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 lO￿e"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 -enviroft￿ent wher valu&aDonations 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**| 8 ## 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**| 9 |**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: 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 25 March 2025 ## **On site. On time. On your side.** An On The Spot franchise owned and operated under licence by: Tee Accounts Limited. Tee Accounts Limited trading as On The Spot. Registered in England & Wales under company number 09393526.