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 CoU￿es. Thls Is an I￿pOrtant 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
InC0￿e 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