REGISTERED COMPANY NO D2088483 REGISTERED CHARITY NO 297353 THE SPRING ART5 & HERITAGE CENTRE CO LTD REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SPRING ARTS & HERITAGE CENTRE CO LTD CONTENT5 OF THE FINANaAL srATEME1 Page Report of the Trustees Report of the Independent Auditors 14 Statement of Financial Activities 18 Balance Sheet 19 Cash Flow Statement 20 Noies to the Cash Flow Statement 21 Notes to the Financial Statements 22 Page 2
THE SPRING ARTS & MERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE TRUSTEES The trusteès Of Thé Sprin& who are also directors of the charity for the purposes of the Companies Act 21X)6. are delighted to present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provlsions of Accounts and Reporting by Charltles.. 5tat¢ment of Recornmended Practice applicable to charities preparing their accounts in accordance with the Finance Reporting stsndard Appli¢3ble in the UK and Republic of Ireland IFAS 1021 leffectlve l January 20191. OBIEcfivEs AND ACTivmES Oblertfves. Attlvities, Achlev•ments and Publlc Benefft Policy The Spring Arts & Heritsge Centre Co Limited's objects are for the benefit of the public in the advancement of knuw12d8e and understanding of arts, herit28e arid culture amon85t the inhabitants of Great Britain and in particular among the inhabitants of the Borough of Havant and the surroundin8 locality. The beneficiaries of the Charitsble Companf5 work hre the general public. The majority of activitie5 are not restricted t0 5ettion5 of the public, although some projects are tailored towards targeted demographlc or identified needs. The 5prlng is 3 small place where big things happen. Our vibrant and exciting eultural events and activities make Havant, Hampshire and the surrounding re8ion a better place to live. We deliver cross-art form programmes across the Borough of Havant designed to increase opportunities for engagement with underserved ¢ommunities. Alongside and embedded wlthin thèse we run a hlgh quallty programme of wider cultural activitles includin& live performance, film, participation and exhibitions within our venue. We are an accredited museum. carin8 for Havant's herita8e collection. l our work 15 delivered in accordance with our values.. We care about audiences. Above all we are interested in reaching and engaging audSences In all stages of their cultural journey, from first time attenders to supporting loyal audiences tts take new risks and to become ctrcreat015 We believe overyone Should be Ible to easily acce55 cultural experience5 and opportunities that ie50nate, rellecttheir experiences, celebrate their stories and Insplre them We know arts centres are special, providing cross art-form en838ement opportunitie5 not availablÈ - We belièvè in the power of sharing stories- what they mean, how they shape us and how they can be told - We value creative play for everyone - We work responsibly, l¢)oking after each other, our community and the planet The Sprlng dellvers lis mission and charitable objertlves wlth careful conslderatSon to the Charity Commission's general guidance on public benefit and in particular to the supplementary guidance fee charging. The Sprin¥s Business Plan h3s not been updated in the past yèar, due to interim st3ffing arrangements belng In place foi eight months whi15t The Sprin8 wa5 Wlthout & D1Ctor. The trustees and newly appointed co-chief Executives will be preparong a new Buslness Plan and will refresh this annually. This will be a more fluid document than in the past in order to adapt and seize opportunitie5. The Spring works hard to ensure an approprlate balance between offering artivities that are free Dr accessibly prlced and maintaining the income required to successfully dellver the charitable objectives. Page 3
THE SPRING ARTS & HERITAGE CEP4TrE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE TRUSTEES Review ofthe Year The Spring has had 3 5u¢eessful year,. the venue has felt busy throu8hout with the café becoming a meeting place for a wide range of ctsmmunity groups and users during the week. Income from the theatre and workshops ha5 increased. Undoubtedly the cost of living crisis has had an impact on ticket S31es and the way audienees purchase tickets. A lot of events have seen a shift from booking tickets when the season brochure is launched to making purchase5jUSt a few days before. The Spring has had to adapt its marketing and ftjretasting approach accordingly. The Spring will continue to PTogramTne a broad range of evenis to support artisis and provide opportunities for our audiences followlng our audience development and income generation ambitions. Activity hi8hlights of the year Include.. Children & Farnilie5 The Spring continued to offer tickets to selected family events at just £3 per ticket to support first tlme familv visitors and those who would not otherwise be able to afford to access the theatre. Family group discounts were also included on family focused shows with higher ticket prices to support broaden the offer of supptsrt for family audiences. WÈ prèsÈntÈd a range of experiences for families at Christma5 inc5uding a Maglc show, an interactive exhibliion and a library tour of a theatre show. These proved very populèr and attracted audiences of all age5. In August 2023 we delivered a tamlly focused exhibition to encourage playful approaches to reading and space for families to read tO8ether. This was Connected to the national Summer Reading Challenge which supports thildren to continue reading and a(55 literature and Stories through the 5ummÈr holidays. Our free play Space has continued tp be popular and is viewed as a safe space for children to play and their adults to play and gain 5UPPOrt from their peers. For example we h05t a regular baseedIng support group. Museum & Herita In November 2022 The Spring was aw3rded 3 £125.906 grant from The National Lottery Heritage Fund. The grant enabled expert consultation and the creation of a specific heritage development plan for the futu of the Museum. It explored how we can Improve accessibility, interpretation. and develop a living collection. something that grows with our community. Thi5 project enabled the community of Havant to help shape those plans through consultations and local history activitles. The project was put on hold for part of 2023124 as The Spring focused on the recruitment and It)duction of new Directors. 1t was restsrted in November 2023 and is expècted to be completed by August 2024. We held a very successful herltag¢ summlt Sn partnership with the Havant Local Heritage group. Over Iixj local history enthusiasts attended, sharing research projects and personal passiong. We held 14 exhibitions in the year. all with a local theme or by local èxhibitors. Many exhibitions had links to 5choo1s and colleges in the Borough of Havat)t. Students from Havant South Downs College researched the history of Haylin8 151and's holiday camp5 and put on an inspiring exhibition displayins the results of this research. The Spring also hosted an exhibition of GC5E artwork produced by Park Communlty School. Page 4
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGisfERED COMPANY NO 02088483 REPORT OF THE TRUSTEES Across the Borou The Spring has delivered many borough-wide events and activities over the past few years. The number of activities were scaled back this year due to a temporary reduction in staff numbers and financial costs, but stsme events still went ahead. Although located at The Spring. The Nature Space took plate beyond the walls of the tjulldlng. The Nature Space brought toEether an easy-going and varied group of enthusiastic volunteer5, meeting fortnightly to nurture and improvè the outdoor urban garden spates at The Spring. There was a focus on aitractlng and pruviding hoThes for wildlife including beetles, bees, buttethies and other mini-beasts as well as bigger species too. The programme aimed to improve the biodiversity of the areas around The Sprln& creatlng an attractSve environment for wildlife, plants and humans alike. The Nature Space ran from April 2023 until February 2024.. Alongside the continued programrne of our heritage focused walk5. we also programmed a nurnber uf natural heritage walks that explored areas of the Borough through the evolution of nature and the surrounding landscapes. Page 5
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OFTHE TRUSTEES libraries In 2021 we developÈd a partnershlp wlth Hampshlre County Council that saw us work togcther to develop and delivei progiamTnes to drive engagement with libraries. This partnership has deloped further in 2023-24 with The Spring providing more proj¢¢ts linked to Ilbrarl&s and reading. In the summer of 2023. The Sprin& alongside Commotion Dance presented an interactlve storytelling performance. The tour was commissioned by Hampshire County Council and visited 15 librariÈs in Hampshire. As well as a storytellin8 perforrnance. families were given the chance to cornplete Thini challenges at this free event that was part of the Summer Reèding Challenge. In October 2023 we delivered another successful brary Tour around the Havant Borou8h. We presented six performances of The Littlest Yak by LAS Theatre in four different libraries. The event was a pay what you like event. making it accessible to all. A total of 244 tickets were booked for the event, with three of the performance5 sold out. TheArt5 ace In September 2021 we launched The Art Space a free inclusive participatory creative group. It is designed to build confidÈftté, tombat lonèliness and offer an easy gateway to our visual art workshops. The twice weekly sessions, run by a specialist tutor, are still proving to be popular with regular ènd new participants. In 2023-24 82 Art Space sessions took place, with over 1,2CM) visits. with over half the attendees having additional needs. Dementia Friendl We continue to provide regu13r dementi2 friendly activitits through our monthly dementia-friendly film screenings and our Creative Memory Café. Support from Home Instead allowed us to continue this programme into 2023-24. In May 2023 we ran a Dementia Awareness Day. with an emphasls on creativity for people livin8 Wlth dementia and their carers, as well as providing a safe space to meet others and access advi. This saw over 500 people enga8e in the day with 12 companies from acr055 Plampshire sharing and delivering activity. In addltlon to these highllghts. The Sprlng delivered a full cultural prograrnme of live events, films, workshops and exhibitions. We presented 329 events and filrns, including theatric31 perforrnances, comedy shows, music, heritage walks and talks. I1 strearnlng events and fTlms. We hired out space to local bijsinèssès and ommunity grLlUPS to run their own classes, in addition to runnin8 Dur own workshops and courses. Our weekly Saturday Music 8ite5 sessions allowed visitor5 to listen tg local and emerging mLtsic artysts whilst enjoying lunch or a drink in the café area. Page 6
THE SPRING ARTS & HERITAGE CENTrE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE TRUSTEES 2023-24 has been a year of transltlon In terms of staffing. The Spring was without a Director from April 2023 until January 2D24. The team at The Spring managed the day to day running of The Spring with an Interirn Director and support from The Board. This led to 4 focu5 on the programme within The Spring with less time on outreach projects. An Executive Director and Creatlve Dlrector, ctrCEOs. joined The Spring in January 2024. They will be looking at develupin6 a new 5trate8y for The Spring to ensure the delivery of a broad and exciting prograrnme of events and experiences both within the building and within the wider borough and county. They are also planning for The Sprinls long term future. The Spring wa5 awarded NPO status for 2023-26. The award is vital to The Spring and very much appreciated, although the amount has remained the same since 2019. With costs rising this is a rcduction in income in real terms. The Spring is looking at way5 to minimi5e any deficit it makes in future years. by reducinB Costs whÈre possible and Increaslng income both through its current operations and new opportunitles. The Trustees and staff of The Spring would like to thank our audiences. communlty. funders. partners and volunteers for their support this year. The organisation is resiliÈnt and viable and is lookin8 forward to the future. Publlc Benèfft The trustees confirm that they have referred to the Charity Comrni55ion'5 guidaFhce on public benefit when reviewing the Charities aims and objective5 and in planning future activities. The trustees refer to public benefit throughout this report. Page 7
THE SPRING ARTS & HERtTAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE TRUStEES FINANCIAL REVIEW Flnancial Revlew Customer ¢onfiden¢e has ¢ontinued to in¢rea5e Since the Covid-19 pandemic, although the cost of living crisis has had some impact on sales and has impacted some audience5 being able tg acce55 wider cultural pTovi5ion unless it is free or of low c05t. Overall, income has increased in the professional programme, participation Iworkshopsl and box office setvice5. Thi5 is reflected irh the charitsble activities incgme figure of £360.958 12023: £300,352). The Sprlng made an unrestrlcted deficlt of £20,56912023'. £136,176I. The additional income from charitable activities and savings on direct costs have contributed to this. The Spring received several grants durlng the Covi(k19 pandemic in the past two financial years. In 2023-24 The Sprin8 received three 8rants from its core funders and a small grant for project funding. The totsl amount of grants received from core funders was the same as in the previous year. A rewew of the staffing 5tructurc was carried out during the recrultment of the new Directors. The full cost of the new strudure did not tome into effeci until February 2024. Overall staff costs increased by £13,962, just 6.2%. The new staff structure Is needed to ensure The Spring Is able to continue with the day-to-day operations, but allow long term planning and strategies to be implemented. This will involve building a lot more relationships with third partie5. The budget for staff costs for 2024-25 includes a 10.5% increase compared to this year. With grant income likely to decrease and other costs still rising. The Sprin8 made the difficult decision to stop being a Real Living Wage employer from April 2024. utility costs decreased by almost £4.000. 12% in 2023-24 from the previous financial year due to deCase5 in the cost of 8as and electricity. These had gone up by 75% in the previous year, so this was a weltorne fall in cDsts. The NPO Delivery fund was established in prior years from revenue gfants that had not been drawn on in full for delivery. It was set up to cover any deflcits arislng in future financial year5. Future deflcits are usually covered by general reserves. so a designated fund is not required. The balance of the NPO Delivery fund was transferred back to general reserves at the end of the financial year. General funds at 31 MaTch 2024 were £110.17012023- £70,612). All desi8nations are made in line with the Reserves Policy detailed below. Restricted funds that had been raised in previous year5 were spent in line with planned projects. In 2022-23 The National Lottery Heritage Fund confirmed a grant for reimagining the tllU5eum at The Spring. Costs are incurred by The Sprin8 in line with the grant conditions and then clalmed back Irom the National Lottery. At 31 March 2024 The Spring had spent £88,89912023'. £32,8361 on the project. Restricted funds at 31 March 2024 were £13,32112023.. £17,264). Page 8
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE TRUSTEES The Spring's Trading Subsidlary made a £20,001 gift to the charity this year 12023.. £8.5221. The Tradin8 Subsidiarvs operations support those of The Spring. The Sprin¥s Christmas drsplay in the main café area attracted new visltors to the venue resulting in increased café sales. Customers returned in January and the café 15 now a popular meeting place in Havant. Popular music events also helped increase bar sale5. Rèsèrnes Pollcy The Sprin¥5 trustees aim to maintain reserves to support the approprlate delivery of the charitys objectives and work and to minimise risk to the organisation. At the end of the year The Spring had total funds to Carry forward of £251,67912023= £276,191). consisting of £13.32112023.. £17,264) of restritted funds and £238,35812023.. £258.9271 of unrestricted funds. The Trustee Directors have revlewed the reseNes poli¢y. Free reserve5 are unrestrlcted reserve5 available for spendin& that is unrestricted funds that have not been designated and are not tied up as fixed assets or investments. At 31 March 2024 The Sprlng had free reserve5 of £73,04512023.. £22,5871. Free reserves have increased this year due to the transfer of some designated of lunds backto general funds. The Sprin¥ airns to increase its unrestricted reserve5 in accordance with Charity Commission guidelines. The Sprin¥s unrestricted serveS are divided into a Series of designated funds to best support the organ15Ption. These are.. 11 Emergency Fund These are retained for emergency use. and are retalned to support the tsrBanisation in the event of 3 dramatic redudion in fundin8 (for example, the ending of a relatlonship with a revenue funderl or In the event of significant maintenance or repair needs to the buildin8. In extreme circurnstsnces, this fund may be used to over winding up costs of the charity. The trustees aim to build this reserve to £105,(M)O, the equivalent of the month5 non-grant income. A review of unrestricted funds was carrled out in the year and the trustees have increased the emergency fund to the full £105,OIJO. The emergency fund may need to be increasÈd in future years a5 non-Brant income is pected to increase. 21 NPO Dellvery This fund has been developed since The Sprin8 joined Arts Council England's National Portfolio in 2018. At that time the trustees recognised that, due to reducing funding from local authorities. The Spring would be requiied to achieve and designate a surplus in the first years of the NPO agreernent in order to offset deficits towards the end tsf the funding period. The NPO period was extended due to the CoMd-19 pandemic. The Spring was confirmed as a National Portfolio Organisation for a further three year5 from l Aprll 2023. The amount originally designated was to cover the period l April 2021 to 31 March 2023. As this time ha5 pa55ed, the trustees have chosen to undÉsi8nate thi5 fund and transfer the balance of £126,859 back to general funds. Re£lloc3ting these funds has also Increased the amount of free reserves available at the end of the financial year. Page 9
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE TRuEEs 31 Patrons Fund The Patron'5 Fund is designatèd funds to use on partially funding lower cost tlckets for student$ Jnd attra¢ring artists for the contemporary theatre programme. It is creatÈd from thÈ donations 8iven by Patrons. 41 Infrastructure- Building Fund The SpringArts & Herita8e Centre Could not operaté without certain key items of equipment of infrastructure. These reserves are designed to support the replacemerbt of key items such as the Ilghting rig and sound equipment. These reserves may also be used in Capital bids as match funds to secure funding for such item5. 51 Artistic and Heritage Development This fund is for new and developin8 cultural projects that are beyond the scope of our day to day activitie5 pro8iamme. It may also be used as a contribution of match funds when project fundraisin8. Page 10
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OFTHE TRUSfEES Structure, Go¥ernance and M?nagement The Spring Art5 & Heritage Centre is 3 company limited by guarantee lincorpor8ted in England and Wale5 on 12 january 19871. It 15 governed by a Memorandum of Association. It is re8iStered with the Charity Commission Ino. 2973531. Trustee Directors and Mana8ement Strurture The Board of TrustÈè Direttors administers thÈ Charitable Company. The Board has eight Trustee Directors elecied by membership. It can co-opt up to a further three Trustee Dlrectors. New TtU5tee Directors are given access to an induction pack including Chaiity Commission guideline5 On the re5pon5ibilities of Trustee Directors, last year'5 audited accounts, three previous sets of Btsard Minutes, the last ManaBerHent Accounts, the Business Plan and the Memorandurn of Association. Trustee Director5 are encouraged to attend external training events to assist them in their role. The Trustees meet at least five times a year, and more when required. The Charitable Company's AGM is he5d in the autumll. The Board decides the overall policy for the organisation based on its objects. It delegate5 the day-to-day management to co-chief Executives who are not Membe of the Board and are paid employees of the Charitable Company. Trustees each have an area of responsibility within the organisation's activities and work with the c(FChief ExÈcutNes to ensure that their area of expertise Is deliverlng to the overall objectives and the business plan. The Director and Chief Executive appointèd in November 2C)22 workèd at Thè Spring until March 2023. The trustees reviewed the whole stafFing structure rather than just appointing a replacement. An Executive DirÈtttsr and Crèativé DirÈctor joinÈd Thè Spring in January 2024. They are co-chief Executives of ThÈ Sprirtg. Related Partles Arts Council England, Hampshire County Counal and Havant Borough Council provide essential core fundin¥ to the Charitable Company. All organisations are invited to provide officers to attend meetings as Observers to advise the tompany. The Charitable Companvs wholly owned subsidiary, Havant Arts Attlve, operates the bar, catering and retail faciliiies at the Charitable Companvs premises. The Spiing holds 25,100 shares in Havant Arts Artive. Page 11
ThE SPRING ARTS & HERITAGE CENTRE CO LTO REGISTERED COMPANY NO 02088483 REPORT OF THE TRUSTEES R15k Management The Trustee Directors review the or8anisation's risk management plan regularly. with the major risks revlewed at each trustee meeting. The risk tnanagement plan identifies the risks the charity is exposed to ensure that SV5tems and processes are in place to mitl8ate them. The main ri5k5 cU[ntly identified are.. -The reduction and loss of core funding -The transition to a new Director and Chief Executive curity of tenure. as the buildinE'5 lease 15 currently being negotiated with the Borough Council Strategies are In place to mitigate and manage all these areas. In November 2022 The Sprlng was confirmed as a NatSonal Portfolio Organisation for a further three years from l April 2023. The new fndIng 38reement requires additional quartèrly reporting from the Trustees to Arts Council England. We are ¢onfidentthat The Spring supports the ambitions of our fynders. The transition to the new Direthors is being managed by the trustee& A comprehensive recruitment strate8y IS in pl¥e with plan5 for signlficant tnsItIOnal management and induction for the successful ¢andidates. The Executive Director is fflanaging the ongoing conversation with Havant Borou8h Council regarding the negotiatlon of the organisation'5 lease. The Spring 15 in receipt of profe5Slgnal advice to ensure the approprlate renewal. Income levels have increased as audience confidence increases. Increasing audiertce levels across the programme and venue is one avenue which will help The Spring to generate additional income to contribute to dirert tosts and some overheads. We will be reviewing our business model for the future. exploring cDmplimentary income Strands and The Spring will be looking ftsr project funding a5 well as other opportunitie5 to diversify our In¢ome through a focus on indSvidual glving and partnership development. Core grants will decrease next year as one of our core funders will no lon8er be providing a grant for general running costs but we hope to continue and develop the delivery partnership we have with them. Internal Control risks are minlmised by the implementation of procedures of authorisation of all financial transactions. including the division of responsibilities via the financial staffing structure. All procedures are reviewed annuallyto ensure they continue to meet the needs of the or8anisation. Page 12
TrIE SPRTNG ARTS & NERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORTOFTHE TRUSTEES REFERENCE AND ADMINISTRATIVE DETAILS Reglsterèd Company number 02088483 IEn6land and Wales) Reglstèred Charity number 297353 Re&istered office Havant Arts Centre East Street Havant Hampshire P09 IBS Trusteés The Directors of the Charitable Company are its trustees for the purpose of ¢harity law and throughout this report are collectively known as Trustee Dir2rtor5. The Trustee Directors serving during the year and since the year end were as follows: Mr S Garner-Glbbons Mrs M Mcmurray Mrs R Bowns Mr N Curry Mr P Hammond Mr P Jessop IResi8ned 27 july 20231 Mr R Mcmillan Ms F Moody Ms S Shephard In additTon there are three Observers who have the opportunlty to attend Board Meetings. The Observers serving during the year and since the year end were as follow5: Councillor L Bowerman Councillor Mrs J Brahson HBC Observer HCC Observer Company Secretary.. Interim Chief Executive.. Chief Executives: Mrs J Worrall Mr5 S Dickin50n IAppoinled 24 March 2023, Resigned 8 January 20241 Ms F Baxter (Appointed 8 January 20241 Ms L Woodward (Appointed 8January 20241 Page 13
THE SPRING AKfs & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OFTHE TRUSTEES Auilltors Morris Crocker Limited Chartered Accountants statutory Auditors Station House North Street Havant Hampshire P09 IQU Bankers Barclays PLC Portsmouth Leicester Leicestershire LE87 2BB STATEMENT OF TRUSTEE5 RESPON51BIUTIES The trustees Iwho are also the dir&ctors of The Spring Arts & Heritage Centre Co Ltd for the PL4rposes of company lawl are responsiblè for preparlng the Report of the Trustees and the flnancial siatements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kin8dom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In prep¥rin8 those financial statements, the trustees are required t selett 5Ultable attounting policies and then apply them ¢onslstentlv- observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent- prepare the financial 5tstements on the going concern basis unless it is inapproprlate to presume th3t the charitable company will continue in business The tNstees are responslble for keeplng proper accountlng records which disclose with reasonable accuracy at any time the financial positlon of the charitable company and to enable thÈm to ènsure that the financial statements comply with the Companies Act 2006. They are also resp¢n5ible for 5afeguaTdlng the assets of the charitable cgmpany and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other Iegular1tie$. Page 14
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THETRUSTEES STATEMEPnAS TO DISCLOSURE OF INFORMATION TO AUDITOR5 So far as the Trustees are aware there 15 no relevant audit Information las deflned by sectlon 418 of the Companies Act 20061 of which the charitable companies, audStors are unaware and eath Trustee has tsken all the steps that he ought to have taken a5 a Trustee In order to make hlmself aware of any relevant audlt Information and to establish that the charitable company's auditors are awaré of that information. The Auditois are approved annually at the AGM. This report is prepared in attordance with the special provision5 uf Part 15 of the Companie5 Act 2CKJ6 rel3tin8 to small groups. AUDITORS The auditor5, Morri5 Crorker rnited, wlll be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order ofthe board of trustees on 31 JULY 2b2y and slgned on its behalf bv.. Trustee S Garner-Gibbons Page 15
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OpSnlon We have audited the financial ststement5 of The Sprin8 Arts & Heritage Centre Cts Ltd (the 'charitable company'l for the Year ended 31 March 2024 whlth comprlse the Statement of Financlal Activltles. the Balance Sheet, the Cash Flow StatemÈnt and note5 to the financial statements, including a summary of si8nific3rit accounting polities. The financial reporting framework thot has t)een applled In iheir preparation is applicable law and United Kingdom Accountln8 Standards Iunited Kingdom Generally Accepted Accountkng Practice). In our opinion the financial ststements.. give a true and fair view of the State of the charitable company's affairs as at 31 March 2024 and of its Incoming resources and application of resources. Includlng Its Income and expenditure. for the year then ended,. have been properly prepared In accordance wSth Unlted Klngdom Generally Accepted Accounting Practlce; and have been prepared in accordance with the requirements of the Companies Act 2006. Our responsibility is to audit and express an opinion on the financi81 statements in accordance with applicable law and International Standard5 on Auditing IUK and Irelandl. Those standards require us to comply with the Auditing Practices Board's Ethical StarTrdards for Auditors. Basss for opinlon We conducted our audit in accordance with International Stat)dards on Auditing IUKI IISAS IUKII and appli¢able law. OUT responsibilities under those standard5 are further described in the Auditors, re5pon5ibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our othEr ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Concluslons relatln8 to golnK con¢ern In auditing the finat)cioI ststements, we have concluded that the tru5tees' use of the gtslng concern basls of accounting in the preparation of the financial statements is appTopriite. Based on the Work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or rollettively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to Boing concern are des¢rSbed in the relevant sections of this report. Page 16
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OFTHE INDEPENDENT AUDrroRS TO THE MEMBERS heT Irrforrnatlon The trustees are responsible for the other Ènformation. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditor5 thereon. Our opinion on the financial staternents does not cover the other information and, except to the extent otherw152 explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our Sponsibl11fy is to read the other information and, in dDing so, consider whether the other information 15 materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwlse appear5 to be materially misstated. If we identify such material incon515tencie5 or apparenl material misstatements, we are required to determine whether this gives rise to a material misstatement in the flnancial 5tatemerit5 themselve5. If, based Dn the work we have performed, we conclude that there is a material misstatement of this other Information, we are required to report that fact. We have nothing to report iEh this regard. Oplnlon oft other matters prescrlbed by the Companles Art 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are Prepared is consistent with the financial ststements- and the Report of the Trustees has been prepared In accordance with applicable legal requirements. Matter5 on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the charitsble comparty and it5 envir¢nmÈnt obtained in the cour52 of thè audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or retum5 adequate for our audit have not been received from branches not V151ted by us., or the financial statements are not In agreement with the accounting record5 and ietUrn5- or - certain dlsck*sures of trustees, remuneration specified by law are not made,. or - we have nut received all the Informaton and explanations we require for our audit,. or the trustees were not entitled to take advantage of the small companies exemption from the re4uirernent to prepare a Strategic Rpport or in preparing the Report of the Trustees. Responslbllttles of trustees As explained more fully in the Statement of Trustees Responsibilities. the trustees Iwho are also the directors of thè charitable tompany for the purposes of company lawl are responsible for the preparation of the rinancial statements and for being satisfied that th?y give a true and fair view. and for such internal control as the trustees determine 15 neceary to enable the preparation of financial staternents that are free from material rni55tatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disc105ing, a5 applicable, matters related to going concern and using the going coricern basis of accountlng unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 17
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Our responslbllltle5 for the audit of the financlal statements Our objectives are to obtain reasonable assuran¢é about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that include5 our opinion. Reasonable a$5urance is a high level of assurance, but is not a guarantee that an audit condurted in accor(Sance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expetted to influence the eronomic deci5i9ns of users taken on the basis of these financial statements. Irregularities. intludlng fraud. are instances of non-tomplrance with laws and regulations. We design procedures Iri line with our responsibilities, outlined above. to detect material mlsstatements in respect of irregularltiÈs, including fraud. ThÈ extent to which our procedures are capable of detecting Irregularities, Including fraud is detalled below.. From di5¢ussion with management and those charged with governance information about the entity is docurrented to èssess the activity within the organisation. We discuss managements a55essment of risk in respect of irregularities, fraud and going concern. Based on these discussions and our own assessments we determined that the key risk are35 were ineome recogt)Itlon. going Concern and management override concernin8 the size of the or8anisation. We set financial statement materiality lewel based on the level of income. As a not for profit Ofgani5ation raising income 15 Its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk wa5 115ed to determine performance materiality at an appropriate level. Substantive audit tests were designed after assessing and testing systèms and Controls. The 5y5tems and contro15 which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to dentify errors. The testing dld not identify any material mSsstatements In areas tested. Audit substantSve t$ concluded no materlal error5 over the key risk area5 of income recognition and management override. The avdil considers the orEanisation is not exposed to material risk of error as a resuft of assessing laws and regulations that are appropriate to the organisation. Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management. A further description of our responsibilities for the audit of the financial statemen15 15 located gn the Financial Reporting Council's website at www.frc.org.uk/auditDrsresponsibillties. This descriptiorh fomis part of our Report of the Independent Auditors. Page 18
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 0208848a REPORTOFTHE INDEPENDENT AUDITORSTOTHE MEMBERS Use of our report Thos rèport is made solely to the charitable company's member5. as a body. In actordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audlt work has beert undertaken so that we might State to the charltable cornpany'5 members those matters we are required to State to them in an auditgrs, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and the charitable cDmpany's member5 as a body, for our audit work, for thls report. or forthe oplnions we have formed. Stuart Mackie Isenior Statutory Auditor) for and on behalf gf Morri5 Cr¢xker Limited Chartered Accountants Statutrjry Auditors station House North Street Havant Hampshire P09 IQU Date.. Page 19
THESPRING ARTS & HEAITAGE CENTRe co LTD REGISTERED COMPANY NO 02088483 STATEMENT OF FINANCIAI ACTIVITIESIINCORPORATIIK INCOME ANO EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2021 Unrestrlcted funds Restricted Funds Totsl Funds Tot•1 Funds INCOME ANO ENDOWMENfs FROM Donations. legacies and grants 223,062 69,596 292,658 240.780 Charitableaciiyhles Performance activitles Other trading attivlties Investment income Other income Tot31 360.958 5.269 4.846 19.043 613.178 350,958 5.269 4,846 19,043 682,774 3CK>.352 4,861 1,479 6,403 553,875 69,596 EXPENDITURE ON Raising funds Charltable acthiltles Performance actiwties Total 116,2581 116,2581 110,6DOI 1617,4891 1633,7471 173,5391 1691,0281 173.5391 1707,2861 1706,3821 1716.9821 NET IEXPENDITUREIIINCOME 120,5691 13,9431 124,5121 1163,1071 Transfer5 between fvrKIs 19 NET MoveMENT IN FUNDS 120,5691 13,9431 124,5121 1163,1071 RECONauAnoN OF FUfrIDS Total funds biou8htfonvard 258.927 17.254 276.191 439,298 TOTALFVNDS CARweD FOAWARD 238.358 13.321 251,S79 276.191 CONTINUING OPERATIONS All income and expendre has arlsen from ¢ontinuing activities. Page 20
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 BALANCE SHEET AT31 MARCH 2024 31 MARCH 2024 31 MARCH 2023 Notes FiXED ASSErs Tangible Assets Investments 14 15 23,854 25,100 48,954 44.619 25,1(X) 69,719 CURRENT ASSErs Debtors sh at Bank 16 60,593 292,718 353,311 61,126 232,152 293,278 CREDITORS Amounts falllng due vAthln one year 17 1150.5861 186.8061 NET CURRENT ASSETS 202,725 206,472 TOTAL ASSEfs LESS CURRENT UABiimE5 251.679 276.191 251,679 276.191 FUND5 Unrestrlcted fund5.' Undeslgnated Designated Restricted fvnds 110,170 128,188 13,321 70.612 188,315 17,264 SHAREHOLDERS, FUNDS 251,679 276,191 The financlal statements have been prepared in accordan with ihe prov151ons of Part IS of the Companies Act 2006 relatingto small charitable companies. The financial statements were approved by the Board of Trustees on -31 JULY Aol¥ and were slEned on Its behalf by.. Trustee S Gam8r-Gibbons Page 21
THE SPRING ARTS & HÉRITAGE CENTrE CO LTD REGISTERED COMPANY NO 021)88484 CASH FLOW STATEMENT FOR THE YE4R ENDED 31 MARCH 2024 31 MARCH 2024 31 MARCH 2023 Note5 Cash flowsfrom operatlnK attivities: Cash generitsd from operations 55,375 1150,0381 NetCa5h prowlded by{u5ed In) operatlng artivitie5 55,375 1150.0381 Cash fb)w5 from Investln¥acdvitlès Proed5 from the sale of plant and e4uiprnent Purchase of tangible fixed asseis Interpst receivEd 1,644 11,2991 4,846 14 15,4881 1,479 Net cash provFded by lused Inl in¥e5tingartlvltles 5,191 14,0091 Change in ¢a$h and Cash equl¥oknts Inthe reporting perlod Cash and cash equivalents atthe begiMill8 of the repgrtlng period 60,566 1154.0471 232,152 386.199 ash and cash equlvalents atthe end ofthe reportiNx period 292.718 232.152 Pa8e 22
THE SPRING ARTS & HERAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 NOTES TOTHE CASH FLOW STATEMENT 2024 2023 Net Income lexpendltyrel for the reportlng perÉod las per the statement of flnanclal aetlvltSesl Adlusments for: Depreciation ¢harge5 IntèrÈsi rÈcÈived L055llprofitl on dlsposal of fixed assets lincaSe11De(fea$e in debtors Increa5e/lDecreasel in creditors 124,5121 1163,1071 21.505 14,8461 11,0851 533 63,780 31,325 11,4791 134.6981 17.921 Net tash provided by {us•d In) operating actlvltles 55,375 1150,0381 Page 23
THÉ SPRING ARTS & HERrrAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 NOYES TOTHE FINANCIAL STATEMENTS I ACCOUNTING POLICIES Ba515 of preparlnz the flnanclal statement The financi31 statements of the charitable company, which is a public benefit entity under FRS 102. have bee prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Staterntnt of Recorntnended PTa¢tiTr applicable to charities preparing the(r accounts in accordance wlth the Financial Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021 leflective l January 20191,, Financial RepDrtin8 Standard 102 'The Financi31 Reporting Standard applicable in the UK and Republic of Iland,, EFA. the and the Companies Act 2006. The financial statements have been prepared under the hi5tori£al cost convention with the ex¢pptiDn of investments which aTe included at market value. GDin8 CDncem The Trustees conslder thatthere are no material uftcertalnties abDUt the Trust's ab11Y to continue a5 a golng concern, PrÈparation of corlsolldated financial 5tztemerrt$ The flnancial ststements contain information about The Spring Arts & Heritaee Centre Co Ltd as an indivldual charltv and do not contain consolidated financial inforrnation a5 the parent of a group. The charrty has taken the option under 5ectlon 398 of the Companies Act 2006 notto prepare consolidated financlal statements. Income l income is retognlsed in the Statement of Financial Activities onee the tharrty has entitlement to the funds, it is probable th the income will be received and the amount can be rnea5ured reliably. ExpendftLtre Liabilities are recognised a5 expenditure as soon as there is a legal or con5trurtNe obligation committin8 the charity to that expendiiure. It 15 probable that è transfer of economic benefLts will be reouired in settlement and the arnount of the obligation can be measured Teliably. Expenditure 15 acwunted for on an accruals basis and has been classified under headings that aggregate all cost related to the cateBory. Where Costs cannot be dirertly attributed to particular heading5 they have been allocated to activities on a basis CQn5isientwith the use of reSoUrs. Support Costs include eentral fundions and have been allocated to activity wst C8te8ories on a basis consistent with the use ol resources. Depredatlon Tangible fixed assets are depreciated on a str318ht line basis over the estimated useful life as follows: -Fixtures. fitlinBS and equipment 25% per annum. Indiwdual fixed assets costin8 £5[ or more are capitalised at ttsst. Stocks Stocks are valueil at the lower of cost and net realisable valuè. Page 24
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 NOTE5 TO THE FINANCIAL STATEMENTS Fund Strlre The Trust has a number of restritted Income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or whore funds have been raised for a speelfic pvrpose. Unrestrlcred funds comprise those funds which the Trustee5 are free to use for any purpose in furtherance of t Charitable tsbheits. Unrestrlcted funds include design3ted funds where th& Trustees, at their discretion, have £ated a fund for a spectfic purpose. Pension costs and other po51-retifflertt benefits The charitable carnpany operates a defined contribution pension xheme. Contribution5 paydble to the charitable company'5 pension stheme are thar8Èd tothe katÈmÈnt of Flnancial Activities in the period to which they relate. Flnartdol Instruments The charlty only enters into basic financi31 instruments transactions that result in the recognition of ffin3ncial a55ets and liabilltie5 IlkÈ trade and other accounts receivable and payable investrnents in stocks and shares. The measurement basis used lor these financial instruments 15 detailed below. Debtors and cash at bank Trade and other debtor5 are recognised at the 5ettlernent arnount due after any trade discount offered. Prepayments are valued at the arnLlUnt prepaid net of any trade dlKounts due. Cash at bank and in hand indudes cash held on deposit or in a turrent account. Crtdltors and provisions Creditor5 and provisions are rec¢4nised where the charlty has a present obligation re5uliing from a past eventthat will probably ie5uIt IN the transfer of ftjnds to a third party and the amount due to settle the obli£atlon can be meawred or estimafed relIab. Creditors and provisions are normalty recognised at thelr settlement arnount after allowlnB f¢x any trade discounts due. Page 25
THE SPRING ARTS & AERITAGE CENTRE CO LTD REGisfERED COMPANY NO 02088485 I*)TES TO IHE FINANC( STATEMENTS 2 DONATION. LEGACIES AND GRANTS 2024 31,200 261,458 292,658 2023 16,286 224.494 240.780 Donarlons fjrants fjrants received, included in the %bove. are as follows.. 2024 45,000 28,750 122.208 6.000 59.$00 2023 45,1)00 28,950 122,208 500 27,836 klampshlre County Council Core Funding lavant Borough Council Core Fundin8 NPO Core Fundin8 Hampshire County Council- Prtsject Funding National Lottery Heritage Fund- Project Funding 261,458 224,494 3 OThER TILADING AcllviTIES 2023 635 4.226 4.861 Fundraising event5 Membership fees 1,409 3.860 S.269 4 INVESTMENT INCOME 2024 4.846 4.846 2023 1,479 1,479 Deposit account interest All investment income is derived from assets held in the United Kingdom. 5 INCOME FROM CHARrrA8LE AcnvmES 2024 69,913 180,538 49,427 61.080 360,958 2023 64.284 140,475 44,101 51.492 300,352 Letting5 income Professional proEramme (including VSsual Arts Partitipation pro8ramme Box office servlce Paxe 26
THE SPRING ARTS & HÉRITAGE CENTRE CO LTD REGISTERED COMPANY t40 02088483 NOTES TO THE FINANCIAL STATEMENTS 6 IiAISING FUNDS Raislnl donatlon5 and 14a¢les 2024 2,474 13,784 16,258 2023 3,506 7,094 10,600 Staff Costs Fundiais(nB costs 7 CHARITABLE ACTivmE5 COSTS 2014 2023 Performance a1VtieS Direct costs Support costs (see nots 81 460,067 230,961 691,028 471,083 235,299 706,382 8 SUPPORTcosf5 2024 2023 Performance artivlties mareMent Gavemance costs 224,662 6,299 230,961 227,804 7,495 235,299 Support costs, Included tn the 3bove, are as follows= 2024 2023 M?n4gement Wages 5¢tlal securtty Pensions Insurance and license5 utilitles and malntenaNe Adminl#ration, posra£e and IT costs Sundry Techn[1 Depreciation of tangible and heritage assets 54,296 11,DrJS 4,125 9,363 54,986 36,661 28,042 14,642 11,542 224,662 47,933 11,990 4.182 6,061 63,841 44,449 25,047 10.975 13,326 227.804 2024 2023 Govemance costs Wages Auditors. rernuneration 3,299 4,675 2.820 7.495 6,299 Page 27
THE SPRING ARTS & HERAG£ CENTRE CO LTD REGISTERED COMPANY NO 02088483 NOTE5TOTHE FINANQAL ¥tATEMENTS 9 NET INCOME IEXPENOITUREI Net income/lexpenditurel Is stated after chargingllcreditingl 2024 2023 2,820 Auditors, remuneration- current yearfee Auditors. reMufratiOn- other services Depreciation- owned ass$ Surplu5 on disposal ol fixÈd assets 21,505 11.0851 31.325 10 TRUSTEES, REMUNERATION AND BENEFITS Durlng the year no trustees receNed remuneration or other benEfit512023.. Enlll. Trustees. expenses No expen5e5 were pald to any trustee direttor duringthe year12023.. Will 11 StAFF COSTS 2024 224.SSI 11.005 4.125 239,681 2023 209,547 11,990 4,182 225,719 Wages and salarSes social security costs Other pension costs The average monthly number of employees duringthe year was aslollows: 2024 18 2023 16 Art5 Centre staff No ernployee receivEd emoluments in excess of £60,00012023= none) There are no redundanry costs Included within wages and salarie512023: £nill. Durfng the ye3r £22,92012023- E26,8471 was pald by The Spring to Self ernployed tlrtors and theatre programming consultants. The kèy rnanagement personnel of the char¥ty comprise the trustees. the to-chief executives and the senior management team. The tot35 employment benefits of the key management personnel were £103,760 12023.. £115,8991. Page 28
THE SPRING ARTS & HERffAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 NOTES TOTHE FINANCIAL STATEMENTS IZ COMPARITIVE5 FOR THE sfATEMENT OF FINANCIALAcnvinÉs Unrestricted funds Restrfjrted Totol fvnds funds INCOMÈ AND ÉNDOWMENTS FROM Donaiions and legacles Chadtsble adlvltles Performance activities Othertrading auivfties Investment income other incorne Total 211,329 29.451 240,780 300,352 4.861 1,479 6.4L13 524,424 300.352 4.861 1.479 6,403 553.875 29.451 EXPENDITURE ON Ralsing funds Charitable activltle5 performan activities T¢)tsl 110,6001 110,6001 1650,0001 1660,6001 156,3821 156,3821 1706,3821 1716.9821 NET INCOMEIIEXPENDITURE) Il36,1761 126,9311 1163,1 n71 Transfer between hjnds 15,OOQI 5.000 Net mgvernent In fttnd5 1141,1761 121,9311 163,1071 RECONauATIQN OF FUNDS Total fvnds broughttOTward 400,103 39,195 439,298 TOTAL FUND5 CARRIED FORWARD 258,927 17,264 276.191 IS TAXATION The tompany Is a registered charity and no provision Is coDsidered necessary for taxation. No liability to UK corporation tax arosÈ on thÈ trading subsidiary's ordinary adivities forthe year ended 31 March 202412Q23: Nill. Page 29
THE SPRING ARTS & HERAGE CENTRE CQ LTD REGisfERED COMPANY NO 02088483 N¢)TES TOTHE FINANCIAL STATEMENTS 14 TANGIBLE FIXED ASSÉTS Fixtures & Fittings COST At l April 2Q23 Additions Disposals At 31 Mah 2024 171.224 1.299 12,0631 170.460 PRECIATION At I ApTiI 2023 Charge forthe year Eliminated on disposal At 31 March 2024 1126,6Q51 1,504 146.GOGI NET BOOK VALUE At l April 2023 At 31 Marth 2024 44,619 23,854 15 FIXED ASSET INVESTMENt5 RKETVALUE At l April 2023 At 31 March 2024 25.1 25.100 NET BOOKVALUE At l April 2023 At 31 March 2024 25.100 25.100 There were no inve51Thent asset5 Outsiile the UK. The Company's investment5 at the balance sheet date In the share capltal of companies include the follon8-. HaVat Arts Actlve Lqmlted Nature of business.. Bar and café Class of 5hBre= Ordinary sharès issued èt£1 holding ZQZ4 32.125 18,834 2023 33.292 7.695 Aggregale pital and reserves ProfiVILossl for the year All of the group's investment iftcome ari5ed from UK bank account Interest. Page 30
THE SPRING ARTS & HERITAGE CEKfRE CO LTD REfjISTERED COMPANY NO OZ088483 NOTES TO THE FINANCIALSTATEMENTS 16 DEBTI)RS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 6.707 20,306 33,580 60,593 2023 6,212 6,860 48,054 61,126 Trade debtors Amounts due from subsidiary undertaking Prepayments and accrued income 17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 127,5591 14.3981 125,0981 193.53LI 1150,586 2023 16,2591 14,2581 123,3371 152,9521 186,8061 Trade creditor5 Social 5ecurty and other taxe5 Other creditors aftd attruals Deferred income Deferred irKorne cornprise5 tnonies received in advance for events and workshops held after the year end. 2024 152,9521 52,952 193.5311 93,5311 2021 133.2SII 33,261 152,9521 52,9S21 Broughtforward Amount released to incomin8 re50urce5 Amount deferred in year Carried forward 18 ANALYSIS OF NET ASSETS BETWEeN FUNDS Z024 Restrlcted Total funds funds 8.IC 2023 Total funds Unrestricted fund5 IS.748 25,100 348,096 1150,5861 238,358 Fixed assets Investments Current assets Current liabilitles 23,854 25,100 353.311 IL50,5861 251,679 44,619 25,1th1 293,278 186,8Q61 276,191 S.215 13,321 Page 31
THE SPRING ARTS & HERITAGE CENTRE CO LTD RE615TERED COMPANY NO QZO8B483 NOTES TOTHE FINANCIALSTATEMENTS IY MOVEMENT IN FUNDS At l April Net 2023 movement In funds Transfers At 31 March between 2024 funds Unrèstritted funds fjeneral Fund Emergency Fund Infrastructure- Building Piano Fund lassical Music Development Patrons. Fund Heritage Development NPO Delivery Play Artlst in Resldence The Art Space 70.612 36.788 18,981 119.0891 58,647 68.212 110,170 105.000 16,901 12,0801 3,125 2,562 126,859 600 3,725 2,562 1126,8591 258,927 120,5691 238,358 Restricted funds Family Festival Dementia Friend Activities Capitsl Works aL Energy Efficient Improvement Works Jubilee 2022 The Art Space National Lottery Herita8e Fund- Museum Relmagination Children's Activitie5 Hampshire Open Studi05 Summer Reading Challen8e Pantomime 1.374 301 15,589 394 13011 17,4831 1.768 8,106 3,437 3,437 io 13,9431 io 13.321 17,264 TOTAL FUND5 276.191 124,5121 251,679 Page 32
THE SPRING ARTS & HERITAGE ¢EpifRE CO LTD REGISTERED COMPANY NO 02088483 NOTES TO THE FINANCIAL sfATEMENTS 19 MOVEMENT IN FUNDS Net movement in fund5. included in the above. are as follows.- Incoming resources Resources Movement in expended funds Unre5trlcted funds General Fund Emergency Fund Infrastructure- Building Piano Fund CI3551C81 Mv5ic Development Patrons, Fund Heritage Developmenl NPO Dellvery Play Artist in Residente The Art Space 612,578 1631,6671 119,0891 12,0801 12,0801 600 613,178 1633,747 20,5691 R•StrItt funds Family Festival Dementia FrTrpnd Activitie5 Capital Works CIL Ener8y Éfficient Improvement Work5 Jubilee 2022 The Art Space National Lottery Heritage Fund- Mu5eurn Reimagination Chlldren's Activities Hampshire Open Studios Summer Readin8 Challen8e Pantornirne 3.407 13.D131 13011 17,4831 394 13011 17,4831 59,500 156,0631 3,437 16,0001 16791 173,5391 589 69.596 io 13,9431 TOTAL FUNDS 682,774 1707.2861 124.5121 Page 33
ThE SPRING ARTS & HERITAGE CENTrE CO LTD REGISTERED COMPANY NO 02088483 NOTES TOTHE FINANCIAL STATEMENrs 19 MOVEMENT IN FUNDS cOmpatIv•S for movemont in fund$ At l April Net 2022 movement in funds Transfers At 31 March between 2023 funds Unrestricted funds General Fund Emergency Fund Infrastructure Building Plano Fund Cla55ical Music Development Patrons, Fund eritage Development NPO Oelivery Play Artist in Residence The Art Space 79.187 36,788 21.054 1,330 405 3,495 2,562 196.860 55,742 2,680 400,103 191.5751 70,612 36.788 18,981 12,0731 11,3301 14051 13701 3,125 2,562 I2659 170,0011 117,9991 137.7431 12,6801 136,1761 15,000 258,927 Restricted funds Family Festival Dernentia Friendly Activitles Capital Works CIL Energy Efficient Improvement Works Jubilee 2022 The Art Space National Lottery Heritage Fund- Museum Reimagination Children's Attivtiies Hampshire Open Sludk)s Summer Reading Challenge Pantomlme 2,0 3.209 7,414 23.072 3.500 12,0001 11.8351 17,1131 17.4831 13,5001 1,374 301 15589 15,0001 39.195 126,9311 17.264 TOTAL FUNDS 439.298 1163,1071 276,191 Page 34
THE SPRING ARTS & HERITAGE CENTrE CO LTD REG15fERED COMPANY NO 02088483 NOTESTOTHE FINANCiAL STATEMENTS 19 MOVEMENT IN FUPIDS Comparauvts n•t movtmènl In funds, Intfvjdèd in the abov8 ar8 as folh)ws'. In¢oTnin8 resources Re50urce5 Movement in expended funds Unrestrlcted funds Gener31 Fund Emergency Fund Infrastructure- Building Piano Fund Classical Music l)evel¢pment Patrons. Fund Heritage Development NPO Dellvery Play Artist In Resldence The Art Space 523,474 1615.0491 191.57SI 12.0731 11,3301 14051 11.3201 12,0731 11,3301 14051 13701 950 137,7431 12,6801 1660,600 137,743 12,6801 1136,1161 524,424 Restrltted funds Family FestiWdl Dementia Friendly Activities Capital Works CIL ETher8y Efficient Improvement Works Jubilee 2022 The Art Space National Lottery Herit3ge Fund- Museum Relmaginat5on Children's Activvties Hampshire Open Studios Summer Reading Challenge ntomime 12,0001 12,4501 12.0001 11,8351 17.1131 17,4831 13,S(X)I 615 17,4831 13,5001 27,836 500 soo 132,8361 15001 15001 I5,0)) 29,451 156,3821 26.931 TOTAL FUNDS 553,875 1716,9821 1163,1071 Page 35
THE SPRING ARTS & HERttAGE c£RE CO LTD REGISTERED COMPANY NO 02088483 NOTESTO THE FINANCLAL STATEMENTS 19 MOVEME IN Ful5 l)eslgnated Emergency Fund Emergen¢y fvnds to cover runnin8 and closure costs In the evetrt of fundin8 withdrawal. Fund5 tawards replacement of vitsl equipment for the building. Forihe p¥o¥ision of a new baby grand piano. Forthe improvernent and delivery of clas51cal music activities. To support an¢J develop the contemporary theatre programme and sub5idise tickets for young people. Forthe improvement and dellvery of herita8e activlties. For thÈ delivery Df NPO objertives in 202V2022 to 202212023. A5 thi5 period of time has passed the balance has been transferred back to genera1 funds. Infrastrutture- Building Pitno Fund Classical Music Development Pations, Fund Herltage Development NPO Delivery Play Artlst In Resldence Fund5 for a Play Artist in Residence programme from 2021-2023. The programme was completed in January 2023. Provision of a free and intlusivE weÈkly drop In session for people io take part In visual art act[tIeS who may not otheNlse be able to. The Art Space Re5trlcied Farnity Fe51>val Dementla Frl2nd1y Acti%Atie5 In support of a Family Festival in 2021n2. Previously known a5 the Memory Café and For8et Me Not Film5 thls15 fundingto support dementia frlendly aCtItIes. Installation ol air condltionlng and KoustSc separatlon in the theatre and upgraded video screening Capabilities. The balance of this fund repres@nts the net book valuÈ Df the assets purchased. To fund ener8y effiiient118htin8 in the thÈatrÈ. Capitsl Works Cll Eneoy Efficient Improvement Works Jubilee 2022 The Art Space To fund Jubilee celebrations and artivities in June 2022. Provlslon of a free 4nd iTrclu5ive weekfy drop in 5e55ion for people to take part In vlsual art artivltles who may not otherwise be able to. Pa8è 36
THE SPRING ARTS & HERAfjE CENTRE CO LTD REGISTERED COMPANY NO 02fJ88483 NOTÉS TO THE FINANCIAL STATEMENTS National Lottery Heritage Fund- Museum Reimagination Money granted by The Naiional Lottery Heritage Fund to undertake a study into reimagining the Museum. The funding is for professnal fees for undertaking the study, for rr3inlng staff in oral history recordlng and to put on a Heritage Festival in February 2023. Cost had been incurred in relation to the project, but an application for reimbursement of the expenditure was not submitted until 3fterthe year end. Children's Actmties Money received from Waitrose and Partner5 to prowde activities for children in the 2022 school summer holidays. Hampshire Open Studios Money received from Harnpshlre County Council to wJ¥ertise in the Hampshire Open Studios Brochure for AuKu5t 2023. Money reteived from Hampshire County Countil for prowtdin8 a storyte11in8 performance in libraries for the SummeT Reading Challenge. t)onations received to help pay for a Community Pantornime. Summer Readlng Challenge Pantomime 20 RELATED PARTY DISCLOSURES During the year Havant Arts Active Lirnited invoiced The Sprine Arts and Heritage Centre Company Limited £13,953 12023.. £16.7711 for refreshment5. h05Pitality and cleaning materials. During the year a donation of £20,001 12023: £8,5001 was made to The Spring Arts and Heritage Centre Company Limited from Havanl Arts Active Umited. During the year The Sprin8 Arts and Herltage Centre Company Llmited rtthaed expenses amountlAÉ £5.10012023.. £5,075) to Havant Arts Artive Limited. At the year end. there was a balance of £20,30612023.. £6,8601 owed by Havant Arts Athve Limited. During the year Filskit Theatre Limited, a company wtth a trustee In common, Involced The Sprlng Arts and Herltage Centre Company £2,75012023-. £1.2251 for performance costs. During the year no famlly membÈrs of trustees were paid remuneratlon.12023.. Ywo fami members of a trustee V Bird were employed by the charfty duHng the year with a rernuveration of £57,901.) 21 LEGAL STATUS OF THE CHARITY The charity is a company limited bv Euarantse and has no share capknl. The liabllity of each member In the event of winding up is limited to £1. Page 37