. COmp￿Y registration number..08021875 Chanty registration number 1148022 ': Artcore Limited {A company lunited by guarantee> Amual Repcml and Fytatxial Slalements for the Year Ended 31 March 2023 *ACEWJIPS 25110f2D23 COMPANIES HOUSE A24 #77 Page Kirk LLP Chartered accountsnts and chartered advisers SheNK*)d House 7 Gregory Boulevard Notbngham NG7 6LB Artcore Limited Contents Refvrence and Adminislratwe Detals Trustees. Re￿rt 2to10 IndeperKlenl Examinerfs Rer 11 Sl*ement of FinancAal Aclivi 121013 Balance Sheet 14to15 Noles lo the Finanual Statements 16to32 . Artcore Limited . Reference and Administrative Details Chaimwn . APB Senlormanagementl. Leadershlp Team R Shaikh. Executsve Director . Sha*h. Artist￿ DirèctN . Charity Registration Number . Ciimpany Reglstrdtl()n Number 08021875 . Reglstered Offlce 3 Chamwfjod Street Derby Derbyshwe DE12GT Trnstees D Gcod APBall M Sc¥)d H Daves "J Pearson V Trivedi S Purohit Sollcitors: ., Nelsons SO1￿￿C￿5 Ltd Pennine House 8 Stanford Street Nottingham NG17BQ . James Ha￿0C￿j ACA Page Kitk LLP Chartered a￿Ount￿ts and chartered tsx advisers Sherwts)d House 7.Gregw BOU￿ard N¢Jtbr¥Jh8m Independent Examlner Page 1 Artcore Llmlted Trustees. Report Referenco and Adminislrative l)etalls Charity Rggislration.Number'. Company RegiStrat￿n Number. 08021875 The charity is inc￿p(wa1ed in England and Wa￿. 3 Chamwwj Street Derby ' rwshi DE1 2GT .. 1148022 , Registere(l off￿.. Independent Examiner. James Ha￿0t￿ ACA Page Kirk LLP Chartered accwntaiits charteied tax athsers sheTh￿0d House ?Gregory Boulevard . bngham NG7 6LB Nelsons S01Kitc￿ Ltd Pennine House 8 Stanford Street Nth"ngham NG178Q Trustees and offker6 The ITUStees and offters $wwng during the yw and the year end were as foll¢JWS'. APBall Trustees.. P ATrJerson APBall PA Soc4J HDav J B Newling {resigned 9 May 2022) J Pearson VTrivedi {appointed 11 October 2022) S Purohit {appointed 11 Odober 2022) .. Key management [￿S￿ne1.. .. R Shaikh, Executive DIr￿t01 M Shaikh, Artist￿ Dif￿1￿ . Page 2 Artcore Limlted Trustees, Report The twstees, who are directors for the purposes of company Ja%v, p￿sent the annual report"tog&ther.. with the financtal statemenls of the charitable company for the year ended 31 March 2023.. ."The financial ststements compty with the Charitw Act 2011. the" Compan￿5 Act 2006", the". . Memorandum and Artic￿$ of Association, and Accounting.and ReportirKJ by Charities". Slalement of Recommended Practrce to .chaiiti'es preparing their xcounts in accordance ￿th the Financial Reporting Standards applicable in the YK and".Republic of IreL9nd IFRS1021 leffecttve 1 January.; .2015).. 'Vlsion Artcore belièves that contemporary art and.creativty are central to the devebpmerit of people aThi places. Mlssion Artcore is an international centre for wilemporary art and creatNty that ts based in Derby. UK. and is lo a gallery. stLId￿ls, work Sp￿. Shop aTrJ cafe. A vibrant hub for commissionin9, productton, presentation and debate. we offer opptslunit* foi dNetse audiences to engage directly with creatNe practices through participatv)n and disCuss￿n. We W￿rk a diverse range of communit￿S and the cultural, creative industries. communty. educati￿, he¥th and regeneratson sectors lo deliver our prcgramme. Values Artcore's values are excellence, innovalion. diversty. engagement. transparency and resilÈrKe. objectiv￿ and activities Objects andalms The trustees c￿￿m7 that Ilw"'ha¥e due conspjeration to the guidance Contained in the Charity Commission's published guidance on the Public Benefrt requwements under ChantEs Act 20t1 when they reviewed the Charity's aims and objectwes for the year.. The objedives ofthe eharity are". 11) To advance the edu￿tion of the public in the subject of art and visual art (W￿ludIng bul not limrted lo painting. sculpture, arts andirafts) In Dèrby. Derbyshire and bey£￿,. {2} To promote, develop and run higfvqualty art events fcff the ben8frt of the publ￿ in Derby. Derbyshire and beyond". (31 To promote art for the benefft of the Publ￿ by tunning W￿s￿pS and public art commissions in hospitals., schools. ccilleges w¥J" rxmmunty groups . in ¢olkqt¥Jration with thal. national and intemalional.artists- 141 To liaise and build partnerships vrilh"other organisations arKI indmduals who have similar aims and objectives, and lo give support inform*ion aThJ adV￿e as and when appropnate. Artcore Limited Trus'tees, Report-. Use of volunteW5 Through-out 2022-23 Arteore continued to.recruit volunteers in to various roles such as Admin. . Workshop as31Stance and Event Support vcilunleers, et¢. an(1 as al 31$1 March 2023" Artcore ha5 had .15 volunteers to support Artcorè. All our volunteer5"reéeiVe a full induction and training in delivering arid supporting our services. The Value of volunteering lo Artcore was £14.112. It 15 based upon the *0 volunteering hours contributed during the year. The average h¢)uty wage in Derby was £14.70 (ONS Annual Survey of Hours and eamings-20191. Public bendlt . Artcore is wmmrtted" to deliver programmes lo PublK Benefrt. We continued lo produce and present a diverse range of arts, across our gaI￿rieS and studio sws by professional artists and amateur lalenl. Our participatory programme went from strength lo strenglh. wilh working in ￿h￿Is, community settings and in the ￿ Artcore bLbiklings btseK deliverin9 a full prograiNne of activities for all ages. Chairfs report l am pleased to present annual repthtfof the year ended 31st March 2￿23. As the arts and galjery sector began to reopen to audiences and communities, we anlicipaled a hallenging year and so we were delighted that our perfomiance exceeded expectation$. This recovery 1$ due in no small part to a huge team effLXt auoss the organtsalion to ensure we reopened su¢¢essbJlty. Like others in the arts sector we continue lo resporKI to a volatile and uncertain envwonmenl. The much-needed support frc¥n tP* OCMS through the COVKI R￿0Very Fund, HM Twsury through tho Corona Virus Job Retention scheme was very hdpful. Strong financial management throughout this time has ensured that we are in a good poSi(￿n to pro¥Kle the support needed. Robust cost Control within the charity contributed svJnfficantly lo the C￿￿M and placed the organisatK)n in a healthier posit￿ lo respond to future econc*mic volatilty. Key *hiovement$ AJtcore ha6 made strong Progress towards realising the tharity's headline priorty to work together th audienees and communities lo recover and rebuild. Art￿re has fetained its passion to improve the lives of people in our communit*s and support artists and ¢reatNes. Art¢ore was able to focus on activrties that are designed to deliver on vis#M to together with aUd￿nCeS and communities lo inspire. lo share and to care for Cultural herrtage. Page 4 Artcore Limited Trustees, Report Our focus this year has bewi on ryroving the mental arKI physvl health and wellbeing of our communty as society opened up. The Artcore Gallery 1$ pwotal in bringing exhibitions into the heart of Derby ¢ty ￿nITe. This year it has.." undergone a major refurbishment matched funding from Derby Cty cour￿11 forwh￿h we are very. .. grateful. The buildiiig h.as Teopened and Jooks stunning. Thank you to all our staff for their hard work. . throughout the refurbishment of the ground fioor. We celebrated wrth a grand re-opening in May 2022. We're proud to provide an exciting arts venue that is aCts$s￿le and wethming lo all. The gaI￿ry.. "offers a stimulating workplace for artists and enab.les th￿ lo engage and interact with visitors. Phase . 2 of the refurbishments wtth a capital grant from Arts Counol EnglaThJ has allowed fvrther lo improve:. the environmental sustainabilty of our buikling and refurbish the galw. The community is at the heart of Artcore. Through our various programmes at tommunty Hub.in ' Nomanlon,. we have been able to eThJage wrth diverse cc*nmunrties. Our projed 'Untold stor￿.. supported by the Baring F¢)undalion. offets a programme focuses on working wtth recent imm*Jrants, refugees. asylum seekers and Derby's Bosnian and South Aslan communities. highlight the importance of using art as a universal Language lo bre&k d¢)wn barriers to communication and to support creativity, cOnmef￿ buikjing. the development of ￿Kial skilL8 and improvement of mental heatth and wellbw'ng. Number Narratives (Maths Mulkn'plierl and Table Talk (ESOL) provisions a￿ open to adulis aged 19 + who have not attained a higher qualffication and want to gain employabilty skills. These Prf￿ram￿es are both inclusNe and inVo￿eS participants from diverse backgrounds. supporting them with increased confidence. OUT programmes.for young people exp￿￿ a range of art malerials and tivit￿$ engaging young peop￿, aged &15 years. in meaningfvl creatNe activities support in building conf￿en￿ and self*teem. Thts year the grciup have explored and devebped projects such as.. collat)orative largescale murals. photography and l¥hl drawing. sth painting. dreamcatcher desvjning and prodvcing Iheir own 3D minwlure art gallery. Working wth yoiing people on Relmagirie project resi*)nding to the theme and creating works around the impads of global warming... The groyw investigated different bcrtty adomments, incIL￿ing those frcffj theatre. camivals, festiyals and other pwlomance art forms. Key ideas ar0￿d RethKe. Reuse and Recycie were explored. Working abngside professKynal arttsts, we have developed a pr¢4Jramme of workshcps I our.Cullural Hub in the crty centre offeTr for Peop￿ to Come Icty3ether exper￿n￿ art and culture from around the world while offering us an opportunity to develop new connections. Our exhibition and resvjency programme whth hdps support eady. mMJpcareer and established artists to create worf( which deals with pressing social, pditul and environmentsl issues has enabled 11 Luminar, Shifting Terrain and Partrtion Parables residencies. Artcore provides opportunrtie$ for artists in the UK to ivork and learn together with artists from drfferent countries.. encouraging a ciilt"ur81 exchaoge wher¢ arti41$ collaborate and share their experiences intemati¢inalty. We planne(l intemational ￿idenCY dunng the spring festTval of Holi in India iri March 2023. We have beell"'able to provide emerging and talented aTts"sts the opportunrty lo lrnvel, explore. and meet artists fn)m dNerse cumures. 'On the Move with Fekx Nu$sbaum'.inlemational touring exhibition travelled to Artcore. Derby. UK in May 2022. ReprixluctKJns by Feli¥ Nussbaum 11904"_ 1944) from the Felix Nussbaum Foundation: based in Osnabrii¢k."Gemany. Artcore Limited Trustees, Report We submrttetj some compelling major funding bKls - NPO bid to Arts COU￿11 England for the pericd 2023126, NalM)nal Lottery Community tur￿ from 2022-25 and Postcode C¢)mmunty Trust 2022-25 . knowing now that these bKls have been successfvl. we are kM*ing fo￿ard to the opportunity to delwer against them. Finally, l ivoukl like to Ihank the Board of Trustees for their support throughout the .year and in particular those Trustees who retired. I would also like to thank our funders, audiences and partKipants, wrthout whom we would nol be here. We will eontinue lo support our local commun and artists lo make a drf1e￿Q lo the lives of people aThJ facing front on any challenges along the The m•'n a¢fivities undertaken in relation to delivenlng these otye¢tfves . . ' This year sa¥v a more r￿rMal way of workThJ and was a busy perh￿ for Artcore..We reopened our buildings and wekomed back our communty with open 2022-23 hIgh1￿hts . May 2022 Artcore Cultural Hub opens doors post refurtmshments . June 2022 launch of On the Move with Felix Nussbaum show, Osnabruck Germany.. . A"pril 2022 Peace Doves Communty participab.on arid lristsllatKJn al Derby Cathedral . August 2022 Marketing Derby event connecting Mth corporates and bcal business in Derby . October 2022 Launch of Art of Healing. loltery funded long term proje Cultural events celebrations and event5 throughout the year at the cultural hub Refugee week June 2022. Peace week in September 2022. Garba dance festival October 2022. Diwali on the square November 2022. Christmas ¢e¢ebrntion December 22. Valentine's day celebrati¢MS Feb 2023 We had an extenswe residency and exhibrtion programme dLtring the year hosting Exhibition5 local and international residencies supporting earfy and mh*career artists. • An exctkn'ng community partieipation programme of activities throughout the year • Phase 2 refurbtshment of Art gallery space Jan -mar 2023 with renovations wilh a capital grant from the Arts Council lo include 501ar panels. insulation, an energy efficient heating system and a refurbished gallery space. FlTrancfjal Review During the 2022123 year. . The year ended 31st March 2023 was a Per￿ of consofidatKJn. with Artcore's itorne of £733,454 12022.. £711,503) being largety in line wrth the previous year. 2022123 was the fifth (extensKJn) year in which Arte0￿ held NalFonal Portfolio Orgarmsalion (Alts Council England) status. and this has continued to strengthen the finar￿la1 positK)n. . The new crty centre premises provthd increased opportunths for self-generated income. ., The overall suWu$ fcf Ihe ye* was £189.$41 {2022." £268.850>. At ffte end of the period. the. unrestricted funds balance was £692.344, a ￿e¢￿aSe of £6,104 over the baLgnce al.the end of the ' previous period. The re5tricled funds balance was £223.006. an increase of'£209,653 over. the.: balance at the end of the previous period. Page 6 Artcore Limited Trustees. Report Rlsk Management The trustees consKler that there are no material uncertainlies over the charty's abilty to continue as. going concern..The trustees are fertussing on Strateg￿ goal targeting. devekjping inn¢)valNe delivery... systems, being constsntly aware of fvlure"challenges and htr* lo deal with them. whilst being able to retsin qualty and trained staff. The charity will continue to appty for fundirwj Ihrough varws means both intemally and through '" external consumants. We will conts.nue to make efforts to improve abilty lo raise funds and attract ful￿$ from cworale sponsoTS arKI private donors. Artcore wim be encournging its Ifuslees and-:... patrons lo be more *tive in fundraising for the organis8lKJn. The"Iruslees are wothing Ich¥ards establishing a sustsinable fffiarKial nThylel by diversifying and . increasing kvels of contributed andlor eamed income. DNersfying the income base and increasing the earned income will enable Artcore to be resilient and environmenlalty susta"nable. Plans for the future periods Our viS￿n for thi5 year and continued inlo 2023 is focused around Artcore's new buikjing that sils within the Cathedral Quarter. at the gateway to the Cutbjral Htjb. enhancing the Market Hall Transformation Programme. The buikying svpports De￿Y Cty Councifs initiatNe in development of the crty eenlre and to maximise the fooltall around the Osnabruck Square. Artcore is undertaking a . ¢apitsl development programme to $upp¢irt Ihe wsual arts sector and regeneration provKling a City central space for exhibitions. workshops, studw)$ and events. supporting the organtsalion's strateg￿, financial. art$St￿ arKI CIV￿ deveknwnent. We had a year of innovation with exhib1t￿n$. use of the gallery sw. event$, art classe5 & a café cpening. We are developing innovative UKJlntefnational proiects and partnerships with Felix Nussbaum Haus and Kunstraum Hase 29 gallery in Osnabruck. Gernany". engaging Derby's BAME communities. Our communty hub in Normanton is being used..ko its full capacty .with programmes being offeted IhroughoLrt the week, however., there is rKJre demand and need for further Cc￿m￿nity provisM)n bn the Growth and develcyment makirtrJ and sustaining the ¢xganisatb)n Capitsl Investment :-" Infrastructure devekpmenls- invesbTr)ent in .xquirirNJ the Artcore Gallery building. Phase 1 project cost £180K {80If investment frryn OCC) . S￿ni11Canl wntribution to Arts and Cumure m Owby. . NewIc￿$ and local artist opportunitEs New funding collaborations arid partnerships develcW- Lottery. Baring. Foundation. Posfrode Lottery. Relmagine, India Collaborations Ilirth Lwal. national and" intema￿nal oryJanisations like Derby Theatre. FORMAT festival, Felix Nussbaum.. Non arts 0rg3ntsat￿)nS Ilte Metropolitan Housing. DBHCA, Sahahra, Baby People. ¢ommunity Action De￿Y etc. International Exchange ReS￿encY wlh In¢Jia Touring"Exhibilion with Felix Nussbaum Haus New opportunrties through" Vibrancy fvThJ' . Community partKip*ion and audierKe develcp￿￿rrf Art¢o¥e's programw and organisaknnal leamiThJ and deVelO￿ent are inextricably linked with strategic partnerships. Artcore Llmited ' Trustees. Report . Strudure. governance and manag¢ment Naturè of goveming document Artcore Limi(ed is a company limrted by guarantee and a regislered'chanty govemed by the rules set out in the Memorandum ar)d Articles of ASS￿lat￿)n. The charity ha5 a board of trustees which is emp(hvered to make decisions on beha￿ of the charty'and doe5 $0 at. ts rtyukr meetings. A trustee must be a natural person aged "16 years or clder. No one may be. appointed a trustee if. he. or she would'be disqualrf*d from acting under the prowsK>ns ol article 39 of the Articles of As50cialron. The minimum number of trustees shall be three but lunles$ otherwise delemined by ordinary resolution) shall not be subjected to any maximum. The first trustees shall be"th¢)se persons notthed to Companies House as the first Iruslees of the chanty. A trustee may Trot appoint an artefnale Iruslee or anyone lo act on his or her behatl al meeting5 of the trustees. Recruilmentand appointment of trustees The charity may by ordinary resolutty￿'. (11 appoint a Pers￿ who is vAlling lo xt to be a tfustee. (2) detemine the rotation ￿ whth any additional trustees are lo raire . No person other than a trustee retYirvJ by rotstion may be ¥poinled a trusteg at any gengral Meeting unless.. (1) he or she is rgcommended for re4lection by the tTUStees. or 12) not less than fourteen nor nve than Ihity-fve clear days befcrfe the stsrt of th8 meeting. the charity is given a notice thal.. la) 1$ signed by a member entrt￿ to vote at the ff*etirs", Ib) states the memberfs intention lo propose the appointmenl of a person as a trustee,. Ic) contain5 the details that, rf the person were to be appointed, the charity *rJuld have lo file at Companies House, and., Id) is signed by the person who 15 to be pr¢w5ed to show hhs ￿ her wllingrless to be wjnted. All members who are entitled to receNe of a general meeting must be given not less than seven nor morg than twenty￿￿h1 dear days, notsce of any resolthion lo be put to the meeting lo appoint a trustee other than a trustee who ts to retire by rotation. The trustees may appoint a person who is wlling to acl to be a trustee. A trustee appointed by a resolulHJn of the other trustees musl retire at the next annual general meeting and must not be taken into aceounl in detem)ining the tnjstees who are to retire by rotation. The apwintment of a truslee, whether by the charity in a general ￿￿ting OT by the other trustees. musl nc4 ￿uSe the number of trustees to exceed any number fixed as the maximum number of Iruslees. Page 8 Artcore Limited Trustees. Report ReseThes polky The charity requires reseThes'to.aMcMf'rt tci functhTh. ￿ the short term in the event of the cessalion'of funding. a major redLKtion in funding or a deW in further fvndir¥J becoming available. The minimum . level of reseNes to be maintained shoukl also satisfy all regal C￿ligatIOnS should Ihe charity cease to be a. going concem. enabling proper noti￿ to be given to the staff and beneficiaries and for all due payments to be made to staff (staff redurthjaryl and lo other organiSat￿n8 wlh wh￿h we do business. The charity's board of trustees consider that they shc¥Jld aim to buikl and retain reserves of up to ning months, ¢weraling expenses. This largel has been met as at 31 March 2023 and will facilitate the development of Artcore's long-lerrn aims. In order lo meet thetr responsibilrties and lo ensure that the. charity continues lo operate on a going eoncem basis ihe trustees have reviewed the requirements". and risks faced by the charity in both thè short and medium lemi. The accounts sPKiw a balance of restncted funds of £223.(￿ (note 201 and unrestr￿ed funds c £692.344 (note 20) at 31 March 2023. Statement of tru$t•es' responsibilities The Iruslees (who are atso the directors of Artcore L Thnited for the purposes of company law} are responsible for preparing the trustees. report and the financral ststemenls in accordance with appluble law and United Kingdom Accwnling StsrKlards (Unrted Kingdom Generally Accepted Accounting Practice). including FRS 102.yhe Finapcial Reportiro Standard appl￿ble in the UK and Republic of Ireland.. Company law requi￿ the trustees lo p￿are financial statements for each financol year. Under company law the Iruslees must not approve Ihe financ￿1 statements Un￿$$ they are 5atisfie(J that they 9ive a true and fair view of the state of affairs of the eharitable Company and of the incoming resou¥ces and applIcat￿n of resources. including rts income and expenditure, of the.chari!able company for Ihal period. In preparing these financi81 statements. the trustees ¥e require(I lo.. sdect Sultsb￿ accounling policies and appty them consi5tenthy." c*)seNe the nielhotjs and pr1r￿1ples, n thé charrt￿ SORP: makejudgements and estimates that are reasonable and prudent Slate whether appli¢able ￿ountr"n9 slarHlards, comprisiNJ FRS 102 have been followed, subject to any mater￿1 departures disdosed and expkined in fina￿la1 statements., and prepare the finawal statements on Ihe g¢ing con¢em basis unless rt is inappropriate to presume that the charitable corwany.wll continue in business_. The Iruslees are responsible for keeping F*roper ac￿)Untsng records Can di$d￿e with reasonab accuracy al any time the'financial. positK)n of the chantable company and enable them to ensure that the financial statwnents corrpty ￿th the C(xnpanies Act 20(6. They are also responsible for safeguarding the assets of the charitabk company and hence f￿ taing reasonabk steps for the prèvention delection of fraud and other Irregu￿rrt￿. Reappointnientof Independent exarnlnér James Haywood ACA has expressed his ￿TrI11n9ness to continue as independent eX￿ine[ for the" next financial year. Artcore Limited Trustees, Report The annual report was approvgd by the trustee5 of the charity on 10 October 2023 and signed on its behalf by- APB8 Chairman and tnJ5tee Page 10. Artcoro Limited ' Ind6pendent Examinerfs Report to the trustees of Artcore Limited I report lo the charity trustees ￿ my examinati￿ of.the ￿lUnts of the Company for the year ended '. 31 March 2023. Responsibilitles and basls report As the charty's trustees of the Cc*mpany jand aLso it$ diredors for the purp)ses of ¢C￿>anY kw) you are responsible for."Ihe preparalion of the ￿lUnts in accordanc￿ wrth the requirements of Ihe Ccrfnpanies Act 20061.lhe 20C6 Act.). . Having sati5f1ed myself that the accounts of the Company are not required lo be audita under Part ' 16 of Ihg 2006 Acl and are digible for independent examination. I report in respect of my examination .. of yOLtr charity's accounts as carried out under sectKJn 145 of the Charities Aet 207 1 {Yhe 2011 Act,).. In earrying out ry examinat￿n I have fd1(h￿d the Oirections gsven by the Charrty Commission under sectN)n 14SISI{b) of the 2011 Acl. Inde￿ndent examin•Vs stateme Since the Company's gross income exceeded £250.000 y¢)ur examiner must be a member of a body listed in section 145 of the 2011 Acl. I confimi that l am qualffbgj to undertake the examination because l am a member of, whKb is one of the listed b￿jIeS. I have completed my exaMinat￿n. I confimi that no mattets have eorne to my attenti￿ in connection wilh the examination givtrwJ me cause lo bel￿. 1. accounting recor(is were not kept in re$ped of Artcore Limrted as required ty section 386 of the 2006 Act.. or 2. the accounts do not accord with those records.. or 3. the ac¢ounts do not comply wrth the accounting Tequiremenls of section 396 of the 2006 Act other than any requirement that the account5 gNe a 'tNe and fair which is not a matter considered as part of an int1ependenl examination." or 4. the. accounts have T￿1 been prepared in accordan￿ wtth the methods and principles of the Statement of Recommended. Practice for accounting and reporting by charibes lapplicable to charities p￿paring their accounts in accordance wrth the FI￿n¢la1 Reporttyig StsrKlard applicable in the UK and Republic of Ireland {FRS 10211. I have no concem$"arxl have come across no other matters in ¢onnectKJn wf(h the examination lo which attention should be" drawn" in this report in order to enable a proper understsnding of the James Haywood ACA Chartered xcountants and chartered tax Shersvood House 7 Gregory Boulevard Nottingham. NG7 6L8 10 October 2023: Page 11 .StatementofFlnanclal Activilies Ilncluding Incorneartl Exp¢ndknre Aecountl ftyth* Y*ar Ended 31 IAarch.2023. . ca￿￿1 gr¥ . 2022 Inc0Th￿tro￿ Dona1v￿5 ￿d￿arts ¢h*ilab48wArdrt Olhertradifty Investront Ir£Lyn 594.191 97.719 40.772 531.417 162.595 17.472 97.719 T￿1 Ewditure .62BTr 1131.135) {14.Cthl 1534.nfl 142 1439,0691 Tcéal 14 543913 4426 NVtrnO￿￿nI InfuTh 114,(Q81 189,541 288.850 P¥12 . statornwrtof Mnanclal ActlvlUts IlncludlThJ and Expe1wJi￿￿8 Account) forthe Y¢ar Ended 31 Mar¢h 2023 ". C*wtsior4t Incomelrom Donthons andgt¥d¥ ChaitJbb*hiWS . 0th9r1￿11n9Aelts￿fftS . 358.185 162. 17.4r2 19 173232 531,417 162.$95 17.472 Expend6tsre on 12rK).981) (231.131) . 16.954} I439.￿9} her Ti*al 231 1 NetinGtyr￿eMK￿r￿1Y[o} 333.7f6 197. {57,*r21 145.5331 16.9541 143.333 268,850 1103.4351 136.379 268,8 Re¢rrt￿ilIOu￿fi ¢)f lunds T￿f￿NdSbrL¥J9tttfo￿yJd Tol￿fu￿sCarr￿dfoWd 13 Artcore Limited (Registration number:.08021875) Balance Sheet as at 31 March 2023 2022 Fixed a$$gts' Tangible assets -.: . Investrnents . . . 13 14 503,874 486.808 Current assets. Stocks 3.820. 1.418 10,873 15 Cash al bank and in haThJ 807.449 650,939 Creditorn: Amounts falllng due within oneye¥ 16 Ngtcurr•nt assets 746181 T¢)tal assets less current li•biliti8s 1,250,0&fj 1,075,776 . Creditors: Amounts falling due afterfflore than one year 17 Funds of the Charlty: Restrlcted income funds Reslricted funds Unrestricted In￿rne lurids Unrestricte(l fvnds 223,OC 13.353 692,344 698,448 Capital grant fund Total unrestrthd furNJs Total funds *. The notes on. pages 16 to 32 frym an integral wt of these financial slalemenls.. . Page 14 Artcore Llmlted (Registratlon number. 08021875) . Balance.Sheet as at 31 March 2023 For Ihe financral year ending 31.Marth 2023 the charty was entit￿ to exemplYJn from aud￿ under." section 47.7. ofthe Companies Act relating lo mll eompanres. Directors. responsibilities: ' The"'members have not requ¥ed tr*" ¢iwrity lo obtain ￿ audit of ts accounts the year in . . . question in accordance with seCt￿n 476" and Thé directots 8d(nowledge Ih*r responsibilrties for ￿rtp￿ing wiéh the requirements of the Act with respect to accounting records and the preparat*)n of accounts". The financial slatements on pages 12 to 32 were approved by the Iwstees. and aulhorised for issue on 10 October 2023 and signed on their behalf by.. APBall Chairman arKI trustee The notes on pages 16 to 32 fomi an integral part ofthese fina￿101 stat￿nts. P4e15 Artcoro Limited Notes to.the FSnanclal Statements for the Year Ended 31 March 2023 . 1 Charity status The charty is limited by guarantee. incorpya￿ in England and Wales. and consequentty does not have share ¢apital. Each of the trustees is liable to contribule'an arrb)unt not exceedry £1 t￿ardS the assets of the charty in the event of liqu￿alK)n. The charty is controlled by the.trustee5 who are all directors. The address of tts registered Off￿ is.. 3 Chamwood Street . Derby Derbyshwe . DE12GT Thesefinancial statements were aulhcyised for ￿ue by the trustees on 10 Odcthr 2023. 2 Accountlng polici8$ Summary of slgnificanl accounting p)Ilcles and key accountlng estimates The principal accounting poli¢Es applied in the prepar81ron of these financhal stateffents are set out bdow. These policies have teen consistenlty appl*d lo all the Ye￿ P￿Sented. unle$$ Statsment of compllance The financial slalemenls have been prepared in accordance with Accounting arbd Reporting by Charities.. Slalemenl of Recommended Pra¢ti¢& lappltcable to charrt￿$ preparing their aceounts in accordance wrth the Financk81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191 {Charities SORP (FRS 10211. the FinancKAI Re￿rt￿￿ Standard ' applicable in the UK and Republ￿ of IreL8nd (FRS 102) and the Compantes Act 2006. Basls of prepar*lon Artcore Limrted meets the definition of a public benefrt entty under FRS 102. Assets and liabilrties are initialty r￿OgnIsed at historical cost or transaction value Un￿$S otherwise sLited in the relevant counting policy ncles. Golng ¢oncgrn . The trustees consKlèr that there are no material uncertaintie5 at*Jut the charty's ability lo continue as "a going concern nor any signrficant areas of uncertainty that affect the carrying value of assets held by . ' the charrty. Paye 1& Artcore Limited ' Notes to the Financial Statements for the Year Ended 31 March 2023 Crltlcal a¢countlng Judgements and key sources of estimatlon unce￿inty Preparation of the finanaal s&itemen15 requires management to make signTficant judgements and.. estimates. During the preparation of these financral ststements there have been no signifi.cant or. Materi￿ jLKlgements and estimates that requwe disclosure. Fund accounting policy . Unreslricled incoriie funds are general fvnds that are available for use * the trustees dIscret￿n in furtherance of the objectives of the charity.- Restricled income funds a￿ those d￿ated use in a particular area or for specific purpose5, the use of which is restricted to that area or pU￿)Se. Income Donations and granls that are of a general nature are recogntsed where there is entitlemenL certa*ity of receipt arKI the amunt can be measured 7Mth SLfftiertt reliabilrty. Ch8ri18ble adiwties are recogntsed in drfferentways deFendent on h¢74V Ilw are used by the charity.. fi) Those donated fot resale prrAluce when trw are sokl. They are valued at Ihe amount actualty iealtsed.: (ill Those donated for onwafd transmission to bene￿larieS are included in the statement of financial activities as incoming resources and resources expended when they are distributed. They are valued at tNe amount the tharrty would havg had lo pay to acquire them. {iii) Those donated for the use by the charity rtsew are included *then receivable. They are valued al , the am¢junl the tharity would have had to pay to acquire them. Income from charrtable activities includes reccgnt5e(l as eamed (as the related gwds or services are provided) under conlra¢L Other tr￿ing actwity Incor￿ refates to rental arKI miscelLqneous income whth are recognised on a rKeivables basB. Investmentlncome DivideThJs are reccqnised On￿ the d￿￿end has been declared aThJ notif￿￿10n has been received of the divKlend due. Page 17 Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2023 Exponditure Liabililtes are recognised as soon a5 there is a ￿1 or constructive obligatioii cemmitting the eharty to the expenditure. All expenditure is accounted for on an xcruals basis and has been ¢lassrfied under headings that aggregate all costs related to the category. Fundraising expenses arethe costs aS$￿￿t￿￿ with attrading vdun1ary.K￿c1r￿.." . Charitable expenditure compnses those costs incurred by the charity in the.delivery of its xtivilies and services for rts beneficiaries. It inclu¢Jes both costs that can be allc¢ated directty to such actNit*s and'lh0s8 wsls of an indirect ￿ltUre necessary to support them. ' Expendf(ure on other items include those inujrred in the govern￿ of thè charity and its assets and are primarily associated wrth statLrtory ￿Uirements. Support ¢o$ts Support ci)sls Include central lyr*ctK)n$ and.have been a'llocated lo ¥tivfy cost ealegories on a basis consislenl with the use of resources. for eXarnp￿, albXat￿n propety costs by floor arga$. or per capila, slaff costs by Ihe time sperrt and other costs by ther usa98. ' Fixed assets Fixed assets are initialty recorded al IXEL Deprnclatlon DepreciatK)n is prowded on tangible ffixed assets so as to write off th& w&t or valualK)n, *s any eslimaled resKlual value. over their expected LBefvl ecm)mic lrfe as folkyK.' Asset class . Workshop equiptrert Fixtures and fttirKJs Ori￿ equipment Motor Veh￿e$ Depreciation method and Tate 20% reducing balance 10% reducing balance 20% reducing balar 25% slraighl lir 2% straight line or overthe lease term wh￿eVer is shorter Leasehold l￿d and buildings . Stock Stock is valued al the lower of cost and estimated selling prKe less costs lo comp￿te and sell." after due regard for obsoide and rnoving stc¢ks. Cost is deterniw￿d using the ffirsl•in. firsl-out (FIFO). ". Operating leases .Rentals p.ayable under operating leases are chtyed in .the stat￿e11t of financial activit￿5 on a strawJhl line basis over the lease tem. .. Pensions The chafty operates a defined contit)ution pension"scheme. Conlnbutions are charged in the staleménl of financial actNrties as they bec(wr* payable in"accordar+ce viith the rijles of the 5cheine. .Page18. Artcore Limited Notes to tho Financial Statements for the Year Ended 31 March 2023 Financlal Instrumes)ts ". "Classiff¢aUon Financial assets and fThncial.lialMlities we recognised when the chanty becomes a party to the contractual provis￿$ of the instrument. "Financial liabilities and equty inslwments.are classffied according to the SUbstar￿e of the contractual arrangefflents entered into. An équty instrument is any contrxt that evthnces a residual interest in .. . the assets ol the charity after deducting al! of rts liabilrtJ"es. Reeognhlon •ndmeasurement All financral assets and liabilittes are iniéi* n￿aSure￿ at transaction price {including Irans&tioft costs). except for Ih¢)se financial assets classthed a5 at fair value through profft or loss, which are inrtialty measured at lair value (which is noTrnalty the tranSact￿n pr￿e excluding Iransaelion eosls). unless the arrangement constitLrtes a financing tranSaCt￿n. If an arrangement conslitules a financing tranSaCt￿n. the financial asset or financ￿1 Irabilty is measur&J at the present vahje ￿ the future payments diseounted at a mafkel rale of inte￿1 for a wmilar tlebt instnjment. Financial assets and liabilities are onty t￿Ysel in.the S￿*￿nt of financial posit￿1n vthen. and onty when theTe exists a legalty enforeeable nghl to set off the rewnised anKJunls and the charity inten(Is eitherto settle'on a'net basi$. or to redise the assel and settbe thelobilty s*Mul￿o0usly.' Financial assets ale derecognised when and onty when a) the contractual rights to the cash fjows from the finarKial asset expire or are settled, bl the ¢harty transfers to another party subslantwlly all of ihe risks and T￿￿rdS of ownership of the financial asset. or cl the charity, desprte having retained some, but ncl all. Signif￿nt risks 8ThJ re4Rrds of Owr￿hp. has transferred conlrol of the asset lo another party. Financ￿1 li*ililies are derectr3nisèd onty when the oblbjation spthd the contract is discharged, cancelled or expires. 8uslness combinations Bu5hftess combinations are ￿￿nted under the purchase method. IM)ere necessary. adjustrnenls are made lo the financial statements of subsKliares lo bring the accounting polieies used into line with those used by the tharrty. All inlra-group Iransactb)ns, balan￿s. income and eypenses are eliminated on consolid*ion. In accordance with. seCt￿n 35 of FRS 102. SeclKJn 19 of FRS 102 has not been applied in thesé fThn¢ial stat"emenls respect of business combinatK•ns effect￿ prior to the date tif Iransf(ion. Flxed asset investmgnts . Fixed asset inveslmenls. thr than programme related investments. are included al market value al the balan¢e sheet date. Realised gains and bsses on investments are calculated as the drfference belweeTr sales proceeds and Iheir market value al the start of the year, or their subsequent cost. and are charged or credited to the Stalement of Financial Actwrties in the per￿ of disposal. Unrealised gains .and..losse8 'represent the."movemenl in m*et values during the year and are credited or charged to the Statement of Fin￿claI AclNths based on the market value al the year end. Page 19 . Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2023 3 Income from donatk)ns and grnnts Total 2023 Total 2022 funds fvnds ' Do￿￿10n5 rtteived 5.829 1.360 Grants. govemment 164,535 314.792 479,327 511.714 Page 20 ' Artcore Limited ." Notes to the Financial Statements for the Year Ended 31 March 2023 4 Govemment grdllts. Unrestricted funds Restrfcted funds .Tolal funds 2023 Total funds 2022 . Arts Council Engian¢l. . BBC Chiklren in Need ' Btrj Lottery Fund Oertjy Cty Council European Social Fund COVID 19 furh)ugh scheme Nottingham City Council POl￿e and Crirne Commissh)n 162.944 ' 227.893 . 390,837: . 81.940 81.940 . 1.591 4.959 9.972 1.591 4.959 14,867 22,776 2.499 S Income from charltable actlvlties Totsl Tt>tsl 2022 Charitable acllvities Artis￿ seNices 6 Other trading actlvllles Unrestrlcted funds Total funds 2023 Total fvnds 2022 Rental income" Miscellaneou5 I￿)1 10.890 29.882 10,890 29,882 3.620 13.852 7 Investment Inmme funds Genernl Tolal . 2023 Total 2022 Interest récewed ' Page21 Not•s to th¢ An•n¢W $￿t￿ents for the Year Ended 31 IAarch 2023 . 8 Exp￿d￿re0￿ chJr*ablv•thib•F Totsl fund 1W,191 11979 193.4 264,894 9,987 239,8 1W.S70 18,￿8 240271 I4.(￿B 435 Artcore Limited ". Notes to the Financial Statements for the Year Ended 31 March 2023 9 Other exp&nditur¢ UiirestTiCt lunds Genernl TrAal 2023 Total 2022 Alc¢ated suppcirt costs .. 10 Independent examinerfs remuneration 2023 2022 Exwnination ofthe financial Stalen￿nts 11 Staff costs The aggregate payroll ￿51$ were as fokvws.. 2022 Staff costs during Ihe yearwere: Wages and salaries Social security cos15 Pension costs 221,907 13,721 4.262 222,157 13,761 4.353 The monthly average number of persons {including senior management I leadership team) employed_ by the ¢hafty during ttie year expressed as full time equrvalents was as follows.. No No Averaje number of empk)yees No employee r￿1ve(l errh)luments of ff¥xe than £60,CKK) during the year. 12 Trustees remunerntlon and exp•nses No trustees, nor any persons conf￿ed vrith them. have receiv￿ any remU￿ratIOn from Ihe chaiity during the year.. Page 23 Notss to the Financial Statqrnents for Year Ended 31 March 2023. ' 13 T*m0ibl•fkF•d*￿th. . veh￿￿ ulpmBTht T£rfAI At 1 &1ri12022 ." .. AdditKns .187 9.282 In.389 37,771 14.497 17.415 553.468 47.053 At31 M¥ch 2023 2C8.1f 14.497 17.415 gXl.521 ' twrecla At1 Aprd 2022 . Cwefarthe At31 . 19.171 14.497 9.553 65.￿0 647 ". At31 Marc* 2U . At31 Mar(* 2022 ": ..Arteore Limited Notes to the Financial Statements for the Year Ended 31 March 2023 14 Fixed asset in¥eslm•nts Shares'in group. undertaktngs arid partipating fflterests. .. Shares in 9roup:undertakings and particlpating interests . Subsidiary undertakings Totsl . Cost Addrfions Al 31 March 2023 Net book value Al 31 March 2023 D•tails of undertakings Details of the M)vesfftnts irt the ch* holds or rTh)re ofthe nLYninal value ofany das$ of share caprtal are a$ foll¢)ws'. Proportion of voting rlghts and shares held 2023 2022 Und•rtaking Country of incovporth Holding Subsldiary undertakings Craftm Derby Lmnited Engkqnd & l•V*s Ordmy 15 Debtorts 2023 2022 . Trade deblo Prepayments Other debtors 14.395 1.080 9.403 1.032 438 15 16 Crodl¢ors: amounts falling due within one ythv Page 25 Artcore Lwnited Notes to the Financial Statements for the Year Ended 31 March 2023 2022 Bank k)ans Trade Credi Due to group undatskn'ngs Other taxation and social securty OlheT eredito "Accruals and deferred 14.1*8 14,776 13.743 19.792 4.IC6 20.479 7,728 8.758 3.395 16.283 Al the year end, deferred ir￿orne amounted to £44012022 - £9.083) with £8.643 released to from donatK)nsl grants (2022 - £57.7521. Deferred income relates to deposits recewed not finalised by the year end. 17 Credllors: amounts falllng due after year 2022 . Bank loans Included in the credtt<>is are the following rnnts due aftermore than five yea5". 2023 2022 After m￿ethan fNe yeats by instslmerts .Page26 . Artcore Lwnited Notes to Ihe Financlal Ststements for the Year Ended 31 March 2023 18..Obligati(>ns und¢r leases and hire purchase ¢¢￿tracts Operatlng lease cornmlthlents . Tota! future minimum lease payments ur•Jernon-cancellable operating leases are as fdkws.. 2023 . 2022 Land and bulldin￿ . Wlihin one year Betsveen one and yea5 After fNe years 10,000 40.000 lo.￿0 40.0)0 '. 35 19 PeTr$ion and other schem¢s Defined coTrtribulion penslon scheme The charty operates a defined contribLrtiori pension SCheff￿. The pertsion Cost charge for.lhè year represents conlribLrtKsns payable by the ¢hanty lo the scheme and amounted to £4.262 (2022 - £4,353). Contributions totsllry £2.729:{2022 -.£1,8CE).were payable to the scheme at the end of the year and are Includ￿ in Credbt￿s. P•3e 27 Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2023 20 Funds Balance a¢ 1 Incoming April 2022 resources Resourcos Balance at 31 . expended March 2023 Unreslrtcted lunds General Unrestricted general ftbTrJ . . Restrlcted funds Future ende8vC￿rs Power to Empow Creattve Minds National Lottery Fund-Art of Heoling. BaTill9 Foundation- Untold St ACE- Celebrating ACE- CIP Freeland Foundation 698.448 392.666 (398.7701 692,344 10.388 14.9591 7.924 {10,388} 4.959 {7,9241 81,940 (s2,￿0) 29,040 25,Y 2,893 225,000 {2.5401 .12.8931 153,8901 (6001 22,856 171.110 Total restrfded funds 13,353 340.788 {131.1351 223.OC6 Endovfflwntfunds . othgrfunds Capilal grant fuTrY Totsl funds 159772 145 764 . A:itcore Limited Notes lo the Financlal Statements for the Year Ended 31 March 2023 Balante at 1 Aprfl Balan¢• at '. 31 March 2022 Incoming:. Transfv Unrestricted funts." General . Unresliicted general.fixKI." . Restrlcted Arts Council Englanii & . Derby City Council- Celebfrting Age Awards forAII- Creating Cafe European Social Fund- Dare to Dream Future endeavours Beginning to Beccfftng Henry Moore FDN-Artist Exhibition. MIND- In OurThoughts ACE-CRF1 Post¢ode Community TfUSt- Un Aware Creats've in C¢Jmm( unAwa￿. Digital Equipment Power to Empower Creative Minds E Bikes ACE-CRF2 .538,270 (204.565) {97.8001 .698.448 (1.187) 1.187 8.516 (6.6631 11.853) 287 21,663 {4,983}. (28n (35.238) 25.*3 (2.Crf))) 10,388 . .1.51Xl.- 9,415 38.67Q 19.415) (16,344) 4.852 127.184) .,18.(66 24,835 {18.￿) 127,728) 119.CWXII 19,￿0 2.499 14.867 9.972 2,416 12.499) 11.600) 118.2261 (2.048> (4,959) 7.,924 12.416) Total restricted funds 116.788 173.232 1231.134) {45.533) 13.353 Endowmentfunds Oihei lunds Capital grant fiiThJ Total furKIs 23.393 16.954) 143,333 159,772 Page'29.. Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2023 . The specffic purposes for which the funds aré to be applied'are as follry•VS: . Art¥ ￿1r￿lI England '&. Derby Crty Council - Celebrating"Age'. Thè" Fund is specfftalty"aimed at worf(ing with ￿der people in the cty to red￿e isolaion. Awards for'AII - Creative minds." A programme to develop creatNity and nwin*w)n. De.￿Y City Council - STEAM Prqect.. The fund is u"sed'for dek¥eiy of an art programme "at Village Primary Schod. Dety Cty Council- Small Arts Grant". The Fund is used twards cl￿$ ofArtiSt$ Housing Prcied.. Dety City Council - STEAM 2.. For delivery o! wt prC>gr￿ at Da￿ Communty and Zaytouna Primary Schoots. European S¢xwl FurKI - Cre*e Your Future.. Provision of V•DtkslN¥s to facilitate. transition of participants into employment or fvrther ed￿ation. . Foundation De￿$1 Toyotsl Mvjrant Help - Si18nl Lbrary:. For delÉvery of erKJagement xtivrties for refugees and assylum seekers. . PCCI Rankl Bemard Sunley. Chamwoc*J Street SeuJrity:' For imprwient of secLJrrty at Chamwood Street premises. Awards for All- Creating Cafe.. For establishmert of a café at Chamwc¥)d Street pranises. Notts Communty foundation- Street SMART.. To condud street art w0￿shopS fc*young people. Community Action - Wlnter Warmer." To hokl .a ccffte mLKning for ¢4￿mu￿bIteS with adviee and informaticn on heath and welbeing actNities. European ScKial Fund- Dare lo Dream". Prowsion of wothshops to facilitate transttion of participants into employment or further educat￿n. Future Erkdeavours.. A programme lo develop skins in ye￿n9 p&)ple and explore future careers arKI opp)rtunrties. Beginning to Becoming.. Offering unenyloyed leamers opwrtunty to craft. online and digital skills.lo help their employabdty options. Enhancing Connection$: Supporting part￿1pants during COVID kxkdowns by". offenng online surgeries. Online Creative Workshops..d￿rtaJ equipff*nt and to connecl online. '. Slay Connected." Crealive activitie5 to ￿nect isolated conmjnit*s an(1 their welkbeing. . Henry Mcxxe FDN - Arbsl ExhibItK￿.. De¥ekJping a￿sts via solo exhibition proJramm8. Page30.. , Artcore Limited Notes to the Financial. Statements for the Year Ended 31 March 2023 . MIND -" In Our Thoughts: Supporting cornmunitw via creative xtivit￿S to cope. with ther'mental. . . healih. loss and bereavement during.the Coronavirus pandern￿. '"ACE- CRF 1: Provide support forlhe chanty to.ensure that all buildings were safe to reopen. reta'ining.. slaff and build the charity's dvJital capacty..: . Postcode. Commuri.ty..Trust . Un Aware." A. creative programme. fc