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← Culture& Arts And Heritage

2025-03-31-accounts

™

Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

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, Stoke-on-Trent, England, ST4 2DE. Email: info@cultureand.org

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

Constitution

The charitable company is a private company limited by guarantee registered in England and Wales, company number 2228599 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 Ellice Kenlock Professor Patricia Kingori Cheryl Kwok (Secretary) Miranda Lowe CBE (Chair) Kojo Marfo Svetlana Sanbe née Leu (Vice Chair)

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 Mellor Building Stoke-on-Trent ST4 2DE

Company name and memorandum and articles of association

During the year the name of the company and charity formerly known as Cultural Cooperation was changed to Culture& Arts and Heritage and trades by the name and registered trademark of "Culture&". The memorandum and articles of association were also updated.

2

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

Introduction

The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2025 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).

Principal activity

The work of the organisation Culture& Arts and Heritage (formerly known as Cultural Cooperation) trading as Culture&, 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 aimed at supporting those who face disadvantage in the arts and heritage sector in terms of its workforce and audience.

Overview

The profile and status of the organisation has continued to grow, with partnerships with museums across all four UK nations. Having gained Arts Council England support, Culture& 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& 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 Culture&'s flagship scheme being delivered to provide access to post graduate training for early career arts professionals along with professional networking, mentoring and peer learning opportunities.

In the present year, we have applied to the Esmée Fairbairn Foundation for a grant of £170,489 towards project costs for the new Museum School Advanced Programme Phase 2 (2025-2028): a sustainable large-scale partnership to diversify the UK heritage workforce.

This follows on from the £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.

The programme 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

3

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

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.

The charity has received a commitment of a £40K grant from the Arts Fund to add to what is expected from Esmée Fairbairn Foundation and the support from the Marstine Family Foundation (Pittsburgh, Pennsylvania) and the University of Leicester.

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

The fourth year of cultural partners include:

Amgueddfa Cymru National Museum Wales Ashmolean Museum, University of Oxford Compton Verney English Heritage Fitzwilliam Museum, University of Cambridge Holbourne Museum Hunterian Museum, University of Glasgow Kettle's Yard Museums Galleries Scotland National Trust Royal Museums Greenwich

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

Launched in autumn 2023, the collaboration of Culture& with the renowned Sotheby’s Institute of Art (SIA), continues to provide a 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 third cohort of three exceptional scholars is being recruited, who will 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 degree 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

4

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

and benefit from all this opportunity has to offer during the year. Culture& has been working with SIA to fundraise from donors to meet these commitments.

Research and thought leadership

Culture&'s 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

Culture& continues to deliver the Reimagining Museums research programme in collaboration with the University of Oxford having secured a £500K research grant (part of a larger grant totalling £5,731,167 awarded to the University’s Ethox Medical Humanities Centre) from Wellcome Trust. Culture& is collaborating with the Ethox Centre at 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& will be investigating ethical disagreements about museum practices in particular the treatment of ancestral human remains, animals, restitution of stolen heritage and who funds museums.

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& 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 17th to early 19th century. As part of the public engagement with the research, Culture& 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 Atlantic Requiem a 40-minute piece of music for full symphony orchestra, chorus and soloists that will be performed by the London Symphony Orchestra in October 2026.

Consultancy

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

Royal Museums Greenwich

Culture& 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.

5

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

City of London Corporation

This project, in its second year, has continued into the present financial year and is expected to complete in the autumn due to various technical and extended governance issues. Culture& 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. The work also involved the commissioning of poets and writers and the production of online resources.

British Library

A major internal evaluation was conducted for the British Library following their exhibition Beyond the Bassline.

Public programmes

The support we have received from Arts Council England will enable Culture& 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, which aims to explore the colonial heritage of the Greenwich World Heritage Site was successfully delivered in Stoke-onTrent at the V&A Wedgwood Collection, Potteries Museum and Art Gallery and at the Queen’s House Royal Museums Greenwich and a major outdoor theatre work called Spirits of the Black Meridian. There has also been a digital walking tour of Greenwich developed in association with Smartify

As mentioned under research, we have commissioned a major work of new music to be premièred at by the London Symphony Orchestra and the BBC Singers in late 20256.

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 there will be an opportunity to apply for a third year of IPSO-T funding since Culture&’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& 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& also received news after the year end that it has been successful in securing a major five-year research grant of £500K from Wellcome (part of a larger multimillion award to Oxford University) 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& that it has not enjoyed for a number of years. The secured core funding will enable Culture& to recruit a number of new posts as well as support core activities for the next two years. In addition, Culture& 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.

6

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

Despite this success the management of the charity is aware of the need to secure unrestricted funding and increase 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&'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& 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, because the underlying financial situation is still pressured, 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.

We have continued, successfully, to work with the Sotheby's Institute of Art secure donors in order to sustain 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.

In July 2025 Arts Council England confirmed they will be extending the National Portfolio Investment Programme for a further year, from 1 April 2027 to 31 March 2028. All 2026/27 National Portfolio Organisations including Culture& as an Investment Principles Support Organisations will be eligible to apply for the 2027/28 extension year. This will be a simple, non-competitive application process, similar to the one used for the 2026/27 extension.

Financial review and reserves policy

In 2024-2025 Culture& Arts and Heritage had total income of £523,320 (2024: £522,021 - restated) and total expenditure of £571,043 (2024: £444,121 – restated). This resulted in a negative net expenditure of £47,723 (2024: £77,900 - restated) - the negative net expenditure being wholly due to spending of restricted funds carried forward from 2324. (Note, the negative Total charity funds at the end of the year were £137,414 (2024: £185,137 - restated) of which restricted funds were £99.647 (2024: £151,355 - restated) and unrestricted funds were £37,767 (2024: £33,782 - restated) Although there have been notable successes in maintaining major funding from Arts Council England and the Wellcome Trust, the charity’s management is aware of the longer-term challenges to achieve financial stability and build up reserves.

7

Culture& Trustees' Annual Report and Financial Statements for the year ended 31 March 2025

*Note: 2023-24 accounts are restated after a further review revealed that expenditure amounting to £10,026 should have been allocated to ACE IPSO grant instead of general funds.

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 £44,000 and £88,000 to meet project cashflow needs and unforeseen expenses or significant shortfalls in anticipated income. The free reserves at the year-end stood at £36,612 (2024: £33,589 – restated *). While this is somewhat lower than the level of reserves expected to be maintained, progress has been made in achieving a slight increase. Steps taken in 24-25 in staff restructuring and investing in dedicated fundraising support will continue in 25-26. A number of applications have been prepared to trusts and foundations to support our core costs and a continuation of the New Museum School programme will significantly improve our balance sheet going forward.

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 the strategic direction of the organisation, research and thought leadership and is also artistic director of the Culture& 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

8

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 2025 as set out on pages 10 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) NfP Accountants Ltd 86-90 Paul Street London EC2A 4NE

Date: 23 December 2025

9

Culture& Arts and Heritage

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

For the year ended 31 March 2025

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
(Restated) (Restated)
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 2,800 440,749 443,549 524 423,850 424,374
Charitable activities 3
Artistic Income 36,964 40,000 76,964 47,157 22,475 69,632
Trading Activities
Sale of Art work - - - 25,653 - 25,653
Investments 2,807 - 2,807 2,362 - 2,362
Total income 42,571 480,749 523,320 75,696 446,325 522,021
Expenditure on:
Raising funds 4 5,115 723 5,838 25,165 3,894 29,059
Charitable activities 4
Research 2,595 60,710 63,305 4,126 8,032 12,158
Public Programme 8,239 283,147 291,386 7,995 186,278 194,273
Education 5,466 187,877 193,343 18,996 186,101 205,097
- -
Consultancy 17,171 17,171 3,534 3,534
Total expenditure 4 38,586 532,457 571,043 59,816 384,305 444,121
Net income / (expenditure) for
the year 3,985 (51,708) (47,723) 15,880 62,020 77,900
Transfers between funds - - - 4,332 (4,332) -
Net movement in funds 3,985 (51,708) (47,723) 20,212 57,688 77,900
Reconciliation of funds:
Total funds brought forward 33,782 151,355 185,137 13,570 93,667 107,237
Total funds carried forward 14 37,767 99,647 137,414 33,782 151,355 185,137
----- End of picture text -----

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.

10

Culture& Arts and Heritage

Company no. 02228599

Balance sheet

As at 31 March 2025

As at 31 March 2025
Note
Fixed assets:
9
Tangible assets		 £ 2025
£
1,155		 £ 2024
£
193
Current assets:
10
Cash at bank and in hand
Debtors		 34,722
126,054		 1,155 125,082
158,885		 193
Liabilities:
11
Creditors: amounts falling due within one year		 160,776
24,517		 283,967
99,023
Net current assets / (liabilities) 136,259 184,944
13
Total net assets / (liabilities)		 137,414 185,137
14
The funds of the charity:
General funds
Restricted income funds
Unrestricted income funds:		 37,767 99,647 33,782 151,355
Total unrestricted funds 37,767 33,782
Total charity funds 137,414 185,137

For the year ending 31 March 2025 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 11 December 2025 and signed on its behalf by:

----- Start of picture text -----
____ - Trustee Name:
----- End of picture text -----

Miranda Lowe CBE _____

11

Culture& Arts and Heritage Statement of cash flows

For the year ended 31 March 2025

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 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
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets		 £
2,807
(1,540)		 £
(47,723)
578
(2,807)
90,360
(74,506)
(34,098)
1,267
(32,831)
158,885
126,054
At 31 March
2025
£
126,054
126,054
At Start of
year
£
158,885
2025		 £
2,362
-
Cashflows
£
(32,831)		 £
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 end of
year
£
126,054
2024

12

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies

a) Company information

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.

13

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

h) Fund accounting

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 1%
Research 11%
Public Programme 51%
Education 34%
Consultancy 3%

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

25% staright

l) Cash at bank and in hand

Cash at bank and cash 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. Cash balances exclude any funds held on behalf of service users.

14

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

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.

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
£
1,608
-
1,192
2,800		 £
-
229,677
211,072
440,749
Restricted		 2025 total
Total
£
1,608
229,677
212,264
443,549		 2024
Total
£
524
235,077
188,773
424,374

Income in 2024 comprised of restricted income of £423,850 and unrestricted income of £524.

3. Income from charitable activities

Artistic income
Fees and earned income
Project specific income
Total income from charitable activities		 Unrestricted
£
36,964
-
36,964		 Restricted
£
-
40,000
40,000		 2025
Total
£
36,964
40,000
76,964		 2024
Total
£
47,157
22,475
69,632

Income in 2024 comprised of unrestricted income of £47,157 and restricted income of £22,475.

15

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

4 Analysis of expenditure

Cost of
raising
funds
£
Staff costs (Note 8)
-
Project Costs
-
Staff travel, Training and other staff c
-
Fundraising consultancy
165
Website
5,508
Marketing
-
Professional outsourced services
-
Insurance
-
Office costs & administrative expense
-
Telephone, IT systems and software
-
Board Expenses
-
Independent examination
-
Rent, rates and utilities
-
Depreciation
-
5,673
Support costs
165
Total expenditure 2025
5,838
Total expenditure 2024
29,059		 Research
£
13,660
34,855
-
-
-
-
10,635
-
-
-
2,365
-
-
-
61,515
1,790
63,305
12,158		 Public
Programme
£
121,442
109,078
1,214
-
-
-
43,582
372
1,505
2,240
21
1,680
2,015
-
283,149
8,237
291,386
194,273		 Education
£
55,856
132,021
-
-
-
-
-
-
-
-
-
-
-
-
187,877
5,466
193,343
205,097		 Consultancy
£
16,686
-
-
-
-
-
-
-
-
-
-
-
-
-
16,686
485
17,171
3,534		 Support
costs
£
-
219
5,459
-
-
-
1,523
1,500
2,270
1,059
778
-
2,757
578
16,143
(16,143)
-
-		 2025
Total
£
207,644
276,173
6,673
165
5,508
-
55,740
1,872
3,775
3,299
3,164
1,680
4,772
578
571,043
()
571,043
444,121		 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

Of the total expenditure, £38,586 was unrestricted (2024: 59,816) and £532,457 was restricted (2024: £384,305).

16

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2025
£
188,679
14,552
4,413
207,644		 2024
£
174,319
13,191
4,037
191,547

No Employee earned more than £60,000 during the year (2024: 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 £89,312 (2024: £66,411). 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 (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

6 Staff numbers

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

Support
Projects		 2025
No.
4.3
1.0
5.3		 2024
No.
3.9
0.9
4.8

17

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

During the year, no trustee was reimbursed for travel expenses (2024: none). Trustees received training on the cost of charity, which totalled £2,359 (2024: 2,673)

None trustees were reimbursed for summer party and food expenses (2024: none)

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.
Grant debtors
Prepayments
Accrued income
Debtors
Cost
Depreciation
Net book value
At the end of the year
At the start of the year
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
Additions in year		 Fixtures/fitt
ings/equip
ment
£
5,317
1,540
6,857
5,124
578
5,702
1,155
193
2025
£
10,874
14,771
9,077
34,722		 Total
£
5,317
1,540
6,857
5,124
578
5,702
1,155
193
2024
£
46,008
69,667
9,407
125,082

10 Debtors

18

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

11 Creditors: amounts falling due within one year

Deferred income (note 12)
Trade creditors
Taxation and social security
Accruals		 2025
£
20,745
(16)
3,788
-
24,517		 2024
£
21,596
4,992
5,460
66,975
99,023

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		 2025
£
66,975
(66,975)
-
-		 2024
£
12,475
(12,475)
66,975
66,975

13 Analysis of net assets between funds

Tangible fixed assets
Tangible fixed assets
Net current assets
Net assets at the start of the year
Net current assets
Net assets at the end of the year		 General
unrestricted
£
1,155
36,612
37,767
General
unrestricted
(Restated)
£
193
33,589
33,782		 £
-
-
-
£
-
-
-
Designated
Designated		 Restricted
£
-
99,647
99,647
Restricted
(Restated)
£
-
151,355
151,355		 £
1,155
136,259
137,414
£
193
184,944
185,137
Total funds
2025
Total funds
2024

19

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

14 Movement in funds

New Museum School
Whose Heritage
Requiem
Feasibility Funding
ACE IPSO
Sotheby Institute of Arts
Antithesis Oxford
Total restricted funds
General funds
14
New Museum School
Whose Heritage
Requiem
Feasibility Funding
ACE IPSO
Total restricted funds
General funds
Culture Box
Unrestricted funds:
Total funds
Sotheby Institute of Arts
Total unrestricted funds
Total funds
Total unrestricted funds
Restricted funds:
Unrestricted funds:
Movement in funds (continued)
Restricted funds:		 At 1 April
2024
(Restated)
£
21,811
12,475
46,784
22,500
47,785
-
-
151,355
33,782
33,782
185,137
At 1 April
2023
£
32,635
-
53,000
-
-
-
8,032
93,667
13,570
13,570
107,237		 Incoming
resources &
gains
£
42,061
-
-
2,500
229,677
106,015
100,496
480,749
42,571
42,571
523,320
Incoming
resources &
gains
£
131,777
12,475
-
22,500
235,076
44,497
-
446,325
75,696
75,696
522,021		 Outgoing
resources &
losses
£
(115,416)
(3,250)
(21,985)
(25,000)
(261,720)
(72,626)
(32,460)
(532,457)
(38,586)
(38,586)
(571,043)
Outgoing
resources &
losses
(Restated)
£
(142,601)
-
(6,216)
-
(187,291)
(44,497)
(3,700)
(384,305)
(59,816)
(59,816)
(444,121)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
Transfers
£
-
-
-
-
-
-
(4,332)
(4,332)
4,332
4,332
-		 At 31
March
2025
£
(51,544)
9,225
24,799
-
15,742
33,389
68,036
99,647
37,767
37,767
137,414
At 31
March
2024
(Restated)
£
21,811
12,475
46,784
22,500
47,785
-
-
151,355
33,782
33,782
185,137

Transfers include:

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

20

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

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. The negative balance at the end of the year arose as a result of overspend during the programme which will be covered par tl y by unrestricted grants and partly by own funds in 2025-26 financial year when this programme ends.

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.

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 by the London Symphony Orchestra at St Luke's Concert Hall in the City of London in October 2026.

Feasibility Funding

A s 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 's

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

Antithes e s Oxford

Funded by a grant from The Wellcome Trust, and run through a partnership agreement with the lead organisation (The Chancellor Masters and Scholars of the University of Oxford), ‘Antithes e s’ is a Discovery Platform for Transformative Inclusivity in Ethics and Humanities Research.

21

Culture& Arts and Heritage Notes to the financial statements

For the year ended 31 March 2025

15 Prior year adjustment

During 2023-24, expenditure amounting to £10,026 should have been allocated to ACE IPSO grant instead of general funds. This has been rectified and has the following effect on the balances as at 1 April 2024

Restricted funds:
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
ACE IPSO		 At the start
of the year
£
57,811
57,811
23,756
23,756		 Prior year
adjustment
£
(10,026)
(10,026)
10,026
10,026		 Restated
opening
funds
£
47,785
47,785
33,782
33,782

16 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

22