2021-03-31-accounts

HAMPSHIRE CULTURAL TRU IA COMPANY UMITED BY GUARANTEEI TRusfEES' ANNUAL REPORT AND CONSOUDATED FINANCIAL STATEMENTS FOR TIIE YEAR ENDEO 31 MARCH 2021 Charlty Nmber: 1158583 Cornpany number: 08986225

Hampshire Cultural Trust Company number: 08986225 Trustee5' report lincorporatlng the Dlrectors. rewrt} Independent auditors. report to the members and trustees 16 Consolldated Statement of financial actNities 20 Consolidated Balance sheet 21 Trust Balance sheet 22 Con5011dated Cashflow statement 23 Notes to financlal 5tatementS 24

Hampshlre Cultural Tn Comp•Thy number: 08986225 Trustees. Report Reference and Administrntlve detsll$ Company re8i4tered nurnber 08986225 Charty re8lstered number 1158583 Reglstered office and prfnclpal address Chllcomb House, Chllcomb Lane, Winthester S023 8RD Contart number 01962 678140 Web51te vMw.hampshlrecuTrture.org.uk Dlrertors and trustees Alan Lovell Ichairnianl Emma Batk Rachel Bebb Robert Boyle Peter Cardy OBE Yinnon Eira M8E Roy Perry Mlchael Southgate James Winkworth Anna Blackman (appointed 25 Sept 2020> Paula Fer8uson (appointed 25 Sept 2020. res18ned 19 May 20211 Lucllle Thompson lapkN)inted 30 July 20211 Helene West lappolnted 25 Sept 20201 Company Secretary Victoria Donkln lappolnted 25 Sept 20201 Chlef Executlve Paul Sapwell Aud￿Or5 Azets Audit Services Camac Place. Cams Hall Estate. Fareham P016 8UY Prlndpal Banke Nalwe5t Bank 105 High Street. Winchester S023 9AW Solicitor5 Paris Smith LLP 11 London Road, Southampton S015 2AE

Hampshire Cultural Trust Company number: 08986225 Trnstees, Rewt Report of the trustees Ilncorporatin8 the Dlw•ctor< replvtl for the year endlnz 31 Marth 2021 The trustees a￿ pleased to present their annual report together with the consolidated financial statements of Hampshire Cultural Trust (￿he trusfl and its one subsidiary. Hampshi￿ Cultural Trust Trading Limited 1.the tradln8 company"), for the year ending 31 March 2021. The trustees Iwho afe also directors of Hampshire Cultural Trust for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and Untted Kingdom Accountln8 Standards (United Kingdom Generally Accepted Accounting Practlcel. Company law requlres the trustees to prepare financial statements for exh financial year. Under company law the trustees must not approve the financial statements unless they are satlsfled that they 8p4e a true and falr vlew of the st￿e ol affairs of the charltable company and of the Incomlng resources and applicatlon of resources, including the Income and expendlture, of the charltable compary lor that period. In preparlng these financial statements, the trustees are required to.. select sultable accountin8 polities and then apply them conslstentty: observe the methods and prlnclples in the Charities SORP 2019 IFRS 1021; make jud8ements and estlmates that are reasonable and prudent,. and prepare the flnancial statements on the goin8 concern basi5 unless It Is Inapproprlate to presume that the charitable company will continue in operatlon. The trustees are responsib￿ for keepin8 adequate accountln8 records that dlstkise with reasonable accuracy al any time the flnancial pos￿10￿ of the charitabte company and enable them to ensure that the financial statements compty wlth the Companles Art 2006. They are also ￿spOnSIb[e for safeguardlng the assets of the charitable company and hence for taklng reasonable steps for the preventlon and detection of fraud and other irregularltles. In $0 far as the trustees are aware: there Trs no relevant audit informatlon of which the charitable CoMpan￿S auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themsefve5 aware of any relevant audSt information and to establish that the auditor is aware of that information. Ch•imi•n's rwrt At the start of 2021>21.1 coukl not have envisaged how the year would unfold. The impart of the COVID-19 pandemSc has been devaststing on so many levels. especialty in the cuhural sector. Yet durinB this tumultuous period, arts and heritage organisations have responded In an Insplratlonal way. I firmly believe that culiure play5 a CTucial role in uplffting our splrSts and sustainlng our wellbein8- this has never been so evident as in the past 12 months. Our venues were closed for 37 weeks during the year. opening at the very first opportunity after each lockdown. We adapted rapid￿ to welcome visitors. putting in place carefully planned and managed safe8uard5 such as advance bookin& capacty limhs. one-way systems. new signage and protectr4e equipment to help ensure the safety of our staff, volunteer5 and visitors.

H•mp5hire Cultural Trust Comp•ny nwnber.. 08986225 Trnstee5' Report At a tThe of 8reat isolation for many. we were detemilned to bring culture directty Into people's homes. Soon after closing our doors in the 5prin& we moved many of our actrvities online. providlng both INe and pre-recorded classes in diverse subierts such as dance, drnma. meditation, visual art and even ceramlcs. More than one thousand people took part In online courses throughout the year. We We￿ also still able to delSver a limlted raTr8e of social impacl proBrammes, workin8wlth over 3￿ vulnerable people online, and over 200 face to fao. We launched Culture on Call. our dlgltal publicationi just nlne worklng days after the first lockdown began, so that we could contlnue to deliver fifst-class cultural experiences, all online. With regular and frequent articles- all written by our team- ￿ features'archive drve5'. onllne exhlbltions, artist profiles. spotl￿tS on collertlons, and act1v1t￿S to support families. The magazlne's rlch depth of content wlll contlnue to engage audlences as we move forward. Despite the pandeml work contlnued on major proiects. indudln8the creation of Mr Slmpson's Teddy 8ear Museum, a home for the legacy of more than 250 teddy bears left by Blll Slmpson. and a nMv rèluvenated Pler attrattion, both at Milestones Museum. At Gosport Old Grammar School, plans are In place for redevelopment to begln In October 2021. with the new Gosport Museum and Art Gallery openin8 to the publlc in late May 2022. We are delighted to have streiwhened our partnership w￿h Hampshire County Council at Winchester Dlscovery Centre, where we will take overfull respon5ibillty for both cultural pro8rammlng and operations from earty 2022. Durin8 the year. we recelved two grants from the 8overnment'5 Culture Recovery Fund: we are extremely 8rateful to OCMS and Arts Council England for maklng this essentlal 5UPP)rt avallèble. The flnanclal Impart of the crisi5 hè5 been significant, and we face an extraordlnarity challen8in8 year ahead. However. our past success In bulldln8 up financlal ￿ 5erve5, comblned wlth the government 5UPPOrt we have reCe￿ed, wlll help us to mltl8ate the losses that we wlll Inevltabty make In 2021-22. Thls year has Pushed u5 all to our limits. The team of 5tsff and volunteers at Hampsh1￿ Cultural Trust has been our most valuable resource and l am Immensely proud of the commltment and a8ilkty they have demonstrated. I wanl lo acknowledge their achlevements in such untertain times= their continuing resilien and creatfvity wlll carry u5 forward into the comlng year. I would also like to thank our partners, funders. donors and visitor5 forsupportlng our work durinB 202￿21. and kM)k fonward, a5 we èll do, to a gradual return to nornialoty In our venues. communities and society as a whole. Wtihout a doubt. culture wlll be at Ihe very heart of this recovery. STRATEGIC REPORT A¢hlevements and ￿rfOrnI4nee Hi8hliBhts of our achievernents and perforniance are explained In relatlon to our strategie goals. GOAIONE To pro¥lde hl8h4tsallty prngrammes and venues that ere￿ dlverse audlentts and IrwKe lot•1 PTid• Wlth our venues closed for a total of 37 weeks. and audiences unable to vt51t our venue5. the team was deterniined to take as much work as wssible online. Culture on Call, our online magazine. was launched just nine working days after the flrst lockdown began in response to the urgent need to keep connected with our audlences. We published creative. en8a8in8 multipmedia content showcasing the

arnpshire Cultural Trust Company number: 08986225 Trt￿tee￿ Report scope and diversity of our physical offer. From editorhil on our collertlons and exhibilions, to initiatives almed at the mosl vulnerable people in our comrnunities, we repur[￿ our proBramme on a dl8ltal platform Despite the closure of our venues. welcomed 63,754 vlsitors through our doors and our total di8ital engagement, which includes a combination of website sessions and social media Impressions, was 8.5 mllllon Throughout the year, we answered 632 public enqulrles about our cOl￿ttk)nS and helped to protert the archaeolo8y of Hampshi￿, recordin8 over4(Kl metal detecting finds. We abso transferred 120,0(KI digital images of our historic CO1￿CtIOnS to a di8ital asset management system where they are backed up and Stored for the long-term luture Our PR programme secured 413 piece5 of positive publlclty. Medla coverage int￿ded BBC South, ITV Meridian, The fimes, The Teleqrt7ph and The Sundoy fimes Our physScal programme opened wlth Wildlrfe Photogropher of the Year 2019 In The Gallery. Winchester D15covery Centre. Wfth lockdown. The Sunday Times Watercolour Competribon Exhibltlon at the Wlllls Museum wa5 onP¥ open to the publlc for three weeks. In response. the team develO￿d our first 360-degree virtual tour of the exhlbltlon aThJ sold prints of high-re501utlon photogrnphy via è successful onllne shop October saw the openlng of the exhibition 8odles.' Inner/Outer Worlds at The Gallery. Wlnchester Dlscovery Centre. Andy Sin8leton. a leading UK artlst, was commbsloned to create breath-taklng paper-cut installations specfficalty for the venue. The exhibition was complemented wtth rkh dlgltal content tra¢kln8 the artLst's creatrve process during hxkdown The exhibitions prevIouS￿ planned for Clty Space at Wlnchestef Discovery Centre In the sprln8 were moved onllne. The Moyorfs Choice Exhibition 2020. and the annual WlnchÈster Photographic Socletv Exhlbltlon of 200 photO8raphs were both serlallsed In three and six episodes ￿peCtiVe1¥ Clty Space also hosted Andrew Camie's TIKD Wlnter T￿e, an Instsllation portraying hb5 recent 5clentffk research into the human braln, arbd later in the year. The Construction OA fruth by award- wlnnlng conceptual photographer Alexandra Lethbridge The exhlbltlon Mlcrosculptvre toured to the Willis Museum and G0S￿rt Galtery. presenting the trusvs Insect specimen collection alon85ide stunnln8 and vivid macro-photography of a range of Insect species At Milestones Museurn. careful restrlttlons and social distandn8 allowed planned tlcketed events to 80 ahead, Includlng the annual Christmas Market weekend, a vlntage market to celebrate VJ Day and a steampunk extravaganza Two new pennanent exhlbrtions were installed at Milestones Museum. A Victorian seè5ide pler has been recreated with an interactlve Penny Ar￿de. a collectlon of vintage arcade machines from across the twentieth century. and Mr Simpson's Teddy Bear Museum, featurlng more than 250 teddy bears bequeathed by the late Bill Simpson. This signifKant restoration project was shortlisted in the ReStorat￿n or Conservation Prolect of the Yearcate80ry in the Museum and HerTtage Awards for 2021 With m05t events at Basing House either cancelled or p05tPDned, new Inltlatl¥es such as outdoor cinema screenings and a bank holiday market proved popular. Our new adventure assau￿ course at

Hampshlre Cultwal Tn￿t Company number: 08986225 Truste￿ Rep Aldershot Mllltary Museum opened in July. boost1￿ admissions income by l(MJ% from the prevMYJS vear Our three arts centres contlnued to provide highquallty cultural experlences wh115t ensurin8 that as many people a5 possible could stlll access our pro8rarnme safe￿. Online live and pre-recorded classes were popular all year. with over a thousand people takin8 part. Hl8hlWts included a Wellbeing Day at Forest Arts. and the under8round music and arts erfent. We5tfr4al wa5 Ilve5treamed from the West End Centre wlth approximalety 2,CKK) Vlews In the late summer, we took our arts pro8ramme outdoors, hostlng Shakespeare from the Handlebards and live music at Rock￿uMe Roman Vilki. In partnership with The Land Trust, Blackwater Valley Countryside Partnershlp and the Conservation Volunteers. the Handlebards also performed at Wellesley Woodlands in Aldershot Our schools programme had to adapt to an environment where vlslts to museums were not P0551ble, so providln8 di8ltal resources to schools became a key focus. Our SEARCH educational service in Gosport. although not able to welcome school vlslts on5rte for much of the year, contlnued to offer loans ￿XeS for hlre throughout lockdowns and plloted some vlrtual school sesslons. The team at Mllestones Museum created videos. downk>adable lesson plans and provided information about online collections, all made freety available to schools and those educating èt home. The team also partlcipated In the Hampshi￿ Cuhural Educatlon Partnershlp. a collaboration of 13 Basingstoke organlsatlons provlding vlrtual cutturnl experlen¢es and opportunities to chIld￿n a￿1 young people GOAL TWO To Improve w•llbeln& health *nd happiness thr￿¥h culiur•l experltfic•s Horfton 20:20 Fundlng from the Paul Hamtyn Foundatlon l£lll.CMXII and G•rfield Weston Foundatlon1£20.(K)01 enabled this programme to contlnue to support some of Hampshife's most dlsadvanta8ed young people in non- rnalnstream education. Workln8 Close￿ wlth artists and teachers. the team devebped the pro8ramme to provlde ongolng acc￿$ to arts engagernent. focused wellbeing 5es5ions and support for young people to achleve qualfflcatlons durSn8 the year. with a new focus on Continuing Professional Devekjpment for teachers, the team provided creative wellbein8 sessions for staff and trained artists to work effertNety wbth students impacted by trauma. Cleats and Connert Thls arts intervention progrnmme supw>rted the Youth Endowment Fund targeted young people at risk of becoming involved in violent crime durlng lockdown. Collaboratine with supw)rt workers, the team delivered 'creative l)oxes' full of arts resource5 and activities to young people at home to provide a series of online, artist-led sessions. The project ￿ached 143 vulnerable young people. wffh partiapants 5howlng evldence of Increased confidence, improved skills and w)sltl¥e relatlonship5 With Pee￿ and trusted adults. B•slnptoke Peace Prolert In the summer, the team collaborated with the Police and Crime Cornrnissionerfs Youth Commission on sculpture project wlth the subject of knrfe crime. With supwrt from the Youth Offending Team. Ashw( Academy and Basingstoke YMCA. young people in Basing5toke worked wlth professional sculptor Jono

Hampshire Cultural Trust Company number: 08986225 Trustees, Report Retallick, learning new skills and working on a sculpture, Reveovconceal. The work will be Instal￿ in central Homp5hlre locations. and will be used as the ba515 for knife crime workshops in schools across the country. Brlghter Futures Funded by Hampshire County Counofs Adult Communily Learnin& Bri8hler Futures partner5 With local health and community providers and Recovery College5 to SUPPOrt adults wlth mental health need5, helping them to grow in confidence. develop emotional resilience and combat isolation. Participants either self-refer or are referred by Wellbein8 Centres and social prescribing networks. They can attend courses such a5 poetry for wellbeln& needle-fe￿Ing and arts journallin8. In April 2020, the programme was taken online to reach people during lockdown, and the team have worked with just under 3LKI partlclpants on 30 courses over the year. Cre4tl¥e Wellbelns: Mllllary Herltag• Almed at veterans wlwj have recelved cllnical treatment for PTSD, the pro8ramme at Aldershot Military Museum offers a safe, non<llnkal communty space for contlnued recovery once partlclpants have been dlscharged. Veterans handle objects from the museum'5 collertion to explore memortes, past experien￿$ and hopes for recovery. Followin8 the COVID-19 outbreak, the team moved the pro8ramme onllne, welcoming regular partlclpants as well as newcomers. The online sesslons were funded by the Mlnlstry of Defence Covenant Fund Forces Communttle5 To8ether Programme. Stlll Strolll Followlng lockdown and wkh funding from the Natlonal Lottery Herltage Fund, the tèam at the Red House Museum developed a new digital app lo continue engagement wtth ￿trple Ilvin8 With dementla and their carers. With physical dementia-frlendly heafth walks not possible, the team developed a downloadable weekty actlylty pack gr¥ln8 local people the opportunity to enjoy these accesslble. herita8e-based walks in thelr own tlme within their h¢u5ehold or bubble. Invtttlnl in Communltbes In September 2020. a new onllne programme started in partnership with the charlty Energlse Me, wtth fundin8 from Sport En8land. to support adufts with mental health issues. Through our existing partnershlp wlth the North East Hampshire Recovery Colle8e. we rnn online course5 in seated yoga and dance for people referred throu8h the colle8e. Reachln8 Outl CompletinB its fifth year, Reachlng Outl Is a North Hampshire Museum Educatlon Partnershlp between four of our museums, two exlernal partner5 and The Science Museum. The project, funded by Arts Councll England and the Departrnent for Educatlon, contlnues to reach out to 5chooLs in North Hampshlre that have above average indices of deprivation. Despite venue and school cbsures. the project reached 205 students from three tarBet schools with a IO% Pupil P￿MIuM or hlgher, plus 33 5choo15 from areas of low engaeement with cutture. Arts Award Discover was cornp￿ted ￿ 68 young people.

Hamp5hiTe Cultural Trust Company number: 08986225 Trustees. Report GOAL THREE To dellver a 5UsEalnable fu￿re for cul￿re In H•rnphl￿. contrllKrtINa to the loc•1 emntyny •nd bulldlng stronger c¢Knmunltles COVID-19 h45 significantly changed the fundraisin8 landscapÈ. In response to thb. the trust developed an Interlm fundrabsin8 slrate8Y With the folknwing themes for inve5trnent'. connectin8 communities through culture- helpin8 Hampshire get back on its feet- aidin8 re8eneratlon: and worklng wlth dtsadvanta8ed and vulnerable groups impacted by the COVID-19 crL$15 We Secured £2231.515 In 8rnnts and donatlons. Includln8 £480,￿1 from the Culture Recovery Fund. With the additlon of Gfft Akl. a total of £2.276,857 in fundralsed Income was secured Contartless donatbn unlts have been Installed at all of our venues and succe55ful communlty fundralslng campal8ns have laken place at Buv51edon Windmlll and the Allen Gallery We made progre55 on the ￿eVelOPMent of Gosport Old Grammar School. wlth the ma]orrty of fundln8 now confirmed. A plannln8 appllcatlon has been submltted. and plans are In place for redevelopment to Start in OrtobEr 2021 The trust was appointed as lead partnerfor the Gosport Cultural Consortlum. Thls group of slx local organisatlons worked alon85ide Gosport 8orou8h Councll to prepare a pllot proBramme of cultural actlvity to complement the HiBh Street Herlta8e Actlon Zone IHSHAZI scherne We successfully Introduced admission tharges at Clty Museum and Westgate Museum in Winchester. The first year of ticketed admlssk¥n has provhled valuable data and Ins18ht Into vlsltor behavlour whlch wlll Inform our future ￿￿an5 Hampshire County Council and Hampshlre Cultural Trust a8reed In princlple to Implement a new operatlonal model for the Wlnchester D15covery Centre from February 2022. All cultural aspects and operational management of ihe buildln8 VAII iransfer to the trust to create an Èxpanded. culturalty led Venue for Winchesterfs communlty We are cornmftled to reducing our envlronmental Impact and have fomied an Envlronmental Steerlng Group that has developed an act•on plan to help reallse a ZerO￿r￿n strate8y through reducing our energy consumptlon. We have emlxdded the need to promote climate artion and en8a8ement a5 part of our programmin8 Strate8V A communlty con5uftation took Pla￿ forthe Allen Gallery In Alton and findlngs wlll feed into our plans for a potentlal redevelopment of the &al￿ry In the future We undertwk an option5 appraisal for the wtential redevelopment of Ea5tleigh Museum. Funded bv South Western Rallway and worklng with Oxford Cultural Associates. this included a full communlty consUltat￿n programme to gatherfeedback and ideas for the future of the museum within the town In 202￿21 the team completed Culture.. Impart, an ovEanisational development prolett funded by the National Lottery Heritage Fund. Thls project focused on the creation of easy-to-use toob to help staff plan. measure and articulate our o￿anisatIOnal Impact so we can better prioritise our worl Invest our resources, fundraise for furthersupwrt and athiocate for the chanBe we help create

Harnpshire Cultural Trust Company number: 08&86225 Trustee￿ Rep GOAL FOUR To create lulfillln8 employment and volwbtetrinK opparturMtie5 thvou8h culture Our most valuable resource is ourteam of 214 staff and 4rx) volL5nteeYs. Throughout a year of uncertainty. we have suppjrted our employees by enhancin8 the salaries of furloughed employees to 100%, malntainin8 regular and Irequent comrnun1cat￿n and 5UPPOrtlng remote and flexible working. We have 8iven 8uidance and trainin8 abo￿ retumlnB to the workplace as well as workshops about personal resilien￿ for staff and vdunteers We took part in the 8e5t Cornpanies empk)yee sur¥ey for the first tlme and achleved p051tlve results. partIcula￿V In the areas of Wellbein& Fair Deal and My Company De5plte the uncertalnty created by the pandemlc, we contlnued to recrult durln8 lod(down and succe55fulty onboarded 22 new employees remotely We selerted and w>pulated a new people management software system that will enhance our employee emperlence. modemtse our procèsw •nd irnpr￿e data quality and reportln8 rapabllftbes Our Supporters Hampshlre Cultural Trust is very 8rateful to all of our supporters who have contrI￿ted to our aclNitles during the year. This include5 a number of other Trusts, FoundatK>ns and statutory bodies In addltion to Indivldual donors and frlends groups. Flnan¢lal revlew Due to the closure of our venues. income frorn charftable actlvttles has reduced by 80% from £1,645,581 to £321,785. However, when we were able to open durin8 2021>21 trading income has been strong. Admlsslons yleld outperfomied previous years due to a higher percentage mlx of new vlsltors and despite ￿strIctl0￿5 our retall and c)terin8 spend per head has increased. This tradlng performance 15 in part due to investments made last year to the retail and catering areas In Milestones. The board had cOmM￿ed io continue this investment in our Venues and thls year work was completed on the new Teddy Bear Museum and Pier attrartion5 at Mllestones. These new attractions will contribute to our contlnued financial re5111ence. Hampshire Cultural Trust Trading knmited ts showing a profit for the year of £79,989. The available taxable profrts of the trading company will be Gfft Alded to the trust during the next financial year. The prlncipal source of funding remaln5 with our founding members Hampshire County Councll and Winchester City Council, contributin8 44% to income141% in 2019-201. Other local authority Income contributed 7.4%. Durlng 2020-21, the trust has benefitted from government SUPPOrt through business grants and the CJPS Fudou8h scheme. Alongside thi5, the trust Was successful in securing funding through both round5 of the government's Culture Recovery Fund. In totsl this support ha5 totalled £1.614.270. Other grant Income relatlng to funded projetts has reduced in comparison to prh)r years. Thls s due to delays to some of our social impact proiecls as a ￿sUIt of COVID-19 restrictions. Information on the projects and government support ￿eNed can be read in note 20 to the financial statements.

H•mpsh•re Cultural Trust Company number: 08986225 Trustees, Repwt This year the board approved the use of accumulated re5eNes for capital investment projects across our venue5. We have invested In the Ted(ty Bear Museum and Pier attractions at Mllestones and the Gosport Old Grammar School development project. At the start of the pandemic the l)oard also agreed to set funds aside to supwrt the reopening of our venues. In total a capiial investment in excess of £300.CMX). The trust achieved a consolidated surplus for the yearto 31 March 2021 of £419,81012020- £293.1791- The trust's totsl reserves at 31 March 2021 were £2346,61312020-. EI.926,8031. Due to the surplus athieved in the year. our dosing cash w51tlon has increased to £2.068.15012020: £1,832,115), an increase of £236.035. The Inuease In cash in the year is laoely derlved from an Increase In restrlcted funds held. Unrestricted net assets are £1.757.71512020: £1,470.3051. É1.505.754 is held as Tret current assets and available for immediate use as free cash reserves. The trustees conslder that the trust and its tradin8 subsldlary contlnue to be a 80in8 concern. Commrtted funds from ourfoundlng local authorlties throu8h to 31 March 2023 provkles reassurance as to the basls of golng concern, even ihrough thls tlme of dtfflcult tradlng. Management have produced cash flow forecasts for these perlods. whlth demonstrate that there are adequate re5er4es to contlnue to operate for the foreseeable future, and for at least 12 months from the date of this report. The tru5tee5 are pleased to report that wlth Income committed from core fundeys. and tradlng Income on reopenln81 our reserves remain sufflclent to SUPPOrt activli*S 8olnB forward. R•s•r¥•s Pdlry The trust hold5 ￿erVeS primarily to protect Itself from the knpact of unexpected varfatk)ns in Income arKI expendSture. Sl8nificant varlatlons In Income may arise. for example, from a major Incldent at the trusvs maln Incomtrgeneratln8 venue. or through delays In recelpt of projett gTrnt5, or a 8lobal pandemic, such as the one we have experienced throu8h FY202CF21. In addition. an incident such as a fire may result In additional costs being Incurred. which the trust may have to finance from Its own fund5 before any recovery from thlrd partle5. The trustees have reVIew￿ ihe trnst's reser￿5 pollcy to ￿flert the matuilty of the trust. Under the reseNes pollcv: The trusys reserves comprlse the Unrestritted funds excluding fixed assets at the flnancial yearend The trust does ￿t hold reserves to protect it from the Impact of non-payment of local aUt￿)rIty grant Income as the amounts and re￿Ipt are notiw well kn advance. and rtsk of Mn-payment b consSdered The trust does IKJld re5eFves to 8uard it against the impact of an unexpected decline in non4ocal authority income. or of having to InC￿r a le¥el of expenditure whlch exceeds the amounts budgeted or planned The target level of reSen￿S for the trust is based on one quarter of the amount by whid) annual budgeted expenditure exceed5 the core local authority grant fund•n8 Under this policy, bearing In mlnd Charty Commission guidance, the trY￿eeS consider an appropriate level of reserves to be approximately £l.(n),OLKI, although significant varlatlons may arise year to year. As at 31 March 2021, the group's total unrestricted fund5 were £1.757.715 which after fixed assets1£251,959)

Hampshire Cultural Trust Company number: 08986225 Trustee< Report equates to reserves of £1.505.754. The trust also held £588,898 restricted reserve of which £128,450 relates to restritted tangible frxed a55ets. As above, the free cash reserves are £1,505.754,. the accumulation of this level of reserves reflecls the prudent financial mana8erne￿ of ihe trust and has protected the trust from the effects of closure due to COVID-19. Thi5 ha5 enabled the trust lo adapt and ￿sP0Thd to the current pandemic. and to continue to invest for the future. The trust is continuing to invest In Its portfolio, its Infrastmcture and its people. These investments wlll continue to enhance the revenue 8eneratlon of the venues and activities of the trust: to ensure a more diverse and resilient portfolKs of funding sources; and to maintain the level of reseNes in line wlth the tru5Vs reserves Frf)Ilcy. Durln8 the year, the trustees have agreed io deS￿nate some of the unrestricted funds for projects. a$ Shown In note Zl lo the financial statements. A total of £405,Cth 15 desvanated for commltted projects, leaving unrestricted fvnds available for the core operating artr4itles. The designated funds at 31 March 2021 relate to future Income generatlnB prolects. The trusvs reserves pollry will continue lo be rv41ewed on an annual basls. Prfndpal Rlsks The trust contlnues to develop its frnmework for risk managemenl. Risk management Is focused on identifying Sl8niflcant risks, which are inherent within the trusys actlvltles, structure, and fundin& and mltiBatin8 the potential impact of these rlsks through the trusvs operatin8 and investment programme. mana8ement artbons, and con¥entional rlsk m¢tlgation such as Insurnnce. A fvll rlsk register is regular revlewed and dlscussed by the Leadershlp Team and with the Flnance, Investment and Audlt Commlttee. An abridged risk re8isler Is reviewed by the board on an annual basi5. The prlnclpal strategic, financial and operallonal rlsks whlch are Inherent in the trus1'5 4rtNities, Structure and fundin8 relate to the Impact of: reductlons In the level of ongoin8 funding from local authorities. and the trusys ablllty to secure adequate and sustainable alternative sources of funding follure to control costs ￿adIng to lack of cash or inabllty to SUPWIrt operatlonal needs Inadequate safe8uardin8 arran8ements leadin8 to younBI vulnerable persons being harmed whlle takin8 part in Programmes impact of unexpected varialions of Incorne and expenditure, such as fire, fklod. global health pandemic or other slgnffkant event These rlsks are mltlgated or managed through the desi8n and implementation of the tnjsys work programme. This includes.. dellverln8 an ambitlous programme of events, artivitie5 ond projerts to Indude actfve strateglc and operational engagement and partnershipworklng with local authority rep￿sentativeS at both operational and financial levels continual improvement In operatlons and ftnantial management. enabling the tNst to dell¥er its operatknnal programme within approved financial budgets. whllrt malntslnlng the planned level of reserves ongoing development of stsff ar)d empk)yment ￿lIe[e$ to meet current requirements ènd best practices io

ampshire Cultural Tr￿t Company number: 08986225 TNstees' Report safeguardin8 poliues to be reviewed and issued, OBS checks for all staff Invo￿ted in regulated. unsupervlsed actlvlty as hlghlighted in ihe safer recrnltment policy holding the approprbate level of reseThes as detsiled in the reserves ￿11 contlnual devek)pment of the operational risk re8lsterwlth a wider scope and frequent monltoring The trust will continue to develop its risk management framework and re8ularly revlew Its related pollcles and procedure5. plans for fvtwe perfods 2021-22 wlll be a perlod of rebulding •nd rec¢>¥ery foreveryone, We ￿Main commhted to our ambition to place culture at the heart of soclal and economic change and aim to demonstrate the posltlve Impart that our pro8rammes. projects and partnershlps have on people's wellbein& health and happiness. Our organisational goals will continue to focus on social impact. the quallty of our offer, achlevlng finandal reslllence. and our people Wlth travel restrktlons expected io be In place for some tlme. we are optimistic th* visitor numbers will return qulckly. and we wlll focus on artplity to enrourage audlences back to our venues Mllestones Museum will launch the newly Instslled Teddy Bear Museurn and Milestones Pier, which wlll be offldalty Opèn￿ by Carollne Dlnena8e. Mlnlster of Stste for Dl81ts1 and Cufture Our exhlbltlon programme wlll Indude Raymond Briggs.. A Retmspertlve at The Gallery. Wlnchester Discovery Centre. On tour from House of Illustrat￿n, il is the first ever show dedkated to Brlggs. who ha5 created some of the most popular and influential children's trAx>ks and 8faphTrc novels ever publlshed Photographer Paul JOY￿ wlll celebrate hls long and IIIustrlous career Spent In the company of stars such as David Hockney, Dennls Hopper and Sophia Loren when he retums to his home clty for retrospettlve show at The Gallery. Wlnchester Discovery Centre The Brttish Museum tourlng exhlbitlon Llvlng wlthArt.' Pkos$0 to Celmins will showcase h18h1￿hts from the Alexander Walker BequesL The show will feature WO￿ by Mat155e, Freud. Hockney and PKasso A Raviliou5Alphobet will explore the career of Erlc Ravbllous. arran8in8 a dlverse selectlon of key watercolt>urs. prlnts and books accordlng to ihernes dear to thls enl8matk artlst and deslgner Exhibitions in the Sainsbury Gallery at the Willis Museum. Basin8Stoke will include Mat￿e.. Dmwing with Sctssors and Tolklen.. The Magic of Middle-eorth In 2022, we intend to launch a cutting-edge prolert, worklng in partnership with leadin8 Virtual and augmented reallty Specialists. Combining real-world locations in Winchester and ￿reat￿)nS of the past, thls exhibriion, the first of its kind In the UK, will create extraordinary immersrrfe experlences. By ttrarting residents and visitors to Wlnchester city cent￿. the exhibrtSon wlll also contrlbute to regeneratlon plans and bring wider beneffts to the k)cal economy Our work within Ihe Crlmlnal justi￿ System will recomrnence In early 2021-22 wlth our programme In HMP Winche5tef and our work with women and fflen on probatlon li

Hampshlie Culwral Trust coM￿nY number: 08986225 Tru5tee5' Report Following the community consuliatbn and options appralsal process at the Allen Gallery In Atton and Eastleigh Museum, redevelopment plans will be final￿ed for both sites and fundralslng campaigns Started We will continue our community fundfaisin8 campalBn to repairthe sai15 at 8ursledon Windmill. and our social impact work based in our community museums, will ￿$tart. Projects such as the Resillence Garden and Veterans. Hub at Aldetshot Military Museum and The Industrtous Mlnds project, funded by the Natlonal Lottery Heritage Fund. will work with youn8 people In Eastlei8h to explore the fvture of Eastlei8h Museum and the role of induslry In the town We will launch a programme enabling donors to make regular gifts via direct debit. and later in the year will Introduce a membership scheme offering discounts on admission. café and retsll products We will take on re5ponsibilty for the management and cultural programmlng of the Winchester Discovery Centre in earty 2022 Our work on the transformatlon of Gosport Old Grammar School Into Gosport Museum and Art Gallery will continue. with the redeveloped venue openlng to the public in May 2022 We wlll work towards lolning Arts Council England's new Natlonal Portfolio group of regulady funded arts orBanlsatlons, museums and Ilbrarles wlth the applkation process startin8 In January 2022 We will develop an equlty. dlverslty and Inclusion strategy for our workforce and our audlences, maklng our worf¢ more relevant and accessible to the c¢)mmunities we sepie We wlll contlnue promotln8 dimate act￿ and engagement throu8h our cultural programme and working with the charity Julie's Bicycle to carry out energy audlts at our venues. We will track our energy consumptlon wlth a vlew to achlevln8 a quantifiable reduction In our carbon ftx)tprint We will ernbed our value5 thmughout the employee lifecycle by enhancin8 our beneffts, famlfy-frlendlv policles and ternis and condltlons of employment We wlll bulld on the pos￿1Ve resuhs of the Best Companles employee sup4ey and take part In thelr fomial accreditation process tn late 2021 We wlll contlnue to lay the foundations and rnake progre5S towards accreditation of our volunteering experlence through Inve5tor5 in Volunteer5 Slrurture. 8overnanc• and manaBernent Hampshire Cultural Trust was founded p)intly by Hampshire County Councll IHCCI and Wlnchestef City Council IWCCI and is incorporated a5 a company limited by 8uarantee, and is registered with the Charity Commisslon. Th2 trust 15 8overned In accordance wlth its Art*les of Association for a Charitsble company Ithe Articles of Association were hst amended by a special resolution on 25 September 20201. Copie5 can be obtairEd frorn the trusvs reglstered address. The trustees, liability is limrted by Buarantee. The trust pays for indemnity insurance on behalf of the tnJstee5. The trust ha5 one wholty-owned trading subsidiary, Hampshlre Cultural Trnst Trading Limited 1.the tradlng companf l. The obiectNe of the trading company is to generate income to sUp￿rt the charitable objectNes 12

Hampshlre Cultwal Trust Company number: 08986225 Trustees. Rewt of the trust. It carries oul comme￿Ial activitles that compkment the charitable objertives of the trust. The trading company will pay an amount equal to rts dIstrit￿table reseNe5 eath year to the trust under the Gift Abd scheme. Appolntment of trustees Members elected to Serve on the board of trustees have a dual role as a trustee of the charrty and as a director of the company. There can be no fewer than three. and no more than sLxteen trustees. One trustee Is appolnted by HCC and one trustee is apwinted by WCC. Thè remalnlng trustees are appolnted by the board of trustees and serve for an initlal temi of up to four years, and a rnaximum rf reappointed, of eighi years. To ensure that the board Is sufficientty skilled to carry out its responsibilitie5. it carr￿$ Out a skills analysls of exlstin8 members before new ones a￿ appolnted. The trustee fecrultment. selectlon and Inductlon Pfoce55 15 8ulded by Charlty Commissknn Buldènce. A5 a matter of course, all irustees are provided with relevant publicatlons. Such as The etsentlt71 trustee.. wht7t you need to know, whot you need to do ICC31. In addltlon to the charity and trndin8 sub5idiar¢s governing documents. trustee role descriptlon, pollcies and procedures relevant to the role. Due dlll8ence Is completed and declaratlons of eli8ibiir<y confirmed. a5 required. The HR and Remuneratlon Committee ovefsees the recruitment process for trustees and the Induction processls led by the Company Secretary. in consuhation with the Chalr of the board, Chair of the HR and Remuneration Commiltee, Chief Executive and Head of People. Management and de¢lslon m•klr The board of trustees15 the strateglc declslon-making body of the charity and is responslble for ensurln8 thè charlty's objectlve are achleved and ils plans are implemented. Day to day management of the trust and the tradir8 company is dele8ated io the Chlef E¥ecutrie in accordance wlth the trust's Scheme of Dele8atlon. The l)oard Eenerally meets six times per year to revlew strat4y, 0￿rdi￿)nal plans and performance, and to endorse key management decSslons. It Is helped In its work by trUste￿Ied standing committees-the Flnance, Investment and Audlt Committee, HR and Remuneratlon Q)mmittee and the Collectlons Committee. ftemuneratlon pollcles In examinin8 and awardln8 executlve pay the trust uses as benchma￿$ a varty of data sources Includlng publlcly advertlsed vacancles and dlsclosed Infomlation for simi￿r positions withln the sector and region. Recruitment to Executive Leadership Team posltlons is led ty the ChTref Executive in consuhation with the Chairman. in accordance with the trust's Scheme of Delegat￿n. The HR and Remuneratlon Commlttee oversees the development of employment ￿lated policbes across the trust. All members of the board of trustees are volunteers and have no benthial interest in the charity or group. Any trustee expenses reclaimed from the chaiity are set out In the notes to the financial statements. Funds held as eustodlan tnlstee on bth•lf of othe In accordan￿ with the trusvs governlng documenL the Mana8ement and Funding A8reement with both of our founder local authorities (Hampshre County Councll and Winchester cty Council), the trust ￿ the

Hampshire Cuhural Trust Company numbef: 08986225 Truste￿ Report custodian of historic assels and properties on their behalf. These assets are held separatety from those of the trust and are recorded on M(NJes. a catalogue system. These are detalled In note 27 to the financial statements. Fundralsln8 stsndards Inforniatlon The trustees are committed to •n ethk•l approach to our fundra151ng actlvlty and have an dhical fundraising policy in place. The trustee5 are 8rateful to receive voluntary donations from supporters either via our webshe or at our venues or vi8 other givin8 platforms. The trust Careful￿ monitors preferences of our donors and subscribers to ensure that there are no unsolicited fundraising campaign5. The trust i4 re8lStered wlth the Fundraising Regulator and abldes by ihe Code of Fundraisin8 Practbce. Our fundraising activity 15 overseen by the Dlreilor of Marketln8 and Fundrai51n8. ststement of trustees, responslbllltles The board of trustees Iwho are also dlrectors of Hampshlre Cultural Trust for the purpose5 of company lawl 15 re5pon51ble for preparfn8 the Trustees. Annual Report Ilncluding the Strategic Report) and the flnanclal statements in accordance whh the requlrements of Accounting and Reporting by Charltles.. Statement of Recommended Practlce applKable to charftles preparlng their accounts In accordance wlth the Finan¢lal Reporting Standard appllcable in the UK and Republlc of Ireland Icharrtles SORP FRS1021 leffect￿e l January 20151, the Financial Reportin8 Standard appI￿able in the UK and Republk of Ireland IFRS1021 and the Companies Art 2C#)6. Company law requires the trustees to prepare financkil statements for each flnanclal year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, Intludin8 the intome and expenditure. of the company for that peiiod. In preparing these flnancial Statements. the trustees are requlred to: select suitable accounting pollcies and then appty them conslstently observe the method and princlples of the Charities SORP make judgements and e5timale5 on a reasonable and prudent basls state whether appllcable UK Accountlng Standards and statements of recommended practice have been followed. subject to any rnatèrlal departures disclosed and explalned In the finèncbal Statements prepare the flnanclal statements on a goin8 Con￿rn basis unless il 15 inapproprKite to p￿SuMe that the company wlll continue in operation The trustees are responsible for keepin8 adequate accounting records which disck>se with reasonable accuracy at any time the financial position of the company and which enable them to ensure thal the financial statements comply wlth the Companies kt 2￿5 and the Statement of Recommendetl Practice on Accounting and Reportlng by Charlties ISORP). They are also responsible for Safeguarding the assets of the company and hence for taking reasonable steps for the preventh)n and detectlon of fraud ar*d other irreBularitie5. 14

Hampshire Cultural Trust Company number: 08986225 Tru5trf Report Auditois 50 far as the trustees are aware, there ts no relevant audit infom)ation of which the companls audltors are unaware. Trustee5 have taken all the steps necessary to make themselves aware of any relevant audit Informatlon and to establish that the CoMpan￿S audftors are aware of that Infomiatlon. Small Companies Disclosure Thls report has been prepared in accordance with the provisions applicable to compan￿$ Subject to the small tompanies, regime in Part 15 of the Companies Act 2006. The trusteès conflrm that thls Report arKI Financlal Statements complles wlth curreni statutory requirements, the Statement of Recommended Practice.. applicable to charitie5 preparing their act￿ntS in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 las amended for accounting period5 commencln8 1 January 20161 and wlth the trus1'5 Artkle5 of A5SOCiation fora Charitable Companv. Approved by the trustees and signed on their behalf by: Alan Lovell Chalrman 15

Hampshire Cultural Trust Company n￿nber. 08986225 Independent Audltorfs Report to the members and trustees of H•mpshlre Culiyr•l Trusl Opini We have audtted the flnanclal statements of Hampshire Cultural Trust (the 'parent charltable companVI and Its subsidiaries Ithe 'group'l for the year ended 31 MaTch 2021 which cornpri5e Consolidated Statement of Activities, consol￿ated Balance Shee( Balance Sheet. Consolidated Cashfkjw Statement and notes to the financial statements, includin8 518nrficant attountin8 policies. The financial reportlng framework that has been applied in their preparation is applKable law and Unf(ed Kingdorn Accounting Standards, including Flnanclal Reportlng Standard 102 rhe Finoncitil Reporting Stondord Gpplicoble In the UKand Republlc of Irelund (United Kingdom Generalty Accepted Accountlng Practice). In our oplnlon the financial statements: gwe a true and fair view of the State of the group's and parent charitable CoMpan￿S affairs a5 at 31 March 2021. and of the 8roup's incoming resources and applicalion of resour￿5, Includln8 rts Income and expenditure, for the year then ended; have been proper￿ prepared In accordance wilh United Kln8dom Generally Accepted Accountlng Practice; and have been prepared In accordance with the requirements of the Companles Act 2LI)6 and the Charities Act 2011. Basls for oplnlon We conducted our audlt In accordan￿ wlth Internatlonal Standards on Audltlng IUKI IISAS IUKII and applicable law. Our responslbilities under those standards are further described in the Auditorfs responslbillties for the audlt of the financial statements sett￿n of our report. We are independent of the group and parent charitabk company in accordance with the ethlcal requirements that are ￿levant to our audit of the Ilnanclal statements In the UK, Including the FRC'5 Ethical Standard, and we have fulfllled our other ethlcal re5wn5ibilltie5 In accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provlde a basts for our opinion. Conclusions relitinl to ioing coKem In audriing the financlal statements, we have concluded that the twstees, use of the 8oln8 concern basls of accounting in the preparètlon of the financial statements is approprlate. Based on the work we have perfom)ed. we have ￿t Identlfied any material uncertainties relatin8 to events or conditions that. individually or collectNely, may Ca￿ sgnificani doubt on the group's or parent charitable compan￿$ ability to continue as a goin8 concem for a perA)d of at least 12 month5 from when the flnancial statements are aUthOr￿ed for issue. Our reswnslbllitles and the responsibilities of the truslee5 With ￿Spect to golng concern are described in the relevant sections of this report. Other Inforn￿tknI The other information comprt5es the information induded in the tru5tees' annual report, other than the financial statements and our aud￿Orf5 rewrt thereon. The trustees are reSwn5Ib￿ forthe other inforrnation contained within the annual rEport. Ouroplnion on the financial ststements (knes not cover the 16

Hampshire Cultural Trust Company number.. 08986225 Independent Audltorfs Rep(Yt tg th¢ membets and trustee5 of Hampshire Cuttural Trurt other information and, except to the extent otherwise expllcltly ststed in our report. we do not express arry form of assurance toncluslon thereon. Our responsibility is to read the other InformatKJn and, in doln8 $0. conslder whether the other informatlon 15 materially inconsistent wrth the financial statements or our knowled8e obtained in the course of the audit or otherwise appears to ￿ materlèlly misststed. If we Identlfy such material inconsistencies or apparent material misstatements. we are requlred to determlne whether thls 8fve5 rlse to a material misstatement in the financlal statements themse￿eS. If, based on the work we have performed, we conclude that there is a matefial misstatement of this other informatbon, we are required to rewrt that fact. We have nothing to report in th15 regard. OplTrlon$ on other matters Pfesulbed by the clym￿nI•S Art 2L In our oplnion, based on the wor* undertaken In the cOu￿e of the audtt: the information given in the trustees, report Ilncorporatin8 the directors, reportl for the flnanclal year for which the financlal statements are prepared is consistent with the financlal statements; and the dlrectors, report has been prepared in accordanee w5th appllcable legal requirements. Matters on whlch w• •r¢ vegulr•d to report by e¥¢ertlon In the Ilght of the knowledge and undefstandlng of the group and parent charitable company and Its envlronment obtalned in the course of the audlt, we have not identif￿d matertal misstatements In the dlrectors, report. We have nothing to report In respect of the following matters in relation to whlch the Cornpanles Act 2006 and the Charltles Art 2011 requires us to report to you rf. In our Opin￿n- adequate and suffldent accounllng record5 have not been kept ￿ ihe parent charltable compary, or turns adequate for our audlt have not been recefved from branches not vlsited by us,. or the parent charitable companrfs financial statements are I￿t In agreementwlth the accountlng records and return5; or ertain disclosures of dlrectors. rernUnerat￿n Specif￿ by law are nol made; or we have not received all the inforM￿lon and explanations we require for our audlt: or the trustees were not entltled to prepare the financh?I statements In accordance with the small companies. regirne and take advantage of the small companies, exemptions in preparing the directots, report and from the requlrement to prepare a strategic report. Responslbllldes of trustees As explalned more fulty in the trustees. responsibilrties statement set out on page 14. the trustees (who are also the directors of the parent charltable company for the purposes of company lawl are responsible for the preparatlon of the flnanclal statements and for bein8 satisfied that they give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparatbon of flnanclal statements that are free from material misstatement, whether due to frnud or error. 17

H•mpshlre Cultural Trust Company number: 08986225 Independent Auditorfs Report to the member5 and trustw5 of H•npshlre Cultwal Trust In preparlng the financial statements. the trustees are responsible for assessing the groups and parent charltable compan￿S ability to continue as a going concem, d6clos1￿ as applicable, matters related to goin8 concern and usin8 the golng concern basis of accounting unless the twstees ef(her Intend to Ilquidate the group or parent charitatrJe company orto cease OFerations, or hwe no reallstlc alternative but to do $0. Audltorfs responslbllltles for the •udlt of the financial st•ternents We have been appointed auditor under the Companbes Act 2LM)6 and section 151 of the Charitie5 Ac12011 and rep)rt In accordance wlth those Acts. Our objectives are to obtaln reasonable assurance aEx)ul whether the finandal statements as a wl¥Jle are free from materlal mlsstatement. whether due to fraud or error, and to issue an audltorfs report that Includes our opinion. Reasonable a55urance ts a hlgh level of assurance, but is n¢X a guarantee that an audlt conducted in accordance wlth ISAS IUKI will always detect a material mi55tatement when It exlsts. Mlsstatements can arlse from fraud or error and are considered malerfal If. Indiwldually or in the aggre8ate, they ¢ould reasonabfy be exkded to Influence the emnomlc decisions of users tsken on the basis of these flnancSal statements. Irre8ularitie5, including fraud, are Instances ol non-compliance with law5 and ￿gulat￿)n5. We desl8n procedures In Ilne wlth our responsibilrties, outlined above, to detert material mlsstatements in re5Fd of Irregularltles. including fraud. The extent to which our procedures are capable of detectin8 irre8ularitie5, Includln8 fraud is detalled bek>w: enquiry of manyment and those charged with governance around Jctual and wtentthl Iltl8atlon and clalms a5 well as actual. suspected and alle8ed fraud: reviewing minute5 of rneetlngs of th(M charged wlth govemance; assesslng the extent of compllance wlth the laws aTrd regulatlons consldered to have a dirert materlal effect on the financlal 5talernents or the operatlons of the company through enquiry and inspettlon,. rÈvlewln8 financial statement dlsch)sures and testin8 to 5UPlXlrtlng documentstlon to assess compllance with applicable law5 and regulatknns,. and perfomiing audlt work over the rlsk of management Ixas and override of controls. Includlng testln8 of journal entrles and other adjustments ft>r appropriatenus, evaluatSn8 the buslness rationale of 51gniflcant transactions outside the normal course of buslness and revlewin8 actt>untin8 estimates for Indlcators of ￿tentIal bba5. Because of the Inhe￿nt limitations of an audrt, there 15 a risk that we will not detect all irre8ularltles, including those leadlng to a material misstatement in the finanaal Statements or non-complian￿ wrflh regulatlon. Thls rlsk increases the more that compliance wlth a law or regulatlon ts removed from the events and transattion5 refiected in the financial statements, as we wlll be less likely to become awa￿ of Instances of non-compliance. The r15k Is also greater warding irre8ularitie5 occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or m1srep￿entatlon. A further descrlption of our re5ponsibilit•es is available on the Flnanclal Reporting Counclys website at.. htt www.frc.or Our-work Audit Audit-and-a5SUTance 5tandards-and- uidance Standards-and- idance-for-auditors Auditor5-res -for-audit Descri ion-of-auditors-re AudiLLLX. This description forn￿ part of our auditorfs report. 18

Hampshlre Cultwal T￿￿t Company number: 08986225 Indep￿dent Audltorfs Report ta the membets and tntstees of Hampshire Cultural Trurt Vse of aur ieport Thls report15 made solety to the charitsble comparfs mern￿￿, as a body. In accordance with Chapter 3 of Part 16 of the Companie5 Act 2W6 and to the charltable companWs trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2(K)8. Our audit work has been undertaken so that we ml8ht state to the charitable COMpan￿S rneMbe￿ and sts trustees those matters we are reouired to state to them in an auditorfs rew)rt and for no other purp)se. To the fullest exient pemiitted by law, we do not accept or assume responslblllty to anyone other than the charitable company and the Charitab￿ cornpany's members as a t￿d¥ and the charitable compan￿5 trustees as a body, for (￿r audit work. for ihi% report. or for the opinions we have formed. Zara Ho8g FCA (Senior Statutory Audttofl For and on behaw of Azets Audlt Services Istatutory Audltorsl Carnac Place Cams Hall Estate Fareham P016 8UY DatÈ:... 19

Hampshire Cultur•l Tru51 Company number: 08986225 Consolklated Statemert of financlal actlvlties qlncorporatinB the Income and exPendI￿re account) Fur Funds Funds Totsi 2020 Inc4wne fnmn: Grants and don3tK•nS Ir￿rne from charftabk XlMlk5 Income from othertrnjlr acthAUes'. - incomÈ of tradln8toftpny Investment Inco Other Income 4.630.887 321.785 513.602 5.144.489 321.785 3W.W2 1.645.581 669N24 4,110.226 L645.581 314,692 6.474 174.694 314,692 6A74 178x127 83&362 11,897 274,494 11.897 273,967 3,333 527 Totll Incom• 31 5169JS 669 951 EyndllweorL' Costof ralslng fvThas'. Fundralsln8 and publlclty Éxpenses ofTradln8 Comparty 95A25 234.702 95A25 234,702 156.346 502.041 156.346 $01043 E¥pendtture on (haritsble xtmljes 4.718￿55 5215,530 5,328y8 5,928,992 5Y5657 6 $87 381 Not I￿orne I leywthur•l 369.549 50,261 419,810 223.6n 69.507 293.179 Tr•nsltr bthyen fv￿ls 182,1391 81139 125.3201 25.320 132 419 offundL' Totsl ftJTrJs bro￿hr fcrfward 926 1633 624 1757 715 I926￿3 All recognised 8aSns and losses are included In the staternent of financial actlvltles. All transactions ire derlved from continuin8 auThitles. The notes on page5 24 to 41 fomi an integral part of these financial ststements 20

Hampshire Cultural Trust Company number: 08986225 Consolidated Balance Sheet as at 31 MaTfh 2021 2021 2020 FIMed assets Inlanglble assets Tan8lble assets li 12 279.829 279.831 380.411 C¥rrÈnt asts Stock Debtors Cash at bank and in hand 14 110.123 397.813 2,068.150 2.576,086 97,525 467,072 1,832,115 2,396,712 15 Credltors: amounts fall1￿ due wlthln one ye¥ 16 IfAJ9,8841 1749.7401 Net wrr•rf ass•ts 1,966.202 L646,972 Net ass•ts 17 2,346,613 L926,803 Funds un￿ stdcted futtds.. General unrestrlcted funds Desnated fLtnds L352.715 405.(KKI 1,140,305 330,(IXI L757.715 588.898 1,470,305 456,498 Restricted funds 18 Total funds 2,346,613 1.926,803 The ftnanclal statements are prepared in acCordan￿t￿th the special prwyons of Part IS tsf th* Companies Aet 2006 relatln8 to small companles. The finanoal statements were approved by the board on 30Juty 2021 and slgned on its behaw by.. 4Lc AC Lovell On behalf ol the board of trustees The notes on page$ 24 to 41 forni an integral part of these financial statements 21

Hampshire Cultural Trust Company number: 08986225

Trust Balance Sheet as at 31 March 2021

Fixed assets Intangible assets Tangible assets Investments Current assets Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Net assets Funds Unrestricted funds: General unrestricted funds Designated funds Restricted funds Total funds Notes 11 12 13 14 15 16 17 18 18	Fixed assets Intangible assets Tangible assets Investments Current assets Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Net assets Funds Unrestricted funds: General unrestricted funds Designated funds Restricted funds Total funds Notes 11 12 13 14 15 16 17 18 18	£ 0 473,657 2,066,377 2,540,034 (588,382) 1,262,051 405,000	£ 0 473,657 2,066,377 2,540,034 (588,382) 1,262,051 405,000	2021 £ 2 303,294 1,000 304,296 1,951,653 2,255,949 1,667,051 588,898 2,255,949	£ 0 451,015 1,779,159 2,230,174 (827,301) 793,562 330,000 2020 £ 2 176,185 1,000 177,187 1,402,873 1,580,060 1,123,562 456,498 1,580,060
		2,540,034 (588,382)
		1,262,051 405,000

The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

As permitted by s408 of the Companies Act 2006, the Trust has not presented its own statement of financial activities (incorporating the income and expenditure account) and related notes. The Trust ’ s surplus for the year was – £675,889 (2020 surplus of £209,070).

The financial statements were approved by the board on 30 July 2021 and signed on its behalf by:

AC Lovell

On behalf of the board of trustees

The notes on pages 24 to 41 form an integral part of these financial statements

22

Hampshire Cultswal Trust Company number: 08986225 Consolldated cashfflow statement for the year ended 31 Marth 2021 Group Z021 Group 2020 Net ¢ashflow from operatin8 actriitie5 458,662 633,121 C•sh flowsfrom Inv•stln8 actfvlts Bank interest ￿¢￿ved Purchase of lixed assets Cath us•d In¥•stlni artl¥1¥¢5 6,474 1233,5081 1227,0341 11,897 1334,4411 1322,5441 Increaselldecrea5el In cash and cash equlvalents In the year 236,034 310,575 Cash and cash equivalents at the beilnnln8 01 the year 1,832.115 1,521,540 Total cash ab)d cash equlrf4l•nts * the end of the￿¥ 2JJ68.150 1132.115 Re￿ncIlIatIon olChan8es In Ilesourw to Net Cashlbw From Opw•tlniA¢dfftks Net Incomt for the year Depreclatlon Investment Income and intèrest recek4ed Ilncrea5el/decrease In stock Iln¢reaselldetrease In debtors Int￿3$t/(de¢rease} In creditors 419810 128.521 16.4741 112,5981 69,258 139A56 293,179 81,689 111.8971 120,2411 427,138 136,7491 14 16 N•t Ushfl(w* from operalkn8•clMII•s 458.662 633,121 The notes on pages 24 to 41 forni an integral part of these financhil statements 23

Hampshire Cultural Trust Company number: 08986225 Notes to the financlal statemenls for the year ended 31 Marth 2021 At¢oUnt1￿ poN¢l•s Charlty Infomutlon Hampshire Cultural Tn￿t is a private Com￿Y limited by8uaranteeand Incorporated In England arKI Wale5. The reglstèred office is Chilcomb House. thlkomb Lane. Wlnchester. Hampshire. S023 8RD. Hampshire Cultural Trust meets the definitlon of a publlc benefft entity undw section 34 of FRS102. Assets and Ilabllltles are Inltlally reco8ni5e(l at historfcal cost of transaction value. unle55 Otherwlse stated in the relevant accounting policv. The prln¢6pal objettives of the tharity we detalled In theTrustees' Report. Basls ofprepamkn ￿ flfiKlal #¥tsments Thè flnantlal statements have been prepared in accordance Accountln8 and Reportln8 by Charltles.. Siatement of Recomrnended Practlce appllcable to tharlties prepJring their accounts in accordance wlth the Flnanclal Reportln8 Standard applicable in the UK and Republic of Ireland IFRS 1021 I￿￿ed on 16 July 2014 las updated thrtrJ8h Update Bulletin I pulAlshefl on 2 Febnjary 2016 and bulltn 2 published 5 Ortober 20181, the Charltles Act 2011, the Qmpanies Art 2(#J6 and UK generally accepted pratticÈ as It appllÈs from I January 2015. cons￿ldated flnandal statements have been prepJred In respect of the tharltabl• ¢ompany and its wholly owneil subsidiary, HampshSre Cultural Trust Tradin8 Limited. The Consolidated Statement of Flnantlal Attmties Includes the results of Hampshire Cultural TrustTradln8 Llmlted as sln&e Ilne Items. The ¢on591idated balance sheet Indudes the net assets of Hampshire cUttU￿ TNst Trading Umlted on a line bv Ilne ba￿$. In£orn• All incomin8 resour￿ are Induded In the staiement of finanoal artNities when the company 15 legallv entltled to the Income and the amount can be quantifièd with rta50nable a￿Ura(¥ and it is Probable that the Income will be received. Voluntsry Income and donatlons are actounted for on re￿p( Income from Investments Is induded In the year in vthith it 15 receivable. Le8aoes are included when the charity is •J¥ised by the perwnal represeniative of an èstate that payment will be made, ￿ property transferred, and the am(wnt Inv0fv￿ can be quantlfied. Income from the sale of tickets tor course5 and tuition, perfwmances and events are reco8nlsed In the peflod In whlch the event occufs. Ass¢Xi?ted bookin8 fee income is reco8nlsed at the t1￿ ofthe booking. Admlssions and rnernber5hip income 15 reC￿niSed on receipL Income from Itttin8s and rnom hire is rec4nlsed on date ot in¥￿0 and in advance of date of hlre. Deposlts are non refundable reco8nised on receipt 24

Hampshire Cultural Tru Company number: 0898622S Notes to the financial ststements for the year ended 31 March 2021 Grants rnc•lvablè Revenue grants are accounted for on recÈipL orwhere they a￿ wtain to be re￿Ned. Expendttwre Expendlture Is reco8ni5ed on ￿ accruals basts, as a Ilabllty is incurred. Exptndlture indudes any VAT whlch Is not fully recoverable. Basls of •llocatlon Costs ol rai5in8 fund5 relate to thctse costs Incurred in encoura8lng people and oryanisatlon5 to contdbute flnanclolly to the trust's work and the expenditure relatlrvd to the tr4diry company. Charitable experKlrlure Indudes expendlture aS%Kiated wth Publlc pro8ramffle5. Collertions, Venues. 8uslness D￿elOPMent and Projects. Ta￿￿1￿ fflxed asxts Depreclatlon Is provlded on a stral8ht Ilne b¥is. at the fdlu4vln8 ￿nUal rates in orderto wrlte off each asset twer Sts estlmated useful lffe. Plant and Mathlnery Flxlures and Fittin85 Leasehold Improvements C47mpLrtv Equipment 25% 25% io% 33.3% A full yeafs depreclatlon Is charged in the year of a￿Ul￿tIOn. 18 St￿& Sto¢k rdaies to Items held for resale and i5valued at the l(Mer of cost and net reallsable nlue. Funds General funds are unrestrtrted and arè avallable for use at the discretlon of the trustees in furtherance of the general objectfves of the tharity and have not been de￿8nated forothw PU￿0$eS. Desi8nated fund5 are detemilneLI by the trustees a5 being unrestrfcted funds held for specthc purposes, and are committed to future spend a5 agreed at board le4el. Restdcted funds are to be used for those spKified purposes as lald down by the donor. Direci expenditure and a￿￿lated o4erheads whbch rT*ts the ¢xfteria is char8ed to the fund. Restritted fund5 for the purchase of fixed assets are credited to restricted incorne whèn recelvable. Depreuation on the fixed assets Fburchased with suth grants is thar8ed a8abnst the related festrfcted fund. LIO Leased assets Rents15 applicable to operating leases are thareed to the Ststement of Flnanual Activities as incurred. 25

Hampshire Cultural Trust Company number: 08986225 Note5 to the flnanclal statements for the year ended 31 Marth 2021 1.11 Flnanthl knstrurnents The trust hzs elected to apply the pro￿$10n5 of Section Il'Ba5ic Finanaal I￿struments. Section 12'0ther Flnan¢ial Ins¢ruments155ue5' of FRS102 to all of itsfinancial in5twument> Flnancial instruments a￿ recogntsed in the trusvs ba1￿ce sheet when the trust becomes party to the tontractual pro¥i%ons of the instrument. Financial assets and IlabSllUes are oftseL ￿th the net amounts presented in the nnanclal statements, when there Is a legally enfofceable right to set off the recogn15ed amounts and there Is an intention to on a net bas15 or to realise the ￿et and settle the liability simvltsneousfy. Baslc Flnandal Assets BasltfinanciaS a55ets, which include debtor5 and (ash and bank bal￿¢¢$. are initially measured at transattlon prlce Includln8 transattion costs and are subsequen￿¥ carried at an￿rtISed tost U￿nI the effecti¥e interest method unless the arrangemènt tOnsti￿te$ a ftnandng transaction, where the transa¢tltyl 15 measured at the present value of the future recelpts discounted at a market rate of interest. Flnanclal assets dassified as re¢efv•ble wlthin year are not amorUsed. Impalmient of FIft￿ClaI Assets Flnandal assets, other than those held at fairvalue thm¥h profft and k>ss, are assessed for Sndicators of Impalrrnent at each reporVn8 end date. Flnandal assets are impaired where there ts oblertfve •Ad￿Ce that. as a result ofone or more events that occurred afterthe Inltlal re¢o8nlUon of the finan¢ial asse¢ the estlmated futurn cash flows have been affected. Lf an a55et 15 impaired, the impairment loss Is thè dlffÈrÈn¢e bÈtween the Carr￿n8 amount and the present value ol the estimated cash flgws, dtscounted at the asset's oriwnal eflertiwd interest rate. The Impalrnient loss Is recognised in the profit and loss. Ifthere Is a dEcrea5e In the Impalnnent loss arlsln8 from an event otturrinÈ afttrthè Impalrn￿ntwaS recoBnSsed, the impairment is re¥ersed. The re¥tYsal is suth that the turrent tarrwng amount does not exceed what the carylng amount would been had the Impalrnnt not pmlou51y been reco8nlsed. The Imp￿rnient reversal Is recogn￿ed in profit and105k Derecognttlon of Financial Assets Financial assets are derecognlsed onlywhèn the t¢ntrartual rights to the cash flows from the a55et expire or are settled. or when the company transfers the finantial a55et and 5ub5tantialty all the rfsks and rewards of ownership to another entity, or if some slgnlflcant rlsks and rewards of ¢wner5hip are retaSned but control of the asset has transferred io another party that Is able to Sell the a55et in Tts entirety to an unrelated third party. aas5ifiotion of Financlal Llabllltles Finandal liabllltlÈs and Èouity instruments are d8￿fied actording trthe gjbstsnce ofthe contractual arrangements entered into. An equity instrument is any¢￿traCt that e11d￿￿$ a residual iThtwest in the assets of the trust after deduttin8 all of its liabilitie& 26

Harn￿hlre Cultural Tnmt Comp•ry number: 08986225 Notes to the Ilnancial ststements for the ye•r end•d 31 Mwth 2021 Basic Financial Liabilities Basi¢ flnancial Liabilitles Includlng credttors. that are dasstfied as debL are Inlvally recwLsed at transactions price, unless the arrangement constitutes a finanL?n8 transaction. where the debt instrument is measured at the present value of the future payments discounted 3t a market rate of Snterest. Financial Ilabllltles classffled as payable within tx)e year are not amorused. Debt Instruments are subsequently carrfed at amortw cos( usln8 the effectwe intere# ratè method. Trade credltors are obligations to pay fLY8ood5 or seM¢es that have been acquired in the ordinary Courye of buslnes5 from suppliers. Amounts payable are dassffied a5 cu￿ent liabilities il payment is due wlthln one year or le55. If noL they are presented as non-current liabilities. Trade creditors arè recognlsed Inltlally at tran$actlon Pfke and subsequently measured at amortised (ost uyn8 the effective interest method. Dereco8nltton of Flnancial Liabllltles Flnancial liabilltles are dereco8nthl when the c(wnpanVs contractual obll8atlons expire or are dlscha¥ed or cancelled. 1.12 T•miln•tknffi ￿n•t1￿ The Tru￿ recognSses a loa￿11ty fortermlnatlon beneffts at the polnt where It is¢tynmltted to maklng the payments In retum for redundancy. 1.13 Penslon £osts Contrlbutlons are made to a Ilefined ¢ontrfbutlon stheme forth05e employees who were not employed at the tlme the trust was flvmèd. These penslon costs are charged to thÈ Statement of Flnandal Activities in the perlod to whl¢h they ￿late. Recrultment bendts to empluiees of the trusL who transferred from Hampshlre County Coundl and Wlnchester City Counol, are provided by the Hampshlre County Coundl admlnistered Lotal Government Penslort Scheme ILGPSI. ThL Is • tontrlbutory defined benefits 5cherne. The'commercial Transfer A£reement' IcfAI between Hampshire County Countil and Hampshire Cuhural Trust ststes that the Counal shall remaln Ilable for the deficit ir) the fund in respect of beneflts acryued up to the transfer date of l November 2014. No respcwybility forthose contrlbutlon5 subsequent to l November 2014 has been transferred to the trust, and therefore there Is no Ilability to the trust in respect of thls deflned beneflt peTh￿on scheme. 1.14 Jud8emwts and key ￿UrceS ofestknthn T?ngiUe ftxed assets are depreuated overtheir usefiA Ilves taklng Into account rL%idual ￿1￿$, where appropriate. The artual Ii¥e5 of the assets and resldual values are assessed annualty and may vary dependln8 on a number of fartors. In re-assesslng asset INes, fartors such as tethnological innovation, prcrflurt life cyde5 and maintenance programmes are taken into conyderatlon. Resldual value a￿ssments consider issues sud) as future market conditions the remainirg life of the J55etand projected disP05al values. The carylng am¢)unt 15 £380,4C812020.' £279.8291. Thè trustees consider that there are no other materlal areas of jud8ement or esbmatiijn uncertalnty. 27

Hampshlre Cultural Trust Company number: 08986225 Notes to the flnandal ￿atements for the yew ended 31 March 2021 1.15 Golrvd concem The trustees adopt the goi￿ concern basis in preparin8 the Trustees, Report and finanaal statements. Thls 15 based on the reasonable expectstion. based on forecasts and projerti(ms, and tskin8 into att￿nt reasonably foreseeablt thanges In Intome and expenditure, that the charitat￿e cornpany has adequate resource5 to continue to operate for the foreseeable future. The estimates and associated a&wrnptions used are base(l on historical experience. includir#J that 8ained during the lockdown easement durlng 2020, applied ¥￿th appropriate caution, and any other factors that are consldered to be ￿l￿ant. 28

Hampshire Cultural Tntst Compw number: 089B6225 Note5 to the flnancial statements for the year ended 31 March 2021 Grants •nd donattons In accordance with the Man4ement and FundlngA8reerrnts In pl•tÈ. the trutt recefves annual revenue 8rantsfrom Harnpshlre County Councll and Wlnchester Cty Ccmjncil tosupport the delfveryofan arts and rnu5eum5 5ervke across Harnpshlre. Dudnrt the vearthe f01b￿n% Rrants and dofiavons re re￿￿.. 2021 Toi•l Tol•l Hampshlrecowcouncd IHCCI cheSterc￿cOu￿II IWCC) 2.309.486 3ts.835 1623,32l 2.309.486 313,835 2.623.321 2.464,361 330.353 2.794,714 Othor Lot41 oJthth y•rtS'. 5kn8Stoke and Deane Bor0￿• Counrm Gosptyt Bomuih ctrJ￿l Eisdel8h Borou8h C￿nd1 Dorsa, thr1str￿Ich and PoDleCwvl Aushmoor 8orou8h Councl New Ftyest ￿$trIct Cwncl Bur5kdty) P•ibh Counc 183.6(1) 183.f 183.6CQ 39,096 59.0% I￿,(￿(j 39,136 ioo.c 44.240 17,1))) 2A 446,376 44,224 15,iX( 1s.r)J 444,120 444,120 Art5 Coundl Ewnd Naik)nal Lortery Herlia8e Fund Job Retendon Scheffle Go%rnmernt Ou￿￿56r4￿5 92.471 39.61)J 41,7CKI 638,117 341.486 631317 341,486 F•vnbortyJth Apon En¥onmert•l Fuhd CC. WÉ5sex DKeA(ademy MCC- NonCoreGrants WCC. P4)nc0reGr￿ts i&•J) 16A¢XI 91.315 47.817 7.277 0rtth¢¢n4nd Ho¥e 8orw8hCwKI.tMslerredtrftry P4vllon Museums Trwt IOdobEr 20201 Piul H•rntyn Faundaii Gosport Borou8hCovncM Nan Core Garfie￿ We5tw South Western Rallway Orltlsh Museum- Portat4entWMle5Sclffle Artswork Ltd Swssex Partnershlp NHS Fa￿da￿kIn Twsl Pc4keand Crlme Cornn￿￿1￿Ér Hampshire FutiKes H8mpshlre & l)W CRC H151ork En8ld 67.219 IiiAo) 67,219 iii,( 76.198 87.500 20.0fy) io,0( 29.828 lo.￿? 29.828 35.444 38.50) 25,0 20,OD) 35￿3 30.855 26,930 E5ffle2 IMuseym5Ayo*tknl Armed Forw Cthenant FuThJ Tru HMP YOI Wlrth5ter Yrxrth Endwenl Fur Otheryants (itsst￿Th E5.(KX)I 30.737 30.737 23.952 18,ICbJ 28250 10,247 487.970 28.2YI 26,332 2.012,357 11.702 684.217 I,S24388 TOtslw￿ts 4Y&L829 487?70 5.079.798 3?25,307 29

Hampshlre Cultural Trust Company number: 08986225 Notes to the financial ststements for the year ended 31 Maich 2021 2021 Tot41 2020 Totsl nds FrieTrJ5 oIGospait Museum Mi%cdlanetytsdonatrons1£5,iuiahd bÈkMfl ReBul8r Donatk)n5 Total dmatlty 27.982 li 76 39,058 25.633 S3,61S Ll,076 128,173 25.633 Totslgr•ntsand doMtM 513 4 110 226 In respert of the Giantsand ofÉ5.144.489whlth¥Jer reCe1￿dkn lo2￿21. £4,6Y),887 reled touNesirtied fuThls and £513.￿2 relatedto reSI￿re￿ fvnd h4ddttkn E154,467 ofyants h•rt re¢•4td ty1hetTrd￿sL1>$WIwy aThl ￿ wtthln trnthfft8sybsldknry I￿orne Ineom•lMm thirttsbl• •¢lMIJ 2021 2020 Admlssh)ns Workshops and classes Box offir.e Booklng fees Aocffl hir• 269,971 51.179 12.684 111,0491 1,029,525 206.544 312,181 18,284 I Inccrfne from CharItab￿ artfvns In t¢th 2021 and 2020 ore Unrestrkt￿.

Hampshire Cuhural Tr￿t Ctympany number: 08986225 Notes to the financlal statements for the yearended 31 March ZOII IrKome WKI exPEndi￿refrOMtr•dlry •rtlTAWes•f sulwdi*ries The trust has a wholfy owned tradlng subsldlarywhkh 15 Incorporated In the UK. Hampsh1￿ Culrural TnL%t Tradlne Ltd operates the retsll and th)te￿nI ofthe trust. Thetradlngcompany trnnsfer5 ￿ tsxable wofrts to th• trust byway (rfGfft Afjd. A summary of itstradin8 results forthe year •nded 31 March 2021 are shown bdow. Finanual statsments have been wfth C￿anIeS House. 2￿1 Turnover Cost of sales Gross Profit 160,225 197,695 62,530 825.967 318,329 507,638 AdmInIstrat￿e e¥penses 1137,0071 1183,7141 Other operatlng Incomè 154,467 12,393 Operatlng profft and pmfft b8fowtsy4tlon Tax on profit Profft forth• flMnd•l y•ar 79,989 336,317 Amount8Sfted io H4mpshlre CulturalTrust 1336.0711 1252.2051 Retalntd Frfofft for the pork)d 1256,0821 84.112 Retalned wofft broulht fward Retalned wofftcarrkd forward eal•n¢• $h••t 196,758 1105,C831 389,392 137.2601 Llabiif£les 9L565 351131 Called up ordlnary Share ca&¥tal Piofft and1055 account I,￿)0 gJ,665 346,746 Ca￿1•1 •nd rw•r¥ 91h65 347,746 31

Hampshire Cultural Trust Company number: 08986225 Notes to the Ilnancial statements for the year ended 31 March 2021 Irhvestment Incon 2r+2X zo Investment Incon All Investr￿￿t Income In t#xh 2021 and 2020is UnreSt￿ed. oIFr IrKorne 2021 Collectkjns ind cw5ervath)n Inc Penny arcade Tra115 Eventsand hlre Gtft Ald and other tsx reifs Other 7,n2 15,723 22.671 14,5 41,364 188,459 136.937 178 027 I￿l￿ded within Gift Ald and othertax rellef, ￿ £3.333 whlth reStIkt￿ Incrjrrefrom oft ald. £527 of other Incon In 2020 was restritted. Fundr•lsh¥ and publldty Z021 Y0f•l Toi•l FUrKIra￿Sn8 and pthlclty costs •re whdty uffift￿rkted In bgth the Cur￿￿1 and fvwr, and Include the tost of marketlrb8the pro8rarnrne of events Jcross the ¥enue& C4￿ of ch•rblJl• •rtl¥ttl•s 2020 Tot•1 fun Totsl nd• Public pro8rnrrffl￿s Collectlo Venues BuslnÈ$5 de¥eloprrent Pmlects 79,862 466.943 2.526.196 1,596,932 79/62 466.943 2.526,196 1.596.932 545.597 5 215 $30 261.593 461,208 3.055.262 L474.102 76,383 5 328 $48 261,593 461.2 3,055,262 1.474.102 676 827 5 928,992 4 748 855 BU￿￿55 Oevelwnent Include5 the (osts0f￿ntral ￿ntt￿$ th as marktthi& ffinan￿, HR and ￿. In addluon tothe senlor MaTha8e￿nt team and yant.fiJnded Mu*urrs Tr￿lop￿￿nt Prwèm￿. Projects Include the costsof thetntst'SSLKlal importprLyaiiime5. maiormLseum refvrblshment and planning forknure cultural Investments. 32

Hampshire Cultural Trust Company nwnber: 08986225 Notes to the financial statements fortheyearended 31 March 2021 20ZI Audtt fees-Trust ioMI ii,c•Jo AUd￿fee$- Tradlntsubsldlary Employ•A5 I￿1 Employment to Wages and salarks Redundancy paym•nts lal securlty costs Penslon costs 3,314.801 7,505 266,606 323 983 3 912 896 3.276,745 26,467 273.751 3 893 417 Employee benefft5 recew by key monaymeni pèrsonnel du￿￿the￿ totsI￿d E612.367 12020.. £621,278). The rDona8ement team Include5 the th￿f E￿utfrrt. Head ot FInan￿, Head of Peopbe. Dlrector of Marketlng and Fundralsln& Head of Pro8rèmmln& Held of Desi1natlL￿ WSnchester, Head of Comffl￿ty. Head of Culbjre HL4bs ar￿ Museum DIr￿tsr. MIBlr •mpl¢ry••% The number of emplo￿ wto earned ￿[¢ than £fAI.(m (exck￿l￿0eMpknyeI peThsloA costs) ￿re as follows: 20 £&I,001 to £70,(•JO £70.001 to £80,( £80,001 to £90.IXKI £90,001 to £IOO.L £i00.C￿l to £iiO.( There are no hl8her pald empkTh•s accrukna defined pensknn beneffts dwlnlthe ￿ar. Empiopr contributk>nsto • deflned ¢￿t￿l)utIOn foreMpk)￿es 4¥hoe•rned fftr £60,0￿ w•$ £13,5%12020.. £18.3741. 1￿M￿r of•nWopes The averny numberofempknffju duiin8the year vrd$ as folkl￿. 2￿1 2020 Cost of yneratingfunds Charitable expendi￿re 211 214 201 203 No trustees have recer4ed any ￿lUr￿li￿ in elther¥forthdrser¥l￿ to thelntst. Trlo expenses have been relmburstd toany tiustees in the ￿ar 33

Hampshlre Cultural Trust Cornpany number: 08986225 Notes to the financ•al statements for the year erbded 31 March 2021 11 IntsY*lble Ilxed assets 2021 Cost at l Aprll and 31 March 12 T￿r￿ble lkned assets iws4hold mwts At l Aprll 2020 Addltlons Oi5P05als At 31 March 2021 25,189 62,939 7,118 14695 51.362 273.%5 217.926 137A78 354 13 165P 6,911 067 527,210 233,508 165,940 $94.778 D•prttl•tlon At l Aprll 2020 Char8e for the yeai Elimlnated on dSsposal At 31 March 2021 181632 8&691 I37￿2 139A41 16.$01 247.381 128.521 161.534 214.369 6￿23 17.121 745 32A42 11.271 3L215 Net book ¥•lue At 31 March 2021 114 214 sn ￿20 At 31 March 2020 85 333 ￿17 Tot•1 At l Awil 2020 Additions Disposa15 Al 31 Marth 2021 43.633 7,118 978 236.202 217.926 137 78 363.746 233.508 139.120 458.134 1553 6.911 264 84AS1 DepredJ¥on At l April 2020 Char8e for the year Eliminated on disposal At 31 March 2021 1527 14544 16591 979 163.711 79.t￿l L37 7.T19 8A45 264 15.9&J 187,561 106,402 139,123 154yO Net book value At 31 March 2021 19hlS 21 357 6Vg1 At 31 March 2020 4.581 29. 91 70￿24 176.185 34

Hampshire Cultural Trust Company number: 08986225 Notes to the financlal st•tem•rts for the year ended 31 March 2021 13 Flxod asset kn¥e51ments Trust Tot•1 Marketvalue or cost at l Aprfl 2020 and 31 March 2021 Hlstorlcal cost at l April 2020 and 31 Mar¢h 2021 Flxed asset Investments are unlisted in¥estmertts, represent￿ 100% of the i55Utd share capltal of HampsNre Ojltural Trust Tradln8 LIM￿￿. a company re8iStered in En81￿d and Wales. ¢ompany registration number is 09257219. Stock 2021 Tiiisi Grvup Goods for resale 15 0*bto Tnmt Tw# Grwp Amounts THlthln I y•ar. Trade debtor5 Prepaymentsand &¢r￿d irfome Other debtors Iniercompany account 37.776 3517YJ 42,521 354.357 934 165532 266,318 19.165 181,751 266.156 19,165 16 fAedltan Iwnounts due vAthkn TThst GMAP Trade creditor5 Tax and socSal securlty Other creditor5 Accruals and deferred ir¥come Intercompany a¢¢ount I￿.135 77.547 250,CIYJ IYRI 116J 77.547 254.995 160,446 167.989 283 28).943 171,040 119.046 8.283 292.567 35

Hampshire Cultural Trust Company number: 08986225 Nt)tes to the financlal statemehts for the year ended 31 M•rth ZOZI 17 Deferred I￿Ome re£orKil1￿ion iozo TNst fjrwp Trust Balance brou8ht forward Amount released to the SOFA AmouTht delerred in thè ye•r 8alance cariied forward .474 126.1741 25.947 60A74 12&174 25,947 67.485 167.4851 60.474 67.485 167A851 60.474 Deferred In¢ome IlKI￿leS sales of tickets, Pri￿ to the balante sheet date, for v4ents due to take place after the balarKe sheet datè. and vouchers. sold prior to the balance sheet date. which rern￿n unredeemed at that date. Exceptknally. due to the closures necessitated ￿ COVID-19. some tickets have a life extended Lwnd 12 rnonths, and therefore £34,31Xl of bro￿ht forward delerred IrKome runa1Th5 deferred. It Is experted that this ￿11 all be redeemed durfng 2021-22. of th•￿•% delA rou Cash 2M150 1.832,115 Total 034 1832 115 19 Analysls oln•t #•ts bekn¥een Fund balances at 31 March are rwe5ented bv.. 20ZO Tot•1 fvnds Totsl l￿dI Intanglble fixed assets Tangible fixed assets Current assets 251.959 2.115.638 128.450 I￿.448 I516￿6 229SJS5 50.774 405.724 279,829 2.396,712 Curr*nt liabilitles 1757 715 456 Fund balances at 31 March are rÈpresented ￿.. 2020 Totsi fvnth knds funds Inta￿lbIe fixed a￿ets Tan8iWe fixpd assets Investment a55ets Current assets 174 128850 125.411 50.774 176.185 2.079y6 4fy),448 25W.034 4,450 4CS.724 12x1,174 Current liabiif(ies 588.3821 Ih67.050 588.382 U55,919 827.￿1 3. 1827,3011 456N9B Included wf(hin UNe5tricted funds abo¥e. are Designated fund5 of £405.C#)O hetd as current a&sets {see Th)te 211. 36

Hampshlre Cultural Trust Company number. 08986225 Notss to the flnancial 5tstem￿ts far the year ended 31 March 2021 20 Funds 54129 JV30 1647 Aftsc￿￿￿1IErthr4.CQnm¢uM¢￿hryrn 4W7 67.119 57Jl• iuJ} LV.SICL•Y¢ l9)J 91 17.IL)J 411 iQ1¢2 77 lliro) Jio aThl•WW•iF•w411 Q995 7Q Ik JNa5 4xi¥ 7377 24,740 IJ 737 19MP J7W) I7￿SE 24J71 744 QOffiBU￿Co￿￿I 15J41 I7￿05 }￿6 9m5 45 ots 1gJ79 ZiJX5 37

Hampshire Cultsral Trust C¢)mpany number: 08986225 Note$ tp the flnarKlal 5Mements for the year ended 31 March 2021 4dw40 715 617S5 17,76Q 4,017 SE￿DP￿1 BH StIIICuthL 23W7 2LB79 r•lfflpxl 17.1 Wr￿ LbfjryG¢ lin2 1gJZ5 J62 NW55uJTtx pmrory 117 Jy Wknch¥hrQtyCpur Esm*F4thffl CO1￿￿)￿F￿n￿¥W MtstorkEniknd 7J7P 2JJ 149 ?,277 1169 4A52 J6Z 49M17 2?.lJ¥ 115

m5 itrp)J I9￿14 Fr￿di¢[G(&￿)rtMU1wn •5 IL ILx• 11,357J IDI 38

Hampshlre Cultural Trust Ct)rnpany fi￿nber. 08986225 Notes to the flnandal stste for the year ended 31 March 2021 Arli*wL 39

Hampshire Cultural Trnst Company number: 08986225 Notes to the fin4ncial ststements for ihe year ended 31 Marth 2021 Gosport venue In¥￿t￿nt WDC Capital Works Winchester An810-Saxon experience Teddy Bear Museum M51èstone5 P+er Openlng up fund IoD.(KxI 27%CQ) 20.( iio.coj 100.r 330.IXIO whe￿ the trustees 48reed at board level to commlt to exp￿dItUre from unre5trfcted funds, these monles have been de￿anated 50 •S to disvngutsh from funds hdd for core operat[￿ a¢b¥itie5. The trustees hab del8nated £80,IXK>of funds towards the rede4dopment of Gosport Old Grammar Sthod. The venue wlll close du￿￿8 2021-22 for the works to coffffience. The board ha¥e commltted to Invest Sn the refvrblshment of the Winthertei CiscO￿ry Centre as HCTtske on all cultural aspetts and operati￿ ManageTh￿nI of the buildlng later In 2021-22. The board has committed to in¥e5t in the development of a new exhibition in Winchester. Workin8 In partnershlp wlth vlrtual and au8mented reality spe(ialists. the new attrItt￿n 15 due to open in 2022. 22 Commltments and eontlnynt Ilbllltl•s Nelther the trust nor the youp had any capital commitmentsor contin8ent fiabilities at 31 March 202112020: Operatlni lea5e$ The trust has operating lease o)mmitmÈnts in rw ofthe propertles It manaBes •nd operate5 from. The museum and arts onires, and als0 the ￿￿traI office spaces are leased from the foundin8 members and other local authorities. zs a8reed sn the Mana8ement Fundin8 &8reèmenL The lease ter￿fj are for 35 years and a peppercom rent is payable. There are 29 years remaini￿ at the balance shÈet date. Rdated party transactlons Grant funding receibd from Hampshire Country Countil and Winchester Clty Coundl has been detailed in note 2 and note 20. Other transactlons with thè Local AuthorRle5 a￿ deemed to be normal busine55 transactions and no separate dlsclosure Is required. 40

Hampshire Cultural Trust Company nwnber: 08986225 Notes to the flnanclal ststem for the year ended 31 March 2021 25 Taxatlon All ofthe trusvs income is applied for charitable purposes istherefore exempt from corporation tax. The trust's trading subsidiary had a ctyporation tax liability of £nil at 31 Marth 202112020.. nlll. 26 Ultknate controll￿ party The ultlmate controllln8 party is the board of trustee5. 27 Funds h•ld as ¢UStodl¥n Tnolee on behalf ol oths The trust Is the custodlan ol a number of propertie51Th1seums arts centresl ard historlc assets which are held on behaw ofour found¢n8 members. Hampshlre County Councll and Winchester City Council. These assets are held separately from the trust's awts and are fulw catalo8ued wlth Modes. Hampshire County C￿nd1 Collectlons In 2021>21, a total of 30 aEqu151tlons. elther indmdual objects or a5%Kl•ted 8roups of objects. were mad to the Haryshlre County Coun¢ll museum ¢dlectlons as folkTh¥s.' 18x Social Hlstory, Chlldh¢)od and Community- inthdlNd cameras and toys for the new refurblshed displays at Mil￿10n¢$ 6x Photographs- Includln8 a 1931 photO8raph by the Thorny¢roft Entertaknment Commlttee. Ba￿nE$tOke 2M Historlc Costume- Indudlng a Courage's of Alton's unwom IM t¢tsratlve Art- a set of commmoratfve thina from Ajton 3¥ Archaeology- in¢luding a ¢ollertion of $9 ROrn￿ coins from Ch The majorlty of acqulsltlons were made as 8lfts to the Coundl * no COSL Only three Items were acqulred by purchase. worth £118.25 In total. We disposed of a collectlty) of shop ftttlny from Cooper & Field store, Oakley. Hampshlre from the actessioned cdlertlons. Winchester Clty Coundl Colletti<)ns In 2020-21, a totsl of acqulsltions We￿ made to the Winchester CSty Cwnol museum cdlectlons a5 follows.. Ix Local Art- 0 19 ren￿ry watercolour of Winchester othedral 4x L￿31 History-includin8 a550ciated wth Conder Ltd of Winthe5ter and a 50uvenirknrfe Ix thhae01￿y- two le Roman coins from Meonsioke The acqui51titin purchased wasthe two gold coins at a cost of £L350. No objects ¥%Ere disposed Irom the collection durin8 the year. In addition. the collection accepted the awrhaeolcical archives of 22 archaeoloeical tKcavatlons Into the ¢dlectlon in attordance wlth the plannin8 Proc￿ of these were paper records only. 41