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← Artswork Limited

2025-03-31-accounts

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Charity Registration No. 800143

Draft Financial Statements at 02 November 2025 at 12:36:47

Company Registration No. 02150619 (England and Wales)

ARTSWORK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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ARTSWORK LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees N Betjemann
F Parkinson
E Dyer
J Shah
A W G Nyachae
L Thurbon
O Edwards (Appointed 9 December 2024)
N Namazi (Appointed 24 September 2025)
Secretary S Warwick
Charity number (England and Wales) 800143
Company number 02150619
Registered office 142-144 Above Bar Street
Southampton
SO14 7DU
Auditor Fiander ETL
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
Bankers Santander UK PLC
Business and Corporate Banking Operations
Bridle Road
Bootle
Merseyside
L30 4GB
Unity Trust Bank PLC
Nine Brindley Place
4 Oozells Square
Birmingham
B1 2HB
Triodos Bank UK
Deanery Road
Bristol
BS1 5AS

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Draft Financial Statements at 02 November 2025 at 12:36:47 ARTSWORK LIMITED

CONTENTS

Page
Trustees report 1 - 13
Independent auditor's report 14 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 34

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ARTSWORK LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities”, issued in March 2005, subsequently updated with effect from January 2019 (FRS 102).

Introduction

At Artswork we strive to make the arts and creativity available to everyone. We aim to break through barriers and develop new ways for people to discover the success, empowerment and sheer joy that the arts and creativity can bring to classrooms, communities and careers.

Imagine if... all our children were happy and confident, strong in their sense of self and the world that they live in.

Imagine if... every child – irrespective of race, background, wealth, identity or ability - felt valued, heard and represented.

Imagine if... we gave them all the opportunity to explore and fulfil their potential in a future that we are all making together.

Imagine if... we kept a sense of wonder, creativity and learning throughout our lives.

The Artswork team works regionally, nationally and internationally to make these aspirations a reality.

Chair’s Statement 2024/25

2024/25 was our second year as an Arts Council England National Portfolio Organisation and our mantra, ‘Activate’, has been fully embraced: Activate Young Cultural Changemakers, Activate Creative Careers, and Activate Creative Learning. In Priority Places across the south we have worked with thousands of young people on creative consultations and youth-led commissions. Through the process young people have earned Arts Awards and Digital Badges, gained skills and confidence and have positively impacted on the wider community.

Young people have excelled in the range of projects they’ve designed and delivered in their communities - initiatives such as well-being gardens, mental health spaces and police cell makeovers. The environment is, again, of key interest and we saw initiatives such as the creation of animations championing kelp restoration and a new urban marine habitat. Young people took part in a Diwali parade, and in Dover town centre, a creative takeover involving music, art trails and public sculpture.

Activity is truly being driven by young people and, in doing so, they’re pushing the boundaries of creativity in the ways they’re engaging with each other and, at the same time, gaining confidence and respect in the wider community. One young person involved in Portsmouth Creative Skills commented:

“[The project] throws you outside your comfort zone. You have to think outside the box. Like, you can't have it all your own way. [My partner] wanted [the street art] one way, I wanted it another. We had to combine and compromise. We had to come up with our own ideas, and once I understood what he wanted, I thought about what I could add, like, what would make sense.”

Another said:

“The course has been more fun than I expected. The visits enhanced it all. Like, it was nice to explore the [Groundlings] theatre, that's something you wouldn't normally get to do. But my favourite part of the course has been becoming more confident. Now I can have a conversation with a worker in a shop or cafe instead of just being a nervous wreck.”

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Inclusivity and relevance remain at the heart of what we do and we’ve worked with an astonishing range of young people, many of them previously disengaged and not involved in arts activity. This year a lot more young people with special educational needs or disabilities have taken the lead in identifying, developing and delivering creative activities. We’ve engaged with young people involved in the youth justice system and in pupil referral units. Young members of the Roma community and young people who are asylum seekers have benefited from our programmes and we continue to involve young people from a wide range of ethnic backgrounds. LGBTQIA and trans young people are active in our work. Also, those involved in military communities in which they often feel isolated, young people with mental health challenges, and those in the lowest socio-economic groups.

We’re thrilled to see the interest young people are showing in entering the professional arts and cultural arena. A participant in the Breakthrough programme, which provides young people paid six month ‘starter jobs’ said:

“I would recommend this programme as a great step towards finding a creative career, through an optimum balance of guidance and support to discovery and learning through experience. I feel it has been super helpful for me to gain insight into what careers in this industry actually look like and to forge a greater network. For anyone thinking of applying, I say go for it.”

Equally, it’s wonderful to see employers’ feedback with host organisations noting: “It is an excellent way to integrate early career professionals with the support to make it a success”. With others commenting that the programme is “A great way to upskill yourself … the insights candidates provide are invaluable and they’ve brought an uplifting, fresh energy to the rest of the team.”

Our Creative Learning Programmes, delivered by Artswork Professional Development, continue to be a valued source of development for both those working in the arts sector as well as in the wider arena and provide a growing source of earned income. A participant in the ‘Houses of Commons Behaviour Management with Young People in the Creative, Cultural & Heritage Sectors’ initiative said: “This was practical and collaborative, and delivered by the nicest person ever! The trainer was incredible!”

A participant in the Logic Models training commented: “This is excellent training, lovely person, excellent delivery on zoom. You covered a lot in a short time but in a clear way that is immediately applicable to my work. It will bring my multiple projects into a cohesive approach, together with the evidence/reasoning needed for managers. Thanks. Great value too - so many orgs charge over the odds. Thank you for keeping this affordable.”

We are extremely grateful to the Arts Council England for their continued support of Artswork as a national portfolio organisation. Their investment has also helped us unlock other sources of funding. For instance, the Choices Programme, funded by the Office of the Police and Crime Commissioner, continued to run across Hampshire and the Isle of Wight. It’s involved a total of 6,948 young people, encouraging them to resist the peer pressure to be involved in criminal and/or violent behaviour. Arun District Council has continued to partner with us for our placemaking work in Arun. Thank you to both the OPCC and ADC.

Our Youth Board has been a vibrant and constructive presence in our on-going quest to put young people firmly at the centre of our thinking and I thank them for their input. I’m also very pleased that we have benefitted from the views and experience of some young Trustees. Their input, alongside that of our other Trustees, has been invaluable. Thank you to the entire Artswork Board.

Finally, Artswork staff, led by the indefatigable Louise Govier, has yet again excelled in realising Artswork’s mission to empower young people through creativity so that they can build a better future for themselves and others. This is despite the very real challenges of squeezed resources, time pressures and political uncertainty. Thank you.

2024/25 marked my 9th year as Chair and what a pleasure and a privilege it's been to be in the role. As the organisation moves forward I anticipate the continued success and, in fact, growth of Artswork's work with young people.

Norinne Betjemann Chair

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Artswork Leadership Team 2024/25

Louise Govier – Chief Executive (appointed August 2020) Sarah Warwick – Chief Finance Officer Annabel Cook – Deputy Chief Executive Donna Vose – Head of Budgets, Contracts & Policy Lucy Marder – Head of Business Development

See full Artswork team: https://artswork.org.uk/about-us/staff-trustees-trainers/

Artswork’s Aims, Objectives and Activities

The trustees have paid due regard to guidance issued by the Charity Commission on public benefit on deciding what activities the charity should undertake.

At Artswork we believe in the power of the arts and creativity to:

We achieve our mission through:

The objectives of the charity are to promote, maintain, improve, and advance public education, appreciation and understanding of youth arts. The charitable company continues to explore new ways of improving provision for children and young people in creative activities.

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Public benefit aims

Public benefit is at the heart of what Artswork does. In the second year of our current business plan, Artswork is delivering its mission through the following key public benefit aims:

  1. Empower young people of all ages through creativity, including listening to children and young people through creative consultations and enabling them to lead and deliver creative commissions that will make a difference where they live.

  2. Lead and strengthen arts and cultural engagement with children and young people, by activating young cultural changemakers, creative careers and creative learning.

  3. Recognise, facilitate and lead the development of opportunities for work-based learning, employability and entrepreneurship.

  4. Enhance expertise, skills, knowledge and understanding of the arts and culture in work for, with and by children and young people, developing through training the skills of people working in a wide range of contexts.

  5. Collect and share evidence of good practice and success stories regionally, nationally and internationally, particularly around youth voice and youth-led practice centred on creativity.

  6. Practice effective governance, leadership and management of Artswork.

We deliver our aims through three main strategic programmes as an Arts Council England funded National Portfolio Organisation which generates additional income through training and consultancy:

Trustees monitor performance on a quarterly basis and measure this against key performance indicators, budget allocation and spend.

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Year in Numbers

During 2024/25, Artswork:

A full summary of activities and achievements is contained in the Appendix to this report.

Financial review

Artswork's income in the financial year 2024/25 decreased moderately compared to 2023/24. This was due to the completion of the Artsmark programme. 2024/25 was our second year as a National Portfolio Organisation and we saw investment of £1,394,508 from Arts Council England.

Artswork has again been successful in generating programme income from a range of sources, including local and national agencies, and via delivery and receipt of training fees. The decrease in income was partially offset by an increase in income from professional development training which remains an area of growth for the charity. Artswork controls expenditure well, both within core and project budgets. We also maintain healthy reserves and have increased income from bank interest during 24/25.

The ongoing use of effective control and tracking systems (including purchase orders and ongoing interrogated budgeting) has produced clarity in short-term and long-term financial planning and management. Regular reviews of Artswork's financial planning and management accounts at Trustee board meetings have enabled the Trustees to maintain a consistent and detailed overview of the charity's financial progress and achievements.

Reserves Policy

Artswork, like many small charities, has limited opportunity to generate unrestricted income. Through continued careful budget forecasting, application for full cost recovery where possible, strict management of expenditure and utilisation of high interest bank accounts, Artswork has built up reserves of £691,630. Of this Trustees have ring fenced funds to cover at least 12 months core running costs and closure costs, not specifically met by programme grants, as well as make provision for future commitments. These funds are invested for long term need and future purpose. Trustees also designate funds for specific educational delivery programmes and for contingent liabilities.

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Going Concern

Artswork has been innovative in its delivery over the last year and is opening new markets by responding to sector change, through online delivery and increased referrals, and in making successful grant applications and by winning tenders. The charity has repositioned its programme delivery and is a leader in youth voice provision. Simultaneously Artswork has grown its Breakthrough model enabling creative sector employers to provide training and work opportunities for young people. Specifically, the following highlights the rationale for Artswork regarding itself as a going concern.

  1. Arts Council England National Portfolio Organisation (NPO) funding for 2023-2026, with an application submitted for extension for 2026-27

  2. New grants and tenders for programmes from national and regional partners

  3. An increase in unrestricted revenue from training courses and consultancy

  4. Artswork reviewed all areas of its operational and programme budgets to model new costings for 2025/ 26 onwards and has allocated savings into emerging growth opportunities and to meet increased staffing costs. The charity is confident that the budget for 2025 - 2026 is sound and achievable

  5. Artswork will continue to implement its fundraising strategy to achieve growth by seeking funds from a range of sources to enable it to deliver its plans

  6. Artswork has an additional amount of free reserves (after agreed allocations and designations) which provides further contingency if required.

Principal funding sources and activities 2024/25

Artswork achieved income from a range of sources during 2024/25. We also maintained excellent accounts and financial processes – evidenced by a complimentary report on the prior year from our auditors, Fiander ETL.

Funds raised included:

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Environmental Responsibility

Artswork has committed to a comprehensive set of targets and responsibilities to reduce the ecological impact of our work and programmes. Our Environmental Action Plan is aligned to UN Sustainable Development Goals and national policy to achieve a 78% reduction in greenhouse gas emissions by 2035. This year we re-calculated the baseline for our measurable scope 2 and 3 emissions based on changes in government conversion factors for homeworking, and by considering more of our supply chain and digital footprint emissions. This saw our measurable emissions increase to 96 tonnes of CO2e which presents a more accurate picture of Artswork’s impact.

Artswork’s ambition is to:

See Artswork’s website for more information.

During 2024/25, Artswork:

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Plans for 2025/26 onwards

We will continue to build on the success of 2024/25 in our current role as an Arts Council England (ACE) National Portfolio Organisation (NPO), further delivering on ACE’s Let’s Create strategy. We will also continue to extend and further diversify our income generation from other sources and keep developing our business model. This recognises the need to balance the budgetary pressures that come from increased costs (including the rise in National Insurance) and the stand-still level of public funding we receive.

Artswork’s Activate Young Cultural Changemakers programme will extend its impact in the New Forest, Isle of Wight, Slough, Arun and Dover, with additional work in Rushmoor and Gosport. More focused creative consultations will build on the considerable understanding we’ve gained from young people already, and further youth-led creative commissions will respond to young people’s concerns, enabling them to create positive change in their communities. The training that supports these young people will continue to be more flexible, recognising experiential learning gained by practical experience. We will generate more in-kind support and additional income to supplement this work as local businesses and stakeholders are better able to understand it and see its impact through the evidence of commissions from both Years 1 and 2.

Our Activate Creative Careers programme will continue to work with schools around careers awareness, taster sessions and the development of equitable models for work experience, from primary through to secondary and 16+ options. A new film explaining the benefits of our creative careers at primary package aims to increase funding to enable a larger scale roll out of this free programme for schools who are experiencing extreme pressure on their own funding. We will begin to ask Breakthrough employers to contribute 10%, 20% or 30% of their post-holder’s wages, on a sliding scale dependent on their size and operating budget. We will continue to offer the RISE bursaries for young people to develop their creative practice, recognising that for some young people, starting their own business or having a creative small enterprise alongside another job is an effective route towards a creative career. We will offer a development network for them, including potentially shaping a cohort of young consultants who can offer youth voice services to clients as part of a system that generates income for both them and for Artswork, while also giving them further practical work experience.

We will look at alternative ways to meet both the training, development and support needs of young people at 16+ in our employability programmes that better fit the needs of young people and employers and respond to the opportunities employers can provide. Similarly, we will continue to deliver and adapt Portsmouth Creative Skills, our in-depth work with care experienced young people who are not in employment, education or training, including prospecting other delivery modes and locations for this model.

Activate Creative Learning will see the Artswork Professional Development continuing to develop the quality of their online self-led learning products, using professional film, animation and gamification. They will add learning products around youth-led practice, will target new products, and seek to engage specific markets to meet higher income targets.

We will also continue to move towards our 2040 vision by delivering our youth-led creative space at the Playland site in Portsmouth. The project manager and an artist supporting in a development role, both young people, are already connecting with local young people and involving them in how they want this space to run, for themselves and their community. This includes strong connectivity with developing careers and entrepreneurialism, and a space hire model that is the first step towards finding a workable, sustainable financial model for this kind of space going forwards. This project, supported by investment from Artswork’s reserves plus fundraising, is a key part of the organisation’s exploration of future operating and business models.

Artswork’s plan for its own organisational development that responds to ACE’s Investment Principles will move forwards our youth leadership practice and find further ways to enable young people (including our Youth Board) to influence our work. As a team we will explore and develop our use of productivity tools, including our Customer Relationship Management system and other technology tools that increase efficiency, to save time and money, and drive income. We will continue to explore new approaches to consultancy and income-generating business, refining our approach to applications for major tenders and for development funding that cuts across multiple aspects of Artswork’s programmes.

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

We will use our environmental impact data to ensure the team understands which practices can keep improving our performance and why they are effective, delivering the newly updated Environmental Action Plan. Artswork will hold whole team focused periods of learning around Dynamism, Environmental Responsibility, Inclusivity & Relevance and Ambition & Quality, and will continue to invite paid speakers to share their intersectional experiences with the whole team. Our team and Trustee Away Day this year will focus on Dynamism, and ways to increase income in a challenging financial environment – our team of creative thinkers have already suggested excellent ideas.

Artswork will continue to monitor and evaluate our achievements, learning through continuous feedback from participants and reporting achievements to communities, funders and other stakeholders.

Louise Govier, Chief Executive, Artswork

Structure, governance and management

The organisation is a charitable company, limited by guarantee, incorporated on 27th July 1987 and registered as a charity on 5th October 1988. 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. Artswork has an active and committed Board of Trustees with the necessary skills and experience to guide and govern the charity. New trustees are recruited using a variety of methods: via 'Board Bank' (including e.g. Inclusive Boards); personal recommendations by Chair, trustees, senior management team and other staff; from our pool of volunteers; through recruitment adverts. Trustees’ Skills Audits identify potential skills gaps on the Board and inform Artswork's Board recruitment strategies.

Prospective new trustees meet with the Chair and Chief Executive prior to appointment and/or may be invited to a more formal interview process. Following appointment, they are supplied with a 'Governance/Induction Pack', containing: Artswork constitution; history of Artswork; all approved Artswork policies, including those outlining Artswork's commitment to Equalities, Environment and Safeguarding; most recent annual report; Charities Commission 'Role of Trustees' booklet; most recent minutes; most recent audited accounts; generic publicity information; declaration form and project information.

New Trustees attend a quarterly Board meeting and are nominated by an existing Trustee; this nomination is seconded by another Trustee (this is minuted). Annually, Artswork organises a Board and Staff Away Day, and all Trustees are encouraged to attend Artswork’s projects, programmes and events.

At quarterly meetings, new policies are presented to the Board for approval. Key policies are also reviewed (usually annually) by Board and senior staff. Artswork's Business Plan and related annual work plans and budget forecasts are prepared by senior staff and approved by the Board. Management accounts are presented to the Board each quarter.

The Chief Executive is responsible for the day-to-day management of Artswork. She works with a senior team who have an overview of the Artswork’s work (Chief Financial Officer; Deputy CEO) with input and advice from other members of the leadership team. In addition, there are a small number of other organisational teams who lead on our key areas of work:

Trustees agree the operational and programme action plans and the staff team deliver these, reporting back on progression on a quarterly basis. Trustees set the salary of the Chief Executive. They also review pay and remuneration on an annual basis agreeing appropriate increases in line with sector benchmarking and with a guaranteed annual 2% increment. Sector benchmarking is generally undertaken every 3 years.

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

N Betjemann F Parkinson E Dyer J Shah A W G Nyachae L Thurbon K M Wanjiku (Resigned 23 July 2024) C Amedu (Resigned 11 October 2024) O Edwards (Appointed 9 December 2024) N Namazi (Appointed 24 September 2025)

Members of the Board of Trustees

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up . The total number of such guarantees as of 31 March 2025 was 7. The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission.

Funds held as custodian trustee

None.

Risk Review

The Chair and Chief Executive have carried out a risk assessment of the charitable company's activities. The risk assessment matrix produced also contains an assessment of fraud risk. The matrix has been fully reviewed by the Board of Trustees at Board Meetings. All Trustees are satisfied that the appropriate mechanisms are in place for the different functions of the organisation. The Board of Trustees has agreed to continue to monitor Artswork's risk assessment quarterly and review each project on an individual basis annually. Risk Assessment is a standard agenda item at all Board Meetings and the Chief Executive notifies Trustees of any potential issues which could activate changes in risk weighting.

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ARTSWORK LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Statement of trustees' responsibilities

The trustees, who are also the directors of Artswork Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate 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.

Auditor

The auditors, Fiander ETL, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

.............................. None Dujunann N Betjemann Trustee 4/12/2025 | 19:52 GMT Dated: .........................

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TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Appendix to the report – Programme Highlights 2024/25

See Artswork’s website and our YouTube channel to find out more.

Artswork consolidated and built upon the strong achievements made during its first year as a National Portfolio Organisation for Arts Council England, with youth voice, youth-led practice and youth empowerment at the heart of its work.

The Activate Young Cultural Changemakers programme delivered 49 creative consultations with children and young people in the New Forest, on the Isle of Wight, in Slough, Arun and Dover, and additionally this year also in Gosport and Rushmoor. Each one offered a high-quality creative activity, encompassing many different art forms including protest song-writing, lantern-making, fabric dying using natural materials, dance, sculpture making, garden design, graffiti, poetry and spoken word, story writing, circus skills, stained glass window design, paint pouring, mural painting, mosaic construction and ceramics to a wide range of children and young people, from early years to 19+. Participants expressed their views about where they live, what they like to do and what they’d like to change. Concerns about belonging and identity, about personal safety, supporting mental health and wellbeing, about having interesting things to do, connecting with nature and promoting environmental sustainability were common, along with frustration about their town often mixed with pride, love and optimism for its future.

Artswork’s Placemaking Creative Producers, supported by our Creative Producer Apprentices, worked with groups of different young people – from schools, youth groups, Pupil Referral Units, care-experienced young people and young people with significant disabilities and additional needs, as well as many others – to help them shape, develop and lead creative commissions that responded to their ideas and were designed to make a difference where they lived. This year we worked with some new groups from different communities, enabled by both the growing relationships that our Creative Producers are building in different Priority Places, and through a new Creative Producer who joined the team bringing additional contacts and relationships with some very underserved groups.

The commissions have included films and animations, art trails around communities, a well-being garden in a hospital, a Diwali lantern parade, the large-scale youth takeover festival Dover at Night, a junk band, accessible outdoor sculpture made by and for young people with disabilities and additional needs, community garden sculptures made from natural materials including a special kind of concrete made from mushrooms, public art for a park next to the Kent Mining Museum that reflects on the community’s mining heritage, and redesigned wayfinding for a town centre that has been entirely designed by children working with an artist, to name just a few.

These projects have positively impacted the young people involved and been welcomed within the wider communities within which they have been sited. Key professionals in related sectors have also appreciated the social impact of our work, particularly where it engages young people who are involved in the Youth Justice system or on the fringes of it. At a private view of a photography exhibition on the Isle of Wight displaying work made by young people at risk of criminal activity, which was also published in a book, 100% of respondents agreed that involving more children at risk of criminal activity in creative projects like this could help to reduce crime, and that the exhibition will help change perceptions of children involved with the Youth Justice Service. The Director of Children’s Services on the Isle of Wight praised Artswork’s programme as: “A brilliant example of the potential of young people and the power of different organisations coming together with a shared purpose.” 755 children and young people have also seen their skills development recognised through Digital Badges and Arts Awards, sometimes the first qualifications they have gained.

Activate Creative Careers has continued to develop and deliver, with impactful work at both primary and secondary school level around introducing creative careers. 100% of teachers involved in those programmes now feel more confident in discussing creative careers with their students, while 96% of secondary or FE college participants demonstrate a wider understanding of available creative careers.

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TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

Year 2 of the Breakthrough Programme offering 6 month paid early career jobs supported 20 young people take up roles in a range of different creative and cultural organisations across the south. The opportunity embeds training and mentoring alongside gaining real world practical experience and skills. At the same time, employers benefited from having creative young voices within their teams. Employers said: “They have doubled our Instagram followers in just a month”. “Working with us on how we market to other young people, they have massively influenced our brand”. “Really impressed how they have balanced their time, have a great work ethic, are pro-active – all the skills some people mistakenly believe are missing in young people”. “They have made themselves in-dispensable – the person the whole team turns to, so pro-active, so positive, so can do.”

Portsmouth Creative Skills exceeded target by working with 39 young people (target of 20), all of whom faced very significant challenges and were not in employment, education and training. It has retained a 100% score in the percentage of participants demonstrating increased confidence, improved relationship building, increased creative skills and reporting that they feel more positive towards education, employment and training. Artswork’s RISE programme also offered 20 bursaries to young people aged 13-30 to develop their creative practice, with a diverse cohort working in different media from film and music to prop design, and all moving their creative work and business potential forwards.

Activate Creative Learning saw teams working with teachers on Continuing Professional Development and with whole schools on creative commissions that support environmental sustainability, including several ‘vertipools’ (new ceramic nature habitat) for urban marine environments in Gosport and animated films made by children to raise awareness of fragile kelp forests off the Sussex coast. Artswork Professional Development promoted our ranges of both self-led online courses and increased the clientele for in-house bespoke training and live online sessions, increasing income generation and beating the stretch targets they were given. Clients now include the Houses of Parliament, Bodmin Keep, Yorkshire Sculpture Park, Ironbridge Museum, Hepworth Wakefield, London Transport Museum, Scottish Ballet, and English National Opera, alongside long-term repeat clients including the Victoria & Albert Museum, the National Gallery and Southbank Centre.

Artswork was also commissioned additionally by Arts Council South East to devise and deliver a series of four very well-attended online sessions aimed at increasing confidence around youth voice and youth-led practice across the South East, building a community of practice. The final session was entirely led by young people who shared their journeys from engagement in youth activities through co-creation and into youth-led, independent action designed to make change.

Artswork has also continued to be commissioned to deliver services for other stakeholders, such as Hampshire’s Violence Reduction Unit. The Choices programme has seen Artswork partner with BearFace to deliver an innovative drama-based learning programme in schools across Hampshire and the Isle of Wight. Year 6 and Year 7 pupils explore scenarios in which they might need to choose a course of action that could affect their personal safety and that of other people. They respond to animations voiced by young people currently in the justice system and rehearse the decisions they could take and the consequences those might have, preparing for making positive decisions in real life.

Artswork’s delivery with children, young people, and the professionals who work with them is supported by several core teams: Finance and Operations; Business Development; Communications, Sales & Marketing; and Data, Evaluation & Impact. These teams provide essential capacity and resource to create and sustain support structures for the new programmes Artswork has been delivering, and ensure that they are managed, delivered and evaluated successfully, in line with our legislative and governance responsibilities, particularly around data collection and protection. The Communications, Sales & Marketing team has made effective use of video to tell the stories of the work we do and share the impact it has made for young people and the communities in which they live. Crucially during this year, they have redesigned Artswork’s website and refreshed its branding, so that both are now far more reflective of our work and are easier for key audiences and clients to navigate.

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Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTSWORK LIMITED

Opinion

We have audited the financial statements of Artswork Limited for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. 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).

In our opinion, the financial statements:

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

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Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ARTSWORK LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required 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 directors' report included within the trustees' report.

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:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose 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 financial 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, matters 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ARTSWORK LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ARTSWORK LIMITED

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 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.

Adam Buse FCA (Senior Statutory Auditor)

For and on behalf of Fiander ETL, Statutory Auditor Chartered Accountants Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS 5/12/2025 | 11:25 GMT Date: .........................

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Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
-
-
Charitable activities
5
88,765
1,704,241
Investments
4
65,621
-
Total income
154,386
1,704,241
Expenditure on:
Charitable activities
6
24,287
1,651,794
Total expenditure
24,287
1,651,794
Net income
130,099
52,447
Transfers between
funds
100,000
(100,000)
Net movement in
funds
7
230,099
(47,553)
Reconciliation of funds:
Fund balances at 1 April 2024
760,345
1,030,411
Fund balances at 31 March
2025
990,444
982,858		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
-
472
-
1,793,006
87,978
1,784,605
65,621
57,236
-
1,858,627
145,686
1,784,605
1,676,081
29,646
1,601,992
1,676,081
29,646
1,601,992
182,546
116,040
182,613
-
91,942
(91,942)
182,546
207,982
90,671
1,790,756
552,363
939,740
1,973,302
760,345
1,030,411		 Total
2024
£
472
1,872,583
57,236
1,930,291
1,631,638
1,631,638
298,653
-
298,653
1,492,103
1,790,756

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 12 975 4,236
Current assets
Debtors 13 24,927 16,378
Cash at bank and in hand 2,031,473 1,855,895
2,056,400 1,872,273
Creditors: amounts falling due within 14
one year (84,073) (85,753)
Net current assets 1,972,327 1,786,520
Total assets less current liabilities 1,973,302 1,790,756
The funds of the charitable company
Restricted income funds 17 982,858 1,030,411
Unrestricted funds 18 990,444 760,345
1,973,302 1,790,756

4/12/2025 | 19:52 GMT

The financial statements were approved by the trustees on .........................

.............................. None Dujunann N Betjemann

Trustee

Company registration number 02150619 (England and Wales)

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
109,957
65,621
65,621
-
175,578
1,855,895
2,031,473		 2024
£
£
203,084
57,236
57,236
-
260,320
1,595,575
1,855,895		 2024
£
£
203,084
57,236
57,236
-
260,320
1,595,575
1,855,895
260,320
1,595,575
1,855,895

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Artswork Limited is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 142-144 Above Bar Street, Southampton, SO14 7DU.

1.1 Accounting convention

The accounts have been prepared in accordance with the charitable company's Memorandum of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charitable company is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charitable company to be able to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are recognised in full in the Statement of Financial Activity in the year in which they are receivable. Grants related to specific performance outputs or service level agreements are classified as incoming resources for charitable activities and are recognised when the charitable company has earned entitlement.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised in the period to which they relate. The value of any liability includes irrecoverable VAT where applicable.

Resources expended are allocated directly to the relevant activity, project or fund as far as possible and in accordance with the agreed funding terms.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% reducing balance Computers 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charitable company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees consider there are no critical judgements or sources of estimation uncertainty in the financial statements.

3 Income from donations and legacies

Donations and gifts
4
Income from investments
Interest receivable
5
Income from charitable activities
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Charitable
Income
Educational income
88,765
209,359
Performance related
grants
-
1,494,882
88,765
1,704,241		 Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
-
472
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
65,621
57,236
Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
298,124
87,978
226,391
314,369
1,494,882
-
1,558,214
1,558,214
1,793,006
87,978
1,784,605
1,872,583		 Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
-
472
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
65,621
57,236
Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
298,124
87,978
226,391
314,369
1,494,882
-
1,558,214
1,558,214
1,793,006
87,978
1,784,605
1,872,583
Total
2024
£
314,369
1,558,214
1,872,583

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Income from charitable activities (Continued)

Performance related grants analysis

Charitable Charitable
Income Income
2025 2024
£ £
NPO 23-26 1,429,508 1,412,050
Other 65,374 146,164
1,494,882 1,558,214
6 Expenditure on charitable activities
Charitable Charitable
Expenditure Expenditure
2025 2024
£ £
Direct costs
Staff costs 896,507 808,436
Depreciation and impairment 3,261 8,093
Programme delivery 762,113 804,279
1,661,881 1,620,808
Share of support and governance costs (see note 8)
Governance 14,200 10,830
1,676,081 1,631,638
Analysis by fund
Unrestricted funds 24,287 29,646
Restricted funds 1,651,794 1,601,992
1,676,081 1,631,638
7 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 12,964 9,600
Depreciation of owned tangible fixed assets 3,261 8,092

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Governance costs

Governance
costs
£
Audit fees
12,964
Accountancy
1,236
14,200
Analysed between
Charitable activities
14,200		 2025 Governance
costs
£
£
12,964
9,600
1,236
1,230
14,200
10,830
14,200
10,830		 2024
£
9,600
1,230
10,830
10,830

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 1 of them was reimbursed a total of £58 travelling expenses (2024 - 2 trustees received reimbursements totalling £65).

10 Employees

The average monthly number of employees during the year was:

Full time
Part time
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
14
16
30
2025
£
808,649
63,120
24,738
896,507		 2024
Number
11
19
30
2024
£
728,749
60,681
19,006
808,436

The number of employees on a full time equivalent basis was 23 (2024: 22).

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47 ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Employees

(Continued)

The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,000 to £70,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation
None of the key management personnel are trustees or directors.		 2025
Number
1
2025
£
283,514		 2024
Number
1
2024
£
292,664

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Fixtures and
fittings
Computers
£
£
Cost
At 1 April 2024
1,516
87,871
Disposals
-
(63,598)
At 31 March 2025
1,516
24,273
Depreciation and impairment
At 1 April 2024
1,510
83,641
Depreciation charged in the year
1
3,260
Eliminated in respect of disposals
-
(63,598)
At 31 March 2025
1,511
23,303
Carrying amount
At 31 March 2025
5
970
At 31 March 2024
6
4,230		 Total
£
89,387
(63,598)
25,789
85,151
3,261
(63,598)
24,814
975
4,236

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
15
Trade creditors
Accruals
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025		 2025
£
10,450
2,960
11,517
24,927
2025
£
18,319
3,498
49,553
12,703
84,073
2025
£
3,498
2025
£
3,498
2,975
(2,975)
3,498
3,498		 2024
£
10,193
3,305
2,880
16,378
2024
£
15,099
2,975
56,011
11,668
85,753
2024
£
2,975
2024
£
2,975
6,860
(6,860)
2,975
2,975

14 Creditors: amounts falling due within one year

15 Deferred income

Deferred income relates to course booking fees received in advance. The entirety of the balance at 31 March 2024 had been released to the SOFA in the year ended 31 March 2025.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 24,738 19,006

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

A total of £3,573 (2024 - £2,498) of these contributions were unpaid as at the balance sheet date.

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Bridge
Apprenticeships
Playlands
Breakthrough Programme
Schools Violence Reduction
NPO 23-26
Naval Childrens Charity
Youth Voice		 At 1 April
2024
Incoming
resources
Resources
expended
£
£
£
571,164
-
(42,730)
-
29,639
(29,639)
-
25,000
(16,701)
-
29,250
(147,395)
14,099
110,000
(100,760)
437,379
1,497,500
(1,292,755)
7,769
2,117
(9,886)
-
10,735
(11,928)
1,030,411
1,704,241
(1,651,794)		 Transfers
At 31 March
2025
£
£
(100,000)
428,434
-
-
-
8,299
118,145
-
-
23,339
(118,145)
523,979
-
-
-
(1,193)
(100,000)
982,858		 Transfers
At 31 March
2025
£
£
(100,000)
428,434
-
-
-
8,299
118,145
-
-
23,339
(118,145)
523,979
-
-
-
(1,193)
(100,000)
982,858
982,858

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17
Restricted funds
Previous year:
Bridge
Portsmouth Skills
Arun
Let's Create
Youth Endownment Fund
Kickstart
Apprenticeships
Schools Violence Reduction
NPO 23-26
Naval Childrens Charity
Breakthrough Programme
Artsmark		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
834,245
-
(263,081)
9,207
19,898
(29,105)
45,380
30,000
(75,380)
133
-
(133)
10,343
-
(10,343)
12,718
-
(12,718)
(2,134)
38,240
(36,106)
29,848
110,800
(126,549)
-
1,496,074
(847,677)
-
11,505
(3,736)
-
20,062
(139,138)
-
58,026
(58,026)
939,740
1,784,605
(1,601,992)		 (Continued)
Transfers
At 31 March
2024
£
£
-
571,164
-
-
-
-
-
-
-
-
-
-
-
-
-
14,099
(211,018)
437,379
-
7,769
119,076
-
-
-
(91,942)
1,030,411

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47

ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Restricted funds

(Continued)

a) Bridge

Aims to improve outcomes for children and young people through the integration of arts, culture, and education. This strategic initiative focused on working with partners such as local authorities and arts and cultural organisations to foster aspiration and ambition among young people and enhance their life chances, wellbeing and opportunities.

Since 23/24 we have been using committed carry forward from the 2018-22 grant.

b) Naval Childrens Charity

A short programme of activities led by Artswork in partnership with the Naval Childrens Charity in which the children of current and veteran forces families learnt about the range of creative careers and pathways into creative work and careers. The programme completed in 2024.

c) Portsmouth Creative Skills Programme

A pre-employability programme designed to equip care experienced young people in challenging circumstances with life skills, work experience, creative expression and confidence building opportunities. In 23/24 we were partly using committed carry forward from 2022/23. This work is now part of our ACE NPO funded work.

d) Arun

A cultural development programme for and by children and young people in the District of Arun which includes the towns of Bognor Regis, Littlehampton and Arundel. We work with local stakeholders and in partnership to create meaningful new creative opportunities in communities and schools. This work is part of our ACE NPO Young Cultural Changemakers programme.

e) Let's Create

To facilitate and produce an online workshop and accompanying resources suitable for children in participating schools.

f) Breakthrough

A paid 6-month training and work placement scheme for young people run in the south east with SME employers. The programme provides entry level work opportunities alongside employability training. Artswork uses NPO grant funding to reimburse the wages, NI & pension contributions of the participating employees and their host employers contribute a training fee to Artswork.

g) NPO 23-26

Main grant programme for 2023-26 that delivers against Arts Council England strategic objectives, principles and targets. Three strands of work: Young Cultural Changemakers, Creative Careers and Creative Learning. This fund underpins most of Artswork’s operational costs.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47 ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Restricted funds

(Continued)

h) Youth Endowment Fund

The work aims to prevent children and young people from becoming involved in crime and violence. The National Peer Research and Social Action Network is working to:

Artswork employed and led a team of young Peer Researchers to design the research, recruit and interview participants about their experiences of crime and violence and enlisting participants to become Changemakers. The programme ran from summer 2021 until March 2023.

i) Kickstart

Employment programme for young people at risk of long-term unemployment. The DWP Grant required Artswork to deliver a 6 month employment and training programme in partnership with its Gateway partner Real Ideas Organisation. The Grant covers the salary, national insurance and pension contributions for each employee plus set-up, training and support costs for each participant. The programme ran between July 2021 and September 2022.

j) Apprenticeships

An employability programme providing young people the opportunity to work in the creative industries on a combined programme of work and learning to enable them to develop the knowledge, skills and confidence to start a career in the arts.

k) Schools Violence Reduction

Training services for the Year 6 and Year 7 Schools Project that works to reduce knife crime, gang violence, county lines involvement and promote healthy peer relationships. Artswork is providing inset training for teachers and classroom training for pupils.

l) Artsmark

Encourage and support schools, education and youth justice settings to apply for the Artsmark accreditation, a kitemark for creativity in education.

This work was part of our Bridge programme and we received additional funds in 23/24 to continue delivery before the new service provider commenced the role in August 23.

m) Playlands

A youth-led creative hub run in collaboration with Portsmouth Creates to provide a safe space for young people to express themselves, develop skills and explore creative careers.

n) Youth Voice

An additional project we were asked to deliver by Arts Council England South East to promote a better understanding of youth voice in the arts for their staff.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47 ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at
1 April 2023
Resources
expended
Balance at
1 April 2024
r
£
£
£
Redundancy
Provision
-
-
-
Artswork
Professional
Development
-
-
-
International
Development
537
(537)
-
537
(537)
-		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
-
88,765
(24,287)
-
-
88,765
(24,287)		 Transfers
Balance at
31 March 2025
£
£
100,000
100,000
134,336
198,814
-
-
234,336
298,814		 Transfers
Balance at
31 March 2025
£
£
100,000
100,000
134,336
198,814
-
-
234,336
298,814
298,814

a) International Development

This was a fund designated to support Artswork in the development of international partnerships. Artswork’s CEO travelled to Chile in August 2017 to deliver a presentation at an international symposium run by Balmaceda Arte Joven – a Chilean youth arts organisation. The CEO was supported by Arts Council England (International Artists Development Fund) and by the Anglo-Chilean Society with only a small amount drawn down from Artswork’s designated fund. This fund was closed in March 2024.

b) Artswork Professional Development (APD)

This is APD carry forward from prior years supplies of educational services. It is retained and used for the continued supply of educational services through our APD programme.

c) Redundancy Provision

This is provision from Fund 23 for future costs to the charity. It comprises potential retention and redundancy payments for employees who qualify in the event of further core funding not being secured.

Docusign Envelope ID: 7E8B8B5D-CBCC-478D-A442-C0D1908A24D1

Draft Financial Statements at 02 November 2025 at 12:36:47 ARTSWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
Restricted
funds
£
£
£
Fund balances at 31 March 2025 are
represented by:
Tangible assets
-
-
975
Current assets/(liabilities)
691,630
298,814
981,883
691,630
298,814
982,858
Unrestricted
funds
Designated
funds
Restricted
funds
£
£
£
Fund balances at 31 March 2024 are
represented by:
Tangible assets
-
-
4,236
Current assets/(liabilities)
760,345
-
1,026,175
760,345
-
1,030,411		 Total
£
975
1,972,327
1,973,302
Total
£
4,236
1,786,520
1,790,756

20 Financial commitments, guarantees and contingent liabilities

The charitable company is committed to pay £944,822 (2024 - £1,030,412) in relation to funding agreements agreed with providers for programme delivery where payment conditions have not yet been met.

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
Increase/(decrease) in deferred income
Cash generated from operations		 2025
£
182,546
(65,621)
3,261
(8,549)
(2,203)
523
109,957		 2024
£
298,653
(57,236)
8,093
11,583
(54,124)
(3,885)
203,084

22 Analysis of changes in net funds

The charitable company had no material debt during the year.