Splke Print Studio Limited Charity No. 1175637 Company No. 01298190 Trustees, Report and Unaudited Accounls 31 March 2024
Spike Print studio Limited Conlenls Pages 2107 Trustees, Annual Report Independent Examiner's Report statement of Flnanclal Actlvltles Summary Income and Expenditure Account Balance Sheet Note8 to the Accounts 10 11 12to21 Delalled Statement of Flnanclal Actlvllies 22to24 Page1
Spike Prlnt Studio Limited Trustees Annual Report The trustees, who are also dlrectors of the charlty lor Ihe purposes of the Companles Act 2006. present thelr report with the unaudited linancial statements of the charlty for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 01298190 Charity No. 1175637 Registered Office Spike Island 133 Cumberland Road Brlstol BS16UX Directors and Trustees The DlrectOTS of the charitable company afe its Tnjstees for the purposes of charity law. The following Dlrectors and Trustees served durlng the year: L.L Bradley S. Brooks J.R. Bugler P. Chandlramanl D. Cooke J. Ford F.A. Hamilton A. Harley D.H.C. Hoare G. Hounsome C. Howes A. Kirby A. Spradbery T. U8tuner IResSgned 7 October 20241 IReslon81110 May 2024) (Resigned 13 June 2023) (Resigned 1 February 2024) (Reslgned 27 November 20231 (Aesigned 27 February 2024 (Resigned 23 October 20231 Company Se¢rotary A. Spradbery Accountants Magic Bean Counters Llmlted Unlt 7, The Old Co-op 38 Chelsea Road Brlstol BS5 6AF OBJECTIVES AND AGTIVITIES Spike Prlnl Studio (hereafter SPSI was e8tablished as a Ilmlte(I company for charltable purposes. to promote the art of printmaklng for publlc beneflt., to provlde educatlon and training in th1$ art- and to offer exceptlonal open-access facllltles, resources. ongolng prolessional development, insplrallon and a space to work In lor artlst-prlnlmakers. Page 2
Spike Print Sludio Limited Trustees Annual Report SPS sustalns, promotes and advances flne art printmaklng as a contempoiary vlsual art form. as a focus for exhibltlons and commissions. and works with community groups and the general publlc. As such, Ihe company actlvllles are undertaken to further Ils charltable purposes for the public benefll. The Trustees have consldered the general guldance issued by the Charlty Commlsslon on public benefit. SPS Is a reglonal asset. the largest open-access prlnt studio in the South Wesl and provldes affordable studio lacllltles and a crealive envlronment with technlcal support. In addltion, the studio provldes comprehenslve and exceptional prlnl facllltles tor fine art prlntmaking in both tradltlonal and contemporary technologies. SPS contlnuously upgrades and enhances Its currenl provision and enlists the besl tutors and specialists to our ¢ours8s, who are usually practicing artlsts themselves. CHAIR'S STATEMENT Thls has proved to be a crltlcal year for SPS. that brought wlth il conslderable challenges. We experlenced massive changes In personnel, both of staff and TrusteeslDlrectors. The extremely high rales of Inflation. resulting from the global pandemlc and the war in Ukralne, meant that the sludio had to shoulder massive Increases in rent and running costs. SIX months into Ihe 202312024 financial year, It became Increasingly apparent that SPS was In serious lillancial difllculty. The company was operating at a loss, had used up its remalnlng reserves and had already spent a portlon of the delerfed income recelved for courses, thal had not yet been delivered. Compounding this, the removal of emergency grants that had supported the studio during Covld and the recovery period, land the reluctance of grant fundlng bodies to cover Core operatlng costs), meant Ihat the studlo had not managed to acquire any further grant tunding to help support thls loss. Fightlng for SPS'S survlval, the Trustees Implemented a ContSngency Plan for the remaining slx months of the flnancial year, masslvely cutting expendlture and maxlmislng Income from the Learnlng Programme and Membershlp, to ensure the sustalnability of the studlo. The alm of the Contingenry Plan was to demonstrate that SPS could turn aroulld whal was elfectlvely an average monlhly operating loss of five Ihousand pounds a month, durlng the flrst slx Months of the flnanclal year. to a five hundred pound a month net gain for the remainlng slx months of the flnanclal year. As part of the Contingency Plan, all posslble expenditure was cut for the iemalnlng slx months of the linancial year. Wage cosls represented our hlghest monthly expense and when the Studio Director r85igned in October 2023, the Trustees took the decislon not lo replace them untll sufficient reserves had been bullt up. Staff, volunleers and Irustees fllled many of the key operatlonal roles left In thls vacuum and worked lirelessly to ensure the ongolng continuatlon of the charlty. It was heartwarmlng to see how much SPS meant lo our community and how hard ils beneficiaries were prepared to work to ensure Its survival. In another cosl-cutting initlative, the Truslees entered strenuous negotiatlons wlth our landlords at Spike Island, to reduce the rent that had exponentlally Increased over the previous few years. The outcome of th18 was an agreed 17% reduction in renl and service charyes over the next three tlnanclal years from Aprll 2024 Iwlth an aureed annual 3% Increase from April 20251. Expenditure was cut In several other areas., we froze all graphlc art and prlntlng cost5 for our usual brochures, without any drop In take up of course$. We stopped paylng for website updates and two volunteers bullt a new and better functioning webslte on a pro-bono baÉis, that staff can update more easily. Ongoing purchaslng of material8 for tlie studlo shop wa5 frozen, with all necessary orders requlring Trustee sign off. In addltlon we ensured use of all surplus stock, these actions resulted in a fifty five p8rcent reduction in materlals costs for the year. Page 3
Spike Print Studlo Llmited Truslees Annual Report SPS worked on increasing the revenue derived from our Learnlng Programme. While the studlo's returner rate for courses has always been high (demonstrating the excellence of our Learnlng Programmel, our courses were often under-subscrlbed. Staff and volunteers worked hard lo In¢rease the fill ratlo of tho ourses delivered by the studio by careful weekly monitorlng and effeclive markellng of unfilled courses through Mallchimp, Facebook and Instagram. Moving forwards, ovgr the next Ilnancial year, we plan to Inlroduce our courses to a wlder section of the public, by advertising introductory and short prlnt courses through Evenlbrlte. We have also added a flfth year-long couise for the 202412025 flnanclal year. Wlth the Trustees, focus on Increaslng revenue to make the studio a long-term linanclally vlable organlsatlon, we also explored the income generated from our members. Our membership fees had not kept pace wlth the studlo's ever Increasing costs and spiralling inflation. Trustees consulted the studlo membershlp at an Extraordlnary Gelleral Meetlnu In March 2024 about the need to Increase fees to make the studlo more sustainable over the long term. The outcome of thEs consultation is that we have been able to make 8igni1Scant Increases in income from May 2024 without an exodus ol members. Finally, studio member5hlp numbers have not yet recovered to thelr pre-covid levels, so we have priorltlsed Indu¢ting new members to try lo increase Ihe studio income generated by Its member5. We will contlnue to prioritise thls, untll we reach our target number of members. Led by one of the Trustees, SPS ran a very successful Crowd Funding Campaign during NovemberlDecember 2023 that generated an extra thirteen thousand pounds worth of funds. Agaln, Indicatlve ol the hlgh esteem the studlo Is held in, these lunds were generated by donatlons of prlnts and seNltes from our membership, supporters and donatlons from Ihe wlder publlc, to promote the studlo's survlval. The Contingency Plan, execuled over the final slx months of the flnancial year, turned round Ihe flnances of the studio from a masslve antlclpated deflcS1 lo a modest net Income by the y8ar end. We did lar betler than predlcted, thanks to the hard work of our staff, trustees and volunteers, and the generous donatlons from our studlo member5 and the wlder population of supportgrs. Movino forward, we contlnue the task of bulldlng our reserve levels, to reduce the studlo's long-term flnanclal vulnerability. We have been lucky lo flnd talent within our existing staff, who are taking on management roles wlthln the studlo. Wlth the new financial Inltlatives in place, we have increased thelr pay and hours lo reflect thls uplift and, moving forward, plan to invesl In stafl training and further pay increases where posslble. We are puttlng measures in place to reduce risk for the studlo and Garefully monitor an re-allocate the deferred income stream from our Leamlng Programme to avold another lunding crisis in the future. Our goals for next year Include applying for grants to subsldise membership fees lor vulnerable and low-lncome members and recent graduates, as well as souicing funding to upgrade our equipment and facilitles. We are happy to be worklng more closely with Splke Island and have plans for many exciting new V8ntures in collaboratlon with them over the next few years. ACHIEVEMENTS AND PERFORMANCE Achievements are moasured In thls conlext and wlth the team Ihat has PLElled together brllllantly desplte a myrlad ol challenges. The focus has been to secure Ihe immediate and long-term future of the studio, while Investlng and developlng our audience and embracinu the growth in demand for acc8SS to print. Through Its acce58ible learnlng programme, membership, edltloning and 8xhibitions, SPS contlnues to secure a progresslve future for its comn7unity and projects. The studlo has seen that access to learnlno and a deslre to learn Is sustaingd b8haviour and feel conlldent because the demand tor prlnt educatlon and open access facilities contlnues to remain high. Page 4
Spike Print Studio Limited Trustees Annual Report Key oblectlves for 2023-2024 were to.. Ensure Iong-term sustainability ol studlo Conslder the continuing key rlsks facing the charity as we recover trom the pandemlc and In relatlon to the dlfflcull economic cllmale more generally. To take miligatlng actions where needed partlcularly with current difficultl8S to secure grant funding. Bursary awards and opportunities 2023-2024 Awards Peter Reddlck Bursary Award. Annual award to exceptional graduale worklno In contemporary rellef printmaking, fiom The Lark Trusl. UWE Graduate 1 Year Relief Prlntmaklng opportunity of subsldlsed course place, commenclng September 2024. SPS Is seeklng fundlng for 2025 to introduce additional awards. Member Technlclan - An annual opportunity for our members who, in return for 3 hours work supporting the Studlo Manager, recelve key-holder membershlp, Iralning, materials credit and a learning programme credit of equal value. UWE Memb8r Technlclan. An Inltlative created ov8r 12 years ago for1-year professional development practlce for an MA MDP student, delayed to 2025 - Young Person Tochnlclan Scheme. A work-experlence opportunity whlch complements our Member Technician Scheme Is now in its second year and attracts energelic, ambitious people who work well In the studlo. We specifically locus on young people who would not normally access these opportunities, commenced Sept 2024 The Learning Programme Prlntmaklng educatlon allows access wlth no skllls or qualificalion5 anii can be adapted to suit all levels of ability. SPS provldes the complete spectrum of prlnl educallon - from beglnners, courses to prfnt scholarships and bursaries and it creates opportunllles to meet and work with prolesslonal art15ts. The studlo encourages dialogue and exchanges of ideas and welcofftes Inltlatlve$ and new dlrectlons from Its central to the studio's ethos and for many It Is the starting point ol a lile lime engagement wllh Ihe art of print making and a love of art. We create professional development opporlunities for students and graduates. The programme Is excitlng, accessible and professlonal, and as a result, many courses are now oversubscribed. SPS provides an average teacher to pupil ratio of1 to 8, $0 the quallly of teachlng 1$ extremely high and there is a great deal of opportunity lor one-to-one Inslructlon. Courses are very popular and we regularly recelve positive fggdback. A large nutnber ol course altende85 attend more than one course or oo on to become members. The courses are competitively prtced and offers concesslons on a case-by-ca5e basis. The programme adapts to the needs and demand5 of our communilies and Is revlewed each year In order to harness the desire lor varled courses at all levels. The portlollo courses normally have an exhibltion at the end of the year. We have an online learning offer. to promole learnlng tor those not able to access the studlo. The Learnlng Programme represents one of our two main income streams. Moving forwards. we are now seeing in place more off-slte courses tor our LP and are worklng In collaboration wlth other charities. We have started runninu 5 x 1 Year Portfolio Courses from September 2024. Page 5
Spike Prlnl Studio Limited Trustees Annual Report Studlo Membershlp Accessible, affordable membershlp and open access are the beallng heart of the studio and makes SPS vlbrant, engaglng and a Place for exchanging ideas and supportlng one another. We offer opportunity for1:1 in8tructlon wlth our experienced technicians and specific proj8Gt work. To keep our membership lees alfordable lor all, we are currently seeking grants to sub5idise membershlp. We have kept our evenlng membership stream running at very low cost and wlth techniclan support lo enable newly qualified and young printmakers access, in order to attract the next generation of prlntmakets at the beulnnlng of establlshing their practlce. SPS beneflts Irom a high callbre ol arlist-members- Members require a hlgh degree ol expertise in order lo Work Independ8ntly In the sludlo. SPS Intervlews prospectlve members to establish their skill level and encourages those without appropriate experience to attend CoUes. Thls Is an IpOrtant part ol the studlo's actlvllles and mission. SPS believes it is important to build and expand on what has already been establlshed In the fleld of print and to contribute to current nalional and Internatlonal dlalogue5 and debates Involvlna the pracllce. To complement this activity, SPS contlnues expandlng Its collaboratlve work wlth emerging and established Ilne artlsts. A hlgh proportlon ol SPS tutors, who are self-employed artist5, comes from Its membership and SPS Is proud lo have established a talented and invested tutor group from its membershlp. Events. Exhibition and Editioning 10 Artlsls fiom SPS taking part in Projecl Babel in Finland ongolng. A collaborative project for prlnlmakers, PROJECT BABEL sel up by Ratamo Prinlmaklng and Photogiaphy Centre In Flnland. Project Babel is an International printmakers, projecl. to create a collaboratlve artwork based on Pleter Bruegel the Elder's palnting Tower of Babel11563 IMPACT conference TBS Nov 2024. Internallonal Prlntmaking Conferenc8, tours to SPS every 3 years, next conlerence Is 2025 Rachel Marsh- Modern Relics - Peter Reddick Exhibition al Spike i$land, September 2023. The Paper Road rare paper exhibillon at SPS with Elaine Cooper Open StudSos, Sludio meFnbers' work dlsplayed lor public viewlng over the May bank holiday each year at Splke Island. Borderlands Relugee project, with Amy Hutchlngs and Anna Haydock-willlams. Initialive provides acce%5 once a month to local reluge85, asylum se8kers and mlurants, glvliig them a safe space to make and create in the studlo wlth an annual exhlbltlon each Augusl. Edilioning. Erlc Baudelair8 e(iition pilnt to support hls exhlbltlon In Spike Island maln gallery. Edllloning SS Great Brltaln collaboratlon wlth lacqueSlne Braithewalle. Many of our members regularly show at Ihe RA Summer Exhibitlon, RWA open exhlbltlon, Woolwich contemporary, RE Open Exhibition at Bankside gallery amongst other galleries, $010 shows and other projects. Paoe 6
Spike Print Studio Limited Trustees Annual Report FINANCIAL REVIEW Total Income for the year was £201,00112023 '. £180,851), a11.1% Increase on the prevlous year. All of the £201,001 was in respect of unrestricted funds12023 . £167,085). up 20.3% on the prevlous year. There wag no unrestricted income in the year12023 = £13.7661. £13,27012023 '. £4,234) was Iransleried In the year from restricled to unrestrlcted reseNes covering overheads and equipmeni purchases related to funded projects. Our earned Income ffom the learning programffte, Mefnbership fe85 and lundraisinu. glves us the resourGes to provlde a fully equlpped and expertty staffed prlntmakSng studlo from whlch we can offer affordable studlo space for artlsts to make work, run a comprehenslve learnlno programme and edltlon work wlth Artlsts. The year presented a substantial reducllon in grants awarded, though a receipt of £4,770 from the Lark Trust for provislon of our Peter Reddick Bursary award whlch has prevlously been recelved annually- came In just aflei year end. Unrestricted expenditure decreased by 12.5% to £189,28612023 .' £216,420) and the Increased Income and reduced expendlture resulted In a163% increase in General Funds lunrestric18dl, though thls came from a historic low. The tuinaround was due to the recovery plan put In place at the end Df the previous linancial year. Our reserves pollcy Is to maintain free reserves, less the value ol Ilmlted edltlon prlnt slock, equal lo 3 monlhs of average operatlng cosls plus a provlslon for estlmated costs of closure. We have calculated thls to be £45.000. As of the 31 st March 2024 finanElal year end we carry forward £10,989 towards this target. We are worklng towards re-building this to our £45,000 reserve target over the next lew years. STRUCTURE. GOVERNANCE AND MANAGEMENT The entlty Is a charitable company limited by guarantee and Is governed ty its Memorandum and Articles of A&80clatlon Incorporated 11 February1977. It became a charity on 25 October 2017 having been a nol for prollt company since Its Inceptlon. The appolntment of trustees Is governed by the Memorandum and Articles ot Association of the ¢ompany. The Board Is authorised to appoint new trustees by resolution to lill vacancies arlslng. New Iruslees recelve an Informatlon pack and are Invlted to meet with the Chair and Studio Managers, visit the studio and attend Board meetlng before commlttlng lo becomlng a Trustee. Studio members are invited to apply and form 80% of Trustees wilh 20% for external members. The Trustees are responsible for keeplng proper accounllng records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charliy and to enable them to ensure that the flnanclal statements comply wllh the Companles Act 2006. The Trustees are also responslble for safeguardlng the assets of the charlty and hence taklng reasonable steps for the preventlon and delectlon of fraud and other Irregularltles. The Trustees consider Ihat there are no materlal uncertalntles about the charlty's ablllty to Gontlnue as a ooing concern. There are no materlal uncertalntles affectlng the current year's accounts. The above report has been prepared In accordance with the provislons applicable to companles subject to the small companies reglme as set out In Part 15 of the Companies Act 2006 and In accordance wlth the Charities SORP {FRS1021. Slgned on behalf of the board A. Harley Trustee 19 November 2024 Page 7
Splke Prlnt Studio Limlted Independent Examiners Report Independent Examiner's Report to the trustees of Spike Print Sludio Limited I report to the chailty trustees on my examinatlon of the financlal statements ol Splke Print Studio Llmlted for the year ended 31 March 2024. Responsibilities a basis of report As Ihe charitws trustees ol Ihe company land also Its directors for the purposes of company lawl you are responsible for the preparation ol the tlnancial statements in accordance with th8 requirements of the Companies Act 20061'the 2006 Act'l. Havlng satisfled myself that the financlal statements ol the Charlty are not required to be audited under Part 16 of the 2006 Act and are eligible lor Independent examlnation, I report in respect of my examlnatlon ol your charlty's financlal stalements as carried out under section 145 of the Charltles Acl 20111'the 2011 Act,). In carrylng out my examlnation I have followed the Directlons olven by the Charlty Commlsslon under sectlon 145151 Ibl ol the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm that no materlal matters have come to my attention in connectlon with the examinalion glvlng me cause to belleve- accounling records were not kept in accordance with section 386 01 the 2006 Act ' or • the flnanclal statements do not accord with those records- 01 • the flnanclal statements do not compty with the accounting requlr8ments under section 396 of the 2006 Act other Ihan any requirement that the financial statements glve a 'true and fair view whlch Is not a matter considered as part of an Independent examlnation., or the linancial slalefflents have nol beeTr prepared in accordance wlth the methods and principles of the Statement of Recommended Practice lor accounting and reporting by charities appllcable to charitles preparlng their accounts ill accordance wilh the Flnanclal Reportlng Slan(lard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no other matters In connection with the examinatlon to whlch attentlon should be drawn In thi5 report In order to enable a proper understandlng of the Ilnanclal statements to be r ched. Ryan Corkery ACCA Maglc Bean Counters Llmlted Unlt 7. The Old Co-op 38 Chelsea Road Br15tol BS5 6AF 19 Novembei 2024 Page 8
Spike Print Studio LSmited statement of Financial A¢tivltles for the year ended 31 March 2024 Unrestrlcted funds 2024 Restricted funds Total funds Total fund$ 2024 2024 2023 Note5 Income and endowments from.. Donations and legacies Charltable actlvltles Other tradlng actlvlties Other 17,314 171,679 11,344 664 17,314 171,679 11,344 664 18,988 148,794 10,689 2,380 Total 201,001 201,001 180,851 Expenditure on.. Ralsing funds Charltable actlvltles Olher 4,199 52,235 132,852 189,286 4,199 52,235 132,852 189,286 9,435 53.819 154.428 217,682 10 Total Net galns on Investments Net incomellexpenditure) Transfers between funds Net Incomellexpendlture) before other gainslllosses) Other galns and losses 11 11,715 13.270 11,715 136,8311 113,2701 24,985 113,2701 11,715 136,8311 Net movement in funds 24,985 {13,2701 11.715 (36.8311 Reconciliation of funds.. Total funds brought forward 15,324 13,270 28,594 65,425 Total funds ¢arried forward 40,309 40,309 28,594 Page 9
Spike Prinl Studio Limlted Summary Income and Expenditure Account for the year ended 31 March 2024 2024 2023 Income 201,001 180,851 Gros5 income for the year Expenditure 201.001 180,987 180,851 210.345 Interest payable Depreclatlon and charges for Impalrment ot flxed assets 8.298 7,337 Total expendSture lor the year Net incomellexpenditurel before tax lor the year 189,286 217,682 11,715 136,8311 Net income /(exp8nditure Ifor the year 11,715 136,8311 Page10
Splke Prlnt Studio Limited Balanc8 Sheet at 31 Marth 2024 Company No. 01298190 Notes 2024 2023 Flxed assets Tanglble assets 14 18.440 18,440 16.683 16,683 Current assets Stocks Debtors Cash at bank and In hand 15 16 12.165 432 51,239 63,836 141,9671 21,869 40,309 40,309 11,820 5,141 35,570 52,531 140.6201 11,911 28,594 28.594 Credilors: Amount falllng due within on8 yeai Net current assets 17 Total assets less current Ilabilities Net assets excluding pension asset or liability Total net assets 40,309 28,594 The funds ol the charity Restricted funds Restricled Income funds 19 13,270 13,270 Unrestricted funds General funds Deslgnated funds 19 27,623 12.686 40,309 5,136 10,188 15,324 Reserves 19 Total funds 40,309 28,594 These accounts have been prepared in accordance with the special provisions ol Part15 of the Companies Act 2006 relalino to small companles. For the year ended 31 March 2024 the company was entitled to exemption under sectlon 477 of the Companles Act 2006 r81atlng to small compafiles. The members have not requlred the company to obtaln an audlt In accordance with sectlon 476 of the Companles Act 2006. The directors acknowledge Iheir responsibilities for complylng wllh the requlrements of the Companles Act 2006 wlth respect to accounting iecords and the preparatlon of accounts. Approved by the board on 19 November 2024 And slgned on its behalf by= A. Harley Trustee 19 November 2024 Page11
Spike Print Studio Llmlted Notes to the Accounts for the year ended 31 March 2024 1 Accounting pollcies Basis of preparation The financial slalements have been prepared In accordance wltTr Accounting and Reporting by Charftles- Statement of Recommended Pracllce applicable to charities preparlng their accounts In accordance wlth the Flnancial Reportlng Standard applicable in Ihe UK and Republlc ol Ireland IFRS1021 leff ectlve 1 January 20151 (Charities SORP IFRS1021}, the Flnanclal Reportlng Standard applicable In the UK and Republlc of Ireland IFRS 1021 and the Companles Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accountlng policles Ivaluatlon rules and method of accounting) sln¢e last year and no changes have been made to accounts for prevlous years. Fund accounting Unrestricted funds These are avallable for use at the dlscretlon of the trustee5 In furtherance of the general objects of the charity. Designated tunds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluatlon funds These are unrestrlcted funds whlch include a revaluatlon reserve representlng the restatement of Investment assets at thelr market values. These are available for use sublect to restrictlons Imposed by the donor or through terms of an appeal. Restricted funL1s Income Recognitlon of Income InC0e Is Included In the Statement of Financial Activitles ISOFAI when the charfty becomes enlllled to. and virtually c8rlain to receive, the income and the amount of the income can be measured wlth sufflcient r8llablllty. Income wlth r81ated Where Income has related expendlturg the Income and related expenditure is expendlture reported gross in the SOFA. Donations and legacles Voluntary Income recelved by way of grants, donations and glfts Is induded in the the SOFA when receivable and only when the Charlty has uncondltlonal entlllement to the Income. Tax reclalms on Income from tax reclaim818 Included In the SOFA at the same tlme a5 the donatlons and olfts giftldonallon to whlchll relales. Donated servlces These are only Included In income (with an equlvalent amount in expendlturel facilltles wheie the benellt lo the Charlty Is reasonably quantlflablo. measurable and materlal. Volunteer help The value ol any volunteer help received Is not included In the accounts. Investment income Thls is included In the accounts when receivable. Galnsl{lossesl on Thls includes any galn or105s resulting from revaluing investffients to market value revaluatlon of flxed at the end of the year. assets Gainslllosse$l on investment assets This Includes any galn or loss on the sale of Investments. Page12
Spike Ptinl Sludio Limited Notes to the Accounts Expenditure Recognltlon of expenditure Expendlture Is recoonlsed on an accruals bas15. Expendlture Includes any VAT whlch cannot be tully recovered, and Is reported as part of the expendlture lo whlch It relates. Expenditure on These comprise the costs assoclated with attracllng voluntary Income, fundralslng ralslng funds tradinu costs and Investment management costs. Expendlture on These comprlse the costs Incurred by the Charlty In the delivery of its activitles and charitable actlvities seNices In the furtherance of Its oblecls. Includlng the maklng of grants and governance cos1$. All grant expenditure Is accounted for on an actual pald ba$ls plus an accrual for grants thal have been approved by the truslees at the end of the year but not yet pald. Governance costs These include those costs assoclated wlth meetlng the constitulional an(1 slatutory requlrements of the Charlty. Includlng any audillindependenl exarlllnatlon fees, costs linked to the Slraleglc management of the Charity, together wlth a share ot other adfftinislratlon costs. Other expen(iiture These are support costs not allocated to a partlcular actlvlty. Grants payable Taxation The charlty is exempt Irom corporatlon tax on its Gharilable activilles. Tangible fixed assets and depreciation Depreciation is piovlded at the following annual rates In order lo wille ott each asset over Its estimated useful Ille.. Studlo refurblshment Furnlture, flxings & equlpment 10% stralght Ilne 20% stralght line Stocks Stock is included al the lower of cost or net realisable value. Donated Items of stock are recognlsed at fair value whlch Is the amount the charlty would hav8 been wllling to pay for the Items on the open market. Trade and other debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount olfered. Prepayments are valued at the amount prepald net of any trade dlscounts due. Cash and cash equlvalents Cash and cash equivalents comprlse cash at bank and on hand, demand deposit5 Wlth banks and other $hort-term hlghly liquld Investments with orlglnal maturltles of three months Dr less and bank overdrafts. In the statement of flnanclal position. bank overdratls are shown wlthln borrowlngs or current liabllllles. In the Statement of Cash Flows, cash and cash equlvalents are shown net of bank overdrafts that are repayable on demand and form an integral part ol the company's cash management. Page13
Spike Print studio Limited Notes io the Accounts Trade and other creditors Short term creditors are measured at the transactlon prlce. Other credllors and provisions are recognlsed where the charity has a present obllgatlon resulting from a past event that will probably result In the transfer ol funds lo a third party and the amount due to settle the obligation can be measured or estlmaled rellably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Leased assets Where the charlty enters into a lease which entalls taklng substantlally all the rlsks and rewards ol ownership of an asset. the lease is treated as a finance lease. Leases whlch do not transfer substantlally all the rlsks and rewards of ownership to charlly are classrfied as operallng leases. Assets held under flnance leases are Initially recognised as assets of the charity al Iheir lalr value at the Inception of the lease or, if lower, at the present value ol Ihe minlmum lease payments. The corresponding liablllly lo Ihe le850r is included In Ihe balance sheel date as a linance lease obllgation. Lease payments are apportloned between flnance expenses and reduction of the lease obllgalion so a5 to achleve a constant rate ol Interest on the remaining balancg of the liability. Finance expenses are recognised immediately, unless they are directly attrlbijtable to qualifylng assets, In whlch case they are capitallsed in accordance with the charlty's pollcy on borrowlng costs. Assets held under finance leases are depr8clated in the same way as owned assets. Operating lease paymenls are recognlsed as an expense on a straight-line basls over the lease term. In the event that lease incentives are recelved to enter Into operatlng leases, such Incentlves are recognised as a liabilily. The aggregate beneflt of incentlves Is recogni5ed as a reductlon of rental expense on a stralght-line basls. Pension costs The charity operates a deflned contrlbutlon plan for Its employees. A deflned Contribution plan Is a penslon plan under which the company pays fixed contrlbulions into a separate entity. Once the contrlbutlons have been pald the company has no further payments obligatlons. The contrlbutlons are recognised a5 expenses when they fall due. Amounts not paid are shown In accruals In the balance sheet. The assets ol the plan are held separately from the company In independently administered funds. Receipt of donated goods, lacilities and services All donated goods, facilities and servlce5 received are recognlsed within incoming resources and expendllure al an estlmate of the value lo Ihe charlty. 2 Company status The company is a prFvate company limlted by guarantee and consequently does not have share capltal. The company is a public benelll entity. Page 14
Splke Print Studlo Limited Notes to the Accounts 3 Statement of Financlal Activitles- prior year Unrestrlcted funds 2023 Restrlcted lunds Total funds 2023 2023 Income and endowments from.. Donatlons and legacl88 Charitable actlvilles Other tradlng actlvltles Other 5,222 148.794 1 Ll.689 2.380 167,085 13,766 18,988 148,794 10,689 2,380 180,851 Total 13,766 Expenditure on= Ralslng funds Charltable actlvltles Other 9,435 53,569 153,416 216,420 9,435 53,819 154,428 250 1,012 1,262 Total 217,682 Net income (49,3351 4,234 12,504 {4.2341 136,8311 Transf8rs between funds Nel Income before other galnslllossesl other gains and losses: Net Tnovement In funds Reconciliation of funds: Total funds brought forward Total funds carried forward (45,1011 8,270 136.8311 {45,1011 8,270 136.8311 79,675 34,574 5,000 13,270 84,675 47.844 4 Income from donations and legacies Unrestrlcted Total 2024 Total 2023 Donatlons recelved Grants received Donated print sales 17.044 17,044 13,766 5,222 18,988 270 17.314 270 17,314 Page15
Spike Print Studlo Llmlled Notes to the Accounts 5 Income from charitable activities Unreslricted Total 2024 Total 2023 Membershlp Learnlng programme Edltlonlng Exhlbitions & events 45,550 120.758 1,713 3,658 171,679 45,550 120,758 1,713 3,658 171,679 39.129 104,532 4,734 399 148,794 6 Intome Irom other trading activities Unrestricted Total 2024 Total 2023 Materials Storage 5,572 5,772 11,344 5,572 5,772 11,344 5,567 5,122 10,689 7 Olher income Unrestricted Total 2024 Total 2023 Mlscellaneous income 664 664 664 2,380 2.380 8 Expenditure on raising funds Unrestricted Total 2024 Total 2023 Fundraislng tradlng costs MaleTials 4,199 4,199 4.199 4,199 9,435 9,435 9 Expendlture on charltable actlvltles Unrestrlcted Total 2024 Total 2023 Expenditure on charitable actlvitie$ Learning programme Edltlonlng Exhlbltlons & events 49,855 52 49,855 52 2,328 50,524 2,682 613 2,328 52,235 52,235 53,819 Paoe16
Splke Print Studio Llmlted Notes to the Accounts 10 Other expenditure Unrestrlcted Total 2024 Total 2023 Marketing Graphlc de81gner DlreGt costs of funded prolects Exempi Input tax Other Interest payable Employee costs Motor and travel costs Premises cosls Amortlsatlon, depreciation, Impalrmenl, profitlloss on dlsposal of fixed assets General administrative costs Legal and professional costs 343 2,179 343 2,179 83 2,575 912 9.775 9,775 16,320 50,329 50,329 67,518 136 41.746 42,934 42,934 8,298 8,298 7,337 14,532 4,461 132,852 14,532 4,461 132.852 13,475 4,326 154,428 11 Net incomellexpenditure} before transfers 2024 2023 Thls Is slated after charging: Depreclatlon of owned fixed asset5 8,298 7,337 12 Trustee remuneratlon and expenses None of the trustees have been paid atty Temuneration in the current or prlor perlods. None of the trustees have been pald any expenses In the current or prlor perlods. 13 Staff costs 2024 47.538 514 48,052 2023 53,503 772 54,275 Salaries and wages Penslon costs No employee recelved emoluments of more than £60,000 In the current or prlor period. The average monthly number of full time equivalent employees durlng the year was as follows= 2024 Number 2023 Number Studlo management Cleanlng Paue 17
Spike Print Studio Limited Notes to the Accounts 14 Tangible fixed assets studio relurbishme nt Furniture, flxings & equipment Total Cost or revaluation At1 April 2023 Additlons At 31 March 2024 Depreciation and impalrmenl At l April 2023 Depreciation charge for the year At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 15,139 10,055 25,194 64,475 79,614 10,055 89,669 64,475 6,056 56.875 62.931 2,519 5,779 8.298 8,575 62,654 71,229 16,619 9.083 1.821 7.600 18,440 16,683 15 Stocks 2024 2023 Raw materlals and consumables Flnlshed goods 1,285 10,880 12,165 940 10,880 11,820 Carrying value analysed by activities 2024 2023 Editioning Materials 10,880 1,285 12,165 10,880 940 11,820 16 D8btors 2024 2023 Trade debtors VAT recoverable Other debtors Prepayments and accrued income 290 11 142 100 5,027 5.141 432 Page 18
Splke Prlnt Studio Limited Noles to the Accounts 17 Creditors.. amounts falllng due wlthln one year 2024 2023 Trade creditors Other taxes and soclal securlty Other credltors Accruals Deferred Income 420 1,784 875 3,699 35,189 41,967 1.577 862 368 2,349 35,464 40,620 18 Deferred Income Movement of the deferred Income shown in Greditorn.. amounts falling due wlthln oneyear 2024 2023 At1 Aprll Released In current year Deferred in current year Al 31 March 35,464 135,4641 35,189 35,189 25.042 125,0421 35,464 35,464 Deferred Income represents class and year-course Income recelved attrlbulable to a future perlod. Page 19
Splke Prlnt Studio Limlled Notes to the Accounts 19 Movement in funds Incomlng resources Ilncludino At 1 April olher 2023 gains/lossesl Resources expended Gross translers At31 March 2024 Restricted lunds.. Restricled income funds.. Lark Trust Clothworkers Foundation 4,770 8,500 14,7701 18,500) Total 13,270 113,2701 Unrestricted funds: General lunds 5,136 201,001 (189,2861 10,772 27,623 Designated funds: Grant funded assets Total 10,188 10,188 2.498 2,498 12,686 12,686 Total funds 28.594 201.001 1189,2861 40,309 Purpose5 and restrlctions in relatlon to the funds- Restricted lun(is'. Lark Trust Clothworkers Foundatlon Designated funds.. Grant lunded assets Peter Reddlck Bursary and Alone Together exhlbition New exposure unit Represents the net book value of assets purchased with urant funding 20 Analysis ol net assets between funds Unreslrlcl8d funds Total Flxed assets Net current assets 18,440 21,869 40,309 18.440 21.869 40,309 21 Reconcillatlon ot net debt At31 March 2024 At 1 Aprll 2023 Cash flows Cash and cash equlvalents 35,570 35,570 15,669 15,669 51,239 51,239 Net debt 35,570 15,669 51,239 Page 20
Splke Print Studio Llmited Noles to the Accounts 22 Commiiments Penslon commltments Deflned contrlbutlon scheme 2024 2023 The penslon cost charge to the company amounted to= 514 772 Unpald contrlbutlons due to the lund are Included In other credltors and amountetl to.. 171 23 Related party disclosures Controlllng party The company 1$ Ilmited by guarantee and has no Share capltal,. Ihus no single party controls the company. Page 21
Spike Print sttsdio Limlted Detailed Statefflent of Flnancial Activities for the year ende(131 March 2024 UnrestTlCte d funds 2024 Restricted funds Total funds Total funds 2024 2024 2023 Income and endowments f rom: Donations and legacles Donations recelved Grants received Donaled print sales 17,044 17,044 13,766 5,222 18,988 270 17,314 270 17,314 Charltable actlvities Membership Learning programme Editioning Exhlbltlon5 & events 45,550 120,758 1,713 3,658 171,679 45,550 120,758 1,713 3,658 171,679 39,129 104,532 4,734 399 148,794 other tradlng aclivltles Materlals Storage 5,572 5,772 11,344 5,572 5.772 11,344 5,567 5,122 10,689 Other Mlscellaneous Income 664 664 664 664 2,380 2.380 180,851 Total income and endowmenls Expendlture on: Costs of other trading aGtivlties Materlals 201,001 201,001 4,199 4,199 4,199 4,199 9,435 9,435 Total ol expenditure on raisinu funds 4.199 4,199 9.435 Charltable actlvltles Learnlng programme Editioning Exhlbltions & events 49,855 52 2,328 52.235 49,855 52 2,328 52.235 50,524 2,682 613 53,819 Tolal of expenditure on charitable activities 52,235 52,235 53,819 Other expendlture Marketing Graphlc de51gner Dlrect costs of funded projects Ex8mpt input tax other inleresi payable 343 2,179 343 2,179 83 2,575 912 16,320 9,775 9,775 Page 22
Spike Prlnt studio Llmlled Detalled Stat8ment of Financial Actlvltles 12,298 12.298 19,890 Employee costs Salarieslwages Penslon cost5 statt welfare Temporary staff 47,538 514 10 2,267 50.329 47,538 514 10 2,267 50,329 53,503 772 13,243 67,518 136 136 Travel and subslstence Premlses costs Rent Premlses cleanlng Premise5 repalrs and maintenance 42,934 42,934 40,895 390 461 42,934 42,934 41,746 General admlnistratlve costs, includlng depreciatlon and amortEsatlon Depreciation of Studio relurbishfnent Depreciation ol Furniture. fixlng$ & equlpment Bank charges Equipment expensed Equipment leaslng and hire charges Equlpment repalrs and malntenance General Insurances Information and publicatlons Postage and couriers Sollware, IT support and related costs Statlonery and prlntlng Sundry expenses Telephone, lax and broadband 2,519 2,519 1.514 5,779 5,823 5,779 3,116 2,107 3,116 2,107 2,886 434 977 977 868 2,294 2,294 1.823 1,558 1,558 1,413 32 110 280 280 1.206 1,146 1,206 222 1,412 1.360 22,830 222 1,412 1,360 22,830 192 3,378 1,193 20,812 Legal and professional costs Accountancy and bookkeeping Consultancy fees Other legal and prolesslonal costs 3,630 3,630 2,826 1,100 831 831 41JO 4,461 132,852 189,286 4,461 132,852 189,286 4.326 154,428 217,682 Total of expenditure of other Costs Total expenditur8 Net gain8 on Investments Page 23
Spike Print Studlo Limited Detailed Slatemeni of Financial Activitl8S Net Incomellexpenditur81 Translers between funds Net intomellexpenditurel before olher gainslllo$sesl Other Gains 11,715 11,715 136,8311 13,270 113,2701 24,985 113,2701 11,715 136,8311 Net movement in funds 24,985 113,2701 11,715 136,8311 Reconciliation of funds: Total funds brought forward 15.324 13,270 28.594 65,425 Total funds carried forward 40,309 40.309 28,594 Paoe 24