Registered Nuinber.. 07007198 Charity Registration Number.. 1136495 o space A SPACE.. GROWING CREA TIVE COMMUNITIES L TD (A company limited byguarantee) ANNUAL REPORTAND UNAUDITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31" MARCH 2024 Registered Office Address.. God's House Tower, Town Quay Road, Southampton, England, SO142NY
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Table of Contents Reference and Administrative Details......................................................... Chair's Statement. Trustees Report. Accountants Report............................... .17 Independent Examiner's Report....................................................................................18 Statement of Financial Activities...................................................................................20 Balance Sheet...............................,.. .22 Notes to the FinanciaL Statements .24
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) Reference and Administrative Details Chair Annie Reilly Marilyn Scott (resigned 31. March 2024} Deputy Chair Sophia Mirchandani Treasurer Trustees Zoe Grant Dan Matthews Victoria Orba Henry Pavey (appointed 29" February 2024) Helen Keall (appointed 26" March 2024) th Michelle Kirwan {appointed 4 March 2024} Chief executive officer Daniel Crow Principal Office God's House Tower Town Quay Road Southampton S014 2NY Company Registration Number 07007198 Charity Registration Number 1136495 Accountants Cloud Eleven Accountants Palamos House, 66-67 High Street. Lymington, Hampshire, S0419AL Independent Examiners Tee Accounts TIA On The Spot RosehiLI House, PL26 7BA
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 31" MARCH 2024 The chair presents her statement for the year. This has been a year of many successes for'a space. In addition to ourfunding from Arts Council England and Southampton Forward we were delighted to receive a grant from National Lottery Heritage Fund. Given the current economic cLimate and the highly competitive fundraising context, this tripartite core funding provides an essential core of financial stability. We are very grateful to them all fortheir ongoing support. This was also the firstyear of implementing our Business Plan. The team have worked smartly and seen promising results in most areas. The cultural programme continues to be an exemplar of artistic quality for audiences and comprehensive support for artists. From a stunning immersive exhibition by Bihjan Moosavi and a programme of Lates at God's House Tower, to the Lucky Dip bursary and regular artist one-to-ones with relevant practitioners, the organisation continued to serve audiences and artists with a rich variety of activity across the year. It is important to note. despite these accomplishments, there have been challenges. The externalworLd remains unsettled, with the economy and global events impacting prices, disposable income and our ability to fundraise. Moreover, any first year of a business plan comes with a degree of uncertainty and requires new ways of working. The team have responded to these challenges creatively, demonstrating great agiLity and resilience, balancing efficiency and financial resiLience with our core artistic mission. Behind the scenes. we said a grateful farewell to chair Marilyn Scott and welcomed three new trustees as well as a new deputy and chair. The staff developed and implemented three action plans which articulate our social responsibilities around race equity, access and the climate emergency. On behalf of myfellow trustees, I must pay tribute to Dan Crow and the team. Their hard work. dedication, pragmatism and creativity have ensured that'a space, has continued to be a respected, valued and vibrant organisation, playing a key role in our city's cultural life. We are full of gratitude and admiration for whatthey do and how they do it and we look forward to another year of excellent and dynamic activity. fi LLI Annie Reilly{Chair) Date:
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) TRUSTEE'S REPORT FOR THE YEAR ENDED 31" MARCH 2024 The Trustees presenttheir annual reporttogetherwith the financial statements of A Space: Growing Creative Communities Ltd for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicabLe to charities preparingthe accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 (Effective 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies underthe Companies Act 2006 Istrategic Report and Directors, Report) Regulations 2013 has been omitted. The CEO'S statement: The year up to March 2024 represented year one of a newthree-year business plan designed to increase earned income and develop the business model of our major projects: Gods House Tower (GHT} and the Arches. We are very pleased with the progress we've made to date whilst also recognisingwe still have workto do. after some difficult post-pandemic years itfeels good to be on the frontfoot and building momentum. In 2023124we expanded commercial activities at our award-winning flagship venue GHT. primarily by increasing the amount of private hires alongwith introducingwedding ceremonies and receptions. Income also built from regular daytime cafelbar trade, alongwith an evening economy built around music, live events and extended exhibition openings. In 2024125 we will pursue the potential of these activities and continue to build income and momentum. Striking the right baLance between culturaL and commercial has been an important point for the organisation and is an ethos we will take into future planning. 2023124 was an important year in ourdrive to create a more sustainable organisation which we are delivering on whilst also staging a high-quality, relevant and excitingcuLtural programme; in fact one of the strongest programmes in recent years. There are too many cuLturaL programme highLights to list but a selection of headlines wouLd include. GHT Launched our Art for Climate Action programme headlined by Bijan Moosavi's exhibition GHT 2058, followed bythe fantastic exhibition Fetissoes by KialyTihngangfor Black History Month. The Arches studios welcomed new residents and hosted the busiest Arches Open Studios weekend to date, RIPE grew and retained more talentwithin the city and saw a successful 6th season, whiLst our Artist Resources work evolved and connected experienced arts professionals from outside the citywith Southampton based artists.
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) We are grateful and would like to thank our core funders fortheirsupportfor ourwork, our team, our programme and business development; thank you Arts Council England, National Lottery Heritage Fund and Southampton Forward. Ourteam also evolved across the year. At board Level, we welcomed our new Chair and Deputy alongwith three new trustees who collectively bring their time, skiLLs and experiences to the top of the organisation. The staff team also developed with additionaLfreeLance capacity to support our creative team and the evolution of the GHT managementteam structure. As we look back on the year the organisation feels very proud ofthe exhibitions and events we have staged, and the new ways we are developingthe business... we have a lot more to do. more to offer artists, our audiences and the city.. excitingtimes lay ahead. Background and Founding Projects Established in 2000 with an ethos of 'by artists for8rtists'. the organisation retains an enterprising approach to delivering a project portfolio that meets our aim to supportvisual artists and inspire audier.ces. The organisation has grown since our Chief Executive and founder, DanieL Crow, initiated'a space'arts after graduatingwith a Fine Art degree and was motivated to support emerging artists in Southampton. Since the first gallery in 2002, the organisation has grown incrementally and strategicaLLy across multiple projects, culturally reanimating several buildings in Southampton, becominga registered charity and an Arts Council England {ACEI NationaL Portfolio Organisation {NPOI. Ourfoundation projects (2002- 20121 began with a £500 grant from Hampshire County Councilto open ourfirst gallery space on OLd Northam Road following a period of pop-up exhibitions and temporary studios across the city. In 2004 our work to culturally reanimate heritage sites was initiated with the innovative project ArtVauLts. This utilised 12 medievalvaults around Southampton's Old Town as exhibitions and performance spaces to create a free public trail. This seminal project informed us of the powerful combination of arts and heritage, and opened up a new pathwayfor our growta and development. The Arches studios was established in 2005 with the support of SCC and SEEDA and continues to this day. The project grewfrom one initiaL arch and 7 studios, to utiLise 4 arches and offer studios to 21 artists alongwith an open plan project space. This seminal project established a solid working partnership with the Ioc81 authority and evolved our mission to begin providing affordable studio spaces alongside offering exhibition opportunities. From 2006 and 2012 the Bargate Monument GalLery on the first floorof the Bargate {the former medieval gateway to the Old Town) in the heart of the city centre was our flagship venue. This important chapter in our history raised our profile, broadened our experience, offered artists a high-profile exhibition space and expanded our audiences.
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) These early years included important steps of organisation development including receiving ourfirst major grant from the Esmée Fairbairn Foundation. our first ACE grant, along with becoming a charity and formalising a board of trustees; todays organisation is built upon these solid foundations. Objectives and activities a. Policies and objectives The charity's formaL objective is- To promote. maintain, improve and advance education of the arts forthe benefit of the public, by developing public appreciation and understanding of visual arts and by improving access to, and the quality of the visual arts, primariLy but not exclusively in Southampton and its surrounding area. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, includingthe guidance'PubLic benefit: running a charity {PB2)'. b. Projects and Cultural Highlights God's House Tower (GHTI is our award winning, flagship venue that hosts a changing programme of exhibitions and activities showcasing artistic talent and marginalised stories. Across the year GHT presented a fantastic exhibitions programme that entertained, inspired and intrigued our audiences. Highlights from across year included: An International Women's Day exhibition featuring 100 works presented bywomen artists alL available for sale through a silent auction with proceeds divided between the artists and YeLLow Door {a local charity supportingwomen), The launch of ourArtfor Climate Action programme with the major solo exhibition GHT 2058 by Bijan Moosavi who transformed GHT into a futuristic dystopian climate refugee centre. Climate Action Community projects with exhibitions and events by Harry Meadows, Lizzie Jones and Puppet Back Up showing how art can be a form of powerful peacefuL activism. The third Lucky Dip exhibition where 10 artists were drawn at random and bursaries awarded to make new work and therefore removing barriers for artists appLying for exhibitions.
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) Fetisseos by KiaLyTihngang presented a fabulated history where enslaved Africans return home protected by ritualistic imagined'suits.. Present Tense featuringthe work of four artists, Alec Stevens, Carrie Mason, Joshua Raffell and Suna Imrewho exhibited newworks following the award of a Turning Point bursary. GHT attracts a broad audience from across the region and is becoming a well-loved cultural landmark in Southampton's Old Town. A live events programme of music, led bythe monthly GHT Lates nights alongside regular film screenings offer a programme that caters for a range of tastes. Lates has developed across the year and features three musical acts, street food and access all areas to GHT allowingthe pubic to see the exhibitions by night and access the rooftop to star gaze and enjoyviews across the old town at night. GHT also offers a welcoming cafe and bar with a fantastic menu from Local providers, alongside a shop offering bespoke products by some of the city's leading artists GHT hosts a permanent exhibition 'Stories Behind Tb,e Stones,, that retells its own story and takes the viewer on a journeythrough time as the public ascend the towerto discover a unique rooftop view across the Old Town and Southampton waterfront. The year has also seen a number of business developments at GHT as we build its economy and expand the commercial offer of this unique venue. GHT is a great place to have parties, meetings and events and we have hosted a number of private hires across theyear. To build and broaden GHT'S offer it is now a Licensed weddingvenue and across the year has hosted ceremonies, weddings and receptions for a number of happy coupLes. FolLowing the refurbishment and reopening of this ancient monument GHT received a Royal Institute of British Architecture and SoLent Quality Place awards. RIPE Led by'a space, arts in partnership with Solent University (SU) and Winchester School of Art IWSA), University of Southampton, the RIPE graduate scheme is an ambitious programme of exhibitions, events and residencies atthe Alfred Arcade, the Hidden W8rdrobe and the Alfred Arms on Old Northam Road {ONRI. In 2023the RIPE programme increased its reach and reputation whilst continuingto provide artists and 8udiences a chance to meet and engage with new artworks and new ideas. Highlights from across year included: The fifth anniversary of the RIPE programme was celebrated by an exhibition of short films made by RIPE artists past and present, screened at God's House Tower, bringing the RIPE communitytogether, and atthe Hidden Wardrobe to presentthe works to the public.
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) We hosted the 6th session of RIPE with RIPE Pears supporting a court of 14 artists from our partner universities across two exhibitions Pears #1 and Pears #2. Across both shows the cohort staged excellent exhibitions. some developing work and ideas shown at the degree shows with others making new works - we were very pleased with and proud of the outcomes. A RIPE Live event opened each of the exhibitions with aLlthree buildings beingopened to the public. the Alfred Arcade hostingthe Pears exhibitions, the Alfred Arms hosting live music and the Hidden Wardrobe showing a new exhibition by a RIPE alumni. The Hidden Wardrobe programs ran across the year and supported RIPE alumni with seven artists exhibited in the window bay galleries and talking abouttheir work at public openings. We also hosted an additional exhibition by undergraduates from WinchesterSchooLof Art and their 5-years' time artist collective. In addition, The ZEST Arts Collective continued to growthis yeartoo. ZEST comprises of RIPE alumni and artists drawn from across the city, creating a pathway for development after RIPE. This year, members of ZEST have continued to support the programme by leading critique and mentoring sessions with the new RIPE cohort. They've also been workingon their own Arts Council England (ACE) fundingto independently deliver projects and exhibitions. Arches The Arches studios provide affordable spaces. a supportive creative environment, an all- inclusive monthly payment and 2417 access allowing residents to focus on their practice. Across 21 studios, residents work in a wide variety of mediums including painting, textiles, scuLpture and ceramics, alongwith socially engaged practices, activism. and much more. CoLlectively the residents create a vibrant artistic community. Highlights from across year included: The annual Open Studios weekend showcases the residents collective talents and offers the public a chance to see inside the studios alongwith participating in froe workshops, demonstrations, exhibitions, events and more. The event was attended by over 500 people overthe weekend- a record for Open Studios. This program was full of artist-Led activity includingthe artist curated exhibition and shop. with newworks unveiled, creative ideas tested, workshop and activities delivered to provide a free and inspiringweekend for alLwho attended. This years event included an afternoon of live music from Ioc81 musicians 81ongwith the Southampton Ukulele Jam returningfor a headline Sunday afternoon set. Catering was provided byThe Butcher's Hook's, serving Local craft beer and soft drinks and
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Mamas. Kitchen offering Thai street food, along with Partners in Coff ee serving hot drinks and snacks. Testing Space offered free use of Arch 4 to residents and non-resident artists throughoutthe year and the opportunityto test projects and ideas, etc. Testing Space users were able to use the space for up to 2 weeks at a time for private experimental works orto stage exhibitions with invited peers and the public givingfeedback and response to assistthe artist in developingtheir ideas. Making Space offered 4 artists a free 3-month studio residency with the aim of reducing barriers to accessingstudio space. Barriers are defined broadly and could incLude difficuLt socio-economic circumstances, cultural barriers or physical access needs. Across the year-lcng programme each Making Space artist was offered an obligation free use of Arch 4 and an opportunityto stage an exhibition or event atthe end of the residency. Artist Resources SupportingvisuaL artists is the golden thread that has run through ourworkwith the Artist Resources programme playinga key roLe delivering this and supporting artists. The programme continues to evolve. aligned to feedback from artists and the organisation's resources. Highlights from across year included: Artist One-to-one mentoring was delivered across the yearwith a total of 116 free sessions being offered by our in-house team orthrough a series of GuestArtist Mentors. Since launching in 2018 a popular elementto the programme has been our mentoring sessions where artists can discuss any element of their practice or career. Mentor Mondays- in addition to the regular One-to-one session, Mentor Mondays brought a series of established artists and arts professionals into contact with artists from across the SO postcode. Across the year guest artists included Lara Asole, Lisa Slominski. Rebecca Moss, Taey Lohe, Fatos Ustek, Bijan Moosav and Mark Devereaux. Artist Led Networks- we were ableto fund and support 4 Artist Led Networks to develop co-working techniques and deLiver self-led projects. The groups included Throes of Grief, Critical Exchange, Studios withoutwalls, and People + Place. Artists Voices- supporting artists from within our GHT exhibitions programme to host a public online talk alongside invited guest artists and experts to accompany ourArt for Climate Action Programme with Bijan Moosavi in discussion with Lizzie Jones and Harry Meadows. alongwith a talk linked to our Black History Commission by KialyTihngang in discussion with Ebun Sodipo.
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Infographics: JiJrr',ryi,ariJ ri-. Ikic y,'rar cc,VFthr,'ri'J i.dT lr: .4rrlie5. P,:PE 4,'-.iat Re"oiJrr4a 498 Artists Supported 17P45 Visitors IT'L.d '.JH l 41 r'liL%L alP 116 Mentoring Sessions Hires,Weddings & Live Events 21 Artist Studios BS n-HoLI<¥ 5S .iUSt Yort-If I-:1.L{ kin 21 SLib?Id154 5:., 43 Artworks Exhibited Exhibitions Commissioned Artists iJniDirerLJ I ,YT, 4ictreE triDir[la .JqT 4rche's, Tr1?E oirpn 4r.--e¢ HIFUE ,Jr,# 4rpi>t
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31°, MARCH 2024 The Team We are grateful for the enthusiasm, expertise and commitment of our team and thankthem for their dedication in creating and delivering ourwork. thank you. Byworkforce we mean our team from trustee to volunteer with the current core team consisting of the following members. Board Our current board consists of: Annie ReiLly- Chair Sophia Mirchandani- Deputy Chair Vicki Orba Zoe Grant Dan Matthews Henry Pavey Helen Keall Michelle Kirwan Staff team Our current staff team consists of.. Daniel Crow-chief Executive Kalleesha Mendie- Finance Manager Hanp.ah Preston- GHTVenue Manager Mia Delve- Curator & Programme Manager Anam El Yusaf- Communications Manager EmilyWells- Content Creator James Hunter- Artist Programmes & Communities Officer {Freelance role)- Artist Resource Officer Sam Goodenough- GHT Front of House Manager We have a dedicated GHT Crew (front of house) who work on the front line of our main public venue. whilstthey are not all named here. we value and thank them fortheirwork. 10
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence forthe foreseeable future. Forthis reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regardingthe adoption of the going concern basis can be found in the accounting policies. b. Reserves policy To meet our obligations as a responsible charity. the Board of Trustees has agreed to set the reserve requirement to cover 3 months of total operational costs which WILL cover any temporary cashflow shortfalls. for example, if the charity is awaiting a grant instaLment, or in the worst-case scenario to coverthe costs associated with the charity havingto wind down. At 31 March 2024, the charity has set aside an operational reserve of £177,898. Atthe end of the reporting period 3 months of operationaL costs are equivalentto £137,263 and therefore the current operational resenie is sufficientto cover costs as outlined above. The operational reserve of £177,898 is made up of funding allocated towards a number of areas including a future maintenance fund for God's House Tower {GHTI and our other buildings Ito cover any major internal building repairs), staff costs, and costs towards future exhibitions that have been committed. Every 12 months the Trustees will review the reserves policy and financial position to ascertain if the level of operational reserves held bythe charity IS appropriate and aligned to the operational costs for the financiaLyear ahead. c. Financial performance and position We are pLe8sed with the progress made across the year, and whiLst recognisingwe still have workto do, the activities of our new business pLan are taking us in the desired direction of becoming a more sustainable organisation. 2023124 was the first year of a newthree-year business plan with a focus on expanded commercial activities to increase self-generated income primarily at GHT, baLanced with delivering an exceLlent cultural programme. Growth has been led bythe new provision of weddings, ceremonies and receptions at GHT, an increased number of commercial hires and income from ancillary hospitaLity. Our live music event series'GHT Lates. and campaigns to increase day-to-day cafe and bar sales through 'Hey Neighbour, (with incentives offered to residents in our nearest two postcode areas) have grown. Collectively. this has driven up levels of earned income at GHTto £103,175 in 2023124 which is a 23 % increase from 2022123.
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 ' MARCH 2024 Trustees are pleased with the progress made the firstyear of the new business plan and recognise the steps the staff team have taken to achieve this. The board are monitoring performance to ascertain where further improvements can be made and supportingthe staff team to develop the business. We would like to report that the introduction of the new business plan shows our abilityto pivottowards increased self-generated income through e.g. wedding ceremonies, demonstrates the organisation's character, resilience and entrepreneurialism. The charity made a loss of £134,994 in 2023124 of which £66,677 is attributed to depreciation of GHT and therefore an underlying loss of £68,318 is recorded. This represents an improvement on 2022/2J where the charity made a loss of £322,544 lofwhich £108,695 was depreciation), therefore 2023124 represents a 68% improvement in net income/expenditure on the year 2022123. Trustees continue to be vigilant regarding the overall profitlloss of the organisation and are working alongwith the staff team to ensure we continue improving on this figure aLongwith meeting our charitable obligations and commitments for the local community, Culturally. the charity has delivered over 30 exhibitions, deLivered 116 free one-to-one artist mentoring sessions, and supported a cohort of 14 post-graduates with opportunities to establish their careers. This has been possibLe through a combination of grantfunding and commercial income. Our mission as a visual arts organisation is to support and inspire artists, audiences and communities through an ambitious programme of exhibitions, artist resources, opportunities, and by culturally reanimating Lost spaces with arts and heritage. Please see the Projects and Cultural Highlights section. or our Annual Report for further details. The table and statement {see next page) gives an overview of the incomelexpenditure in 2023/24 and the fund balances. 12
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) Financial erformance table 2023124 Income: Grants and Donations 331,498 Charitable activities: SupportingArtists 34,727 Trad ing activities 130,703 Investments 2,638 Total income 499,566 Expenditure: Raisingfunds: othertrading expenses 85,508 Charitable activities., Supporting Artists 549,053 Total expenditure 634,561 Net incomelexpenditure 2023-24 (134,995} Breakdown of Net income/expenditure 2023-24.. Unrestricted Loss (68,317) - Depreciation (restricted non cash movementJ(66,677) Total funds brought forward from 2022-23 1,504,707 Total funds carried forward into 2024-25 1.369,712 Breakdown of funds: Restricted funds (tangible assets) 1,136,176 Designated funds 177,898 Unrestricted general funds 55,638 Totalfunds 1,369,712
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by gLiarantee) TRUSTEE'S REPORT {continued) FOR THE YEAR ENDED 31°, MARCH 2024 Grantfunding and donations combined make up 66% of the overall income of the charity, as seen in the financial summaryfor 2023124. Grantfunding provides critical supportfor core and project costs which enables us to continue providing opportunities for artists, contributes to our communities, and supports our arts and heritage venues. GHT Capital Costs - restricted grants Restricted funds carried forward at the year-end were £1,136,177 (2023 restated figure of £1,202,854) this is due to the reclassification from designated to restricted funds for the God's House Towerfunding, which can only be used for restricted and granted purposes. These restricted funds have been expended in previous years on the refurbishment and reopening of GHT and therefore are now shown as a restricted grant. GHT is not an assetthat can be transferred or sold, and the organisation cannot raise funds against it. The restricted grantfundingwas raised in orderto restore this historic asset and bring it back into pubLic use. Capital funding is now being amortised in line with depreciation of the asset and in line with the length of the lease. The charity is the guardian of the asset until the lease expires. Unrestricted generalfunds balance atthe end of the year is £55,63912023 £237,201} during the year £113,246 was transferred from generaL unrestricted funds to designated reserves {as per above). Structure, governance and management a. Constitution A Space: Growing Creative Communities is registered as a charitable company limited by guarantee and was set up by a Trust Deed. b. Methods of appointment or election of Trustees The management of the Charitable Company is the responsibility of the Trustees who are eLected and co-opted under the terms of the Trust deed. The charity may by ordinary resolution: Appoint a person who is willingto actto be a Trustee: and determine the rotation in which any additional Trustees are to retire. 14
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) No person, other than a Trustee retiring by rotation, may be appointed a Trustee at any general meeting unless.. 1} he or she is recommended for re-election bythe Trustees. or 2} not Less than fourteen nor more than thirty-five cLear days before the date of the meeting, the charity is given a notice that. al is signed by a member entitled to vote at the meeting. b) states the member's intention to propose the appointment of a person as a Trustee. cl contains the details that, if the person were to be appointed. the charitywould have tofile at Companies House. and dl is signed by the person who is to be proposed to show his or herwiLlingness to be appointed. AIL members who are entitled to receive notice of a general meeting mLJSt be given not less than seven nor more than twenty-eight clear days, notice of any resolution to be put tothe meeting to appoint a Trustee other than a Trustee who is to retire by rotation. The Trustees may appoint a person who is willingto act to be a Trustee. A Trustee appointed by a resolution of the otherTrustees must retire at the next annual general meeting and must not be taken into account in determiningthe Trustees who are to retire by rotation. The appointment of a Trustee, whether by the charity in general meeting or bythe other Trustees, must not cause the number of Trustees to exceed any numberfixed as the maximum number of Trustees. AIL newTrustee appointments are made after careful consideration of the skillset provided by the newTrustee and howthese may help furtherthe Charitable Company's objectives and future strategies. c. Financial risk management The Trustees have assessed the major risks to which the Charitable Company is exposed, in particularthose related to the operations and finances of the CharitabLe Company and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Members, liability The Members of the Charitable Company guarantee to contribute an amount not exceeding £1 to the assets of the Charitable Company in the event of winding up.
A SPACE.. GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Statement of Trustees, responsibilities The Trustees (who are also the directors of the Charitable Companyforthe purposes of company law} are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financialyear. Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affairs of the Charitable Company and of its incoming resources and appLication of resources, including its income and expenditure, forthat period. In preparingthese financial statements, the Trustees are required to: select suitable accounting policies and then applythem consistently; observe the methods and principles of the Charities SORP IFRS 102). make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards (FRS 102) have been followed, subjectto any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume thatthe Charitable CompanywiLI continue in business. The Trustees are responsibLe for keeping adequate accounting records that are sufficientto show and explain the Charitable Company's transactions and disclose with reasonable accuracy at anytime the financial position of the Charitable Company and enable them to ensurethat the financial statements complywith the Companies Act 2006. They are also responsible for safeguarding the assets ofthe Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 28" August 2024 and signed on their behalf by: fr kiiLLI Annie Reilly 16
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) ACCOUNTANT'S REPORT FOR THE YEAR ENDED 31" MARCH 2024 In order to assistyou to fuLfiLyour duties under the Companies Act 2006, we have prepared for your approvalthe accounts ofA SPACE: GROWING CREATIVE COMMUNITIES LTD forthe year ended 31" March 2024 as set out on pages 20 to 22 from the Company's accounting records and from information and expLanations you have given us. As a practising memberfirm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professionaL requirements which are detailed at https-.I/www.¢iccagiobai.comiukJeniGJOLlI-usireguiaiionirulebooK.fillTII This report is made solelyto the charity trustees of A SPACE.. GROWING CREATIVE COMMUNSTIES LTD, as a body, in accordance with the terms of our engagement letter dated th 24 April 2024 Our work has been undertaken soleLyto prepare for your approvalthe accounts ofA SPACE: GROWING CREATIVE COMMUNITIES LTD and state those matters thatwe have agreed to state to the Trustees of A SPACE: GROWING CREATIVE COMMUNITIES LTD as a body in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detaiLed at: -joal/factltl.-16_3-Jan-2_4.pdf htt..11ww.8£Cag1OhaL.C_OM1c0n_teTrtId9mlA¢_CA_G1Qb311Te¢hrn To the fullest extent permitted by law, we do not accept or resume responsibilityto anyone other than A SPACE: GROWING CREATIVE COMMUNITIES LTD and its Board of Trustees as a bodyfor our workfor this report. It is your dutyto ensure thatA SPACE: GROWING CREATIVE COMMUNITIES LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of A SPACE: GROWING CREATIVE COMMUNITIES LTD. You consider that A SPACE: GROWING CREATIVE COMMUNITIES LTD is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review ofthe accounts of A SPACE: GROWING CREATIVE COMMUNITIES LTD. For this reason, we have not verified the accuracy or completeness ofthe accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. 'wJ I LLIS Janice Willis FCCA Cloud Eleven Accountants Trading name of Eleve11 Consulting Ltd
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31" MARCH 2024 Independent examiner's report to the Trustees of A Space: Growing Creative Communities Ltd ('the Charitable Company,) I report to the charity trustees on my examination of the accounts forthe Company for the year ended 31" March 2024. Responsibilities and basis of report As the Trustees of the Charitable Company (and its directors for the purposes of company lawl you are responsible forthe preparation of the accounts in accordancewith the requirements of the Companies Act 20061'the 2006 Act'}. Having satisfied myself that the accounts of the Company are not required to be audited 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 20111.the 2011 Act'l. In carrying out my examination I have followed the Directions given bythe Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement Since the Charitable 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 l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants of England and WaLes IICAEW}, which is one of the listed bodies. I have compLeted my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records. or 3. the accounts do not complywith the accounting requirements of section 396 ofthe 2006 Act otherthan any requirement that the accounts give a'true and fair viewwhich is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. in accordance with the FRS 102. 18
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT (continued) FOR THEYEAR ENDED 31"MARCH 2024 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 understandingof the accounts to be reached. This report is made solelyto the Charitable Company'sTrustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Company's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibilityto anyone other than the CharitabLe Company and the Charitable Company's Trustees as a body, for my work orfor this report. T IS Teresa Rogers BFP FCA Director Tee Accounts Ltd TIA On The Spot 11 ID. I 19
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31" MARCH 2024 Unrestricted funds Restricted funds Total 2024 Note Income and endowments from Donations and legacies Charitable activities Other trading activities Investment income 108,098 34,727 130,703 2,638 223,400 331.498 34,727 130,703 2,638 Total Income: 276,166 223,400 499,S66 Expenditure on Raisingfunds Charitable activities 85,508 375,824 85.508 549.053 173,229 Total Expenditure 461,332 173,229 634.561 Net incomelexpenditure Transfers between funds (185,166) 116,848 (68,318) 50,171 1116,8481 (66,677) (134,995) Net movement in funds (134,99S) Reconciliation of funds Total funds brought forward 301,853 1,202,854 1,504.707 Net movement in funds Total funds carried forward {68,318) {66.677) {134,995) 233,535 1,136,177 1,369,712 20
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (continued)} FOR THE YEAR ENDED 31" MARCH 2024 2023 Unrestricted funds 2023 Restricted funds Total 2023 Prior year Note Income and Endowments from: Donations and legacies Cha ritable activities Other trad ing activities Investment income 135,820 38,938 141,693 960 39,280 175,100 38,938 141.693 960 Total Income 317,411 39,280 356,691 Expenditure on". Raisingfunds Cha ritable Activities 64,738 553,313 64,738 614,497 61,184 Total Expenditure: 618,051 61,184 679,235 Net movement in funds (300,640) (21,904) (322,544) Reconciliation of funds: Total funds brought forward 1,805,347 1300,640) 21,904 (21,9041 1,827,251 (322,5441 Net movement in funds Total funds carried forward 1,504,707 1,504,707 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 24 to 39 form part of these financial statements. 21
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) BALANCE SHEET ASAT 31" MARCH 2024 2023 restated 2024 Note FIXED ASSETS Tangible assets 12 1,172,335 1,172,335 1,298,781 1,298,781 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 2,000 57,218 172,699 231,917 13 50.243 184,096 234,339 CREDITORS: amounts falling due within one year 14 134,5401 {28,413) NETCURRENT ASSETS Total assets less current liabilities 197,377 205,926 1,369,712 1,504,707 Net assets excluding pension asset Total net assets 1,369,712 1,369,712 1,504,707 1,504,707 Funds of the Charity: Restricted incomefunds 16 Unrestricted funds: 16 Designated funds 16 -Generalfunds 16 1,136,176 1,202,854 177,898 55,638 64,652 237,201 Totalfunds TOTAL FUNDS 16 1,369,712 1,369.712 1,504,707 1,504,707 22
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) BALANCE SHEET (continued) ASAT31 ' MARCH 2024 The Charitable Companywas entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the companyto obtain an audit forthe year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowLedge their responsibilities forcomplyingwith the requirements of the Act with respectto accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subjectto the small companies regime. The financial statements were approved and authorised for issue bythe Trustees on 28 August 2024 and signed on their behaLf by: th Annie Reilly (Chair of Trustees) The notes on pages 24to 39 form part of these financial statements. 23
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 1. GENERAL INFORMATION A Space: Growingcreative Communities Ltd is a Charitable Company, Limited by guarantee, registered in England and Wales. The company's registered office address, registered number and charity number are shown below: Registered office address: God's House Tower, Town Quay Road, Southampton. Hampshire, S0142NY. Registered number: 07007198 Charity number: 1136495 2. ACCOUNTING POLICIES Summary of signif icant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. (charities SORP {FRS 102}). They also compLy with the Companies Act 2006 and Charities Act 2011. Basis of preparation ASPACE.. GROWING CREATIVE COMMUNITIES LTD meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unLess otherwise stated in the reLevant accounting policy notes. Going concern The Directors have reviewed the accounts of the charity and recognize that there is a loss for the financialyear, and that fundraisingtargets have not materialized. However. they have approved a new business plan to address these issues and are also satisfied thatthe debtors total is more than creditors. As such, the Directors consider the charity a going concern and have prepared the accounts on this basis. 24
A SPACE: GROWING CREATIVE COMMUNITIES LTD {A company limited by guarantee) Income and endowments All income is recognised once the charity has entitlement to the income, it is probabLe that the income will be received, and the amount of the income receivable can be measured reliabLy. Donations and legacies The term Donations and Legacies is an overall SORP requirementwhich also recognises grants within this classification. Grants are our primary source of income from within the broader SORP definition and accounted for 66¥0 of aLI income received in 2023124 {49 % in 2022123). Of the grant income received in 2023124, 680/0 was restricted and 320/0 was unrestricted. The unrestricted grant was Arts Council England's National Portfolio Organisations (ACE NPO} funding which requires regular reporting and is aligned to pre-agreed outcomes with ACE and is monitored by an assigned ACE relationship manager. As such money is received quarterly upon receipt of satisfactory reporting documents bythe ACE relationship manager. Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the eventthat a donation is subjectto conditions that require a Level of performance by the charity before the charity is entitled to thefunds. the income is deferred and not recognised until eitherthose conditions are fuLly met or the fulfilment of those conditions is wholly within the control of the charity and it is prob8ble thatthese conditions will be fulfilled in the reporting period. Legacies- The charity has no legacies to date. Grants receivable Grants are recognised when the charity has an entitLement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Government Grants Government grants are recognised underthe accrual modeL meaningthat grants relatingto revenue shall be recognised in income on a systematic basis over the periods in which the charity recognises the related costs forwhich the grant is intended to compensate. Expenditure AIL expenditure is recognised once there is a legal or constructive obLigation to that expenditure, it is probabLe settlement is required and the amount can be measured reliably. AIL costs are allocated to the applicabLe expenditure headingthat aggregate similar costs to that category. Where costs cannot be directLy attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis oftime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. 25
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Raising Funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities to raise funds. Charitable Activities Charitable expenditure comprises those costs incurred bythe charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directlyto such activities and those costs of an indirect nature necessaryto supportthem. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs byfloor areas, or per capita, staff costs bythe time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out ID Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable companyfor UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax act 2010 or Section 256 ofthe Taxation of Chargeable Gains Act 1992, to the extentthat such income or gains are applied exclusivelyto charitabLe purposes. Tangible fixed assets Individual fixed assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent impairment losses. This is a policy change from prior years where £1,000 or more were initially recorded. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost of valuation, less any estimated residual value, over their expected economic Life as follows: Asset Class Long-term leasehoLd property Fixtures and fitting Computer Equipment Depreciation method and rate overthe length of the lease 15% reducing balance Straight line over 4 years Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 26
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31°, MARCH 2024 Trade debtors Trade and other debtors are recognized at the settlement amount after any trade discount offered. Prep8yments arevalued at the amount prepaid net of anytrade discounts due. Fund structure Unrestricted income funds are generalfunds that are available for use atthe trustee's discretion in furtherance of the objectives of the charity. Designated funds are personaLised funds set aside for a specific purpose oractivity. Restricted income funds are those donated for use in a particular area orfor specific purposes. the use of which is restricted to that area or purpose Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probabLe that a transferof economic benefit will be required in settLement, and the amount of the settlement can be estimated reLiabLy. Liabilities are recognised atthe amountthat the Charitable Company anticipates itwill pay to settle the debt orthe amount it has received as advanced payments forthe goods or services it must provide. Provisions are measured atthe best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted atthe pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognized in the statement of financial activities as a finance cost. 27
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 3. Income from donations and legacies Unrestricted funds General Restricted funds General Total 2023 Total 2024 Grants 106,840 1,233 25 223,400 330.240 1.233 25 173,520 1,580 Donations Gift Aid 108,098 223.400 331,498 175,100 4. Income from charitable activities Unrestricted funds General Total 2024 Tota( 2023 Arches 31.960 31,960 32,691 Exhibitions 1.560 RIPE 2,767 2.767 2,353 Supporting Artists in Southampton 2,334 34,727 34,727 38,938 28
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 5. Income from other trading activities Unrestricted funds General Total 2024 Total 2023 Income from fundraisingevents 2,533 2.533 163 Income from non-chaTltable trading activities Unrestricted funds General Total 2024 Total 2023 Café income 62.143 62,143 46,886 Shop Income Venue hire 4,086 4,086 27,196 4,503 24,090 8,285 27,196 Admissions 9,750 9,750 Other receipts 24,995 24,995 57,766 128,170 128,170 130,703 141.530 Other trading activities Total 130,703 141,693 6. Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable 2,638 2.638 960 29
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 7. Expenditure on raisingfunds a) Fundraising trading expenses Total 2024 Total 2023 Fundraising b} Other trading expenses Unrestricted Funds 2024 Total 2024 Total 2023 Trading expenses 34,330 34,330 47.875 Start up costs 2,310 2,310 Staff costs 48.868 48,868 16,863 85.508 85,508 64,738 8. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds Restricted Funds Total 2024 Total 2023 Arches 15,883 15,883 2,304 23.128 Artist Resources Exhibitions (inc. in SAS 20241 RIPE 61.672 11,674 41.470 Public Arts Projects SupportingArtists in Southampton 359.941 173.229 533,170 474,249 614,497 375.824 173,229 549,053 30
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31" MARCH 2024 9. Analysis of expenditure by activities Activities undertaken directly Support costs Total 2024 Total 2023 Arches 10,161 5,722 15.883 2,300 Artist Resources 5,550 116 5.666 23,129 Exhibitions linc. in SAS 241 61,673 RIPE 14,873 1.304 16.177 11,675 Public Arts Projects 41,470 SupportingArtists in Southampton 330,214 181,113 511.327 474,249 360,798 188,255 549.053 614.497 31
A SPACE,. GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Analysis of direct costs Arches 2024 Artist Resources 2024 RIPE 2024 Supporting Artists in Southamptonl Exhibitions 2024 Total funds 2024 Total funds 2023 Artist fees 1,518 5,550 3,631 20,549 31,248 74,947 Exhibitions & events 254 5,852 6.106 627 Marketing 377 1,637 13,318 11,043 PAP 3,570 Other costs 415 1,413 1,828 2,530 Staff costs 269,432 269.432 70,007 Activity Costs 1,875 Freelancer 1,433 4,615 8,135 14,183 39.441 Technician Rates, electricity, gas, water 6.418 3,323 12.928 22,669 19,513 10,161 5,550 14,873 330,214 360,798 223,553 32
A SPACE: GROWING CREATIVE COMMUNITIES LTD {A company Limited by guarantee) Analysis of support costs Arches 22024 Artist Resources 2024 RIPE 2024 Supporting Artists in Southarnptonl Exhibitions 2024 Total 2024 Total 2023 Other Costs 50 12.492 12,551 2,169 Staff costs 192,486 Freelancers and technicians 207 207 7,290 Building costs 4,961 562 4,745 10,268 24,866 Rates. electricity, gas, water 12.330 12,330 8.781 Insurance 6,203 6.203 7,177 VAT not reclaimable 11,576 11,576 16,811 Office costs 692 692 2.909 4,293 9.141 Depreciation 126,450 126,450 108,697 Subscriptions 116 1.749 1,865 4,438 Bank charges 60 139 199 183 Governance costs 2,313 2,313 8,906 5,722 116 1304 181,113 188,255 390,945 33
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 10. Independent Examiner's Remuneration Total Total 2024 2023 Fees payable to the Charitable Company's independent examiner for 500 the independent examination of the Charitable Company's annual accounts 3,000 Fees payable for all other accountancy services not included above 11. Trustees remuneration and expenses During the year. no Trustees received any remuneration or other benefits {2023- £NILI. Duringtheyear ended 31. March 2024 no expenseswere reimbursed or paid directlyto Trustees12023- to 3 Trustees), a small gift to the value of £53 was presented to 1 trustee to thank them for their support: Total 2024 Total 2023 Traveu small gift 12. Tangible Fixed Assets Short-term leasehold property Fixtures, Fittings and Equipment Computer Equipment Total COST At beginning ofyear Disoosals 1,375,571 27,922 196.714 1,600.207 Add itions At end of year 1,375,571 27,922 196.714 1,600,207 DEPRECIATION At beginning of year Disposals Chargefor theyear At end of year 166,175 12,791 122.460 301,426 66,678 232,853 2,271 15,062 57,496 179,956 126,446 427,872 NET BOOK VALUES As at 31"March 2024 1,142,718 12,860 16,758 1,172,335 As at 31" March 2023 1,209,396 15.131 74,254 1,298,781 34
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31., MARCH 2024 13. Debtors 2024 2023 Due within one y8ar Trade debtors 11,407 5,125 Other debtors 44,387 44,761 Prepayments 1,424 357 57,218 50,243 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors 3,352 5,427 11,207 1.479 Other taxation and social security Other creditors 3,435 1.363 Accruals and deferred income 26,391 10,300 34,540 28.413 15. Prior year adjustments The comparative figures have been corrected to recognise the value of the Gods House Tower building itse If as a restricted asset. Last year it was recognised within designated f unds. The Trustees believe this is a more accurate reflection of the impact this building has on the funds of the charity. There is no impact on the overall results of the charity. but general unrestricted reserves have been reduced by the value of the building. The effect of this is as follows- Designated reserves for the year ended 2023 have been restated from £1,267.506 to £64.652. General unrestricted funds forthe yearended 2023 have rernained the same at £237,201 Restricted reserves for the year ended 2023 are now restated from £0 to £1.202,854 35
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 16. Restricted reserves Statement of funds- current year Balance at 1"April 2023 restated Balance at31. March 2024 Transfers inlout Income Expenditure Designated Funds Designated GHTsinking fund 64,652 164.6521 177,898 113,246 Operational Reserves Fund 177,898 177,898 64,652 General unrestricted funds General Funds-allfunds Unrestricted Funds 237,201 276,166 1461,3321 3.603 55,638 237,201 276,166 {461,332} 3,603 55,638 Total Unrestricted Funds 301,853 276,166 (461,3321 116,849 233,536 Restricted Funds GHT Fixed asset fund *4¢ 1,202,854 166,678) 1,136,176 Southampton Forward NLHF GHT 106.000 97,137 10,000 6,663 3,600 {106,0001 146.9661 110,0001 16,6631 13,6001 (173,229) 150,1711 RIPE Project Artwork ACE Transition Fund 1,202,854 223,400 (116,8491 1,136,176 Total of Funds 1,504,707 499,566 {634,561} 1,369,712 Duringthe yearthe designated GHT sinkingfund was transferred into an overall operational reseNes fund as per the Trustees report. ** Restated from designated funds in 2023. 36
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company Limited by guarantee) Statement of funds- prioryear Balance at 1°'April 2022 Balance at 31°, March 2023 Transfers inlout Income Expenditure Designated Funds Designated GHT sinking fund 59,962 59,962 4,690 64.652 4.690 64,652 Genèral unr8Stricted Funds General Funds- allfunds Unrestricted Funds 475,847 317.411 1551 ,3671 14,6901 237,201 475,847 535.809 317,411 317,411 1551 ,3671 (551,3671 14,6901 237,201 301,853 Total Unrestricted Funds Restricted Funds GHT Fixed Asset Fund Gods House Tower Refurbishment 1,269.538 166.6841 1,202,854 15.230 {15.2301 15.5001 19.9591 130.4951 1127,8681 Meeting Point Project RIPE Project Public Arts Project 5,500 4,959 11,445 1.291.442 5.000 19,050 39,280 1,202,854 TotaL of Funds 1,827,251 356.691 (679.235} 1,504,707 In 2024, the Trustees made a decision to set aside a minimum of 3 months of operational reseNes to be held as designated. Of the designated reserves, the Trustees will continue to hold a portion for building repairs and future maintenance ofthe Historic God's house Tower and its other properties which it makes available for regular use by local artists. The full sum of designated reserves in 2024 are now called Operational Reserves Fund. 37
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FQR THE YEAR ENDED 31°, MARCH 2024 17. Summary offunds Summary of funds- current year Balance at Balance at 31" March 2024 Transfers inl out 2023 Income Expenditure Designated funds 64,652 113,246 177,898 Generalfunds 237.201 276.166 1461 ,3321 3,603 55,638 Restricted funds 1,202.854 223,400 1173.2291 1116,8491 1,136,176 1,504,707 499,566 (634,561) 1,369.712 Summary offunds- prioryear Balance at 1"April 2022 Balance at 31" March 2023 Transfers in/out Income Expenditure Designated funds 59.962 4.690 64.652 Generalfunds 475,847 317.411 1551,3671 14.6901 237,201 Restricted funds 1,291,442 39,280 1127,8681 (679,235) 1,202,854 1,827,251 356,691 1,504,707 38
,4 SDACE: G,'qOVVI,NG Cg-AT,,II= COI4,,YUINITlcS I TD IA COiTP9n 3Liarantge) 18. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted Funds General 2024 Total Funds 2024 Tangible fixed assets 1,172,335 1,172,335 Current assets 231,917 231.917 Current Liabilities 134,5401 134,5401 Total net assets 1,369.712 1,369,712 AnaLysis of net assets between funds- prior year Unrestricted Funds General 2023 Total Funds 2023 Tangible fixed assets Current assets Current Liabilities 1,298,781 234,339 128,4131 1,298,781 234,339 128,4131 Total net assets 1,504,707 1,504,707 These notes do notform part of the financial statements. 39