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2024-03-31-accounts

Culture& Arts and Heritage

Trustees' Annual Report and Financial Statements for the year ended 31 March 2024 ™ § Culture&

Opening up who makes and enjoys arts and heritage

Culture& Arts and Heritage trading as Culture&, Charity registered in England and Wales No 801111. Company No 02228599. Registered address: University of Staffordshire, Incubator Unit, 2[nd] Floor Mellor Building, StokeOn-Trent, England, ST4 2DE. Email: info@cultureand.org

Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

Constitution

The charitable company is a private company limited by guarantee registered in England and Wales, company number 02228599 incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 801111.

Directors and trustees The trustees throughout the year and since the year end, were:

Zahra Alidina Junier Browne Lyn Gilpin Ellice Kenlock Professor Patricia Kingori Cheryl Kwok (Secretary) Svetlana Leu (Vice Chair) Miranda Lowe CBE (Chair) Kojo Marfo Jean Stevens ACCA

Chief executive/day to day management

Dr Errol Francis

Independent Examiners

Charles Ssempijja FCA NfP Accountants Limited 86-90 Paul Street London EC2A 4NE

Bankers

Charities Aid Foundation (CAF Bank) PO Box 289, Kings Hill West Mailing Kent ME19 4TA

Registered office and main operation address has changed

University of Staffordshire Incubator Unit 2nd Floor Mellor Building Stoke-On-Trent ST4 2DE Company name

Culture& Arts and Heritage Arts trades by the name and registered trademark of "Culture&."

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Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

Introduction

The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2024 which are also prepared to meet the requirements for a Directors' Report and Accounts for Companies Act purposes. The reference and administrative details set out on page two forms part of this report. 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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Charitable Objects and principal activity

To advance public education through the promotion of the arts without reference to nationality, race, sex, sexuality, disability or political or other opinion. The work of the organisation, Culture& Arts and Heritage Arts and Heritage trading as Culture& Arts and Heritage, remains committed to opening up who makes and enjoys arts and heritage in the UK. The charity delivers on this objective through various activities which are detailed below in this report.

Overview

The profile and status of the organisation has substantially increased in the two years following the publication of the Art Fund report It’s about handing over power The impact of ethnic diversity initiatives on curatorial roles in the UK arts & heritage sector 1998-2021coauthored with Museum X. Having gained Arts Council England support, Culture& Arts and Heritage is now a significant voice in the heritage sector with its consultancy and research work expanding, collaborating with organisations such as Royal Museums Greenwich, National Museums Wales, Sotheby’s Institute of Art, City of London Corporation, Lloyd’s of London, the Art Fund, Universities of Leicester and Oxford, Museums Association and the Southbank Centre.

Culture& Arts and Heritage has continued to build its reputation as the leading organisation in the UK focusing on diversity in the arts and heritage sectors and has consolidated and extended this position over the past year. This report details the work undertaken by the organisation during 2023/24 in the four main strands of its work.

Education and training

New Museum School Advanced Programme at University of Leicester

The Advanced New Museum School Programme is the Culture& Arts and Heritage's flagship scheme being delivered to provide access to post graduate training along with professional networking, mentoring and peer learning opportunities.

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Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

In 2021 Culture& was awarded a £247K grant from the Esmée Fairbairn Foundation to deliver the New Museum School Advanced Programme with the University of Leicester Research Centre for Museums and Galleries. The NMS Advanced Programme combines postgraduate study with tailored mentoring and networking opportunities. It aims to develop the practice of an intersectionally diverse cohort of curators and create an academic stage from which they can develop and amplify their practice. At the core of the Advanced Programme sits the Postgraduate Diploma/MA/MSc in Museum Studies or Socially Engaged Practice, a distance learning programme that enables participants to join a cohort of students and study around their work and family commitments.

Having completed three years of the programme and supporting a total of 45 studentships, the New Museum School Advanced Programme is in abeyance while a new funding agreement is negotiated with the Art Fund and Esmée Fairbairn Foundation that we hope will be confirmed in early 2025.

The new programme will continue to bring together a unique mix of students, cultural partners, funders and supporters to work with Culture& Arts and Heritage and the University of Leicester’s School of Museum Studies on a highly ambitious programme designed to:

In the third year, Culture& Arts and Heritage has:

The third year of cultural partners include:

Barker Langham Foundling Museum Hospital Rooms London Metropolitan Archives London Museum

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Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

English Heritage National Trust Pitt Rivers Museum, University of Oxford Royal Air Force Museum Royal Museums Greenwich Scarborough Museums and Galleries Tyne and Wear Archives and Museums University of Cambridge Museums

Culture& Arts and Heritage x Sotheby’s Institute of Art Cultural Leaders Programme

Launched in autumn 2023, the collaboration of Culture& Arts and Heritage with the renowned Sotheby’s Institute of Art (SIA), provides a new fully funded scholarship programme, designed to empower and nurture the next generation of diverse leaders in the contemporary art world. The Cultural Leaders Programme, the first of its kind in the UK, brings together the considerable experience and cultural networks of the two organisations. The second cohort of three exceptional scholars has been recruited, who have been selected based on their potential as future leaders in the commercial art world.

SIA has committed to a 100% fee waiver for three scholarships over a three-year period (nine students in total) to enable the scholars to pursue one of the Institute’s prestigious one-year, full-time Master’s programmes:

In addition, each scholar receives a bursary of £25K to cover the cost of living in London so that those selected for the programme can fully focus on the educational experience and benefit from all this opportunity has to offer during the year. Culture& Arts and Heritage has been working with SIA to fundraise from donors to meet these commitments, having so far raised a total of £50K for the stipends.

Research and thought leadership

Culture& Arts and Heritage has continued to consolidate its thought leadership in relationships with universities and research organisations to tackle urgent areas of enquiry related to our mission of opening up the UK arts and heritage workforce. This is also delivered through teaching relationships with universities, such as

5

Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

Culture& Arts and Heritage has secured a £500K research grant from Wellcome Trust to collaborate with the Ethox Centre at the University of Oxford as co-investigators on the Discovery Research Platform for Transformative Inclusivity in Ethics and Humanities Research (ANTITHESES) which commenced in April 2024. The research plans to develop new concepts, methods and tools that address issues of conflicting values in society, including real-time digital mapping of value disagreements and facilitating engagement with excluded voices and problems. Culture& Arts and Heritage will be investigating ethical disagreements about museum practices.

The ANTITHESES Platform for Transformative Inclusivity in Ethics and Humanities addresses an urgent need for research able to engage meaningfully with the radical value disagreements, polarisation, and informational uncertainty characteristic of contemporary medical science, practice, and policy.

Culture& Arts and Heritage served on the advisory panel for a major research project led by Johns Hopkins University, Baltimore, on the activities of Lloyd’s of London in the provision of maritime insurance for ships involved in the Transatlantic Trade in Enslaved Africans from the late 17C to early 19C. As part of the public engagement with the research, Culture& Arts and Heritage received a £50K grant to commission a requiem mass to commemorate the lives of those who were victims and survived enslavement. Leading contemporary composer David Önaç has been commissioned to write the Requiem that will be performed at Lloyd’s in October 2025.

Consultancy

Increasingly, Culture& Arts and Heritage is securing contracts to provide consultancy advice to major UK cultural organisations.

Royal Museums Greenwich

Culture& Arts and Heritage continues to work closely with Royal Museums Greenwich and supported the museum to recruit a curator of art and identity who came into post during the past year and have provided dedicated mentoring and engaged in curatorial collaboration. We are collaborating with RMG on a major artwork acquisition and delivery of part of our Time, Space and Empire programme.

City of London Corporation

This project, in its second year, has continued into the present financial year due to various technical and extended governance issues. Culture& Arts and Heritage has worked with the City of London to explain its links to the Transatlantic Trade in Enslaved Africans in the Square Mile to design explanatory plaques to be placed on two statues of controversial historical figures in the historic Guildhall: two-time Lord Mayor William Beckford and former MP and philanthropist Sir John Cass, both of whom had close links to the Enslavement of Africans.

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Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

The work also involved the commissioning of poets and writers and the production of online resources.

Public programmes

The support we have received from Arts Council England will enable Culture& Arts and Heritage to restart its public programmes, in a well-resourced way, to the highest level since the Covid 19 pandemic. The Time, Space and Empire programme aims to explore the colonial heritage of the Greenwich World Heritage Site and will launch in the autumn of 2024 with parallel events at the V&A Wedgwood Collection and the Potteries Museum and Art Gallery in Stoke-on-Trent. There will be new artist commissions, exhibitions, performances, and a conference.

As mentioned under research, we have commissioned a major work of new music to be premièred at Lloyd’s of London in late 2025.

Fundraising

Following our successful application to Arts Council England to become an Investment Principles Support Transfer Organisation (IPSO-T) with a focus on Inclusivity and Relevance, in November 2022 Culture& Arts and Heritage was awarded £459,354 for the financial years 2023/24 and 2024/25 and we will be delivering the first year of activity and recruiting new staff from April 2024.

There will be an opportunity to apply for a third year of IPSO-T funding since Culture& Arts and Heritage’s main office has now relocated outside of London to Stoke-on-Trent. With this assured funding in place, we have finalised preparation for the public programmes, we will deliver in 2024/25. Culture& Arts and Heritage secured a further grant of £25K to conduct feasibility work for the relocation to Stoke-on-Trent on fundraising, audience development and dedicated training for our board of trustees.

As mentioned in the section above on research, Culture& Arts and Heritage also received news after the year end that it has been successful in securing a major five-year research grant of £500K from Wellcome to conduct enquiries into the major ethical challenges facing museums and the project starts in April 2024, from when we can start to draw down on the funding.

The awarding of these two grants will ensure a degree of stability for Culture& Arts and Heritage that it has not enjoyed for a number of years. The secured core funding will enable Culture& Arts and Heritage to recruit a number of new posts as well as support core activities for the next two years. In addition, Culture& Arts and Heritage received a grant from Lloyd’s of London to support the commission of a new piece of music as part of the public engagement programme of the Johns Hopkins University research into the Lloyd’s involvement in the transatlantic trade in enslaved Africans. Despite this success the management of the charity is aware of the need to secure unrestricted funding and increase

7

Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

reserves and this will be a focus during the year to come with the appointments of dedicated staff to focus on this activity.

Governance

The directors of the charitable company (Culture& Arts and Heritage) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees’ meetings. There is an ongoing governance development programme as a continuation of Culture& Arts and Heritage 's Elevate programme (funded by Arts Council England) which has included a skills audit, recruitment of new members and training for the Board. The number of trustees has increased to ten and now includes skills and experience from sectors such as academia, environmental science, finance and entrepreneurship.

Development

As a result of the Arts Council England funding that Culture& Arts and Heritage received in 2023-24, the charity has been researching and planning on two major collaborative public programmes Time, Space and Empire with Royal Museums Greenwich, University of Greenwich, V&A Wedgwood Collection, Stoke-on-Trent, and The Unhomely at Museum of the Home to be delivered between 2024-25 and 2025-26.

During the coming year, the priorities of the charity will be to secure more core funding, in addition to what has been received from Arts Council England and for the New Museum School programme and applications have been prepared for the Art Fund and Esmée Fairbairn Foundation. Unfortunately, our application to the National Lottery Heritage Fund for support of the transformational change network at the University of Leicester was unsuccessful but the application will be resubmitted next year. However, this has been offset by the commencement of the £500K five-year funding from the welcome Trust.

We have continued, successfully, to work with the Sotheby's Institute of Art secure donors for sustaining of the Cultural Leaders Programme. Additional funding will also be required to augment what has been secured from the Arts Council England to ensure that our public programmes are properly funded. Financial review and reserves policy

In 2023-24 Cultural Co-operation had total income of £522,021 (2023: £305,664) and total expenditure of £444,121 (2023: £319,508). This resulted in net income of £77,900 (2023: net expenditure £13,844). Total charity funds at the end of the year were £185,137 (£2023: £107,237) of which restricted funds were £161,381 (2023: £93,667) and unrestricted funds were £23,756 (2023: £13,570). Although there have been notable successes in securing major funding from Arts Council England and the Wellcome Trust, and rising consultancy income, the charity’s management is aware of the longer-term challenges to achieve financial stability and build up unrestricted reserves.

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Culture& Arts and Heritage Trustees' Annual Report and Financial Statements for the year ended 31 March 2024

The Trustees have set a reserves policy which requires reserves be developed to a reasonable level, which ensures that the organisation's core activities could continue during a period of unforeseen difficulty. The charity seeks to retain three to six months operating costs in reserves which is approximately between £65,000 and £131,000 to meet project cashflow needs and unforeseen expenses or significant shortfalls in anticipated income. The free reserves at the year-end stood at £23,563 (2023: £12,048) which is significantly lower than the level of reserves expected to be maintained. The reason for the low reserves is that much of our fundraising capacity was taken up during the year on the complex application process to Arts Council England for Investment Principles Support Organisation status, the securing of the Wellcome Trust and the implementation of the related activities programmes have stretched our capacity to the limit. However, the steps we are taking in the coming year with dedicated fundraising support will help secure more contracts and funding, that will raise unrestricted funds that can be used to increase reserves.

Organisational Structure

There continues to be a voluntary Board of Trustees that govern the charity. The Board also monitors charity affairs to ensure its systems and procedures are fit for purpose and able it to manage any identified risks to funded programmes. New Trustees are elected by the existing Board, having been recommended initially by existing Trustees, funders and project partners, and/or recruited via public advertisement. The Chief Executive and Artistic Director continues to be Dr Errol Francis who manages the staff team and leads in strategic direction of the organisation, research and thought leadership and is also artistic director of the Culture& Arts and Heritage public programmes.

Public Benefit

The principal activities of the charity during the year continued to be to that of promoting cultural diversity, dialogue and understanding through workforce, research, consultancy and arts and heritage public programming. In shaping the charity's objectives for the year and planning its activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. Small Company Exemptions, and the above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. This report was approved by the Board of Directors and Trustees on 12 December 2024 and signed on its behalf by the Chair:

Miranda Lowe CBE Chair of the Board of Trustees

9

Culture& Arts and Heritage

Independent Examiner’s Report to the Trustees

I report on the financial statements of the company for the year ended 31 March 2024 as set out on pages 11 to 22.

Responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company 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 for this year 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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. accounting records were not kept in accordance with section 386 of the Companies Act 2006; or

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

  3. the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).

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.

Charles Ssempijja (FCA) Date: 31 January 2025 NfP Accountants Ltd 86-90 Paul Street London EC2A 4NE

10

Culture& Arts and Heritage

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

Unrestricted
Note
£
Income from:
2
524
3
47,157
25,653
2,362
75,696
4
25,165
4
4,126
18,021
18,996
3,533
-
4
69,842
5,854
4,332
10,186
Reconciliation of funds:
13,570
14
23,756
Total funds brought forward
Net income / (expenditure) for
the year
Total funds carried forward
Transfers between funds
Net movement in funds
Raising funds
Artistic Income
Sale of Art work
Investments
Total income
Expenditure on:
Total expenditure
Charitable activities
Artistic & production costs
Research
Consultancy
Public Programme
Education
Trading Activities
Donations and legacies
Charitable activities		 Restricted
£
423,850
22,475
-
-
446,325
3,894
8,032
176,252
186,101
-
-
374,279
72,046
(4,332)
67,714
93,667
161,381		 2024
Total
£
424,374
69,632
25,653
2,362
522,021
29,059
12,158
194,273
205,097
3,533
-
444,121
77,900
-
77,900
107,237
185,137		 Unrestricted
£
-
52,922
-
603
53,525
8,360
-
-
-
-
68,509
76,869
(23,344)
(5,825)
(29,169)
42,739
13,570		 Restricted
£
198,300
53,839
-
-
252,139
30,518
-
-
-
-
212,121
242,639
9,500
5,825
15,325
78,342
93,667		 2023
Total
£
198,300
106,761
-
603
305,664
38,878
-
-
-
-
280,630
319,508
(13,844)
-
(13,844)
121,081
107,237

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note14 to the financial statements.

11

Culture& Arts and Heritage

Company no. 02228599

Balance sheet

As at 31 March 2024

----- Start of picture text -----
2024 2023
Note £ £ £ £
Fixed assets:
Tangible assets 9 193 1,522
193 1,522
Current assets:
Debtors 10 125,082 96,544
Cash at bank and in hand 158,885 64,702
283,967 161,246
Liabilities:
Creditors: amounts falling due within one year 11 99,023 55,531
Net current assets / (liabilities) 184,944 105,715
Total net assets / (liabilities) 13 185,137 107,237
The funds of the charity: 14
Restricted income funds 161,382 93,667
Unrestricted income funds:
General funds 23,755 13,570
Total unrestricted funds 23,755 13,570
Total charity funds 185,137 107,237
----- End of picture text -----

For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees’ Responsibilities:

These financial statements, which have been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), were approved by the Board on and signed on its behalf by: 31/01/2025

Miranda Lowe

____ - Trustee

Miranda Lowe Name:_____

12

Culture& Arts and Heritage

Statement of cash flows

For the year ended 31 March 2024

Note
Net income / (expenditure) for the reporting period
Depreciation charges
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash from/(used in) operating activities
Analysis of cash and cash equivalents
Cash in hand and at bank
Total cash and cash equivalents
Analysis of changes in net debt
Cash in hand and at bank
Cash flows from investing activities:
Dividends, interest and rents from investments
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Net cash provided by / (used in) investing activities		 £
2,362		 £
77,900
1,329
(2,362)
(28,538)
43,492
91,821
2,362
94,183
64,702
158,885
At 31 March
2024
£
158,885
158,885
At Start of
year
£
64,702
2024		 £
603
Cashflows
£
94,183		 £
(13,844)
1,329
(603)
(76,329)
28,989
(60,458)
603
(59,855)
124,557
64,702
At 31 March
2023
£
64,702
64,702
At end of
year
£
158,885
2023

13

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

a) Company information

Cultural& Arts and Heritage is a charitable company limited by guarantee registered in England with registration number 02228599. Its registered office address is University of Staffordshire, Incubator Unit, 2nd Floor Mellor Building, Stoke-on-Trent, England, ST4 2DE.

b) Basis of preparation

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) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Update Bulletin 2, and the Charities Act 2011. The accounts are presented in GBP rounded to £1, which is the functional currency of the charity.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. In making this assessment the trustees have considered the current and future fundraising plans and anticipated costs savings.

Annual budgets have been revised taking this into account with prudent figures for both income and expenditure. The charity holds significant reserves and has liquid assets in the form of cash held in short term deposits.

For this reason the trustees continue to adopt the going concern basis in preparing the financial statements.

e) Income

Income, including from Government and other grants, whether 'capital' or 'income', is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income for programmes spanning two or more accounting periods is allocated over the period to which it relates in order to more accurately recognise the performance conditions associated with this income. Income received in advance of delivery of a specified service is deferred until the criteria for income recognition is met.

In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

g) Interest receivable

Interest on funds held on deposit is included when receivable.

14

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of offering fellowships and delivering related services undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity (support costs), comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Fundraising 7%
Research 3%
Public Programme 44%
Education 46%
Consultancy 1%

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs, which are considered a category of support costs, are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures/fittings/equipment 25% staright

l) Cash at bank and in hand

15

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

m) Pensions

The charity contributes towards the employees' personal pension schemes. The cost of the contribution is charged to the statement of financial activities on an accruals basis.

n) Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

o) Significant accounting policies

In the application of the company’s accounting policies, the charity is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the financial statements in a future period.

2 Income from donations

Donations
Arts Council England IPSO grant
Other grants		 Unrestricted
£
524
-
-
524		 £
-
235,077
188,773
423,850
Restricted		 2024 total
Total
£
524
235,077
188,773
424,374		 2023
Total
£
-
198,300
-
198,300

Income in 2023 comprised of restricted income of £198,300.

3. Income from charitable activities

Artistic income
Fees and earned income
Project specific income
Total income from charitable activities		 Unrestricted
£
47,157
-
47,157		 Restricted
£
-
22,475
22,475		 2024
Total
£
47,157
22,475
69,632		 2023
Total
£
52,922
53,839
106,761

Income in 2023 comprised of unrestricted income of £52,922 and restricted income of £53,839

16

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

4 Analysis of expenditure

Cost of
raising
funds
£
Staff costs (Note 8)
4,408
Project Costs
-
Staff travel, Training and other staff c
-
Fundraising consultancy
17,081
Website
4,225
Marketing
654
Professional outsourced services
-
Insurance
-
Office costs & administrative expense
-
Telephone, IT systems and software
-
Board Expenses
-
Independent examination
-
Rent, rates and utilities
-
Bad Debts
-
Depreciation
-
26,368
Support costs
2,691
Total expenditure 2024
29,059
Total expenditure 2023
38,878		 Research
4,333
3,135
564
-
-
-
3,000
-
-
-
-
-
-
-
-
11,032
1,126
12,158
-		 Public
Programme
105,064
42,306
6,469
-
-
-
7,740
1,139
2,446
2,691
2,668
-
5,757
-
-
176,280
17,993
194,273
-		 Education
62,091
121,070
-
-
-
-
2,940
-
-
-
-
-
-
-
-
186,101
18,996
205,097
-		 Consultancy
£
-
-
186
-
-
-
3,020
-
-
-
-
-
-
-
-
3,206
327
3,533
280,630		 Support
costs
£
15,651
-
4,168
-
-
-
8,320
945
1,630
1,794
1,779
1,680
3,838
-
1,329
41,134
(41,134)
-
-		 2024 Total
£
191,547
166,511
11,387
17,081
4,225
654
25,020
2,084
4,076
4,485
4,447
1,680
9,595
-
1,329
444,121
()
444,121
319,508		 2023
Total
£
110,566
121,151
8,480
25,014
1,816
5,108
17,800
1,587
9,859
3,902
1,729
2,688
8,069
410
1,329
319,508
-
319,508

Of the total expenditure, £69,842 was unrestricted (2023: 76,869) and £374,279 was restricted (2023: £242,639).

17

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

Staff costs were as follows:

Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs		 2024
£
174,319
13,191
4,037
191,547		 2023
£
102,243
5,963
2,360
110,566

One Employee earned more than £60,000 during the year (2023: one).

The key management personnel of the Charity comprise the trustees (“Directors” for the purposes of the Companies Act) and Senior Management Team. The total amounts paid in respect of the key management personnel of the Charity (including employer's National Insurance contributions and employers pension contributions) were £66,411 (2023: £62,990). None of the trustees received any remuneration or benefits from the charity during the year.

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Projects
Support		 2024
No.
3.9
0.9
4.8		 2023
No.
1.8
1.0
2.8

18

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

During the year, no trustee was reimbursed for travel expenses (2023: one trustee for £85). Trustees received training on the cost of charity, which totalled £2,673 (2023: nil)

None trustees were reimbursed for summer party and food expenses (2023: two trustees for £88)

8 Taxation

The charitable company is exempt from corporation tax to the extent that all its income is charitable and is applied for charitable purposes.

9 Tangible fixed assets

All of the above assets are used for charitable purposes.
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
At the end of the year
At the start of the year
Cost
Depreciation
Net book value

Debtors
Grant debtors
Other debtors
Prepayments
Accrued income		 Fixtures/fitt
ings/equip
ment
£
5,317
5,317
3,795
1,329
5,124
193
1,522
2024
£
46,008
-
69,667
9,407
125,082		 Total
£
5,317
5,317
3,795
1,329
5,124
193
1,522
2023
£
85,025
6,519
-
5,000
96,544

10 Debtors

19

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

11 Creditors: amounts falling due within one year

Deferred income (note 14)
Trade creditors
Taxation and social security
Accruals		 2024
£
21,596
4,992
5,460
66,975
99,023		 2023
£
39,766
-
3,290
12,475
55,531

12 Deferred income

Deferred income comprises income received during the year for future years.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2024
£
12,475
(12,475)
66,975
66,975		 2023
£
10,000
(10,000)
12,475
12,475

13 Analysis of net assets between funds

Net current assets
Net assets at the end of the year
Net current assets
Tangible fixed assets
Tangible fixed assets
Net assets at the start of the year		 General
unrestricted
£
193
23,562
23,755
General
unrestricted
£
1,522
12,048
13,570		 £
-
-
-
£
-
-
-
Designated
Designated		 Restricted
£
-
161,382
161,382
Restricted
£
-
93,667
93,667		 £
193
184,944
185,137
£
1,522
105,715
107,237
Total funds
2024
Total funds
2023

20

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

14 Movement in funds

New Museum School
Whose Heritage
Requiem
Feasibility Funding
ACE IPSO
Sotheby Institute of Arts
Culture Box
Total restricted funds
General funds
14
Sustainable Futures
New Museum School
Memory Archive
Requiem
Culture Box
Total restricted funds
General funds
Total unrestricted funds
Unrestricted funds:
Total funds
Total unrestricted funds
Restricted funds:
Unrestricted funds:
Total funds
Movement in funds (continued)
Restricted funds:		 At 1 April
2023
£
32,635
-
53,000
-
-
-
8,032
93,667
13,570
13,570
107,237
At 1 April
2022
£
5,669
53,791
1,684
-
17,198
78,342
42,739
42,739
121,081		 Incoming
resources &
gains
£
131,777
12,475
-
22,500
235,077
44,497
-
446,326
75,695
75,695
522,021
Incoming
resources &
gains
£
49,200
149,939
-
53,000
-
252,139
53,525
53,525
305,664		 Outgoing
resources &
losses
£
(142,601)
-
(6,216)
-
(177,265)
(44,497)
(3,700)
(374,279)
(69,842)
(69,842)
(444,121)
Outgoing
resources &
losses
£
(60,694)
(171,095)
(1,684)
-
(9,166)
(242,639)
(76,869)
(76,869)
(319,508)		 Transfers
£
-
-
-
-
-
-
(4,332)
(4,332)
4,332
4,332
-
Transfers
£
5,825
-
-
-
-
5,825
(5,825)
(5,825)
-		 At 31
March
2024
£
21,811
12,475
46,784
22,500
57,812
-
-
161,382
23,755
23,755
185,137
At 31
March
2023
£
-
32,635
-
53,000
8,032
93,667
13,570
13,570
107,237

Transfers include:

Transfers from restricted to general funds represents core costs and overheads charged to general funds covered by the restricted grants

21

Culture& Arts and Heritage

Notes to the financial statements

For the year ended 31 March 2024

Purposes of restricted funds

Sustainable Futures

Funding was secured from Arts Council England to develop its strategic business plan with the aim of becoming a National Portfolio Sector Support organisation in the next application round in 2022. The aim remains securing funds to implement the strategic objectives set out in the business plan. Due to SARS-CoV-2 (COVID-19) the Business Plan will be revisited to reflect shifting priorities and the changed environment in which Culture& now operates.

Memory Archive

The Memory Archives was a project funded by the City of London Corporation. It provided cultural activity to Black elders living with dementia by engaging them with archival collections.

New Museum School

The New Museum School is a programme of post graduate studentships focusing on promoting diversity the workforce of the UK arts and heritage sectors. It is funded by the Esmée Fairbairn Foundation, Marstine Family Foundation (Pittsburgh, Pennsylvania), Art Fund, University of Leicester with contributions from cultural organisations.

Whose Heritage

Supported by the Art Fund, the New Museum School graduates were offered the opportunity to work with a cultural organisation to undertake a unique piece of research over 24 days. Graduates were assigned a curatorial/research mentor at the host organisation and receive support from Culture's Whose Heritage? Residency Manager. Whose Heritage? Residencies aimed to provide fresh interpretations and interrogate accepted modes of classification, description and the terminology the arts and heritage sector uses.

Culture Box

Funded by the Arts and Humanities Research Council, Culture Box is a collaboration with the universities of Exeter and Surrey to provide cultural activities for people living with dementia in care homes during the Covid -19 pandemic. Monies are held in restricted funds for the Culture Box project.

Requiem

Funded by Lloyd's of London in collaboration with Johns Hopkins University, Baltimore, who have been conducting research into the involvement of Lloyd's in providing maritime insurance to ships that were involved in the Transatlantic Trade in Enslaved Africans in the 18th and 19th centuries. The Requiem is a new music commission that has contracted with composer David Önaç to write a new piece of music to commemorate the lives of those who were victims, survivors or who fought for their freedom during of the Transatlantic Trade in Enslaved Africans. The music will be premièred in the Lloyd's building in the City of London in the Spring of 2024.

Feasibility Funding

as an IPSO-Transfer organisation to support the relocation Culture& to Stoke-on-Trent and related audience development, fundraising and training costs for staff and board.

ACE IPSO

2023-27 core funding from Arts Council England to drive forward inclusivity and relevance in museums and galleries through public programmes, research, educational and consultancy.

Sotheby

This area of activity is called the Cultural Leaders Programme comprising there fully funded studentships and a stiped for each student of £25K per year until 2026.

22