Published March 2025 2024 Impact Report
IK TM. "WORKS. "spudWORKS is such a hidden gem with a wonderful ethos" "A beautiful place to go, so relaxing and peaceful 99 "I love how spudWORKS has evolved over the years with beautiful new buildings, landscaped gardens and so many creative opportunities." spud is a Charitable Incorporated Organisation (CIO) Charity Number: 1160358
',ier '" hts up wh ns2nd I I comes to thes ecting to_hi 10 Pdrtiei 'Even small actions can spark lasting joy and positive change., SPUD has been working creatively with communities across south central England since it was founded in 2012. SPUD www.spud.org.uk 01
Year in Review Foreword from the Chair of Trustees l am very pleased to introduce the 2024 Annual Report for a year that has been award winning and seen new projects and partnerships reaching more people. A particular highlight is winning the New Forest Brilliance in Business Award for Health and Wellbeing. SPUD achieves impact through the energy, collaboration and creativity of the artists, creatives, young people and the wider community with whom we work. My thanks to the staff, Trustees, the SPUD creative community, and volunteers for working to make SPUD more creative and resilient. Thanks also to our funders, sponsors. partners. and tenants for their continuing support and enabling new projects to develop. Finally, I will be stepping down as Chair in Spring 2025 and following an open recruitment process, l am delighted to welcome SPUD'S new Chair Deborah Owen-Ellis. Victoria Pirie Chair of Trustees "Great.little spot in the nèw forest. Fab space. Awesome artwork!11- Visitor SPUD www.spud.org.uk 02
Review from the Director 2024 has been another incredibly busy period at SPUD. with exciting new collaborations and opportunities emerging throughout the year including with New Forest Heritage Centre and African Activities. Our drive for sustainability and legacy in all that we do, ensures we are building a robust and forward thinking organisation. Our exhibition programme is now planning 12 months ahead and this allows us to develop strong relationships and effective engagement work with artists, partner organisations and community groups. It also enables us to be more ambitious in our programming and involve some of our groups directly in the planning and curation of the exhibitions. Our weekly workshops with people living with dementia and the teenage LGBTQIA group are real highlights. where we are providing a safe and creative space and making a genuine difference to peoples lives. This feedback from a workshop participant encapsulates better than anything why we do what we do and how important our work is to so many people: "The empathetic embrace of the class feels like being held- understood and supported. The small group setting fosters warm, farniliar relationships, which is so important for our emotional well-being. It is a space where expectations fade away, and genuine connections flourish. Thank you for providing us with this unique opportunity to come together, share love. and explore creativity in such a safe and nurturing environment. It truly makes a difference in our lives.. Looking ahead to 2025 feels very positive as we build upon the strong foundations we have created. Our approach of thinking small, reaching further continues to underpin our work and ensure managed growth and sustainability, but always with ambitious ideas and actions. Mark Drury Director www.spud.org.uk 03
What we do Our Purpose is to support the well-being and ambition of communities through creativity and collaboration in arts, architecture and education. About Us SPUD is a charity focused on arts, architecture, and education committed to creating experiences that foster confidence, SLJPPOrt career development and strengthen communities. Our approach is cotlaborative, meaningful and ambitious. We champion the voices of individuals and underrepresented groups, ensuring they are heard within our communities and partnerships. Driven by a focus on success, SPUD takes a professional approach to deliver impactf ul projects. We empower people to create, connect, and share, recognising that even small actions can spark lasting joy and positive change. Who we are Team Members Mark Drury FRSA- Director/Co-founder Trustees Victoria Pirie- Chair Alison Ward - Treasurer Mia Delve Collette Raine Paul Clegg Channa Vithana Matthew Lawson Maddison Collymore Inigo Ormeroid Tom Sofikitis - Operations Manager Suna Imre - Associate Outreach & Engagement ¥1 Tom Hall- Associate Programme Coordinator & Curator SPUD www.spud.org.uk 04
Inclusive and diverse audiences through participation in creative activities. Being inspirational and creating joy. In particular, young people looking to be involved in their community through a range of creative opportunities. Older People through participation in creative activities, providing support, f riendship, confidence and building community, Underrepresented Groups giving agency to hidden voices in our community and providing bespoke support. Our Strategic Aims Artists and Creative Professionals through collaboration, mentorship and professional development and business opportunity. Ensuring creatives feel empowered to take a lead on initiatives. 1. Deliver collaborative, creative projects where communities take the lead. 2.Provide space, support and opportunities for artists and other creative professionals to develop their practice and business opportunities. 3.Develop projects focusing on place, environment and well-being. 4.Generate self-funded income to support our core work. 5.Secure grants to support research, development and projects. 6.Secure strategic funding that provides long-term Stability and growth for the organisation. Partner Organisations promoting collaboration and being an instigator of opportunities. Community and Place through placemaking, the rural and built environment and public consultation. Our Team, because everyone matters including staff and volunteers. We work in and around the New Forest as well as regionally, nationally and internationally. SPUD www.spud.org.uk 05
Our impact Over the past 12 months 5442 94 22 Active Participants Artists Supported Collaborations 'Our approach is collaborative, meaningful and ambitious. We champion the voices of individuals and underrepresented groups, ensuring they are heard within our communities and partnerships., Mark Drury, Director and Co-Founder SPUD www.spud.org.uk 06
Our impact Ir41 3516 GALLERY VISITORS 855 WORKSHOPS 14 EXHIBITIQNS 6 GRADUATES 4 MAJOR COMMUNITY OUTREACH EVENTS 5 COMMUNITY GROUPS 3 AWARDS 5442 AcfivE PARTICIPANTS I BUILD PROJECT 22 PARTNERSHIPS 13 VOLUNTEERS (INCLUDING 9 TRUSTEES) 94 ARTISTS (11 RESIDENCIES) 4300 SOCIAL MEDIA FOLLOWERS 8 CORPORATE SPONSORS 9 MICRO BUSINESSES SPUD www.spud.org.uk 07,
Our Approach We believe small, high-quality actions and interventions begin to have a cumulative effect and become more sustainable and impactfuL over the Long term. We strive to empower people to take the lead through support, collaboration and a genuine openness to engage. This generates a real sense of ownership and makes SPUD much more than the sum of its parts. "Dropping one pebble into a pond causes ripples, dropping multiple pebbles creates a cascade of ripples with unknown intersections and cross-over- it's here where things get exciting.. Mark Drury, Director Mark Drury SPUD www.spud.org.uk 08
Young People Young people are fundamentaL to all our programmes, whether that be through art clubs, curatorial opportunities, work experience or as Youth Trustees. SPUD currently offers three thriving art clubs for diff erent age groups, an architecture youth group, an LGBTQIA teenage group, along with regular workshops for neurodivergent young people. We also involve young people in all of our major collaborative projects. Young people have been directly involved with curating two exhibitions in the past year, as well as interviewing and appointing artists for a new exhibition. -made luch a big difference to me, I lOe"lt o lot!lY . Participant "" SPUD www.spud.org.uk 09
)1 'ye love t apted to ' asses that Older People We've created a safe and welcoming space for everyone at spudWORKS. This is particularly evident with our older participants and artists, where they have found a real sense of community and friendship. Our dementia f riendly weekly workshops, which are also open for carers and relatives, are warm, friendly and fun. Based in the new Living Room space, with wheel chair access. It has been designed specifically to host small groups so people feel safe and comfortable in a familiar environment and surrounded by a beautiful sensory garden. SPUD www.spud.org.uk 10
Artist and Creatives SPUD has worked with and supported 94 artists in the past year (11 of them residencies) and curated 14 exhibitions. We are also home to 11 studio artists and graduates based at spudWORKS. Our fluid and experimental exhibition programme allows artists to take a less traditional approach to working in a gallery space. This leads to greater collaboration and often unforeseen opportunities. spudWORKS continues to grow as a vibrant place of exchange and ideas generation for artists at all stages of their careers. Our partnership with New Forest National Park Authority has developed an internationally recognised residency programme, attracting an increasingly diverse and high calibre number of artists to respond to the special qualities of the New Forest and its communities. "It's so special to ,,791 creative", .; community ofk;4 artists at(: ' spudWORKS and it * feels like home. , Studio Artist". SPUD www.spud.org.uk 11
Community and Place SPUD has always had a strong emphasis on placemaking, whether that be creating new structures or consulting with local communities. In the last 12 months we have worked alongside Sway Parish Council and the local community to explore ideas for a new youth centre; worked with young people in Ringwood to explore the history of the railway there and possible new artwork and interpretation. We continue to work with the New Forest National Park Authority on our internationaLLy recognised residency programme, attracting high quality artists to come and Live, work and respond to the special qualities of the New Forest. WHAT IF ? PIZZA OIEN SPUD www.spud.org.uk 12
"We_were very taken with th.e genesis¢f 'Éhis p.roject wAich ed from'ideas sketclie no orma na ers aining 1-44 ]I:j-_'4.j Awards SPUD is a multi-award winning charity, continually striving for excellence in all that we do. In the past 12 months SPUD has won the following awards: New Forest Business Partnership- Winner- Health and Wetl-being South Downs National Park- Design Awards Winner- Handlebar Cafe New Forest National Park ~ Buildings Awards - Winner- The Living Room SPUD www.spud.org.uk 13
Royal Visit Recognising Excellence spudWORKS was visited by HRH The Duke of Gloucester in September, in recognition of the award-winning work we have been undertaking in the New Forest and in particular the new Living Room space. The Duke spent some time looking around the facilities and meeting the team and participants. At one point he happily joined in with a jewellery making workshop. He was clearly delighted with his visit. eing partx>f -enviroftent wher valu&a<t-,,om Sofikitis vo erlonS.a" ager SPUD www.spud.org.uk 14
Financial Information 2024 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 £41,000. 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 Annual Accounts. 2024 2023 Total Income 270.000 279.000 Unrestricted Income 127,000 90,000 Restricted Income 143,000 189,000 Total Expenditure 270,000 238.000 Total Reserves/Funds 796,000 796,000 Unrestricted 84.000 50.000 Restricted 448,000 476,000 Endowment 264,000 270,000 SPUD www.spud.org.uk 15
Key grants within Restricted Income this year came from the continued funding provided by the Arts Council of England for the 'Thinking Small Reaching Further, programme and the New Forest National Park Authority funding our internationalLy recognised Artists Residency programme. In addition, during 2024 the New Forest District Council provided £24k in capital grants to enable SPUD to install an air source heat pump. The main components within Unrestricted Income were from the successful renting of creative spaces at spudWORKS generating £38k and from our tenants in the Handle8ar Café generating £29k, our investment property in Winchester. Sources of Income 2024 2023 C8Wt81 Pro]8ets rknnakn¥& f¥ll• 11.8% 72% DonJtk)ns 8 Glft¥ 0.4% pwt8 24% knva8tnnt Income 10.8% Ch&rllablg AcUTrhUes 50.Pk Irt•%glmènl 9.1% Rent81 Inco 50% 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 2024 running costs before project expenditure and depreciation were on average £11.5k per month and the balance in unrestricted reserves at the end of 2024 was £84k. SPUD www.spud.org.uk 16
Our Supporters Without the incredible support from so many partners SPUD would not be able to deliver the work it does. Funders Arts Council England New Forest NationaL Park Authority New Forest District Council Hampshire County Council Forest Arts (HCT) Artswork Culture in Common Burry Trust James Cowper Kreston Foundation Sway Parish Council Ringwood Society SWAG Hedley Foundation Charles Burnett111 Foundation (HIWCF) Olivia Inspires Allegras Ambition O'sullivan Family Trust Private Donations Corporate Support Wessex Internet Forest Camping Everton Nurseries Arts University Bournemouth Partners and Collaborators New Forest Heritage Centre St Barbe Museum and Gallery CODA Fotio New Forest Pride Breakout Youth SCARF New Forest Business Partnership NationaL Motor Museum, Beaulieu African Activities Arts University Bournemouth New Forest National Park Authority Grants 2024 £142,846 Donations 2024 £19,546 SPUD www.spud.org.uk 17
TM WORKS spudWORKS station Road Sway Hampshire S04168A 0 01590 682260 'ointheadventure@spud.org.uk Join the Adventure www.spud.org.uk
C harity Registration Number: 1160358
(A Charitable Incorporated Organisation)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Registered Office Address:
spudWORKS Station Road Lymington Hampshire SO41 6BA
Table of Contents
Reference and Administrative Details .................................................................................... 1 Trustees Report………………………………………………………………………………………………………………………2 - 5 Accountants Report............................................................................................................... 6 Independent Examiner's Report ………………………………………………………….……………………………......7 Statement of Financial Activities……………………………………………………………………………………………..8 Balance Sheet…………………………………………………………………………………………………………………………9-10 Notes to the Accounts…………………………………………………………………………………………………….........11 -25
Reference and Administrative Details
| Chair | Victoria Pirie |
|---|---|
| Treasurer | Alison Ward |
| Trustees | Victoria Pirie |
| Alison Ward | |
| Collette 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 for 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 Trading as On The Spot |
| Rosehill House | |
| PL26 7BA |
1
Trustees Report
Trustees
Victoria Pirie (Chair) Alison Ward (Treasurer – Re-appointed Feb 2024) Collette Raine Paul Clegg Maddison Collymore (Re-appointed Feb 2024) Matthew Lawson (Re-appointed Feb 2024) Channa Vithana (Re-appointed Oct 2024) Mia Delve (Re-appointed Dec 2024) Inigo Ormerod
Trustees’ Report 2024
Additional governance issues
In the last quarter of 2024, following notice that the Chair was leaving the area and therefore stepping down, a recruitment process was put in motion. Recruitment materials were approved by Trustees and a specialist non-exec/board adviser agency was appointed. The role was advertised across a range of culture and charity websites in late 2024/Jan 2025. A new Chair was recruited in Feb 2025.
Following negotiations the Trustees appointed and re-assigned the lease to a new Handlebar Cafe tenant in July 2024. A working group of the Chair, three other Trustees, and the Director identified key organisational risks and issues, the legal and financial advice required, and managed the process to ensure that current and future income from the cafe is secured.
accounting arrangement extended to include bookkeeping and payroll services. This has enabled a more streamlined approach to delivering timely and accurate management accounts directly from the financial accounting system.
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:
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(i) the encouragement of contemporary arts and of organising and promoting educational and community projects for the advancement of the understanding and appreciation of such arts; and
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(ii) conceiving and delivering collaborative projects that develop skills and provide improved understanding of place, the arts, design, architecture and the environment and their interconnection; and
2
- (iii) the provision of facilities for recreation or other leisure time occupations, particularly facilities for the promotion, creation, and exhibition of contemporary art with the object of giving the widest possible access to the arts by all members of the public.
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, Dementia friendly workshops, the New Forest Artist in Residence, and works with Sway Parish Council. 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 They Who Dream By Day, Experimental Weeks, friends for ever, 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 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.
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 wellbeing, and by supporting people's creative skills development, knowledge and understanding. The awardwinning Living Room provides a 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.
In Sway work with young people, the community and Sway Parish Council explored ideas for a new youth centre. While work with the care home Sway Place provides regular creative opportunities for residents. At the end of the year SPUD's work on wellbeing was recognised with the award for the Health and Wellbeing Business of the Year at the New Forest Business Partnership Business Awards 2024.
SpudWORKs provides workspace and studios for a thriving community artists and small businesses with 9 micro-businesses on site. Over the year SPUD has worked with and supported 94 artists including The
3
Graduate Launch Pad funded by Arts University Bournemouth, and 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 and Sway. Commissioned by the Friends of Sway Railway Station two of the launchpad artists created a mural for the station based on birds and the heathland.
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 'Hold on/Let Go' attracted over 80 artists. The SPUD studio artists produced 'Glitterama' and 'Decentering' collaborative and development focused exhibitions. While 'The Bat is Simply an Advanced Pear' was the culmination of a project with the Sway community exploring social, family and cultural connections to village life. Hampshire Open Studios, Sway Open Gardens and SPUD's first Carol Concert brought new visitors to SPUD. Over the year SPUD welcomed 3,516 visitors and ran 855 workshops.
SPUD's Art Clubs for ages 6 to 18 in 2024 offer a range of creative opportunities. Funding from the Charles Burnett Memorial Foundation supports these clubs and offers free places to children and young people on Pupil Premium and is promoted through local schools, colleges and youth groups. Three new iMacs for use by the art and architecture groups were funded by the Burry Charitable Trust.
'They Who Dream By Day' in partnership with the New Forest Heritage Centre and Artswork was developed and created by a group of young people. The success of the exhibition led to the youth group taking the lead on commissioning two artist to create new work for the gallery.
SPUD continued to work with Breakout Youth in a programme of workshops including work with artist in residence James Aldridge exploring neurodivergence and LGBTQIA+ peoples' experiences of nature.
A new partnership with SCARF (Supporting Children with Additional Needs, Relatives and Friends Charity) provides a regular class for young people to build confidence, self-expression and skills, holiday workshops and creative workshops for parents.
The New Forest Artist in Residence now in its third year and funded by the New Forest National Park and Arts Council England supports artists in researching and developing their thinking about landscapes, how people interact with them and the challenges they face. The programme attracts international applicants.
Five Trustees were re-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. SPUD's Strategy was reviewed and a new 2025-2028 strategy and objectives was agreed that continues and seeks to build on SPUD's purpose "to support the wellbeing and ambition of communities through creativity and collaboration in arts, architecture and education. 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 securing a new tenant for the Handlebar Cafe.
4
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 2024 running costs before project expenditure and depreciation were on average £11.5k per month and the balance in unrestricted reserves at the end of 2024 was £84k.
There are no funds in deficit.
During 2024 the primary sources of funding for Charitable Activities (£156k) 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 £38k. Various spaces and tenancy arrangements are supporting a thriving community of creatives from micro businesses to graduates.
Income of £28k was received from the Handlebar Café, tenants operating from our investment property in Winchester.
The NFDC provided £24k in capital grants to enable SPUD to install an air source heat pump.
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:
5
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 2024
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 2024 as set out on pages 9- 26 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.co/uk/en/aboutus/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 23rd 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:
Technical factsheet 163 - Audit-exempt companies: ACCA accounts preparation report | ACCA Global
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 year.
We have not been instructed to carry out an audit or 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 Date: 17[th] March 2025 Cloud Eleven Accountants Trading name of Eleve11 Consulting Ltd
Palamos House 66-67 High Street Lymington, SO41 9AL
6
SPUD
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024.
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:
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The accounting records were not kept in accordance with section 130 of the 2011 Act; or
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the accounts did not accord with the accounting records; or
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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
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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 Date: 25 March 2025
Tee Accounts Limited T/A On The Spot Rosehill House PL26 7BA
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SPUD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Financial Activities to 31.12.2024
| Incoming resources (Note 3 & 4) Donations and gifts Charitable activities Rental Income Investment income Capital Projects Total Resources expended (Note 5) Project Expenditure Building Maintenance and Management Depreciation Salaries Administration Interest on Loan Finance charge (provision for decommissioning cost) Total Net income Transfers between funds (Note 14) Net movement in funds Total funds brought forward Total funds carried forward |
Current Year to 31.12.2024 | Current Year to 31.12.2024 | Current Year to 31.12.2024 | Prior Year 2023 | |
|---|---|---|---|---|---|
| Unrestricted funds £ |
Restricted income funds Endowment funds Total Funds £ £ £ |
Total Funds £ |
|||
| 19,546 | - | - | 19,546 | 1,244 | |
| 40,417 | 110,921 | - | 151,338 | 141,585 | |
| 38,103 | - | - | 38,103 | 44,116 | |
| 29,324 | - | - | 29,324 | 25,306 | |
| - | 31,925 | - | 31,925 | 67,176 | |
| 127,390 | 142,846 | - | 270,236 | 279,427 | |
| 4,014 | 88,991 | 93,005 | 68,162 | ||
| 26,982 | - | 26,982 | 29,523 | ||
| 54 | 28,950 | 6,000 | 35,004 | 39,408 | |
| 41,356 | 48,225 | - | 89,581 | 83,520 | |
| 24,100 | 24,100 | 16,537 | |||
| 343 | 343 | 375 | |||
| 594 | - | 594 | 594 | ||
| 97,443 | 166,166 | 6,000 | 269,609 | 238,119 | |
| 29,947 | (23,320) | (6,000) | 627 | 41,308 | |
| (1,410) | 1,410 | 0 | £0 | ||
| 28,537 | (21,910) | (6,000) | 627 | 41,308 | |
| 55,739 | 469,976 | 270,000 | 795,715 | 754,407 | |
| 84,276 | 448,066 | 264,000 | 796,342 | 795,715 |
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SPUD
BALANCE SHEET
AS AT 31 DECEMBER 2024
Balance Sheet at 31[st] December 2024
| Fixed Assets (Notes 8 & 9) Intangible assets Tangible assets - equipment Tangible assets - Fixtures & Fittings Tangible assets – buildings Tangible assets - Plant & Machinery Investment assets - Handlebar Café Total fixed assets Current Assets Stocks Debtors (Note 7A) Cash at bank and in hand (Note 7) Total current assets Creditors: amounts falling due within one year Provisions for liabilities (Note 13) Net current assets Total assets less current liabilities Creditors: amounts falling due after one year (Note 10) Total net assets |
Current Year as at 31.12.2024 | Current Year as at 31.12.2024 | Current Year as at 31.12.2024 | Current Year as at 31.12.2024 | Prior Year 2023 |
|---|---|---|---|---|---|
| Unrestricted funds Restricted income funds Endowme nt funds Total funds £ £ £ £ |
Total Funds £ |
||||
| - | - | - | - | - | |
| 6,012 | 6,406 | 12,418 | 13,259 | ||
| 2,140 | 4,560 | - | 6,700 | 4,993 | |
| 5,051 | 123,269 | 264,000 | 392,320 | 402,163 | |
| - | 21,125 | - | 21,125 | ||
| 14,187 | 252,138 | 266,325 | 279,811 | ||
| 27,390 | 407,498 | 264,000 | 698,888 | 700,226 | |
| - | - | - | - | - | |
| 7,705 | - | - | 7,705 | 3,226 | |
| 102,677 | 40,568 | 143,245 | 144,787 | ||
| 110,382 | 40,568 | - | 150,950 | 148,013 | |
| 17,523 | - | - | 17,523 | 15,557 | |
| 21,078 | - | - | 21,078 | 20,484 | |
| 71,781 | 40,568 | - | 112,349 | 111,972 | |
| 99,171 | 448,066 | 264,000 | 811,237 | 812,198 | |
| 14,895 | - | - | 14,895 | 16,483 | |
| 84,276 | 448,066 | 264,000 | 796,342 | 795,715 |
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| Funds of the Charity (Note 14) Endowment funds Restricted income funds Designated funds Unrestricted funds Revaluation reserve Total funds |
Current Year 31.12.2024 | Current Year 31.12.2024 | Current Year 31.12.2024 | Current Year 31.12.2024 | Prior Year 2023 |
|---|---|---|---|---|---|
| Unrestricted funds Restricted income funds Endowme nt funds Total funds £ £ £ £ |
Total Funds £ |
||||
| - | 264,000 | 264,000 | 270,000 | ||
| 448,066 | 448,066 | 469,976 | |||
| 34,500 | - | - | 34,500 | 33,000 | |
| 49,776 | - | - | 49,776 | 22,739 | |
| - | - | - | - | - | |
| 84,276 | 448,066 | 264,000 | 796,342 | 795,715 |
Signed on Behalf of the Trustees: ………………………………. Victoria Pirie Date of approval:
10
SPUD
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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:
-
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14
-
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)
-
• and with the Charities Act 2011.
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). In accordance with the Charity SORP 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:
-
i. the charity becomes entitled to the resources;
-
ii. It is more likely than not that the trustees will receive the resources; and the monetary value can be measured with sufficient reliability.
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).
11
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.
The spudWORKS building is depreciated over 50 years and the studios and Living Room are depreciated over 25 years.
Fixtures and fittings are depreciated at 25% straight line method
Plant and Machinery is depreciated at 20% straight line method
Investment property
Investment property is depreciated over the length of the lease, and expected life span of the asset, which is 25 years.
12
Note 3 Analysis of incoming resources
| Donations and legacies: Charitable activities: Other trading activities: Income from investments: Capital Projects TOTAL INCOME |
Analysis | Current Year to 31.12.24 | Current Year to 31.12.24 | Current Year to 31.12.24 | Prior Year 2023 |
||
|---|---|---|---|---|---|---|---|
| Unrestricted funds £ |
Restricted income funds £ |
Endowment Funds £ |
Less Deferred Income £ |
Total funds £ |
Total funds £ |
||
| Donations and gifts | 19,546 | - | 19,546 | 1,244 | |||
| Total | 19,546 | - | - | - | 19,546 | 1,244 | |
| General grants provided by government/ other charities |
5,000 | 96,612 | - | 101,612 | 115,075 | ||
| Living Room activities | 646 | 11,300 | - | 11,946 | - | ||
| Gallery activities | 3,280 | 5,000 | - | 8,280 | 6,365 | ||
| Museum Gallery Tax Relief |
5,075 | - | - | 5,075 | 6,748 | ||
| SpudYouth and Workshops |
21,863 | 2,636 | - | 24,499 | 13,397 | ||
| Other | 4,553 | - | - | 4,553 | - | ||
| Total | 40,417 | 115,548 | - | 155,965 | 141,585 | ||
| Rental income | 38,103 | - | - | 38,103 | 44,116 | ||
| Total | 38,103 | - | - | - | 38,103 | 44,116 | |
| Interest income | 876 | - | - | 876 | 751 | ||
| Handlebar Café rental income |
28,448 | - | - | 28,448 | 24,555 | ||
| Total | 29,324 | - | - | - | 29,324 | 25,306 | |
| Separate material item of income - LivingRoom |
3,500 | 3,500 | 67,176 | ||||
| Separate material item of income - NFDC Grant for P&M |
- | 23,798 | - | - | 23,798 | - | |
| Total | - | 27,298 | - | - | 27,298 | 67,176 | |
| 127,390 | 142,846 | - | - | 270,236 | 279,427 |
13
Note 4 Analysis of receipt of government grants
Employment allowance Subtotal NFDC unrestricted grant Total Govt Grants Other Non Govt Grant Total Charitable Activities unrestricted
| nt grants | |
|---|---|
| Current Year 31.12.24 |
Prior Year 2023 |
| 5,000 | 5,000 5,000 |
| 5,000 | |
| 5,000 | - |
| 10,000 | 5,000 |
| 10,000 | 5,000 |
14
Note 5 Analysis of Resources Expended
Expenditure on Charitable Activities
| Expenditure on charitable activities |
Analysis | Unrestricted funds £ |
Restricted income funds £ |
Endowment funds £ |
Total funds 31.12.24 £ |
Prior year 2023 £ |
|---|---|---|---|---|---|---|
| 2007 SpudYouth Tokyo | 349 | 349 | - | |||
| - | - | |||||
| Dementia | 5,184 | 5,184 | 11,951 | |||
| 2301 Motopia | - | 2,902 | ||||
| 2306Spud Film | 3,713 | 3,713 | 2,455 | |||
| New Forest Residency | 10,803 | 10,803 | 6,682 | |||
| 2101/3 ACE- People and Engagement |
47,608 | 47,608 | 28,936 | |||
| Gallery invigilation | 2,994 | 2,994 | 2,898 | |||
| - | - | |||||
| Sway Youth | 4,301 | 4,301 | - | |||
| 2209 SpudOpen- New Forest Parkauthority |
900 | 900 | 738 | |||
| Workshops | 120 | 120 | - | |||
| 2208- Childrens Artclub | 7,120 | 7,120 | 3,845 | |||
| Spud Artistic Collective | 97 | 97 | 195 | |||
| Spud Youth/Portfolio/small projects |
3,424 | 3,424 | 6,903 | |||
| LGBT | 6,392 | 6,392 | 657 | |||
| Salaries | 41,356 | 48,225 | 89,581 | 83,520 | ||
| Spudworks Building Maintenance |
18,025 | 18,025 | 23,495 | |||
| Livingroom Maintenance | 182 | 182 | 84 | |||
| Handlebar Café Rent, Maintenance |
8,775 | - | 8,775 | 31,790 | ||
| Handlebar Depn, provision. | 594 | 13,485 | 14,079 | |||
| Depreciation | 54 | 15,465 | 6,000 | 21,519 | 13,562 | |
| Administration | 15,733 | 15,733 | 10,417 | |||
| Accountancy | 8,367 | - | 8,367 | 6,714 | ||
| Interest on Loan | 343 | 343 | 375 | |||
| Total expenditure on charitable activities |
97,443 | 166,166 | 6,000 | 269,609 | 238,119 |
15
| 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 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 Note 7 A Debtors Trade Debtors Prepayments Total |
||
|---|---|---|
| 31/12/2024 £ |
31/12/2023 £ |
|
| 660 | 581 | |
| - | - | |
| - | - | |
| 7,707 | 6,054 | |
| 31/12/2024 £ |
31/12/2023 £ |
|
| - | - | |
| - | - | |
| 143,245 | 144,787 | |
| - | - | |
| 143,245 | 144,787 | |
| 31/12/2024 £ |
31/12/2023 £ |
|
| 4,590 | 1,756 | |
| 3,115 | 1,470 | |
| 7,705 | 3,226 |
16
Note 8 Tangible fixed assets
| Cost or Valuation at 01/01/2024 Additions Revaluations At 31/12/2024 |
Investment Property: Handlebar Café £ |
Freehold land & buildings: spudWORKS and studios and Living Room £ |
Plant & Machinery £ |
Fixtures & Fittings £ |
Office and Computer Equipment £ |
Total £ |
|---|---|---|---|---|---|---|
| 337,121 | 448,281 | - | 5,903 | 33,878 | 825,183 | |
| - | 2,175 | 23,798 | 3,570 | 4,122 | 33,665 | |
| - | - | - | - | |||
| 337,121 | 450,456 | 23,798 | 9,473 | 38,000 | 858,848 |
| 8.2 Depreciation and impairments At 01/01/2024 Depreciation for the Year At 31/12/2024 8.3 Net book value Net book value at 01/01/2024 Net book value at 31/12/24 |
||||||
|---|---|---|---|---|---|---|
| 57,312 | 46,118 | - | 910 | 20,617 | 124,957 | |
| 13,485 | 12,018 | 2,673 | 1,863 | 4,964 | 35,003 | |
| 70,797 | 58,136 | 2,673 | 2,773 | 25,581 | 159,960 | |
| 279,809 | 402,163 | - | 4,993 | 13,261 | 700,226 | |
| 266,324 | 392,320 | 21,125 | 6,700 | 12,419 | 698,888 |
Depreciation Policies
Tangible fixed assets
Fixed assets are valued at cost. Computers are depreciated over 3 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.
Fixtures and fittings are depreciated at 25% straight line method Plant and Machinery is depreciated at 20% straight line method
17
Note 9 Fixed Asset Investments
| Carrying (fair) value at 01/01/2024 (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 31/12/2024 |
Cash & cash equivalents £ |
Listed investments £ |
Investment properties £ |
Social investments £ |
Other £ |
Total £ |
|---|---|---|---|---|---|---|
| - | - | 279,810 | - | - | 279,810 | |
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| - | - | -13,485 | - | - | -13,485 | |
| - | - | 266,325 | - | - | 266,325 |
Analysis of investments:
Cash or cash equivalents
Listed investments
Investment property: Handlebar Café Social investments
Other investments
Total
| Fair value at year end £ |
Cost less impairment £ |
|---|---|
| - | - |
| - | - |
| - | 266,325 |
| - | - |
| - | - |
| - | 266,325 |
18
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 costlyannual revaluation. |
|
| N/A | |
| The Handlebar Café is built on land owned by Winchester City Council, whose permission as head land lord 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
| Other Creditors Taxes Trade Creditors Accruals Rental Deposits 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 |
|---|---|---|---|---|
| 2024 £ |
2023 £ |
2024 £ |
2023 £ |
|
| 212 | 401 | - | - | |
| 1,911 | 1,904 | |||
| 680 | 5,480 | |||
| 4,315 | 4,348 | - | - | |
| 8,849 | 1,868 | |||
| 1,556 | 1,556 | 14,895 | 16,483 | |
| 17,523 | 15,557 | 14,895 | 16,483 |
19
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 £70 (2023 £277). 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 2024 £ |
Year ending 31st Dec 2023 £ |
| 85,973 | 80,484 | |
| 3,607 | 3,036 | |
| - | - | |
| 89,580 | 83,520 |
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 2024 |
Year ending 31st Dec 2023 |
|---|---|---|
| 1 | 1 | |
| 1 | 1 | |
| 2 | 2 |
20
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 |
|---|---|---|
| £ | £ | |
| 20,484 | 19,890 | |
| 594 | 594 | |
| - | - | |
| - | - | |
| 21,078 | 20,484 |
13.2 Please provide
This year
Last year
- A brief description of any obligations on the balance sheet and the expected amount and timing of resulting payments;
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.
- an indication of the uncertainties about the amount or timing of those outflows; and
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 amount of any The estimated expense is The estimated expense is expected reimbursement, £20,000 in today’s prices. This £20,000 in today’s prices. This stating the amount of any has then be extrapolated to take has then be extrapolated to take asset that has been into account inflation over 25 into account inflation over 25 recognised for that expected years, at an estimated 2% PA years, at an estimated 2% PA reimbursement. and then discounted at 2.44% to and then discounted at 2.44% to give a present value of £21,078. give a present value of £20,484k. An annual finance charge of An annual finance charge of £594 is taken to the SOFA £594 is taken to the SOFA annually, to build the provision annually, to build the provision up over the life of the asset. up over the life of the asset.
21
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 |
Fund balances brought forward £ |
Income £ |
Expenditure £ |
Transfers £ |
Gains and losses £ |
Fund balances carried forward £ |
|---|---|---|---|---|---|---|---|---|
| Artsway Endowment- BuildingFund |
PE | Building | 270,000 | (6,000) | - | 264,000 | ||
| Spudwork Studios | R | Building | 73,277 | (3,560) | - | 69,717 | ||
| HandleBar Café | R | Investment building |
264,904 | (13,485) | 718 | - | 252,137 | |
| 2007- SpudYouth Tokyo |
R | Youth visit to Tokyo |
349 | (349) | - | - | ||
| 2109- New Forest Residency |
R | Artists residency program |
20,000 | 22,100 | (20,000) | - | 22,100 | |
| 2300- Smallprojects | R | Energise me - Art boxes, Film and Youth |
- | - | - | |||
| 2308-Living Room Programme (Energise Me) |
R | Dementia co- ordination |
- | 4,800 | (3,000) | 1,800 | ||
| 2308-Living Room Programme (James Cowper Kreston) |
R | Dementia co- ordination |
- | 4,000 | (1,600) | 2,400 | ||
| 2308-Living Room Programme (Hedley Foundation) |
R | Dementia co- ordination |
- | 2,500 | (2,500) | - | ||
| 2205- Hampshire & IOW/Charles Burnett III |
R | Memorial fund- skills booster |
10,125 | 10,125 | (13,031) | 7,219 | ||
| 2101- ACE- People and Engagement |
R | Thinking small- reachingfurther |
25,790 | 39,600 | (65,390) | - | - | |
| 2101- NFDC Match Funding ACE- People and Engagement |
R | Thinking small- reachingfurther |
5,210 | 5,000 | (10,210) | - | 0 | |
| 200-2306 Spud film | R | Spud Film | - | 5,000 | (5,000) | - | - |
22
| NFDC Restricted Capital Grant |
R | Capital Grant | - | 23,798 | (2,673) | - | 21,125 | |
|---|---|---|---|---|---|---|---|---|
| Restricted- Launch pad |
R | Launchpad & LivingRoom |
1,500 | 6,000 | (3,500) | - | 4,000 | |
| LivingRoom | R | Living Room Capitalproject |
66,071 | 3,500 | (6,918) | 692 | 63,345 | |
| SwayParish Council | R | Sway youth engagement project |
2,500 | 2,636 | (5,136) | - | ||
| Hampshire Cultural Trust |
R | LGBTQ+ Coordinator |
250 | 5,000 | (5,250) | - | ||
| BurryTrust | R | Computers | 4,627 | (404) | 4,223 | |||
| NFDC | R | Pride | 1,160 | (1,160) | - | |||
| Allegra's ambition | R | Overheads | 3,000 | (3,000) | - | |||
| Designated | D | Three months running cost reserve |
33000 | 1,500 | - | 34.500 | ||
| Unrestricted- General | UR | 22,739 | 29,947 | (2,910) | - | 49,776 | ||
| Other funds (balancing figure) |
**N/a ** | **N/a ** | - | - | - | |||
| Total Funds as per balance sheet | 795,715 | 172,793 | (172,166) | 0 | - | 796,342 |
| Fund balances carried forward include assets and liabilities denominated in a foreign currency |
Fund balances carried forward include assets and liabilities denominated in a foreign currency |
Yes* | No* |
|---|---|---|---|
| | |||
| If yes, please state the basis on which the assets and/or liabilities have been translated into sterling (or the currency in which the accounts are drawn up). |
23
14.2 Details of material funds held and movements during the Previous reporting period as at 31.12.2023
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 |
Fund 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) | £0 | - | 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 | 0 | 0 | 10,125 | |
| 2101- ACE- People and Engagement |
R | Thinking small- reachingfurther |
- | 49,500 | (24,146) | 436 | - | 25,790 |
| 2101- NFDC Match Funding ACE- People and Engagement |
R | Thinking small- reachingfurther |
- | 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 & LivingRoom |
- | 6,000 | (4,500) | - | 1,500 | |
| Designated | D | Three months running cost reserve |
27000 | - | 0 | 6000 | - | 33,000 |
| LivingRoom | R | Living Room Capitalproject |
67,176 | (1,105) | 0 | 66,071 |
24
| SwayParish Council | R | Sway youth engagement project |
2,500 | 0 | 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 ** | - | - | £0 | - | - | |
| Total Funds as per balance sheet | 754,407 | 279,427 | (238,119) | 0 | - | 795,715 |
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 |
- | |
| - |
Last year - 2023
| Lastyear - 2023 | ||
|---|---|---|
| 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 |
30,756 | |
| 30.756 |
25
-
m: 07746 107605
-
e: teresa@onthespottax.co.uk
-
w: onthespottax.co.uk
a: Rosehill House PL26 7BA
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 2024.
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:
-
The accounting records were not kept in accordance with section 130 of the 2011 Act; or
-
the accounts did not accord with the accounting records; or
-
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
-
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
25 March 2025
On site. On time. On your side.
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