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2025-03-31-accounts

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Company registration number: 08021875 Charity registration number: 1148022

Artcore Limited

(A company limited by guarantee) Annual Report and Financial Statements

for the Year Ended 31 March 2025

Page Kirk LLP Chartered accountants and chartered tax advisers Sherwood House 7 Gregory Boulevard Nottingham NG7 6LB

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12 to 13
Balance Sheet 14 to 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 to 33

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Artcore Limited

Reference and Administrative Details

Chairman A P Ball
Senior Management / R Shaikh, Executive Director
Leadership Team M Shaikh, Artistic Director
M Suleman, Finance Director
Charity Registration Number 1148022
Company Registration Number 08021875
Registered Office 3 Charnwood Street
Derby
Derbyshire
DE1 2GT
Trustees D Good
A P Ball
M Sood
H Davies
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

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Artcore Limited Trustees' Report

Reference and Administrative Details

Charity Registration Number: 1148022 Company Registration Number: 08021875 The charity is incorporated in England and Wales. Registered Office: 3 Charnwood Street Derby Derbyshire DE1 2GT Independent Examiner: James Haywood ACA Page Kirk LLP Chartered accountants and chartered tax advisers Sherwood House 7 Gregory Boulevard Nottingham NG7 6LB Solicitors: Nelsons Solicitors Ltd Pennine House 8 Stanford Street Nottingham NG1 7BQ Trustees and officers The trustees and officers serving during the year and since the year end were as follows: Chairman: A P Ball Trustees: P Anderson (resigned 23 July 2025) D Good A P Ball M Sood H Davies J Pearson (resigned 23 July 2025) V Trivedi (resigned 13 June 2024) S Purohit Key management personnel: R Shaikh, Executive Director M Shaikh, Artistic Director M Suleman, Finance Director

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Artcore Limited

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2025.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).

Vision

Artcore believes in supporting a vibrant, diverse, and culturally rich City, fuelled by a creative spirit that celebrates international influences and embraces our diverse communities.

Mission

Artcore is committed to using the power of the arts to break down barriers, nurture innovation, and provide opportunities for personal and professional growth. Through our work, we aim to inspire and create a positive impact across the city of Derby and beyond.

Values

Artcore is a burgeoning visual arts hub located across two spaces in Derby, encompassing a gallery, community centre, rentable studio spaces, cafe and shop. We support local talent by offering them space and opportunities to create and exhibit art, as well as contribute to the local community by hosting free workshops, bringing people together through what we know and love best-art.

At Artcore,

We are passionate about the power of creativity. We encourage innovation and ambition. We stand for inclusivity and diversity. We show respect and integrity. We are connected and empowered.

Objectives and activities

Objects and aims

The trustees confirm that they have given due consideration to the guidance contained in the Charity Commission’s published guidance on the Public Benefit requirements under Charities Act 2011 when they reviewed the charity’s aims and objectives for the year.

The objectives of the charity are:

  1. To advance the education of the public in the subject of art and visual art (including painting, sculpture, arts and crafts) in Derby, Derbyshire, and beyond.

  2. To promote, develop and run high-quality art events for the benefit of the public in Derby, Derbyshire, and beyond.

  3. To promote art for the benefit of the public by running workshops and public art commissions in hospitals, schools, colleges, and community groups in collaboration with local, national, and international artists.

  4. To liaise and build partnerships with other organisations and individuals who have similar aims and objectives, providing support, information, and advice as appropriate.

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Artcore Limited Trustees' Report

Use of volunteers

Throughout 2024–25, Artcore continued to recruit volunteers for various roles including administration, workshop assistance, and event support. Artcore had 22 active volunteers supporting the charity. All volunteers receive a full induction and training in delivering and supporting our services.

The value of volunteering to Artcore was £28,700, based on 1,120 volunteering hours contributed during the year. The average hourly wage in Derby was £25.64 (ONS Annual Survey of Hours and Earnings – 2024).

Public benefit

Artcore is committed to delivering programmes for public benefit. In 2024–25, the charity continued to produce and present a diverse range of arts across our galleries and studio spaces, delivered by professional artists and emerging talent. Participatory programmes in schools, community settings, and Artcore buildings engaged people of all ages, fostering creativity, wellbeing, and cultural awareness.

Chair's report

I am pleased to present our annual report for the year ended 31 March 2025.

This year marks a major milestone as Artcore celebrates 30 years since its founding in Vadodara, India, a space by the artists, of the artists, and for the artists. In 2009, Artcore relocated to Derby, establishing a charity in Normanton. Artcore created a welcoming space for communities to engage in art and creative projects, and since then has become an established part of Derby’s cultural life, a creative catalyst and trusted community partner.

Despite wider economic challenges and rising costs, Artcore has sustained and grown its programmes, supporting both communities and artists alike. Over the past year, we have delivered a wide range of workshops, events, residencies, and exhibitions, reaching diverse audiences and extending our impact beyond Derby nurturing confidence, wellbeing, and creative skills in participants of all ages.

Our gallery and studio spaces continue to offer professional opportunities for artists, with full occupancy and residencies supporting emerging and mid-career creatives. Highlights include the Deaf Mosaic exhibition and international residencies, including partnerships in Germany and India, strengthening our commitment to cultural exchange and inclusivity.

Cultural events, including the Festival of Togetherness, Diwali and Christmas celebrations, and community fairs, have fostered social cohesion, while projects such as environmental art initiatives and mental health-focused workshops have reinforced Artcore’s dedication to wellbeing and social impact.

This year also marks the end of my tenure as Chair of the Board of Trustees. I am immensely proud of what Artcore has achieved during my time in the role. It has been a privilege to work alongside such dedicated staff, volunteers, trustees, and funders, ensuring Artcore remains an accessible, vibrant, and inclusive hub for creativity.

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Artcore Limited

Trustees' Report

I am delighted to welcome Huw Davies as our incoming Chair. I am confident Huw will provide strong leadership and continue to champion Artcore’s mission, supporting artists and communities in Derby and beyond.

It has been an honour to serve, and I leave knowing Artcore is in exceptionally capable hands.

Andy Ball

Chair of the Board of Trustees

Key achievements

Over the past year, Artcore has made significant strides in delivering inclusive, artist-led programmes, strengthening international partnerships, and expanding cultural infrastructure across Derby.

The main activities undertaken in relation to delivering these objectives

Collaborative and Inclusive Programme Delivery

Artcore’s model continues to be rooted in partnership and co-creation. Flagship programmes such as Deaf Mosaic and Untold Stories exemplify our commitment to amplifying marginalised voices. Deaf Mosaic, developed with the Royal School for the Deaf Derby and a national Deaf artist, combined an exhibition with creative workshops, enabling communities to explore Deaf identity, culture and communication. Untold Stories, in collaboration with refugee and migrant support organisations, engaged over 500 migrants and three migrant artists across two years, culminating in an exhibition that created space for dialogue, empathy and cultural exchange and Champions for Change, Art of Healing, youth-focused initiatives have nurtured confidence, wellbeing, and creative skills.

Expanding Reach and Engagement

Our programmes have consistently reached audiences often excluded from the arts, including young people, older adults, migrants and disabled communities. Weekly free workshops in sewing, knitting and shared reading, alongside paid pottery classes, have provided opportunities for creative participation while supporting café and shop income. Large-scale exhibitions such as Stand Up! (celebrating International Women’s Day) and The Silence of Growing Things attracted diverse audiences and stimulated meaningful discussions on identity, colonial history, and ecology.

International Partnerships and Residencies

Artcore has continued to strengthen global connections, particularly through residencies and exchanges in India and Germany. Collaborations in Bangalore, Rajasthan and Baroda (India) and Osnabrück (Germany) have fostered cross-cultural learning and brought new perspectives to Derby. The Building Bridges residency, with artists Chris Wright and Ashley Morris, explored Derby’s connection with its twin city Osnabrück, underscoring Artcore’s role in international cultural exchange.

Cultural Infrastructure and Welcoming Spaces

The purchase and refurbishment of the Cultural Hub in Derby city centre has significantly enhanced Artcore’s visibility and accessibility. The development of the gallery, café and retail spaces has created a vibrant, multi-use environment that welcomes diverse audiences, many of whom may not have previously engaged with art. The café is now fully accessible with redesigned facilities and has become a thriving social hub where creativity, food and community intersect.

Organisational Development and Resilience

Artcore has strengthened its governance, leadership and financial resilience. Mortgage repayment enabled the expansion of premises on Charnwood Street, creating 12 new affordable artist studios with 7 currently occupied. Funding success includes £100k from the UK Shared Prosperity Fund (UKSPF) for the second year of delivery, alongside support from Arts Council England, BBC Children in Need and other funders. Despite challenges, Artcore continues to diversify income streams, manage resources effectively, and invest in long-term sustainability.

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Artcore Limited

Trustees' Report

New Ventures - Tikka Tales and Cultural Expansion

In 2025, Artcore launched Tikka Tales, a catering outlet in Derby Market Hall, diversifying income while extending cultural presence in the city centre. Plans are underway to expand into an adjacent unit, creating new ceramic studios and extending workshop capacity. This expansion is supported by Derby City Council, with ceramics equipment provided by Derby Adult Learning Services at no cost.

These achievements reflect Artcore’s evolution into a truly international, community-rooted organisation artist-led, partnership-driven, and committed to equity, inclusion, and innovation.

Through networks, Artcore engages a wide spectrum of audiences:

Artcore’s role as a connector, cultural provider and community anchor ensures that it remains responsive to Derby’s changing demographics, supporting creativity as a tool for empowerment, well-being and community cohesion.

Financial Review

During the 2024/25 year:

The overall surplus for the year was £250,452 (2024 (restated): £257,681). At the end of the period, the unrestricted funds balance was £1,167,692, an increase of £279,443 over the balance at the end of the previous period. The restricted funds balance was £359,011, a decrease of £12,307 over the balance at the end of the previous period.

The overall financial position remains robust, ensuring Artcore can continue to deliver high-quality arts and community programmes in Derby and beyond.

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Artcore Limited Trustees' Report

Risk Management

The trustees consider that there are no material uncertainties over the charity’s ability to continue as a going concern. The trustees are focussing on strategic goal targeting, developing innovative delivery systems, being constantly aware of future challenges and how to deal with them, whilst being able to retain quality and trained staff.

The charity will continue to apply for funding through various means both internally and through external consultants. We will continue to make efforts to improve ability to raise funds and attract funds from corporate sponsors and private donors. Artcore will be encouraging its trustees and patrons to be more active in fundraising for the organisation.

The trustees are working towards establishing a sustainable financial model by diversifying and increasing levels of contributed and/or earned income. Diversifying the income base and increasing the earned income will enable Artcore to be resilient and environmentally sustainable.

The trustees are working towards establishing a sustainable financial model by diversifying and increasing levels of contributed and/or earned income. Diversifying the income base and increasing the earned income will enable Artcore to be resilient and environmentally sustainable.

Plans for the future periods

Future Plans for Artcore - Delivering Our Strategic Aims:

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Artcore Limited Trustees' Report

Structure, governance and management

Nature of governing document

Artcore Limited is a company limited by guarantee and a registered charity governed by the rules set out in the Memorandum and Articles of Association. The charity has a board of trustees which is empowered to make decisions on behalf of the charity and does so at its regular meetings. A trustee must be a natural person aged 16 years or older. No one may be appointed a trustee if he or she would be disqualified from acting under the provisions of article 39 of the Articles of Association. The minimum number of trustees shall be three but (unless otherwise determined by ordinary resolution) shall not be subjected to any maximum. The first trustees shall be those persons notified to Companies House as the first trustees of the charity. A trustee may not appoint an alternate trustee or anyone to act on his or her behalf at meetings of the trustees.

Recruitment and appointment of trustees

The charity may by ordinary resolution:

(1) appoint a person who is willing to act to be a trustee, and (2) determine the rotation in which any additional trustees are to retire

No person other than a trustee retiring by rotation may be appointed a trustee at any general meeting unless:

(1) he or she is recommended for re-election by the trustees, or (2) not less than fourteen nor more than thirty-five clear days before the start of the meeting, the charity is given a notice that:

(a) is signed by a member entitled to vote at the meeting;

(b) states the member’s intention to propose the appointment of a person as a trustee; (c) contains the details that, if the person were to be appointed, the charity would have to file at Companies House, and;

(d) is signed by the person who is to be proposed to show his or her willingness to be appointed.

All members who are entitled to receive notice of a general meeting must be given not less than seven nor more than twenty-eight clear days’ notice of any resolution to be put to the meeting to appoint a trustee other than a trustee who is to retire by rotation. The trustees may appoint a person who is willing to act to be a trustee. A trustee appointed by a resolution of the other trustees must retire at the next annual general meeting and must not be taken into account in determining the trustees who are to retire by rotation.

The appointment of a trustee, whether by the charity in a general meeting or by the other trustees, must not cause the number of trustees to exceed any number fixed as the maximum number of trustees.

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Artcore Limited

Trustees' Report

Reserves policy

The charity requires reserves to allow it to function in the short term in the event of the cessation of funding, a major reduction in funding or a delay in further funding becoming available. The minimum level of reserves to be maintained should also satisfy all legal obligations should the charity cease to be a going concern, enabling proper notice to be given to the staff and beneficiaries and for all due payments to be made to staff (staff redundancy) and to other organisations with which we do business.

The charity's board of trustees consider that they should aim to build and retain reserves of up to nine months’ operating expenses. This target has been met as at 31 March 2025 and will facilitate the development of Artcore’s long-term aims. In order to meet their responsibilities and to ensure that the charity continues to operate on a going concern basis the trustees have reviewed the requirements and risks faced by the charity in both the short and medium term.

The accounts show a balance of restricted funds of £339,011 (note 20) and unrestricted funds of £1,167,692 (note 20) at 31 March 2025.

Statement of trustees' responsibilities

The trustees (who are also the directors of Artcore Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Artcore Limited Trustees' Report

Reappointment of independent examiner

James Haywood ACA has expressed his willingness to continue as independent examiner for the next financial year.

The annual report was approved by the trustees of the charity on 6 November 2025 and signed on its behalf by:

......................................... A P Ball Chairman and trustee

Page 10

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Artcore Limited

Independent Examiner's Report to the trustees of Artcore Limited

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Artcore Limited as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

----- Start of picture text -----
......................................
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...................................... James Haywood ACA Chartered accountants and chartered tax advisers

Sherwood House 7 Gregory Boulevard Nottingham NG7 6LB

6 November 2025

Page 11

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Artcore Limited

Statement of Financial Activities (Including Income and Expenditure Account) for the Year Ended 31 March 2025

Note
Income from
Donations and grants
3
Charitable activities
5
Other trading activities
6
Investment income
7
Total
Expenditure on
Charitable activities
8
Other
9
Total
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
funds
£
227,890
11,750
185,250
70,510
495,400
(215,869)
(5,488)
221,357
274,043
274,043
888,249
1,162,292		 Restricted
funds
£
458,572
-
-
-
458,572
(470,879)
-
470,879
(12,307)
(12,307)
351,318
339,011		 Capital grant
fund
£
-
-
-
-
-
(11,284)
-
11,284
(11,284)
(11,284)
133,118
121,834		 Total
2025
£
686,462
11,750
185,250
70,510
953,972
(698,032)
(5,488)
703,520
250,452
250,452
1,372,685
1,623,137		 (As restated)
Total
2024
£
654,722
12,625
250,347
33,854
951,548
(686,191)
(7,676)
693,867
257,681
257,681
1,115,004
1,372,685

The notes on pages 17 to 33 form an integral part of these financial statements. Page 12

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Statement of Financial Activities (Including Income and Expenditure Account) for the Year Ended 31 March 2025

Note
Income from
Donations and grants
3
Charitable activities
5
Other trading activities
6
Investment income
7
Total
Expenditure on
Charitable activities
8
Other
9
Total
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 (As restated)
Unrestricted
funds
£
164,058
12,625
250,347
33,854
460,884
(285,789)
(7,676)
293,465
167,419
167,419
720,830
888,249		 (As restated)
Restricted
funds
£
490,664
-
-
-
490,664
(387,756)
-
387,756
102,908
102,908
248,410
351,318		 Capital grant
fund
£
-
-
-
-
-
(12,646)
-
12,646
(12,646)
(12,646)
145,764
133,118		 (As restated)
Total
2024
£
654,722
12,625
250,347
33,854
951,548
(686,191)
(7,676)
693,867
257,681
257,681
1,115,004
1,372,685

The notes on pages 17 to 33 form an integral part of these financial statements. Page 13

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

(Registration number: 08021875) Balance Sheet as at 31 March 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
Funds of the charity:
Restricted income funds
Restricted Funds
Unrestricted income funds
Unrestricted Funds analysis
Capital grant fund
Total unrestricted funds
Total funds
20		 2025
£
716,495
2
716,497
264,235
664,452
928,687
(20,272)
908,415
1,624,912
(1,775)
1,623,137
339,011
1,162,292
121,834
1,284,126
1,623,137		 (As restated)
2024
£
697,089
1
697,090
92,728
632,580
725,308
(37,476)
687,832
1,384,922
(12,237)
1,372,685
351,318
888,249
133,118
1,021,367
1,372,685

The notes on pages 17 to 33 form an integral part of these financial statements. Page 14

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

(Registration number: 08021875) Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 12 to 33 were approved by the trustees, and authorised for issue on 6 November 2025 and signed on their behalf by:

......................................... A P Ball Chairman and trustee

The notes on pages 17 to 33 form an integral part of these financial statements. Page 15

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Artcore Limited

Statement of Cash Flows for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
9
Investment income
7
Working capital adjustments
Decrease in stocks
Increase in debtors
15
Decrease in creditors
16
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
7
Purchase of tangible fixed assets
13
Acquisition of investments in subsidiary undertakings
14
Income from dividends
7
Net cash flows from investing activities
Cash flows from financing activities
Repayment of loans and borrowings
16
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2025
£
250,452
31,192
(70,510)
211,134
-
(171,507)
(18,368)
21,259
17,261
(50,598)
(1)
53,249
19,911
(10,203)
30,967
632,363
663,330		 (As restated)
2024
£
257,681
27,916
(33,854)
251,743
3,820
(77,047)
(20,035)
158,481
2,962
(167,241)
-
30,892
(133,387)
(180,680)
(155,586)
787,949
632,363

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 17 to 33 form an integral part of these financial statements. Page 16

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Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The charity is controlled by the trustees who are all directors. The address of its registered office is: 3 Charnwood Street Derby Derbyshire DE1 2GT

These financial statements were authorised for issue by the trustees on 6 November 2025.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Artcore Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

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Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. During the preparation of these financial statements there have been no significant or material judgements and estimates that require disclosure.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Income

Donations and grants that are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Charitable activities are recognised in different ways dependent on how they are used by the charity:

(i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised.

(ii) Those donated for onward transmission to beneficiaries are included in the statement of financial activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.

(iii) Those donated for the use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them.

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.

Other trading activity income relates to rental income and miscellaneous income which are recognised on a receivables basis.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Fundraising expenses are the costs associated with attracting voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Expenditure on other items include those incurred in the governance of the charity and its assets and are primarily associated with statutory requirements.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocation property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Fixed assets

Fixed assets are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Workshop equipment 20% reducing balance
Fixtures and fittings 10% reducing balance
Office equipment 20% reducing balance
Motor vehicles 25% straight line
Leasehold land and buildings 2% straight line or over the lease term
whichever is shorter

Operating leases

Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

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Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Reclassification of comparative amounts

The comparative figures have been restated to correctly disclose:

This reclassification relates to the capitalisation of property improvements at the Charity's premises which had been previous expended to the SOFA and reclassification of expenditure to restricted funds that were previously allocated to unrestricted funds.

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Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Per 2024
accounts		 Prior year
adjustment		 As restated
£ £ £
Charitable activities expenditure - Unrestricted 303,929 (18,140) 285,789
Charitable activities expenditure - Restricted 535,128 (147,372) 387,756
Brought forward funds - Unrestricted 692,344 28,486 720,830
Brought forward funds - Restricted 223,006 25,404 248,410
Fixed assets Land and Buildings - restricted - 219,401 219,401

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

3 Income from donations and grants

Donations received
Grants - government
Grants - other agencies		 Unrestricted
funds
£
436
162,944
64,510
227,890		 Restricted
funds
£
-
347,942
110,630
458,572		 Total
2025
£
436
510,886
175,140
686,462		 Total
2024
£
1,114
495,555
158,053
654,722

Page 21

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4 Government grants

Unrestricted
funds
£
Arts Council England
162,944
BBC Children in Need
-
Big Lottery Fund
-
Derby City Council
-
162,944
5
Income from charitable activities
Charitable activities
Artistic services
6
Other trading activities
Income from exhibitions
Miscellaneous income
7
Investment income
Income from dividends;
Dividends receivable from group undertakings
Interest received		 Restricted
funds
£
25,000
14,935
141,827
166,180
347,942
Unrestricted
funds
£
11,750
Unrestricted
funds
£
27,923
157,327
185,250
Unrestricted
funds
General
£
53,249
17,261
70,510		 Total funds
2025
£
187,944
14,935
141,827
166,180
510,886
Total
2025
£
11,750
Total funds
2025
£
27,923
157,327
185,250
Total
2025
£
53,249
17,261
70,510		 Total funds
2024
£
162,944
14,898
163,785
153,928
495,555
Total
2024
£
12,625
Total funds
2024
£
24,103
226,244
250,347
Total
2024
£
30,892
2,962
33,854

Page 22

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

8 Expenditure on charitable activities

8
Expenditure on charitable activities
Total
Unrestricted
funds
£
Restricted
funds
£
Capital
grant fund
£
2025
£
Activities undertaken
directly
120,446
227,376
-
347,822
Depreciation, amortisation
and other similar costs
14,508
5,400
11,284
31,192
Staff costs
80,915
238,103
-
319,018
215,869
470,879
11,284
698,032
Unrestricted
funds
£
Restricted
funds
£
Capital grant
fund
£
Activities undertaken directly
150,111
202,181
-
Depreciation, amortisation and
other similar costs
15,270
-
12,646
Staff costs
120,408
185,575
-
285,789
387,756
12,646
9
Other expenditure
Unrestricted
funds
Total
Note
General
£
2025
£
Allocated support costs
5,488
5,488
10 Independent examiner's remuneration
2025
£
Examination of the financial statements
2,700		 Total
2025
£
347,822
31,192
319,018		 Total
(As
restated)
2024
£
352,292
27,916
305,983
698,032 686,191
Total
2024
£
352,292
27,916
305,983
686,191
Total
2024
£
7,676
2024
£
2,035

Page 23

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

11 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2025
£
292,949
20,228
5,111
730
319,018		 (As restated)
2024
£
280,861
18,491
5,391
1,240
305,983

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Average number of employees
The number of employees whose emoluments fell within the following
£60,001 - £70,000		 2025
No
14
bands was:
2025
No
2		 2024
No
15
2024
No
2

12 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

Page 24

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13 Tangible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Land and
buildings
£
578,851
50,598
629,449
36,074
13,874
49,948
579,501
542,777		 Furniture and
equipment
£
209,160
-
209,160
61,620
15,938
77,558
131,602
147,540		 Motor
vehicles
£
14,497
-
14,497
14,497
-
14,497
-
-		 Office
equipment
£
19,144
-
19,144
12,372
1,380
13,752
5,392
6,772		 Total
£
821,652
50,598
872,250
124,563
31,192
155,755
716,495
697,089

Page 25

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

14 Fixed asset investments

14 Fixed asset investments
Shares in group undertakings and participating interests
Shares in group undertakings and participating interests
Cost
At 1 April 2024
Additions
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 2025
£
2
Subsidiary
undertakings
£
1
1
2
2
1		 2024
£
1
Total
£
1
1
2
2
1

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting Proportion of voting
Undertaking Country of incorporation Holding rights and shares held
2025 2024
Subsidiary undertakings
Craftcore Derby Limited England & Wales Ordinary 100% 100%
Foodcore Limited England & Wales Ordinary 100% 0%

15 Debtors

Trade debtors
Due from group undertakings
Prepayments
Accrued income
Other debtors		 2025
£
15,320
61,046
1,197
37,878
148,794
264,235		 2024
£
8,925
79,614
1,714
2,475
-
92,728

Page 26

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

16 Creditors: amounts falling due within one year
Bank overdrafts
Bank loans
Trade creditors
Due to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
17 Creditors: amounts falling due after one year
Bank loans		 2025
£
1,122
10,462
499
1
417
2,095
5,676
20,272
2025
£
1,775		 2024
£
217
10,203
4,896
-
11,763
2,284
8,113
37,476
2024
£
12,237

Page 27

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

18 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years
After five years		 2025
£
10,000
40,000
5,000
55,000		 2024
£
10,000
40,000
15,000
65,000

19 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £5,111 (2024 - £5,391).

Contributions totalling £2,093 (2024 - £2,284) were payable to the scheme at the end of the year and are included in creditors.

Page 28

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Notes to the Financial Statements for the Year Ended 31 March 2025

Artcore Limited

20 Funds
Unrestricted funds
General
Unrestricted general fund
Restricted funds
National Lottery Fund -
Art of Healing
Baring Foundation -
Untold Story
ACE - CIP
BBC Children in Need
Derby City Council
Postcode Lottery
Number Narrative/ Maths
Multiplier
Reimagine
Jennifer Thorpe Trust
Peoples Arcade (UKSPF)
UKSPF (E4E)
Peace & Togetherness
Your Space My Space
Total restricted funds
Endowment funds
Other funds
Capital grant fund
Total funds		 Balance at
1 April
2024
£
888,249
29,099
21,205
225,000
13,968
6,332
30,000
20,519
2,500
8,762
-
(6,067)
-
-
351,318
133,118
1,372,685		 Incoming
resources
£
495,400
141,827
-
25,000
14,935
20,000
75,000
27,930
-
-
86,745
59,385
3,750
4,000
458,572
-
953,972		 Resources
expended
£
(221,357)
(163,757)
(17,061)
(5,400)
(17,488)
(12,505)
(55,000)
(48,449)
(2,500)
(4,656)
(86,745)
(53,318)
-
(4,000)
(470,879)
(11,284)
(703,520)		 Transfers
£
-
-
-
20,000
-
-
(20,000)
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2025
£
1,162,292
7,169
4,144
264,600
11,415
13,827
30,000
-
-
4,106
-
-
3,750
-
339,011
121,834
1,623,137

Page 29

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Unrestricted funds
General
Unrestricted general fund
Restricted
National Lottery Fund - Art of
Healing
Baring Foundation - Untold
Story
ACE - CIP
BBC Children in Need
Derby City Council
Postcode Lottery
Number Narrative/ Maths
Multiplier
Reimagine
ESOL
Jennifer Thorpe Trust
Peoples Arcade (UKSPF)
UKSPF (E4E)
Total restricted funds
Endowment funds
Other funds
Capital grant fund
Total funds		 Balance at 1
April 2023
£
720,830
553
22,857
225,000
-
-
-
-
-
-
-
-
-
248,410
145,764
1,115,004		 Incoming
resources
£
460,884
163,785
25,396
-
14,898
10,000
75,000
46,395
2,500
14,787
8,762
1,500
127,641
490,664
-
951,548		 Resources
expended
£
(293,465)
(135,239)
(27,048)
-
(930)
(3,668)
(45,000)
(25,876)
-
(14,787)
-
(1,500)
(133,708)
(387,756)
(12,646)
(693,867)		 Balance at 31
March 2024
£
888,249
29,099
21,205
225,000
13,968
6,332
30,000
20,519
2,500
-
8,762
-
(6,067)
351,318
133,118
1,372,685

Page 30

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The specific purposes for which the funds are to be applied are as follows:

Arts Council England & Derby City Council - Celebrating Age: The Fund is specifically aimed at working with older people in the city to reduce isolation.

Awards for All - Creative minds: A programme to develop creativity and imagination.

Derby City Council - STEAM Project: The fund is used for delivery of an art programme at Village Primary School.

Derby City Council - Small Arts Grant: The Fund is used towards costs of Artists Housing Project.

Derby City Council - STEAM 2: For delivery of art programme at Dale Community and Zaytouna Primary Schools.

European Social Fund - Create Your Future: Provision of workshops to facilitate transition of participants into employment or further education.

Foundation Derbs/ Toyota/ Migrant Help - Silent Library: For delivery of engagement activities for refugees and assylum seekers.

PCC/ Rank/ Bernard Sunley - Charnwood Street Security: For improvement of security at Charnwood Street premises.

Awards for All - Creating Cafe: For establishment of a café at Charnwood Street premises.

Notts Community foundation - Street smART: To conduct street art workshops for young people.

Community Action - Winter Warmer: To hold a coffee morning for communities with advice and information on health and wellbeing activities.

European Social Fund - Dare to Dream: Provision of workshops to facilitate transition of participants into employment or further education.

Future Endeavours: A programme to develop skills in Young people and explore future careers and opportunities.

Beginning to Becoming: Offering unemployed learners opportunity to learn craft, online and digital skills to help their employability options.

Enhancing Connections: Supporting participants during COVID lockdowns by offering online surgeries, Online creative workshops, digital equipment and to connect online.

Stay Connected: Creative activities to connect isolated communities and their well-being.

Henry Moore FDN - Artist Exhibition: Developing artists via solo exhibition programme.

Page 31

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

MIND - In Our Thoughts: Supporting communities via creative activities to cope with their mental health, loss and bereavement during the Coronavirus pandemic.

ACE - CRF 1: Provide support for the charity to ensure that all buildings were safe to reopen, retaining staff and build the charity's digital capacity.

Postcode Community Trust - Un Aware: A creative programme focussing on empowering communities to feel focused and supported.

Creative in Common: A cultural programme combating loneliness as a result of Covid-19.

Police and Crime Commission - UnAware: A programme working with the most vulnerable in communities to help keep them safe from crime and being victims of crime.

Nottingham City Council - Digital Equipment: Purchase of technology items.

European Social Fund - Power to empower: Support a range of creative activities that mobilise disadvantaged or excluded unemployed people towards employment.

Derby City Council - E-Bikes: Purchase of electronic bikes.

ACE - CRF 2: Developed online resources, including Artcore Website and Digital Display at Artcore cultural hub.

Page 32

Docusign Envelope ID: 925055F6-BA74-4F05-835C-A2756A3C7DED

Artcore Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

21 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
£
330,061
2
854,276
(20,272)
(1,775)
1,162,292
(As restated)
Unrestricted
funds
£
344,570
1
593,391
(37,476)
(12,237)
888,249		 Restricted
funds
£
264,600
-
74,411
-
-
339,011
(As restated)
Restricted
funds
£
219,401
-
131,917
-
-
351,318		 Capital grant
fund
£
121,834
-
-
-
-
121,834
Capital grant
fund
£
133,118
-
-
-
-
133,118		 Total funds
at 31 March
2025
£
716,495
2
928,687
(20,272)
(1,775)
1,623,137
(As restated)
31 March
2024
£
697,089
1
725,308
(37,476)
(12,237)
1,372,685

Page 33