**Charity number: 1206762**
## **MIGRATE CIO**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **MIGRATE CIO**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Statement of financial activities**|7|
|**Balance sheet**|8|
|**Notes to the financial statements**|9 - 16|
**MIGRATE CIO**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
**Trustees** Karen Emanuel, Trustee (appointed 29 January 2024) Paul Freedman, Trustee (appointed 29 January 2024) Craig Hollingworth, Trustee (appointed 29 January 2024) **Charity registered number** 1206762 **Principal office** 28 Harrow Way Maidstone Kent ME14 5TU
Page 1
**MIGRATE CIO**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The Trustees present their annual report together with the financial statements of the Charity for the 1 October 2024 to 30 September 2025.
## **Objectives and activities**
## l **Policies and objectives**
To advance such charitable purposes (according to the laws of England and Wales) as the trustees see fit from time to time, in particular but not limited to providing relief and assistance to people in need who are victims of war, natural disaster, catastrophe or are affected by climate change and environmental emergencies for the public benefit by providing grants and donations to organisations and registered charities (or equivalent) across the world.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## l **Strategies for achieving objectives**
In 2025, Migrate Art continued its core mission of collaborating with internationally recognised artists to raise funds and distribute grants to registered charities and grassroots organisations. The charity uses contemporary art as a means to engage the public with urgent humanitarian and environmental issues. By leveraging the communicative power of art, Migrate Art aims to reach a broad audience, encouraging dialogue and awareness around complex global challenges. This approach not only fosters public understanding but also serves as an effective tool for fundraising and charitable giving.
## l **Activities undertaken to achieve objectives**
During the reporting period, Migrate CIO operated at a reduced level of activity while focusing on the development and planning of several major projects scheduled for delivery in 2026. Despite this reduced programme of activity, the charity continued to advance its objectives through the distribution of grants to preapproved, registered charitable organisations using funds raised from projects undertaken in 2024.
Grants awarded during the period included £3,000 to Refugee Community Kitchen and £875 to People’s Palace Projects, supporting their ongoing charitable work and contributing to the achievement of Migrate CIO’s charitable purposes.
The projects planned for 2026 require substantial preparation, partnership development and operational coordination. The Trustees therefore determined that prioritising the charity’s resources and organisational capacity towards these longer-term initiatives would maximise future charitable impact and represent the most effective use of the charity’s resources during the reporting period.
## l **Grant-making policies**
All grants distributed by Migrate Art in 2025 were made exclusively to pre-approved, registered charities in accordance with the charity’s grant-making policy. The trustees approved funding to **People’s Palace Projects** (Registered Charity No. 1074880) and **Refugee Community Kitchen** (Registered Charity No. 1191982), both of which are registered with the Charity Commission. No grants were issued to new or unapproved organisations during the reporting period.
Page 2
**MIGRATE CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Objectives and activities (continued)**
## l **Main activities undertaken to further the Charity's purposes for the public benefit**
During the reporting period, Migrate CIO furthered its charitable purposes by distributing grants to preapproved, registered charitable organisations working to address social inequality and support vulnerable communities. These grants were funded through proceeds generated by the charity’s fundraising projects undertaken in 2024, with funds received and distributed during 2025.
In addition, the charity dedicated significant time and resources to the development and planning of major fundraising and public engagement initiatives scheduled for delivery in 2026. This work included project development, partnership building, operational planning and preparation for future activities designed to generate charitable funds and raise public awareness of issues relating to social inequality.
The Trustees considered that prioritising the development of these larger-scale initiatives would maximise the charity’s future public benefit and charitable impact, while ensuring the effective use of the charity’s resources.
## **Achievements and performance**
## l **Main achievements of the Charity**
In 2025, Migrate Art raised a total of **£22,047** through its charitable activities, supporting the charity’s objectives of funding humanitarian and environmental initiatives through contemporary art. The charity’s work received international media coverage including the Spanish speaking newspaper **El País** and others. This press coverage helped to raise the profile of Migrate Art and its mission both in the UK and globally. Migrate Art was able to continue its charitable objectives by making donations to two registered, pre approved charities.
## l **Review of activities**
In 2025, Migrate Art raised a total of £22,047 through its charitable activities, supporting the charity’s objectives of funding humanitarian and environmental initiatives through contemporary art. The charity’s work received international media coverage, including features in El País and other publications, helping to raise awareness of Migrate Art’s mission in the UK and internationally.
During the reporting period, Migrate CIO continued to further its charitable purposes through the distribution of grants to pre-approved, registered charitable organisations working to address social inequality and support vulnerable communities. These grants were made possible through funds raised via projects undertaken in 2024, with income received and subsequently distributed during 2025.
In addition, the charity focused significant time and resources on the development and planning of major fundraising and public engagement initiatives scheduled for delivery in 2026. This work included project development, partnership building, operational planning and preparation for future activity designed to generate charitable income and increase public awareness of issues relating to social inequality.
The Trustees considered that prioritising the development of these larger-scale future initiatives represented the most effective use of the charity’s resources during the reporting period and would maximise the organisation’s long-term public benefit and charitable impact.
Page 3
**MIGRATE CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Financial review**
## l **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## l **Reserves policy**
The Trustees closely monitor the level of free reserves available to ensure there is sufficient financial flexibility in place. The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. At the year end, the unrestricted funds equated to five months of unrestricted charitable expenditure, excluding discretionary grants.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to support the current level of expenditure and to continue in operational existence for the foreseeable future.
## l **Principal funding**
Migrate Art’s income in 2025 was principally generated through the sale of artworks donated by artists for the purpose of fundraising. The organisation also received one off private donations of £10,000 and £875, as well as an additional grant of £11,172 from the Ford Foundation for cost incurred during 2024’s mural project with Shepard Fairey.
## **Structure, governance and management**
## l **Constitution**
Migrate CIO is a registered charity, number 1206762, and is constituted under a Charitable Incorporated Organisation - Foundation whose only voting members are its charity trustees incorporated on 29 January 2024.
To advance such charitable purposes (according to the laws of England and Wales) as the trustees see fit from time to time, in particular but not limited to providing relief and assistance to people in need who are victims of war, natural disaster, catastrophe or are affected by climate change and environmental emergencies for the public benefit by providing grants and donations to organisations and registered charities (or equivalent) across the world.
## l **Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charitable Incorporated Organisation - Foundation.
Apart from the first trustees, every new trustee is appointed by resolution passed at a properly convened meeting of the existing charity trustees. Trustees are appointed for a term of three years and is eligible for reappointment.
When selecting new trustees, the current trustees must consider the skills, knowledge, and experience needed for the effective administration of the CIO
Page 4
**MIGRATE CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Structure, governance and management (continued)**
## l **Organisational structure and decision-making policies**
Migrate CIO is constituted as a Charitable Incorporated Organisation (CIO) using the Charity Commission’s foundation model constitution, dated 29 January 2024. In accordance with this structure, the only voting members of the CIO are its charity trustees, who also hold ultimate responsibility for the strategic direction, governance, and compliance of the charity.
The board of trustees collectively governs the CIO and retains oversight of all operations. The trustees delegate day-to-day operational responsibility to the Chief Executive Officer (CEO), who is currently the charity’s sole employee. The CEO is accountable to the board for the delivery of the charity’s objectives and is responsible for implementing the strategic plans agreed by the trustees.
The charity trustees meet regularly to review performance, ensure compliance with statutory obligations, and maintain robust financial oversight. They are also responsible for the appointment of new trustees and the regular review of governance arrangements in accordance with the constitution.
Given the CIO’s foundation model, all decisions that require membership approval—such as constitutional amendments or dissolution—are made by the trustees acting in their capacity as both trustees and the sole members of the CIO.
## l **Related party relationships**
Simon Butler, the Chief Executive Officer (CEO) of Migrate CIO, is also the sole director of Migrate Art CIC (Company No. 12191782), a Community Interest Company Limited by Guarantee.
At the year end, the balance outstanding on the loan from the charity to Migrate Art CIC was £11,598 (2024: £15,000). Following the year end, further repayments were made and the loan was repaid in full by 31 October 2025.
During the period from the year end to 30 April 2026, Migrate Art CIC made donations to the charity totalling £61,237.
## l **Financial risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Members' liability**
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Page 5
**MIGRATE CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Statement of Trustees' responsibilities**
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charitable Incorporated Organisation - Foundation. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 18 June 2026 and signed on their behalf by:
## **Paul Freedman**
Page 6
**MIGRATE CIO**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**Note**
**Income from:**
Donations and legacies
3
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**22,047**
**22,047**
**51,763**
**51,763**
**(29,716)**
**45,875**
**(29,716)**
**16,159**|**Total**
**funds**
**2025**
**£**
**22,047**
**22,047**
**51,763**
**51,763**
**(29,716)**
**45,875**
**(29,716)**
**16,159**|_Total_
_funds_
_2024_
_£_
_417,587_|
|---|---|---|---|
||||_417,587_|
||||_371,712_|
||||_371,712_|
||||_45,875_|
||||_-_
_45,875_|
||||_45,875_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
Page 7
## **MIGRATE CIO**
## **BALANCE SHEET AS AT 30 SEPTEMBER 2025**
|**Note**
**Fixed assets**
**Current assets**
Debtors
9
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
10
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
12
Unrestricted funds
12
**Total funds**|**11,598**
**12,005**
**23,603**
**(7,444)**|**2025**
**£**
**-**
**16,159**
**16,159**
**16,159**
**16,159**
**-**
**16,159**
**16,159**|_16,000_
_140,954_
_156,954_
_(111,079)_|_2024_
_£_|
|---|---|---|---|---|
|||||_-_
_45,875_|
|||||_45,875_|
|||||_45,875_|
||||||
|||||_45,875_|
|||||_-_
_45,875_|
||||||
|||||_45,875_|
The financial statements were approved and authorised for issue by the Trustees on 18 June 2026 and signed on their behalf by:
## **Paul Freedman**
The notes on pages 9 to 16 form part of these financial statements.
Page 8
**MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **1. General information**
Migrate CIO was setup and registered with the Charity Commission for England and Wales on 29 January 2024 (charity number 1206762) as a Charitable Incorporated Organisation (CIO) using the Foundation Model constitution whose only voting members are its charity trustees. The registered address is 28 Harrow Way, Maidstone, Kent, ME14 5TU.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Migrate CIO 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.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
**MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. Accounting policies (continued)**
## **2.4 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.5 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.6 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.7 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.8 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.9 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Page 10
## **MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2025**
**£**
**Donations**
Donation - Ford Foundation
11,172
-
**Subtotal detailed disclosure**
11,172
Donations
10,875
**Subtotal**
10,875
22,047
_Unrestricted_
_funds_
_2024_
_£_
**Donations**
Donation - Ford Foundation
_153,787_
From the Ashes project
_263,800_
**Subtotal detailed disclosure**
_417,587_
_417,587_|**Total**
**funds**
**2025**
**£**
**11,172**
**-**|
|---|---|
||**11,172**|
||**10,875**|
||**10,875**|
|||
||**22,047**|
||_Total_
_funds_
_2024_
_£_
_153,787_
_263,800_|
||_417,587_|
|||
||_417,587_|
Page 11
## **MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **4. Analysis of grants**
|Grants - People’s Palace Projects
Grant - Refugee Community
Grants - People’s Palace Projects|**Grants to**
**Institutions**
**2025**
**£**
850
3,000
3,850
_Grants to_
_Institutions_
_2024_
_£_
_202,000_|**Total**
**funds**
**2025**
**£**
**850**
**3,000**|
|---|---|---|
|||**3,850**|
|||_Total_
_funds_
_2024_
_£_
_202,000_|
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2025**
**£**
People’s Palace Projects
48,763
Refugee Community Kitchen
3,000
51,763
_Unrestricted_
_funds_
_2024_
_£_
People’s Palace Projects
_222,451_
Shepard Fairey London Mural
_149,261_
_371,712_|**Total**
**2025**
**£**
**48,763**
**3,000**|
|---|---|
||**51,763**|
||_Total_
_2024_
_£_
_222,451_
_149,261_|
||_371,712_|
Page 12
## **MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **5. Analysis of expenditure on charitable activities (continued)**
## **Summary by fund type (continued)**
## **6. Analysis of expenditure by activities**
|**Activities**
**undertaken**
**directly**
**2025**
**£**
People’s Palace Projects
46,163
Refugee Community Kitchen
-
46,163
_Activities_
_undertaken_
_directly_
_2024_
_£_
People’s Palace Projects
_18,901_
Shepard Fairey London Mural
_149,261_
_168,162_
**Staff costs**
Wages and salaries
Contribution to defined contribution pension schemes|**Grant**
**funding of**
**activities**
**2025**
**£**
850
3,000
3,850
_Grant_
_funding of_
_activities_
_2024_
_£_
_202,000_
_-_
_202,000_|**Support**
**costs**
**2025**
**£**
1,750
-
1,750
_Support_
_costs_
_2024_
_£_
_1,550_
_-_
_1,550_
**2025**
**£**
**45,000**
**1,163**
**46,163**|**Total**
**funds**
**2025**
**£**
**48,763**
**3,000**|
|---|---|---|---|
||||**51,763**|
||||_Total_
_funds_
_2024_
_£_
_222,451_
_149,261_|
||||_371,712_|
||||_2024_
_£_
_16,500_
_401_|
|||||
||||_16,901_|
## **7. Staff costs**
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## **MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **7. Staff costs (continued)**
The average number of persons employed by the Charity during the year was as follows:
||**2025**|_2024_|
|---|---|---|
||**No.**|_No._|
|CEO|**1**|_1_|
No employee received remuneration amounting to more than £60,000 in either year.
The charity’s sole employee is its Chief Executive Officer (CEO).
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year ended 30 September 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ .
## **9. Debtors**
|**Due within one year**
Other debtors|**2025**
**£**
**11,598**
**11,598**|_2024_
_£_
_16,000_|
|---|---|---|
||||
|||_16,000_|
Other debtors includes a loan to Migrate Art CIC totalling £11,598 (2024: £15,000).
## **10. Creditors: Amounts falling due within one year**
|Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
**1,196**
**2,948**
**3,300**
**7,444**|_2024_
_£_
_2,720_
_2,714_
_105,645_|
|---|---|---|
||||
|||_111,079_|
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## **MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **11. Financial instruments**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**12,006**|_140,954_|
Financial assets measured at fair value through income and expenditure comprise bank balances.
## **12. Statement of funds**
## **Statement of funds - current year**
|||||**Balance at**|
|---|---|---|---|---|
||**Balance at 1**|||**30**|
||**October**|||**September**|
||**2024**|**Income**|**Expenditure**|**2025**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General Funds - all funds|**45,875**|**22,047**|**(51,763)**|**16,159**|
## **13. Summary of funds**
## **Summary of funds - current year**
|||||**Balance at**|
|---|---|---|---|---|
||**Balance at 1**|||**30**|
||**October**|||**September**|
||**2024**|**Income**|**Expenditure**|**2025**|
||**£**|**£**|**£**|**£**|
|General funds|**45,875**|**22,047**|**(51,763)**|**16,159**|
Page 15
**MIGRATE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2025**
**£**
Current assets
23,603
Creditors due within one year
(7,444)
**Total**
16,159|**Total**
**funds**
**2025**
**£**
**23,603**
**(7,444)**
**16,159**|
|---|---|
## **15. Pension commitments**
The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £1,163 (2024: £401). Contributions totalling £226 (2024: £ Nil) were payable to the fund at the balance sheet date and are included in creditors.
## **16. Related party transactions**
Simon Butler, Chief Executive Officer of the charity, is also the sole director of Migrate Art CIC (Company No. 12191782), a Community Interest Company Limited by Guarantee. Accordingly, Migrate Art CIC is considered a related party.
At the year end, the balance outstanding on the loan from the charity to Migrate Art CIC was £11,598 (2024: £15,000). Following the year end, further repayments were made and the loan was repaid in full by 31 October 2025.
During the period from the year end to 30 April 2026, Migrate Art CIC made donations to the charity totalling £61,237.
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