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← Spud

2023-12-31-accounts

ANNUAL REPORT 2023

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spudWORKS, Sway, Hampshire, SO41 6BA
www.spud.org.uk
Charity No. 1160358
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SPUD

ABOUT US

SPUD is an arts and education charity (established in 2015) that creates opportunities for people to engage with art, architecture, design and the environment. World renowned for our award-winning projects including the Exbury Egg, Observatory and Handlebar Cafe.

Our creative hub in Sway, New Forest provides gallery, workshop, desk rental and studio spaces amongst beautifully landscaped gardens. A vibrant and varied programme of community activities, events and exhibitions runs throughout the year.

WWW.SPUD.ORG.UK

SPUD

YEAR IN REVIEW

Foreword by Chair of Trustees

I am very pleased to introduce the 2023 Annual Report for a year that has seen new projects and partnerships reaching more people and the further development of spudWORKS through the energy, collaboration and creativity of the artists, creatives, young people and wider community. This is against the setting of financially challenging times for the arts, culture and charity sectors. My thanks to the staff, Trustees, the SPUD creative community, spudYOUTH and volunteers for meeting the challenges and working to make SPUD more resilient and creative. Thanks also to our funders, sponsors, partners, and tenants for their continuing support and enabling new projects to develop.

Highlights from the year include 'Thinking Small Reaching Further', The Living Room, LGBTQIA+ Together Workshops, and the New Forest Artist in Residence programme in partnership with the New Forest National Park.

The Living Room building completed in 2023 provides a new space for work with people living with dementia, their families and carers, and for work with young people dealing with mental health issues, and neurodivergent children and their families.

The gallery exhibition programme has supported local artists, showcased projects, artist residencies and experimental work such as Not only the Lonely, Scrambled Nature, Hampshire Open Studios, spudCOLLECTIVE, and the spudOPEN.

'Motopia', part of the 'Thinking Small Reaching Further' programme funded by Arts Council England, was a collaboration with the National Motor Museum, Beaulieu, with workshops and exhibitions at SPUD and the Museum.

SpudWORKS continues to provide workspace and studios for a thriving community artists and small businesses. The Graduate Launch Pad funded in partnership with Arts University Bournemouth supports four creative industry graduates each year. Providing workspace, mentoring, some structured professional support and tailored advice.

Looking ahead SPUD will focus on further developing creative, community and wider partnerships, being part of Sway's local community, and continuing work on financial and organisational sustainability.

Victoria Pirie Chair of Trustees

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SPUD

Introduction by the Director

2023 has been a very strong and incredibly exciting year for SPUD for which I’d like to express my thanks to the team, volunteers and Trustees for all their hard work in helping make this happen. We have been building on the foundations set out over the past few years and consolidating much of the good work that has taken place. The Arts Council funded ‘Thinking Small Reaching Further’ programme has been instrumental in this growth and the many small interventions are now generating new work, partnerships and opportunities for all the community at spudWORKS.

Financially this continues to be a very challenging period for the arts sector and charities generally, however SPUD has positioned itself carefully to remain resilient through a combination of earned income streams and collaboartive partnerships. We acknowledge that we are stronger together than alone.

Strategically the ability to structure a more planned out programme has enabled us lead on community engagement, rather than to simply respond to opportunities. SPUD sees itself very much as a proud regional and local arts charity and gallery that strives to support its local artists.

Community at the spudWORKS campus continues to be a key focus with a real ‘sense of ownership’ of the space by both artist, tenants, workshop leaders and of course participants. The space has an apparent energy that continues to drive and develop ever more exciting and diverse opportunities.

Part of SPUD’s unique selling point has been the innovative small builds that it has created such as the Exbury Egg and the Observatory and we have been delighted to realise the new Living Room space this year. The conversion of a disused water tower at spudWORKS into a stunning new space for health and well-being creative workshops has transformed the campus. It also opens up opportunities to work with newer and more sensitive audiences in a dedicated space, with interactive lighting and 180 degree projection and surround sound.

2023 has seen SPUD collaborate with more partners and stakeholders than at anytime in the past 11 years - partners such as the National Park Authority who are fully invested in our programme and share our values for the arts across the region. These relationships help us to influence and shape the arts agenda locally and regionally.

Mark Drury Director

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SPUD

MEET THE TEAM

MARK DRURY DIRECTOR

TOM SOFIKITIS OPERATIONS MANAGER

TOM HALL

ARTISTS AND CURATION CO-ORDINATOR (FREELANCE)

SUNA IMRE COMMUNITY OUTREACH (FREELANCE)

KIRSTIE JENKINS - BOOKKEEPING

JAN WILLIS - ACCOUNTANT

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TRUSTEES
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VICTORIA PIRIE (CHAIR)

ALISON WARD (TREASURER) CHANNA VITHANA PAUL CLEGG MIA DELVE COLLETTE RAINE MATTHEW LAWSON MADDISON COLLYMORE INIGO ORMEROD

WWW.SPUD.ORG.UK

SPUD

OBJECTS & MISSION

Objects

To advance the education of the public in general, in particular by conceiving and delivering collaborative projects that develop skills and provide improved understanding of place, the arts, design, architecture and the environment and their inter-connection.

Purpose

Enabling the well-being of communities through collaboration in arts, architecture and education.

WWW.SPUD.ORG.UK

SPUD

STRUCTURE & GOVERNANCE

Trustees' work is guided by the 2022-2024 Strategy setting out the purpose, aims and difference SPUD is seeking to make.

During the year we were pleased to welcome to the Board a new Trustee who was previously the spudYOUTH Ambassador and 2 Trustees were re-appointed. Key governance matters included development of Trustee role descriptions and induction framework, ongoing work around SPUD's Safeguarding policy, procedures, guidance and training, and work on finances to support decision making and sustainability.

Collectively the Trustees bring a range of skills and knowledge from supporting the development of creative practice, creative education, working with young people and communities, partnership development, finance, business and organisation management.

WWW.SPUD.ORG.UK

SPUD

FINANCIAL REVIEW

2023 continued to be a financially challenging period for the arts sector and charities generally, however SPUD has positioned itself carefully to remain resilient through a combination of earned income streams and collaborative partnerships. SPUD was able to end the year in a positive position financially with a net increase in total funds of £42,000.

The key financial highlights are noted in the table and commentary below with further detail on income, expenditure and the Charity’s balance sheet provided in the Accounts.

2023 2022
£’000 £’000
Total Income 279 168
Unrestricted Income 90 113
Restricted Income 189 55
Total Expenditure 238 163
Total Reserves/Funds 796 754
Unrestricted 50 66
Restricted 476 412
Endowment 270 276

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SPUD

FINANCIAL REVIEW CONTINUED

TKey grants within Restricted Income this year came from the Arts Council of England for the ‘Thinking Small Reaching Further’ programme and the New Forest National Park Authority funding our Artists Residency series. A significant capital project, Living Room, also took place during 2023 receiving £67k in grants and donations. This enabled an award winning building to be created at spudWORKS converting a disused water tower in to a new space for health and well-being creative workshops.

The main components within Unrestricted Income were from the successful renting of creative spaces at spudWORKS (£44k) and from our tenants in the HandleBar Café (£25k), our investment property in Winchester.

Reserves Policy and end of year position

The trustees’ policy is that the balance of reserves held by SPUD should be equal to three months of the charity’s running costs. The reserve amount is reviewed annually by the trustees. The trustees believe this level of reserves will provide short term funding stability and allow time to secure alternative sources of income, in the event of a significant drop in income. In 2023 running costs before project expenditure and depreciation were on average £11k per month and the balance in unrestricted reserves at the end of 2023 was £50k.

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SPUD

PROGRAMME

Exhibitions

The 2023 exhibition programme shaped up to be diverse, stimulating and stronger than ever. Much of the program calendar was populated by our fixed major projects such as the National Park Residencies and ACE funded exhibitions. For these curated shows SPUD has introduced a transparent application process open to all. We have also tightened up our curatorial mission so that individuals or groups looking to hire the gallery can tailor their applications appropriately. Exhibitions included The ‘NonFluid’ Body exploring creativity post menopause, 'Not Only The Lonely' reflecting on life after covid and how we are coping, and Scrambled Nature questions around AI’s role in forest life.

Jordan Cutlers ‘Scrambled Nature’ focusing on AI had some fully immersive VR parts to the show as well as other forms of interactive audience participation. The artist also tested the capacity of the new Living Room projectors. Alongside the exhibitions we had a packed programme of public engagement talks and workshops.

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SPUD

The Living Room

The creation of the award-winning Living Room space at spudWORKS has been transformative, both in terms of the campus and the offer we can provide to our more sensitive participants. This new dedicated space with interactive lighting, sound and 180 degree projection is unique.

We now run regular activities for people living with dementia and their families and carers. The space is always transformed into a bright, cheerful and welcoming environment to encourage people to feel relaxed and peaceful. The themes have been based on the seasons, with a focus on simple, gentle activities that are manageable, and encourage chat and interaction – with a lot of tea and cake. We now have a core group of regulars from the local community including those living at home being cared for by their spouse, carers who bring their clients and care homes who bring groups from their residential homes. 33 residents from the homes sang familiar songs at a wonderful garden party at spudWORKS.

The space is also being used for intimate workshops with LGBTQIA young people, some of who are dealing with mental health issues and with neurodivergent children and their families.

The nature of the space, its size, location in the garden and familiartity all make it the perfect place for these gentle and safe workshops.

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SPUD

Hampshire Open Studios

2023 marked another hugely successful Open Studios with the ever popular Artful Collective exhibiting 13 artists in the Gallery. In addition to this we had all of the SPUD artists studios, Art Angels and the Graduate Launch Pad open throughout the 10 days.

The Open Studios culminated with a mini-festival in the gardens at spudWORKS complete with workshops, activities and fabulous fresh made pizzas! The festival was attended by over 400 people throughout the day and for many people it was their first visit to spudWORKS. This will certainly be a feature of next summers calendar alongside Open Gardens.

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SPUD

spudFILM

spudFILM 2023 was funded by Culture In Common and consisted of 3 major parts. Educational workshops to inspire young people to discover filmmaking. An International short film competition on the theme of ‘Kind’. And a touring showcase of the winning films that would visit local new forest cinemas.

We commissioned a local filmmaker Kieran Short to work with 3 community youth groups located in priority areas in the New Forest. These were located in Hythe, Totton and Fawley. Kieran delivered 4 filmmaking sessions with each group covering the fundamentals of filmmaking and finishing by helping the young people to create their own short films based on the theme of Kind to be submitted into the spudFILM competition.

The theme for the competition was any interpretation of the word “kind” portrayed in a creative and engaging short film. We provided cash prizes to the winners at a Gala Film Awards Evening in partnership with Sway Cinema, of the various categories from Best International Film to People’s Choice Winner..

The plan for a touring showcase of the winning films as the final section of the spudFILM project did not go ahead, so we pivoted to offer 2 filmmakers paid opportunities instead. This will lead to the creation of two short films focused on local LGBTQIA young people to be showcased at a festival in Summer 2024.

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SPUD

spudYOUTH Creative Workshops

2023 saw SPUD begin to consolidate the range of creative workshop opportunities for young people. Drawing upon a wealth of talented artists at spudWORKS we have been able to develop art workshops for young children and teenagers, architecture workshops for teenagers, LGBTQIA teenage workshops and workshops for neurodivergent young people. These are growing in popularity every month and we have streamlined our process to take all applications and payments via an online system, that parents are in control of.

In addition to this we have been fortunate in securing 2 years of funding from the Charles Burnett Foundation to allow us to offer free places on all the workshops to children on Pupil Premium (free school meals) and have actively been promoting this across our local schools, colleges and youth groups.

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SPUD

New Forest Artist in Residence

The New Forest National Park Residency is an opportunity for artists of any discipline to work with and comment on a chosen area, idea, or community within or engaging with the New Forest National Park. An open brief designed to encourage artists to pursue a line of prolonged research whilst on their residency and to connect with a local and national audience with site specific work followed by a gallery exhibition. This international residency is designed to allow artists to build closer links between contemporary questions of the Forest and the people and spaces that make up the National Park. Working with inspiring and inspired artists to think in different ways about landscapes, how people interact with them, and the challenges that they face. The highly protected nature of the National Park means that we are interested in artists who can work sensitively within the restrictions of this special landscape and respond to this positively in their work.

We've now had 5 resident New Forest National Park artists and 3 fabulous exhibitions Last year saw residencies from Dr Melanie Rose, Alex Julyan and Ben Adamson.

The success of the programme has led to SPUD and the National Park Authority securing £49500 of funding from Arts Council England to enable the project to continue for a further 3 years with 6 more artists.

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SPUD

LGBTQIA+ Together Workshops

We welcomed artist Janetka Platun for the month of July, using the starting point of how the gallery can be re-imagined to reflect the uniqueness and diversity of LGBTQIA people and their experience of place. We continued our close partnership with Breakout Youth who are an integral part of generating experiences, information and creativity that fuel this residency.

This year we asked the artist in residence to mentor a group of young LGBTQIA artists in working creatively with vulnerable groups with the aim to support a network of local hubs moving forwards.

Following the very successful residency with Janetka Platun during July and her mentoring of 3 young LGBTQ+ graduates, we are delighted to have secured £6000 of funding to develop a new LGBTQIA creative hub t at spudWORKS.

The hubs will be safe and creative spaces for LGBTQIA young people to come along to regularly. It is the intention to develop and support spudGRADUATE Hannah Buckingham to lead on these hubs and workshops. Janetka has been providing ongoing mentoring for Hannah for the development of this new hub.

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SPUD

Motopia

Part of our Thinking Small, Reaching further ACE funded programme was to work with other arts and cultural organisations in the New Forest. The first of these has been with the National Motor Museum, Beaulieu on a project called Motopia.

Motopia formed part of a new gallery exhibition at the Museum and enabled Museum artefacts to be taken out and displayed at spudWORKS. We then wrapped an extensive series of workshops with a wide range of people around this exhibition.

In addition to this, artist Tom Hall was commissioned to produce 5 sculptures to go on exhibition at the Motor Museum.

The Motopia show continued at the National Motor Museum with parts of the work carried out at spudWORKS. SPUD also took part in 4 days of workshops at the Motor Museum. At this we worked with 100's of families producing another ‘Shell’ figure and new road signs. A really strong end to a great collaboration.

The next Folio collaboration will be with the New Forest Heritage Centre and work from their collection. Tom Charman’s wood carvings will be the focus on this youth led and curated project. They are a hugely exciting tactile group of Forest carvings evoking forest life, spirits and woodland creatures. This will be combined with contemporary artist Ian Parmirter (aka Lord Sonic).

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SPUD

spudOPEN 2023

2023 spudOpen followed a similar process setting a brief ‘Digital Dreaming’. We were aware that the title for this year’s exhibition would be a bit of a shock to local artists, but we felt it important to support creative dialogue and extend how local artists might extend their practice. ‘Digital Dreaming’ has been an amazing success as a show, but did see a drop in applications. We have registered this and will factor this in when selecting next year’s exhibition title.

2023's guest curator team was from the Fine Art MA at the Arts University Bournemouth. The prizes were again sponsored by the New Forest National Parks Authority who continue to support the open.

“The theme of digital dreaming could not be more relevant. Digital is transforming how we work, learn and play, and this is just as true in the National Park as anywhere else.” – Alison Barnes CEO of the NFNPA

This year’s we received over 50 applications and selected 41 works. The show has proved very popular again with an average stay in the single gallery of over half an hour. This year’s winner was a digital print by Richard Gregory another local artist. The Gala Opening this year coincided with significant flooding which effected attendance. However, we still had over 80+ visitors to celebrate.

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SPUD

Graduate Launch Pad

At the beginning of the year we were in a smaller, less appropriate artists studio in SPUD with three Launchpad graduates and funding for the program in jeopardy. We are now in a bigger, more appropriate space with funding confirmed from Arts University Bournemouth (AUB) for the next three years and an enlarged capacity of four graduates and a waiting list of artists.

The mentorship has gone from strength to strength with the ACE support allowing regular contact points, some structured professional support and individualised advice. We now have a rolling intake (2 graduates in, 2 out) that allows crossover and sharing of resources. We are supporting excellence, but also supporting growth in some vulnerable groups, giving some artists the support to lead where they felt they couldn’t.

The Launchpad artists have all become part of the culture and share in and develop the community at SPUD. Many of them are integral to SPUD’s eco-system and are delivering paid workshops and other opportunities, along with applying for funding to support their own work and initiatives.

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SPUD

spudCOLLECTIVE

The collective headlined 7 exhibitions ranging from traditional survey shows of workshop participants from the previous year through to curated happenings and new performance art. Some highlights were Bubbles fashion show, a sustained exploration of the old clay pits around Sway in Treacle and rich interwoven stories in Inspired Objects. Along side the exhibitions the collective also had seven days of ‘Selfish Days’ where artists indulged in a day of personal experimentation in a large space.

“It was a great experience, working with individuals who have different background and practises, being together gave me the confidence to test my creativeness do things I would never be able to do without the supporting group.” Isil Campanella

“Apart from the hugely collaborative element of the collective a massive highlight for me, as a new member, was the opportunity to get to know all the other artists. The packed out schedule of the weeks we were exhibiting allowed me to really collaborate in so many ways whilst imbedding myself as part of the team.”

“About my show, I loved it, I really enjoyed that week. The benefit was taking an idea and discussing it over and over and building it slowly, honing it down together, making it much stronger more interesting.”

Vanessa Collingridge

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SPUD

LOOKING AHEAD

As we look ahead to 2024, the focus is very much on developing our work more strategically and ensuring we build in appropriate time for successful planning and partnerships to evolve, along with time for reflection. This is vital to ensure the success of our major collaborative projects with other Folio partners.

Our flagship programme of National Park Artist Residencies continues to grow in stature and attract interest from across the globe. It is very much a programme that is embeded in the local but with an international reach and reputation.

SPUD continues to build important relationships with our local community through workshops, talks and open door programmes. We are increasingly the ‘go to’ organisation in the village for consultation and creative opportunities. SPUD is proud to take part in local events such as the Carnival, Sway open Gardens and Open Studios and make our camus ever more accessible and welcoming to our community.

2024 is already looking like it will be a very full and evermore exciting year for SPUD.

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Charity Registration Number: 1160358

SPUD

(A Charitable Incorporated Organisation)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Office Address:

spudWORKS Station Road Lymington Hampshire SO41 6BA

Table of Contents

Reference and Administrative Details .................................................................................... 3 Trustees Report ..................................................................................................................... 2 Accountants report ............................................................................................................... 9 Independent Examiner's report ………………………………………………………….…………………………….… 10 Statement of Financial Activities………………………………………………………………………………………….. 11 Balance Sheet………………………………………………………………………………………………………………………. 13 Notes to the Financial Statements……………………………………………………………………………………….. 15

Reference and Administrative Details

eference and Administrative Details
Chair Victoria Pirie
Treasurer Alison Ward
Trustees Victoria Pirie
Alison Ward
Collete Raine
Paul Clegg
Maddison Collymore
Matthew Lawson
Channa Vithana
Mia Delve
Inigo Ormerod
Principal Office spudWORKS
Station Road
Lymington
Hampshire
SO416BA
Charity Registration Number 1160358
Structure Governance and Management
Governing Document Constitution
Constitution of the Charity Charitable Incorporated Organisation
Trustee Selection Methods

Every Trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Accountant Eleve11 Consulting Ltd T/A Cloud Eleven
Accountants
Independent Examiner Tee Accounts Limited T/A On The Spot
Rosehill House
PL26 7BA

Trustees Report

Amendments to Trustees

Victoria Pirie (Reappointed April 2023) Alison Ward Collete Raine Paul Clegg (Reappointed September 2023) Maddison Collymore Matthew Lawson Channa Vithana Mia Delve Inigo Ormerod (Appointed 27[th] September 2023)

Trustees’ Report 2023

Additional governance issues

A Trustee Role Description was approved in September 2023 and work on an Induction pack begun, due to be completed Spring 2024.

The current tenants of the Handlebar Cafe indicated they wished to seek permission to re-assign the lease to a new tenant. A working group of four Trustees and the Director has identified key organisational risks and issues, the legal and financial advice required, and is managing the process to ensure that current and future income from the cafe is secured.

Objectives and activities

Summary of the objects of the Charity as set out in its governing document

To advance the education of the public in general, in particular by:

Summary of the main activities undertaken for the public benefit in relation to these objects

The development and delivery of creative projects and programmes with young people and the wider community focused on place, art, design and architecture, the environment, skills development and wellbeing such as spudYOUTH, Thinking Small Reaching Further, The Living Room, LGBTQIA+ Together Workshops and New Forest Artist in Residence. Also, the development of

partnerships with key organisations that enable and support the delivery of creative projects and programmes including the New Forest National Park, FOLIO New Forest Arts and Culture, and Culture in Common.

The development and delivery of a public exhibition programme in the gallery at spudWORKS that supports local artists, showcases projects and programme work, and artist residencies such as Not only the Lonely, Motopia, Scrambled Nature, Hampshire Open Studios and the spudOPEN.

The provision of a creative hub in Sway, New Forest providing a gallery, workshop, desk rental and studio spaces for artists and creative businesses. This supports project and programme delivery including Art Angels, SpudWORKS Residencies and early career artists. The Living Room building completed in 2023 provides a dedicated space for health and well-being creative workshops.

The Handlebar Café in Winchester, based in a building designed and delivered as a spudYOUTH project in 2019, provides income that supports SPUD’s development and delivery.

The trustees have had regard to the guidance issued by the Charity Commission on public benefit. SPUD’s public benefit is manifested principally in communities in Hampshire and Dorset.

Achievement and Performance

Summary of the main achievements of the charity during the year

SPUD is seeking to make a difference through fostering peoples' sense of community, connection and well-being, and by supporting peoples' creative skills development, knowledge and understanding. The Living Room building completed in 2023 provides a new dedicated space for work with people living with dementia, their families and carers, and for work with young people dealing with mental health issues, and neurodivergent children and their families.

SpudWORKS provides workspace and studios for a thriving community of artists and small businesses with 12 micro-businesses on site. The Graduate Launch Pad has received funding for the next three years from Arts University Bournemouth, supporting four creative industry graduates each year. The Launch Pad provides mentoring, some structured professional support and tailored advice. Launch pad artists become part of the community at SPUD, delivering paid workshops and applying for funding to support their own work and initiatives.

The gallery exhibition programme showcased project work such as the New Forest National Park residencies and the Arts Council funded Thinking Small Reaching Further. While the spudOPEN on the theme of 'Digital Dreaming' attracted 50 applications. spudCOLLECTIVE of artists based at spudWORKS and locally ran a collaborative and development focused programme of exhibitions, experimental days and workshops based in the gallery. Hampshire Open Studios brought new visitors to SPUD, and the mini- festival was attended by over 400 people.

Motopia, part of the Thinking Small Reaching Further programme funded by Arts Council England, was a collaboration with the National Motor Museum, Beaulieu, with workshops and exhibitions at SPUD and the Museum. More than 100 families took part in workshops at the museum creating new road signs and a 'Shell' figure sculpture.

Following the successful launch of Art Clubs for ages 6 to 18 in 2022 the range of opportunities was brought together as spudYOUTH Creative. With a range of workshops for young children and teenagers, LGBTQIA teenagers, and workshops for neurodivergent young people. Funding from the Charles Burnett Foundation over two years offers free places to children and young people on Pupil Premium and is promoted through local schools, colleges and youth groups.

SPUD continued to work with Breakout Youth in a programme of workshops with artist in residence Janetka Platun, focused on LGBTQIA young peoples' experience of place. Three recent LGBTQIA graduate artist were mentored to work with vulnerable groups to look at setting up local creative hubs. Following the project funding was received to develop a LGBTQIA creative hub at spudWORKS.

The New Forest Artist in Residence, funded by the New Forest National Park, has supported five artists to date and attracted international applicants. The focus is on artists researching and developing their thinking about landscapes, how people interact with them and the challenges they face. The success of the programme has led to SPUD and the National Park Authority securing Arts Council England funding for a further three years with six artists.

spudFILM 2023, funded by Culture in Common, enabled a local filmmaker to work with young people in Hythe, Totton and Fawley to learn about film making and create films on the theme of 'Kind'. These, along with films selected from the open competition, were screened at a Gala evening in partnership with Sway cinema.

Two Trustees were re-appointed and one new Trustee, who was a spudYOUTH Ambassador, was appointed. Collectively the Trustees bring a range of skills and knowledge from supporting the development of creative practice, creative education, working with young people and communities, partnership development, finance, business and organisation management. A Trustee Role Description was agreed and Trustee led work on an induction pack and programme begun. Key governance work included ongoing monitoring and review, as needed, of SPUD's Safeguarding policy, procedures, guidance and training, work on finances to support decision making and sustainability, and work on securing a new tenant for the Handlebar Cafe.

Financial Review

The trustees’ policy is that the balance of reserves held by SPUD should be equal to three months of the charity’s running costs. The reserve amount is reviewed annually by the trustees. The trustees believe this level of reserves will provide short term funding stability and allow time to secure alternative sources of income, in the event of a significant drop in income. In 2023 running costs before project expenditure and depreciation were on average £11k per month and the balance in unrestricted reserves at the end of 2023 was £56k.

There are no funds in deficit.

During 2023 the primary sources of funding for Charitable Activities (£142k) were from Government bodies in the form of grants from Arts Council of England, Hampshire and Isle of Wight, New Forest National Park Authority and New Forest District Council.

Other income was received mainly in the form of Rental and Investment income. This was through the renting of space within SPUD’s main building (spudWORKS) generating income of £44k. Various spaces and tenancy arrangements are supporting a thriving community of creatives from micro businesses to graduates.

Income of £25k was received from the Handlebar Café, tenants operating from our investment property in Winchester.

The capital project The Living Room received £67k in grants and donations.

Annual Activity Report

The Activity Report is attached in a separate document.

The trustees declare that they have approved the trustees' report above. Signed on behalf of the charity’s trustees:

Victoria Pirie Chair Date:

Alison Ward Treasurer Date:

SPUD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SPUD

FOR THE YEAR ENDED 31 DECEMBER 2023

Accountants report

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SPUD for the year ended 31 December 2023 as set out on pages 11- 30 from the charities accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at - https://www.accaglobal.com/gb/en/about us/regulation/rulebook.html

This report is made solely to the charity trustees of SPUD, as a body, in accordance with the terms of our engagement letter dated 23[rd] June 2022.

Our work has been undertaken solely to prepare for your approval the accounts of Spud as a body in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf

To the fullest extent permitted by law, we do not accept or resume responsibility to anyone other than Spud and its Board of Trustees as a body for our work for this report.

It is your duty to ensure that SPUD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position of SPUD. You consider that SPUD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SPUD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Janice Willis FCCA Cloud Eleven Accountants Trading name of Eleve11 Consulting Ltd 22[nd] April 2024

SPUD

FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner’s report to the trustees of SPUD (“the Trust”)

I report to the charity trustees on my examination of the accounts for the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of your charity’s accounts as carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the charity’s gross income exceeded £250,000 your examiner needs to be a member of a body listed in section 145 of the 2011 Act, and I can confirm that I am qualified to undertake the examination and am also a member of ICAEW (FCA), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

  1. The accounting records were not kept in accordance with section 130 of the 2011 Act; or

  2. the accounts did not accord with the accounting records; or

  3. the accounts did not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008, other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, in accordance with the FRS 102.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Teresa Rogers BFP FCA Director

June 2024

SPUD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 (Including Income and Expenditure Account)

Statement of Financial Activities

Note
Income and
endowments From:
Donations and Gifts
Charitable activities
Rental Income
Investment income
Capital Projects
Total Income
3
Expenditure on:
Project Expenditure
Building Maintenance
and Management
Depreciation
Salaries
Administration
Interest on loan
Finance charge
(provision for
decommissioning cost)
Total Expenditure:
5
Net income
Transfers between
funds
Net movement in
funds
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
£
1,244
19,355
44,116
25,306
90,021
9,924
29,523
2,897
69,184
16,537
375
594
129,033
(39,012)
22,610
(16,402)
66,142
49,740		 Restricted
funds

£
-
122,230
-
-
67,176
189,406
58,238
-
30,511
14,336
-
-
-
103,085
86,321
(22,610)
63,711

412,265
475,976		 Endowment
funds
£
-
-
-
-
-
-
-
-
6,000
-
-
-
-
6,000
(6,000)
-
(6,000)
276,000
270,000		 Total
2023
£
1,244
141,585
44,116
25,306
67,176
279,427
68,162
29,523
39,408
83,520
16,537
375
594
238,118
41,309
0
41,309
754,407
795,716
Prior year
Note
Income and
Endowments From:
Donations and gifts
Charitable activities
Rental Income
Investment income
Total Income
3
Expenditure on:
Project Expenditure
Building Maintenance
and Management.
Depreciation
Salaries
Administration
Interest on loan
Finance charge
(provision for
decommissioning cost)
Total Expenditure:
5
Net expenditure
Transfers between
funds
Net movement in
funds
Reconciliation of funds
Total funds brought
forward
Total funds carried
forward		 2022
Unrestricted
funds
£
15,031
26,064
43,945
28,092
113,132
3,989
22,054
5,717
34,688
11,639
405
594
79,085
£34,047
£130
£34,177
31,965
66,142		 2022
Restricted
funds
£
4,733
50,462
-
190
55,385
28,968
4,733
4,684
39,795
-
-
-
78,180
(£22,795)
(£130)
(£22,925)
435,190
412,265		 2022
Endowment
funds
£
-
-
-
-
-
-
-
6,000
-
-
-
-
6,000

(£6,000)
-
(£6,000)
282,000
276,000		 Total
2022
£
19,764
76,526
43,945
28,282
168,517
32,956
26,787
16,401
74,483
11,639
405
594
163,265
£5,252
£0
£5,252
749,155
754,407

SPUD

BALANCE SHEET AS AT 31 DECEMBER 2023

Balance Sheet
Note
FIXED ASSETS (Note 8 & 9)
Tangible assets – equipment
Tangible assets – Fixtures &
Fittings
Tangible assets – buildings
Investment assets – Handlebar
Cafe
CURRENT ASSETS
Debtors
Cash at bank and in hand
7
CREDITORS: amounts falling due
within one year
Provisions for liabilities
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due
after one year
10
TOTAL NET ASSETS
Funds of the Charity:
14
Endowment funds
Restricted income funds
Designated funds
Unrestricted funds
Revaluation funds
TOTAL FUNDS		 £
3,227
144,787		 2023
£
13,259
4,993
402,163
279,811		 £
15,868
123,163		 2022
£
4,517
1,941
352,837
305,655
700,226

111,973		 664,950

107,496
148,013
(15,557)
(20,484)		 139,031
(11,645)
(19,890)
812,199 772,446
(16,483) (18,039)
795,716 754,407
270,000
475,976
33,000
16,740
-		 276,000
412,265
27,000
39,142
-
795,716 754,407

Signed on Behalf of the Trustees Victoria Pirie Date of approval:

SPUD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes to the accounts

Note 1 Basis of Preparation

Basis of Accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

The charity constitutes a public benefit entity as defined by FRS 102.

No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).

No material prior year errors have been identified in the reporting period (3.47 FRS 102 SORP).

The charity has opted to prepare the accounts under the FRSSE and so a Statement of Cash Flows is not required.

The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2.

Note 2 Accounting Policies

2.1 Income

Recognition of income

Income is included in the Statement of Financial Activities (SoFA) when:

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses.

Grants and donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).

In the case of Contractual income and performance related grants, income is only recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met (5.16 FRS 102 SORP).

Tax reclaims on donations and gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

2.2 Expenditure and Liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Provisions for liabilities

A Liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

Deferred income

No material item of deferred income has been included in the accounts.

2.3 Assets

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Tangible fixed assets

Fixed assets are valued at cost. Computers are depreciated over 3 years on a straight line basis. Fixtures and Fittings are depreciated over 4 years on a straight line basis. The spudWORKS building is depreciated over 50 years and the studios and Living Room are depreciated over 25 years.

Investment property

Investment property is depreciated over the length of the lease, and expected life span of the asset, which is 25 years.

Note 3 Analysis of incoming resources

Current Year to 31.12.23 Current Year to 31.12.23 Current Year to 31.12.23 Prior
Year
2022
Analysis Unrestricted
funds		 Restricted
income
funds		 Endowment
Funds		 Less
Deferred
income		 Total funds Total
funds
Donations
and legacies		 Donations and
gifts		 1,244 - - - 1,244 19,764
Total 1,244 - - - 1,244 19,764
Charitable
activities		 General grants
provided by
government/
other charities		 5,000 110,075 - - 115,075 57,862
Covid Related
Government
support		 - - - - - 4,000
Galleryactivities 1,365 5,000 - - 6,365 -
Museum Gallery
Tax Relief		 6,748 - - - 6,748 -
SpudYouth and
Workshops		 6,242 7,155 - - 13,397 14,664
Total 19,355 122,230 - - 141,585 76,526
Other
trading
activities		 Rental income 44,116 - - - 44,116 43,945
Total 44,116 - - - 44,116 43,945
Income
from
investment		 Bank Interest 751 - - - 751 190
Handlebar Café
rental income		 24,555 - - - 24,555 28,092
Total 25,306 - - - 25,306 28,282
Capital
Projects		 Separate
material item of
income – Living
Room		 - 67,7176 - - 67,176 -
Separate
material item of
income –
Handlebar Café		 - - - - - -
Total - 67,176 - - - 67,176
TOTAL 90,021 189,406 - - 279,427 168,517

Note 4 Analysis of receipt of government grants

Employment Allowance
New Forest District Council Covid
support
Subtotal
NFDC unrestricted grant
Rural Payments Agency
Total Govt Grants
Other Non Govt Grant
Total Charitable Activities
unrestricted		 Current Year
31.12.23		 Prior Year
2022
5,000 -
- 4,000
5,000 4,000
- 10,000
- -
5,000 14,000
- -
5,000 14,000

Note 5 Analysis of Resources Expended

Expenditure on Charitable Activities

penditure on Charitable Activities
Analysis Unrestricted
funds
£
Restricted
income
funds
£		 Endowment
funds
£		 Total
funds
2023
£		 Prior
year
2022
£
2007 SpudYouth Tokyo - - - - 401
Our Common New Forest - - - - 1,137
Dementia - 11,951 - 11,951 800
2301 Motopia - 2,902 - 2,902 -
2306 Spud Film - 2,455 - 2,455 -
New Forest Residency - 6,682 - 6,682 2,194
2101 ACE- People and
Engagement		 - 28,936 - 28,936 23,835
Gallery invigilation 2,898 - - 2,898 -
2206- NFDC Audience
development		 - - - - 2,667
2102 Spud Youth London - - - - 57
2209 SpudOpen- New forest
Park authority		 738 - - 738 764
2201- Penguins Stakeholder - - - - 31
2208- Childrens Artclub 3,845 - - 3,845 370
Spud Artistic Collective 195 - - 195 650
Spud Youth/portfolio/small
projects		 2,248 4,655 - 6,903 50
LGBT - 657 - 657 -
Salaries 69,184 14,336 - 83,520 74,483
Spudworks BuildingMaintenance 23,495 - - 23,495 18,329
Livingroom maintenance 84 - - 84 -
Handlebar Café Rent,
Maintenance,Depn, provision.		 5,945 25,846 - 31,790 8,458
Depreciation 2,897 4,665 6,000 13,562 16,401
Administration 10,417 - - 10,417 9,036
Accountancy 6,714 - - 6,714 3,197
Interest on Loan 375 - - 375 405
Total expenditure on charitable
activities		 129,033 103,085 6,000 238,118 163,266
Note 6
Fees for examination of the accounts
Independent examiner’s fees
Assurance services other than audit or independent examination
Tax advisory fees
Accountancy & Bookkeeping
31/12/2023
£		 31/122022
£
660 581
- -
- -
6,054 2,575
Note 7
Cash at bank and in hand
Short term cash investments (less than 3 months maturity date)
Short term deposits
Cash at bank and on hand
Other
Total
31/12/2023
£		 31/12/2022
£
- -
- -
144,787 123,163
- -
144,787 123,163

Note 8 Tangible fixed assets

Cost or Valuation at
01/01/2023
Additions
Revaluations
At 31/12/2023		 Investment
Property:
Handlebar
Café
£		 Freehold land &
buildings:
spudWORKS and
studios and
Living Room
£		 Fixtures &
Fittings
£		 Office and
Computer
Equipment
£		 Total
£
337,121 389,000 2,156 22,222 750,499
- 59,281 3,747 11,656 74,685
- - - - -
337,121 448,281 5,903 33,878 825,183
8.2 Depreciation &
impairments
At 01/01/2023
Depreciation for the
Year
At 31/12/2023
31,466 36,163 215 17,705 85,549
25,846 9,955 695 2,912 39,408
57,312 46,118 910 20,617 124,957

8.3 Net book value

8.3 Net book value
Net book value at
01/01/2023
Net book value at
31/12/23		 305,655 352,837 1,941 4,517 664,950
279,809 402,163 4,993 13,261 700,226

Depreciation Policies

Tangible fixed assets

Fixed assets are valued at cost. Computers are depreciated over 3 years on a straight line basis. Fixtures and fittings are depreciated over 4 years on a straight line basis.

The spudWORKS building is depreciated over 50 years and the studios are depreciated over 25 years.

Investment Property

Fixed asset investments are valued initially at cost and depreciated over the life of the 25 year life of the lease. A provision for decommissioning has been included in cost.

Note 9 Fixed Asset Investments

Cash & cash
equivalents
Listed
investments
£
£
Carrying (fair) value
at 01/01/23
(Handlebar Café)
-
-
Add:additions to
investments during
period
-
-
Less:disposals at
carrying value
-
-
Less:impairments
-
-
Add:Reversal of
impairments
-
-
Add/(deduct):
transfer in/(out) in
the period
-
-
Add/(deduct):net
gain/(loss) on
revaluation
-
-
Carrying (fair) value
31/12/23
-
-
Analysis of investments:
Cash or cash equivalents
Listed investments
Investment property:
Handlebar Café
Social investments
Other investments
Total		 Cash & cash
equivalents
£		 Listed
investments
£		 Investment
properties
£		 Social
investments
£		 Social
investments
£		 Other
£		 Total
£
- - 305,655 - - 305,655
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - -25,844 - - -25,844
- - 279,811 - - 279,811
Cost less impairment
£
-
-
279,811
-
-
279,811
Fair value at year end
£		 Cost less impairment
£
- -
- -
279,811 279,811
- -
- -
279,811 279,811

9.2 If your charity holds investment properties, please complete the following note:

(i) Explain the methods and significant
assumptions in determining the fair
value of investment property held by
the charity
(ii) Name or independent valuer, if
applicable, and relevant qualifications
(iii) Provide details of any restrictions
on the ability to realise investment
property or on the remittance of
income or disposal proceeds
(iv) Explain any contractual obligations
for the purchase, construction or
development of investment property
or for repairs, maintenance or
enhancements		 The Handlebar Café is currently valued in the accounts at
the building cost, plus discounted de-commissioning cost,
less depreciation.
As the building structure is expected to last in line with the
lease (25 years), this method has been selected rather than
costly annual revaluation.
N/A
The Handlebar Café is built on land owned by Winchester
City Council, whose permission as head landlord would be
required for any change of use.
To the extent that any repair works needed to the Property
are not a consequence of any latent defect or insured risk
the sub-tenant shall keep the property in a state of
tenantable repair and good working order.
The council may request the site to be returned in a
levelled state upon the exit or end of the lease.

Note 10 Creditors and accruals

Creditors
Accruals
Loan - Handlebar Café
Total		 Amounts falling due within
one year		 Amounts falling due within
one year		 Amounts falling due after
more than one year		 Amounts falling due after
more than one year
2023
£		 2022
£		 2023
£		 2022
£
9,653 5,530 - -
4,348 4,559 - -
1,556 1,556 16,483 18,039
15,557 11,645 16,483 18,039

The Handlebar Café loan was used to fund building construction. The initial £25,000 loan received in March 2019 is being repaid over 15 years at an interest rate of 2%. It is due to be repaid in March 2034. It is not secured.

Note 11 Transactions with related parties

Trustee remuneration and benefits

During the period, none of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity.

Trustees' expenses

No trustee expenses have been incurred during the period.

Transactions with related parties

Maddison Collymore provided consultancy services to the charity for £277 (2022 £50). All transactions were at market rate and arm’s length.

Note 12 Paid employees

12.1 Staff Costs

12.1 Staff Costs
Salaries and wages including NI
Pension costs (defined contribution pension plan)
Other employee benefits
Total staff costs		 Year ending 31st Dec
2023
£		 Year ending 31st Dec
2022
£
80,484 71,576
3,036 2,908
- -
83,520 74,483

No employees received employee benefits for the reporting period of more than £60,000.

12.2 Average head count in the year

Average head count in the year
Project Management
Building Management
Total		 Year ending 31st Dec
2023		 Year ending 31st Dec
2022
1 1
1 1
2 2

Note 13 Provisions for liabilities and charges

A provision is made when the charity has a liability of uncertain timing or amount.

13.1 Movements in recognised provisions and funding commitment during the period

Balance at the start of the reporting period
Amounts added in current period
Amounts charged against the provision in the current period
Unused amounts reversed during the period
Balance at the end of the reporting period		 Thisyear Lastyear
£ £
19,890 19,296
594 594
- -
- -
20,484 19,890
13.2 Please provide:
- A brief description of any
obligations on the balance
sheet and the expected
amount and timing of
resulting payments;
- an indication of the
uncertainties about the
amount or timing of those
outflows; and
- the amount of any
expected reimbursement,
stating the amount of any
asset that has been
recognised for that expected
reimbursement.		 This year Last year
The Handlebar Café
investment property has a
provision for decommission
costs as the lease states that
the landlord may require the
site to be levelled when the
tenant exits the lease.		 The Handlebar Café investment
property has a provision for
decommission costs as the lease
states that the landlord may
require the site to be levelled
when the tenant exits the lease.
The date and amount remain
uncertain as it depends if the
lease is broken at year ten or
twenty five and the landlord
may not enforce the clause if
the building is still in good
working order.		 The date and amount remain
uncertain as it depends if the
lease if broken at year ten or
twenty five and the landlord may
not enforce the clause if the
building is still in good working
order.
The estimated expense is
£20,000 in today’s prices. This
has then be extrapolated to
take into account inflation
over 25 years, at an estimated
2% PA and then discounted at
2.44% to give a present value
of £17,959. An annual finance
charge of £594 is taken to the
SOFA annually, to build the
provision up over the life of
the asset.		 The estimated expense is £20,000
in today’s prices. This has then be
extrapolated to take into account
inflation over 25 years, at an
estimated 2% PA and then
discounted at 2.44% to give a
present value of £17,959. An
annual finance charge of £594 is
taken to the SOFA annually, to
build the provision up over the life
of the asset.

Note 14 Charity funds

14.1 Details of material funds held and movements during the CURRENT reporting period Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds' (which should include revaluation reserve and fair value reserve, if applicable). The 'Total funds' figure below should reconcile to 'Total funds' in the balance sheet.

* Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds

Fund names Type
PE, EE,
D, R or
UR*		 Purpose and
Restrictions		 Funds
balances
brought
forward		 Income Expenditure Transfers Gains
and
losses		 Fund
balances
carried
forward
£ £ £ £ £ £
Artsway
Endowment-
BuildingFund		 PE Building 276,000 - (6,000) - - 270,000
Artsway
Endowment		 EE 30,756 - - (30,756) - -
Spudwork
Studios		 R Building 76,837 - (3,560) - - 73,277
HandleBar
Café		 R Investment
building		 289,373 - (25,846) 1,377 - 264,904
2007-
SpudYouth
Tokyo		 R Youth visit
to Tokyo		 3,599 (3,250) - - - 349
2109- New
Forest
Residency		 R Artists
residency
program		 - 26,600 (6,682) 82 - 20,000
2300- Small
projects		 R Energise me
–Art boxes,
Film and
Youth		 - 4,655 (4,655) - - -
2205-
Hampshire &
IOW/Charles
Burnett III		 R Dementia
co-
ordination		 11,700 - (11,951) 251 - -
2205-
Hampshire &
IOW/Charles
Burnett III		 R Memorial
fund- skills
booster		 - 10,125 - - - 10,125
2101- ACE-
People and
Engagement		 R Thinking
small-
reaching
further		 - 49,500 (24,146) 436 - 25,790
2101- NFDC
Match Funding
ACE- People
and
Engagement		 R Thinking
small-
reaching
further		 - 10,000 (4,790) - - 5,210
200-2306 Spud
Film		 R Spud Film - 10,100 (10,100) - - -
200-2301
Motopia		 R Motopia - 5,000 (5,000) - - -
Restricted-
Launch pad		 R Launchpad
& Living
Room		 - 6,000 (4,500) - - 1,500
Designated D Three
months
running cost
reserve		 27,000 - - 6,000 - 33,000
Living Room R Living Room
Capital
project		 - 67,176 (1,105) - - 66,071
Sway Parish
Council		 R Sway youth
engagement
project		 - 2,500 - - - 2,500
Hampshire
Cultural Trust		 R LGBTQ+
Coordinator		 - 1,000 (750) - - 250
Unrestricted-
General		 UR 39,142 90,021 (129,034) 22,610 - 22,739
Other funds
(balancing
figure)		 N/a N/a - - - - - -
Total
Funds as
per
balance
sheet		 754,407 279,427 (238,119) - - 795,716

Fund balances carried forward include assets and liabilities denominated in a foreign currency

Yes No

14.2 Details of material funds held and movements during the Previous reporting period as at 31.12.2022

Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds' (which should include revaluation reserve and fair value reserve, if applicable). The 'Total funds' figure below should reconcile to 'Total funds' in the balance sheet.

Fund names Type *
PE, EE,
D, R or
UR *		 Purpose
and
Restriction
s		 Fund
balances
brought
forward
£		 Income
£		 Expenditure
£		 Transfers
£		 Gains
and
losses
£		 Fund
balances
carried
forward
£
Artsway
Endowment-
BuildingFund		 PE Building 282,000 -6,000 276,000
Artsway
Endowment		 EE 30,756 190 -190 30,756
Spudwork
Studios		 R Building 80,397 -3,560 76,837
HandleBar Café R Investment
building		 290,437 -1,124 289,373
2007-
SpudYouth
Tokyo		 R Youth visit to
Tokyo		 4,000 -401 3,599
2109- New
Forest
Residency		 R Artists
residency
program		 3,000 3,030 -6,030
2001-
Hampshire &
IOW		 R Artists
residency
program		 3,600 -3,600
2205-
Hampshire &
IOW/Charles
Burnett III		 R Dementia
co-
ordination		 12,500 -800 11,700
2101- ACE-
People and
Engagement		 R People and
Engagement
for future
resilience.		 23,000 32,332 -55332
2204- New
Forest Park
Authority		 R Our
Common
New Forest		 - 2,000 -2000
2209- New
Forest Park
Authority		 R SpudOPEN - 600 -600
Restricted-
Launchpad		 R Launchpad &
LivingRoom		 - 4,733 -4,733
Designated D Three
months
running cost
reserve		 27,000 27,000
Unrestricted-
General		 UR 31,965 113,132 -79,085 -26,870 39,142
Other funds
(balancing
figure)		 N/a N/a -
Total Funds as per balance sheet 749,155 168,517 -163,265 754,407

Note 15 Charity funds (cont)

15.1 Transfer between funds

This year

Thisyear
Reason for transfer and where endowment is
converted to income, legal power for its
conversion		 Amount
Between unrestricted and
restricted funds		 -
Between endowment and
restricted funds		 -
Between endowment and
unrestricted funds		 Funder released to unrestricted funds 30,756
30,756

Last year

Lastyear
Reason for transfer and where endowment is
converted to income, legal power for its
conversion		 Amount
Between unrestricted and
restricted funds		 -
Between endowment and
restricted funds		 -
Between endowment and
unrestricted funds		 -
-

Independent examiner’s report to the trustees of SPUD (“the Trust”)

I report to the charity trustees on my examination of the accounts for the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of your charity’s accounts as carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the charity’s gross income exceeded £250,000 your examiner needs to be a member of a body listed in section 145 of the 2011 Act, and I can confirm that I am qualified to undertake the examination and am also a member of ICAEW (FCA), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

  1. The accounting records were not kept in accordance with section 130 of the 2011 Act; or

  2. the accounts did not accord with the accounting records; or

  3. the accounts did not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008, other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, in accordance with the FRS 102.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Teresa Rogers BFP FCA Director

June 2024

On site. On time. On your side.

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