Springhead Trust Limited Annual Report and Financial Statements 2024 Springhead A rural centre for creative and sustainable living The Springhead Trust Limited (A Charitable Company Limited by Guarantee) Annual Report & Financial Statements Financial Year Ended 31" December 2024 Registered Charity Number. 1112083 Company Registration Number: 5370640
Springhead Trust Limited Annual Report and Financial Statements 2024 CONTENTS Reference and Administrallon Infowmation ObJectlve5 and Activities Background to The Springhead Ttust Mission, Obiectives and ActivKies Publ1¢ Benefft Princlpal Achlevements of 2024 Continulng to meet our MIssn Educalional Activiiies Expanding our Offer OthorActivitles PTOtecling & Conserving Springhead's Bullt & Natural Envlronment Background Planned Woiks Recent Works Dairy Buildlng Altemative Energy Omamentsl & Productive Gardens Community Use & Arts AdlvFties Our Supporters Our Staff Our Trustees Other Volunteers & Friends Plans for 2025 and Beyond Staffing Tnjstees and Other Volunteers Fundraising Capital Works Structure, Governance and Mana9empnt Goveming Documenl The Board of Directors Board of Dlrectors Inductiffl Pollcy Management Committee Risk Managem8nt Financial Management and Reportlng Review of Finanaal Statemertrts 10 10 10 Reserves Policy Investment PolFCy Statement of Directt)rs' Responslbilitles Reportlng Accounlant's Statement Flnancial Statements io 10 10&11 12 statement of financial aclfvlty Balance Sh&t as of 31 December 2024 14 15 Notes to the fu)an¢ial ststements 1&21
Springhead Trust Limited Annual Report and Financial Ststements 2024 Annual Report and Financial Statements 2024 The Directors present their annual report for the year ended 31 Dernber 2024. As The Springhead Trust Limited is a registered charity and company, this statutory Directors, Report also serves as the Trustees, Annual ReFQrt. REFERENCE AND ADMINISYRATION INFORMATION Charity Narne.. The Springhead Ttust Limited Charity Registration Number: 1112083 CoTnpany registration number: 5370640 Registered Office: Springhead Mill Street Fontmell Magna Shaftesbury Dorset SP7 ONU Telephone Number. Email.. Web site.. 01747 811853 Trustees l Directors: Nikolaus Boulting (Chair) appointed lan Scott appointed Lee Smith (Treasurer) appointed Julian Richards appointed 01.01.2006 01.01.2006 11.12.2008 11.03.2023 Twst Managers: Joanna Poole Jonathan Pinder Trust Administrator: Helen Baker Bankers.. CAF Bank PO Box 289 West Malling Kent ME194TA Solicitors. Madachlan Solicitors 2 Salisbury Street Shaflesbury Dorset SP7 8EJ Reporting ACCxntsnts. Yuval Saloml FCCA Avencia Tax and Accountancy Ltd 13a Mill Lane Wimbome Dorset BH21 1LN
Springhead Trust Limited Annual Report and Financlal Statements 2024 OBJECTIVES AND ACTIVITIES BACKGROUND TO THE SPRINGHEAD TRUST The Springhead Trust was established by the family of the late Rolf and Marabel Gardiner to preserve ar7d make accessible to the public Springhead's buildings and gardens. and to promote public awareness of Rolf Gardiner's pioneering wotft as an organic farmer, forester and ecologist. From the early 1930s. Gardiner. one of the founding members of the Soil Associatton, fanned the Springhead estate on strict organic lines. He planted a large area of mixed woodland on the downs to the north of Springhead - some 3 million trees in a period of 12 years- agalnst the prevailing fashion for conlfer favoured by the Forestry Commission. Springhead is mentioned in the Domesday Book as Upper Mill. Fontmèll Magna. The property. a cluster of former fami and mill buildings listed by Historic England as being of historical and architectural Interest, is set beside a lake formed out of the original mill pond. The lake is fed by seven springs that bubble out Ihough the greensand under the surrounding North Dorset chalk downland. The lake is bordered by Springhead's picturesque gardens. Since 1973, when the Trust vrfas set up, Springhead has operated as a venue for environmental educatbn, especially for school groups. for arts and (ltural activtties and other community uses. In 2006, The Springhead Trust Limited took over the running of these activities from the former unincorporated charity, The Springhead Trust. In March 2017, The Springhead Trust, which previously held leases on various parts of the Springhead property, was wound up In favour of The Springhead Trust Limited, the freehold property having been transferred to the Charitable Company in November 2016. following the death of Rosalind Richards. Rolf and Marabel Gardiner's daughter who was the last family member to claim the life tenancy of Springhead - for further information, please see MISSION, OBJECTIVES AND ACTIVITIES The Springhead Trust's misslon is to encourage people of all ages and backgrounds to experience and value the rural environment, and to leam about the sustainable use of natural resources. as well as to preserve Springhead's buildings and gardens as a special pla for education and the enjoyment of the arts. music and rural culture. The objects of the charity, as set out in the Memorandum & Articles of Association of the Springhead Trust Limited. are 'to promote and l or support any exclusively charitable purposes or charitable objects in the United Kingdom as the Trustees in their discretion shall think fit,. The Trust's objectives and key areas of work are: To advance environmental education and personal development through the delivety of courses and hosting of day and residential visits. particularfy for thildren and young people To promote thè nservation. protection 8nd improvement of the natural envlronment follovling organic prfnciples. promoting biodiversty and the use of renewable energy To enable people to enjoy and learn about the arts, by staging performances in Springhead's Rotunda Open-Air Theatre and Mill Room. and holding exhibitions. nrts. VrkShopS and classes and other participatory events To give the public opportunttie5 to enjoy and leam at Springhead, through open days. volunteering and provtding spaces for communty use To conserve and enhance Springhead's buildings and gardens for fijture generatlons. PUBLIC BENEFIT The Twst's chariiable purposes are exclusively for the public benefit. Our truste&s are fully aware of the Charty Commissh)n's public benefit guTrdance. We have reviewed our aims and activities to ensure that we cary out our charitable purposes for Ihe public benefit.
Springhead Trust Limited Annual Report and Financial Statements 2024 PRINCIPAL ACHIEVEMENTS OF 2024 CONTINUING TO MEETQUR MISSION With invaluable support from the Trusl's staff and our growing bcK]y of volunteers, during 2024 Springhead continued to achieve its mission: that is. principally. to encourage people of all ages and backgrounds to experience and value the rural environment. to leam about the sustainable use of natural resources", and to conserve and make aCsSible Springhead's bulldlngs and gardens as a Special place for education and enjoyment of the arts and rural culture. EDUCATIONAL ACTIVITIES Back in 2022, despite largely posttive feedback on Springhead's leaming programme for schools, th8 Board had taken the view that the Trust's environmental education offer should be independenlly reviewed. It was decided that the r9view should be carried out by Llfeworlds Leaming Limited. an organisatKJn specialising in environmental education. The agreed brief was thal Springhead's leaming programme should reflect both current trends in environmental education as well as rtain site-specific factors - Springhead's history, its geographical location, topography. geology, biodiversity and the existen of organic covenants on the Trust's land. It was also agreed that the leaming programme should satisfy requirements of visiting schools, helping them to achieve curriculum-related leaming outcomes, as well as to develop social skills and friendships and enjoy the benefits of being engaged In outdoor activities. A major review meeting was held Én October 2022 at which it wa5 agreed that the Trust and Lrfeworlds Leaming Limited would continue to work in partnership in developing and fvrther trialling Springhead's bespoke environmental edu(xtion programme. On 8 March 2023, the programme's dedicated website had been launched - see www.leamwithspiinghgad.org.uk Durlng 2024. continuing working Lrfeworlds Leaming Lirnited, Springhead hosted 424 pupils from 20 schools. together with 64 teachers and 3 members of Llfeworlds Leaming Limlt- ed's team, for both day and residential courses involving. in all, a totsl of some 1.750 day andlor over-night visits. The programme was led by Joanna Poole and Jonathan Pinder, Springhead's Managers, who were again supported by Tracey Dewey. a pualified teaching assistant who has worked at st Andrews's Primary School, Fontmell Magna. Springhead's team was also support- ed by Sarah King - se6 Plans for 2025 and Beyond below. NJEhough most visiting sch(x)I parties came from primary schools in Dorset. others were from neighbouring southern counties, includ- ing Hampshire. Wittshire. Somerget. Bristol and Oxfordshire,. from Buckinghamshire. Suffey and Kent; and one from Worcestershire. EXPANDING OUR OFFER In addilion to the Trusfs leaming programme for prfmary sch1 children, in their review Lrfeworlds Leaming Limited proposed expanding Springhead's provlsion to pupils from secondary schoo15 and making the site available for teachers and others to attend CPD (continuous professional development) programmes for environmental education. During 2024, vthile some irlroads were made into attracting se(x)ndary school groups to Springhead, tr> date interest in our proposed CPD progr8mmes has been very limited. OTHER ACTIVITIES The Twst's bespoke environmental leaming programtne apart. the activities staged at Springhead during 2024 included the on-going Maintenan of the site, its buildings and grounds. and a range of revenue-generating events including vistting interest groups - walkets and cyclist5. musicians. etc and families: those stsging lakeside weddings and other lebrations and commemoratlons", dramatic and musical performances. lectures. talks and seminars.
Springhead Trust Limited Annual Report and Financial Statements 2024 PROTECTING & CONSERVING SPRINGHEAD'S BUILT & NATURAL ENVIRONMENT BACKGROUND In rent years, helped by the continuation of various Covid-19 recovery funds and the Support of other grant-awarding charities, the Trust was able to complete a number of major overhauls of the propety. both our buildings and grounds. These capttal woths focused on: {1) the conversion of our timber-dad ar shingle-n)ofed garages to form The Bam. an invaluable flexible outdoor workspaGe" {ii) the long overdue re-roofing of our historic Mill Building, using a mixture of salvaged tiles on the west slope and matching new hand-made clay tiles on the east slope. (iii) the continuing development of Springhead's kitchen garden and orchards, including the erection of an additional poly-tunnel, the creation of new raised beds, and the felling and lopping of some of the dangerously tall poplar trees in the North Orchard to ensure the safety of those engaged in restoring the orchard as an activty space. viith its fruil trees. bird hide and pond. and (iv) at the Insisten of the Trust's insurers, Ecclestasti¢al. we made adjustmènts to the varlous raised timber walkways in the viclnty of the mill race and the springg. and refurbished the aGcess ramp from the car park to the terrace Outside the fwst floor Drawing Room in the Mill Building. PLANNED WORK During 2023 and 2024. though essential maintenance was carried out on tjoth the buildings and gardens. no major capital works projects were undertaken. We sought funding for a number of projects. including remedial work on the ridge of the thatched roof of Springh8ad House and Cottage and rationalisation of the electrical heating system, replacing the unreliable night storage heaters in the Mill Building. the hub of thè Trust's activities, and in the Stables and Fruit Store, which provide the majority of the Trust'5 sleeping accommodation. Frustratingly. several of our variotss funding applications were unsuccessful and the works were either handled in a piecemeal manner or had to be delayed - see Plans for 2025 & Beyond below. MAINTENANCE PROJECTS The various minor rna1ntenan projects undertaken in 2024 induded: (i) exlensive bamboo removal and water margin restoration alongside our chalk stream to the west of our sile - these works were infomied by advi from the Wild Trout Trust, and were funded by the Famiing ih Protected Landscapes Fund (FIPL),. (li) river-edge native species planting and hedging restoration to improve the habitat and biodiversity of this unique. valuable. and rare part of our grounds the hope is to build on this project and further broaden the education offer at Springhead to include more about habFtat protection. natural fiood defences and traditional and sustalnable land management around chalk streams" (iii) further reconfiguring of the tlmber walkways and bridges over the springs and mill ra, thereby improving public access to the site and offering greater indusivity to visitors, especially those with additional needs - these works were supported by Defra's AsS for All Fund as part of the support rer£ived by the Trust from the Cranborne Chase National Landscape toam for Wiltshire Council: (iv) making improvements to emergency lighting and sign8ge across the site; (v) upgrading our existing a¢SSIble bathroom facilities to comply with cuent leglslative requirements. and (vi) improving fire safety in the dormitories by ensuring thal the ffi doors comply with current legislative requirements" . (vii) replacing the oil-fired boiler in Springhead House; (viii) recorating the function rooms in the Mill Building; and (ix) beginning the re5toratK)n of the fomier Dairy building as part of a project to Improve the site's visitor facllities. Dairy Building Work on the former Dairy Building means that a previously undèr-used area can now begin to be more effective as an arrival and visitor hub and an addrtional multkfvnctional spats for all of the Trust's charitable activities. This project offers us greater flexibility of site use and will enable grgater community involvement as this area is located next to our carpark and C8n be reached by a permissive path to and from the village and the wider landscape. Like some of the improvements to accossibilty listed above, this first stage of improvements and development We made possible through our SuC$ful application to the Department of Rural Affairs, Access forAII fund.
Springhead Trust Limited Annual Report and Financial Statements 2024 Altemative Energy In 2024, the Trust's awdy of photo-voltaic panels continued to operate effectively, while the eat[C performance of our water turbine resulted in the ci)ntinued loss of Income to the TNst of access to subsidised electricity. and to ESVIPS the loss of eamings from the sale of energy to the national grid. Resolving the operational problems of the water turt)ine is an absolute priority for 2025. Omamental and productive g&trdens Also in 2024. Springhead'5 gardens ntInued to delight visitors of a51 agès and to engage increasing numbers of gardening volunteers., while organi produGe from the kitchen garden and orchards made a significant contribution to the well-being of the Trust and its visitors. COMMUNITY USE AND ARTS ACTIVITIES Events staged in Springhead's gardens and In the Mill Room in 2024 Included: Open Gardens: in addiiion to our February SrK)wdrop Feslival Week . which attracted some 300 visitors, we staged a further three Open Gardens in the summer months, each of them attracting around 150 visitors. Music: in April and Dember 2024, the Mill Room pmvided the venue for concerts by Dorset Rural Music School Choir, and, in August. for a recital by the intemationally- renowned harpist Gwyneth Wents'nk. Talks". archaeologlst Julian Richards, one of Springhead's trustees, organised two, day- long seminars: one focused on current thinking about Stonehenge.. while the other, Grnve Concems, addressed the question of what archaeology teiis us about society's attitude to death and burial Drama. in July. in llaboratIOn with Artsfeach, Springhead, St Andrévls School and Fontmell Magna's Village Hall provided vetlues for the Treehouse The8t'S adventurDUS county-wide, peripatetic, community production. The Shaftesbury Tales. Gsrden of Delights Craft Fair . December saw the return of this pre-christmas Fair. showcasing the work of local craft practitioners. Weddings.. during the year Springhead provided the venue for seven VldingS as well as a number of other lebratOry and commemoratory events OUR SUPPORTERS The Board would like to put on record its thanks to a number of organisations and Individuals who generously provided flnancial support for Sprtnghead during 2024. induding, In alphabetical order: DEFRAS Awards for All and Fanning in Protected Landscapes Fund, the Edgar Lee Foundatlon. the Garfield Weston Foundation. the St James Place Partnership Community Fund and the valentIr Charitable Trust. The Springhead TnJ8t Is 8xtr6mely graleful to these bodles and to others who have made personal donations but have chosen to remain anonymous. OUR STAFF During 2024, Joanna Poole and Jonathan Pinder, the Trusys Manager and Assistant Manager. continued to manage Springhead. the srte and all its operations. Apart from working with Lee Smith, our Treasurer, in matters relating to budgeting and financial managemenl, Joanna's responsibilities included overseeing all operatÉons relating to our visitors: from deaning and catering to organising our learning programmes. While Jonathan's activities largely focusèd on rdlnating the maintenance of Springhead's buildings and grounds. Wth the support of the Trust's newly-appointed Administrator, Helen Baker, and a nurnber of other regular part-time members of staff antl the growing number of gardening volunteeps. throughout 2024 Joanna and Jonathan have successfully manag8d both the slte and its various operations.
Springhead Trust Limited Annual Report and Financial Statements 2024 OUR TRUSTEES 2024 also saw the departutes of two of the thfft emlnently well-qualified and local new trustees who had been appointed to Springhead's Board of Trustees in 2023. Sadly. Wai Man Cheung 8nd Matthew House felt that they could not continue.to dedicate the time roquired to make a significant contribution towards securing the fijture of the Twst. The Board would like to put on record its thanks to both Wai Man and Matthew for their efforts and to express its regret that the timing of their appointments as ttustees militated against their ntInuing active involvement with Springhead. During 2014. the Board of Trustees mel falfa. on six occasions and, virtually, on a further five occasions to revkew the activities and finances of the Company and to ensure its effectlve management and governan. Ad(Jitional meetings involving some trustees and members of staff were held to address specific issues: for example, staff recruitment; arrangements for Open Garden and other events, induding musical arKI theatrical perfOrmans. budgeting, finanS and the letting of contracts for insuran. tK)wer supply, etc", fundraising. planning issues relating to a building site directly opposite Springhead's entrance gates, etc. OUR vOLUrEERs AND FRIENDS The Trust is indebted to the Friends of Sprtnghead and a number of volunteers who continue to make a major contribution to both the maintenance of the gardens and to the smooth running of the organisation, supporting a varFety of fundraising events staged at Springhead. Special thanks go to the regular team of gardening volunteers who during 2024, under the direction of Jonathan Pinder. continued to ensure that the gardens never failed to impress our visitors. PLANS FOR 2025AND BEYOND Priorrties for 2025 indude: STAFFING To relieve Joanna Poole of some of her time-consuming responsibillties, early in 2025 the Springhead's staff team will be joined by Sarah King. Sarah is no stranger to Springhead. In 2024 she supported those delivering our environmental leaming programme. Her principal role will revolve around house-keeping: ensuring that cleaning, laundry and ca*ering are handled efficiently. TRUSTEES & OTHER VOLUNTEERS In seeking to replaco the trustees who re(tntly resigned. Ihe Board is conscious of the fact that it needs to become more diverse. The successful operatlon of Springhead also depends on the involvement of other volunteers. In addibon to those who make such an invaluable contribution to the maintenance of our gardens, it is felt that we should seek to invofve those with a range of interests and professional skills. specifically those famillar with fundraising and social media. FUNDRAISING During 2025, the Trust will cx)ntinue to seek to rx)mplement the income it generates from its activities with grants frn a variety of sources: froni central and local govemment, grant- awarding charities and private donations. Funding appticab.ons will be for fA)ntributions lowards re costs and specific projeGts. (xpttal works and activities. Imw)rtandy, the Trust will seek to restore its depleted reserves. It Is a¢Pted that the appointment of a dedicated fundraiser is an absolute priority. To further release Joanrk? and Jonathan from the time-consuming distraction of having to add fundraising to their already over-subscribed lists of responsibilities. one of the Board's priorities for 2025 will be to seek funding to enable the Trust to appolnt a part-time fijndraiser to lead Springhead's fundraising initiatives. Meanwhile. beeen them, the trustees will have to slep into the breach and devote the time required to seGure grants to cL)mplement Springhead's eamed income.
Springhead Trust Limited Annual Report and Financial Statements 2024 CAPITAL WORKS As well as sustalntng tho nomial programme of activities for vislting groups during 2025, our priorlties for capital works to be undertaken in the year and golng foMard indude; (i) the restoration of the ridge and parts of the thatched roof of Springhead House and the Cottage,. (li) the conservation of the murals in the painted dlnlng room in Springhead House., and (ill) further infrastructural works Including upgrading the surface ol the access track and car parking area. These projects apar( durlng 2025 we hw, at last, to se(xJre financial support from the National Lottery Heritsge Fund to undertake a series of surveys and planning exer¢tses to infom fLrture projects to restore the natural and buitt heritag6 of Springhead. including: Enhancing the biodiversty of the omamental and productive gardens. including rèmoving the bulld-up of sltt in the lake, refulShing th6 tjmber revelment and Improvlng the envlrons of the chalk stream; Refurbishihg thè Interiors of the Mill Building, the hub of th8 TNst's activities, to meet the Tmst's operational needs. induding considering the environmentsl and financial benefit5 of installing a water source pump syst&m to heat the whole stte, making the Trust still less dependent on fossil fuel; and Further exploring the history of the Site. induding its archaeology. Our plan Is to submit a revised application to the National Lottery Hèritage Fund by thè Summer of 2025 for the initial phases of our planning project.. Springhead Revislted.. Planning Organic Growth for a Sustainable Future, our project to restore Springhéad's natural and built horitage. STRUCTURE. GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Springhead Trust Limited was incorporated by guarantee on 21 February 2005. 11 has no share capital and is a registered charity. The guarantee of each member is limited to £1.00. The governing document is the Memorandum and Articles of Association of the Company. and the Directors of Springhead Trust Limited are Trustees of Springhead for the PUTpose of charity law. The Company was fom)ed to take over the actFvitses of the fOrnr unincorporated tharity which had been formed on 1 st March 1973. The Springhead Trust was fomally wound up on 10th March 2017; its remaining funds were transferred to The Springhead Trust Limited on 23 March 2017 and its bank accounts were dosed. The freehold of the Springhead property, its buildings and fifteen acres of grounds, had been transferred to the Company in November 2016. THÈ BOARD OF DIRECTORS The Board of Directors or Trustees of the Springhead Trust Limited has overall responsibility for ensuring the effective and efficient operation of the organisation within charfty law and Sn Ilne with the objects of the charitable company. BOARD OF DIRECTORS INDUCTION POLICY The Board uses its discr8tion to select and invite appropriate people to become Board Members. All new Board Members are offered an induction to Introdu the breadth of the Company's remit, to explain their general duties and to agree their specific roles. MANAGEMENT COMMIThEE At a Board meeting in 2010. it was agreed that. to avoid timewconsuming duplication, the roles of the former Management Committee would be taken over by the Company's Board. and that key members of the staff would be invited to attend Board meetings.
Springhead Trust Limited Annual Report and Financial Statements 2024 RISK MANAGEMENT Under the guidance of the Trusfs Management team. the Board of Directors assesses the major risks to which the company is exposed, in particular those relating to the operations and finances of the company. Worf(ing with the on-site management team who have day-to4ay responsibility for ensuring the safety and security of the Springhead site for the benefit of visitors. staff and volunteers, the Board regularly reviews its systems and policies to ensure that they mitigat8 8xposure to any major risks. FINANCIAL MANAGEMENT AND REPORTING REVIEW OF THE FINANCIAL STATEMENTS During 2024 the Trust's gross income was £185,132. while gross expenditure was £188.748. Of the income. £139.529 was eamed from the Trusys principal activilles: whlle £45,603 came In the form of grants from national and local govemment funds, grant-awarding charities and prlvate donations - for details. see Financi81 Statements, pages 14 to 21 below. RESERVES POLICY In line with *he guidan issued by the Charity Commission. the Board has reviewed the Trust's need for reserves. Factors taken into aG(x)unt induded the need to cover fluctuations in voluntary income and unfOreSn requirements for capital expenditure. Historically. the Board considered it prudent to set the level of general reseNes at not less than £60,000, which represented approximately 5 months unrestricted charitsbie expenditure. Going forward In 2024 and beyond, this sum has been raised to £75.000. INVESTMENT POLICY Historically, the Springhead Trust Limited generated the majority of its Income from its trading activities, providing facilities for residential and non-residential wurses for school parties and other interest groups. and the staging of weddings and other events in the gardens. Mo recently the Trust has been fortunate in receiving support from an increasing number of grant- awarding charitable tnjsts. Thes8 grants have either been towards the cost of specific capltal w0S or activty projects. The Trust budgets to expend all anticipated income. expt for retaining a prudent amount in serve each year - see Reserves Policy above. It provides for capital expenditure within the budget or through designated income funds. The only funds that are not expendable within a 12-mOnth period of reIpl are reserves and any grants for activlties that are programmed over a longer period. Consequently. the Boatd does not consider that it is prudent to invest for a longer term. The investment policy is, therefore, to retain funds as cash and place them on bank deposlt at the best obtainable rale. STATEMENT OF DIRECTORS, RESPONSIBILITIES Charity law requires the Directors to prepare financral statements for each financial year, which give a true and fair view of the state of affairs of the charity and of its financial activities for that period and adequately distinguish any material. special trusl or other restricted fund of the tharity. In preparing those financial statements. therefore. the Directors are required to:. Select sultable accountlng wlicles and then apply thèm consistently. Make judgements and estlmates thal are reasonable and pnjdent; State whether the pollcies adopted are in accordan with the appropriate SORP Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements. and 10
Springhead Trust Limited Annual Report and Financial Statements 2024 Prepare the financial statements on a 'golng concem, basis unless it is inappropriate to assume that the charity will continue in business. The Directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial posttion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responslble for safeguarding the assets of the charitable company and hence for taking responsible Stsps for the prevention and detection of fraud or other iffegularities. By order of the Board L VSMIT Lee Vincent Smith Treasurer to Board
Springheal TNst Linilwj (Admritable company fimitsd byguafarrtee) INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31StDECEMBER 2024 REsPEcTf RESPON8IBIUTIE8 OFTRUSTEE AND EXMINER The charitys trustees (who are also direfAors for the purposes of company law) are responsiblè for ui¥ iiiiaiikni01 Owivi iifiiw. i (IV 411¢4111y è il U>iV¥> ¢•Vll>iU¥I u iai an addli 18 fiol required for thlsyear under 8eGtlon 144 (2) of the Chanties Act 2011 (the Charities Act) and that an independent exarrdnation is needed. Havingsatisfied oursefvesth the company is not subject to audit under Gharfty or company law arKI is efigtble for indepeThlent examinatlon. It is our responsiblt0= vX¢44111I1¥ 4iie aUR&"-dFrseV0fl i uii to follow the procedures laid down in the general Dlrediorks siven bythe Chaiity ComTha&sion (under section 145(5)(b) of the Charities Act. and to state whelheT particular trfjtters have come to try attenlion. BASIS OF INDEPENDENT EXAMINERS REPORT Our examlnallon wa5 carried out ITr accordance with general Directions gwen bythe Charity coMN$S1on. An axamlnatlon Includes a revis of the accounting record8 kept by the charity end a comparison of the accounts presented viththase re¢ord8. It also inGlwJes consideration of any unusual items or thsclosures In the ac%ounts and seekiThJ expknnalions fromthe trustees ¢onGemir¥J any such matters. The procedures undertaken do not provide all the evldence thatwould,be reqred In an atsdi( arn consequertiy no opinlon18gNen asto whether the acUnts present a irue and f.* vith¥ ard the report is kmited to those Thratters sel oirt In the ststemenl bekx. INDEPENDENT EXAMINEn sfATEMENT In conneclion wth rry eXanation, no matter has come to nry attention (otherthan Ihal disdosed low 1. wkich gives me reasonable ¢ause to beleve thatin, any material respect. tlie requirenHts: to keep accounting reconlsln accordan withsecbon 130 of the Charities ACL. and to prepare accounts which accord with theaccounting records arKI comply wlth the accouming requirents of the Charities A have not been met or 2. to whlch. in my opirion, attenlion should be drawn In order to enakAe a proper understanrfiro of the accounts to be reached. ARTEMA UMITED Yuval Saloml FCCA .. ARTEMA Goal Centred Accounting 014ZS 470044 InfoeartelrA 11 la K5 Lv Fkmpshlr4 BH24 IEL
Springhead Trust Ltd Annual Report and Financial Statement 2024 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024 Notes Total 2024 rotal 2023 Incomlng ResourGe5 Incoming Resources generated from funds Voluntary Income 45,603 31,277 Activities for generating funds 39,739 37,152 Investment Income 429 127 Incoming resources from Charitable Activities 93,484 94,542 other Incoming resources - DEFRA Project 5.877 Total Incomlng resources 185.132 163,09B Resources expended Cost of generating funds Cost Df generatlng voluntary income Activities for generating funds costs Investment management CA)sts Charitable Activities Govemance costs Other Resources expended - DEFRA Project 20.172 45.974 19,387 43,604 111,798 7,035 3.769 108,219 11,501 10 Total resources expended 188.748 182,711 Net movement in funds -3.616 -19,613 Balances brought forward at 1 Jan 2024 1,546.913 1.566,526 Balances carried forward at 31 Dec 2024 1.543,297 1.546,913 All activities relate to continuing operations. The company has no reGognised gains or losses other than the profit or loss for the period. The notes on pages 16 to 21 fomi part of these accounts
Springhead Trust Ltd Annual Report and Financial Statements 2024 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed Assets Tangible Fixed assets 12 1.607,246 1,607,862 Current Assets Debtors Cash in hand and at bank 13 7,670 18,200 3,128 11.202 25.870 14.330 Liabilitles.. Amounts falling due within one year 14 89.819 75,279 NET CURRENT ASSETS .-63.949 -60,949 TOTAL ASSETS LESS CURRENT LIABILITIES 1.543,297 1,546.913 NET ASSETS 1.543.297 1,546,913 FUNDS Freehold Property fund General unrestricted funds Restricted 1,562,573 -22.354 3.078 1.562,573 -17,410 1,750 15 16 TOTAL FUNDS 17 1.543.297 1.546.913 For the financial year ended 31 Dember 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year In question in accordance with section 476. The directors acknowledge their responsibilities for complytng with requirements of the Act with respect to accounting records and preparation of accounts. The accounts give a true and fair view of the state of affairs of the company as at the end of the financial yaar in accordan with section 393. These accounts have been prepared in accordance with the provisrons applicable to companles subject to the small companies regime. Signed on behalf of the Boarfj of Directors Lee Smlth Treasurèr of the Board Date 2£ 10.L(a LrfsniTH
Springhead Trust Ltd Annual Report and Financial Statemenl 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES GENERAL 1.1.1 The financial statements have been prepared under the historical (x)st convention in accordance with applicable Ac(x)unting Standard and the Charities SORP 20051Standard of Recommended Practi. 'Accounting by Charities.). 1.1.2 The company is registered for VAT and. therefore recoverable VAT does not form part of the companvs costs. 1.1.3 All income resources are brought to the credit of the Statement of Financial Activities when they become due and payable. 1.1.4 Expenditure 15 charged to the Statement of Financi81 aclivities when incurred. TANGIBLE FIXED ASSETS These assets are included at cost less depreciation. The Board does nol envisage any disposal in the foreseeable future and therefore considers this to be appropriaté. DEPRECIATION Tangible fixed assets are stated at cost and are depreciated by annual instalments as follows. Freehold Property Fixtures, fittings & fumishings nla 10% reducing balance The Company is exempt from the requirement to provide a cash flow statement on the grounds of its size. FUND ACCOUNTING General unrestricted funds comprise of accumulated surpluses and deficits on general funds. They are awailable for use at the discretion of the Board in furtherance of the cornpany's general chariiable objectives. Reslricfed funds are ¢ated 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 unrestricted fund is earmarked for a particular project li may be designated as a separate fund. VOLUNTARY INCOME 2024 2023 Donations Grants 11,903 12,757 45,603 31,277
Springhead Trust Ltd Annual Report and Financial Statement 2024 NOTES TO THE FINANCIAL STATEMENTS {cont'd) ACTIVITIES FOR GENERATING FUNDS 2024 2023 Communwty Activities and friends Gallery Rent Weddings 3.924 330 4,742 41 37,152 39,739 INVESTMENT INCOME 2024 2023 Bank Interest 27 127 429 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES 2024 2023 Courses Springhead House Residenllal courses and hirings Day use Schools educational progtatnmes Charftable Events 1,750 37.918 1,060 51,558 34,945 2,325 52,498 71 93,484 94.542 COST OF GENERATING VOLUNTARY INCOME 2024 2023 Fundraising costs Support Costs 20,172 20,137 COSTS OF GENERATING FUNDS 2024 2023 Advertising Support Costs 1,597 954 45,974 43.604
Springhead Trust Ltd Annual Report and Financial Statement 2024 NOTES TO THE FINANCIAL STATEMENTS (cont'd) INVESTMENT MANAGEMENT COSTS 2024 2023 Support costs CHARITABLE ACTIVITIES COSTS 2024 2023 Charstable Events Educatlonal Consultancy Equipment Training and safety Licenses and pemits Garden Maintenance Catering Cleaning and laundry Advertising and Promotion Support costs 150 9.383 368 196 2.511 13.359 12.404 6.191 107 9,447 350 1.296 9,769 16.212 6,415 111,798 108,219 10 GOVERNANCE COSTS 2024 2023 Audit and accountancy Legal Fees Health and Safety Support costs 3,174 416 756 689 7,035 5,962 2,954 11,501 11.1 SUPPORT COSTS gupport costs are allocated on the basis of staff time as a percentage Support cost type Voluntary Income cost Generating funds costs Investment Costs Charttable Activities costs Govemance costs Total 2024 15 12,059 6,642 745 726 33 26,529 14,612 1.638 1.598 50 40,195 22.139 2,482 2,420 Staff Premises Depreciation Office costs Travel 1,608 885 99 97 80,391 44,278 4.964 4,841 Total 20,172 44.377 67.236 2,689 134.474
Springhead Trust Ltd Annual Report and Financial Statement 2024 NOTES TO THE FINANCIAL STATEMENTS (cont'd) 11.2 STAFF COSTS 2024 2023 Salaries Salaries Fundrdising 80,391 78.942 80,391 78,942 The average number of employees analyEed by function was: 2024 2023 Fundraising Charitable activities 12 TANGIBLE FIXED ASSETS Freehold Fixtures & Total 2024 Propety Equlpment Cost Addltions Disposa15 1.562,573 82,103 1.644.676 4.348 31 Dec 2024 1562 573 86 451 1649 024 Depreciation Charge for the year On disposals 36.814 4.964 36,814 4.964 31 Dec 2024 Net book value 31112124 1562 573 44,673 1.607,246 Net book value 01101124 1562 573 45.289 1607 862
Springhead Trust Ltd Annual Report and Financial Statement 2024 NOTES TO THE FINANCIAL STATEME[5 (cont'd) 13 DEBTORS 2024 2023 Prepayments Debtors: VAT refund Accounts receivable 3.412 4.258 2,826 302 7,670 3,128 14 LIABILITIES FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Electricity Greditor Deposits and Payments In Hand Damage Waiver Deposit Social securty & VAT Short Term Loans 829 3,137 3,874 4,811 600 994 65,000 853 85,000 89,819 75,279 15 GENERAL UNRESTRICTED FUNDS The funds comprise undistributed in(xJme and. have been and continue to be used in the furtherance of the Charitys objects. If part of an unrestricted fvnd is eamiarked for a particular project il may be designated as a separate fund. During 2024 all designated unrestricted funds were utilised for the Televant purposes as reported in the annual report. 15.1 Development Project Funds Various development projects are in progress or under considerauon for which StS have been or will be inCued and grants and donations received. The costs have been capitalised where the expenditure is deemed to have improved Ihe existtng property.
Springhead Trust Ltd Annual Report and Financial Statement 2024 NOTES TO THE FINANCIAL STATEMENTS ((x)nt'd) 16 RESTRICTED FUNDS At 3181 Dember 2024 there YNas a restricted balance of £1.750. This grant can only be used for the future development cost of a biodiversity study relaling to the lake area. In the year ended 315t December 2024 £5.097 was fundraised for the DEFRA Project £3.769 of expenditure was incurred during the year ended 3151 December 2024. The remaining balance of £1,328 was restricled at 316t December 2024. 17 FUND BALANCES AND MOVEMENTS IN THE YEAR Balances 01 Jan 2024 Income Expend5ture Transfers Balances 31 Dec 2024 Restrided Funds B Whatmore-Biodiversity DEFRA Project 1,750 1,75 1,32 1.328 Freehold Property Fund 1,562.573 1.582,57 Accumulation Fund -17.410 185.13 188.748 -1.328 -22,3 Total Funds 1,546,913 185.132 188,748 1.543,297 Funds are represented on the balance sheet by: 2024 2023 Fixèd assets Net current assets 1.607.246 1,607.862 1.543.297 1,546.913 18 BOARD OF DIRECTORS REMUNERATION No member of the Board or related parties reiVed fees or other employments.