HEART N SOUL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 KINGSTON BURROWES AUDIT LTD 308 Ewell Road Surbiton Surrey KT6 7AL
HEART N SOUL Contents Page Trustees, Annual Report 2-14 Independent Auditor's Report 15-19 Statement of Financial Activities 20 Balance Sheet 21 Cash Flow Statement 22 Notes to the Financial Statements 23-32
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Reference and Administrative Details Charity name: Heart n Soul Charity number: 1023467 Company number: 02830733 Registered I Principal office: The Albany Douglas Way Deptford London SE8 4AG Trustees: Kate Linsky Simon Platz, Treasurer Shalim Ali Lilly Cook Pino Frumiento MBE Hannah Kent Michael Price Tim Adnitt Sue Williams Sarah Scott David McNicholas Sebastian Golgiri (from 27 March 2025) Artistic Director I Chief Executive Mark Williams MBE Auditor Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL Bankers HSBC 275 Greenwich High Road Greenwich London SE10 8NF
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont Objectives and activities Who we are Heart n Soul is an award winning creative community and arts charity. We believe in the power and talents of people with learning disabilities and autistic people. We work together to make great art with imagination, love and trust. At Heart n Soul everyone is valued, and leadership is shared. We can be ourselves, make change happen and have fun! Our vision is of everyone living full and equal lives with independence, freedom and pride. Our Values are Fun, Creative, Change, Equal, Kind, Quality and Inventive. Whatwe do We offer opportunities for people to: Create: Be creative, explore and share their talents in ways that they choose Connect: Make new friends and connections, in Heart n Soul, the local community and wider society Change: Use art and creativity to make change in various areas that impact the wider community, becoming leaders alongside others both inside and outside Heart n Soul We do this through.. Art: We create opportunities for people to develop as artists, collaborate with others, and create and share their work in different ways. Taking Part: We run high quality creative arts activities designed by, with and for people with learning disabilities and autistic people. Sharing". We share our art, our creativity and how we do things with others. We create more equal relationships and explore better ways of doing things together. In putting together our objectives, the Trustees have paid attention to the Charity Commission's guidance on public benefit.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont How we measure success Our 2022 - 2026 strate is co-designed by learning disabled people and autistic people and sets out the change we want to see: People with learning disabilities and autistic people create high quality art and ideas that inspire and change peoples, lives. They are more connected, have greater confidence and wellbeing, and lead change that improves their lives and the lives of others. Society has a greater understanding of what people with learning disabilities and autistic people can do, and what they offer everyone. We understand the impact and progress we are making by finding accurate ways to check that: Learning disabled and autistic people feel more connected, more confident and well. They gain new skills and knowledge. Their work is experienced by a wider range of people both in the local community and through mainstream channels. Organisations adopt and build on Heart n Soul's ideas and approach Our approach At Heart n Soul people with and without learning disabilities and autistic people collaborate with each other in a truly equal and inclusive way. Learning disabled and autistic people have voice and representation in all parts of the organisation and co-produce all our activities. We believe in the value for everyone of being present, open, creative, artist- led and loving. We listen to what people want to do and help them to create, connect and make change happen. Our creativity encourages new ideas and 'out of the box, thinking. We make space for people to ask questions, talk about what is important to them and imagine new ways of seeing, relating, being, doing and learning. Everyone feels part of what we do and can develop their creativity and share their ideas. What people learn at Heart n Soul helps them in other parts of their lives.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont We are inspired by and collaborate with many artists across varied art forms and connect our activities together. We share with others deeply and widely in as many places as possible so that other people can experience our different approaches and see the benefits that our artists, creative vision has for everybody. We work with partner organisations to achieve our goals so that we may share our vision within and beyond the arts widely and in a sustainable way. We are continuously flexible and responsive, and we have a lot of fun. Beneficiaries are aged between 10 and 65, and over 98 % have disabilities ranging from mild or moderate to severe and complex. 51 % are from global majority communities. Many are subject to multiple disadvantages including social isolation and economic hardship and can be highly vulnerable. We work with people who live near to our Deptford base in Lewisham and in adjacent boroughs as well as across London, nationally and internationally. Volunteers both with and without learning disabilities support participants to take part in creative sessions and are part of front of house teams at events, providing information to the public. This year we more than doubled the number of volunteers supporting Heart n Soul. Structure. governance and management Heart n Soul is a company limited by guarantee and a registered charity. The governing document is a Memorandum and Articles of Association dated 28th June 1993 and most recently updated on 24th May 2012. We receive 36 % of our income from Arts Council England. We raise the remainder from grants from charitable trusts and foundations, earned income from fees and commissions, tickets sales and donations from individuals. The Board of Trustees meets quarterly, with additional work done by four sub-committees. A staff team of 11 works closely with a pool of around 100 artists, practitioners and experts. Learning disabled and autistic people are involved at every level of our organisation (from Board through to staff, steering teams, planning and strategic thinking), working with us to develop our plans and priorities and to monitor and feedback on our programmes. This demonstrates our commitment to quality, integrity and equality, which ensures that we deliver programmes that touch and change peoples, lives.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont Trustees are selected to the Board through a process of election by the trustees. They receive a personal and detailed induction by the Co-chairs, Chief Executive and Associate Director. In 2024-2025 we welcomed Sebastian Golgiri as a new young Trustee, representing a voice of younger people/artists at Heart n Soul. The Board of trustees are led by Lilly Cook and Kate Linsky who are Co- Chairs of the organisation. 67 % of our trustees and 27 % of our staff are disabled. The Finance Sub-committee meets every quarter to oversee the financial position and to report on the latest quarterly accounts. Other sub-committees, such as the Strategy Group, or What's Next Group, convene as and when they are required. The Personnel Sub~Committee is responsible for the remuneration policy of the staff. The salary of the Artistic DirectorlCEO is reviewed each year in February and may be adjusted for performance or inflation. A comparison with rates for similar roles in our sector is also undertaken. The Personnel Sub-committee makes a recommendation to the Board, who make the final decision. Summary of the year This year people with learning disabilities and autistic people have shown more leadership and taken more decisions about what happens at Heart n Soul. We have continLJed to realise and put into practice our aim of going deeper as well as wider with our work. We have influenced local organisations as well as larger ones, from local day centres and local authorities to the Department of Health and Social Care and the National Gallery, as we implement our Create Connect Change strategy and contribute to making real systemic change.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont stakeholders have not only recognised our authentic approach to sharing power with people with learning disabilities and autistic people, but they have also wanted to understand how and why we do this. We have experienced an exponential growth in people wanting to work with us - enquiries are at an all-time high, demand for taking part and creative sessions is close to capacity, there is a waiting list for volunteers, students want to write their dissertations about how we work and Government and institutions are keen to understand how to let go of power in order to make genuine space for collaboration. We are proud to share the success of this new way of working earned income from core activity in the previous year, 2023-2024, was £22,343. In 2024-2025 it was £104,269- a percentage increase year on year of 364 % . 1. Achievements and performance We've reached more people, built stronger partnerships, and been clearer about how we work. Our new Sharing Power graphic is helping us and others see how power is shared in partnerships. So far, we've shared it with over 40 individuals and organisations. Our programmes are frequently full, with more people wanting to join. 224 people regularly took part. Heart n Soul artists and participants performed or took part in 25 shows and events reaching around 10,000 people. A big theme this year has been working together fairly and building trust. Our strategic partnerships with the Health Foundation, Greenwich Council and Wellcome continued to deepen and create change, leading to new ways of working together. We started to work with the National Gallery and award- winning conceptual artist Jeremy Deller on The Triumph of Art. 2. Artists This year, artists, designers and DJS had more opportunities to perform and showcase their work at multiple major UK events, festivals and gigs. These included performances at the Queen Elizabeth Hall, the Mish Mash Family Trail at the Royal Festival Hall, Smugglers, Supernormal and Shambala Festivals, Wales Millenium Centre, EartH and Café OTO in Hackney, and Squid Ink DJ Night and the Deptford Literature Festival at our home base, The Albany. Wellcome Collection co-produced and hosted our pioneering inclusive club night, the Beautiful Octopus Club.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont Music creators had 84 sessions to develop skills, create new work, and collaborate. New releases included a second EP from Sebastian Golgiri and a collaboration with Robyn Rocket's album, 'Robyn Rocket and People You May of Heard of,, which featured seven artists from Heart n Soul and gained widespread air play and exposure on BBC 6 Music, Radio 3 and Worldwide FM. On October 9th, Google featured the late and much missed Lizzie Emeh as their Google Doodle for the day. We had over 100,000 extra views across social media just on that day as result of the extra profile. 3. Taking Part Young People aged 10-25 12 Do Your Own Thing events featuring 60 sessions, reached 108 young people. 45 creative sessions covered DJing, music-making, art, digital artlvideo and radio. 26 young co-producers shaped the project. Adults aged 18+ Our Allsorts programme grew to 140 participants (a 12 % increase). Participants attended 24 creative events, all co-designed with them. 48 sessions of our inclusive Choir, with over 50 people taking part. 99 regular online sessions (movement and dance, art). Other highlights 4 Deptford Club Nights hosted by 26 young people, reaching 282 audience members. 16 Feel Good Designers created artwork for the sold-out Beautiful Octopus Club. 4. Partnerships and Change Our partnerships now go beyond the arts into health, care, design, research, and technology, opening new opportunities for learning disabled and autistic people.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont Greenwich Council Following the success of Allsorts on Tour at Sherard Road Day Opportunities Centre in Eltham the previous year, we supported their new Community Voices project. Staff and participants embraced new creative approaches using our model and responded positively to peer mentoring by our co-producers. From October 2024, we began working with Greenwich Council and University of Birmingham to study this culture change over 12 months as part of the IMPACT Demonstrator national initiative. Wellcome Collection We continued to co-design ways to make the Wellcome Library more accessible and welcoming, working with seven co-designers and Wellcome staff. In July 2024, Wellcome hosted our Beautiful Octopus Club for the first time. 750 people attended, with over 100 Heart n Soul artists involved. They described it as "the most inclusive club night in the world. 5. Learning Feedback shows Heart n Soul makes a real difference to people's wellbeing. Allsorts Evaluation 92 % said Allsorts had a positive impact on their lives. 60 % said they felt happier and more energised afterwards. 73 % felt able to try new things. Young People's Survey 94 % said they learned something new at Do Your Own Thing. Many reported feeling more confident and energetic. 6. Digital This year we had 16,381 digitsl followers and subscribers, 231,539 people visited our main website, with an additional 198,015 people visiting our associated sites. The radio crew reached over 18,000 people through their monthly radio shows on Soho Radio
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont 7. Fundraising We would like to give our sincere thanks to all our funders who continued to trust and support Heart n Soul. We thank Arts Council England for support of Heart n Soul as one of its National Portfolio Organisations. Arts Council England BBC Children in Need City Bridge Foundation Deptford Challenge Trust Esmée Fairbairn Foundation Garfield Weston Foundation Health Foundation Henry Smith Foundation Jerwood Arts London Borough of Lewisham The National Foundation for Youth Music The National Lottery Community Fund Paul Hamlyn Foundation PPL Giving PRS Foundation Rix-Thompson-Rothenberg Foundation Royal Borough of Greenwich True Colou rs Trust The Wellcome Trust The Will Charitable Trust Thank you to all donors and collaborators who collectively raised £26,730 Paul Arscott Big Half Runners Simon Platz Boran Cakirall and all the donors and collaborators who made the Big Christmas Challenge a success Jeremy Deller Reema Katira QBE Foundation Salesforce Sing All Together Choir 10
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont We would like to thank our regular donors". Simon Platz, Kara Tanega, Matt Saull, AR Rodwell, Helen Ganiaris, Daniel Ross, Sonia Edwards and Hannah Kent. 8. Financial Review The principal risk and uncertainty facing Heart n Soul is the more challenging fundraising environment. Heart n Soul has navigated the past five years carefully, building our unrestricted reserves in anticipation that the years following the pandemic would be more challenging. Income projections have been monitored closely and expenditure reduced in the period 2023 to 2025 by reorganising our office space and finding new ways of working which have not impacted on core delivery. Unrestricted reserves were used to maintain core activities, with sufficient funds retained to cover wind-up costs. 2024-2025 has seen a return to a surplus position. We continue to maintain close and responsive relationships with our major trust and foundation funders, Lewisham Council and Arts Council England. We maintain tight management of expenditure while trustees remain focused on our finding new ways to achieve impact that call less on funds. We started the financial year 2024-2025, with 61 % of our funding confirmed, and we continue to fundraise actively. Reserves policy The trustees have decided to review the policy on an annual basis, ensuring that sufficient funds are in place to account for wind-up costs of the organisation, contingency costs and a buffer for any unexpected expense. The current level of free reserves, being general funds less unrestricted fixed assets at 31 March 2025 is £142,204.
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont 9. Going Concern Supporting Statement We are confident in our current position and for the next year, After the significantly high number of normally reliable multi-year grant awards that were declined, reduced, or postponed over the 2021 to 2022 period we have been able to secure funding from City Bridge Foundation (£99,000 over three years), Esmée Fairbairn Foundation {£150,000 over three years), Paul Hamlyn Foundation (£240,000 over four years), Henry Smith Charity (now Foundation) (£120,000 over three years) and Youth Music (£105,000 over three years) amongst others. The current financial year has seen the awarding of a new multi-year grant from The Julia Rausing Trust (£150,000 over three years). The Julia Rausing Trust does not accept unsolicited applications and we were invited to apply. This is a sign of our growing impact. We have returned to our previous financial model where various multi-year grants give us stability and predictability. We have also been successful in diversifying our income. We secured a new two-year commission of £131,432 from Greenwich local authority in early 2025. We also secured a second commission from the Wellcome Library, and we are already in conversation with the Wellcome Archive for another project. We are actively planning our 40th anniversary celebration, a key moment that will enable us to further gain recognition and support for our work. We closely monitor our expenditures and income targets. We are confident that Heart n Soul remains a going concern due to our ongoing efforts in fundraising, and the scrutiny of our position through robust indicators. Heart n Soul has several robust financial procedures that allow its management team and Board of trustees to monitor whether the organisation remains a going concern for the following twelve months. Multi le ear bud et ro ections Heart n Soul maintains a multi-year budget which, at the time of signing the 2024-2025 accounts, runs to the end of the financial year 2030-2031. This budget is updated regularly and includes an indication of how much of the expenditure is covered by confirmed income. 12
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont 10. Plans for the future We will continue to create, connect, and change, as outlined in our strategic plan which was devised by over 50 people in our community. People with learning disabilities and autistic people will continue to be even more involved at every level of the organisation. We look forward to continuing working with partners such as Wellcome Collection, the National Gallery, the Southbank Centre and Greenwich Council. Heart n Soul's work is now getting more attention than ever, attracting collaborators such as Turner Prize-winning artist Jeremy Deller. We will be embarking on a new co-designed websiteldigital presence project that better reflects and communicates the way our work is evolving and inviting change. We will continue to diversify our fundraising efforts to ensure we can continue to build on our activities and to make the most of new opportunities as they arise. 11. Trustees, responsibility statement The Trustees (who are also directors of Heart n Soul for the purposes of company law) are responsible for preparing the Trustees, Annual 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 situation 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 2019 (FRS 102) make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 13
HEART N SOUL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 1 cont 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. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware and 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 auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors The auditors, Kingston Burrowes Audit Ltd, have expressed their willingness to continue in office in accordance with Section 487 of the Companies Act 2006. Small company exemptions This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. This report was approved by the trustees on 30th October 2025 and signed on its behalf. Simon Platz Treasurer 14
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEART N SOUL Opinion We have audited the financial statements of Heart n Soul (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025, and of its incoming resources and application of resources, Including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. 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. 15
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEART N SOUL I cont 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 trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othewise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements", and the directors, report has been prepared in accordance with applicable legal requirements. 16
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEART N SOUL I cont Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors. 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: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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 COnrn, 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. 17
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEART N SOUL I cont 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non- compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including testing jouinal entries and other adjustments for appropriateness. and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of InStanS of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, 18
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEART N SOUL I cont as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 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. Kevin Fisher BA FCA CTA (Senior Statutory Auditor) For and on behalf of Kingston Burrowes Audit Ltd statutory Auditors 308 Ewell Road Surbiton Surrey KT6 7AL 2025 19
HEART N SOUL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 (Incorporating Income and Expenditure Account) Total Unrestricted Restricted Funds Funds Funds 2025 Total Funds 2024 Notes Income Donations and grants Charitable activities Investments 390,620 104,269 225 351,478 742,098 766,643 104,269 22,343 225 636 Total 495,114 351,478 846,592 789,622 Raising funds Charitable activities 49,122 414,362 49,122 49,768 765,840 785,581 351,478 Total 463,484 351,478 814,962 835,349 Net income l (expenditure) 10 31,630 31,630 (45,727) Transfers between funds 17 Net movement in funds 31,630 31,630 (45,727) Reconciliation of funds Balance brought for4vard 17 113,970 113,970 159,697 Balance carried forward 17 £145,600 £145,600 £113,970 The Statement of Financial Activity includes all recognised gains and losses. All income and expenditure derives from continuing activities. The notes form part of the financial statements. 20
HEART N SOUL (A Company Limited by Guarantee and Not Having a Share Capital) Registered Charity Number 1090781, Company Number 4360133 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Tangible Fixed Assets 13 3,396 4,522 CURRENT ASSETS Debtors Cash at Bank and in Hand 14 61,606 215,821 51,958 161,925 277,427 213,883 CREDITORS: Amounts falling due within one year 15 135,223 104,435 NET CURRENT ASSETS 142,204 109,448 NET ASSETS 18 £145,600 £113,970 FUNDS . Restricted Funds Unrestricted Funds 17 17 145,600 113,970 TOTAL FUNDS £145,600 £113,970 These financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006. The financial statements were approved and authorised by the Trustees on 30th October 2025 and signed on its behalf by: Kate Linsky Co-chair Simon Platz Treasurer The notes form part of the financial statements. 21
HEART N SOUL CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities: Net movement in funds per Statement of Financial Activities Adjustments for: Depreciation {Increase)Idecrease in debtors Increase/(decrease) in creditors 31,630 (45.727) 3,471 (9,648} 30,788 4,907 (3,069> (32,410) Net cash provided by/(used in) operating activities 56,241 (76,299) Cash flows from investing activities: Purchase of tangible fixed assets (2,345) (1,413) Net cash provided by/(used in) investing activities (2,345) (1,413) {Decrease)lincrease in cash 53,896 (77,712) Cash and cash equivalents brought forward 161,925 239,637 Cash and cash equivalents carried forward £215,821 £161,925 Analysis of cash and cash equivalents 2025 2024 Cash at bank and in hand £215,821 £161,925 The notes form part of the financial statements. 22
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheiSe stated. Income recognition Items of income are recognised in the financial statements when all of the following criteria are met.. The charity has entitlement to the funds; any performance conditions have been met or are fully within the control of the charity., there is sufficient certainty that reIpt of the income is considered probable. the amount can be measured reliably. Grant income is deferred when there is a donor imposed or implied condition specifying the time period over which the income may be expended or in accordance with agreed budgets. Expenditure recognition Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party. it is probable that settlement will be required and the amount can be measured reliably. Expenditure is classified under the following activity headings: Costs of raising funds comprise those costs associated with attracting voluntary donations and grants Expenditure on charitable activities which comprises the costs of running the various artistic activities for the charity's beneficiaries including staging concerts, stage productions, art exhibitions, educational programmes, general and specialised advice, advocacy and training. 23
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 1. ACCOUNTING POLICIES I cont Expenditure recognition Icont Expenditure includes those costs of a direct nature which can be alloGated to a specific activity and also indirect costs, including governance costs that do not relate to a specific activity but are necessary to support those activities. Support costs are apportioned to each activity on the basis of staff time. Fund accounting Unrestricted general funds are freely available for use in furtheran of the objects of the charity and which have not been designated for specific purposes. Designated funds are unrestricted funds set aside by the trustees for particular purposes. Restricted funds are funds which can only be used in accordance with specific restrictions imposed by the donor or which have been raised for a particular purpose. Tangible fixed assets and depreciation Tangible assets costing more than £800 are capitalised. Depreciation is provided so as to write off the cost of each asset, less its residual value, over its estimated useful life at the following annual rates: Technical equipment Office equipment 250/0 Straight line 25 /0 Straight line Debtors and creditors receivablelpayable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction pri. Any losses arising from impairment are recognised expenditure. Leases Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pensions The charity operates a defined contribution pension scheme. Contributions payable under the scheme are charged the Statement of Financial Activities in the year to which they relate. 24
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont DONATIONS AND GRANTS Unrestricted funds Restricted funds Total 2025 Total 2024 Multi-disciplinary arts Taking part Library Archive Project Believe in Us Discovery 103,936 287,569 {5} 40,490 284,272 21,860 144,426 571,841 21,855 139.103 518,098 16,191 93,251 {880) 4,856 3,976 £390,620 £351,478 £742,098 £766,643 Of the £766,643 recognised in 2024, £320,030 was unrestricted funds and £446,613 was restricted funds. Total grant income received from Art Council included above was £304,904. 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted funds Funds Total 2025 Total 2024 Box office fees & commissions 104,269 104,269 22,343 £104.269 £104,269 £22,343 All of the £22,343 recognised in 2024 was unrestricted funds. 4. INVESTMENT INCOME Unrestricted Restricted funds Funds Total 2024 Total 2023 Bank interest £225 £225 £636 All of the £636 recognised in 2024 was unrestricted funds. 5. COST OF RAISING FUNDS Direct costs Support costs Total 2025 Total 2024 Fundraising consulting £49,122 £49,122 £49,768 All of the £49,768 expenditure recognised in 2024 was charged to unrestricted funds. 25
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 6. EXPENDITURE ON CHARITABLE ACTIVITIES Other Direct Costs Support Costs (Note 7) Staffing Costs Total 2025 Total 2024 Multi-disciplinary arts Taking Part Discovery Believe in Us Library Archive Project 91,992 294.098 4,920 49,452 179,668 3,840 30.565 172,009 89,450 563,216 8,760 196,978 479.163 93,249 16,191 21,540 315 21,855 £391,010 £254,500 £120,330 £765,840 £785.581 Of the £785,581 expenditure recognised in 2024, £414.362 was charged to unrestricted funds and £351 ,478 was charged to restricted funds. The total expenditure includes £304,904 spent against the grant received from Art Council. 7. SUPPORT COSTS General Premises Governance Office {Note 8) Total 2025 Total 2024 multi4isciplinary arts Taking Part Discovery Believe in Us Library Archive Project 20,457 57,136 9,104 29,104 1,004 3,210 30,565 89,450 39,492 84,978 525 735 315 315 £77,908 £38,208 £4,214 £120,330 £125,730 8. GOVERNANCE COSTS 2025 2024 Auditors, remuneration AGM, Trustees, meetings and related costs 3,525 689 3.400 391 £4,214 £3,791 26
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont LOCAL GOVERNMENT AND HOUSING ACT 1989 The company reiVed financial assistance from local authorities. As required by the Local Government and Housing Act 1989 the following information is given. £30,000 (2024: £30,000) was recognised as grant income from the London Borough of Lewisham. These funds have been fully expended. 10. NET INCOMEI(EXPENDITURE) FOR THE YEAR Net incomel(expenditure) is stated after charging: 2025 2024 Operating lease rentals Depreciation of tangible fixed assets Auditors remuneration - Audit services £32,917 £3,471 £3,525 £30.431 £4,907 £3,400 11. STAFF COSTS staff costs were as follows: 2025 2024 Wages and salaries Social Security costs Pension costs Staff training and recruitment Other costs 326,869 26.279 28,276 4,724 4,862 333,933 25,742 28,798 4,191 2,527 £391,010 £395,191 One employee received total employee benefits (excluding employers national insurance and employer pension contributions) of more than £60,000 during 2025 (2024.. 1), within the band £60,000 to £70,000. Total employee benefits received by key management amounted to £79,285 (2024: £83,832). Under FRS 102, employee benefits includes gross salary, benefits in kind, employers national insurance and employers pension contributions. The average number of full-time equivalent employees during the year was 8.48 (2024: 9.16). The average monthly number of employees was 10 (2024: 11). 27
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 12. DIRECTORS I TRUSTEES REMUNERATION AND EXPENSES The trustees give their time to the charity voluntarily and re1ve no remuneration for their role as trustees. Travel and subsistence costs of £689 (2024: £378) were reimbursed to 3 (2024: 2) trustee(s). The total of donations received without conditions by the charity from trustees amounted to £40 (2024: £639). Lilly Cook, one of the trustees was paid £2,335 fees for Wellcome Library Project and Allsorts. 13. TANGIBLE FIXED ASSETS Technical Office Equipment Equipment Total Cost Balan at 1 April 2024 Additions Disposals 30,066 53,679 2,345 83,745 2,345 Balan at 31 March 2025 30,066 56,024 86,090 Depreciation Brought foward at 1 April 2024 Charge for year Eliminated on disposal 27,995 859 51,228 2,612 79,223 3,471 Balan at 31 March 2025 28,854 53,840 82,694 Net book value As at 31 March 2025 £1,212 £2,184 £3,396 As at 31 March 2024 £2,071 £2,451 £4,522 14. DEBTORS 2025 2024 Trade debtors Accrued income Other debtors Prepayments 9,128 40,259 1,777 10,442 28,536 13,000 10,422 £61 ,606 £51,958 28
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 15. CREDITORS: Amounts falling due within one year 2025 2024 Trade creditors Social security and other taxes Other creditors Accruals Deferred income (see note 16) 17,050 2,532 3,739 3,400 108,502 6,656 8,597 2,260 8,479 78,443 £135,223 £104,435 16. DEFERRED INCOME Balance Additions Released Balance brought in To Carried forward year Income Forward Grants and donations £78,443 £108,502 £(78,443) £108,502 Deferred income reflects grant income received in advan for the following financial year, to be expended in accordance with specified or implied timeframes and agreed budgets. 17. MOVEMENT IN FUNDS Balance Movement in At Resources 1 April Income ExpendRture 2023 Balance At 31 March 2024 Transfers U nrestricted funds 113,970 495,114 463,484 145,600 113,970 495,114 463,484 145,600 Restricted funds Multi-disciplinary arts Taking Part Believe in Us Library Archive Project Discovery 40,490 284,272 40,490 284,272 21,860 4,856 21,860 4,856 351,478 351,478 General funds Total funds £113,970 £846,592 £814,962 £Nil £145,600 29
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 17. MOVEMENT IN FUNDS I cont The Multi-disciplinary Arts Fund is for theatre, music, live art, visual art, films and dan both filmed and performed in venues in London, nationally and internationally. The Taking Part Fund (including clubs) provides resources for artistic input into a number of participatory events in London and to make spaS where adults and young people are able to express themselves. Discovery these are the projects and partnerships we are involved in, with other organisations, to make change happen. Believe in Us is a two year project focussed on developing a radical new approach for designing ServIS with people with learning disabilities and autistic people in London funded by The Health Foundation. Heart n Soul is the lead paty in a collaboration with Oxleas NHS Foundation Trust, Royal Borough of Greenwich. Tizard Centre, Helen Hamlyn Centre for Inclusive Design and the University of the Arts London {UAL) Creative Computing Institute. Library Archive Project The Wellcome Collection commissioned Heart n Soul to make their library more accessible. People with learning disabilities and the library staffed are currently reimagining what the library should look like to feel like a welcoming space for everyone. This also includes the showcasing of some elements of the Heart n Soul archive, which is now managed by the Wellcome Collection Archive Comparative information for the net movement in funds is as follows Balance Movement in At Resources 1 April Income Expenditure 2023 Balance At 31 March 2024 Transfers Unrestricted funds 113,970 343,009 388,736 113,970 113,970 343,009 388,736 113,970 Restricted funds Multi-disciplinary arts Taking Part Believe in Us Library Archive Project 27,978 27,978 309,193 309,193 93.251 93,251 16,191 16,191 446,613 446,613 Totsl funds £314,253 £915,912 £1,070,468 £159,697 30
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Total Funds Funds Funds 2025 Tang ible fixed assets Current assets Current liabilities 3,396 168,925 {26,721) 3.396 277,427 (135,223) 108,502 (108,502) £145,600 £Nil £145,600 Comparative information for the analysis of net assets belween funds is as follows: Unrestricted Restricted Totsl Funds Funds Funds 2024 Tangible fixed assets Current assets Current liabilities 4,522 130,362 (20,914) 4,522 213,883 (104,435> 83,521 (83,521) £113,970 £Nil £113,970 19. OPERATING LEASE COMMITMENTS Total future minimum lease payments under non-cancellable operating leases are as follows: 2025 2024 Amounts due within.. One year One to five years 8,769 3,095 7,517 £11,864 £7,517 20. CONTINGENT ASSETS Total grant funding awarded as at 31 March 2025 but not yet ceiVed and recognised as income due to the recognition criteria not being met amounts to £861,004. 31
HEART N SOUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 cont 21. COMPANY STATUS AND TAXATION The charity is a company limited by guarantee, registered in England and Wales and has no share capital. The liability of each member is restricted if the guarantee is limited to £1. The address of the registered office is given in the Reference and Administrative Details on page 2. As a registered charity, Heart n Soul is exempt from taxation on its charitable activities. 32