HAMPSHIRE CULTURAL TRUST (A COMPANY LIMITED BY GuARA￿EE) TRUSTEES, ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity number: 1158583 Company number: 08986225 Hampshire Cultural Trust Company number: 08986225 Contents Trustees, annual report {incorporating the Directors, report) Independent audstors, report to the Members and Trustees 17 Con501idated Statement of financial activities 21 Con501idated Balance sheet 22 Trust Balance sheet 23 Consolidated Cashflow staternent 24 Notes to financial statements 25 Hampshire Cultural Trust Company number: 08986225 Trustees, report Reference and Administrative Details Company registered number 08986225 Charity registered number 1158583 Registered office and principal address Chtlcomb House, Chilcomb Lane, Winchester S023 8RD Website www.ham shireculture.o Directors and Trustees Alan Lovell (Chairman} Emma Back Anna Blackman Jacqueline Branson (appointed 21 February 2025) Mark Brett Karen Chillman james Croxford Keith Mans {resigned 22 November 20241 Hugh McNaughtan Claire Miller Lucille Thompson Helene West lames Winkworth Thomas Wright (appointed 27 January 20251 Company secretary Victoria Donkin (resigned 17 May 2024, reappointed 15 May 2025) Penelope McKelvey (appointed 17 May 2024, resigned 11 October 20241 Chief Executive Paul Sapwell Auditors PKF Francis Clark Hitchcock House Hilltop Park Devizes Road Salisbury SP3 4UF Principal Bankers Natwest Bank 105 High Street. Winchester S023 9AW Solicitors Paris Smith LLP 11 London Road, Southampton $015 2AE Hampshire Cultural Trust Company number: 08986225 Trustees, feport Report of the trustees (incorporating the directors. report) for the year ended 31 March 2025 The trustees of Hampshire Cultural Trust {"the trustees"l are pleased to present their annual report together with the con501idated financial statements of Hampshire Cultural Trust {"the Trust" or"Hcf"i and its one subsidiary, Hampshire Cultural Trust Trading Ltd ("the trading companrf'}. for the year ended 31 March 2025. The trustees, who are also directors of the Trust forthe purposes of company law. are responsible for preparing the trustees, annual rep)rt and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice). Legal and regulatory requirements are detailed in the staternent of trustees. responsibilities below in the corporate governance report. Chairman's report 2024-25 In 2024, Hampshire Cultural Trust rnarked a significant milestone= 10 years as an independent charity. It has been decade of growth, achievement and impact, one that has firmly established the Trust as a key part of Hampshire'5 cultural life. We now consistently welcome over 7(K),0￿ customers every year. Since 2014, we have hosted 360 temporary exhibitions. over 146,OW children have taken part in our schools, sessions, and we have supported more than 6.800 participants through our targeted soctal impact programmes. We have fundraised over £15 mi55ion and have grown our self-generated income by more than 130%. We now look boldly ahead to the next five years with the launch of our new strategy: HCT 2030. It sets out our vision and priorities for the remainder of the decade. and our commitment to building a sustainable, inclusive cultural future for Hampshire. 2024-25 was our first year managing Winchesterfs Great Hall, welcorning visitors from around the world to view its iconic Round Table. Our public events programme continued to bring exceptional exhibitions to ourgallery spaces: Hans Coper.- Resurface at The Arc saw the only three murals made by this celebrated studio potter on public display for the first, and last. time. In Basingstoke, we were honoured to welcome His Excellency Ambassador Chandra Kumar Ghimire, Ambassador of Nepal to the UK, to the Willis Museum to view Bosingstoke's My Home.. Globol Storie5 Wlth Local Roots, a community-curated exhibition celebrating the town's diverse communities. Working collaboratively with partners across the county, we developed plans to celebrate the 250 anniversary of the birth of Hampshire's most famous daughter, Jane Austen. in 2025. We embedded our cultural leadership work as an Arts Council England IACEI National Portfolio Organisation INPOI, focusing on increasing participation and sector support in Gosport. Rushmoor and the New Forest. In August we launched Culture Connects. a dedicated sector website with a direttory open to those in the cultural sector and creative industries to Promote their work. collaborate and connect. 1.014 participants engaged with our social impact programmes, including 75 in our new Stepping Stones project, which 5UPPOrts young people in Hampshire facing challenges with their mental health and wellbeing. Pride in Ploce funding of £21.910 from Basingstoke and Deane Borough Council18DBC) and the UK Government through the UK Shared Prosperity Fund enabled us to open the Memory Lounge at Milestones Museum, which offers a lived experience of 3 1960s home and supports the needs of older members of our community. Our commitment to equity, diversity and inclusion (EDI} saw us achieve Disability Confident Employer accreditation and launch three staff and volunteer networks to support our people. After completing phase two d¢Jring 2024-25. we were awarded a further £250.(JJ) over two years from The National Lottery Heritage Fund (The Heritage Fund) for the final phase of the development of our volunteer programme. We made considerable Hampshire Cultural Trust Company number: 08986225 Trustees, report progress in our commFtment to environmental sustainability. successfully implementing initiatives to reduce carbon emissions, increase energy efficiency and prornote long-term sustainability- Sn December 2024, Hampshire County Council (HCCI confirmed a £600,IJ)O reduction to our core grant, to take effect by 2027. As a result of previous grant reductions from HCC. Eastleigh Borough Council and Fareham Borough Council, during the year we exited from Eastleigh Museum. Ashcroft Arts Centre and Westbury Manor Museum. 2024-25 was a difficult year for tradin& with the c05t-of-living crisis impacting customer spending and behaviour, both for H￿ and the wider sector. To strengthen our long-term sustainability. we continued to invest in our commercial operations, including food and beverage IF&B). retail and group sales. as well as deepening our understanding of our cu5torners' needs to enhance the overall visitor experience. These are solid foundations for increasing future income. however, the long-term financial challenge of reduced local government funding remains our most significant risk and further difficult decisions undoubtedly lie ahead. Devolution and local government reorEanisation are on the horizon across Hampshire, Portsmouth, Southampton and the Isle of Wight. and we have a unique opportunity and responsibility to ensure culture remains at the heart of our shared future. Administrative borders may shift in the coming years, but cultural identities, people's interests and their loyalties have never been defined or restricted by council boundaries. I would like to end on a personal note. In 2025, 1 will step down as chair of Hampshire Cultural Trust after 11 years in post. l am delighted that Tom Wright CBE will bejoining the board and taking over as chair in September. When I became chair in 2014, the Trust was a new organisation with a detemiined ambition to promote, develop and support a thriving future for cuhure in Hampshire. I look back with immense pride on what we have achieved and look forward to watching the trust'5 continued growth and Success from a new perspectrve- with admiration, confidence and optimism. STRATEGIC REPORT Report on public benefit Hampshire Cultural Trust provides public benefrt as a charity by making Hampshire's and Winchesterfs collections and venues accessible to all members of the public. We manage and support visitor attractions, museums, art galleries, and arts centres across Hampshire. offering a wide variety of workshops, classes, events, and projects for all ages, both in schools and in comrnunities. We place particular emphasis on reaching people who are vulnerable or disadvantaged and may not othefwise have access to arts and culture. We care for approximately 2.5 million objects that reflect Hampshire's and Winchesterfs rich and internationally significant cultural heritage. As custodians of key historic assets and venues on behalf of Hampshire County Council and Winchester City Council (WCCI. we care for and display signrficant objects in the public interest. These assets are held separately from the trust's own assets and are catalogued on a collections database. They are not accounted for as heritage assets within the trust's ftnancial statements. Our trustees confirm they have complied with the duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit when exercising their powers and duties. Achievements and performance Highlights of our achievements and performance in 2024-25 are explatned in relation to our strategic goals. Hampshire Cultural Trust Company number: 08986225 Trustees. report GOAL ONE To provide high-quality programmes and venues that engage diverse audiences and inspire local pride Our cultural programme continued to deliver high-quality, inclusive experiences across our venue5. HighliBhts included: Major exhibitions 3t The Arc, Winchester featured works by Grayson Perry, Fred Appleyard, and Hans Coper. with many loans seen in Hampshire for the first time. Community-led exhibitions such as My Home." Global Stories with Local Root5 in Basingstoke reflected our commitment to diverse storytelling and engagement. At G05POrt Museum and Art Gallery, Mochine Borders concluded a trilogy of commissions celebrating the venue's refurbishment and local heritage. Our arts centres in the New Forest and Aldershot, along with The Arc. hosted 342 live performances including comedy, music and youth-led events, strengthening their roles as local cultural hubs. Over 700 classes and workshops were delivered. including new movement classes for older people a nd expanded family activities during school holidays. Digital engagement rose by 5% to 14.7 million impressions, supported by targeted marketing and improved digital platforms. Enhancements included the launch of the new Historic Winchester website. a dedicated hub for our heritage venues in the city. We introduced a new website to showcase our immersive education programme. making its resources easily accessible to educational settings. We strengthened our customer insight and customer relationship management (CRM) and marketing. Post-visit surveys achieved a 60.2% response rate. with an average experience rating of 4.5 out of 5. Our learning programme reached over 16,500 schoolchildren. tncluding near5y 3,000 through the Department for Education (DfEI funded Reaching Out initt'ative. We also launched a new home education offer and partnered wtth the National Paralympic Heritage Trust to improve accessibility to our schools. programme. Milestones Museum welcomed over 106,750 visitors. with record-breaking attendance at Christmos ot Milestones. The festive season drew more than 19,tKX) visitors and included accessible programming for children with special needs. GOAL TWO To improve wellbein& health and happines5 through cultural experiences In the year. 1.014 participants engaged with our targeted social impact programmes. using culture and creativity to support mental health, wellbeing and social inclusion. Brighter Futures, our long-running creative wellbeing programme for adults. supported 418 participants through 46 courses across 11 venues. including new delivery in New Milton and Gosport. Steppirpg Stones, a new programme supporting young people's mental health, launched in partnership with the Murray Parish Trust, engaged 75 particip3ntS through eight creative programmes, including bespoke sessions for those not in formal education. At Milestones Museurn, funding enabled the creation of a 1960s room set and the launch of Memory Lounge, a new dementia-friendly programrne supported by trained volunteers. Hampshire Cultural Trust Company number: 08986225 Trustees, report Our long-standing partnership with His Majesty's Prison IHMPI Winchester continued with two applied theatre programmes and Creotive Connectsons, a pilot project introducing visual arts and writing workshops to 35 prisoners. We developed inclusive programmes for underrepresented audiences, including a tactile ceramics experience for blind and partially sighted visitors at the Allen Gallery, and monthly Lets Singfor Memories dementia-friendly sessions at Milestones Museum. Dance and movement programmes at Forest Arts Centre included Elevate Dancefor MS and Porkinson's Donce, offering tailored support for people living with neurological conditions. New Creative Wolkshops a150 combined physical activity with arts engagement. Our first partnership with The KinE'S Trust SUPPOrted young people not in education or training through a film and photography programme at Gosport Museum and Art Gallery. Baby Loss Awareness Week was marked with sensitive commemorative events at Basing House and Milestone5 Museum, welcoming 37 bereaved families. The Hampshire Poet Laureate programme appointed Damian Kelly-Basher {2024-261, who worked with 44 organisations across 41 venues and attracted a record 559 entries to the Young Poets competition. GOAL THREE To deliver a sustsinable future for culture in Hampshire, contributing to the local economy and building stronger communities We continued to strengthen Hampshire's cultural infrastructure through strategic investment, sector leadership, operational innovation and environrnental responsibility. Cultural infrastructure and financial sustainability With the support of Basingstoke and Deane Borough Council. we undertook a feasibility study to explore the potential of expanding Milestones Museum outdoors, and include dedicated spaces for the conservation and storage of our transport collection. This initiative supports our broader vision to position Milestones Museum as a leading regional attraction and aims to strengthen our lon8-term financial 5UStainability and enhance Basingstoke's visitor economy. At The Great Hall, in our first full year of operation we welcomed 74.¢J)O visitors and generated £640,000 in revenue. It also enabled greater access for visitors to Westgate Museum. We have also developed plans to substantially enhance services, visitor experiences and financial returns over the next two years. We advanced plans for sustainable collections storage, aiming to transform existing facilities into energy- efficient, accessible spaces for learning and research. Retail income grew by 25%. driven partly by the addition of The Great Hall. Dedicated catering teams and new menu development supported operational efficiency and future growth. Audience and customer development We introduced Exceptional Service training across all venue5. focusing on sales, customer care and commercial uplift. Results included a IO% increase in Gfft Aid conversion. Hampshire Cultural Trust Company number: 08986225 Trustees, report A dedicated sales resource was introduced to grow group, education and travel trade audiences, alongside targeted campaigns and relationship-building. We were proud to join the Association of Leading Visitor Attractions (ALVA), gaining access to national advocacy, training and benchmarking. We ifflplernented a mystery shopping scheme across all ourvenues. The outcomes will enable us to develop our visitor experience strategy and address barriers to delivering an excellent visitor experience. Philanthropy and fundraising We strengthened our development team to enable delivery of the HCT 2030 strategy, With a focus on diversifying our voluntary income in the face of funding reductions from statutory sources. driving success in grants from trusts and foundations and growing individual giving. We developed the frarnework and case for support for our new collections and young people funds. These funds represent the cornerstones of our charttable objeciives and will serve as key channels for growing philanthropic givin& further supported by a new, dedicated developrnent board. Highlights included a major gtft to commission a bespoke display case forjane Austen's pelisse coat and successful participation in the Big GiveArt5for Importcampaign to support youth mental health through our Creativity Supports Wellbeing programme. National Portfolbo Organisation delivery In our second year as an Arts Council England NPO, we focused on increasing cultural participation, sector support and leadership in Gosport, Rushmoor and the New Forest. ID Gosport, new adult community programmes and sold-out music sessions at the museum attracted broader audiences. Monthly jam nights took place at the West End Centre. introducing the venue's live music programme to a new generation. Programmes for the horne education community were developed at Aldershot Military Museum and the Wesl End Centre. A comrnunity mural in New Milton and outdoor theatre at Rockbourne Roman Villa expanded cultural engagemerlt. The cultural development team workÈd with partners to build the reach of their work, coordinating Unlocked in G05PQrt, bringing Unfurl to Ringwood Winter Wonderlond, and working closely with Ru5hmoor Borough Council IRBC} to connect local artists with underutilised spaces in Aldershot. Artist 5UPPOrt included 10 networking events, 81 one-to-one sessions and 20 newsletters sent to over 265 subscribers. The Culture Connerts website and creative directory were launched. building visibility and connecttvity acr055 the cultural sector. We played a strategic role in place-based planning, co-developing a cultural strategy for the New Forest and leading partnership efforts around regeneration and Creative People and Places bids. Gosport Heritage Generator In its second year, this Heritage Fund and Gosport Bon)ugh Council-5UPPOrted programme continued to celebrate local heritage.. Echoes of Applause, a documentary commemorating the 1994 Gosport Summer Festival. premiered in September 2024. Last Orders. a community-designed board game. explored Gosport's pub history. Hampshire Cultural Trust Company number: 08986225 Trustees. report Training for grassroots heritage organisations attracted 138 attendances. and a well-attended volunteer conference focused on recruitment and succession. Five community grants were awarded from 17 applications. Environmental sustainability and climate action In line with our net zero by 2030 pledge, we made signiftcant strides in environmental performance: All venue managers now report monthty on energy usage, supporting efficiency monitoring and behaviour change across our sites. 42°A of staff are now Carbon Literate, and HCT was selected for Arts Council England's Tronsforming Energy programme, WFth Milestones Museum as the focus site for decarboni5ation planning. Our staff engagement survey scored 26% above the national average for environmental proactivity, demonstrating strong intemal momentum. We undertook a feasibility study on decarbonising The Arc. which identified a potential 60% reduction in emissions and significant energy cost savings. Funding was Secured from BDBC to upgrade all lighting at Milestones Museum to energy-efficient LED, reducing carbon output and improving operational efficiency. At the Red House Museum, an energy audit as part of the National Buildings Database project highlighted key carbon-saving opportunities for future investment. We launched The Places Thot Link Us. an outdoor arts and environmental engagement project at West End Centre, supportFng our focus on community and sustainability. GOAL FOUR To create fvlfilling employment and volunteering opportunities through culture We invested in our people. staff. volunteers and trustees by fostering a positive, inclusNe and development- focused workplace. ensuring that culture remain5 a platfomi for personal growth and community engagement. Employee engagement and wellbeing We conducted our biennial employee and volunteer engagement surveys. gathering insights to inform an ongoing action plan to improve workplace experience. A dedicated employee benefits review was launched in January to identify new benefits that will make the most difference to our teams. A new perfomiance cycle for 2025-26 was launched, introduc¢ng performance-related pay to recognise and reward high achievement. To celebrate 10 yeors of chonging lives through culture, staff and volunteers were thanked with cupcakes, a bonus holiday day and a serie5 of diverse and inspiring memories from employees who have worked at the Trust throughout tts first 10 years. Learning and leadership development The second cohort of our Manogement Development ProgrGmme completed their six-month journey, equipping 12 managers with the tools to lead with confidence and in line with our organisational values. Hampshire Cultural Trust Company number: 08986225 Trustees, report Insights Discovery was introduced across the Trust to improve self-awareness, team dynamics and personal effectiveness. Equity, diversity and inclusion We made strong progress against our EDI strategic plan. achteving Disability Confident Employer status in recognition of OLtr commitment to inclusive recruitment and support. We set clear targets to improve workforce dNersity, With particular strengths recognised in age, disability, sexual orientation and gender identity. Three new staff and volunteer networks were established to create safe spaces and celebrate diversitv within the organisation. Our continued investment in mental health included an expanded cohort of mental heafth first aiders and a Trust-wide campatgn during Mental Health Awareness Week. For International Women's Day, we launched Wonderful Women of HCT, spotlighting inspiring female colleagues and their contributions. Volunteering Volunteer5 continued to play a vital role in our success. contributing across our venues and programrnes from front-of-house to behind-the-scenes support in collections, learning. events, conservation and horticulture. These services have not been measured and recorded for the purposes of the accounts. We secured a further £250,OLKI from The National Lottery Heritage Fund to support phase three of our volunteer programme, enabling a transformative step change in how we recruit, manage. 5UPPOrt and recognise volunteers. In phase two, we implemented a volunteer management system, launched a dedicated volunteering website, created new packages such as corporote volunteering, and delivered training and support for volunteer leads. Our Volunteer Voice forum was embedded to ensure co-creation and feedback. Since inception, Data Hunters & Story Gt7therers has delivered 1,565 hours of object documentation support and 1,178 hours of community research, demonstrating the value of Pafticipatory, collections- based volunteering made possible through Dynamic Collections funding from The Heritage Fund. Our supporters Hampshire Cultural Trust is very grateful to all our supporters. funders and donors who have supported and contributed to projects and activities during the year. This includes trusts and foundations, statutory bodies and friends group5 as well as many generous individuals. Finantial review Total income for the year was £9.091,131 {2023-24: £9.251,219}, with unrestricted income increasing to £8,401,973 {2023-24: £8.310.380}. This growth in unrestricted income reflects a positive trend in core operational activities. First year results from the addition of The Great Hall in March 2024 have helped offset reductions in core funding (now contributing 31% of income: 36% in 2023-24} and the impact of venue closures during the year. We have experienced challenging economlc conditions and softer trading performance during key periods, reflecting cost of living pressures and resulting shifts in consumer behaviour. These extemal factors have Hampshire Cultural Trust Company number: 08986225 Trustees. report influenced spending patterns and attendance levels across our venues. However, our results demonstrate a strong and proarttve approach to optimising revenue generation. Notably, we have seen continued and significant growth in both charitable activities and trading income, highlighting the organisation's resilience and its strategic commitment to building sustainable income streams. During the year. costs rernained under pressure due to persistently high inflation. In response. the Trust took proactive measures to identify and implement efficiencies and to reduce expenditure where possible. Notably, vacanry savings in several key central roles helped to partially offset a shortfall in earned income against budget, demonstrating the Trust's ongoing commitment to prudent financial management. The Trust recorded a consolidated deficFt of £407.693 for the year ended 31 March 2025, compared to a surplus of £191,484 in 2024. This included a negative movement in restricted funds of £174,415, primarily dtje to the timing of income recognition. Whilst achieving a positive movement in free cash reseryes, significant depreciation costs resulted in an unrestricted deficit of £233,278, depreciation of £243.055. Total reserves as at 31 March 2025 stood at £2,122.256 (2024: £2,529,949). Despite the reFM)rted deficit, a healthy clostng cash POSFtion of £1,993,036 was maintained (2024= £1.570.370). Unrestricted net assets totalled £847,864 (2024: £1,241,142), with £737.515 held as net current assets available for immediate use as free cash reserve5. While management has taken steps to manage costs and irnprove income generation, the current level of free reserves remains below the target set out in the Trust's Reserves Policv. The trustees continue to monitor the financial position closely. They are satisfied that, with committed income and further planned actions to strengthen financial sustainability. the Trust has sufficient reserves to support ongoing operations in the near term. Rebuilding reseNes to the target level remains a priortty. Hampshire Cultural Trust Trading Ltd is showing an Il% increase in income and a profrt for the year, after management fees charged by the Trust. of £32,687 (2023-24 £18.6781. The remaining available taxable profits will be gift aided to the Trust during 2025-26. The new Charities Statement of Recommended Practice1SORPI, which sets out the financial accounting and reporting requirements for charities. is expected to be issued later in 2025-26 and will take effect forthe Trust's financial year beginning l April 2026. Inrtial assessments by the Trust indicate that the changes are likely to have a limited financial impact on future results. However, further detailed evaluation is required, particularly in relation to contract income and property lease arrangements. Going concern Current actNity levels. NPO status with Arts Council England, and committed funds from our founding local authorities provide reassurance as to the basis of going concem. Management has produced forecasts which demonstrate that with sensible and progressive actions there are adequate reserves to continue to operate for the foreseeable future. and for at least 12 months from the date of this report. Accordingly, the trustees consider that the Trust and tts trading subsidiary continue to be a going COn￿rn. Reserves policy The Trust holds reserves primarily to protect itself from the impact of unexpected variations in income and expenditure. Significant variations in income may arise. for example, from a major incident at the Trust's main income-generating venues, or through delays in receipt of project grants. In addition. an incident such as a fire Hampshire Cultural Trust Company number: 08986225 Trustees, report may result in additional costs being incurred. which the Trust may have to finance from its own funds before a ny recovery from third parties. The trustees have reviewed the Trust's Reserves Poliry. Under the poliq= The Trust's reserves are defined as unrestricted funds excluding fixed assets at year end. The Trust does not hold reserves to protect it from the impact of non-payment of local authority grant income as the amounts and receipt are notified well in advance, and risk of Non-payment is considered low. The Trust does hold reserves to guard it against the impact of an unexpected decline in non-local authority income. or of having to incur a level of expenditure which exceeds the amounts budgeted or planned. The Trust seeks to achieve reserves of at least one quarter of the arnount by which annual budgeted cash expenditure exceeds core local authorrty grant funding. A calculation according to the current policy would indicate that a higher level of unrestricted reserves may be needed, especially as local authority core funding continues to reduce. However, the trustees consider that the free cash reserves target should remain at £l.IY)O,CW, for now. It is the airn in the short-term to seek to rebuild reserve5 to at least this level from new funding Sour￿5. However, management and the trustees recognise that the policy needs to be reassessed in the light of changes to funding circumstances and the Trust's activities. This will be done in 2025-26 in the context of the HCT 2030 strategy. Principal risks and uncertainties The Trust continues to strengthen its risk management framework. with a focus on identifying and mttigating the most significant risks inherent in its activities, funding model, and organisational structure. Risk is managed through a combination of strategic oversight. operational controls. investment in people and infrastructure, and conventional measures such as insurance. The Trust's Strategic and Operational Risk Registers and Risk Management Policy follow guidance from the Charity Commission and the Charity Finance Group. The prFncipal areas of risk focus identified by the HCT Board for the Strategic Risk Register are- l. Financial sustainability 2. Reputation 3. Major stakeholder engagement and relationshtps 4. Impact delivery 5. Compliance and governan In addition, the Trust is increasingly focused on the growing risks associated with cyber security, data privacy, and emerging technologies, including Generative Arttficial Intelligence {Al). The principal risks inherent in the Trust's operations include: A reduction in local authority funding, and the risk that alternative income streams may not fully mitt'gate this decline. Inadequate cost control leading to liquidity challenges or insufficient working capital. Safeguarding failures resulting in harm to vulnerable people engaged in Trust progrnmmes. Sudden and severe external shocks {e.g. fire. flood, or global pandemic) affecting income, operations or staffing. io Hampshire Cultural Trust Company number: 08986225 Trustees, report A failure to meet health and safety or compliance obligations, resulting in harm to visitors, staff or volunteers, and potential regulatory or reputational consequences. Cyber breaches or data protection failures that could result in service disruption, reputational damage, or legal consequences. Unregulated or inappropriate use of Al technologies, with potential implications for security, privacy, or reputation. Mitigating actions include: Proactive engagement with local authoritres at both operational and strategic levels to strengthen funding partnerships and demonstrate impact. Rigorous business planning and in-year financial monitoring to ensure operations are delivered within budget and reserves are maintained at target levels. Ongoing development of people policies. including training, safer recruitment. and wellbeing initiatives. Regular review and implementation of safeguarding policies, including enhanced Disclosure and Barring Service IDBSI checks for relevant roles. Investment in business systems and operational resilience, including digital infrastructure and facilities improvements. Comprehensive insurance cover including business interruption, property, cyber, employer's liability, public and products liability. professional indemnity. collections, and fteet insurance. Strong health and safety policy framework, regular internal audits and inspections, named compliance leads at each venue, ongoing training, and external reviews where appropriate. Ongoing review and development of both strategic and operational risk registers, embedded in leadership and governance cycles. Cyber security, dats privacy and Al As the risk of cyber-attacks continues to grow, ryber security and data privacy remain key priorities for the Trust. We work closely with our IT partner to strengthen security protocols and maintain ongoing training for staff and volunteers. Our legal advisors support the ongoing review and development of our General Data Protection Regulation IGDPR) and Privacy and Electronic Communications Regulations IPECRI policies and procedure5. In recognition of the increasing risks and opportunities associated with Al, the Trust is developing formal internal guidance to support its responsible and ethical use in 2025-26. OUR FUTURE PLANS The next two to three years will be a pivotal period for the Trust as we respond to the significant challenge of replacing approximately £1 million in core local authority funding by 2027-28. This will require a sustained and rigorous focus on diversifying and increasing our earned and voluntary income streams to ensure the continued delivery of our 2030 strategv. To meet this challenge, we will establish two new dedicated funds to support our colleLtions and our work with young people. These wi51 form the key pillars of our individual giving and fundraising strategy for the next five years. At the same time, we will continue to enhance the quality and appeal of our visitor experiences. invest in upgrading our venues. and expand our commercial income opportunities. These efforts form a key part of our strategy to build a more resilient, self-sustaining financial model while continuing to deliver high-quality cultural and educational services for our communities. li Hampshire Cultural Trust Company number: 08986225 Trustees, report The following outlines our key priorities and planned activities for the financial year 2025-26, aligned to our HCT 2030 strategy. Programming and exhibitions Highlights of the public events programme for 2025-26 include two rnajor seff-curated exhibitions: Beyond the Bonnets.. Working Women in Jane Au5ten's Novels and Bet7uty of the Eorth.. The Art of Moy, Jone and William Morris. Our community museums will host locally led exhibitions, including The Storyof Christchurch at Red House Museum and Gosport on Stage at Gosport Museum and Art Gallery. We will launch a new schools, learning programme at The Great Hall for Key Stages 1-3 and expand guided tours and café services to enhance the visitor experience. Community, learning and engagement We will continue our partnership with The King's Trust and extend our offer through Get Storted, Stepping Stones, and Culture in Common-sUPPOrted activity. including Creative Walkshops and MS Dance sessions. We will progress the development phase of the Rediscovering the Allen Gollery project, with Secured funding from The Heritage Fund and local partners. We will expand our Culture Connerts creative directory, supporting Hampshire's cultural development ahead of Local Government Reorganisation. Customer experience and operations Following the introduction of our annual venue planning process and mystery shopping scheme in 2024- 25, we will invest in improved facilities and continue to shape our customer experience strategy. We will maintain high standards of safety and compliance through internal and external inspections, with a focus on our food and beverage operations. Investment in business Systems will continue, with a new dedicated resource to improve efficiency and free up staff to focus on customer service. Funding and infrastrurture We submitted a bid to the Department for Culture. Media and Sport IDCMS) Museum Renewal Fund for core support. Although our applicatron to the Museums Estate and Development IMENDI fund was unsuccessful. the urgent need for maintenance and repair of our collections stores remains a priority. In light of this, we will seek alternats've source5 of funding to address these needs. With a strengthened fundraising team, we will continue to artively pursue opportunities to support our core activities and strategic priorib'e5. With our ACE NPO status extended to 2028. we will apply learning from current cultural development activity to new areas across Harnpshire. Our focus on sustainability will continue, ernbedding environmentally responsible prdrtices across operations as we move towards net zero. 12 Hampshire Cultural Trust Company number: 08986225 Tru5tees' report People and culture We will continue to implement our new performance cycle and performance-related pay, embedding a high-performance culture. We will launch our new Hcf Values Awards and provide staff development for all managers through a structured programme, line management training, and expanded apprenticeships. We will enhance staff benefits with a new salary exchange pension scheme and a buy-and-sell holiday scheme. Phase three of our volunteer programme will diversify ourvolunteer base and strengthen pathways into employment through skills-based volunteering. Corporate governance Structure. governance and management Hampshire Cultural Trust was founded jointly by HCC and WCC and is incorwrated as a company limited by guarantee and is registered with the Charities Commission. The Trust is governed in accordance with its Articles of Association for a charttable company and the trustees, liability is limited by guarantee. Directors, indemnity insurance cover is provided for the trustees. The Trust has one wholly owned trading subsidiary, Hampshire Cultural Trust Trading Ltd {"the trading company"). The objective of the trading company is to generate income to support the charitable objectives of the Trust. It carries out commercial activities that complement the charitable objectives of the Trust. The trading company will pay an amount equal to tts distributable reserves each year to the Trust under the Gift Aid scheme. The relationship between the charity and the trading company is reviewed annually by the Finance, Investment and Audit Committee and the HCT Board. Appointment of trustees Members elected to seNe on the HCT Board have a dual role as a trustee of the chartty and as a director of the company. There can be no fewerthan three, and no more than sixteen trustees. One trustee is appointed by HCC and one trustee is appointed by WCC. The remaining trustees are appointed by the board and serve for an initial term of up to four years. and a maximum if reappointed, of eight years. To ensure that the board is sufficiently skilled to carry out its responsibilities. it carries out a skills analysis of existing members before new ones are appointed. As the Trust's current chair is due to retire in September 2025, a skills analysis and recruitment process was started in 2024 for his successor. The process was led by the chair of the HR and Remuneration Committee, supported by the direttor of people, with the Nomination Committee providing oversight and ensuring that an open and transparent recruitment process was undertaken. In January 2025, the board was delighted to unanimously appoint Tom Wright CBE as the incoming chair. Thanks were given to Cllr Keith Mans, who retired at the AGM in September 2024 after serying for three years as the HCC appointed trustee. Cllr Jackie Branson was appointed by HCC as his successor. joining the board in February 2025. The trustee recruitment, selection and induction process is aligned with Charity Commission guidance. As a matter of course, all trustees are provided with relevant publications. such as The essentiol Trustee.. what you need to know, whot you need to do {CC31, in addition to the charity and trading subsidiary's Eoverning 13 Hampshire Cultural Trust Company number: 08986225 Trustees, report documents, trustee role description, policies and procedures relevant to the role. Due diligence is completed, and declarations of eligibility confirmed, as required. with an enhanced induction process following. The training framework for the trustees continues to be developed, with suitable training identified for trustee- leads, for key areas such as safeguarding. The induction process 15 led by the company secretary, in consultation with the chair, chief executive and director of people. The Nomination Committee provides oversight of trustee induction, training and development processes. 2025-26 will see the development of a formal performance review process for the trustees, board and committees. Management and decision making The Hcf Board is the strategic decision-making body of the Trust and is ￿sponSible for ensuring the organisation's charitable objective5 are achieved and Its plans are implemented. The Trust is committed to following the Charity Govemance Code's principles and recommended best practi￿. and the Fundraising Regulatorfs Code of Fundraising Practice. Day to day management of the Trust and the trading company is delegated to the chief executive in accordance with the Trust's Scheme of De￿gation, which is reviewed annually by the board. The board generally meets six times per yearto review strategy, operational plans and performance, and to endorse key management decisions. It is helped in its work by trustee-led standing committees- the Finance, Investment and Audit Committee, HR and Remuneration Committee, the Collections Commtttee and the Nomination Committee. Each committee'5 delegated responsibilities are outlined in their terms of reference (approved by the board and reviewed annually), alongside a review of the committee's performance in the last vear. When exercising any powers or duties to which the guidance is relevant, the trustees confirm that they have complied with the duty in the Charitie5 Act 2011 to have due regard to the commission's public benefit guidance. Equity, diversity and inclusion The Trust is committed to embedding EDI across ourEovernance, workforce, programmes and operations. strategic oversight is provided by the board, with delivery led by a cr055-departmental EDI working group. EDI progress is reported as part of our internal perfom)ance framework and our obligations as an NPO. Looking ahead, the Trust will continue to strengthen its inclusive leadership, dwersify its workforce and governance, and ensure its cultural programme5 reflect the voices and identities of Hampshire'5 communities. Remuneration policies In examining and awarding executive pay. the Trust uses as benchmarks a variety of data sources, including publicly advertised vacancies and disclosed information for similar FK)Sitions within the sector and region. Recruitment to leadership team positions is led by the chief executive in consultation with the chair. in accordance with the Trust's Scheme of Delegation. The HR and Remuneration Committee oversees the development of employment related polic￿5 across the Trust. No members of the board are remunerated for their role as trustees. nor do they have any beneficial interest in the charity or group. Any trustee expenses reclaimed from the charity are set out in the notes to the financial Statements. 14 Hampshire Cultural Trust Company number: 08986225 Trustees. report Heritage assets held as custodian trustee on behalf of others In accordance with the Trust's governing document and the Management and Funding Agreements with our founding local authorities, the Trust acts as custodian of historic assets and propertie5 on their behalf. These assets are held separately from the Trust's own assets and are recorded on Mode5, a professional collections management system. During 2024-25, new acquisitions were made to both the Harnpshire County Council and Winchester City Council Museum collections. The majority were donated. with a small number of items purchased. Disposals were carried out in line with the approved Collections Development Policy. Our role as custodian enSU￿S that these signrficant collections, including internationally important heritage assets, are preserved. documented, and made accessible to the public. Fundraising standards infomiation The trustees are committed to an ethical approach to our fundraising activity and have an Ethical Fundraising Policy in place. The trustees are grateful to receive voluntary donations from supporters either via our website or at our venues or via other giving platforms. The Trust carefully monitors preferences of our donors and subscribers to ensure that there are no unsolicited fundraising campaigns. The Trust is registered with the Fundraising Regulator and abides by the Code of Fundraising Practice. Our fundraising activity is overseen by the director of development. Statement of tru5tees' responsibi14ties The trustees (who are 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 wwth 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 the incoming resources and application of resource5. including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistentlv. Observe the methods and principles in the Charities SORP 2019 (FRS 102). Make judgements and estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charFtable 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. In so far as the trustees are aware". There is no relevant audit information of which the charitable cornpany's auditor is unaware. 15 Hampshire Cultural Trust Company number: 08986225 Trustees, report The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that informab'on. The trustees are responsible for the Maintenance and integrFty of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legtslation in other jurisdictions. Small companies disdosure This report has been prepared in accordance with the provisions applicable to companies subject to the small companies, regime in Part 15 of the Companies Act 2￿6. The trustees confirm that this report and financial statements complies with current statutory requirements, the 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 IFR51021 (as amended for accounting periods commencing l January 20161 and with the Trust's Articles of Association for a Charitable Companv. Approved by the trustees and signed on their behalf by: AC Lovell Chair Date: 29 202f 16 Hampshire Cultural Trust Company number: 08986225 Independent auditor's report to the members of Hampshire Cultural Trust Opinion We have audited the financial statements of Hampshire Cultural Trust (the 'parent charitable company'} and its subsidiaries (the 'group') for the year ended 31 March 2025. which comprise Consolidated Statement of Financial Activities, the group and parent charitable company Balance Sheets, the Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent charttable compan¢s affairs as at 31 March 2025 and of the group'5 incoming resources and application of resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on AuditinE (UK) IISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are tndependent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's {FRCs) Ethical Standard, and we have fuFfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve month5 from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the directors With respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitFy stated in our report, we do not express any fom) of assurance conclusion thereon. 17 Hampshire Cultural Trust Company number: 08986225 Independent auditor's report to the members of Hampshire Cultural Trust In connection with our audit ofthe financial statements, our responsibility is to read the other infom)ation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whetherthere is a material misstatement in the financtal statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our optnion, based on the work undertaken in the course of the audit: the inforrnats'on given in the Trustees, report {incorpordting the Director5. report) for the financial year for which the financial statements are prepared 15 consistent with the financial statements- and the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identrfied material misstatements in the Trustees, report. We have nothing to report in respect of the following matters where the Charitie5 Act 2011 requires us to report to you if, in our opinTron: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; or the parent charttable company's financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees. remuneration specified by law are not made. or the trustees were not entitled to prepare the linancial statements in accordance with the Small companies. regime and take advantage of the small companies, exemptions in preparing the directors. report and from the exemption to prepare a strategic report. Responsibilities of trustees As explained more ful￿ in the Statement of trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view. and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from rnaterial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable compan(s ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the group and the parent charitable company's or to cease operations, or have no realistic alternative but to do so. 18 Hampshire Cultural Trust Company number: 08986225 Independent auditor's report to the members of Hampshire Cultural Trust Auditor responsibilities for the audit of the financtal ststementS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibiltties, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Hampshire Cultural Trust. We gained an understanding of the group and the industry in which the group operates to identify the key laws and regulations affecting the group. As part of this. we discussed the regulations with the relevant individuals responsible for compliance. Based on our understanding, the key regulations we identified were health and Safety regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 21x16, Charities Act 2011 and compliance with tax legislation. We discussed with management how the compliance wtth these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the parent charitable company complies with laws and regulations and deals with reporting any issues if they arise. A5 part of our planning procedures. we assessed the risk of any non-compliance with laws and regulations on the parent charitable companls abiltty to continue trading and the risk of material misstatement to the accounts. We also evaluated management's incentives and opportuntties forfraudulent manipulation of the financial Statements. The key incentive identified is to improve the position of the group and the parent charitable company to potential funders ad we determined that the PTincipal risks were related to overstatement of surpluses, etther through overstating revenue, understating expenditure or management bias in accounting estimates. Based on this understanding we designed our audit procedures to identrfy non-compliance with such laws and regulations. Our procedures involved the following". Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud. Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year, of which there were none which had a material impact on the accounts. Reviewed legal and professional costs to identify any possible non compliance. Reviewed board minutes. Audited the risk of fraud in revenue recognition in completeness of income by sampling from outside the accounting system. We performed cut off testinE to ensure revenue recognition has been applied corrertly. 19 Hampshire Cultural Trust Company number: 08986225 Independent auditor's report to the members of Hampshire Cultural Trust Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of busines5. Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatemenl in the financial statements. The risk of not detecting a material mi5Statement due to fraud is higherthan the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the group and parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work ha5 been undertaken so that we might state to the charitable compan¢s members and its trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable comDanv's members as a l)ody. for our audit work. for this report. o¥ forthe opinions we have formed. Paul Giessler FCA {Senior Statutory Auditor) For and on behalf of PKF Francis Clark, Statutory Auditor Hitchcock House. Hilltop Park, Devizes Road, Salisbury, SP3 4UF Date.. 5 August 2025 20 Hampshire Cultural Trust Company number: 08986225 Consolidated Statement of flnancial activities (incorporating the income and expenditure account) Unrestricted Funds Restricted Fund5 Unrestricted Funds Restricted Fun(ts Totrl 2025 Total 2024 Income from.. Grants and donations Income from tharitable actiVFties Income from other trnding activities.. - 14)come Of trading company Investment income 3,804.706 2.996,241 689,158 4.493,864 2.996.241 4.276,470 2.619,018 940.839 5,217,309 2,619.018 1.551.187 49.839 1.551,187 49,839 1.399,106 15.786 1,399,106 15,786 Total Éncome 8.401,973 689.158 9.091.131 8.310.380 940.839 9,251,219 Expendsture on= Cost of raising funds: Fundraising and publicity Expenses o*trading company 337.931 1.518.5CK) 2.537 340.468 1.518.5 294,511 1.380.428 952 295,463 1,380,428 ExpendTrtu￿ on charitable 3rtivities 6.778,820 861,036 7.639.856 6,245.786 1.138.058 7,383.844 Totsl expenditure 8.635.251 863.573 9.498,824 7.920,725 1,139,010 9,059,735 Net intome l (expenditufel 12a3.2781 1174.4151 1407,6931 389.655 1198,1711 191,484 Net movement in fund5 1233,2781 1174.4151 1407.6931 389,655 1198,1711 191,484 Reconciltation of fvnd5". Total funds brought forward 1,241,142 1.288,807 2.529.949 851,487 1,486.978 2,338.465 Totsl fvnds carried forward 1.007.864 1,114.392 2,122,256 1,241,142 1,288.807 2.529,949 All transactions are derived from continuing activities. The notes on pages 25 to 40 form an integral part of these financial statements 21 Hampshire Cultural Trust Company number: 08986225 Consolidated Balance Sheet as at 31 March 2025 2025 2024 Notes Fixed assets Tangible assets io 203,363 203,363 525.607 525,607 Current assets Stock Debtors Cash at bank and in hand 12 134,271 860,039 1,993,036 2.987,346 167.714 1,313.030 1,570,370 3,051.114 13 Creditors: amounts falling due within one year 14 11.068.453) 11.046,7721 Net current assets 1,918,893 2.CQ4.342 Net assets 16 2,122.256 2,529,949 Funds General unrestricted funds Designated funds Restricted funds 16 847,864 160,( 1,114.392 1,241,142 18 16 1,288.807 Totsl funds 2,122.256 2,529,949 The financial statemersts are prepared in accordance with the special provision5 of Part 15 of the Companies Act 2006 reSatin8 to small companies. The financial statements were approved by the board on 29 7*1 &ZS and signed on its behalf by.. AC Lovell On behalf of the Board of Trustees The note5 on pages 25 to 40 form an integral port of these financial statements 22 Hampshire Cultural Trust Company number: 08986225 Trust Balance Sheet as at 31 March 2025 2025 2024 Notes Flxed assets Tangible assets Investments io 160,571 458.796 li 161,571 459,796 Current assets Debtors 13 1.028,077 1.839.664 2,867.741 1,693,850 1,221,192 2,915,042 Cash at bank and in hand Creditors: amounts falling due within one year 14 {959,4691 1878,7221 Net current assets 1.908,272 2,036,320 Net assets 16 2,069,843 2,496,116 Funds General unrestrirted funds Designated fund5 Restricted funds 16 795,451 160,OCQ 1.114.392 1,207,308 18 16 1,288,808 Tota5 funds 2,069,843 2,496.116 The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The company h35 taken the exemption in section 408 of the Companies Act 2006 and has not presentetj its individual statement of financial attivities. The company's {deficitllsurplus for the finanaal year was £1426,2731 {2024- £236,976). The financial statements were approved by the board on 29Ttsl 2¢ZS and signed on its behalf by= AC Lovell On behalf of the Board of Trustees The notes on pages 25 to 40 form an integral part of these financial statements 23 Hampshire Cultural Trust Company number". 08986225 Consolidated cashflow statement for the year ended 31 March 2025 Group 2025 Group 2024 Notes Cash flows from operating artlvities: Net cashflow from operating artivities 409.477 316,609 Cash Ilows from investing artlvities Bank interest received Purchase of fixed assets Cash used in investing activities 49.839 136,6501 13,189 15,786 117,350 11,5641 422,666 315,045 Cash and cash equivalents at the beginning of the year 1,570,370 1,255,325 Total cash and cash equivalents at the end of the year 1.993,036 1.570.370 Reconciliation of Changes in Net IExpenditUTelln¢ome to Net Cashllow From Operating Activitie5) Net income/lexpenditurel for the year Depreciation Loss on disposal of intangible asset Investment income and interest received Ilncrea5elldecrease in stock Ilncreasel/decrea5e in debtors Increaselldecreasel in creditors (407,6931 358,894 191,484 256,630 li io 149,8391 33,443 452,991 21,681 115.7861 118,3011 121,5241 175,8961 13 14 15 Net cashllow from operating arti¥ities 409,477 316,(A)9 24 Hampshire Cultural Trust Company number: 08986225 Accounting policies Charity information Hampshire Cultural Trust is a charitable company limited by guarantee and incorporated in England and Wales. The registered office is Chilcomb House. Chilcomb Lane. Winchester. Hampshire. 5023 8RD. Hampshire Cultural Trust meets the definition of a public benefit entity under settion 34 of FRS102. A55et5 and liabilities are initially recognised at historical cost of transaction value. unle55 Otherwise stated in the relevant accountin8 policy. The principal objectives of the charity are detailed in the Trustees, report. 8asis of preparation ot financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 1st January 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from l January 2019. Consolidated financial statements have been prepared in respert of the charitable company and its wholly owned subsidiary, Hampshire Cultural Trust Trading Ltd. The Consolidated Statement of Financial Activities includes the resvlts of Hampshire Cultural Trust Trading Ltd as single line items. The results of the subsidiary are included in note 4. The consolidated balance sheet includes the net assets of Hampshire Cultural Trust Trading Ltd on a line by line basis. Income All incoming resources are included in the statement of financial artivitie5 when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy and it is probable that the income will be received. Voluntary income and donations are nomally accounted for on receipt. If a grant or donation is subject to conditions that require a level of performance 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 charity's control and it is probable those conditions will be met in the accounting period. Grant/donation income is also deferred if the donor specifies that the grant or donation can only be used in a future accounting period. Income from investments is included in the year in whith it is receivable. Legacies are included when the charity is advised by the personal representative of an estate that payment will be made, or property transferred, and the amount involved can be quantified. Income from the sale of tickets for courses and tuition, performances and events are recognised in the period in which the event occurs. 25 Hampshire Cultural Trust Company number: 08986225 Admissions income is recognised in the period in whith the initial visit occurs. Income from letting5 and room hire is recognised at the point services are provided to the customer. Expenditure Expenditure is recognised on an accruals basis. as a liability is incurred. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which is not fully recoverable. Basis of allocation Costs of raising funds relate to those costs incurred in encouraging people and organisations to contribute financially to the Trust's work and the expenditure relating to the trading tompany. Charitable expenditure includes expenditure associated with Public pro8rammes, Collertions, Venues. Business Development and Projects. Tangible fixed assets A55ets are initially included at acquisition cost. including costs directly attributable to bringing the asset into operating condition for its intended use. Individual assets costing £5,000 or more afe capitalised. At each reporting date, the charity assesses whether there is any indication of impairment, after taking into account accumulated depreciation. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is provided on a straight line basis, at the followbng annual rates in order to write off each asset over its estimated useful life. Depreciation is not provided on assets in the course of construction until the asset is available for use in the business. Plant and Machinery Fixtures and Fittin85 Leasehold improvements Computer Equipment 25% 25% 33.3% A proportionate amount of depreciation is charged in the year of acqvi5ition. The Trust occupies a number of mainly historic buildings provided by HCC/WCC at a peppercorn rent. The Trust acts as custodian of these premises, which are occupied for the purposes of operating museums andlor maintaining the council-owned collections. under the terms of the Trust's arrangements with the coilncils. Th nature and purpose of the buildings are such that any donated value cannot be meosured reliably and it Is not appropriate to record any value in the financial statements for donations in kind or related rental expense. The Trust manages the collection of heritage assets on behalf of HCCIWCC. However, the councils are the owners of these collections and, accordingly. they are not accounted for as heritage assets within the Trust's financial statements. 26 Hampshire Cultural Trust Company number: 08986225 Stock Stock relates to items held for resale and is valued at the lower of cost and net realisable value. after making allowance for obsolete or slow-moving items. Funds General ftjnds are unrestricted and are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have not been designated for other purp05e5. Designated funds are determined by the trustees as being unrestricted funds held for specific purposes. and are committed to future spend as agreed at board level. Restricted funds are to be used for those specified purposes as laid down by the donor. Direct expenditure and associated overheads which meets the criteria is charged to the fund. Restricted funds for the purchase of fixed a55ets are credited to restricted income when receivable. Depreciation on the fixed assets purchased with such grants is charged against either the related restricted ftsnd or against the capital depreciation reserve. where the related project has been completed. Leased assets Rentals applicable to operating leases are charged to the Statement of Financial Activities a5 incurred. i.io Financial instruments The Trust's financial assets and liabilities consist only of basic financial instruments, including cash and cash equivalents, short term investments. trade and other debtors. trade and other creditors and accrued expenses. They are initially recognised at transaction price or value. including transaction t05ts. and are subsequently measured at their settlement value. The fair value of these items approximate their carrying value due. to their short term value. Financial assets are assessed for indicator5 of impairment at each reporting date. Unless otherwise noted, the Trust is not exposed to significant interest, foreign exchange or credit risk arising from these instruments. i.ii Temiination benef The Trust recognises a liability for termination benetits at the point where it is committed to making the payments in return for employee redundancy. 27 Hampshire Cultural Trust Company number: 08986225 Pension costs Contributions are made to a defined contribution scheme for those employees who were not employed at the time the Trust was formed. These pension costs are charged to the Statement of Financial Activities in the period to which they relate. Retirement benefits to employees of the Trust who transferred from Hampshire County Council and Winchester City Council (Eligible Employees) are provided by the Hampshire County Council administered Local Government Pension Scheme ILGPSI. This is a contributory defined benefits scheme. The Commercial Transfer Agreements IcfAI between Hampshire County Council, Winchester City Council and Hampshire Cultural Trust state that the councils shall remain liable for any deficit in the fund in respect of benefits accrued up to the transfer date of l November 2014. The Trust 15 responsible for paying all contributions due to the scheme in respett of the Eligible Employees, and any other sum due to the scheme in respect of the Eligible Employees, including any deficit arisin8 in respert of the benefits accrued by them while employed by the Trust. However. according to the ￿As. the councils shall fund or reimbvr5e the Trust through a pass through arrangement. for any contributions made and deficits paid by the Trust which relate to the council's liability period of 25 years from the date of transfer on November 2014. or earlier if council funding ceases, urkless contributions or other payments result from matter5 Wlthin the control, influence or responsibility of the Trust. At the point this pass-through arrangement ends the couna15 will ensure that any liabilities of the fund are lully funded. 1.13 Judgements and key source5 of estimation uncertainty Tangible fixed assets are depreciated over their useful lives, taking into account residual vèlues. where ppropriate. The actual lives of the assets and residual values are assessed annually and may vary dependinE on a number of factors. In re-assessing asset lives. factors such as technological innovation, product life cycles and maintenance programmes are taken into consideration. Residual value assessments consider issues such as future market conditions the remaining life of the asset and projected disposal values. The tarrying amount is £203.36312024.. £525.607}. Grant income is recognised when the Trust is entitled to the income. In some cases, this requires judgement based on available infomiation related to the grant award and the application for the grant as to when entitlement arises. This may be on issue of the award letter, but in other cases income recognition may be deferred until a pre-determined budget period. until other conditions not necessarily in the Trust's control are met or until various perfom73nce criteria are achieved. Of total grant income awarded in the year, no income h as been deferred at 31 March 2025 (2024: £nill. Accrued Grant Income of £443,37712024: £746,4581 is included in the balance Sheet at 31 March 2025. The Trust occupies a number of buildings provided by both councils at a peppercom rent. The trustees understar*d that they are custodians of these premise5, which are occupied for the purposes of operating these venues vnder the terms of their agreement with the council. The nature and purpose of the buildings 45 such that any donated value cannot be measured reliably and it is not appropriate to record any value in the financial statements for donation5 in kind. The trustees consider, apart from the above items and going concern referred to below. that there ère no other material are35 of judgement or estimation uncertainty- 28 Hampshire Cultural Trust Company number: 08986225 1.14 Going concern The trustees adopt the going concern basis in preparing the Report of the trustees and financial statements. This is based on the reasonable expectation. based on current financial performance, forecasts and projections, committed funding from core funders and ongoing negotiations with those funders. and taking into account reasonably foreseeable changes in income and expenditure. that the charitable company has adequate resources to continue to operate for the foreseeable future. Management has produced forecasts which demonstrate that with sensible and progressive actions there are adequate reselves to Continue to operate for the foreseeable future, and for at least 12 months ffom the date of this report. The estimates and assumption5 used are based on historical experience, contractually committed income and change5 expected based on negotiations with key fundefs. 1.15 Investments Interests in the subsidiary are initially measured at cost and is subsequently measured at cost less any accumulated impainnent losse5. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of mpairment losses are recognised immediately in profit or loss. 29 Hampshire Cultural Trust Company number: 08986225 In Min4orneTrt•ndFuThSwJ4rnW￿lÈJ m t￿1￿￿1 rErer& •ttntyalr**￿￿èS1?￿tStrorn HampJèAreC￿MtyC0Lm￿andWththlsIerclty￿￿ItOSuPS￿>rtthe 2024 Totsi Nd5 H•TnP5hiretsJhtycwDcI ITr*CO WMchesthrCityCoUrKdlWCq 2.502.012 2.504.072 298.144 2.WO.116 2.91Z.070 379.444 3.291.514 2,912.070 379.444 3.291.514 ?.￿.216 183.6C 183.6QO 183.WO G05Ptsrt B￿r0￿hÉ0unUl buurfiEtrwWlh.CbriStthurchardP￿CL Ru5hrnwi Bowh CgJrKsl TrstrKtCo￿￿l tsledon Parishcoync 100.( 38.101 io.( 3.$28 395.529 J9 38.101 iO.OL¥) 3.828 395,S29 7,S Othuyants.. Art5Counril Eng￿￿ NaUonblLottery HMPWknchesteT 84sNwstDkeand DeQrteStywhCour￿il HamW￿reCo￿ntyc0ullC￿.we>￿kUarrfèA(￿dQ1re Art5 I¢￿￿1 Englar￿. G¢srrfp¢wh Coun 8rrtth POrta￿tAntl￿￿5 5thé Hafflp5hireCoimtyCrnwd. %arnpthireAth Other¥rints1k55t￿nt2S.*xI1 19.W) 249.714 19. 249.714 35,￿J 74,8 32&649 74.8 326.649 32.71Q 95.414 95.588 32.710 95,474 95,588 51.715 4$￿73 41.5 51.71$ 45rn73 41.5 28.555 73.5 32Z.$48 920.112 28,555 73.508 97.265 31.6S¥ 597.S24 97.265 41.68È 1.142.524 iO.EOJ 54S.IKKTr 2.870 502.870 1.423,W2 3.726.156 597,524 4.323.680 4.189.913 920.112 5.110.ts45 25 2024 Totsi T* l¥tyd£ Jessecohen. Murnl Oonat￿n%(É25.r￿ and LElowl 35.( 53239 63.167 7.ICO 8.271 11fi406 9.146 9.672 31.917 28.240 260(KF 20.707 52.624 28,240 26.4th) GfftAidondonations 78.$9) 91.6 I70.IB4 86.557 20.707 107,264 4JhA7V 9w.839 5.217.309 1024 Admissions Gift admi55ions Workshops Classe5 BDxoffice Trai Event5 and htfe Lxhvtax rdiefs IMGETRI Other L71*.966 194,848 211.623 378.566 25.410 334.662 105.371 36.39S 2.996.241 I.7￿. 194.848 211.623 378.566 25.410 334.662 105,371 36.795 2,9)6.241 1.365.536 176.472 231.893 3￿.1(1) 38,339 2(M.926 Jg).726 20.726 2,619.018 [365.536 116,472 231.893 3￿.4 38,339 204,926 190,726 2.619,018 In 2024. JDt¢Trneof E666.434 Pre￿l￿￿￿￿$$￿¢d as'oihEr incc¥ne'lW5be￿ r￿￿$5￿¢0 3$ Iiom Ch￿1t￿lL*￿rt￿. Cl￿5￿51ent with its trèatrnt￿ In 2025. 30 Hampshire Cultural Trust Company number: 08986225 I￿Ome aThd ¢m￿NI￿0J￿l￿0Th tradr* acty¥ths oFsubsthrip5 TheT￿￿$ has è*thdlyowned trathrysths¥th*y**Mth is KKrryKated in Iht Hamp￿"￿(￿1￿￿￿TIUSt TrathgLtd. re8i#ered nutDber 09257219, operatesthe reral *id (aterFf¥ knities oltheYIusL 7fvetradi￿ C￿nP*￿traNsfers itstaxableprofitstotheTrust Gik *Ad. Asthnm¥y Llitst￿th￿ re%dt$ftyt￿Yearefided3l Marth 2025 is shown bel￿. Fir￿l￿al statements havebeen filed with Cur4)arMes HTh* 2025 2024 TURNOVER 1,5S1.IB7 1.399.IC6 Cost of sales 585.779 559.459 GROS5 PROFIT %5.408 839.647 Administrative expenses 932,721 825,355 Oth¢roperati￿I￿corne 0perari￿pr¢*rf¢ beforetaxats 32,S87 14,292 Tax on profit 4.386 Plofitlo¥￿ I￿78 Retsmwl Ean¥¢¥s At l A¥ril 2023 Profit Forthe year Gfft airt 31835 32,687 114.1101 79.318 18.678 164.1611 At 31 March 2024 52.412 tite Sheet 39).1 1336.6961 624.￿7 1589,2521 Netassets $5.412 £*l*d up ￿(bI￿ary share capit Proftl and loss acctyJTrt 52.412 33,835 InveSth*ntI￿0mÈ 2025 lthiexment iotoff 49.839 15.786 l inve5trnent ikKomt in both 202$￿ 2024 is 31 Hampshire Cultural Trust Company number: 08986225 FundwaisknE¥d 1025 2014 Totsi funds 337.931 2.537 340,468 291.511 952 295A63 Fundr•$1￿ costs ith(WÈt￿ cost dmwketiw¥t￿￿W•nMeO1vNeDts￿r0sSthe￿effi￿es. 2025 Yotal 2024 Total luThJ5 nds Exhibltion costs Cdlettiotss Venues Ovsiness develwept GINeinancp costs Projects 109.597 s￿.643 4.447.684 1.515.445 117.640 79.812 6,778,820 109.597 9)8.&42 4.447.684 1.515.445 117.640 861.036 940 848 851.036 7.639.856 132.601 466119 3,975,785 1,431.573 IL9.565 120.143 6.245,786 132.601 466,119 3.975,785 1,431.573 119.%5 1,25B,201 7.383.844 i.J38.058 1.138.058 8usiness DevelDpmefii IniSude5the costsof c£*rtral s￿h35 m*ell￿ fiftaI￿￿, HRand IT, iothe leadethp team. t￿[1￿ t￿y￿, tht th¥iiyifiturred re£ruitmentto#s of£lS.IKI)w rdaiKw)totrv#eeapwntrnerrt5. Projects trthdethe tosts ￿￿￿eTrUst.5 Sc￿￿1 and rjami￿10¢ fviWeoAEUr￿ rntments. 1024 tht fee5- Trust 28, 26.(KN) Au(It fetS-Trath￿ 5ub5Fdi*y In addslion, fee5 f(*crthei semces FY¢MLtsd trrfthe ￿rt(￿S xn0Lv￿ed io£IJ38 12024 £L83BI. wTrwchmdwlE V￿Ou$ marter5 •d other ccwplian££ rei*ed sevvio 32 Hampshire Cultural Trust Company number: 08986225 Ernpbyees 2025 2014 ErylLvynErtcosts Wagesarid salarie5 Redundancy payM￿ts SOCI￿ security Costs pensi￿ ¢05ts 4.642.755 29,317 401.470 376.637 A.475,826 28,623 376.392 373 882 5,254,723 l)unnÈ the yeartwo employee$12024.. f(u emk4rryets1receryed¥edundarKYle￿l payments. Ernpl￿eebenehts re£wedby key mlnagtxment gtrs<¥)r￿ durir*iheye¥ iotaHed £76522112024." E66L9501. The leadership team indudes the Chief ExecutNe, Chlef Operatingofficer. Dired(x of FInan￿, Ihfertw dStrat4y*d Partr￿r$hi￿. Ctynmefual lirector, Dirert(* ofPeople. tareLtoroFI)evdopm*t. threnor ￿Marketi#£ ￿d Fundr3¢sm& rhrett£* ol Prwafflme & (c￿￿￿￿$. thrertLY ofcrmmtyfilty and Impa¢ and Direct￿ ofArts C￿ture. Someofihese rL4e5 wereonly In foT pan ofiheyeardL*to lea¥eand rettrement paid empkn The n￿mber￿ethpttr￿eesWho earnedmoTethaD £60.(m Iexd￿rtÈ •nployu cr6tslwereas t￿￿.. 2024 £60,(￿1 to £70.IKXI f70,Wl to £80.(O) £120,(OJ to£130,¢KKI Employer cont1ibuti￿Sf?a defined benefits pewon scheMef￿ tmpltrrfee5 over EfA).Imwas£lO.6YOI2024'. £ftill ¥o£￿t￿but10nSto defined cc*tribution schemefw employee5who exned ovw £fyJ.C4XSwasÉ20.382 12024". £19.3271. NumbEr ofempWe5 The averrye rwmber oFe%iwtrrfee541uri￿ th2yexwa5 244 i• 2025 264 m 2024. It shwld bet￿ed that theemplwee wmber5Stated weasWhe•JcThmL ￿ not FfE. The TWu5tefflplry5ac￿s10ttknlt rNbmber afpart.time•)d £a5ual hLwrsworkerswh¢ch aMeit5the headcojnt. Volijnteers ￿3Y aVIt￿ role auoss sites and programmes. swjportry ar&is suth as*sittX5éY¥Tce5. Lwtrlts. and c￿teLli0￿£. Thdr CLNrtTibutiL Is hi8hty v4ued buf it is pot pratticableto me3swe*td recud this lor t￿p￿TpOse5 of these accofftts. l.west iteÈ¢ved o fee for èC4immer¢o1 serwtetotheTnwdwkn8 they￿. £IIXJ12024." fnlll atyj refewed reim1￿se￿enI of £30 IZOZ4." £nill for art materials puftha¥ed far an ￿ent Twotrustees were r￿mbUrsedf￿ expeB5estoialI￿ £1.027 th ihe year12024.. £nill_ 33 Hampshire Cultural Trust Company number: 08986225 Ta￿￿e fixed 3$5ets rou Pk3nt & COrnP￿tr mxhinery e4u4Jment rthtu￿*￿t￿n￿5 Improve- nts Total At I Ap1512024 Additions 72.796 18.301 61.470 1,041.118 18.349 t66￿62 1.343.346 .650 At 31 March 2025 91,097 61.470 I,OEQ.C67 166,862 1.379.4% Deplet￿* At l April 2024 Charge for theyÈ 44￿01 14.389 61.469 628.468 82,501 16,686 817,239 aS8.894 At 31 Maich 2025 61.471) 956,486 99.107 1,176,133 Net boDkv*lue At31 March 2025 32.107 3.581 61,675 103.363 At 31 March 2024 27.995 413.250 84,361 525,607 Leasehotd Improve. ments Plant & Comp￿tr mathlrtry eqwwnent Fixluress fittings TNst Total lost At l April 2024 Addit￿0￿5 Assets transfeired Al 31 Marih 2025 16.592 18.Y)I 8.252 43.145 59.881 993,855 18.349 1188 1.020.392 84.451 L159.779 36.650 11.440 1,207.869 59.881 .451 tlepre¢iatK) At l April 2024 Chargefor the year ii,oio 9￿52 588,797 328.QJ7 41.296 8,445 7Crf).983 346.315 At 31 Marth 2025 20,862 59ABI 916.814 I,LN17.298 Net book vai¥e At 31 Malch 2025 103.578 44.110 160.571 Al 31 Mbrch 2024 5.512 43,155 458,796 li Fixed 3sset ￿￿e$￿)ents Tnjst Toial C05t èt l 4)rd 2024 ar￿ 31 March 2025 Fixed 355ei investments are unl¢sied fnvestsne¢)ts, iepreseftting l(XJX of the is5ved share c*ial ol H￿pshi￿e(ll1tUIll Trust Trading LAmtted, a cornpany rewtered ITr Én8(and and Wales. The iotnpany regstrath)n ntsmbei 1$ 09257219. Hampshire Cultural Trust Company number: 08986225 12 Stixk 2025 Group 2024 Gmup Tn Trust Goods for resale 134,271 167,714 The 2025 totsl is net ol a provision a83i6)st obsfkte sttxk of £12.88212024.' nill. 13 DEbtots 2025 2024 Trust Tntst Amounts due witthn l year Trade debtor5 Prepayments and aCCTu*d incvme Other debtors Intprci>mpany 3£COLmt S5.82A 699.643 91,244 181,362 Loi&on 63.011 677,267 119,759 103.OX) i.ioi.w 87.0 401.822 L691.850 138,429 1.101,884 72,717 I￿.039 1,313,030 Pr40r ttsthe per￿ end. the charity had been awarded 8Yants from N8lboTral Lottery Heritaee Fund £J.789.571 and East Hampshire District Council £Sa5,(KX), lor the redevelopment ol the NleTr Gallery. the receiptarEd recognitioTr 01wh￿h is contingent receiwnt permission frorn the funder5 to Comrnence the associated wojett. As such. the amotsftt has not been recognised as income in the finaniial year and s disclos￿ a5 0 continEeThi asset at 31 M3rth 2025. 14 cre￿￿Or$ Iinwnt5 lalling due within Oneytarl 20Z5 6roup 2D24 Group Trltst Trust Tiade Creditors Tax and s(Kial security Other credito¥s Deferre(* intuffle Accruals 117,395 93.194 385,187 I93.￿1$ 170.648 168.617 120.482 387.68S 205.6S3 186,016 LIW5Y 251,873 90.783 288,860 130.SIS 51.$45 208.244 367,608 I.￿712 170,897 316.7$9 878,72l Deleffed inco￿￿ recoYKllk*lon 2025 Groyp 2024 Group Tviist T￿￿£ alance brought forward Amount released tothe 5trFA Amount deferfed in the yea lance carried forw*d 170.897 1170.89n 193,Ch15 193.(I15 208,244 1208.244 205.653 205.653 133.907 1131.9071 170.897 i?Q897 133,9Q7 1133,9071 2￿.244 208,214 Oeferred income include5 sal￿ of tickets and venue hire. prior io the balance sheetdate, fore¥ents due totake plaie after the balance sheet date. and uchers. issuEd PTiorto the batance sheet date, whith reTrain t￿redeeMed atthat dote. 35 Hampshi￿ Cultural Trust Company number: 08986225 16 Anatysis ol net•5Xts betweenhjnos Fund bal4nies al 31 Mawch areiewesented bv: Un￿111rtert lunds 2025 Total ithrestthted *e5tfKi*d lunds lunds 2024 Total funds Tangiblefixed assets Curient asse 110,349 I,W)5,968 91￿14 I￿21.378 203.361 2.987.>46 335,105 1.952 IY).502 z,o%.305 525.607 3.051,114 160A c￿[el1t kabillties 11.068.453) 947.061 I1.(￿.4$3> 2,122356 {1.046,7ni lJ41.142 11.046.772 2,5Z9.949 I￿{￿j 114.392 528&W)7 Tn￿t FuTrdbalances 3131 March ale repie5entEd by: 2025 Totsl Unvesirfried Restrthd fvnds 2024 Toial lunds 14mds Tanyble fixed as5et5 Irive5trnent assets Current assets 67.557 93.014 I￿.571 263.294 I￿.502 458.796 L6U6.363 IGO.*XO IM21,3n 2.867.741 1.816,736 i.¢J98.X 2,915,042 CyrTent habiltlles 1959.4691 F95AS1 1959.4691 2.(69A43 la78.7221 1,207.3 1878.7221 2,496.116 1114392 288, 36 Hampshire Cultural Trust Company number: 08986225 17 Fund$ Reitr*ied Fwds 31.hl¥.15 Arts Counol DFf Er¢•nd. Musetsmt*knFrnthit 31.795 14.782 64.8UO 648 45.873 153.rth)I 31.795 20,055 14199 27.694 27.694 IIJtKAial Hentav L¢tteryF￿d.V￿ganrt￿lry Pr4ert2 N•t￿al HEnt*e Lottery FEmd.v￿th7tteThry Pr4eL* S 50,2S3 249.910 245.104 931 io,or4J 125.078 JO,458 Nat￿11 FteritsleLtstteryFtsnd.￿knod￿Try NatioMI HenweL0tteryFu￿J-HU￿tQr5￿nd Galh 199,555 84.517 rqeLtIGHRWI .771 79,434 1?1.337 167,501 2A70 27.62D 6,610 fj,877 ,415 23.430 75.879 34.676 $1.71S 163.136 2.024 8YwshMu5eum. PMabkAntKiiNties Sthetme M￿torrC E￿L￿nd v￿GO3￿rt8WhcQUnUl.C￿￿UTrIcc￿ffjl4 aTh¢shireCountyctyJn(4. Hampthi[EAch￿s 29.969 97.2S5 41.$00 51.715 2?,996 6.Q4 1)th￿0￿￿esSeXOlrrftAc4oerny 24.25 frICC mi￿$10￿￿ Fta*L*lity Projoct BDBC IDJ.313 31.376 102.18 i￿,50$ J￿￿cOhaTr. H4Th5Copef ei*MLi olthe Wdlis Musekvn Lth*E25.r 3S.I 25.rfy) 33322 633 41J46 19iX)2 98,014 U8W7 ¢qU￿knt totbe dewEaalaon tharyd ￿T￿Sea$sets. 37 Hampshire Cultural Trust Company number: 08986225 01.Pw2J 314tsY-24 AEtsCouncd Englènd 29.258 ID.$91 2228 62.263 91.397 11.795 14.782 1,228 15.653 l9.729 4.66$ 95.5BS ArtsCounc4EyloThJ.Oui&u￿s Art5CwnolEngkr￿.￿U5kn￿CU￿uTr1 Lkn*kyrtrt 25.97J 35.157 16A55 29.iW)7 6.214 41.492 16.4S5 1.313 s5.￿] rts Council Ethnd. 27,694 Nat￿￿1Mè￿itI1Q Lott0ryFund.5￿ CLTKWS Nat￿)r￿￿￿eT11ag¢LOtttryFund.￿E N1th￿al￿ttitaEELOIteryFthJ.￿￿$i Arts NatKJnal blerrtaielclknyFL**l.V￿￿ntÈW￿Prqert 11.374 49.618 2,657 25,1 253 10.660 6,492 55. 4.300 4,9$1 4.198 25.f 24.551 203.217 49,537 13.221 5D.449 11.390 L99.$95 250.771 wat￿01 F+etitsgèlottQryFund.￿kn Dev?k￿Tht t4ètKmal VErWeiottÈryF￿.￿unterSar￿ Gatherers 214.667 249.132 261.992 ul b*amtyn Foun&iKJ Ewrtwatlord Hèmpshlrecountycwl. Wessex Da￿ACkn￿ 40.497 30.35$ 32.499 96.130 30.114 21.940 10,142 167.SOI g6.1 .6J7 L947 37,ILY) 2,470 15,IflJ 58.653 6.£￿1 41.033 75.888 27,620 6.610 127.S45 75.897 156.2 OthtrErant l￿dIn&1￿C￿¥ É2S.fX>II 70NI6 DoTratvJns 67.937 18.6t7 27.703 SS,922 Assefs 291,671 101,169 t*.502 38 Hampshire Cultural Trust Company number: 08986225 DFE Mus¢¥nb%atsJsdx ArtStouneil*w1￿a. Natioha HÈFWPL4tt¢ryFu￿.V&Mrtlwp￿oJKt3 ¢nalHEn13qEiorteryFund. NaiTi￿1H￿tt￿tLott￿ty&0nd.fjHNASp Pro Thefr*•rtWalftrdWL¥MuML4 39 Hampshire Cultural Trust Company number: 08986225 nated Funds 2015 1024 The Great Hall commercial investment Allen Gallery redevelopment contribution l(Kl.I Ita.L Where the trustees have agreed at board level to committo expenditure from unrestricted fLtnds, thÈse montes have been designated so as to distinguish them from funds held for core operating artNittes. 19 Commitments Neither the Trust nor the group had any capital commitments at 31 Ma￿h 202512024.. nill. 20 Operating lease5 The Trust ha5 operating lease commitments in respert of the properties it mafF8ges and operates from. and also in respect of vehicles which it operate5. The museums and arts ce$7tres. ènd a150 the central office Spaces are leased from the founding members and othei local authorities, as £￿ed in the Management and Funding Agreement. The lease terms are for 35 years and a peppercorn rent is payable. There afe 25 years remaining at Ihe balance sheet date. The Trust ha5 an additional lease, on a rolling six month basis. for 878 AD. The 8rooks Shopp4ng Centre. Winchester. There are future commÈtmÈnts of £66.55712024= £19.536} at the bèlance sheet date, relating to the remainder of four vehicle lease greements. Two of the vehicles are in use in the business, and one of these was replaced during 2024125 with a new lease cootrètt being entered into. The remainin8 two vehicles have been leased tn 2024125. and are part of the ElectrÈc Vehicle salary sacrifice Scheme tntroduced during 2024125 as On optional employee benefit. Whtlst these leases are with the company, thÈ cost is passed entirely to the employee by payroll deduition. After six mnths any liabiltty to the Trust expires. 21 Related party tran5artions Grant funding recelved from Hampshire County Council 3nd Winchester City Council has been detailed in note 2 and note 17. Other transactions with the local authoiities are deemed to be Dom￿1 business transactions no separate disclosure is required. Taxation All of the Trust's irKome is applied for charbtable pvrposes ar￿ is therefore exempt from corporation tax. The Trust's tradin8 substdiary had a CO￿OratIOn tax lia￿lIty of £nil at 31 March 202512024.. £nill. 23 Ultimate controlf￿# partv The ultimate controlling party 45 the Boa¥d of Trustees.