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 & D1￿Ctor. 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 b￿as￿eedIng 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 d￿eloped 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 deC￿ase5 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
th￿e 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 TRu￿EEs
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 f￿ndIng 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 t￿nsItIOnal 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
I￿egular1tie$.
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 Informat￿on 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 nece￿ary 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 expend￿re 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
Pro￿ed5 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 & HER￿AGE 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
linc￿aSe11De(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 I￿land,, 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 ab11￿Y 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 reSoUr￿s.
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 Str￿l￿re
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-reti￿fflertt 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 a￿1V￿tieS
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
mar￿￿eMent
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 & HER￿AG£ 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. reMuf￿ratiOn- 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 & HER￿AGE 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 Ma￿h 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 follo￿n8-.
HaVa￿t 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
cOmpa￿tIv•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
I26￿59
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 Ful￿5
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 aCtI￿tIes.
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 & HER￿AfjE 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 profess￿nal 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 rttha￿ed 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