Registered Number: 07007198 Charity Registration Number: 1136495 a space arts A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered Office Address: God's House Tower, Town Quay Road, Southampton, England, SO14 2NY
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 Independent Examiner's report.. Statement of Financial Activities Balance Sheet.. Notes to the Financial Statements...... ..1 2 3 . 11 ...12 .14 ..16
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Chair Deputy Chair Trustees Chief executive officer Reference and Administrative Details Annie Reilly Sophia Mirchandani (resigned 28/08/2024) Zoe Grant (resigned 12/02/2025) Dan Matthews Victoria Orba (resigned 28/08/2024) Henry Pavey Helen Keall Michelle Kirwan Daniel Crow Principal Office God's House Tower Town Quay Road Southampton SO14 2NY 07007198 Company Registration Number Charity Registration Number Accountants Independent Examiners 1136495 Cloud Eleven Accountants, Palamos House, 66-67 High Street, Lymington, Hampshire, SO41 9AL Tee Accounts T/A On The Spot Rosehill House PL26 7BA 1
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The chair presents her statement for the year. The year has yielded many positives for the organisation as we evolved our business model alongside delivering an exciting cultural programme. Core funding has provided essential financial stability and enabled the team to focus on increasing levels of earned income. It is pleasing and to the credit of the team to see this key pillar of our business plan delivering results. The staff team has worked to balance across cultural programming and commercial activity by integrating the latter into the God's House Tower (GHT) calendar. These sit alongside popular ongoing events such as GHT Lates that bring a vibrant alternative cultural offer to the old town's evening economy. The organisation has completed another year of serving artists and audiences with a diverse range of activities and offerings. One particular highlight is our inaugural loan of an item of national significance from the British Library: Jane Austen's travelling writing desk. This object and affiliated exhibitions and programming helped to raise GHT's profile, attract a significantly broader audience, and ensured the new capability to accept further loans from national institutions. It is also important to recognise that, along with the accomplishments, there have been challenges. Many organisations face similar issues resulting from an unsettled world, fluctuating economy and global events that impact prices, disposable income and our ability to fundraise. However, we remain focused on building our business and are pleased with the results from the year despite facing these external factors. Underpinning our success and assuredly navigating a volatile operating context are an extremely talented and dedicated team: our staff and trustees. I am continually grateful for their support and hard work. On behalf of my fellow trustees, I would like to pay tribute to the staff team for their ingenuity, creativity and tireless efforts that have ensured the organisation continues to play a key role in our city's cultural life. A Reilly Annie Reilly (Chair) Date: 3/7/2025 2
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of A Space: Growing Creative Communities Ltd for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (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 under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. The CEO's statement: It has been another positive year for the organisation with both an excellent cultural programme and growing commercial performance collectively building our reputation and resilience. We have worked hard to increase earned income and develop the business model at Gods House Tower (GHT) along with evolving the economy of the Arches studios, and it's great to say that both projects are now in more sustainable positions. Our award-winning flagship venue GHT has steadily grown income through private hires, weddings ceremonies and receptions along with increasing its public opening hours. Thursdays are now our regular fourth day and a legacy from the Jane Austen exhibitions as outlined below. The year ahead is a year of growth at GHT as we will also be opening on Bank Holiday Mondays, across Half Terms and on selected Mondays that align to the cruise timetable. Balancing cultural programming and commercial activity has remained a focus and we feel we are achieving the right balance. Our drive to create a more sustainable organisation is on the right trajectory as we also deliver a high-quality, relevant and exciting cultural programme. Programme highlights across the period include the extraordinary 'Everyone Involved' by lan Giles that brought a celebration of queer joy to GHT and we are thrilled that his work has been accessioned to the prestigious Southampton City Gallery collection. This was shown alongside an archival exhibition 'Southampton Queer Stories' which delved into the city's history of supporting queer communities. These two shows combined to create a beautiful set of exhibitions that were launched on an emotional and memorable opening night. 3
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) In November 2024, GHT staged two exhibitions that launched Jane Austen's 250th birthday celebrations across the city and we were delighted to borrow Austen's travelling writing desk from the British Library. This featured as the star centre piece of our exhibition 'In Training For A Heroine' that shone a light onto Austen's early years as a writer and her connections to Southampton. 'No Notion Of Loving By Halves' by Jocelyn McGregor offered the public contemporary take on the female characters in Austen's novel Northanger Abbey, and the female relationship in her real life. Together these exhibitions drew a record 6555 visitors to GHT. The year also included the most popular Arches open studios event to date with over 700 people attending across the weekend to glimpse behind the curtain and into the artists' studios. The Arches economy has been underpinned through converting Arch 4 into studio spaces which has also grown the resident artist community to 25 artists. We would like to thank our core funders for supporting our work and people; thank you Arts Council England, the National Lottery Heritage Fund and Southampton Forward. None of our work would be possible without the effort and dedication of our workers and I would like to thank everyone who has worked on behalf of the organisation including all trustees, our staff team, the front of house crew, our volunteers and all of the artists we have been able to support; many thanks to you all. Background and Founding Projects Established in 2000 around an ethos of "by artists for artists' the organisation has retained an enterprising approach to building a project portfolio to support visual artists and inspire audiences. The organisation has grown incrementally and strategically from an initial gallery on Old Northam Road set up on a £500 grant from Hampshire County Council in 2002. Since then, we have gone on to devise and deliver multiple projects that have culturally reanimated several buildings and created opportunities for thousands of artists. From humble foundations we have become a registered charity, an Arts Council England National Portfolio Organisation, and a National Lottery Heritage Fund client. Seminal moments included; 2004 launching ArtVaults and culturally reanimating 12 medieval vaults across Southampton's Old Town as exhibitions and performance spaces to form a free public trail. This seminal project informed us of the powerful combination of arts and heritage and opened up a new pathway for our growth and development. From 2006 and 2012 we were based at the Bargate Monument Gallery, the medieval gateway to the Old Town, and delivered a series of exceptional 4
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Running alongside our gallery work, the Arches studios was established in 2005 with the support of Southampton City Council. The project grew from one arch and 7 artists to four archways providing affordable studios for 25 artists. This project established a working partnership with the local authority and evolved our work to provide artists with affordable studio spaces alongside exhibition opportunities. These early years ground the organisation and included receiving our first major grant from the Esmée Fairbairn Foundation and our first ACE grant. In 2010 we became a charity with a board of trustees which have since guided our work. Today's organisation is built upon these solid foundations. Objectives and activities a. Policies and objectives Charitable Objective The charity's formal objective is: • To promote, maintain, improve and advance education for the 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. Mission Statement To deliver our formal charitable objective, three core aims are at the heart of our work: • To support and champion the work of visual artists and create opportunities for them to thrive by establishing financially sustainable careers. • To positively change the city's visual arts community by championing and supporting artists, including the under-represented. • To create opportunities for the public to engage with, learn from and be inspired by the work of visual artists. God's House Tower (GHT) - godshousetower.org.uk In 2019 we transformed a vacant scheduled ancient monument into a dynamic arts and heritage venue in the heart of Southampton old town. Our flagship and RIBA award winning venue hosts a dynamic and relevant programme of exhibitions and activities featuring local and regional artists. GHT attracts and engages audiences across a wide demographic spectrum and is becoming a well-loved cultural landmark and a growing reputation as a destination in the old town. GHT also retells its own special story through the permanent exhibition 'Stories Behind The Stones', located in the Tower with the public able to climb the tower and access the rooftop views across Southampton water. GHT offers a friendly and welcoming cafe, bar and shop alongside hosting a growing number of private hires, wedding and live events that are building an evening economy. 5
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) The Arches Studios - aspacearts.org.uk/studios/arches-studios The Arches provides affordable studio spaces in a supportive creative environment for visual artists. Studio residents work in a wide variety of mediums and practices including painting, sculpture and ceramics along with social engaged practices, activism, and much more. Residents benefit from an all-inclusive monthly payment and 24/7 access allowing them to focus on their practice. Collectively the residents create a vibrant community and deliver an annual Open Studios weekend each summer that offers the public free workshops, demonstrations, exhibitions, events and has become a highlight for the city's cultural calendar. RIPE - ripesouthampton.org.uk The RIPE project aims to retain artistic talent educated by our partner institutions; Solent University and the University of Southampton. Each year a selected cohort of creative graduates are offered exhibition and professional development opportunities. Based in the historic Old Northam Road, RIPE utilises three character properties as gallery and studio spaces, and supports the post-graduates to make new work, form supportive networks and establish the early stages of their careers. Following a year of support, the annual RIPE cohort have the option to join the ZEST Collective, an independent artist community born out of RIPE alumni. Artist Resources - aspacearts.org.uk/artist-development Supporting artists is a golden thread running through our work from inception to the present day. The artist resources programme continues to evolve and over the last year consisted of: • One-to-One artist/mentor session to support a range of subjects and requests including developing funding applications, project proposals and much more. • Artists Voices is a series of talks that aim to share the views and experiences of artists we exhibited (primarily at GHT) alongside invited guests in an informal public discussion. • Artist Resources handbook is a regularly updated publication that signposts opportunities for visual artists including routes into finding exhibitions, funding and development opportunities. 6
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Infographics: A visual summary of the year covering GHT, the Arches, RIPE and Artis: Resources 407 Artists Supported Combinerd GHT, Arches, RIPE 17,283 Visitors Combinerd GHT, Arches. R PE Vistor attendace records Jane Austen at GHT - 6555 Arches open studios - 737 60 Mentoring & Development Sessions Artist Resources 10 Guest Mentors/Session Leods 000 00000 98 Hires, Weddings & Live Events Includes Business meetings, networking. weacings one music events 25 Artist Studios Arches studies Subsidised Studios Spaces 30 Exhibitions Combinerd GHT. Arches RIPE 1% 51 Income Increase ncrease in 2023/24 CHIS Arches 7
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) The Team We are grateful for the enthusiasm and commitment of our team and thank them all for their dedication in supporting our work; thank you. Board Our current board consists of: Annie Reilly - Chair Dan Matthews Henry Pavey Helen Keall Michelle Kirwan Staff team Our current staff team currently consists of: Daniel Crow - Chief Executive Kalleesha Mendie - Finance Manager Hannah Preston - GHT Venue Manager Mia Delve - Curator & Programme Manager Keeley Dickinson - Communications Manager Emily Wells - Content Creator James Hunter - Artist Programmes & Communities Officer Sam Goodenough - GHT Front of House Manager We have a dedicated GHT front of house Crew and whilst they are not all named here, we value them all and thank them for their work. 8
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 for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy To meet our obligations as a responsible charity we hold an operational reserve to cover any temporary cashflow shortfalls, for example if the charity is awaiting a grant instalment, or in the worst-case scenario to cover the costs associated with the charity having to wind down. At 31 March 2025, the charity has set aside an operational reserve of £177,898. At the end of the reporting period 3 months of operational costs are equivalent to £161,201 and therefore the current operational reserve is sufficient to 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 (GHT) and our other buildings (to 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 by the charity are appropriate and aligned to the operational costs for the financial year ahead. c. Financial performance and position We are pleased with the progress made across the year now that the new business plan has been implemented, and whilst recognizing we still have work to do, the activities of our business plan are taking us in the desired direction to become a more sustainable organization. 2024/25 was the second year of a new three-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. 9
ASPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) c. Financial performance and position Cont'd Growth has been led by the new hires of weddings, ceremonies and receptions at GHT; an increased amount 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 overall trading activities to £197,485 in 2024/25 which is a 51% increase from 2023/24. Trustees are pleased with the progress made in the second year 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 supporting the staff team to develop the business. The organisation's business plan shows our ability to pivot towards increased self-generated income through diversified hires which demonstrates the organisations character, resilience and entrepreneurialism. The charity made a loss of £53,983 in 2024/25 which is lower by 60% than the previous year (2023/24 net loss £134,995). This represents an improvement credited to the new business plan model of the organisation. However, trustees continue to be vigilant regarding the overall profit/loss of the organisation and are working along with the staff team to ensure we continue improving on this figure along with meeting our charitable obligations and commitments for the local community. Culturally the charity has delivered over 20 exhibitions, 54 free one-to-one artist mentoring sessions delivered by 8 guest artist mentors, 4 artist development workshops, and supported a cohort of 14 post-graduates with opportunities to establish their careers. The 19th annual Arches Open Studios was the busiest one ever with 737 people attending. This has been possible through a combination of grant funding 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 our Annual Report for further details. 10
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) The table and statement below gives an overview of the income/expenditure in 2024/25 and the fund balances. Financial performance table 2024/25 Income Grants and Donations Charitable activities: Supporting Artists Trading activities Investments Total income 354,034 36,263 197,485 3,039 590,821 Expenditure Raising funds: other trading expenses Charitable activities: Supporting Artists Total expenditure 80,144 564,660 644,804 Net income/expenditure 2024-25 (53,983) Total funds brought forward from 2023-24 1,369,712 Total funds carried forward into 2024-25 1,315,729 Breakdown of funds: Restricted funds (tangible assets) Designated funds Unrestricted general funds Total funds 1,069,498 177.898 68,333 1,315,729 11
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Grant funding and donations in 2024/25 combined to make up 60% of the overall income of the charity as seen in the above financial summary. This is down from 66% in 2023/24 as funding targets were not met. Grant funding provides critical support for 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 £1,069,498 which was used for the refurbishment of God's House Tower in 2019. The funds were used only for purposes of refurbishing GHT and are linked to our tangible assets. These funds have been used and are no longer available. GHT is not an asset that can be transferred or sold and the organisation cannot raise funds against it. The restricted grant funding was raised in order to 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 general funds balance at the end of the year is £68,333 (2024 £55,639) which is 23% more available unrestricted funds than the previous year. 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 willing to act to be a Trustee; and determine the rotation in which any additional Trustees are to retire. 12
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 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 by the 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: a) 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; c) contains the details that, if the person were to be appointed, the charity would have to file at Companies House; and d) is signed by the person who is to be proposed to show his or her willingness to be appointed. All members who are entitled to receive notice of a general meeting must be given not less than seven nor more than twenty-eight clear days' notice of any resolution to be put to the meeting to appoint a Trustee other than a Trustee who is to retire by rotation. The Trustees may appoint a person who is willing to act to be a Trustee. A Trustee appointed by a resolution of the other Trustees must retire at the next annual general meeting and must not be taken into account in determining the Trustees who are to retire by rotation. The appointment of a Trustee, whether by the charity in general meeting or by the other Trustees, must not cause the number of Trustees to exceed any number fixed as the maximum number of Trustees. All new Trustee appointments are made after careful consideration of the skillset provided by the new Trustee and how these may help further the 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 particular those 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. 13
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 Company for the 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 financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles of the Charities SORP (FRS 102); • make judgments and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to 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 that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the 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 3/7/2025 and signed on their behalf by: innie Reilly Chair of Trustees 14
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) ACCOUNTANT'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A SPACE: GROWING CREATIVE COMMUNITIES LTD for the year ended 31 March 2025 as set out on pages 18-38 from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accagiobat.com/uw/en.aoout-u This report is made solely to the charity trustees of A SPACE: GROWING CREATIVE COMMUNITIES LTD, as a body, in accordance with the terms of our engagement letter dated 24t April 2024 Our work has been undertaken solely to prepare for your approval the accounts of A SPACE: GROWING CREATIVE COMMUNITIES LTD and state those matters that we 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 w.accaglopal.com/conten CA Globay/Technical/fact/tf-163-jan- To the fullest extent permitted by law, we do not accept or resume responsibility to anyone other than A SPACE: GROWING CREATIVE COMMUNITIES LTD and its Board of Trustees as a body for our work for this report. It is your duty to ensure that A 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 of the accounts of A SPACE: GROWING CREATIVE COMMUNITIES LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. Shillis Janice Willis FCCA Cloud Eleven Accountants Trading name of Eleve11 Consulting Ltd 15
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 for the Company for the year ended 31 March 2025. Responsibilities and basis of report As the Trustees of the Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examiner's statement Since the 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 (ICAEW), 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: 1. 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 comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or 16
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2025 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charitable Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that 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 responsibility to anyone other than the Charitable Company and the Charitable Company's Trustees as a body, for my work or for this report. + Rogers Teresa Rogers BFP FCA Director Tee Accounts Ltd T/A On The Spot 17
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 2025 Unrestricted funds Restricted funds Total 2025 Note Income and endowments from Donations and legacies Charitable activities Other trading activities Investment income Total Income: Expenditure on Raising funds Charitable Activities Total Expenditure Net income/expenditure Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Net movement in funds Total funds carried forward 4 5 6 110,155 36,263 197,485 3,039 346,942 243,879 - - 243,879 354,034 36,263 197,485 3,039 590,821 7 8 80,144 320,781 400,925 (53,983) 66,679 12,696 243,879 243,879 - (66,679) (66,679) 80,144 564,660 644,804 (53,983) (53,983) 233,535 12,696 246,231 1,136,177 (66,679) 1,069,498 1,369,712 (53,983) 1,315,729 18
A SPACE: 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 2025 2024 Unrestricted funds 2024 Restricted funds Total 2024 Prior year Note Income and Endowments From: Donations and legacies Charitable activities Other trading activities Investment income Total Income Expenditure on: Raising funds Charitable Activities Total Expenditure: Net Income/Expenditure Transfers between funds Net Movement in Funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 3 4 5 6 7 8 108,098 34,727 130,703 2,638 276,166 85,508 375,824 461,332 (185,166) 116,848 (68,318) 301,853 (68,318) 223,400 223,400 - 173,229 173,229 50,171 (116,848) (66,677) 1,202,854 (66,677) 233,535 1,136,177 331,498 34,727 130,703 2,638 499,566 85,508 549,053 634,561 (134,995) (134,995) 1,504,707 (134,995) 1,369,712 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 22 to 38 form part of these financial statements. 19
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) BALANCE SHEET AS AT 31 MARCH 2025 FIXED ASSETS Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank and in hand CREDITORS: amounts falling due within one year NET CURRENT ASSETS Total assets less current liabilities Total net assets Funds of the Charity: Restricted income funds Unrestricted funds: - Designated funds -General funds Total funds TOTAL FUNDS Note 12 2025 1,090,898 1,090,898 2024 1,172,335 1,172,335 13 14 5,753 77,340 188,521 271,614 (46,783) 2,000 57,218 172,699 231,917 (34,540) 224,831 1,315,729 1,315,729 197,377 1,369,712 1,369,712 1,136,176 16 16 16 16 16 1,069,498 177,898 68,333 177,898 55,638 1,315,729 1,315,729 1,369,712 1,369,712 20
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) BALANCE SHEET (Continued) AS AT 31 MARCH 2025 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 3/7/2025 and signed on their behalf by: A Reilly Annie Reilly (Chair of Trustees) The notes on pages 22 to 38 form part of these financial statements. 21
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. GENERAL INFORMATION A Space: Growing Creative 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, SO14 2NY. Registered number: 07007198 Charity number: 1136495 2. ACCOUNTING POLICIES Summary of significant 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) • (charities SORP (FRS 102)). They also comply with the Companies Act 2006 and Charities Act 2011 Basis of preparation A SPACE: 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 deficit for the financial year, and that fundraising targets have not materialized. However, they have approved a new business plan to address these issues and are also satisfied that the debtors total is more than creditors. As such, the Directors consider the charity a going concern and have prepared the accounts on this basis. 22
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 requirement which also recognises grants within this classification. Grants are our primary source of income from within the broader SORP definition and accounted for 60% of all income received in 2024/25 (66% in 2023/24). Of the grant income received in 2024/25, 69% was restricted and 31% 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 by the ACE relationship manager. Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these 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 under the accrual model meaning that grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the charity recognises the related costs for which the grant is intended to compensate. 23
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Expenditure All 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. All costs are allocated to the applicable expenditure heading that 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 of time 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. 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 by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 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 by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for 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 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to 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. 24
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 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 over the 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. Trade debtors Trade and other debtors are recognized at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Fund structure Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. Designated funds are personalised funds set aside for a specific purpose or activity. Restricted income funds are those donated for use in a particular area or for 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 transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognized at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 25
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Provisions are measured at the 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 at the 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. 3. Income from donations and legacies Grants Donations Gift Aid Unrestricted funds General 106,840 2,496 819 110,155 4. Income from charitable activities Restricted funds General Total 2025 Total 2024 243,879 : 243,879 350,719 2,496 819 354,034 330,240 1,233 25 331,498 Arches Exhibitions RIPE Supporting Artists in Southampton Unrestricted funds General 34,224 2,039 36,263 Total 2025 34,224 2,039 36,263 Total 2024 € 31,960 - 2,767 34,727 26
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 5. Income from other trading activities Income from fundraising events Income from non charitable trading activities Café income Shop Income Venue hire Admissions Other receipts Other trading activities Total Unrestricted funds General - Unrestricted funds General 69,905 6,674 40,183 10,513 70,210 197,485 197,485 Total 2025 Total 2025 69,905 6,674 40,183 10,513 70,210 197,485 197,485 Total 2024 2,533 Total 2024 € 62,143 4,086 27,196 9,750 24,995 128,170 130,703 6. Investment income Interest receivable Unrestricted funds General 3,039 Total 2025 3,039 Total 2024 € 2,638 27
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 7. Expenditure on raising funds a) Fundraising trading expenses Fundraising b) Other trading expenses Unrestricted Funds 2025 Trading expenses Start up costs Staff costs 32,765 - 47,379 80,144 8. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds Arches Artist Resources Exhibitions (inc in SAS 2024) RIPE Public Arts Projects Supporting Artists in Southampton 17,898 - - 302,883 320,781 28 Total 2025 € - Total 2025 € 32,765 - 47,379 80,144 Total 2024 - Total 2024 € 34,330 2,310 48,868 85,508 Restricted Funds € Total 2025 17,898 243,879 243,879 546,762 564,660 Total 2024 € 15,883 - 533,170 549,053
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 9. Analysis of expenditure by activities Activities undertaken directly 13,218 - Support costs 4,680 Total 2025 17,898 Total 2024 15,883 5,666 Arches Artist Resources UOS Intern (inc in Supporting Artists in Southampono RIPE Supporting Artists in Southampton 10,127 399,463 422,808 1,366 135,806 141,852 11,493 535,269 564,660 16,177 511,327 549,053 29
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Analysis of direct costs Arches 2025 695 18 425 Artist Resources 2025 - Artist fees Exhibitions and events Marketing PAP Other costs Staff costs Activity Costs Freelancers and Technicians Rates, electricity, gas, water RIPE 2025 4,189 282 1,276 Supporting Artists in Southampton/Exhibitions 2025 37,420 13,784 9,838 - - 114 1,305 10,661 13,218 - - - - - 720 2,058 296,851 858 24,858 Total funds 2025 42,304 14,084 11,539 - 2,778 296,851 972 29,396 Total funds 2024 31,248 6,106 15,332 - 4,606 269,432 - 14,183 - - 3,233 427 10,127 13,796 399,463 24,884 422,808 22,669 360,798 30
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Analysis of support costs Arches 2025 Artist Resources 2025 RIPE 2025 141 295 Total 2025 Other Costs Staff costs Freelancers and technicians Building costs Rates, electricity, gas, water Insurance VAT not reclaimable Office costs Depreciation Subscriptions Bank charges Governance costs 3,694 336 785 735 60 4680 1366 Supporting Artists in Southampton/ Exhibitions 2025 3,391 - 16,029 529 3,108 9,342 3.696 85,696 1,644 2428 9,943 135,806 3,827 - 20,059 529 3,108 9,342 5,216 85,696 1,644 2,488 9,943 141,852 Total 2024 12,551 - 207 10,268 12,330 6,203 11,576 4,293 126,450 1,865 199 2,313 188,255 31
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 10. Independent Examiner's Remuneration Fees payable to the Charitable Company's independent examiner for the independent examination of the Charitable Company's annual accounts Fees payable for all other accountancy services not included above Total 2025 € 600 6,463 Total 2024 500 4,188 11. Trustees remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - ENIL). During the year ended 31 March 2025 no expenses were reimbursed or paid directly to Trustees (2024- a small gift to the value of £53 was presented to 1 trustee to thank them for their support): Total 2025 Total 2024 Travel/small gift == 53 12. Tangible Fixed Assets COST At beginning of year Disposals Additions At end of year DEPRECIATION At beginning of year Disposals Charge for the year At end of year NET BOOK VALUES As at 31 March 2025 As at 31 March 2024 Short-term leasehold property 1,375,571 1,375,571 232,853 66,678 299,531 1,076,040 1,142,718 32 Fixtures, Fittings and Equipment € 27,922 4,260 32,182 15,063 2,367 17,430 14,752 12,860 Computer Equipment 196,714 196,714 179,956 16,652 196,608 106 16,758 Total 1,600,207 4,260 1,604,467 427,872 85,697 513,569 1,090,898 1,172,335
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 13. Debtors 2025 2024 Due within one year Trade debtors Other debtors Prepayments 7,867 66,588 2,885 77,340 11,407 44,387 1,424 57,218 14. Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income 2025 1,238 2,593 1,757 41,195 46,783 2024 3,352 3,435 1,363 26,390 34,540 33
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 15. Restricted reserves Statement of funds - current year Designated Funds Operational Reserves *Fund General unrestricted funds Unrestricted Funds Balance at 1 April 2024 € 177,898 177,898 55,638 55,638 233,536 1,136,176 Income 346,942 346,942 346,942 Expenditure Transfers in/out - - (400,925) (400,925) (400,925) Balance at 31 March 2025 Total Unrestricted Funds Restricted Funds GHT Fixed asset fund Southampton Forward Southampton Uni Intern NLHF GHT Fosmag RIPE Project Artfund 118,750 7,500 71,352 2,000 10,000 34,277 243,879 (118,750) (7,500) (71,352) (2,000) (10,000) (34,277) (243,879) 66,678 66,678 66,678 (66,678) - : (66,678) 177,898 177,898 68,333 68,333 246,231 1,069,498 Total of Funds 1,136,176 1,369,712 : 1,069,498 - 1,369,712 34
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 15. Statement of funds Statement of funds - prior year Balance at 1 April 2023 restated Designated Funds Designated GHT sinking Operational Reserves Fund 64,652 64,652 General unrestricted funds General Funds - all funds Unrestricted Funds - 237,201 237,201 Total Unrestricted Funds 301,853 Restricted Funds GHT Fixed asset fund Southampton Forward NLHF GHT RIPE Project Artwork ACE Transition Fund 1,202,854 1,202,854 Total of Funds 1,504,707 Income € Expenditure - - 276,166 (461,331) 276,166 (461,331) 276,166 (461,331) 106,000 97,137 10,000 6,663 3,600 223,400 (106,000) (46,966) (10,000) (6,663) (3,600) (173,229) 499,566 (634,564) Transfers in/out € (64,652) 177,898 113,246 3,603 3,603 116,849 (66,678) (50,171) (116,849) - Balance at 31 March 2024 - 177,898 177,898 - 55,638 55,638 233,537 1,136,176 ..... 1,136,176 1,369,712 restated from designated funds in 2023. ** During the year the designated GHT sinking fund was transferred into an overall operational reserves fund as per the Trustees report. Designated Funds Designated GHT sinking fund General unrestricted funds 35
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) General Funds - all funds Unrestricted Funds Total Unrestricted Funds Restricted Funds GHT Fixed Asset Fund Gods House Tower Refurbishment Meeting Point Project RIPE Project Public Arts Project Total of Funds **In 2024, the Trustees made a decision to set aside a minimum of 3 months of operational reserves to be held as designated. Of the designated reserves, the Trustees will continue to hold a portion for building repairs and future maintenance of the 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. 36
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 15. Statement of funds (continued) Gods House Tower Refurbishment - This fund represents grants received from the National Heritage Lottery Fund, Southampton City Council and the Barker Mill Foundation for the refurbishment and fit out of God's House Tower. Further costs for the God's House Tower project have been funded from general funds. 16. Summary of funds Summary of funds - current year Balance at 1 April 2024 Income € Expenditure € Transfers in/ out € Designated funds General funds Restricted funds 177,898 55,638 1,136,176 1,369,712 - 346,942 243,879 590,821 - (400,925) (243,879) (644,804) 66,678 (66,678) Balance at 31 March 2025 177,898 68,333 1,069,498 1,315,729 16. Summary of funds (continued) Summary of funds - prior year Balance at 1 April 2023 € Designated funds General funds Restricted funds 64,652 237,201 1,202,854 1,504,707 Income € - 276,166 223,400 499,566 Expenditure - (461,332) (173,229) (634,561) Transfers in/out 113,246 3,603 (116,849) - Balance at 31 March 2024 177,898 55,638 1,136,176 1,369,712 37
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) 17. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Funds General 2025 Tangible fixed assets Current assets Current Liabilities 21,400 271,614 (46,783) Total net assets 246,231 Analysis of net assets between funds - prior year Unrestricted Funds General 2024 € Tangible fixed assets Current assets Current Liabilities 36,159 231,917 (34,540) Total net assets 233,536 Restricted Funds General 2025 1,069,498 1,090,898 271,614 (46,783) 1,069,498 1,315,729 Restricted Funds General 2024 Total Funds 2024 1,136,176 1,136,176 1,172,335 231,917 (34,540) 1,369,712 38
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) These notes do not form part of the financial statements. INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Income Other trading activities Cafe income Venue hire Admissions Studio rent received Other receipts Investment income Interest receivable Charitable activities Grants 58,159 60,438 10,513 33,208 79,745 3,039 345,719 590,821 590,821 56,035 37,208 9,750 28,533 40,162 2,638 325,240 499,566 499,566 Total incoming resources Expenditure Raising Donations and legacies Fundraising fees Other Trading activities Purchases Charitable activities Consultancy fees Exhibition and events Public art expenses Artist fees VAT not reclaimable Subtotal Support costs Management Trustees' expenses Wages Social security Pensions Staff costs Rates and water Insurance Light and heat Telephone Advertising Sundries Travel and subsistence Repairs and renewals Computer expenses Cleaning Subscriptions Professional fees Training Office costs 35,543 18,567 25,885 1,800 40,504 9,341 131,640 35,093 5,425 15,867 2,692 31,136 11,576 101,789 247 311,317 25,160 6,263 564 1,794 3,108 23,618 4,464 11,540 2,744 1,903 445 7,544 1,644 2,686 873 12,002 289,812 22,035 5,633 3,961 6,203 18,488 5,323 13,698 1.321 1,749 11,172 39
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A company limited by guarantee) Depreciation of short leasehold Depreciation of fixtures & fittings Depreciation of computer equipment Subtotal Finance Bank charges Transaction charges Interest Payable Governance costs Independent Examiner remuneration Accountancy and legal fees Legal fees Subtotal Total expenditure Net expenditure Tax payable Net expenditure for the reporting period Deficit for the reporting period 66,678 2,366 16,652 503,612 197 2,292 600 6,463 9,552 640,804 (53,933) (53,983) (53,983) 66,678 2,275 57,496 527,447 2430 457 500 1,738 5,324 634,560 (134,994) (134,994) (134,994) 2024 Accountancy and legal fees cost is £4,188. It appears lower due the reversal of an over accrual from prior period. 2025 fees include additional costs incurred in relation to the 2024 accounts and preparation of Museum and Gallery Tax Relief claims. 40