REGISTERED CHARITY NUMBER: 1205611
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025
FOR
WE ARE ART WITH HEART CIO
Cresswells 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
WE ARE ART WITH HEART CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025
| Page | Page | Page | |
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 6 |
| Detailed Statement of Financial Activities | 7 |
WE ARE ART WITH HEART CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2025
The trustees present their report with the financial statements of the charity for the year ended 31st October 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
We Are Art with Heart CIO is governed by the CIO Foundation Model Constitution. In our first years of operation we have been building the foundations to work from in order to build policy, procedure, aims and plans for the CIO. We recognise that before we begin engaging with the public we need to secure the governance of the organisation.
No expenditure regarding charitable activity was incurred due during this financial year other than that of the fee to prepare the accounts. No grant income was received this financial year.
We Are Art With Heart CIO received a donation from Art With Heart CIC of £15,000 (2024:£5,000) with the aim to support building the CIO reserves before public engagement. Both entity's have the same Creative Directors, Sarah Evans and Rachel Moorhouse.
OBJECTIVES AND ACTIVITIES Objectives and aims
To advance the arts for the public benefit by the promotion in particular, but not exclusively, of the art of visual arts and performing arts.
FUTURE PLANS
Our aims and goals are to continue building governance, expand our board of trustees, build fundraising and begin applying for grants to deliver activity. We are Art with Heart CIO will develop on the work of Art with Heart CIC in pushing for representation and excellence in the arts sector.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1205611
Principal address
Islington Mill Studio 304 1 James Street Salford Lancashire M3 5HW
Trustees
B R Khetani R C Wignall S F M Mutch
Approved by order of the board of trustees on 5th May 2026 and signed on its behalf by:
B R Khetani - Trustee
Page 1
WE ARE ART WITH HEART CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2025
| Period | |||
|---|---|---|---|
| 7.11.23 | |||
| Year ended | to | ||
| 31.10.25 | 31.10.24 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 15,414 | 5,001 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| General | 250 | 250 | |
| NET INCOME | 15,164 | 4,751 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 4,751 | - | |
| TOTAL FUNDS CARRIED FORWARD | 19,915 | 4,751 | |
The notes form part of these financial statements
Page 2
WE ARE ART WITH HEART CIO
BALANCE SHEET 31ST OCTOBER 2025
| 2025 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 20,165 CREDITORS Amounts falling due within one year 4 (250) NET CURRENT ASSETS 19,915 TOTAL ASSETS LESS CURRENT LIABILITIES 19,915 NET ASSETS 19,915 FUNDS 5 Unrestricted funds 19,915 TOTAL FUNDS 19,915 |
2024 Total funds £ 5,001 (250) 4,751 4,751 4,751 4,751 4,751 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5th May 2026 and were signed on its behalf by:
B R Khetani - Trustee
S F M Mutch - Trustee
R C Wignall - Trustee
The notes form part of these financial statements
Page 3
WE ARE ART WITH HEART CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st October 2025 nor for the period ended 31st October 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st October 2025 nor for the period ended 31st October 2024.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 5,001 |
| EXPENDITURE ON | |
| Charitable activities | |
| General | 250 |
| NET INCOME | 4,751 |
continued...
Page 4
WE ARE ART WITH HEART CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2025
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |||||
|---|---|---|---|---|---|
| fund | |||||
| £ | |||||
| TOTAL FUNDS CARRIED FORWARD | 4,751 | ||||
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Other creditors | 2025 £ 250 |
2024 £ 250 |
|||
| 5. | MOVEMENT IN FUNDS | ||||
| Unrestricted funds | At 1.11.24 £ |
Net movement in funds £ |
At 31.10.25 £ |
||
| General fund | 4,751 | 15,164 | 19,915 | ||
| TOTAL FUNDS | 4,751 | 15,164 | 19,915 | ||
| Net movement in funds, included in the above are | as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
||
| General fund | 15,414 | (250) | 15,164 | ||
| TOTAL FUNDS | 15,414 | (250) | 15,164 | ||
| Comparatives for movement in funds | |||||
| Unrestricted funds | Net movement in funds £ |
At 31.10.24 £ |
|||
| General fund | 4,751 | 4,751 | |||
| TOTAL FUNDS | 4,751 | 4,751 | |||
| Comparative net movement in funds, included in the above are as follows: | |||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
||
| General fund | 5,001 | (250) | 4,751 | ||
| TOTAL FUNDS | 5,001 | (250) | 4,751 | ||
continued...
Page 5
WE ARE ART WITH HEART CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2025
6. RELATED PARTY DISCLOSURES
We Are Art With Heart CIO received a donation from Art With Heart CIC of £15,000 (2024: £5,000). Both entity's have the same Creative Directors, Sarah Evans and Rachel Moorhouse.
Page 6
WE ARE ART WITH HEART CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2025
| FOR THE YEAR ENDED 31ST OCTOBER 2025 | ||
|---|---|---|
| Period | ||
| 7.11.23 | ||
| Year ended | to | |
| 31.10.25 | 31.10.24 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Other | 15,414 | 5,001 |
| Total incoming resources | 15,414 | 5,001 |
| EXPENDITURE | ||
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 250 | 250 |
| Total resources expended | 250 | 250 |
| Net income | 15,164 | 4,751 |
This page does not form part of the statutory financial statements
Page 7