 March 2025
13
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
14
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
15
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
16
## esea contemporary Ltd
## Trustees’ annual report
for the year ended 31 March 2025
|**2**
**Income from donations and legacies**
**Current reporting period**
Donations
**Previous reporting period**
Donations
**3**
**Income from charitable activities**
Arts Council of England:
Revenue grant
Cultural Recovery Fund Grant
Manchester City Council:
COVID Business relief grants
Greater Manchester Council
Salford University
British Council:
CTC 40
Artist in Residence project
Bagri Foundation
Henry Moore Foundation
Co-commissioning/ sponsorship income
RSMP HK BN(O) Project
HO Foundation Voicing the archives
Exhibition Income
In-kind Support
Other income
**Total**|Unrestricted
£
272
_2,223_
Unrestricted
£
292,771
-
-
38,500
-
-
-
-
-
1,200
-
-
-
-
1,243
333,714|Restricted
£
-
_-_
Restricted
£
-
-
-
-
4,000
5,000
2,000
8,000
5,000
-
5,000
-
-
-
-
29,000|Total 2025
£
272|
|---|---|---|---|
||||_Total 2024_
_2,223_|
||||Total 2025
£
292,771
-
-
38,500
4,000
5,000
2,000
8,000
5,000
1,200
5,000
-
-
-
1,243|
||||362,714|
17
## esea contemporary Ltd
## Trustees’ annual report
|for the year ended 31 March 2025
**_Income from charitable activities 2024_**
_Unrestricted_
_£_
Arts Council of England:
Revenue grant
_292,771_
Cultural Recovery Fund Grant
Manchester City Council:
Greater Manchester Council
_38,500_
Salford University
_-_
British Council:
CTC 40
_-_
Artist in Residence project
_-_
_-_
Co-commissioning/ sponsorship income
_9,743_
RSMP HK BN(O) Project
_-_
HO Foundation Voicing the archives
_-_
Exhibition Income
_-_
In-kind Support
_-_
Other income
_4,278_
Total
_345,292_
**4**
**Income from other trading activities**
2025
£
Shop Income
2,216
Room Hire
26,295
Fundraising
13,322
Insurance claims
11,727
53,560
All income from other trading activities is unrestricted.
**5**
**Investment income**
2025
£
Income from bank deposits
5,252|_Restricted_
_£_
_-_
_-_
_-_
_-_
_5,000_
_8,000_
_4,008_
_-_
_5,000_
_27,871_
_-_
_-_
_-_
_49,879_
_2024_
_£_
_3,070_
_18,830_
_2,068_
_-_
_23,968_
_2024_
_£_
_3,353_|_Total 2024_
_£_
_292,771_
_-_
_38,500_
_-_
_-_
_5,000_
_8,000_
_4,008_
_9,743_
_5,000_
_27,871_
_-_
_-_
_4,278_|
|---|---|---|
|||_395,171_|
||||
All of the charity's investment income arises from money held in interest bearing deposit accounts. All investment income is unrestricted.
18
## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
## **6 Cost of raising funds**
|2025
£
Direct expenditure
9,269
Staff costs
47,100
Premises
5,768
Adjustment to stock valuation
-
Support
5,668
67,805
All expenditure on cost of raising funds is unrestricted.
The value of stock recognised as an expense is £11 (2024: £958)
**7**
**Analysis of expenditure on charitable activities**
2025
£
Staff costs
150,143
Exhibition programme
114,794
Exhibition programme: in kind
-
Marketing
15,526
Depreciation (see note 15)
855
Premises
71,147
Governance
32,995
Support
12,542
398,002
Restricted expenditure
54,103
Unrestricted expenditure
343,899
398,002
**8**
**Analysis of governance and support costs**
Basis of
Support
apportionment
£
Staff costs
Time spent
-
Office costs
Time spent
12,543
Audit and accountancy
Governance
-
Legal and professional
Governance
-
Trustees expenses
Governance
-
Board costs
Governance
-
Governance other costs
Governance
-
12,543|_2024_
_£_
_1,467_
_48,001_
_4,877_
_-_
_3,563_
57,908
_2024_
_£_
_153,016_
_83,019_
_-_
_12,935_
_684_
_60,154_
_36,402_
_13,072_
_359,282_
_57,254_
_302,028_
_359,282_
Governance
£
22,683
-
3,200
6,968
-
-
144
32,995|Total 2025
£
22,683
12,543
3,200
6,968
-
-
144|
|---|---|---|
|||45,538|
19
## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
|**_Analysis of governance and support costs 2024_**
_Staff costs_
_Time spent_
_-_
_Office costs_
_Time spent_
_16,635_
_Audit and accountancy_
_Governance_
_-_
_Legal and professional_
_Governance_
_-_
_Trustees expenses_
_Governance_
_-_
_Board costs_
_Governance_
_-_
_Governance other costs_
_Governance_
_-_
_16,635_
**Net income/(expenditure) for the year**
This is stated after charging/(crediting):
2025
£
Depreciation
855
Auditor's remuneration - audit fees
3,200
Auditor's remuneration - accountancy fees
-
**Staff costs**
Staff costs during the year were as follows:
2025
£
Wages and salaries
195,695
Social security costs
7,345
Pension costs
2,575
Germany social security costs
14,311
219,926
**Allocated as follows:**
Cost of raising funds
47,100
Charitable activities
150,143
Governance costs
22,683
219,926|_23,116_
_-_
_5,433_
_7,244_
_-_
_-_
_609_
_36,402_
_2024_
_£_
_684_
_4,550_
_-_
_2024_
_£_
_200,854_
_6,614_
_3,842_
_12,823_
_224,133_
_48,001_
_153,016_
_23,116_
_224,133_|_Total 2024_
_23,116_
_16,635_
_5,433_
_7,244_
_-_
_-_
_609_|
|---|---|---|
|||_53,037_|
||||
## **9 Net income/(expenditure) for the year**
## **10 Staff costs**
One employee had employee benefits in excess of £60,000 (2024: 1). (£60,000-£70,000): 1 (2024: 1)
The average number of staff employed during the period was 9 (2024: 8).
The average full time equivalent number of staff employed during the period was 5 (2024: 4.9).
The key management personnel of the charity comprise the trustees, the Director, the Operations Manager, and the Finance Manager. The total employee benefits of the key management personnel of the charity were £113,290 (2024: £119,730).
20
esea contemporary Ltd
## Trustees’ annual report
for the year ended 31 March 2025
## **11 Trustee remuneration and expenses, and related party transactions**
Neither the trustees, nor any persons connected with them, received remuneration during the year
The trustees were reimbursed out-of-pocket expenses totalling £0 (2024: £96) during the year.
No members of the management committee received travel and subsistence expenses during the y
Aggregate donations from related parties were Nil (2024: £Nil).
There are no donations from related parties which are outside the normal course of business. There were no restricted donations from related parties, other than as detailed below.
## **12 Government grants**
The government grants recognised in the accounts were as follows:
|Arts Council
Greater Manchester Combined Authority
British Council|2025
£
292,771
38,500
7,000
338,271|_2024_
_£_
_292,771_
_38,500_
_12,000_|
|---|---|---|
|||_343,271_|
The unfulfilled conditions and contingencies attaching to the grants were:
1. in respect of the British Council, continuation of the MANCCC Global Cities project, disrupted by the COVID-19 breakout.
All of these are being rearranged within timescales agreed with funders.
## **13 Corporation tax**
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
21
## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
## **14 Fixed assets: tangible assets**
|**Cost**
At 1 April 2024
Additions
Disposals
At 31 March 2025
**Depreciation**
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
**Net book value**
At 31 March 2025
_At 31 March 2024_
**15**
**Debtors**
Trade debtors
Other debtors
Prepayments and accrued income
**16**
**Cash at bank and in hand**
Short term deposits
Cash at bank and on hand|Leasehold
Property
£
1,679,138
-
-
1,679,138
1,286,413
-
-
1,286,413
392,725
_392,725_|Equipment
£
12,974
-
(1,559)
11,415
10,524
855
(1,559)
9,820
1,595
_2,450_
2025
£
7,225
40,287
13,503
61,015
2025
£
151,366
30,932
182,298|Total
£
1,692,112
-
(1,559)|
|---|---|---|---|
||||1,690,553|
||||1,296,937
855
(1,559)|
||||1,296,233|
||||394,320|
||||_395,175_|
||||_2024_
_£_
_-_
_17,270_
_3,934_|
||||_21,204_|
||||_2024_
_£_
_185,676_
_33,286_|
||||_218,962_|
22
## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
## **17 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other creditors and accruals
Deferred income|2025
£
13,024
23,546
-
36,570|_2024_
_£_
_296_
_11,936_
_-_|
|||_12,232_|
## **18 Analysis of movements in restricted funds**
|Bagri Foundation
In-Kind support
Total
British Council &
AAMC Curatorial
grants
RSMP HK BN(O)
Welcome project
MANCC network:
British Council and
MCC Global Cities
project
Universities of
Salford, Manchester
& MMU: ARNAM
projects
Henry Moore
Foundation
HO Foundation
Voicing the archives
British Council –
Clayground|£
1,804
-
-
271
-
27,871
8,000
-
-
37,946
Balance at
1 April
2024|Income
£
-
10,000
-
4,000
5,000
-
2,000
8,000
-
29,000|Expenditure
£
-
(5,000)
-
(4,000)
(5,000)
(22,103)
(10,000)
(8,000)
-
(54,103)|Transfers
£
-
-
-
-
-
-
-
-
-|£
1,804
5,000
-
271
-
5,768
-
-
-
Balance at
31 March
2025|
|---|---|---|---|---|---|
||||||12,843|
23
## esea contemporary Ltd
## Trustees’ annual report
for the year ended 31 March 2025
## **Analysis of movements in restricted funds - continued**
## _**Analysis of movements in restricted funds 2024**_
||_ce at 1_|_April 20_|_Income_|_Expenditure_|_Transfers ance at 31_|_Transfers ance at 31_|_March_|
|---|---|---|---|---|---|---|---|
||_£_||_£_|_£_|_£_|_£_||
|British Council &||||||||
|AAMC Curatorial||||||||
|grants|1,804||-|-|-|1,804||
|RSMP HK BN(O)||||||||
|Welcome project||-|5,000|(5,000)|-||-|
|MANCC network:||||||||
|British Council and||||||||
|MCC Global Cities||||||||
|project|43,246||-|(43,246)|-||-|
|Universities of||||||||
|Salford, Manchester||||||||
|& MMU: ARNAM||||||||
|projects||271|-|-|-||271|
|British Council –||-|5,000|(5,000)|-||-|
|HO Foundation||||||||
|Voicing the archives||-|27,871|-|-|27,871||
|British Council –||||||||
|Clayground||-|8,000|-|-|8,000||
|Danish Arts Council||-|4,008|(4,008)|||-|
|In-Kind support||-|-|-|-||-|
|_Total_|_45,321_||_49,879_|_(57,254)_|_-_|_37,946_||
24
esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
## **Analysis of movements in restricted funds - continued**
## **Name of restricted fund**
## **Description, nature and purposes of the fund**
ACE Cultural Recovery Fund
British Council HK Artist in Residence
Curatorial Grants from British Council and AAMC
MANCC Network: A collaboration involving the British Council and MCC with some funding given via Open Eye. British Council RSMP HK BN(O) Danish Arts Council HO Foundation Voicing the archives
Grant to assist with revisions to programme and operations to navigate recovery post-COVID
Grant to fund a HK artist in residence in the esea Residency
Grants to fund curatorial research trips to the USA, China and Singapore.
Support for Global Cities project
Grant to support Clayground project Summer 2025 Welcome project for Hong Kong British Nationals (Overseas) Grant to part fund exhibition 'Halmang' by Jane Jin Kaisen To support the Voicing The Archive exhibition Summer 2025
## **19 Analysis of movement in unrestricted funds**
|Balance at 1 April 202
Income
£
£
General fund
66,774
415,815
**Designated funds:**
8,636
-
24,190
-
-
-
Capital Project Devel
-
-
Reserves policy Fund
99,448
-
Building Fund
392,725
-
591,773
415,815
Capital Maintenance
Fund
Research and
Development Fund
Designated property|Expenditure
£
(411,704)
-
-
-
-
-
-
(411,704)|Transfers
£
826
(3,636)
(12,190)
-
15,000
-
-
-|£
71,711
5,000
12,000
-
15,000
99,448
392,725
March 2025|
|---|---|---|---|
||||595,884|
25
## esea contemporary Ltd
## Trustees’ annual report
## _**Analysis of movement in unrestricted funds 2024**_ for the year ended 31 March 2025
|_ce at 1 April 20_
_Income_
_£_
_£_
_General fund_
_34,604_
_392,106_
**_Designated funds:_**
_8,636_
_-_
_24,190_
_-_
_Reserves policy Fund_
_99,448_
_-_
_Building fund_
_392,725_
_-_
_559,603_
_392,106_
_Capital Maintenance_
_Fund_
_Research and_
_Development Fund_|_Expenditure_
_£_
_(359,936)_
_-_
_-_
_-_
_-_
_(359,936)_|_Transfers As at 31 March 2024_
_£_
_£_
_-_
_66,774_
_-_
_8,636_
_24,190_
_-_
_99,448_
_-_
_392,725_
_-_
_591,773_|
|---|---|---|
## **Name of unrestricted fund Description, nature and purposes of the fund**
General fund
The free reserves after allowing for all designated funds
Capital Maintenance To deal with building maintenance and equipment needed in future years. Fund
Research and To enable staff to research new exhibitions, to develop new potential Development Fund sources of income and to support new business initiatives.
Reserves Policy Fund To enable the organisation to provide for anticipated funding fluctuations and to meet its obligations in the event of winding up.
Capital Poject Development fund To fund a feasibility study to aid in a capital bid for future capital works required. Building fund 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.
## **20 Analysis of net assets between funds**
|Tangible fixed assets
Net current assets/(liabilities)
Total
**_Previous reporting period_**
_Tangible fixed assets_
_Net current assets/(liabilities)_
_Total_|26
General
fund
£
1,595
70,122
71,717
_General_
_fund_
_2,450_
_64,324_
_66,774_|Designated
funds
£
392,725
131,448
524,173
_Designated_
_funds_
_392,725_
_132,274_
_524,999_|Restricted
funds
£
-
12,843
12,843
_Restricted_
_funds_
_-_
_37,946_
_37,946_|2025
Total
£
394,320
214,413|
|---|---|---|---|---|
|||||608,733|
|||||_2024_
_Total_
_395,175_
_234,544_|
|||||_629,719_|
## esea contemporary Ltd
## Trustees’ annual report
## for the year ended 31 March 2025
## **21 Operating lease commitments**
The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:
|Less than one year
One to five years|Equipment
2025
£
-
-
-|_Equipment_
_2024_
_£_
_-_
_-_|
|---|---|---|
|||_-_|
## **22 Contingent liability**
In 2002 and 2003 the Arts Council England (ACE) granted £1,679,138 to the charity to enable it to acquire the long leasehold of its premises at Unit 2, Market Buildings, Thomas Street, Manchester, and to carry out a full refurbishment.
This grant is repayable in whole or in part if the charity changes its purpose or if the charity ceases to operate or becomes insolvent. To secure its position, ACE has a charge on the property which it has agreed to lift in 2023.
It is considered unlikely that the charity would change its purpose, cease to operate, or become insolvent, and hence unlikely that the grant will need to be repaid. This liability has therefore not been included in creditors.
## **23 Reconciliation of net movement in funds to net cash flow from operating activities**
|**Net income/(expenditure) for the year**
**Adjustments for:**
Depreciation charge
Dividends, interest and rents from investments
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**|2025
£
(20,992)
855
(5,252)
(1,055)
(39,811)
24,338
(41,917)|_2024_
_£_
_21,103_
_684_
_(3,353)_
_(1,900)_
_13,871_
_12,941_|
|---|---|---|
|||_43,346_|
## **24 Building Valuation**
The charity obtained a professional valuation of its premises at Unit 2, Market Buildings, Thomas Street, Manchester in March 2025. The Trustees have decided not to revalue the property in the financial statements as it would be too costly for the charity to obtain a revaluation annually.
## 25 **World events**
The conflicts between Russia and Ukraine, and Israel and its neighbours, continue. The Trustees are aware of these conflicts and are mindful to consider how they may impact the charity and its activities.
27