Springhead Trust Limited Annual Report and Financial Statements 2023 Springhead A rural centre for creats.ve and sustainable living The Springhead Trust Limited (A Charltable Company Limited by Guarantee) Annual Report & Financial Statements Financial Year Ended 31° December 2023 Registered Charity Number. 1112083 Company Registration Number: 5370640 Springhead Trust Limited Annual Report and Ftnancial Statements 2023 CONTENTS Objectives and Actmtles B*wund to The S￿￿￿heart Trust Pubfic Benefft Prin¢ipal khiovwrnnts o121)23 Continuing Impa(X ￿ Covb>19 Pandemic Capital Works Prrtscbng and CcMse￿iry tr* Nabjwa ENrl￿Ment Crxnmunty Use and ￿[￿￿1 Cons8Ning Bu￿￿1r￿JS (>(wds Our SupFQrte st8ffirwJ Daparn1￿5 Arrivals PEans for 2Q24 aTh1 BeyThKI FUE￿￿lSing Staffing Leami 10 martel.ng Structure. Governance and Il￿gement Govenwng Dwn*nt Thè Board of Directors 10 10 10 10 Boar(S of DireiknT5 IrMlu(aion 10 mana￿￿Ent Commrttee Risk Management 11 11 Fonancial Managen*rt and Rep)rting Review d FinarKial Statements 11 11 Reserves PIAIGY Investsnenl Pdicy ststement of Diredots. Resp¢￿￿1￿85 RerKJrting A(x)wntanYs Stalement Financial Stat•m•nts 11 11 12 13 Stalement of financi￿ activtty Balance Sheei as of 31 De¢￿b￿ 20T3 14 15 16-21 Springhead Trust Limited Annual Report and Financial Statements 2023 Annual Report and Financial Statements 2023 INTRODUCTORY NOTE The Directors present tsir annual rewrt for the year ended 31 December 2023. As The Springhead Tmst Limtled is a reg￿tered charity and ¢>Mipany. this slalutw Directors. Report also serves a5 the Twstees'AnnLFal ReporL REFERENCE AND ADMINISTRATION INFORMATION Charity Name.. The Springhead Trust L￿Tr[ted Chartty Registration Number. 1112083 Company regk8tratk)n number. 5370640 Registered offi￿: Springhead Mill Street Fontmell Magna Shaftesbury SP7 ONU Telephone Number Email.. Web site.. 01747 811853 or dtrus Trustees l Directo￿. Nikolaus B(yJlling (Chair) appointed lan s￿￿t appointed Lee Smith (Treasurer) appointed Kate Partridge appointed Jlian Richards appoinled Wai Man Cheung appointed Maithew House appointed 01.01.2006 01.01.2006 11.12.2008 04.10.2016 11.03.2023 11.03.2023 28.092023 JointTrust Managers nna PcK)le Jnathan PirKler Bankers.. CAF Bank PO Box 289 West Malliryj Kent ME194TA Solicitors.. Madachlans SolKitors 2 Salisbury Street Shaftesbury Dorset SP7 8EJ Reporting Accountants: Yuval Salomi FCCA Avencia Tax and Accx)untancy Ltd 13a Mill Lane. Wimbome, BH21 1LN Springhead Trust Limited Annual Report and Financial Statements 2023 OBJECTIVES AND ACTivmES BACKGROUND TO THE SPRINGHEAD TRUST The Springhead Trust was est*Aished by Ihe family of the late Rolf and Marabel Gardinèr to preserve and make accessible to the public Springw's buildings and gardens, and lo promote public awareness of Rolf Gardiner's pioneering work as an organic famEr. forester and e(x)logisL From the early 1930s. Gardiner. one of Ihe foundiro members of the Soil Associakn"on, farrned the Springhead estate on striGI organic line5. He ￿anted a large area of mixed woodland on the dowms to the north of Springhead- some 3 million trees in a perioj of 12 years - against the prevailing fashion for conrfer favoured by the Foreslry Commi5SKTrll. Springhead is mentioned in the Domesday Book as UpFer PKIll. Fontmell Magna. The propety. a duster of fomier fami and mill buiklings listwj by Historic England as ￿Ing of historical and architectural interest. is set beside a lake fomied of the original rnill pond. The lake is fed by seven springs that bubble oul tfv)ugh the greensand under the surrounding North Dorset chalk downland. The lake i8 bor(lered by Springhead's iniresque gardens. sin￿ 1973, when the Trust was set up. Springhead has operated as a venue for environmertsl education, especialty for sthool groups. for arts and culttjral actsviti8s and other ￿m[nUnIty uses. In 2006, The sPringhe￿ Trust Limite(I took over the running of these acttvilies from the former unincorpordted charity, The Sprtnghead TrusL In Marth 2017. The Springhead Trust, which previousty held leases on various parls of the Springhead property, Was wound up in favour of The Springhead Trust Limtted. the freehold propety having been transferred lo the Charitsble Company in November 2616 on the dealh of Rosalind Richards, Rdf and Marabel Gardiner's daughter and the last family rnewnLEr to claim the lrfe tenancy of Springhead- for fvr- ther infortnation. please see www.spnngheadfrust.org.uk MISSION, OBJECTIVES AND ACTIVITIES The Springhead Twsys missh)n Is to en¢xJurage pwle of all ages and bathgrounds to experience and value the rural environmenL ar￿ to leam about the sustsinable usa of natural resources. as well as to preser¥e Springhe*J's bjildings and garderts as a speaal pla￿ for edu(ation ar¥J the enjoyment ofthe arts, music ¢uAure. The objects of the charity. as set out in the MemoraThlum & Artides of Asscxi8tion of the Springhead Trust Limtted. are lo promote andlor support any exclusively charitable purposes or charitable objects ￿ the United KiNJ1c¥n as the Trustees in thew d￿etiOn shall think The Trusys objectives and key areas of are: To advanrs enviriKrnnlal edu(ztTh and p￿rSona thrwgh the delivery of eoutses and hosting day and resNJenbal visits. parli¢￿￿afy far thildren and young people. To promote th& ¢onservalion, proteckn and improvement ofthe natural environment by followng Organ￿ principle4 promottng b￿1Versity aThl using renwdble energy ted)nologies. To enable people to enjoy and leam the arts. by stagiry performan￿ in Spring- head's Rotunda open-￿rTheatre and Mill Room. arKI holding exhibilions, (tsn￿rts. workshops and dasses and other parti￿patory events. To give the public optM)rtunities to enpy and leam at Springtr￿ad. through OFen days. volunteering and providing spa￿$ for cTrTrff￿n{ty use. To (y)nserve and enhan￿ the tyjildings and gardens of Springhead forfijlure genera- tions. Springhead Trust Limited Annual Report and Financial Statements 2023 PUBLIC BENEF The Trust's cha¥itable purposes are exclusivety for ts publie be￿fiL Our trustees are fully aware of the Charity Commission's public benefft guklance. We have reviewed our aims, objecllves and activities to ensure thal we cary out our charity's purposes kn the publi¢ benefiL PRINCIPALACHIEVEMENTS OF 2023 cO￿riNU1Nc IMPACT OF THE COVID-19 PANDEMIC As described in our 2021 and 2022 Annual Reports. the Trust suNived the worst impact of the Covid-19 pandemic largely due lo support from various central and k)cal govemmenl recovery funds and donations from a number of grant-awarrfing chartties and private Indiv￿lUals. With Invaluab￿ supFK)rt from the Twsys staff and our growing txyty of vdunteers. during 2023 Springhead continued to Sch￿Ve its miss¢on: to encourage people of all ages and backgrounds to experience and value the ru￿1 en￿r￿ment and to leam atrKKJt the suslainable use of naturdl resources" and to COnse￿e and make accessible our buildings and gardens as a special place for education and enpyment of the arts and rural odbjre. CAPITAL WORKS Due to the continuation of ￿arIouS Covid-19 rec￿ery fun(L* thr￿￿￿1 2021 and the support of other grant-awarding chanties. in 2022 the Trust had ken ab￿ lo complete a number of major ovethauls of the property. These capilal woths fwjsed on.. li) the conversicm of our timber-dad and shingle-roofed garages to f(xm The Bam, an invaluatle fle￿ble outd(x)r workspace: lill the long overdue re-roofing of our historic Mill Building. using a mixture of salvaged t.des on Ihe west slope and matching new hand-made clay tiles on the east sbpe- {iiil the L7Jntinuing development of Springhead's kitchen garden arKJ Oreha￿lS. induding the e￿￿10n of an additional poty-ttjnnel. the creation of new raised beds. and the felling ar￿ lopping of some of Ihe dangerously tsll )plar trees in the North Orchard io ensure the safety of those engaged in restoring the orchard as an a(aivÉty space. ￿th its fruit trees. bird hide and Fthd", and. {ivl at the insistence of the Trust's insurws. Ecdesiasticxl. we were obliged to make adjustrnents to the various raised tim- r walkways in the wcinty of the mill race and the springs, and rehjrbishing the a￿$$ fdmp from the car park to the terrace outsKle the first Drawng Room in the Mill Building. During 2023. th(NJgh essential maintenance was ￿rrIed out on both the buiklings and gardens, no major t￿p1￿[ worts were undertaken. We sought fvnding for a number of projects induding remedial work on the ridge of the tt￿lthed roof of Springhead House and Cottage and rational- ising the electrical heating syslem, rephaong the unreliable night storage heate￿ in the Mill Building. the hub of the Trusfs actsvrti8s, and in the Stab￿s and Fnjit Store. which provide the majorty of the Tnjst's sleeping aec(Knmrxlalion. However. our various funding applirations were unsuccessful and the works were erther handled in a plE￿mea1 manner or had to be de- layed- see P18ns for 2024 & Beyond Ipage 8 bekjwl. EDUCATIONALACTIVITIES In 2022, despite largety p05itsve feedbath on Springhead's le￿ing prDgrdmme for schools, the Board had taken the vtew that it shoukj be independenty re￿iewed. It vras decided that it should be carried out by Lrfeworfds Leaming Liniled. an cwyanisakn.on speaalising in enwronmental ed- u(xtion. The agreed brief was that Springhead's leaming programme should reflect both current tr&nds in environmenlal edut%tion as well as ￿rtaiN stte spectfic frdCtors- Springhe3d's history. its geogrdphic21 locatM)n and Ihe existen￿ of organic covenants on the Trust's land. It was a150 agreed that the Eeaming programme should satisfy the requirernents of visiting schools. helping them lo a¢h￿ve curTi(JJIumvrelated leaming fArtcomes as well as develop swal skills a￿1 frierKlships and enjoy the beneffts of being ervwd in outdoor aclivibes. A major review rneeting Wds held in Odober 2022 at whith il was agreed that the Trust and Lrfe- worfds Leaming Limited would continue to work in partnership in deveknping and further trialling Springhead's bespoke environmental educatK)n programme. On 8° March 2023, the program- me's dedI￿ted website was launthed- see lwvw.1earn4ryikfpringhe￿o￿.uk Springhead Trust Limited Annual Report and Financial Statements 2023 Continuing to work with Lifewodds Leaming Limited, in 2023 Springhead hosted over 500 pupils and 68 teacthers for a total of 2028 days andlor nights, in addtknon promding a¢￿￿rnlKla*i0n for members of staff from Lifeworfds Leaming Limtied for a lotsl of 17 ¢ays andlor nights. The pro- gramme was ted by Joanna Poole and Jonathan Pinder, Swinghead's Joint Trust Managers. to- gether wtth Tracey Dewey, a qualif*d teachirKJ assistant has worked al St Andrews's Pri- mary School. and. on ￿X2S1c￿s, members ofthe Life*i)dds Leaming team. Towards the end ￿ the year. adva￿*￿ bLMJknngs and enquiries about partiC4pation in our leam- ing programme in 2024. using our newty introdu(%d online tx)oking system, were very encour- aging. Ajthough most vistting schcol parties came from priFnary schools in Dorset, others are from neighbouring counties- Hampshire. ￿￿tshire. Sownerset and GIOu￿terShI[e, as well as Oxfc*dshire. 8uckiThJhamslMre. Surrey and etse￿re, indudirKJ Outer LorKlon. In addit￿n to the Trusys. leaming programme for primary school children, Lifew0￿$ Leaming. have proposed expanding Springhead's provision for pupils from secondary schcKJls and making the site available for teachers and others to attend CPD I¢￿tinuOuS professional develDpmenl} programmes for envIr￿mental edwation. PROTECTING CONSERVING THE NATURAL ENVIRONMENT Given that the Springhe8d TnJst was set up to o)mmemorate the work of a P￿neer e￿lOgis￿ ROW Gardiner, and that Springhead has grown and devekjped as a centre for sustainability. range of conserwation activitses took in 2023. includwbg: Sumeys of Fauna.. We (xjntinued to conlribLrte to WeBS. the winripal nakn.onal wetEand bird conservation survey undertaken by the Bribsh Trust for Omithokngy. in ￿lIal￿)ratiOn with the Royal &￿iety forthe P￿tectIoN of 8ird5 arKI the Joint Nattjre COnservat￿n Committee. Ad- dilionally, small infomial suTreys and data ￿llec￿On relating to tmjtterfiies and birds were under- taken with sthool groups using Butterfiy Cowryation's Big Butterfy Count and the RSPB'S Big Garden Bird Count as templates. Tree Work¥. in 2023 vA)rk on Spring￿d.$ trees irKJuded Ihe removal of several ley. landii cypress trees near the garden entrdnce Rmp: lfftng the cnjwn of an oak tree nearthe paFk,' clearing a poplar tree that had fallen in the spring blocknng the track and a deaj pear tree in the east OrL*ard. bolh r2sualties of Novemberfs stomis. Aliemabve Energy. in 2023. the TTusYs array of photrTrvo1ta￿ panels continued lo oper- ale effectivety and prOrrtab￿ both Swinghead and our partners. Energise Shjr Valley Induslri- al & Provident Socaety IESVIPS). Hc￿￿. our Wat￿ turt)ine proved fnjstrdtingly unreliable. The build-up of turbine4ogging weeds aparL the L4ke level sensor on Ihe tUTbine failed in the Sprtng, and wring repairs and the repkcement of the sensor were followed by the actuator fail- ing in August. Various unsucc*ssfiJl attempts to rescAve the problems were made by voluntee and by ESVIPS, leading to the deci%ion to shut down the hydr(weneration system completely on Dec 21st 2023. The erratic ttrfom)ance of the turbine vrds. of course, refiected in the loss to the Trust of access to subsrdised electricty aThY to ESVIPS the k)ss of eaming5 from the s31e of power lo the national grid. The rfrinstslement of Ihe water lurt)ine is an absolute priorrty for 2024. Produclwe Gartlens- huge amounts ofsalad and root vegetables were grown in the PToduclive gardens and poty-lunnels for visrting school groups and gardening volunleer5' lunch- es. Additionally, much produts was frozen. made into soup and otherwise preserve(J for use throughout the Winter. Stdl more. induding prc*ju￿ harvested from Ihe orchards. was tsken to village fetes and other k￿1 galherings. In brief, in 2023 Springhead's gardens. their btodNersty and *tallh of flora and fauna, contin- ued to delight wsitors of all ages" while organic produ￿ from the kitchen garden and orchards made a signtficant contribution to the wel-being of the Twst armj itg visito￿. Springhead Trust Limited Annual Report and Financial Statements 2023 COMMUNITY USE AND ARTS ACT￿￿lEs Visitors to Open Gardens and other events, VrAuntee￿ aThJ community groups who were 8mong those WIM) were able to enjoy Springhead's gardens in 2023 niduded". Open Ga￿n&. wi athlitKJn to and open sws kxated be- veen the Bam and the Dairy Buldings were resto￿1 aThJ the ar8a around and behind them was cleared and lidied.I Acc8ss T￿ck & Carpa￿. for want of grant funding to resurfa￿ the main accesg tra to the rar park. some of the mostiarringty deep potholes were filled by our garden volunteers., and adjustments were made to Ihe fenung between the parking area and Millcreates in an Sprsnghead Trust Limited Annual Report and Financial Statement$ 2023 attempt to improve vehioJlar cirujlation. Garden Maintenan￿. in addition to a host d other garden Maintenan￿ tasks. through- Jt 2023 volunteers Und￿ he(* kw'ng. verge scything arKI pot Ix)le filling aiong trad( arMI carpaJ* OUR SUPPORTERS During 2022 and 2023, in addition to the Trusvs eam￿l inoTh, grants and olher donations to- talling £59,557 and £36,317 were re￿r￿ed from a number of sources induding national and lo- cal govemment fiJrKls. grant-awdrding charibes and private individuals, induding (in alphabetical orderl: The Banister Charilable Tws(' the DCMS Culture Re(#)very Fund for Heritage" Dorset County Council's Hospitaltty Fund- the Edgar Lee Foundation.. the Finnis S¢ott Foundation., the Hilden CharitatAe Fund: Historic England's Covid-19 Emergency Herttage at Rssk Response Fund,. the Historic Houses Fourmlation. the Nineveh Tnrt the V*ntine Charitable Trust The Springhead Tnjst is extremely gratefvl to t￿ tyXI￿ and to otheTS. induding some who have made personal donations and have chctsen to remain anonymous. Going forward. our fundr3Fsing acb"vities will focus on the ¢))mpletton of the Trust's applicakn'on to Ihe National Lottery Herttage Fund for a g￿nt towards the restoration of Springhead's natural and built h￿ltage {see Springhead at Frfly." Organic for a Sustainable Future bdow STAFFING During 2023. Joanna Pocle and J(ffiathan Pinder. who. under the dir8Ctk)n of EdvMrd Parker. had become increasingly involved in Springhead's operats.ons during 2022, assumed cDnlrol in the trapacity of Joint Trust Mangers. While Joanna's responsibilitie5 induded overseeing all op- eralions relating to our visitors, from cleantng and (alering to our learning programmes, Jonathan's activities large]y fr￿used on cTrordinaling the Maintenan￿ of Springhead's buildings and grounds. Wth the Sup[￿ of the Tru5Y5 Administrator, Linda Ga￿er. and a number of other regular part-time members of staff and the growng number of gardening volunteers. Joanna and Jonathan have successfully managed both the site and its various operations. Towards the end of Ihe year Linda announ(xd her intention to leave Springhead - see 2023 Departures below. The pC￿t of part-time Administrator. which was adveTtised locally. generating a huge response, led to the appK)intrnent of Helen Bakèr. Helen fonnedy Mar￿ed Neal's Yard Remedies, the GillinghanFbased intemab.onal Organ￿ body rare preparations manufacturing and retail operation. By ccmnudence, Springhead and Neal's Yard Remedies have long been as- sociated wtth each other. For many years. before the (J)mpany moved from Battersea, in South West London to Dofset's Peacemarsh. Gillingham. Springhead provided a venue for Neal's Yard Remedies, various gatherings arKI worknng weekends, and a kxation for their herb garden and for micro-distilery PTLvJucing essential oils. Hekn will be laknng up her role ￿th Springhead from February 2024. DEPARTURES Linda GavAer, who left the wst of Trust Administrator at the end of 2023, has provided Spring- head ￿th continuty through the last thity years or so. In her quiet. but deierniined. way. she has seen directors. trustees volunteers come and ￿. She has weathered the stomis of new Manageff￿nt systems and the repeated promKse of a finan(xally seojre fubjre for the Trust; and. over tifTbe, she has ahvay5 demonstrated her loyatty to the place and everything It represents. The other maNJr k)ss to Springhead at the end of 2023 was Ihe retirement from the Board of Trustees of Kale Partridge. Kate. who formerfy worked as an enwronmental specialist on irrter- national flsheries policies, had broad eXperieTr￿ of C￿rdinating conferences on enwronmental education and policy. After her retirement to Dorset. Kate be￿rne involved with the Trust as vdunteer. cwgrdinating ihe Friends of spri￿he￿. and helpi￿ to run furKlraising events before becoming a trustee in 2016. Kale made a huge contriblrtion to Springhead. not least to the run- ning of events and actlvittes and ensuring the smrK)th runr￿r￿j of the Trusl a￿1 its meetings. Re- Springhead Trust Limited Annual Report and Financial Statements 2023 alising the ￿ntral importance of Springhead's enwronmental ed￿lion ptrgramme, Kate was al the heart of the Trust's cnllaboration wth Lrfew(*lds Leaming. The Board would like to on r8cord its thanks to both ￿nda 8ThJ Kate for their individual and collective contributions to ensuring the survival and suc(tss of Springhead. will be sorely missed, but it is hoped thal they still stay in touth ￿th the pl￿e, its people and ils projects. ARRIVALS 2023 also saw the arrival of three eminenty well-qualtfjed and local new trustees, thus achieving one of the ambitions for the year. to reinforce the Board, as slated in the 2022Annual ReKM)rt.' Wai Man Cheung has worted in wealth managen*nt for 40 years. He mved to Fontmell Magna 24 years a90 and is a neighbour of the TrusL Fonnety the Chair of a Dorset children's charity and recently a trust￿ of the Beaulieu 100 aub, Wai feeL8 that he would like to help se- cure Springhead for the generations to corne. Matthew House has work&J in the foLhJ industy for very large aThl very small organtsations since the late 1970's. He and his fami￿ moved to DO￿et in 2007 where he has helped manage a number of imaependent businesses. His invdvement with Fontmell Magna indudes his five years as a govemor of StAndrews Primary Sthod. Julian Richards is an arthaeologist, author and e(lucator speciali5iThJ in the prehistory of Britain and with a fong-standing involvement vthh Stonehenge. A graduate of Reading Universtfy, he worked in fiehj research and publication. cixnmerual archaeoiogy aThY English Heritsge be- fore a career change to brOadcastin￿nd educat￿. Julian ha5 present￿ programmes for the BBC TV and Rad￿ 4. More re￿nty. he has been involved in community archaeokngy projects, WOTking with schtK)ts. nrTrbroadrast film makiro aThJ curating museum exhibilk)ns. PLANS FOR 2024 AND BEYOND Priorities for 2024 include: FINANCES INCLUDING FUNDRAISING During 2024, the Trust ￿11 o)ntinue to seek to (X)M￿eMent thè inttjme it gene￿leS from its activities with grants from a variety of Sour￿., from ￿￿traI and fvl government, grant- awarding chartties and private donations. Funding applications will be for ty)ntributions towards core costs and specific prc4ects, ￿pItal WOTks and a¢tivitses. Importanljy. the Trust will seek to restore its depleted reserves. li is a(Lepted that the apF*)inlment of a dedoxted fundrai%er i% an absolute pn(Kty. STAFFING While the Board itsetF needs to be enlarged lo retlecl greater diversity- age, gender and skills or experien￿, wth the appointment of Helen Baker as Administrator. and the renewal of several part-time contacts. stsffing arrangements in 2024 are unlikely to thange radically. though it is recognised that Ihe appointment of a part-time SU￿ESS0r to our rffeviws"Fut)draisiry aThJ De- velopment Manager remains an absolute priority. ACTIVITIES As well as sustaining the normal pr¢yJramme of acb"vilies for visilFng groups during 2024, our pri- orities for capilal works to be undertaken in the year still indude the restoration of the ridge and parts of the thatthed roof of Springhead and the Cottage. aT￿ Ihe cx)nservation of the murals in the painted dining room in Springhead House. These projects apart, during the current year we hope to secure financial support from the National Lottery HÈr[la￿ Fund to undertake a series of surveys and planning exer(xses lo inf￿M fu￿re proieds to restore the natural and built henlage of Springhead. induding: Enhan(xng the blodi￿Sity of.the omamental arKI prrxlucaive gardens. ￿d￿dIng the lake and chalk stream: Springhead Trust Limited Annual Report and Financial Ststements 2023 Refurbishing the irbteri0￿ of the Mill Building, the hub of Ihe Trust's activities, to rneel the Trust's operational needs. induding considering the environmentsl and financial benefits of in- stalling a water SOU￿ pump system to heat the wh(Ae site. maknrvJ the Trust less dependent on fossil fuel- and Further expb)ring the history of the sile. induding its archaeobgy Our plan is to submtt a revised applicalton to Ihe N8li(Thl Lottery Hefitage Fund by the AJJlumn of 2024. for Springhead at 50.. Planning Organic Grnvhh fora Suslainabla FutuTr. our project to restore Springhead's naturdl and built heritage, the 50" anniversary of the fomation of the Trust. LEARNING Capitalising on Sprirtghead's awts. the beauty of ils built and naiural enMrLV)ment. its historical p18ce in the enwronmental movement and its lonwlablished reputstion for delwering its own distinctive leaming programme. during 2024 the Trusl wll (x)ntinue to work in partnership with the environmental educational specialL%ts Lrfeworfd Leaming on the development of our affibi- tious, bespoke. site specific online and outreath leaming programme. Leam with Spi7ngh8ad. as conceiv&J in 2022 and developed aThY further trialled in 2￿￿3. MARKETING Greater emphasis will be put on marketing Springhe*l. its overall offer and s￿C[fiC actswties. Ihrough the website, so(ial media and word of mouih. STRUCTURE. GOVERNANCE AND MANAGEMEP GOVERNING DOCUME The Springhead Trust Limited was incofwrated by warantee on 21 February 2005. It has no share capitsl and is a registered chartty. The guarantee of each member ￿ limited to £1.00. rhe goveming document is the Memorandum énd Albcles of Asswation of the Company. and the Directors of Springhead Tnjst Limtteij are Trustees for the purpose of chaTTty law. The Company vras fomied to take over the a￿1¥1￿$ of the fomier uniTh))rFwdted d*rity. The Springhead Trust was fomially wound up on 10th March 2017.. its remaining funds were transferred to The Springhead Trusl Limited on 23 March 2017 and rts bank accounts were closed. The freehold of the Springhead property, its buhdings and fifteen ai¥es of grounds, had been transferred to the Company in November 2016. THE BOARD OF DIRECTORS The Board of Directors or Tnstees of the Springhead Trust Limited has overall responsibilty for ensuring the effective arKI efficient Operati￿ of the orgarTrisation within charity law and in line th the objects of the charrfable ￿rnpany. During 2023. the Board ofTrustees Manage￿￿￿t Crxnmittee rnet on 10 oc(asions to rev the activittes and finances of the C￿7panY and to ellsU￿ its effedive management and gover- nan￿. Additional meetings were h*1 to address spwfic issues.. Staff contracts,. arrangements for Open Garden and other events, including musical and theatrical performan￿. finances and the letting of cy)ntracts for insuran￿. power supply. etc" hjndraising: and planning issues reEating to a building site direcuy oppostte Springhead's entrance gates. BOARD OF DIRECTORS INDUCTION POLICY The Board uses ils disc¥etion to seleci and invite appropriate people to become Board Members. All new Board Membets are offered an indu(knn to intrcmtuce the INeadth of th8 Company's remit. to explain thew general duties and to ag￿e their spechfic roles. 10 Springhead Trust Limited Annual Report and Financlal Statements 2023 MANAGEMENT COMMrrrEE At a Board meeting in 2010 it was agreed thaL to avoKI timfrconsuming dupltcation, Ihe roles of the former Management Commtttee would be laken over by the Compan￿$ Board, 2nd that key membets of the stsff would be invited to attend Board meetrngs. This practice was continued in 2023. and Board meetings were reguL8rty attended by the Joint Trust Managers (Joanna Poole and Jonathan Pinder) a￿1 by ts Trus¥sAdministrator (Linda Gaw￿r). RISK MANAGEMENT Urwjer the guidantx of the Trusfs Jc4nt mar￿￿. the Bo*d of Direclors assesses the major risks to which the company is expctsed. in particular those relating to the ottrations and finances of the company. Working wllh the Dire(aor and his staff. have daY-t￿daY responsibilty for ensuring Ihe safety and security of the Springhead stte for the benefit of visitors, staff and volunteers. the Board regularty reviews its systems aThl policies to ensure that they mitigate exposure to the major risks. VOLUNTEERS AND FRIENDS The Trust is indebted to the Friends of Springhead and a number of volunteer5 who wntinue to make a major ￿nts1￿m￿￿)n to IM)th the rna1ntenan￿ of the gar￿nS and to the smooth running of the organisation. supporting a variety of futmjraising events staged at Springhead. Special thanks w to the regular team of gardening volunteers who during 2023. under the direction of Jonathan Pinder, continued to ensure Ihat the gardens never failed to impress our visitors. While Richard Choat. Dick Stsiner and others have ￿ntinUallY strb)wn their willingness tr) make themselves available to support the stsff. often at [K>ti￿. FINANCIAL MANAGEMENT AND REPORTING REVIEW OF THE FINANCIAL sTATEME￿[s During 2023 the TNst's gross inrAJme was £168.098 while gross expendilure was £187,711. Of the income, £131.781 was earned frorn Ihe Trust's prinupal activities,. while £36.317 came in the fom of grants from national and local govemment funds, grdnt-avrdrding tharities and private donations- for details. see Financial Statements. pages 14 to 21 bebw. RESERVES POLICY In line with the gUKlan￿ issued by the Charity Comm￿10n, the Board has rewewed the Trust's need for reserves. Factors tsken into accwnl induded the [￿d to cover fluctuations in voluntary income and unforeseen requirements fof capital expervjiture. Historirally, the Board considered it prudent to set the ￿Ve1 of general r￿rVeS at r￿t less than £60.000, which represented appr0￿matelY 5 months unrestrict&J tharitable experNJtlure. G￿"ng forward in 2024 and beyond, this sum has been raised to £75.000. INVESTMENT POLICY Historically. the Springheaj Trust Limrted ￿nerated the majThity of its income fr(xn ils tradiThJ activities, providing facilibes for residenthal arKI non-reskkntial courses for school p8rties and other interest groups, and the staging of W￿lding$ and i)ther events in the gardens. More recentty th8 TTUSt has been fothnate in r￿1vIng supwrt from an intreasing number of grant- awarding charitable trusts. These grdnts have either been lowrards the cost of specffic capital works or adivity projects. The Trust budgets to exTwd all anticipabj irm￿rne. except for retaining a PnKlent amount in reserve each year - see Resefves Policy above. 11 promdes for opitsl expendiknre within the budget or through designated income funds. The fvnds that are not expendable wthin 12-month period of receipt are reseNes and any grants for activitses Ihal are programmed over a k)nger period. Consequenuy, the Board does not wnsider that it is pnjdent lo invesl for a longer tem. The invesiment pdicy is. therefore. to relain funds as cash and place them on bank deposit at the best (thinatrAe Trte. 11 Springhead Trust Limited Annual Report and Financial Statements 2023 STATEMENT OF DIRECTORS. RESPONSIBILITIES Charity law requires the Directors to prepare finanrial statements for eath finanaal year, which give a tnje and fair view of the state cf affairs of the charity and of its financial activities for Ihal peri￿ ar￿ adequately distinguish any material. special trust or other restricted fund of the charity. In preparing those financial ststements. therefore, the Directors are required lo:_ Selec* suitable accounting wlbxs and then ap￿Y them consistenlly. Make judgements and estimates that are reasonable aThJ pru¢Jent State whether the wlioes adopted ale in a(xx)r(lance with the appropriate SORP Accounting Regulations and wrth appr1￿ble a(tA)un1ing standards. subject to any material departureg disdosgj and explained in the finarKaal slatements.. and Prepare ihe financial Statements on the going ￿nCeM basis it is inappropriate to assume that the tharity will (x)nttnue in busirpss. The Directors are responsible for keeping proper accounting records which d¢sclose, wtlh ieasonatAe accuracy at any time, ts financaal kN)sition of ￿ charttable company and enabl8 them lo ensure that the financial statements comply ￿ the Companies Act 20￿. They are respx)nsible for safegLsarrliTV the assets of the charitable o)mpany and hen¢e for tsking responsible steps for Ihe preventK>n and detectK)n of fraud or other irreguL4rities. By Order of the Board VSM(Tll Lee Wint￿tt Smrih Treasurer of the Board 12 Avencia ACCOUNTANTS & BUSIIIESS ADVISORS Springhead Tru*Limited '.Iirrit.ornè. (AchafTtaMe companytirnited byguarantee) INDEPENDENTEXAMINERS REPORT FOR THEWIRENDED31¥tDECEMBER2023 RESPECTIVE RESPONSIBiunESOFfRUSTEEAND EXAMINER Theeh8rity'strusiees Iwhoarealso direetorslof the purposes of company Lawl are responsitile for the preparation of the financial statement5.The chatity'stru*ees considei that an audttis not rèquired for thisyÈ8riJn¢Jer section144121 of the Charities Act 2011(theCharities Actlandthat an ir¢dependent examination isneeded. Havingsatysfied ourselvesthatttjecompany is not sijbject to audit undef charity or CoM￿nY lawaTrd isebgtble lor inclependent examination. it isour responsibilityto.. examinetheaccounts undersection 145oftheCh£ritiesAcL to followthe procedures laddownin thegeneral Direction$￿"¥eAbytheChar1tyCOmmIsSltsn lunder section 145lSllbl of the Charities Act, and to state whether particular matters t￿yeCOMet0 myattentson. BASIS OFINDEPENDENT EXAMINERS IIEPORT Our examination wascarried out in accoFdance withgeneral D1￿ctionS gNen bythe Chartty Cornmission. Anexamination includes a reviewof theaccountingrecordskeptbythe chafrtyanda eompaTison of the accounts presented withthose records. It 8lsoincLudes consideration of any unusualitemsor disclosu in the èceounts and$eekingexplan￿IOnS frorn ttletrusteesconceming anysuch matters. The Procedures undertakendo not provide8tithe evFdence thatwould be[equi￿rt in anauoit. an¢J conseotjeniiy no opinionisgivÈnasto whether the accounts present a'trueandfair. viewanothe report is li¥nited to those mauers set out in the statement ￿(0￿. INDEPENDENT EXAMINER'S STATEMENT In connection with my examtnation. no matter hascome to myauention lotherthan thatdiselosed belo￿) 1. whichg1vesme￿ason3blÈ causeto betievethatin. anymaterial respect.the requirements: to keepaccountingrecordsin accord8ncewithsection 130of the ChaTitiesAct- and to prepare accounts whichaccofilwththeaccDUnting￿C0ros andcomplywiththe accounting req¢Jirements of the ChatFties Act ave not been rnet.or 2. to which. in my oprnion. attentionshould be drawn in orderto enable aproperunderstand¥ng of the accounts to be feached. AVENCIAWANDACCOUP4TANCYLTD Yuval Satomi FCCA .... AveTK.a Tox kcoufbtaticv I IdtJJ *4encia- liÈg steted %Wa*s- Regigterpd nurnbtr 11874718 Regi*lerod at t*e 2Vveèddress- VAT No ?514,' 15 iiegtsiered wlth the ASS(thth)n ol Accountlthg TechnlcLins Springhead TNst Ltd Annual ReFMIrt and Financial Statement 2023 STATEMENT OF FINANCIAL ACTivmES for the year ended 31 December 2023 Totsl 2023 Total 2022 Incoming Resources Incoming ResI)Ur￿ generated from funds Voluntary Income 31.317 59.557 AGliwties for generating fijnds 37.112 62.875 Investment In¢ome 127 88 InLX)rning resour(ks from Charitable ktswties 94.542 106.316 Other Incoming reSOur￿- Roof Project 1.140 Total Incoming resources 163,098 229,976 Resources expended Cost of generating frjnds Cost of generating voluntsry Inco￿ Activities for generab'ng funds costs Investrnent management costs Charitable Acti￿￿e5 Govemance costs Other Resources expended- Roof Project 19,387 26,966 57,787 9 108.219 10 11.501 157,064 10.669 1.834 Total resources eX￿nded 182.711 254.320 Net movement in fund5 -19.613 -24,344 Balances brought fOr￿ard al 1 Jan 2023 1.566,526 1.590.870 Balances urrigd forward at 31 Dec 2023 1.546.913 1,566.526 l activities relate to continuing operations. The company has no recognised gains or k)sses other than the profft or toss f(￿ the ￿rk)d. The notes on pages 16 to 21 foFrn part of these accounts 14 Springhead Trust Ltd Annual Rewwt and Financial statem￿1$ 2023 BALANCE SHEEf AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed Assets Tangible Fixed assets 12 1.607.862 1,603,120 Current Assets Debtors Cash in hand and at bank 13 3.128 11.202 4.723 18.675 14.330 23,398 Liabilities.. Amounts falling due within one year 14 75.279 59,992 NET CURRENT ASSErs 0.949 46.594 TOTAL ASSETS LESS CURRENT LIABIUTIES 1.546,913 1.566.526 NET ASSETS 1.546.913 1.566.526 FUNDS Freehold Propety fund General UN￿st￿Cted fiJrKts Restrieted 1.562.573 -17.410 1.750 1.562.573 -355 4.308 15 16 TOTAL FUNDS 17 1.546.913 1,566,526 Forthe financlal ye8Y ended 31 December 2023 the company was entitled to exemption from audtl under section 477 of the Companw Act 2006 relating to small (XJFnpanies. The members have not required the company to obtain an audit of its a￿nts forthe year in question in accordan(x wth section 476. The directors acknovAedge th8ir responsibilrti8s for comklyTig vAth requirements of the Act with respect lo accounting records and prEparatiC￿ of wxx)unts. The accounts gwe a tnje and far view oflhe state of affairs ofthe LX)mpany as atthe end of the financial year in accordan￿ ¥￿th SeCtK￿ 393. These accounts have been prepared in accordan￿ knith the proNrysN)ns appl￿ble to companies subject to the small companies regime. Signed on behalf of the Board of Directors Lee Smtth Treasurer of the Board Date L￿&￿￿774 I£.￿. J-Lt 15 Springhead Tmst Ltd Amual ReFKJrt and Financial Statement 2023 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES GENERAL 1.1.1 The financial statements have been prepared un(lerthe hIst￿Ical cost convention in accordan￿ with applicable Accounting Slandard and the Charities SORP 2005 {Standafd of Reix)mmend8d PrddA%: "Accounting by Cttaiibes-l. 1.1.2 The tx)mpany is registered for VAT arnl. therefore re£￿Verable VAT (k)es not fo￿ part of the company'5 cosls. 1.1.3 AJI income resources are bfought to the credit of the Statsment of Financial Activthes en they become due and payable. 1.1.4 Expenditwe is charged lo the Stslement of FinarThl actNibes when in(￿rred. TANGIBLE FIXED ASSErs These assets are induded at cost less depreciation. The Board does not envisage any disposal in the foreseeabte fijturwd theref(￿e ￿nSiderS this to be appropriate. DEPRECIATION Tangible fixe(l assets are staled at cost and depreoaled by annual instalments as folk)ws. Freehold Property Fixtures, fittir#Js & furnishings nla 10% redu(xng balanr The Company is exempt from ￿ requirement to prowde a cash Ilow statement on the grounds of its svze. FUND ACCOUNTING General unreslrithd fuThYs (￿MprIse of accvmulated surpluses arKI deficits on general fvnds. arè available for use at the di%cretion of the Board in furtherance of the company's general Charitable objectives. Restricted funds are Created when donations are made for a particular area or purpose, the use of which is restricted to that area or purpose. If part of an unrestri(*ed fund is earn￿rked for a particular project il may be designated as a separate fund. VOLUNTARY INCOME 2023 2022 Semces Donations Grants 12,757 9.217 31.317 59.557 16 Springhead Trust Ltd Annual ReFY)rt and Financial Staternent 2023 NOTES TO THE FINANCIAL STATEMENTS (cont'd) ACTIVITIES FOR GENER4TING FUNDS 2023 2022 Communty Athitses and friends Weddings 4,702 445 37.112 62.875 INVESTMENT INCOME Rental income is receNed from the of a flat at￿ve the offi￿. 2023 2022 Bank Interest 127 88 INCOMING RESOURCES FROM CHARITABLE ACTMTIES 2023 2022 Coufses Springhead House Residential (x)urses arKI hirings Day use Schools educational programmes Chaiitable Events 1.750 37.918 1,060 51.558 14,090 47,835 550 43,475 36 94,542 106,316 COST OF GENERATING VOLUNTARY INCOME 2023 2022 Fundrdising costs Support Costs 700 20,137 26,966 COSTS OF GENERATING FUNDS 2023 2022 Advertising Support Costs 954 787 57.787 43,604 17 Springhead Tmst Ltd Annual Re[￿ and Financial S￿￿ement 2023 NOTES TO THE FINANCIAL sTATEmETr￿s (eA)nVdl INVESTME￿ MANAGEMENT COSTS 2023 2022 SUp￿rt ¢osts CHARITABLE ACTIVtTIES COSTS 2023 2022 charits￿e Events Education￿ ConsJManry Equipment Trdining & safety Licenses and permits Garden Maintenan Catering supplies Cleaning & laundry Advertising and Prornotion Support costs 107 9,447 10,487 445 245 1.498 20,786 11,(h%O 19,465 5,525 350 1,296 9,769 16.212 6.415 108.219 157.064 10 GOVERNANCE COSTS 2023 2022 Accountancy Legal Fee5 Other govemance costs SupFK)rt o)sts 5.162 800 2.954 4,307 2.758 102 11.501 10,669 11.1 SUPPORT COSTS Support Cx)sts are al￿at￿l the basis of staff time as a ￿￿taJe Support cDst Voluntsry Income Generating funds costs Invesknent costs Charitable >vemarK* costs Total 2023 33 26.051 13,814 1,660 1.125 Staff Premises Depreci8tion Offi¢e Costs Travel 11,841 6,279 755 512 39.471 20.931 2.516 1.705 1.579 83 101 78.942 41.861 5.032 3.410 Totsl 19.387 42.650 64.623 129.245 18 Springhead Tnjst Ltd Annual ReFMxi and Financial Statement 2023 NOTES TO THE FINANCIAL STATEMENTS {conYdl 11.2 STAFF COSTS 2023 2022 Salafies Salaries FuThlraising 78,942 120,905 78.942 120,905 The average number of emFAoyees anatysed by fvJnctK)n was: 2023 2022 Fundraising Charitable acbvit TANGIBLE FIXED ASSETS Freehdd Fthjres & Total 2023 Propety Equipment Cost Additions Disposals 1,562.573 72.329 1.634,902 9.774 9.774 31 Dec 2023 1 562 573 82 103 1.644,676 Deprecaation Charge for the year On disposals 31.782 5,032 31.782 5,032 31 Dec 2023 36.814 36.814 Ngt book value 31112123 1 562 573 45.289 1 607 862 Net book value 01101123 1562 573 40547 1603 120 19 Springhead Tfust Ltd Annual Rermyi and Financial Statement 2023 NOTES TO THE FINANCIAL STATEMEKrs {oyJnt'dl 13 DEBTORS 2023 2022 Prepayments Debtors: VAT refurKI A¢￿Junts re¢*Nable 850 1,863 2,010 2.826 302 3,128 4.723 14 LIABILITIES FALLING DUE WITHIN ONE Y&4R 2023 2022 Trade creditors Electriaty creditor Depostts and PayTnents In Harxl Damage Waiver Deposit SocAal security & VA Short Term Loan5 3,874 4,811 12,677 600 994 65,000 9￿) 1,415 45,000 75,279 59.992 15 GENERAL UNRESTRICTED FUNDS ' The bjnds comprise undistributed income and have been and continue to be LÉsed in the ftjrtherance of the Charivs objects. If part of an unrestricted fund is earmarf(ed for a partiojiar project r( may be designat￿1 as 8 separate fund. During 2023 all designated unrestricted funds were utilised forthe relevant purposes as reported in the annual ￿pOrt. 15.1 Development Project Funds Var*)us development projects are in progress or under considerdtion for which costs have been or will be incurred and grants and donations re￿Ned. The costs have been capitslised where the expenditure is de&mwJ to have Im[￿￿ved the eyisb'ng property. Springhead Twst Ltd Annual ReFKKt and Financial Statement 2023 NOTES TO THE FINANCIAL STATEMEirrs {conVd) 16 RESTRICTED FUNDS The final remaining rcrt)f project balan￿ of £2,558 vras transferre(J to the accumulation fund at the 3141 December 2023. At 3151 D￿mber 2023 there byas a reslricted bala￿ of £1.750. This grant can only be used for the future devehjpment cost of a birxliveiw sw relating to the lake area. 17 FUND BALANCES AND MOVEMENTS IN THE YEAR Balances 01 Jan 2023 Income Expendtiure Transfers Baknces 31 Dec 2023 Restricted Funds Roof Project B Whatmore-Biodiversi 1.75 1.75 Freehold Prop Fund 1,562,57 1,562,57 Accumulation Fund -35 163.098 182.711 2.558 -17.410 Total Funds 1,566,526 163.09 182,711 1.546,913 Funds arè represented on the balaThx sheet by: 2023 2022 Fixed assets Net current assets 1.607.862 1.603.120 1.546.913 1,566.526 18 BOARD OF DIRECTORS REMUNERATION No mgmb8r of the Board or related parties re¢eive(J fees or other employments. 21