Company registration number.. 08021875 Charty registration number.. 1148022 Artcore Limited IA company limrted by guarantee) Annual Report and Financial Slalements for the Year Ended 31 March 2024 Page Kirk LLP Chartered accounlanls and chartered lax advisers Sherwood House 7 Gregory Boulevard Nollingham NG7 6LB
Artcore Limited Contents Reference and Administrative Delai15 Trustees. Report 21011 Independent Examiner's Report 12 Statement of Financial Activf(ies 131014 Balance Sheet 15to16 Notes lo the Financial Slalements 171033
Artcore Limited Reference and Administrative Details Chaimian APBall Senior Management I Leadership Team R Shaikh. Executive Director M Shaikh, Artistic Director M Suleman, Finance Director Charity Registration Number 1148022 Company R8gi$tratlon Number 08021875 Registered Office 3 Charnwood Street Derby Oerbyshire DE1 2GT Trustoes P Anderson D Good APBall M Sood H Davies J Pearson S Purohit Solicitors.. Nelsons Solicitors Ltd Pennine House 8 Stanford Street Nottingham NG1 7BQ Independent Examiner James Haywood ACA Page Kirk LLP Chartered accountants and chartered tax advisers Sherwood House 7 Gregory Boulevard Nottingham NG7 6LB Page 1
Artcore Limited Trustees, Report Reference and Administrative Details Charity Registration Number". Company Registration Number. 1148022 08021875 The charity is incorporated in EngL8nd and Wales. 3 Charnwood Street Derby Derbyshire DE12GT Registered Office.. Independent Examiner. Jame5 Haywood ACA Page Kirk LLP Chartered accountants and chartered lax advisers Sherwood House 7 Gregory Boulevard Nottingham NG7 SLB Solicitors-. Nelsons SoliciloTS Ltd Pennine House 8 Stanford Street Nollingham NG1 7BQ Trustees and officers The Iruslees and officers serving during the year and since the year end were as follows.. Chairman.. APBall Trustees.. P Anderson D Good APBall M Sood H Davies J Pearson V Trivedi Iresigned 13 June 20241 S Purohil Key management personnel.. R Shaikh, Executive Director M Shaikh, Artistic Director M Suleman, Finance Diieclor Page 2
Artcore Limited Tru5tees' Report The Iruslee5, who are direGIoTS for (he purpose5 of company law. present the annu81 repcrt together with the financlal stalemenls and auditors, report of the charitable company for the year ended 31 March 2024. The financial slalements compty with the Charities Act 2011. the Companles Act 2006, the Memorandum and ArtiGles of Association, and Accounllng and Reporting by Charities: Slalement of Recommended Praclice lo charilles preparing their accounls in accordance with the Financial Reporting Standards applicable in the UK and Republic of Iieland (FRS102) (effective l January 2015). Vlslon Artcore believes in 5UPPOrting a vibrant, diverse, and ¢ulturally rich Cily, fuelled by a creative Spirit that ¢elebrates inlemalional influences and embraces our diverse communities. Mlssion Artcore is committEd to uslng the power of Ihe art5 to break down barrlers, nurture innovalion. and provide opportunities for personal and profe55ional growth. Through our work. we aim to inspire and ¢reate a poslllve knpad acr05s the city of Derby and beyond. Values Art¢ore Is a burgeoning visual arts hub locaterl across spaces in Derby. encompasslng a gallery, community cenlre, rentable sludlo spaces, cafe and shop. We support local talent by offering them space and opportunities to create ?nd exhibit art, as well as contribute to the local community by hosting free workshops, brfnglng people logether through what we know and love best-art. Al Art¢ore, We are passlonate about the powerof creallvlty. We encourage ITnnovation and ambltlon. We stand forlnclusivlÉy and dlversity. We shaw respect and integrity. We are connected and empowered. Objectlves and actlvltles Objects andaims The trustees canfimi that they have given due consideration to the guidance contained In the Chariiy Commlsslon's publlshed guldance on the Publlc Benefit requlremenls under Charilles Act 2011 when they reviewed the charitls aims and objeclives for the year. The objectives of the charity are: {11 To advance the education of the publlc in lh& subled of art and vlsual art finciuding but not limited lo painllng, sculpture, arts and crafts) in Derby, Derbyshire and beyond; {21 To promote, develop and run hlgh-qualiiy art events for the benefit of the public Sn Derby. Dorbyshiro and beyond., (31 To promote art for the benefit of the publlc by ntnnlng workshops and publlc art commlsslons in hospila15, schools, colleges and community groups in collab)ration with local, national and international 8rtisls', (41 To Ilalse and bulld partnerships with other organisallons and Individuals who have slmllar alms and obleclive5, and lo give support, infomialion and advice as and when appropriate. Page 3
Artcore Limited Trustees. Report Use ofvolunteers Throughryout 2023-24 Artcore continued to reGruit volunteers in to various roles such as Admin, Workshop asslslan¢e and Event Support volunteers, elo and as at 31st March 2024 ArtGore has had 18 volunteer5 to support Artcore. All our volunlegrs receive a full induction and tralning in delivering and supporting our seNices. The Valu8 of volunteering lo Artcore was £17,500. 11 is based upon the 1,120 volunleer(ng hours conlributed during the year. The average hourly wage in Derby was £18.67 (ONS Annual Survey of Hours and earning8-2022). Public beneflt Artcore 15 commilled to deliver programmes lo Publlc BenefiL We contlnued to produce and presenl dlveise range of arts. acros5 our galleries and studlo spaces by professional art15ts and amateur tslenL Our particlpatory programme went from strength to strength. with working in schools. community settings and in the Artcore bulldlngs Itself delNeriNJ a full programme of activities for all ages. Chalvs report l am pleased to present our annual report forthe year ended 3151 March 2024. Llke olhets In the art5 seciar we continue to respofKI to a volatile and urKertaln environment. Robust C05t control within the charity contributed 5ignificanlly lo the outtum and placed the organlsallon In healthier position to respond to future economic volalilily. 11 has been a busy time forArtcore this year and I want to applaud the remarkable array of workshops, events, artlslic resldencles, and exhlbllions organlsed by our team, partiCLtlarly in extending our reach beyond the Confines of Derby. Our exhlbilion and residency programme. aimed at supporting early. midareer, and estsblished artists in ?ddres¥ing PT8ssing social, political, and environmenial issues. has fostered inilialives su¢h as The Silen¢e of Growing Things, Teria, SlandUP, Champlons 4 Change, elc. Artcore provide5 a plaifom for artists in the UK lo collaborate with their counlgrparts from various countries, f05tering inlemational Gullural exchange. Initiating an engaging artistic dialogue with Derb5 1n city. Osnabruck. and forging numerous other enrlching connecllons In Indla exemplifies our commilmenl lo fosterin9 cultural exchange. We've witnessed a notable surge in workshop allendance, with lrtdlvtduals eager lo slep out of thelr comfort zones and explore new avenues. In an era where finding a safe haven has become increasingly Challenging for many vulnerable Indlvlduals, Artcore has diligently ensured that everyone, regardless of whether Ihel newcomers or long-time attendees, feels embiaced and valued. Following Phase 2 of The Art¢ore Gallery renovation, our gallery is becoming a destlnallon venue for visual arts in Derby. wli h slgniftcant numbers allendlng our exhibitions 8nd events, as well as dropplng in lo the ¢afe or lo buy woths from lucal artlsts. The Gallery embodies Aricore'5 ongolng efforts toward achieving a su51ain8ble bulldlng, a crillcal endeavour gfven the cuirent enwronmenlal landscape. The unwaverTng dediralion and creative vislon of the Art¢ore team has not only sustalned our work but also propelled it into unique and ex¢lling new alms of d8velopment. We take pride in offering an inviting and accesslble arts venue lo all. Supported by a capital grant from Arts Council England, has facilitated further enhancements to the environmenlal sustainability of our building and the gallery i15elf. Page 4
Artcore Limited Trustees, Report Our commifmenl lo enhancing the Ilves of individuals wilhFn our communllies and supporting artlsls and creallves remain5 unwavering. We have concentrated on Inlllatlves awned at realising our vlslon of inspiring, sharing. and nurturing cyllural heritage collectlveiy. A focal point of Qur effort5 ha5 bEen lo enhance the mental and physlcal well-being of our community, a core value at the heart of Artcore. Collaborallng with professional artists. we have engaged with diverse communities through workshops held al our Cultu] Hub in the clty centre and aur Community Hub in Normanlon. These incluslve programmes underscore the importance of art as a unlversal langLrage whil8 promollng mental health and well-being. Our inillalives tallored for young peuple aged 6-15, are cenlred around fostering self-esleem and themed around envlronmenlal sustainability. Securing funding as NPO lo Aris Council England 2023126, and the Nallonal Lottery Community Fund, BBC Children In Need and the Postcode Communlty Trust, we are dedicated lo deliver on our commitments. Finally. I would like to Ihank the Board of Trustees for their support Ihroughout the year and in particular Ih05e Trustees who retId. I would afso like to thank our funders, audlenGes and participants, wilhoul whcm we would not be here. We will continue to support our local communlty and artlsls lo make a difference to the tives of people and facing front on any challenges along the Key achievements Artcore has made strong progress towards realising the charit$ headline priority lo work together with audience5 and communitie510 recover and rebulld. W¢ submltted some compelling malor fundlng bids - NPO bid to Arts Councll England for the period 2023126, National Lottery Communlty fund from 2022-25 and Poslcode Community Twst 2022-25 knDwing now that these blds have been successful, we ar& looklng fOard lo the opportunlty lo deliver against them. Finally, I would Ilke lo thank the Board of Trustees for Iheir support throughout the year and In partlcular Ih05e Trustees who retired. I w¢uld a150 like lo thank our funders, audiences and participants. without whom we would not be here. We will ¢onlinue'to support our local communlty and artlsls to make a dlfference lo the live5 of people and facing fronl on any ch8llenges along the Page 5
Artcore Llmlted Trustees, Report The main activltles undertaken In relatlon to dellverlng these objetttlves Over Ihe past year, In spite of the in¢aSe in the cost of Ilvlng and the impact on Artcore opeTalions a8 well as on communities, Artcore has a¢hi&ved several significant mlleslone5. Our gallery hosted 'Evocalive Expresslons,. a fundraising exhibition fealudng 11 local artists, and the 'Oerbyshire Wlndrush Exhibition.. which commemorated the 75th anniver52ry of the Windw5h generallon's journey and Iheir impact on British scjclety. In ¢ollaboration wilh cultural arganisalion5 in India, we offered 'Holi Hail., an Immerslve cultural experience where four UK art15ts engaged wlh local and tribal communities in India. On the commlrnity front, we partnered with 05nabruck in Germany for Ihe '375 Squares for Peace. pro'ect, which brought logelher contributions from around the worfd lo create peace blankets syri)bollslng unity and collaboration. These blankets were displayed al the DeTby Council House and Artcore Gallery, f05tering a sens9 of global communlty. We also collaborated wilh Waller Evans Primary School on the 'Darley Swifts. prcjecl, where students created a mosaic art trail lo ralse awareness about the decllning populauon of swifts In England. demonslrallng our commitment to environmental conseNallon. In our communily work5haps, knitted blankets were created and donated lo Derbyshlre's Children al the Royal Derby Hospital. We are pleased that these blankets are belng used by the Neonatal Unil. In Novemb&r 2023 we a¢quiied additional space on Chamwood Street and In March 2024 we opened doors to 11 new affordable art15t studio spaces. We have dellvered some excillng projects and developlng our links wlth Defbys irted ciiy of Osnabruck in Germany. Bulldlng on OLtr relallonship th the Ambassador to Derby in Osnabruck, the dlrectors of Artcore visited Osnabruck In February 2020. Sincè then we havo established a nthork of excellent ¢onne¢tions, and the ongolng dis¢u5slons with our friend5 in Osnabruck continues to fa¢ililale ideas for a cullural exchange celebrating Ihe visual arts In both cllles. Pleaso see below some of the creallve projects we have been working on and wg hopg you enjoy reading about them: 375 Squa5 for Peace-ln 2023 the tswnning ambassadors In Osnabruck celebraled the 375 years since Ihe pEace trealy for the 30 Year War was signed in Qsnabruck. People fiom all over the world and produced afvork5 to commemorate the anniversary creating '375 Squares for Peace,. Our participants al Artcore and other local communilles In Derby have taken part in this proJecl. Peace Book- As part of the annNersary celebration there was a 'Peacg Book, created which our participants and artists have contributed lo and nr)w displayed In th&'Peace Hall, In the Town Hall. Postcard Exchange - We facilitoled engaglng and ¢realNe workshops f¢r our parti¢ipanls and Ihe Ang10em7an club in Osnabruck with a PDslcard exchange between Ihp iwo cities, Exchange Evening - Derby's city ambassador in Osnabru¢K Rosl& Jones, hosted an exchange Evenlng In Osnabruck on the 201h June. Building Bridges Reslden¢y Art¢ore Gallery partnered wlth Kunstraum Hase29 to offer a resldency opportunity for kn artlsls from Derby in Osnabruck, Germany In May 2024. The residency coincided with osnabruck's Mawoche feslfval. We also had two artists fmm Osnabruck, to Derby for the exhibilion. As part of our conllnulng commllment lo our partnership, our leam at Ari¢ore vlslled Osnabruck between the 18th and 21st of May lo Msit the partners and the Maiwo¢he Festival. We were honoured lo welcome a vl$llln9 group from our tsvinned city of Osnabruck at Artcore gallery on the 22 July 2023. 2023-24 Highlights Page 6
Artcore Llmited Tru5tees' Report November 23 -Organi5ed a Winter Wonderland Craft Falr with participation from 30 local artlsls over days. Proceeds fiom the children's table, featurtng work from our Art of Healing Chihlren and Empowemient for Employment workshops, were donaled to BBC Children In Need. Held ¢ullural events to foster togelhemess within Derbls communllles, celebrating festivals like Dw81i, Eid. Christmas, and Holi, as well as the Festwal of Togetherness. whlch fealured the first Samosa Festival wlh special variety of samosas made In our café. February 24 Art of Healing - Health and Wellbeing participants created unlque art pleces to decorate Ihe garden walls of Mllestone Houstr. a local homelessness hostel In Derby, spreading Joy lo those In need. Exchange Evening Derb5 city ambassador In Osnabruck. Rosie Jones, hosted an &xchange even9 in Osnabruck on the 20th June. March 24 Hosted the Ihlrd edition of STAND UPI. curated in honow af Inlemallon81 Women's Day. fealuring local and inlemalional artists. Flnan¢ial Revlew During the 2023f24 year The year ended 31st March 2024 was a period of consolldalion, wlth Art¢ore's Income of £917.894 (2023: £733,454) being largely in Ilne with the prevlous year. 2023124 secured Ihe National Portfolio Organlsalion {Arts Council En9land) status, and thls has continued lo slren9lhen th8 financlal posllion. Thg new city centre premlses provided Increased opportunities for self%enetated Income. The overall surplus for the year was £61,277 12023: £189,451). Al the end of the perlod, the unreslrtcted funds balance was £810,731, an increase of £118.387 over the balance at the end of the previous poriod. Thg reslricled funds balance was £178,542. a decrease of £44,464 over the balan at the end of the previous period. Risk Management The trustee5 consider that there are no material uncertalnlies over the charfvs abllity to continue as a going concern. The trustee5 are focu55ing on strategic goal targelingb developing innovative delivery systems, belng Constantly aware of future ¢hallenges and how lo deal wfh them. whilst being able to relaln qualily and trained staff. The charity will conllnue to apply for funding through various means both internally and through extemal consultants. We will continue lo make efforts to improvg ability lo raise funds arKI attract fund5 from corporate sponsors and private donors. Artcore wlll be encouraglng Ils trustees and patrons to btr more a¢llve In fundralsui9 for the organlsalion. The trustees are worklng towards establishing a sustainable financial model by diversifwng and increasing levels of contributed ?ndl¢r earned Income. Diversifylng the In¢ome base and Increaslng the eamed income will enablo Artcor& to be resillenl and environmentslly sustainable. Thg trusleg5 are working towards eslabllshlng a suslalnablo financlal model by diversifying and increasing levels of conlribuled andlor earned income. Diversifying the income base and Increasing the eamed incomo will enable Artcore to be reslllent and envlronmenlally sustainable. Page 7
Artcore Limlted Trustees, Report Plans forthe future periods Our vislon for Ihls year and continued Into 2024 Is focused around Artcoi$'s new bulldlng that slts wilhln the Cathedral Quarter. at the gateway to the Cultural Hub, enhancing the Market Hall Transfomiallon Programme. The building supports Derby Clty Council's Initiall In development of the ¢lty centre and lo maximise Ihe footfall around the Osnabruck Square. ArtCOTe is undertaking a capital development programme lo support Ihe cllls visual arts sector and regenerallon providing ¢ity Central space for exhibillons, workshops. 51udi05 and events. supporting the organlsatlon's sliateglo, financlal. artistic and civic developmenL We are devdoplng innovative UKllnternalional PTojecls and partnerships with OsnabTuck. Germany. India and UK wid&. We are working closely wlh local organlsalion5 such as Arts Derby3hir8. Children FirsL Small Print Company, Bosnian Association and engaging Derb5 BAME communilles. Our community hub in Normanlon 1$ belng used lo its full capacity with programmes being offered throughout the week. however. there is more demand and need for further community provision in Ihe area. Grovrth and developmenl making and 5UStaining the organlsatlorL Capital Inveslmenl - Infrastructure developments- Investment in acquiring Ihg Artcore Studios building. Phase 1 project cost £60K130K Investment from DCC. Collaborations wsih Lacal. national and inlernallonal organisalions like Arts Derbyshlre, CHAAP, Hase29, Non 8rts organlsallons like Metropolitan Houslng. DBHCA, Sahahra, Children First, DALS, elo Communsty participation and audlence development. Organise NeIking Even15: Create more cpportunilles for artlsls to neiwork, hire studlos, arKI deliver workshop5. SUPPOrting both their practic8 and finan¢lal slabllity. Inclusive Exhibition for the Deaf Host an exhibition for lh8 Deaf community in Dethyshire, the largest in Ihe UK, featuring art151 Stephen Iliffe. focusing on accessibility and engagement. Ccllaborate wlth UKNA and the Unfverslty cf Derby for the MA degree show lo support emerging artists. Festival of Togetherness: Launch a ¢¢mmunity event wi August to promote unity and dialogue among diverse groups in Derby. Prfnlm8klng Re$ldency.' Organ5se a re$kJen¢y program 8nd exhlbnlon opportunity that fosters lo¢al and inlemalion?I partnErship5 in pTTnlffl?king. Artcoie's programme and organisalional learnlng and development are inextricabty linked wlh slraleglc partnerships. Page 8
Artcore Llmlted Trustees, Report StruGturg9 governance and management Nature of governing document Artcore Limited is a company limlled by guarantee and a registered charity governed by the rules set cul In the Memorandum and Articles of AssoGialion. The charity has a board of trustees whlch is empowered lo make de¢isions on behalf of the charily and does so al ils regular meetings. A Iruslee musl be a natur81 person aged 16 years or older. No one may be appolnled a Irustee if he or she would be disquallfied from 8¢llng under the provisions of article 39 of the Arti¢le5 of Association. Th8 mlnlmum number of Iruslees shall be three but (unless otherwise delemlned by ordinary resolulionl shall not ba subjected to any maximum. The first Iruslees shall be those persons notified to Companies House as Ihe first Irusleos of the charity. A trustee may not appoint an alleTnale Iruslee or anyone lo act on his or her behalf at meelinus of th& trustees. Recruithientand appolntment of trustees The charily may by ordinary re501ulion: (11 appoint a person who is willing to act to b& a Injslee, and (21 delemilne the rolalion in whiBh any additional trusle2s ar& to r8llr& No P8Tson other than a trustee relirtng by rolalion may be appointed a trustee at any general meeting unless: 11) he or she is recommended for rtreleclion by the trustees, or 12) not less than fourteen nor more than Ihlrty-fwe clear days before the start of Ihe meeting, the charity is given a nollce that: la) is signed by a member enlilled lo vole at the meellng., Ib) slates the membevs inienllon to propose the appointment of o person as a Iruslee. Ic} contains the details that, if the person were lo bg appolnled, th8 charity would hav8 filg al Companies House. and", Id) is signed by the person who is to be proposed to show hls or herwilllngness lo be appointed. All members who are enknlled to receive notlco of a general meetlng must be glven not less than seven nor more than entyight clear days, nollce of any resolullon to be pul to the meellng lo appoint a trustee other than a Iwstee who is to retire by rotation. The trustees may appoint a person who 15 willing to act lo be a Iruslee. A trustee appointed by a resolullon of the olhgr Irustegs must rellre al the next annual generd meeting and must not be taken Into account In delemiinlng the trustees who are to retire by rolalion. The appointment of a trustee. whether by tha charity In a general meellng or by the other trustees, must not cause Ihg number of Irusiees to exceed any number fixed as the M8MuM number of tiustees. Page 9
Artcore Llmited Trustees. Report Reserves policy The charity requlies reserves lo allow it lo functlon in the short lem) tn the event of the cessallon of funding, a major reduElion in fundlng or a delay in further fundlng becoming available. The minimum level of reseNes lo be malnlalned should also sallsfy all legal obligations should the charity cease lo be a golng COnrn, enabling proper notice lo be given lo the staff and beneficiaries and for all due payments to be made lo staff Islaff redunilancy) and to other organisations with whl¢h we do busine5S. The ¢hariVs board of Iruslee8 conslder that they should alm to bulld and retaln reserves of up to nine monlhs, operallng expenses. This largel has been mel as at 31 March 2024 and will facilitate the developmenl of Artcore's long-tem aims. In order to meet their responsibilities and to ensure that the charity continues to operate on a going concern basis the Iruslees have reviewed the requirements and risks faced by the Charity in both the short and medlum temi. The accounts show a balance of reslrfcted funds of £178.542 (nol& 20) and unrestricted funds of £841,623 (note 20) at 31 March 2024. Statement of trustees, responslbllltles The Iruslees (who are also the directors of Art¢¢ Limited for the purposes of company law) are responsible for preparlng the Iwslees, report and the financlal slalements In accordance wilh applicable law and United Kingdom Accounting Standards (Unlled Klngdom Generally Accepted Accounting Practice). including FRS 102 'The Financial Roportlng Stsndard applicable in the UK and Republic of Ireland" Company law require5 the Iruslees lo prepare finan¢lal statements for each financial year. Under company law the trustees must not approve the financial slalemenls unless they are satisfied that they give a Irue and fair view of Ihe slate of affalrs of the charitable company and of the Incomlng re50urte5 and application of TQSOUTces. including ils income and expenditure, of the Charitable company for that period. In preparing these financial slalements, the trustees are required to: select sullable accounting policies and apply them conslstenlly,. observe the methods and principles in the Charities SORP. makejudgements and eslimales that are reasonable and prudent state whether applicable accounting standards, comprising FRS 102 have been followed, suble¢t to any material departures disclosed and explalned in the ftnanclal statements; and prepare the financlal statements on Ihe going ¢oncem bas1$ unl055 it is Inappropriate to presume that the charitable company will Continue in business. The trustees are responsible for keeping proper accounting records Ihat can disclose with reasonable accuracy al any time the financial position of Ihe charilable company and enable them lo ensure that the financial 51alemenls comply th the Companles Act 2006. They are also responslble for safeguarding Ihe assets of the charitable ¢ompany and hence for laklng reasonable steps for the provenlion and delecfion of fraud and other irregularities. Page 10
Artcore Llmltod Trustees, Report ReappolntsneDt ofindopondonteX4mlner James Ha5woDd ACAha5 expressed hts wlllkngness to nIea31nd8p0ndeTrt examfnerlorth¢ nexi rinandal year. Tha annual report was approved by thg Inlslees of the charfty Dn 26 September ZOZ4 and slgnDd on behaifby. chHIan trUSTee Pago 11
Artcore Llmited Independent Examiner's Report to the trustees of Artcore Limlted I report to the charlty Iruslees on my examinaliun of the accounts of the Company for the year ended 31 March 2024. Responslbllltles and basls of report As the charity's trustees of lh8 Campany (and also Ils dlre¢lors for the purposes of company law) you ara responsible for the preparation of the 8ccounls in accordance with the requirements of the Companies Act 20061'lhe 2006 Act,). Having sallsfled myself that the accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are eliglble f¢r Independent examination, I report in respect of my examination of your charity's aceounls Ès carried out under sg¢llon 145 of the Chariiies A¢1 2011 {'Ihe 2011 Act,). In carrying out my examinalion I have followed the Direclians glven by the Charily Commlssion under se¢lion 14515llb) of the 2011 Act. Indèpendent examlner's statement Since the Gompanls gross Income exceeded £250,000 your examlner must be a member of a body li51ed in section 145 of the 2011 Act. I confimi that l am qualified lo undertake the examlnalk)n because l am a member of . which Is one of thè1151ed bDdies. I hav& coryleted my examlnallon. I confim that no matters have come to my attention tn conne¢lion with the examination giving me caus8 to bolieve- 1. ac¢ountlng re¢ords were not kept in re5peGt of Artcore Llmiled as requlred by section 386 of the 2006 Act; or 2. the accounts do not accord wllh those records: or 3. the accounts do not comply with the accounllng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and falr vtew, which is not a matter Gonsidered as part ol an Independent examlnalion; or 4. the accounts have not been prepared In aCrdanCe with the methods and principles of the statement of Recommended Practice for accounting and reportlng by charilies lapplicable to charities preparing their oGcounts in aOrdanCe with thg Financial Reportuig Standard applicable in the UK and Republic of Ireknd IFRS 102)]. I have no concems and have come across no other matters in connection with the examination to whlch attentlon should be drawn In thls report In order lo enabl& a proper understanding of the accounts lo be reached. James Hawod ACA Chartered accountants and chartered lax advisers Shernood House 7 Gregory Boulevard Nollingham NG7 6LB 26 September 2024 Page 12
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Artcore Llmlted (Registratlon number: 08021875) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Inveslments 13 14 477,687 503.874 477,688 503.875 Current assets Stocks Oeblors Cash at bank and in hand 3,820 15.681 7B7,948 807,449 15 92,729 632.580 725,309 (37.4 Credltors: Amounts falllng due wlthln one year Net current assets 16 61,268 687.832 746,181 Tatal assets less current Ilabllllles 1,165.520 112,2371 1.153.283 1,250.056 188.942 1.061,114 Credliors: Amounts falllng due after more than one year 17 Net assets Funds of the charity: Restrlcted Income funds Restricted funds 20 178.542 223,006 Unrestrlcted Income funds Unreslricled funds 841,623 133.118 692.344 145.764 Capital grant fund Total unrestricted funds 974.741 838.108 Total funds 20 1,153.283 1,061.114 The note5 on pages 17 to 33 fomi an integTal part of these finan¢lal stslements. Page 15
ArtcorB Llmlted {Reglstratlon number: 08021875) Balan¢e Sheet as at 31 Mar¢li 2024 For fIn8ndal year endkng 31 2024 Ihe thaAty wa5 lo exemplbn Irom audlt umj serOn 477 oflhe Compartl•i Act 200B relaung tosmall companles. Dlroctors're5ponsWlllU The members hava nol requlre¢l Ihg ¢h¥ryly lo obtaln an audit Ot 115 accounts fDr Ihe year In qU6stioR In accotdancomith socbon 476., and ThdlrEdors acknoedge Ihotr respons11)¢8 (Drcurnplong YAlh the requlrnments oftho AL?th rv5peEl1ouUnlrJ) iecord$Bnd the prepaAIIun Df accounts. The finan¢lal sthlomonls ¢n page5 13 ta 33 worg appro¥ed by tNstee5. ond Olthorlsed Yorlssue on 26 Soplcrnbor2024 end $lgned on theirbeh8lfty- Chalmian Bnd IN51ee Th¢ not¢$ on p)g¢$ 1710 33 f¢mi on Integral partolthDSè finandal slmenls. Pagè 76
Artcore Llmlted Notes to the FinancSal Statements for the Year Ended 31 March 2024 1 Charlty status The charity Is Ilmlled by guaranlee, Incorporated in England and Wales, and consequently does not have share capital. Each of the trustee5 is liable lo contribute an amount not ex¢eedlng £1 towards the assets of the ¢harity In Ihe event of liquidation. The ¢harity Is controlled by the Iru5tees who are all directors. The address of ils reglslered office Is: 3 Chamwood Street Derby Derbyshlre DE12GT These financial stalemenls were aulhortsed for Issue by the trustees on 26 Seplember2024. 2 Accountlng pollcles Summary of slgnifIcant accountlng poli¢les and k¢y a¢¢ounting estimates The principal accounting policies applied in the preparation of these financlal slatemenls 8re set out below. These pollcies have been consislenlly applied lo all the years presented, unless otheNise slated. Statement of compllance The financial slalements have been prepared in accordance with Accounting and Reportlng by Charities: Sfatement of Recommended Practice (applleable lo charities preparing their accounls In accordance with the Financial Reporting Standard applicable in the UK and Republ1¢ of Ireland IFRS 102)) (issued in October 2019) {Charilies SORP IFRS 102)). the Financial Reporting Standard applicab5e in the UK and Rewblic of Ireland (FRS 102) and the Companies Act 2006. Basls of preparallon Artcore Limlled meets the definition of a public benefil enlily under FRS 102. Assets and liabilities are ini1181ty reco9nised at historical cost cr trans8Ction value unless othe[S8 staled in tho iel&vant accounllng PC•llcy notes. Going concern The Iruslee5 consider that there are no maledal uncertainlies about the charivs ability lo continue as a going concem nor any slgnificanl areas of uncertainty that affect the Caln9 value of assets held by the charity. Page 17
Art¢ore Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Crltlcal accountlng Judgements and key sources of estlmatlon uncertalnty Preparation of the financial slalemenls requires management to make 8i9nificant judgements and e51imales. During the preparation of Ih8se financial statements there have been no signifiGanl or material judgements and esllmates that require dlscltrsure. Fund accountlng pollcy Unreslricled income funds are general funds Ihal are avallable for use at the twstees discrellon In furthetance of the objectives of the charily. Reslricled income funds are those donated for use In a particular area or for speclfic purposes, the Use of which 15 restricted lo that area or purpose. Income Donatlons and grants that are of a general nature are recogni5ed where theré is enlillement. certainty of receipt and Ihg amounl can be measured wilh sufficl?nl reliability. Charitable 8cIIMlles are recognlsed In dlfferenl ways dependent on how they are used by Ihe charity. 11) Th95e donated for resale produ¢e Income when they are sold. They are valued al the amount actually realised. li1} Those donal¢d for onward transmission lo beneficiaries are included in the slalement of financial aclivilies as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had lo pay to acquire Ihem. (iii) Those donated for the use by the charity Itself are Inctuded when recelvable. They are valuell at the amounl the Charity would have had to pay lo acqulre them. Income from charitable aEtlvilies includes inGumB rerogni5ed as eorned (as the related goods or 5etvice5 are provided) under contract. Olher Iradlng aclivily income relates to rentBI income and mls¢ellaneous Income which are recognised on a receivables basis. Investment Income Interest on funds held on dep05il Is included when recelvable and the amount can be measured reliably by the charity: this 5$ nom1ally upon rtolificalion of the interest pald or payable by the bank.Dividends are recognised once the divldend has been declared and notification h3s bee recelved of the dividend due. Page18
Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Expendlture Llabllilles a re¢ognised a5 soon as thgro 15 a legal or conslruclive obllgalion ¢ommlttlng the charity Its the expenditure. All oxpendilure Is accounted for on an accruals basls and has been classified under headings Ihat aggregate all costs ielaled to the category. Fundraistng expenses are the costs assoclated with attracting voluntary Incom& Charitable expenditu comprises Ih05e cosls incuried by the charity In the delivery of its activities and services for ils beneficiaries. It includes both costs that ¢an be allo¢ated direcfiy to such acliwlies and those costs of an Indlrecl nature necessary to support Ihem. Expenditure on other ilems include those inGuried in the govomance of the charfty and its assets and are primarily as50Eiated with slatulory requirements. Support costs Support casls include central function5 and have bEen allocaled tp artivity ¢051 categorie5 on a basi5 conslslent wlh the use of resour¢es. for example, allocation property cosls by floor areas, or per capila, staff costs by the time spent and other costs by their usag8. Flxed assets Fixed a55ets are initially recorded al c051. Depreclatlon Depreciation 15 provided on tangible fixed as5els so as to write off the cost or valuation. less ary estimated residual value, over their expected useful economic life as follows: Asset class Workshop equipment Fixtures and fittings OKi¢e equlpment Motor vehicles Depreclatlon method and rate 20V• reduclng balance 100A reducing balance 200h reducing balance 25•h slraighl line 2% straight line or overthe leas2 le whichever is shorter Leasehold land and building5 Stock Stock is valued at the lower of c051 and e51imaled selling price le5S Costs to complete 2nd sell. after duè regard for obsolete and slow momng stocks. C051 is deternlned using the first-in, firstaout {FIFO), Operating leases Rentals payable under operatlng leases are charged in th8 statement of fancIal aGllvilies on straight line basi5 over the base term. Penslons The charity operates a defined conlribullon pension scheme. Conlributlons are charged in the slalement of financlal activities as Ihey become payable in accordance wilh the rules of the scheme. Page 19
Artcore Llmlted Notes to the Financial Statements forthe Year Ended 31 March 2024 Flnanclal Instruments Classification Flnanclal assets arKI financial Ilabililies are CognISed when the tharity becomes a paty to the ¢ontra¢tual provlslons of the Instrument. Financral Ilabililies and equity inslrumenls are classified accoiding to the 5ub5tance of the contractual aTrangemenls entered into. An equity instrument is any contract that evldences a resldual Interest In the assets ol the charity after deducting all of its liabililles. Recognition and measurement All flnanclal assets and Ilabllilles are Inlllally measured al transacllon price {Includlng transacllon ¢o$ls), except for those financlal assets classified as at falr value through profil or loss. whi¢h are initially measured at fair value (whlch Is normally the Irdnsaclion price excluding Iran5aclion costs). unless the arrangement conslilules a financiny transaction. If an arrangement ¢onslilules a finan¢lng transaction. the financial asset or financlal Ilabillty Is measured at the present value of the future payments discounted at a market rate of interest for a similar debt inslrumenl. Finan¢lal assets and liabilitles are only offset in the slalemenl of financial p0511ion when, and only when Iherg eXi51s a legally enforceable right to sel off the reeegnised amounts and the charity Intends either to settle on a net basls, orto reallse the asset and setue the Ilabuity slmullaneously. Financial assets are derecognised when and only when al the contractual rights lo the cash fltsws from the financial asset expire or are settled, b) the charity transfeis lo another paty subslanlially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some. but not all. SIgnant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilitie5 a derecognlsed only when the obligalion specified in the conlracl is discharged. cancelled or expires. Business comblnatlons Business ¢ombination5 are accounted for under the purchase method. Where necessary, adJustments are made lo the financial slalemenls of subsidiaries lo bring the accoLtnling policies used into line wllh Ihose used by the charity- All IntrarOuP InsactIOns, balance5. income and expense5 are Eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied In these financial slalements in respect of business comblnatlon5 effected prior to Ihe dale of Iransilion. Flxed asset Investments Fixed asset Inveslmenls, olher than programme related tnvestments. are included at market valLre at (h8 balance sheel dale. Realised gains and losses on investments are calculated as the difference beeen sale5 proceed$ and their market value at the start of the year, or their subsequent cost. and are charged or crediled to the Slalement of Financial Activities in the period of disp0s81. Unreali5ed galns and losses PreSent Ihe movement in market values durtng the year and are credited or charged to the Statement of Flnanclal Aclivilie5 based on the market value at the year end. Pagè 20
Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donatlons and grants Unrestrlcted funds Restrictgd funds Total 2024 Total 2023 Donalions received 1.114 1,114 5,829 Grants- govemment Grants- olher agencies 162.944 332,611 158,053 495,555 158.053 479,327 109.035 164.058 490.664 654.722 594,191 4 Government grant$ UnrestrScted funds Restricted funds Total funds 2024 Total funds 2022 Arts Council England 8BC Children in Need Big Lollery Fund Derby Clty Coundl European Social FurKI 162,944 162,944 14.898 163.785 153,928 390,837 14.898 163.785 153.928 81,940 1,591 4,959 479,327 162,944 332,611 495.555 5 Income from charltable actlvltles Unrestrlcted funds Total 2024 Total 2023 Charitablg actlvltles Artistic seTVtces 12.625 12.625 97.719 6 Other tradlng actlvltles Unrestrlcted funds Total funds 2024 Total funds 2023 Income from exhibitions Miscellaneous In¢ome 24,103 228,244 250,347 24.103 226.244 10.890 29.882 40.772 250.347 Page 21
Artcore Limited Notes to the Financial Statements for thg Year Ended 31 March 2024 7 Investment Incorne Unrestrlcted funds General Total 2024 Total 2023 Income from dlvldends., Dividends receivable from group undertaklngs Interest received 30,892 2,962 30.892 2,962 772 33.854 33,854 772 Page 22
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Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2024 9 Other expendlture Unrestrl¢ted funds General Total 2024 Total 2023 Note Allocated suppcrt costs 7.676 7.676 9,142 10 Independent examlnerfs remun8ratlon 2024 2023 Examinalion of Ihe financial statements 2.035 2,002 11 Staff ¢osts The aggregate payroll costs weft as follow5: 2024 2023 Staff costs during the year wero: Wages and 5alaTI95 Social securily costs Pension costs Oiher staff costs 280,861 18,491 5,391 1,000 305,743 221,907 13,721 4,262 239.890 The monthly average number of persons {Includlng sonior management I leadership team) employed by the charity durfng the year expiessed as full lime equivalents was as follows- 2024 No 2023 Average number ofemployees 15 No emplLiyeo received emolLtynenls of more than £60,000 during the year. 12 Trustees remuneratlon and expensBs No trustees, nor any persons connected wilh them. have reoeSved any remuneratlon from the charity during the year. Page 24
Artcore Llmited Notes to the Financlal Statements for the Year Ended 31 March 2024 14 Flxed asset investrnents 2024 2023 Shares in group undertakings and participating Interests Shares In group undertaklngs and partlclpatlng Interests 8ub$ldlary undertakings Total Cost Al 1 April 2023 Al 31 March 2024 Net book value At 31 Mareh 2024 At 31 March 2023 Detalls of undertaklngs Details of the investments In whl¢h Ihe charity holds 200h or more of the nominal value of any dass of share capital 8re as follows: Proportion of voting rights and shares held 2024 2023 Undertaklng Country of Incorporatlon Holdlng Subsidlary undertakings Craftcore Derby Limited England & W81es Ordinary 100% 100% 15 Debto 2024 2023 Trade debtors Due from group undertakings Prfrpaymenls Accrued income Olher debtors 8,925 79.614 1.715 2,475 14,395 1,080 208 92.729 15.681 Page 28
Artcore Llmlted Notes to the Flnanclal Statements for the Year Ended 31 March 2024 16 Credltors: amounts falllng due wlthln one year 2024 2023 Bank overdTafts Bank loans Trade Gredilors Due lo group undertaklngs Other taxation and social security Other crediloTS Acciuals and deferred Income 217 10,203 4.896 14,178 14.776 11,763 2.285 8.113 4,106 20.479 7.728 37,477 61,268 Al the year end. deferred income amounted to £Nil (2023 - £4401 with £440 released lo income fiom donalionsl grants (2023 - £8.643). Deferred income relates to deposits received not finalised by the year end. 17 Creditors: amounts falllng due after one year 2024 2023 Bank loan5 12,237 188,942 Included in the creditors are the fr>llowing amounts due after more than five years: 2024 2023 After more Ihan five years by Inslalmenls 145,982 Page 27
Artcore Llmlted Notes to the Financlal Statements for the Year Ended 31 March 2024 18 Obliyations under leases and hlre purchaSE contracts Operatlng lease commltments Total future minimum lease payments under non4ancellable operating leases are as follows: 2024 2023 Land and buildlng5 Wilhln one year Between one and five years Afterfive years 10,000 40,000 15,000 65,000 10,000 40,OOD 25,000 75.000 19 Penslon and otherschemes Defined contrlbutlon pen55on scheme The charity operate5 a defined conlribullon pension scheme. The pension cost charge for the year represents ¢onlributlons payable by tha charity lo the scheme and amounted lo £5,391 (2023 £4,262). Contrlbullons lolalling £2,28412023 - £2,729} were payable lo the s¢heme at the end of the year and are included in creditors. Page 28
Artcore Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 20 Funds Balance at 1 ApTII 2023 Incomlng resources Re50urce5 expended Balance at 31 March 2024 Unrestrlcted funds General Unrestricted general fund Restrfcted funds National Lollery Fund-Art of Heali Baring Foundation- Untold story ACE- CIP BBC Children In Need Derby City Council Poslcode Lollery Number Narrallvel Maths Mulllpller Relmagine ESOL Jennifer Thorpe Trust Peoples Arcade {UKSPF) UKSPF (E4EI Total restriGt¢d funds 692.344 460.884 {311,605) 841,623 29.040 163,785 (129,835) 82,99D 22,6 171.110 25.3 (27.047) (165,512) {930) (3.e68) (45,000) 21,205 5,598 13,988 6,332 30.000 14.898 10.000 75.000 46,395 2.500 14.787 8.762 1.5t)O 127.641 (23.141) 23,254 2,500 (14.787) 8,762 (1.500) 123.708 3,933 223,006 490,664 (535,128) 178.542 Endowmentfunds Otherfunds Capltal grant fund Total funds 145,764 12,646 133,118 1.061,114 859,379 1153,283 Paye 29
Artcore Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 1 Aprll 2022 Incomlng resources Resources exponded Balance at 31 March 2023 Unrestricted funds General Unreslricled general fund Restricted Future endeavours Power to Empower Creative Minds National Lottery Fund - Art of Heallng Baring Foundalion - Untold Story ACE- Celebrating Age ACE- CIP FreelarKI Foundation 698,448 392.666 1398.770) 692.344 10.388 {4.959> 7,924 (10.388) 4,959 (7,924) 81,940 (52.9001 29,040 25,396 2,893 225,000 (2,5401 12.8931 {53.8901 600 22,856 171.110 Total restrlcted funds 13,353 340,788 {131,1351 223,006 Endowment funds Other funds Capital grant fund Total funds 159.772 14.008 145.764 871.573 733,464 543,913 1,061,114 Page 30
Artcore Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 The spesific purp03es for whi¢h the funds are lo be applied are as follows: Arts Council England & Derby City Council - Celgbtatlng Age: The Fund Is specifically aimed at worklng with older people in the city to reduce isolallon. Award5 forAII- Creative mlnds: A programme to develop creallvity and imaglnallon. Derby City Council - STEAM Project: The fund is used for delivery of an art programme at Village Primary School. Oerby Clty Councll- Small Arts Grant: The Fund Is used towards costs ofArtisls Housing Pr0cL Derby City Counul - STEAM 2: For delivery of art programme at Dale Community and Zaytouna Primary Schools. European Social Fund - Create Your Future- Provision of workshops lo facililale transition of partlclpanls Into employment or further education. Foundation Derbsl Toyolal Mlgranl H8lp - Silent Library: For deVery of eng3g8menl acuvmes for refugees and a5sylum seeker8. PCCI Rankl Bernard Sunley- Ghamwood Streel Security. For Improvement of security at Charnwood Street premlses. Awards for All- Cieal¢ng Cale: For establishment of a café at Charnwood Slreet premises. Nolts Communlty foundatlon- Street SMART: To conduct Street art worksh¢WS for young people. Community AclM)n Winter Warmer To hold a coffee moming far communities advice and Infomiation on health and wellbelng a¢livilies European Soclal Fund - Dare to Dream: Provision of workshops to faelti18te translllon of participants rnlo eMplOent orfurther educallon. Future Endeavours: A programme to develop skllls In Youn9 people and explore future Careers and opportunilles. Beglnnlng to Becomlng.. Offering unemployed leamers opportunlty to leam ciaft, onllne and dlgltal skills lo help Ihelr employabilbty oplion5. EnhanGing Connections: Supporting partldpanls during COVID lockdowns by offerfng online surgeries, Online creative workshops, digital equipment and to connecl online. Slay Connected: Creallve activities to connect isolated communities and theIr7be1ng. Henry Maore FDN-Artisl Exhlblllon: Developing artists via solo exhibition programme. Page 31
Artcore Llmlted Notes to the Flnancial Statements for the Year Ended 31 March 2024 MINO - In Our Though15: Supporting communllies vla creative activities to cop8 wllh Ihelr mental health, loss and bereavement during the Coronaviws pandemi ACE- CRF 1: Provide support forthe charity to ensure that all bulldlngs were safe lo reopen. retaining staff and bulld the charitls digital Gapacity. Poslcode Community Trust Un Aware: A creatlve programme focus5ing on empowering communities lo feel focused and supported. Creallvg In Common- A cultural programm8 combating loneliness as a result of Covld-19. Police and Crime Commlssion UnAw8re: A programme working wilh the most vulnerable In communili&s lo halp keep them safe from crime and belng vlctlms of crtme. Nollingham City Gouncli - Digilal Equipment., Purchaso of technology Slems. European Social Fund - Power lo empower Support a range of creative acltvllles that moblllse disadvantaged or excluded unemployed people towards employment. Derby City Council- E-Bikes: Purchase of electronic blke5. ACE - CRF 2.. Developed online resourc8s, Sncluding Artcor8 Website and Digltal Dlsplay at Artcore cultural hub. Paga 32
Artcore Limited Notes to the Financial Statements for the Year Ended 31 March 2024 21 Analysls of net assets between funds Total funds at 31 March 2024 Unrestrlcted funds Restrl¢ted fund5 Gapltal grant fund Tangible fixerl assets xed asset investments Current assets Current liabililles CredHors over 1 year Total net assets 331,923 145,764 477.6B7 546,768 137,477) 12,237 178,541 725,309 (37,477) 12,237 1,153,283 828,978 178,541 145.764 Total funds at31 March 2023 Unrestrlcted funds Restrlcted funds Capltal grant fund Tangible fixed assets Fixed asset investments Current asset5 Current liabilities Credilvrs over 1 year Total nel assets 358.110 145.764 503,874 584,444 {61,268) 188,942) e92.345 223,005 807,449 (61,268) 188.942 223.005 145.764 1,061.114 Pa98 33