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2024-03-31-accounts

THE CULTURAL SPRING

(A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2024

Charity Number 1191465 Company number 12508237

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT For the year ended 31 March 2024

The trustees present their annual report together their

Objectives and activities

engage

Context

Partnership working: Group -

1

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT For the year ended 31 March 2024

This is

Achievements and performance

Commissions

South Tyneside Summer and Winter Parades

p

2

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT For the year ended 31 March 2024

Hebburn Public Art Project

South Tyneside Know Your Neighbourhood Fund

r the

Welcoming Places

3

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT For the year ended 31 March 2024

Charity Development

Trustee Recruitment

–

Plans for 2024/25 include:

4

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT For the year ended 31 March 2024

The trustees/directors have considered the guidance produced by the Charity Commission on the provision of public benefit and they confirm that public benefit has been provided by the range of activities as described above.

Financial Review

5

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT For the year ended 31 March 2024

There was no

Reserves

Going concern

Structure, governance and management

Reference and Administrative Details

Registered company number:

Registered charity number:

Registered Office

Trustees

6

THE CULTURAL SPRING (A company limited by guarantee)

TRUSTEES ANNUAL REPORT

For the year ended 31 March 2024

Company secretary Independent Examiner

Statement of trustees' responsibilities

Approved by order of the members of the board of trustees on and signed on its behalf by:

Ian High

Trustee

7

THE CULTURAL SPRING

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

For the year ended 31 March 2024

I report on the financial statements of The Cultural Spring for the year ended 31 March 2024, which are set out on pages 9 to 20.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act) and that an independent examination is needed.

The charity�s gross income exceeded £250,000 and I am qualified to undertake the examination by being a Fellow of the Association of Charity Independent Examiners.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the Charities Act,

to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a �true and fair view� and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

the accounts have not been prepared in accordance with the Charities SORP (FRS102).

I 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.

Jim Dodds 33 The Glebe Morpeth NE61 6HW

Date:

8

THE CULTURAL SPRING

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING SUMMARY INCOME & EXPENDITURE ACCOUNT)

For the year ended 31 March 2024

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Income from:
Donations and legacies 6 9,032 - 9,032 10,000
Charitable activities
Grants and contracts 7 - 260,594 260,594 44,520
Other trading activities 8 7,514 - 7,514 18,700
Other income 9 23,172 - 23,172 -
Total income 39,718 260,594 300,312 73,220
Expenditure on:
Raising funds 10 1,444 6,236 7,680 13,800
Charitable activities
Operation of the charity 1 54,712 174,881 229,593 39,795
Total expenditure 56,156 181,117 237,273 53,595
Net movement of funds ( 16,438 ) 79,477 63,039 19,625
Reconciliation of funds
-
Total funds brought forward 24,313 24,313 4,688
Total funds carried forward 7,875 79,477 87,352 24,313
Notes
----- End of picture text -----

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities

The notes on pages 11 to 20 form an integral part of these accounts.

9

Charity Number 1191465 Company Number 12508237

THE CULTURAL SPRING

(A company limited by guarantee)

BALANCE SHEET

As at 31 March 2024

----- Start of picture text -----
Total Total
2024 2023
£ £ £ £
Current assets
Debtors 18 36,737 7,110
Cash at bank and in hand 19 80,528 38,791
Total current assets 117,265 45,901
Creditors: amounts falling due within
one year 20 ( 29,913 ) ( 21,588 )
Net current assets 87,352 24,313
Total assets less current liabilities 87,352 24,313
Total net assets or liabilities 87,352 24,313
Funds of the charity
Unrestricted income funds 7,875 24,313
Restricted income funds 79,477 -
Total funds 87,352 24,313
Notes
----- End of picture text -----

The company was entitled to an exemption from audit under s477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with the respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.

The notes on pages 11 to 20 form an integral part of these accounts.

These financial statements were approved by the Board on:

and are signed on its behalf by:

Ian High Trustee

10

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

1 Accounting Policies

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2 Basis of accounting

2.1 Basis of preparation

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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) �Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Cultural Spring meets the definition of a public benefit entity under FRS 102.

2.2 Preparation of the accounts on a going concern basis

The charity reported total unrestricted funds at the year end of £7,875 and has already secured a significant amount of funding for the current year. The trustees are of the view that the immediate future of the charity for the next 12 to 18 months is secure and that on this basis the charity is a going concern.

3 Income

3.1 Recognition of income

Income is recognised when the charity has entitlement to the resources, any performance conditions attached to the item(s) of income have been met, it is more likely than not that the resources will be received and the monetary value can be measured with sufficient reliably.

3.2 Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS102 SORP or FRS102.

3.3 Grants and donations

Income from government and other grants, whether �capital�grants or �revenue�grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance or provision of other specified service is deferred until the criteria of income recognition are met.

11

(A company limited by guarantee)

THE CULTURAL SPRING

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

3.4 Donated goods and services

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided that the value of the gift can be measured reliably. Donated services and facilities that are consumed immediately are recognised as income with the equivalent amount recognised as an expense under the appropriate heading in the SoFA.

3.5 Volunteer help

The value of volunteer help received is not included in the accounts but is described in the trustees' annual report.

3.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

3.7 Income from membership subscriptions

Membership subscriptions received in the nature of a gift are recognised in donations and legacies.

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

3.8 Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investment and any gain or loss resulting from revaluing investments to market value at the end of the year.

3.9 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charities' work or for specific projects being undertaken by the charity.

4 Expenditure and liabilities

4.1 Liability recognition

Liabilities are recognised when 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.

4.2 Charitable activities

Expenditure on charitable activities includes the costs of creative project delivery and other activities undertaken to further the purposes of the charity and their associated support costs.

12

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

4.3 Governance and support costs

Support costs have been allocated between governance cost and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

4.4 Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

4.5 Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

4.6 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.

5 Assets

5.1 Tangible fixed assets for use by the charity

Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Office and computer equipment

Straight line over four years

The charity does not currently own any tangible fixed assets.

13

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

Analysis of income
6
Donations and legacies
7
Charitable activities
Income from grants
8
Other trading activities
9
Other income
Donations
Gifts in kind
The Barbour Foundation
South Tyneside Council
Arts Council England
Other grants
Hebburn Public Art project � South Tyneside
Council
Gig Culture � Arts Council England
Tyne and Wear Community Foundation Know
Your Neighbourhood Fund
Postcode Neighbourhood Trust
Stephenson Trail � University of Sunderland
UK Shared Prosperity Fund
Project income
University of Sunderland		 Unrestricted
Funds
£
32
9,000
9,032
-
-
-
-
-
-
-
-
-
-
-
7,514
7,514
23,172
23,172		 Restricted
Funds
£
-
-
-
5,000
70,000
2,800
33,818
34,965
48,200
25,000
2,008
20,128
18,675
260,594
-
-
-
-		 Total
2024
£
32
9,000
9,032
5,000
70,000
2,800
33,818
34,965
48,200
25,000
2,008
20,128
18,675
260,594
7,514
7,514
23,172
23,172		 Total
2023
£
-
10,000
10,000
-
-
25,200
-
-
19,320
-
-
-
-
44,520
18,700
18,700
-
-

Income was £300,312 (2023: £73,220) of which £39,718 was unrestricted or designated (2023: £73,220) and £260,594 was restricted (2023: £0).

14

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

Analysis of expenditure on charitable activities

10
11		 Raising funds
Expenditure on charitable activities
Direct costs
Artist fees
Venue hire
Materials
Go and See tickets
Other hire
Refreshments
DBS
Support costs
Governance costs
Office costs
Project management
Costs of raising voluntary income
Gifts in kind
Travel and subsistence
Marketing
Independent examiner's fees for reporting on
the accounts
Board and meeting costs
Accountancy
Consulting
Subscriptions
Rent
Other
Staff costs		 Unrestricted
Funds
£
1,444
1,444
-
-
-
-
415
-
-
9,000
2,950
4,895
780
7,302
2,667
17,562
-
7,470
125
541
700
305
54,712		 Restricted
Funds
£
6,236
6,236
112,877
4,824
1,326
620
9,527
1,134
293
-
-
21,144
-
4,895
-
-
1,029
15,450
-
1,428
-
334
174,881		 Total
2024
£
7,680
7,680
112,877
4,824
1,326
620
9,942
1,134
293
9,000
2,950
26,039
780
12,197
2,667
17,562
1,029
22,920
125
1,969
700
639
229,593		 Total
2023
£
13,800
13,800
20,429
-
-
-
-
-
-
10,000
-
-
391
3,259
5,026
-
-
-
-
-
690
-
39,795

Expenditure on charitable activities was £237,273 (2023: £53,595) of which £56,156 was unrestricted or designated (2023: £53,595) and £181,117 was restricted (2023: £0).

12 Fees for examination of the accounts

Independent examiner's fees for reporting on the accounts 2024
£
700
700		 2023
£
690
690

There were no other fees paid to the examiner (2023: £nil)

15

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

13 Analysis of staff costs, and the cost of key management personnel

Salaries and wages
Social security costs
Pension costs (defined contribution pension plan)		 2024
£
15,418
1,220
924
17,562		 2023
£
-
-
-
-

No employee received remuneration above £60,000 (2023: nil).

The key management personnel of the charity, comprise the trustees and the Project Director. The total employee benefits of the key management personnel of the charity were £2,000 (2023: £0).

14 Staff Numbers

The average monthly head count was 2 staff (2023: 0 staff) and the average monthly number of full-time equivalent employees during the year were as follows:

Charitable activities
The parts of the charity in which the employee's work:		 2024
Number
1.0
1.0		 2023
Number
0.0
0.0

15 Transactions with trustees

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.

Trustees' expenses

The following detail the expenses incurred by the trustees.

Travel 2024
£
-
-		 2023
£
47
47

Transaction(s) with related parties

There has been no related party transactions in the reporting period.

16 Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The employer's pension costs represent contributions payable by the charity to the fund and amount to £924 (2023: £0). There was £344 outstanding as at 31 March 2024 (2023: £0).

16

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

17 Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

18 Debtors and prepayments (receivable within 1 year)

Other debtors
Accrued income
Trade debtors		 2024
£
20,452
16,128
157
36,737		 2023
£
6,500
-
610
7,110

19 Cash at bank and in hand

Cash at bank
Cash in hand		 2024
£
80,513
15
80,528		 2023
£
38,791
-
38,791

20 Creditors and accruals (payable within 1 year)

Taxation and social security
Accruals and deferred income
Other accruals
Independent examination of accounts
Pension
Deferred income
Trade creditors
Other creditors		 2024
£
25,898
283
344
700
1,895
-
793
29,913		 2023
£
656
-
-
677
-
18,675
1,580
21,588

21 Deferred income

Deferred income comprises of advance payments from grants that relate to future periods.

Balance carried forward
Amount deferred in year
Amount released to income earned from
charitable activities
Balance brought forward		 2024
£
18,675
( 18,675 )
-
-

17

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

22 Events after the end of the reporting period

No events (not requiring adjustment to the accounts) have occurred after the end of the reporting period but before the accounts are authorised which relate to conditions that arose after the end of the reporting period.

23 Analysis of charitable funds

Analysis of movements in unrestricted funds

Unrestricted funds
General unrestricted fund
Totals		 Fund
balances
brought
forward
£
24,313
24,313		 Incoming
resources
£
39,718
39,718		 Resources
expended
£
( 56,156 )
( 56,156 )		 Transfers
£
-
-		 Fund
balances
carried
forward
£
7,875
7,875

Purpose of unrestricted funds

General unrestricted fund

The 'free reserves' after allowing for designated funds.

Analysis of movement in restricted funds

Restricted funds
The Barbour Foundation
South Tyneside Council
Arts Council England
Gig Culture
Welcoming Places
UK Shared Prosperity Fund
Other grants
Totals
Stephenson Trail � University of
Sunderland
Hebburn Public Art project �
South Tyneside Council
Targeted creative activity		 Fund
balances
brought
forward
£
-
-
-
-
-
-
-
-
-
-		 Incoming
resources
£
5,000
70,000
2,800
33,818
34,965
48,200
25,000
2,008
20,128
18,675
260,594		 Resources
expended
£
( 5,000 )
( 57,106 )
( 2,800 )
( 4,200 )
( 1,000 )
( 48,200 )
( 22,000 )
( 2,008 )
( 20,128 )
( 18,675 )
( 181,117 )		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-		 Fund
balances
carried
forward
£
-
12,894
-
29,618
33,965
-
3,000
-
-
-
79,477

18

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

23 Analysis of charitable funds continued

Purpose of restricted funds

Restricted funds represent income resources used for a specific purpose within the charity as identified by the funder.

The Barbour Foundation

South Tyneside Council

Arts Council England

Gig Culture

Targeted creative activity

Welcoming Places

UK Shared Prosperity Fund

To support the creative workshop programme in South Tyneside.

We were commissioned by South Tyneside Council to lead on the community engagement programme for the 2023 and 2024 Summer and Winter Parades.

Much of this Arts Council project grant funded work took place during 2022/23. This supported us to appoint a Development worker and develop the Charity with legal, HR costs funded and some facilitated sessions for charity trustees.

Arts Council National Lottery Project Grant with activity over two financial years, 2023/24 and 2024/25. An intergenerational project supporting activity with young musicians creating original music based on archive images and stories from older adults about music scene in South Tyneside.

The South Tyneside Know Your Neighbourhood Fund is part of the Government�s Know Your Neighbourhood Fund being run by DCMS (facilitated by Community Foundation Tyne and Wear and Northumberland). In line with the Government�s requirements for the Fund nationally, it supports activities across South Tyneside that enable meaningful and impactful volunteering, and tackle loneliness.

We received funding from the Postcode Neighbourhood Trust and alongside cultural partners, we provided a range of high quality arts activity in Welcoming Places (Warm Spaces) in South Tyneside.

Funding from the University of Sunderland for a commission to deliver work related to celebrating the 11 miles of the Stephenson Trail.

Secured by South Tyneside Cultural Partnership and administered by South Tyneside Council. This funding contributes to the Winter Parade and funds the Bitesize project.

24 Capital commitments

As at 31 March 2024, the charity had no capital commitments (2023 -£nil).

19

THE CULTURAL SPRING

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2024

25 Analysis of net assets between funds 2024

Other net current assets/(liabilities)
Cash at bank and in hand		 Unrestricted
Funds
£
1,051
6,824
7,875		 Restricted
Funds
£
79,477
-
79,477		 Total
2024
£
80,528
6,824
87,352

Analysis of net assets between funds 2023

Cash at bank and in hand
Other net current assets/(liabilities)		 Unrestricted
Funds
£
38,791
( 14,478 )
24,313		 Restricted
Funds
£
-
-
-		 Total
2023
£
38,791
( 14,478 )
24,313

20