REGISTERED COMPANY NO 02088483 REGISTERED CHARITY NO Z97353 THE SPRING ARTS & HERITAGE CENTRE CO LTD REPORT OF THE TRUSTEES AND RNANaALsfATEMEKrs FOR ThE YEAR ENDED 31 MARCH 2025
THE SPRING ARTS & HERITAGE CENniE CO LTD CONTENTS OF THE FINANCIAL STATEMEpirs Page Report of the Trustee5 Report of the Independent Auditors io Statement of Financial Activities 14 8alan¢e Sheet 15 Cash Flow Statement 16 Notes to the Cash Flow Statement 17 Notes to the Flnancial Statements 18 Page 2
THE SPRING ARTS & HERITAGE CEfrmiE CO LTD- REGisfERED COMPANY NO 02088483 REPORT OF THE TRUSTEES The trustees of The Sprln& who are aLs0 directors of the charity for the purposes of the Companles Att 2006, are delighted to present their report with the financial statements of the charity for the year ended 31 March 2025. The Trustees have adopted the proviskJt75 of Accounts and Reporting by Charitles: Statement of Recommended Practice appllcable to chartties preparing their accounts in accordance with the Finance Reporting Standartl Applicable in the UK and Republic of Ireland IFRS ID21 leffectlve l January 20191. OBJECTIVES AND AcrivtTIES Objectives, Artivities, Achlevements and Public Benefft Policy The Spring Arts & Herttage Centre Co Limited's objects are forthe benetrt of the public in the edvaneement of knowledge and understanding of arts. heril3ge and culture amongst the Inhabitants of Great Brltaln and in particular among the inhabitants of the Borough of Havant and the surroundirbg localtty- The beneftciarles of the Charitable Companfs work are the general public. The majorlty of actlvtties are not restricted to settion5 of the public. although some projects are tsilored towards targeted demographlc or idenlified needs. Our Purpose: Ourwhy Empowering people through arts, creatlvtty and cuttu. Ourmslon Through art5, creativty and culture, we want to empower the people of Hawdnt and beyond to dlscover new ideas, learn new skills and find new fijtures. We want to raise people's aspirations, help them achieve their potential and enhance thelr qualty of Ilfe. Together we will rnake Havant Borough and surrounding areas a place people wanl to visit, to work in and live in. A place where people thrlve. We belleve that everyone deserves the Chan to learn new thlngs. explo new ideas and continue to grow. We recognise that access tan be limtted and challengin& but we want to work together to challenge the status-quo thrDugh the power of arts. creatwity and culture. Our Values We are open- we believe In belng open, clear and inclusNe- we approach everythlng with warmth and We are connectors- we believe that together we are stronger- we put time and energy Into actlvely connecting communities, artts, audien¢es and partners We are couraEeous- we believe in belng brdve, bold and fun; we are not afrald of experimenting and trying new things Our Mlsslon To facilitate dynamic, creative and Cultural opportunities that empower communities and artists across Havant, Hampshire and beyond. To bring together artists, cieatives, participants and audiences, to create, learn and growtogether. To collaborate both locally and nationally. contributing to the local ecology. economic growth and sustainability. Page 3
Who We Are The Sprlng is an independent Charity and a Company Limited by Guarantee. We are a cross-artForm and herltage OTganisatlon that collaborates wtth artists. creatives and organisations. both locally and natlonallv. We are a hub for creatSvity, Eearnlng and cuUral opportunltles for the communtty and beyond. Over the past year The Spring has developed a new 3 year vision, which encompasses the purpose, vision, values and mission expressed above. This was led by the CO-CEOS wh detailed involvement from trustees and staff.. It charts a new way forward for The Spring and will be refreshed annually. Review of ihe Year The Sprlng has had a SucCeul year. with the Organation welcoming Increased audlences, new partnerships being for8ed and increased income being generated. Highlights of the year Include: TheHub We run a venue as an arts, heritage and community hub in Havant Town as 3 centre for creativity and connectlon. We delivered a full cultural programme of live events, workshops, event clnema and eyhibitions. We presented 507 events in our theatre, including theat, comedyi music and event cinema. Comparing the calendar year of 2024 with 2023 we Increased revenue by £51.532. sold 624 rnore tickets in the year and we had 1828 first time bookers. We held over X creative workshops in addtlion to hiring out space to local busine55es and community groups. Our café is a destination café for local residents as well as for those coming to events and activities within our building. Community group5 contlnued to Use us as a base including the Breast Feeding network, Benardos and sccial prescribing groups. enin Creative Industrie5 With the support of Arts Council we were able to develop a new pilot project'open Up & Take Overf to give voung people of Havant Borough opportunities, agency and ownership of their community through the performing arts. The projett will activelyfacilttate creative OPPDrtunrtSes and experiences for young people- opening up the creative industries to them in temis of lrfe skllb and potential career5. It will connect young people across the Borough, providing shared ambitions and a deeper sense of community. Over 24125 we raised over £50k towards the projert and the artivtty will take place in 25126. We hosted a tech residency *or Lost Dog in order for them to remount Paradise Lost in advance of a national tour. We then shared a preview performance with our aUdien5- something we would not nomially be able to do with a company of this scale and renown. We also presented a work-irt-progress performance of Tonlght Someone Dies by Robin Hat¢her which sold OUL demonstrdtingthe appetite and demand from our audiences for having a window into the creative journey. We presented Sue Greenfields 'When the Siren5 Were Comin¢ exhlbltion, supportinB her to use the opportunity to rae the profile of her work which reSUed in the artlst getting pieces from the exhibition presented in some major venues In London and Surrey. Page 4
Creative Wellbein Our Open Exhibition this year attracted 82 submlOn5. of which 42 were selerted to exhiblt including 6 of which were created by young artlsts. We programmed an addttional tem time art workshop alongside our regular programme which proved very popular with 478 people attending the 340 sesslons. We continued with our programme of heritage walks which attrarted 355 participants, connetting them to the history and landscape of the Borough and tsther fellow enthusiasts whilst engaging them in physical activity- We contlnued to run The Art Space. a free inclusive partlclpatory creative group designed to build confidence and combat loneliness. In 2024 74 Art Space session5 took place. wrth over 1,200 vlsits. wtth over half the attendees having additional needs. We delivered 12 Creative Memory cafes for those livlng with dementia and their carer5, fundeil by Home Instead, and supported the curation and delivery of the Havant Dementia Information day attended by over 150 people from across the Borough. Throughout the year we have been an active member ofthe Havant Place Partnershlp, working closely with health and physical activity partners to secure investment from Sports England into Havant BorouBh. Children & Youn Peo We presented a range of experience5 for children, young people and families throughout the year including an Inter8enerational interactive Instsll3tion- The Magic Library by Ltile Bulb-that connected with the Summer Reading Challenge. In situ for the whole of the Summer holidays the exhibition was attended by over 350 familles and children wrote stories and creative irnaginings that we presented around the building. At Christmas we presented Little Robin Red Breast by Filskrt Theatre both within our venue and across the libraries in the Borough. Clver 300 audience member5 Saw the perfDrmances. Our free play 5pa¢e has continued to be popular and is viewed as a safe space for children to play whilst thelr aduks can connect with one anoiher. gain support from thelr peeT5 and relax. Piacemakin We completed the National Lottery Herttage funded project The exptoratlon, audits. feasibility studies, training and pilot activity undertaken as part of the project all directlyfed into the devèlopment of our new 3 year vislon. We hosted a nurnber of the event5 for HavanV5 first programme wthhln the Heritage Open Day initiatlve which reached over 800 audience members and wè joined the Havant Heritage Open Day Consortium In order to help shape future activity- We secured investment thmugh FUre Arts Centres to commission a textiles artist to cullaborate with Dur communities to create a new piece of artwork that marks 80 years since VE/VI day and gathers the thoughts and views on freedom of the people of Havant Borough. The projert will be delivered throughout 2025. The Trustees ané staff Df The Spring would like to thank our audiences. communtty. funders, partners and volunteers for their support thi5 year. The or8anisation ts resilient and Is looking forward to the future. Publlc Benefit The Trustees confirm that they have referred to the Charlty Commission's guidance on public benefit when reviewing thè charrties aims and obJettive5 and in planning future a¢tiYitie5. The Trustees refer to public benefit throughout thls report. Page 5
Flnantlal Revlew In 2025, The Spring has made a modest of unrestricted surplus of £3.167 followlng an unrestricted deficit In the previous year 2024..1£20,5691. The additional income from charltable actÉvities have contributed to th. Income has increased in the professional prograrnme, particlpatlon Iworkshopsl and box offlee services. Thls 15 reflected In the charrtable activities income figure of £406.87112024- £360,958). In 2025 the income mix 3cross the organisation's activities was similar to the prior year. The programme generated 45% of total chartable income150% in 20241. nI31 income wa5 maintained at 19% (same in 20241. The Sprinls well established partlclpatlon activities increased slightly to 16% from 14% in the previous year. Finally, Income derived from box offices services The Spring provides on behalf of partner organisatlons Increased to 20% 117% In 20241. The Spring received three grEnts from Its core funders and three grants for project funding. The total amount of grants received from core funders was the Same as in the prevlous year1£195,9981. The organisatlon's total unrestricted and restricted income for the year increased by 4% to £712,381 (£682,774 In 20241. Totsl unrestricted expenditure was £640,450 in 2025 vs £633,747 in 2024. Dlrert expendlture on the Sprinls programme and particIplOn actNities was £632,500 vs £617,489 In 2024. Following a revlew of the st3fFing structure carried In 2024. total staffing costs were £264,820 vs £239,681 in 2025 with an average of 19 employees118 in 20251. Utllkty costs for the year were in line wtth 2024, These had gone up by up to75% in the previous years, 50 the stabilty in costs eased pressu on the orgnaisation'5 overhead costs. Restricted funds that had been raised in previou5 years were Spent in line with planned projects. In 2022-23 The National Lottery Heritage Fund confim)eil a grant for reimagining the museum at The Sprlng. Costs Bre InCUrd by The Spring in line with the grant conditions and then clalmed back from the Nation31 Lottery. Restrlcted fund5 at 31 March 202 5were £28,61512024: £13.32JI. The Spring's Trading Subsldiary made a £590 to the charwty th6 ye3r12024'. £20,(KJll. The Tradlng SubsIdlas operation5 SUPPOrt those of The Spring. Reserves Policy The Springs trustees alm to maintain reserve5 to SUPPOrt the appropriate delivery of the Charl5 objectives and work and to mlnimlse risk to the organisation. At the end of the year The Spring had total fijnds to carry forward of £297,23912024.. £251,679). consisting of £28,61512024: £13.3211 of restritted funds and £268,26412024-. £238,358) of UnStriCted funds. The Trustees have reviewed thè reserves policy. Free reserves are UnstrIcted reserves available for spending, that is unrestricted funds that have not been designated and are not tied up a5 fixed assets or investments. At 31 March 2025 The Spring had freÈ reseEves of £57,33712024.' £90,045). Free reserves have increased this year due to the transfer of some des18nated of funds back to general funds. The Spring's unrestricted reserves are divided into a series of designated funds to best support the organisation. These are.. 11 Resilience Fund - £155,000 These are retained for emergency use, and a retained to SUPPOrt the organi5ation in the event of a dramatic reduction in fundlng (for example, the endlng of a relationship wf£h a revenue funderl or in the event of signiFicant maintenance or repair needs to the building. In extreme tirtumstances. this fund may be used to cover wlnding up costs of the charity. A review of unrestricted fund5 was carried out in the year and the trustees have increased the emergency fund to £155.0(KJ to mttigate against financial risks and by keeping enough general reserves for any potential 5hortterm deficits. Page 6
21 Infrastructure- Buildrng Fund- £50,000 The Spring Arts & Heritage Centre could not operate wlthout certaln key items of equipment of infrastructure. These reserve5 are designed to support the placeMent of key items such as the Ilghting rig and sound equipment. These reserves may also be used in capltal bids as match funds to secure funding for such items. Strurture, Governance and Management The Spring Arts & Heritage Centre a company limrted by guarantee Ilncorporated in England and Wales on 12 January 19871. It Is governed by a Memorandum of AssoCiatn. tt Is registered wrth the Charity Commisslon Ino. 2973531. Trustees and Management Structure The Board of Trustees admlnisters the Charitable Company. New Trustees are given an indurtion which Includes Charity Commission guidelines on the re5ponsibilTtie5 of Trustees, last year's audited accounts, threo previous sets of Board Minutes, the last Management Accounts. the Busines5 Plan and the Memorandurll of Association. Trustees are encour3ged to attend external training events to asslst them In their mle. The Trustees meet at least fDie times a year, and more when required. The Charttable Company's AGM ts held in the autumn. The Board decides the overall policy for the organlsation based on its objects. It delegates the day-to-day management to Co-chief Executlves who are not members of the Board and are paid employees of the Charitable Company. Trustees each have an area of responsibility wtthin the organisation's actlvttie5 and work wlth the C¢FChief Executives to ensure that their area of eXperte Is deliverlng to the overall objettives and the business plan. Related Partiès Arts Council England and Havant Borough Council provide e55elltial core fvnding to the Charrtable Company. Both organisations are invited to provide officers to attend meeting5 as ObseeTS to advlse the company. The Charitable Compan$ wholty owned subsidiary, Havant Arts Acttve, operates the bar, catering and retail facilities at the Charitable CoMpanS premise5. The Spring holds 25.100 shares in Havant Arts Active. Rlsk Management The Trustees review the organisation's risk management plan regularty, wtth the major risks reviewed at each trustee meeting. The risk managemènt plan identifies the riEks the charty is exposed to ensure that systems and processe5 are in p13ce to mitigate them. The main risks currently identffied are: - The reductirtrn and loss of core funding Securlty Df tenure, as the buildin<$ lease is currently being negotiated wkth the Borough Council Strategie5 are in place to mitigate and manage all these areas. In November 2022 The Spring was confirmed as a National Portfolio Organlsation for a further three ye3rs from l Aprll 2023 and NPO funding has been secured for 26/27. 24125 was the last year of revenue fundlng from Hampshire County Council. The Spring is pivoting ivs busine&s model to be le55 reliant on public funding, increasing partnership working and earned Income opportunities as well as developlng and Implementing 3nd individual givin8 Strategy. The Executive Director is managlng the ongoing conversation wtth Havant Borough Council regardlng the negoliation of the organisation's lease. The Sprlng is in reipt of professional advice to ensure the appropriate renewal. Page 7
REFERENCE AND ADMINISTrATIVE DAlL5 Registered Company number 02088483 (England and Wales) Re8lstered Charlty number 297353 Reglstered offlce Havant Arts Centre East Street Havant Hampshire P09 IBS Trustees The Directors of the Charitable Company are tts trustees for the purpose Gf chaihy law and throughout thls report are collecthrety known as Trustee5. Mrs M Mcmurray Mrs R Bown5 Ms 5 Shephard Mr S Garner Gibbon5 {Reslgned 30th April 20251 Mr N Curry IResigned Ilth November) Ms L Flannery (Appointed 31. March 20251 Mr P Hammond (Resigned 31" March 20251 Mr R Mcmillan (Resigned iith November 20251 Ms F Moody (Resigned 31" March 20251 Ms L Bern (Appolnted 1st July 20251 Mr J Daley IAppolnted Ilth November 20251 Mr B Mccarthy IAppointeil 30th July 20251 Ms H Murphy IAppointed 1st JU 20251 Ms T stskes IAppolnted 30th ju 20251 Company Secretary: M5 Fiona Baxter CO-CEO & Executive Dlrector: Ms F Baxler CO-CEO & Creative Dlrector: Ms L Woodward Audltors MC Audit Limlled Chartered Accountants Statutory Auditors Station House North Street Havant Hampshire P09 IQU Page 8
Bankers Barclays PLC Portsmouth Leicester Lelcestershire LE87 2BB STATEMENT OF TRUSTEES RESPONSIBILMES The trustees (who are also the directors of The Spring Arts & Heritage Centre Co Ltd for the purposes of tompany lawl are responsible for preparlngthe Report of the Trustee5 and the financial statements In accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Gener8lly ACpted Accountlng Praetleel. Company law requlres the trustees to prepare financial stslements for each financial year whlch glve a true and fair view of the state of affairs of the Charitab company and of the incoming re50urce$ 2nd application of resources, Including the income and expenditure, Of the charklable company for that perlod. In preparing those financlal statements, the trustees are required to select surtable accounting policies and then apply them consistent. observe the methods and principles in the Charity SORP- make ludgements and estimates that are reasonable and prudent- prepare the flnancial statements on the going concern bas unless it is inapproprlate to presume that the charitable company wlll contlnue in business" The trustees are responsible for keeping proper accountin8 cOld5 whith disclose with reasonable accuracy at any tlme the finantial position of the charitable company and to enable thÈm to ensure that the financial statements comply with the Companies Act 2C6. They are also responsible for safeguarding the asset5 of the charitable company and hen for tsklng reasonable steps for the prevention and detectlon of fraud and othèr irregularitie5. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware there is no relevant audit information las defined by section 418 of the Companies Act 2(N)61 of which the charitable companies, auditors are unaware and each Trustee has taken all the steps that he ought to have taken as a Trustee in orderto make himselF aware of any relevant audtt information and to e5tzblish that the charitable company's audtlors are aware of that information. The Auditors are approved annually at the AGM. Thi5 report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small groups. AUDITORS The auditors, MC Aud¥t Limited, will be proposed for rapPoIntMent at the forthcoming Annual General Meetlng. Approved by order of the board of trustees on .Mi4 Mrs M Mcmurray Page 9
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGlSfERED COMPANY NO 02088483 REPORT OF THE INDEPENDENT AuorroRS TO THE MEMBERS Oplnion We have audited the flnanclal statements of The Sprlng Arts & Heritage Centre Co Ltd Ithe 'charftable company'l for the year ended 31 March 2025 which comprlse the Ststement of Financial Acttvities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. includlng a summary of significant accounting policies. The finan¢lal reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practl¢el. In our opinion the financial statements: glve a true and fair vlew of the state of the charitable company's affairs as at 31 March 2025 and of its Incoming resources and appllcation of resources. Including its income and expendItu, for the year ihen ended; have been properly prepared in accordance wlth Unlted Kingdom Generalty Accepted Accountin8 Practlce,. and have been prepared In accordance wr¢h the requirements of the Companies Art 2006. Our responslbiltty Is to audlt and express an opinlon on the financial statements in accordance with appllcable law and International Standards on AudiDg (UK and Irelandl- Those standard5 require us to compty with the Auditing Prartices Board's Ethical Standards for AudTtors. Basls for oplnlon We conducted our audit In accordance wtth International Standards on Audtting IUKI IISAS IUKII and appllcable law. Our respollsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charltable company In accordance wlth the ethical quIrements 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 responsibilr(ies in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Concluslons rèlatlng to golng conrarn In audrtlng the fSnancial statements, we have concluded that the trnstees, use of the going concern basis of accountln8 in the preparation of the financial statements is approprlate. Based on the work we have perfomied, we have not Identlfied any material uncerEaintles relating to events or conditions that. individualty or collectivety, may cast significant doubt on the charltable company's ability to continue as a going concern for a period of at least twefve months from when the financial statements are aLrthorised for issue. Our responsibillties and the responsibilities of the trnstees wh respert to going concern are descrlbed In the relevgnt sections of thi5 report. Page10
THE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS Other Inforrnatlon The trustees are responsible for the other information. The other information comprises the Informatlon included in the annual report. other than the flnanclal statements and our Report of ihe Independent Auditor5 thereon. Our oplnion on the flnancial ststements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report. we do not expre55 any form of a55urance conclusbon thereon. In connertlon wlth our audit of the ftnancial statements. our responsibility is to read the other inforrnation and, in dolng sts, conslder whèther the other infomiation is materially inconslstent wlth the financial statements or our knowledge obtained in the audit OT Otherwise appears to be materially mi5Stated. If we Sdentify such material inconsistencies or apparent material mi5Statements. we are required to determine whether thls give5 rise to a material ml55tatement in the finarjcial statements themselves. If. based on the Work we have performed, we conclude that there Is a material misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescrlbed by the Companies Art 2(M)6 In our opinlon, based on the work undertaken in the course of the audit: the information given In the Report of the Trustee5 for the financial year for which the financial statements are prepared 15 consistent with the financial statements,. and the Report of the Tru5tee5 ha5 been prepare(l in accordance wtth appIlble legal requirements. Matters on whith we are requlred to report by exceptlon In the IIEht of the knowledge and understanding of the charitable company and Its envlronment obtalned In the course of the 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 Art 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept or relurn5 adequate for our audit have not been received from branches not visited by us: or - the financial Statements are not in agreement wfth the accounting records and returns: or certain disclosures of trustees, remuneratlon 5pecrfled by law are not m3de,' or - we have not received all the information and explanations we require for our audit. or the trustees were not entrtled to take advantage of the small companies exemption from the requlrement to prepare a Strategic Report or in preparing the Report of the Trustees. Responslbllltle5 of tru5tee5 As explained more fully in the Statement of Trnstees Responsibilltie5. the trustees Iwho are also the directors of the charftable company for the purposes of company lawl are responsible for the preparation of the financial slatements and for being satisfied that they gNe 3 true and fair view, and for such internal control as the trustees detemilne is necessary to enable the preparatn of fina(la1 statements that are free from material mi55t3tement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsible for assessing the charitable company's ability to ¢ontinue as a going toncÈrn, distlosin& as applicable. matters related to Eoing concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 11
THE SPRING ARTS & HERITAGE CENfRE CO LTD REGISTERED COMPANY NO 02088483 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Our responslbilities for the audil of the fftnandal statements Our oblectlves are to obtsln reasonable assuran about whether the financial statement5 as a whole are free from material misstatemen¢ whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of a55uran¢e, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a materi31 misstatement when it exists. Mlsstatements can arise from fraud or error and are considered material if, indNidually or in the aggregate, they could reasonably be experted to Influence thè economic declsions of users tsken on the basis of these financial statements. Irregularfrties, including fraud. are instances of non-compliance with laws and regulations. We de51gn procedures in Ilne wlth our responslbilitles, outlined above, to detect material mi55tatements In respert of irregularities, including fraud. The extent to which our procedures are capable of detettlng irregularitlès, including fraud is detailed below.. From dlscusslon wfth management and those charged wlth 8ovefnance information about the entity 15 documented to assess the activity within the organisation. We discuss managements assessment of risk In respert of irregularlties. fraud and golng concern. Based on these discussions and our own assessments we detemiined that the key rlsk areas were income recognition, going concern and management override concerning the size of the organatIon. We set flnanclal ststement materiallty level based on the level of income. As a not for profit organlsation r?Islng Income is It5 prfmary focus which s why income was used to determine the level of materialrty. Our overall assessment of risk was used to determine performance materiality at an approprlat@ lev@l. Substantive audit tests were designed after asse55ing and testing systems and controls. The systems and controls which h3ve been deslgned io au as a preventatNè measure against fraud and error were operating as documented. Substantive testing tested a sample of the populatlon. representatfve of the population, to identify error5. The testing did not identify any material misststements in area5 tested. Audit substsntive tests concluded no material errors over the key risk areas of Income recognition and management override. The audit considers the organi5atiOll 15 not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation. Management assessed there is no going concern risk. The audlt undertook a revlew 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 audrt of the financial statements Is located on the Financial Reporting Council's website at www.frc.org.uvauditorsresponslbilities. This description forms part of our Report of the Independent Auditors. Page 12
THE SPRING ARTS & HERITAGE CENTRE CO LTO REGISTERED COMPANY NO 02088483 REPORT OF THE INDEPENDENT AUDoR5 TO THE MEMBERS Use of our report Thls report is made solely to the charitable company's members, as a bodyi in accordance with Chapter 3 of Part 16 of the Companies Att 26. Our aud work has been undertaken so that we might state to the harltable company's members those matters we are required to state to them in an auditors, 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 charttable company and the charrtable company's members as a body, for our audit work, for this report, or for the opinions we have fornied. Stuart Mackie (Senior Statutory Auditor) for and on behalf of MC Audit Umtted Chartered Accountants Statutory Auditors Statiorb House North Street Hav2nt Hampshire P09 IQV Date; 1811212025 Page13
THE SPRING ARTS & HU4ffAGe CENTre co LTD REGisfERED COMPANY NO STATEMENT OF FINANCIALAcfiviTIES IINCORPORAIING INCOME AND EXPENDMJREACCOUNTI FOR THE YEAR ENDED 31 MARCH 202S Note5 2025 2024 Ur4re5trfcted funds Restricted Funds Total Fund5 Total Funds INCOME AND ENDOWMENTS FRIY DonatDns. legacies and grants 221.113 68.763 289,876 292,658 Charitable actlviiles Performance aLtivftie5 other trading actmties Investment income Other in¢ome Totsl 406.871 5.152 5,922 4560 eA3.617 406,871 5,152 5,922 4,560 712,381 360.958 5,259 4,846 19,043 682.774 68,763 EXPENDITURE ON Raising funds Charltable actmtles Performance adhrides Totsl 111.2071 111.2071 116,2581 1629,2431 1640.4501 126,3711 1655.6141 126,3711 1666.8211 1691,0281 1707,2861 {ExPENDITuRE}1INCOME 3.167 42,392 4?,560 124,5121 Transfers betweenfvnd5 19 27.098 127.0981 MOVEMENT IN FUNDS 30.265 15,294 45,560 124.5121 AECONCILIATION OF BJNDS Total funds brought forw4rd 238,358 13.321 251.679 276,191 TOTAL FUNDS CARRIED FORWARD 268.623 28,615 297,239 251,679 CONTINUING OPERATIONS All incorne and expÈndlture has arisen from conbnuiTrg actMIIÉs. Page 14
THE SPRING ARTS & IIERITAGE CENfRE CO LTD REGISTERED COMPANY NO 02088483 BALANCE SHE AT31 MARCH 2025 31 MARCH 31 MARCH Notes FIXED A5SEts Tanglble Assets Investments 14 15,112 25.IC 40,212 23,854 23,100 48,954 CIJRRENT A5SErs Debto sh at Bank 16 20.043 339.940 359.984 60,593 292.718 353,311 CREOITORS Amounts falling due wlthin one year 17 1102.9571 1150,5861 NET CURRENfASSErs 257.027 202.725 TOTAL AS5Efs LESS CURRENT UA8ILmES 297,239 251,679 NET ASSETS 297,239 251,679 FIJNDS Unrestricted fynd5: Unde5ignated Designated Restricted funds 63,623 20i,LYJI 28,615 110.170 128.188 13.321 SHAREHOLDERS, FUNDS 297,239 251,679 The financial statements have been prepared in ac£ordantr with the pmisions of Part 15 of the Companies Art 2CIJ6 rElatin8 tQ 5rnHS1 charrtable companles. The flnanclal statements were approved by the B03rd of Tnjstees on behalf by.. and We signed on its Trustee Mrs M Mcmurray Page 15
THE SPRING ART5& HERtfAfjE CE14TrECO LTD REGISTERED CQMPANY NO I)2088483 CASH FLOW STATEMENT FOR THEYEAR ENOED 31MARCH 2W25 31 31 MARCH 2014 MARCH 1025 ash flows from oper8tSn8 actlvEtles: sh 8enerated from Ope115 52,714 55,375 Net cBsh provlded by lused Inl oporatlnÈ a¢ii 52.714 55,375 Cash flows from InvestlnE a¢tlt41ties Proceeds from the sale of plant and equrpment Purchase of tangible fixed a55ets Interest recelved 1,644 11,2991 4,846 14 111.4141 5.922 Net ¢ash ptovlded by lused In) Im$118 adlvi 15,492 5,191 chan In Cash and ¢ash e4u17ralents In the xewyil perlod Cash and cash equlvalenl$ otthe beglnnln8 of reportlng perlod 47.222 60.566 292,718 232.152 Cash and cash equiwdlen15 atthe end olth• rep(*tiw perlod 339.940 292,718 Pa8e18
THE SPRING ARTS & HEAITAGE CEPITrE CO LTD REGISTERED COMPANY NO 02088483 NOTES TO THE CASH FLOWSTATEMEP 2025 2024 Net Income lexpendlturel forthe reportlng perlod las per the statement of finand actlvities Adjusments for: Depreciation charges Interest received Lossllprofitl on di5PQsal tsf fixed assets IlncreasellDecrea5e in debtors In¢rease/lDecreasel in creflitor5 45,560 124.5121 19,597 15.9221 561 40,55CI 147.6321 21,505 14,8461 11.0851 533 63,780 Net cash provlded by (used In) ¢yralOng artlvltles 52.714 55.375 Page 17
THE SPRING ARTS & HER AGE CEIITrE CO LTD REGlfEftED COMPANY NO 02088483 NOTES TOTHE Fif4ANCIALSTATEMEpirs I ACCOiJNTINfj paEs Ba5[$ of preparingthe flnandal sttemert The financial ststements of the charit3ble company. which Is a public beneflt èntlty under FRS 102, hav2 been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reportlng by thafitles- Ststement of Recommended Practlce applicable to char"ÈS prÈparing their a¢iounts in aecordance with the Financlal Reporting standard appllcable In the UK and Republlc of Irelanil IFRS 1021 leffeetive l January 20191,, Financial Reporting Standard 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland,. EFA, the and the Companle5 Act 2006. The financial ststements have been prepared under the historical cost conventlon wlth the exception of investments which are induded at market value. Golng Concern The Trustees conslder that theie are material uncertainties zbout the TrusV5 ablllty to contlnue as a 8DSng concern. Preparlort of consolldated finaftdal statem The finaThcial ststernents contsin information abo The Spring Arts & Heritage Centre Co Ltd as an individual charfty and do not contain consolÈdated ffnancial information as the parent of a group. ThÈ charity has taken the option underseclion 398 of the CompaniesAtt not to prepare consolidated financlal statements. Intome All Income Is recognised In the Statement of Finantial Activitses On the charity has entitlement to the funds, It Is probable that the Income wlll be reofved and the amount can be measured reliably. ExpdItre abilitie5 are reco8ni5ed a5 expendtture as sooTr as there is a legal or construLtive obligation comrnittiTrg the charlty to that eXnditUTe. it Is probable that a trdnsfer of ecorrniC benefits 11 be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been c13S5ified undor headin8$ that a8gre8ate all cost related to the category. whe wsts cannot be dIttlY attrlbuted to particular headln8S they have been allocated to acttvities on a basi5 IXln5iStent with the use of resources. Support costs tnclude central functions and have been allixated to activity tom categorfes on a basls conslstent with the use of re50urc£s. Dtprttiat%on Tangible fixed assets are depreciated on a siraight line basis overthe estimated useful Ilfe as follows.. -Flxtures, fittjngs and equlpment 25% per annum. Individual fixed assets costing £5C(lorrnore are captLalised at cost. Stocks Stocs avalued atthe lower of cost and net realisable value. Page 18
ThE SPRING ARTS & HERITAGE CENTRE CO LTD REGISTERED COMPANY NO 02068483 NOTES TOTHE FINANCIALsfATEMElItS Fund gtrurture The Trust has a number of restricted income funds to accoutrtfor SIationS where a donDr requires that a donat¢on must be spent on a particular purpose orwhere funds have been raised for a speufic purpose. Unrestricted funds comprisé those funds whlch tho Trustees are free to use for any purpose in furtherance of the charitable objeLts. Unrestricted funds indude desl8natsd funds vthere the Trnstee5, at their discretion, have created fund for 3 specffic purpose. Penslon ¢orts and other post4etlrement beneffts The charitable company operates a deftned Contriblon pension scheme. Contiibutions payable to the charitable company's penslon scheme are Ihar8ed tothe Ststementof Frnanoal Acuvlues in the riod to which they late. Flnancial Instrument$ The chailty only enters into basic ffnandal instruments transactions that result In the reco8nition of flnarsclal assets and liabilities like trade and other accounts re1vable and payable investments in stocks and shareg. The mea5uremEnt ba515 tLsed forthese financial instruments Is detailed below. Oelxors and Cash at bank Trade and other debtors are recognised at the setdement amount due afteraThy trade discount offered. Prepayrnents are valued at the amount prepald net of any trade discounts due. Cash ai bank and In hand Includes cash held on deposit or in a current account. CdItorS and wo¥lslon5 Creditors at)d provisions are recow)Ised where the chartty has a present obligation resuking fmm a past event that will probably sUIt in the traTh5fer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated ¥eliably. Creditors and provsions a nomally recognised at their sett]ement amount èfter allowing for anytrade discounts due. Page 19
THE SPRING ARTS & HERITAGE CENTrE CO LTD REGISTERED COMPANY NO 02088483 NOTESTO THE FINANCIALsfATEMENTS 2 DONATION, LEGACIES AND GRANTS 2025 8.744 281,132 289,876 20Z4 31,200 261.458 292 658 Donations Grant5 Grants received, Induded In the above, are as follow5.. 2025 43.000 28.750 122,208 20,(KK) 2024 45.000 28,750 122.208 H3rnP5hire County Councll CO Fundin8 Havant Borough Council Core Fundin8 NPO Core Funding Garfield Weston HaThp5hire County Coundl- Projert Funding Open up & Take Over National Lottery Heritage Fund- Projert Funding National Lottery Heritage Fund- CCR Havant Lottery Magic Library 24,605 38.569 59,500 281,132 261.458 3 OTHER TFLADING AcfiviTIÉS 2025 1.687 3A65 5,152 2024 Fundralsing events Membership fees 3.860 5,269 4 INVE5TMENTINCOME 2025 5,922 5,922 21)24 4.846 Deposit account interest All investment income is derived from assets held in the United Kingdom. 5 INCOME FROM CHARITABLE AcfMTIES 2025 77,581 185,582 63.514 80.194 406,871 2024 69,913 180,538 49,427 61,080 360.958 Lettin Professional prtswamme Ilncludin8 Visual Arts) Participation programme Box offlce service Page20
THE SPRING ARTS & HERITAGE CE14TRE CO LTD REGISTERED COMPANY NO 02088483 NOTESTO THE FINANCIALSTAYEMENTS 6 RPJSING FUNDS Ralslnldonationsand lèrdcIÈs 2025 3,S57 7,650 11,207 Staff costs Fundralslng costs 2,474 13,784 16,258 7 CHARITABLE AcrivrriESCOSfs 2025 Performance activities Dlrect cosls Support costs (see note Sl 419,702 232,507 652,209 46D,067 230,961 691,028 SUPPORT COSTS 2025 2024 Performance activitses Management Governan costs 22S.916 6,592 232,507 224.662 6,299 230,961 Support Costs, Included in the above. are asfollows- 2025 Management Wages Soeial secuilty Pensions Insuran and licenses Utllitles and maintenance Adminlstratlon, postsge and IT costs Sundry Technical Depreclation of tangible and heritage assets 75,1M19 10,032 3,7CO 8,240 52.784 33.916 25,620 8,083 8.530 22S.915 54.296 11,005 4,125 9,363 54,986 36,661 28,042 14,642 11,542 224,662 2025 2024 Gov4man¢e C<1$ Wages Auditors. remunerdtion 3,557 3.035 3,299 3,000 Pa8e 21
THE SPRING ARTS & HERAGE CENTRE CO LID REGISTERED COMPANY NO 02088483 NOTESTO THE FINANCIAL STATEMENTS 9 NET INCOME (EXPENDITURE) Net intome/lexpendlturel is stated after thai8ingll(redivn 20Z5 20Z4 3.000 Audltors, remuneration- current yearfee Auditors, remuneration- other services DEpreciation- Dwned assots Surplus on dispo1 of fixed assets 19.597 559 21.505 1,085 10 TRUSTEES, REMUNERATION AND Bf NEFfr5 During the year notrustees receNed remunera1ion orotherbeThefits12024- Enill. Trustees. expenses No expenses were p2id to any trustee director duringthe year12024: Nill 11 STAFF cosr5 2024 224,551 11.(M15 4,125 239,681 Wages and salaries 5o¢lal securfty costs Other pen51on 251.087 10,032 3.7 264,820 The average monthly number of employees during the yearwas as follows- 2024 18 Arts Centre staff 19 No employee re¢ewed emoluments in eXs5 of £60,Cts)12024'. nonel There are no iedundancy costs included within wages and salarie512024: £nill. During the year £38,72912024.. £22,920 was paid by The Spring to Self employed tutors and theat pro8rnmmln8 consultants. The key m8na8ement personnel of the charity comprise the trustee5. the c(Khief executives and the senior managernent team. The total eMpl0ment benefits ol the key management peOnnel were £122,894 12024.. £103,760). Page 22
THE SPRING ARTS & HERJTAGE CENTrE CO LTL7 REGISTERED COMPANY NO OZ088483 N07E5 TO ThE FIPIANCIAL5TATEMENT5 12 COMPARITIVES FOR THE STATEmETr0F FINANaALACTivmES Unrestrkted funds Restricted Total fund5 funds INCOME AND ENDOWMETrifs FROM DonatSons and legacies Charltable actl7Aties Performance activitios Other tradlng activitles Investment income othEr income Total 223.062 69,596 292,658 360,958 5,269 360,958 5,269 4,846 19,043 682,774 19.043 613,178 69,596 EXPENDITURE ON R2ising funds Charftable artlvltles Perfom)ance attlvltle5 Totzl 116,2581 116,2581 1617.4891 1&43,7471 173,5391 173,5391 1691,0281 1707,2861 INCOMVIEXPENDITURE} 120,5691 3.943 124,5121 Transfer between futj Npt mobyment In fund5 20.569 3.943 RECONCILIATION OF FUNDS Total funds bfoL¥ht forward 258.927 17,264 276,191 TOTAL FUND5 CARRIED FORWARD 238.358 13.321 251.679 13 TAXATION The company Is a registered charity and no provision is cOdered necessary for taxatlon. No 113bilty to UK corporatlon tax arose on thÈtr4din8 5ub5idlary'5 ordlnary athttiesfor the year ended 31 Marth 202412023.. NIII. Pa8e 23
THE SPRINGARTS & KERffAGe CENTRE CO LTD REGISTERED COMPANY NO 02088483 NOTE5TOTHE FIt4ANCIAL STATEMENTS 14 fANGIBLE FIXED ASSETS FlxluTes & Fittings COST At 31 March 2024 Additions Disposals At 31 March 2025 170,460 11.414 12,0631 179.911 DEPRECIATION At 31 March 2024 U)arge for the year Elimln4ted on disposal At 31 March 2025 1146,6061 119.5971 1,504 1164.6991 NET BOOK VAWE At 31 March 2024 At 31 March 2025 2354 15 FIXED Ass INVESfMENT5 MARKETVAWE At 31 March 2024 At 31 March 2025 25,1 25,10) NET BOOK VALUE At 31 March 2024 Addition5 At 31 March 2025 There were nts Investment assets Outside the UK. 25.1(X) 25.1 The company's investrnents atthe bzlance sheetdate In the share capltal of ¢ompanles Include the followlng.. Havant Arts ACte Limited Nature of business: Bar and café Jass of share: Ordinary shares issued at£1 holdin8 i(x) 2025 31,949 414 2024 32,125 18,834 Aggregate capital and reserves ProflVILossl for the year All of the 8roup's investment itKome arised from UK bank3ccount interest. Page 24
THESPRING ARTS & HERtfAGECENTrE co In) REG15fERED COMPANY NO 021)88483 NOTÉS YO ThE FINANCIALSTATEMEpirs 16 DEBTORS: AMOUN[5 FALLINfj DVE wmiiN ONE YEAR 2025 7.335 11301 12.838 20.043 2024 5,707 20,306 33,580 60,593 Trade debtors Amounts due from subsidiary undertaking Prepayments and accrued income 17 cREDoR5. Amoupifs FALUNG DUE wmiiN ONE YEAR 2025 147,6091 13,4331 110,1631 141,7521 IlQ2,9571 Z024 127,5591 14,3981 125,0981 193,5311 150 5861 Trade ¢redltors SociAI securlty and other taxÈs Other creditors and acuuals Deferred income Deferred income comprises monies recelved in ailvance forevents and workshops held afterthe year end. 2025 193,5311 93,531 141,7521 41,752 Broughtforwsrd Amount r£lBased to intomlng resources Amount deferred in year Carrled forward 152,9521 52,952 93,5311 193.5311 18 ANALYSIS OF NET ASSETS BEnvEEN FUNDS 2025 Restricted Totsl fndS Total funds funds 623 Unrestricted funds 14.489 25.1 331,992 1102.9571 268.624 Fixed 45sets Investments Current assets Current liabilities 15,112 25.100 359,984 1102,9571 297,239 23.854 25,ICKI 353,311 1150,5861 251,679 27,992 28,615 Page 25
THE SPRING ARTS & HERITAGE CENTrE CO LTD REGisfERED COMPANY NO 02088481 NOTES TO THE FINANCIALSTATEMENTS 19 MOVEMENT IN FUNDS At31 Marth Net 2024 movement in fvnds Transfers At 31 March betr4een 2025 funds Unrestrted lunds General Fund Emergencry Fund Infra5trutture- Bulldln8 Patrons, Fund Heritage Development 110,170 105.LDJ 16.901 3.725 2.562 238 358 5.247 - 51,794 50.CXXI 35,179 3.725 2,562 27,098 63,623 155,000 50,000 12.0801 3,167 268,624 Re5trlcted funds Havant Lottery Magic Llbrary Dementia FriendAttl11eS CIL Energy Efficlent lrnprovernent Works Open Up & Take Over National Lottery Herits8e Fund- Muwm Reimaginatlon Councillor Grant5 Pintomlme 688.(KJ 688 2.371 623 24,605 L768 8.106 17.4831 24.605 23.661 3A37 127.0981 328 io 42,392 328 io ,321 127,0981 28,615 TOTAL FUNDS 251,679 45.559 297,240 Page 26
THE SPRING ARTS & HERITAGE CENTrE CO LTD REGISTERED COMPANY NO 02088483 NOTES TOTHE Fif4ANaAL sfATEMEMrs 19 f4qOVf MEP IN FUNDS Net movement in funds, included In thÈ above, a as follow5- Incomtng sour Resources Movement In expendEd funds Unr*strictedfunds General Fund Emergency Fund Infrastruciure- Bulldin8 NHLF cai 643,617 1638,3701 5.247 12.0801 12,0801 643,617 1640.4501 3.167 Restrfrt•d funds Havant Lottery Magic Librdry Dementia Friendly Artivities CIL Energy Efflclent Improvement Wotk5 Open Up & Take Over National Lottery Heritage Fund- Museum Reima8ination CountillorGrants Pantomime 11.3121 12,4851 17,4831 688 603 17,483 24,605 23.661 328 iioi 42,392 3x188 24,605 38,569 114.9)81 11721 68.763 26,3701 TOTAL FUND5 712.380 666,820 45,559 Page 27
THE SPIUNG Airrs & HERrrAGE CE14ThE CO LTD REGisfERED COMPANY NO 02088483 NOTESTO THE F1NANaALATEmEl5 19 MOVEMEKf IN FUNDS ConM)4rntlvo8 fot m¢mm8M In lunds At IAprll Net 2023 m¢)vement In funds Transfers At 31 March betreen 2024 funds unreStrted funds Generdl Fund Emergency Fund Infra5tructure- Building Patmns, Fund Heritsge Development NPO Delivery PlayArtlst In RÈsldence 70.612 36.788 18.981 3,125 2,562 126.859 119.0891 58.647 68,212 110.170 105,000 16,901 3,725 2,552 12,0801 1126.8591 258.927 20.569 238 358 Re5tritted funds Dementia Friendly Actlvitle5 Capital Works CIL Energy Effiaent Improvement Work5 Jubllee 2022 TheArtSpa National Lottery HeritagÈ Fund- Museum Reimagination Chlldren's Activities Hampshire Open Studios Summer Reading Challenge 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 FUNDS 276,191 124.512 251,679 Page 28
THE SPRING ARTS& HERITAGE CENniE CO LTD R£GisfEREP COMPANY NO 02088483 NOTES TO THE FINANCIALSTATEMENTS 19 MOVEMENT IN FUNDS Cornparat9 n8t in fLErvJ5. irduded in the above a as folk)ws: Incomln8 Resources Movement In resources expended fund5 Unrestrlttedfvnds General Fund Emergenty Fund Infrastructure - Bullding Patrons, Fund 612.578 1631.6671 119,0891 12,0801 12,0801 600 20,569 613.178 1633,7471 Re5trfcted funds Dementia Fendty Attlyities Capitsl Works CIL Energy Efficient Improvement Works N4tlonal Lottèry Herage Fund- Museurn Reima8ination Summer ReadinB Challenge Pantomime 13.0131 13011 17,4831 156.0531 16.0001 16791 394 13011 17,4831 3,437 595C(I io 3,943 TOYAL FUNDS 682.774 1707.2861 24.512 Page29
THE SPRING ARTS & lIERAGE CEPMIE CO LTD REGISTERED COMPANY NO 02088483 NOTES TO THE FINANCIAL ATEmENTs 19 MOVEMENf IN FUNDS De$l8nated Emergency Fund Emer8enry bjnds to tover running and d05ure costs in the eveTht of fundlng thdrawal. Funds towards replacement of vltal equSpment for the building. To 5UPPOrt and develop the contempordry theatre programme and subsidi5e tickets foryoung people. For the irnprovement and dellvery of heritsge actNttles. Infrastructure. Bulldlng Patron5' Fund Heritage Development Restrlcted Dementia Frlendly Acttvitles Previously known as the Memory Café and Forget Me Not Films this isfunding to support dementia friendly actiwtie5. To fvnd ener8y effioent lighting in the theatre. CIL EnEr8y Efflaent Improvement WDrks National Lottery Heritage Fund- Museurn Reima8inaUon Money granted by The National Lottery HerltaEe Fund to undertake a stuity into reimagining the Museum. The funding is for ptofessional fee5 for undertaking the sNdy, for training staff in oral history recordin8 and to put on 3 Herftage Fesrival in February 2023. Cosl had been incurred in relation to the project. bLrt art application for reirnbursement of the expenditure was not submitted until after the yearend. Summer Reading Challenge Money receNed from Hampshire County Council for providing a storytelllng perforn13n in libraries forthe Summer Roadin8 ChallÈn8e. DoTratyons receNed to help pay for a Community Pantomlme. Pantomime Pa8e 30
THE SPRINGARTS & HERITAGE r{lE CO LTD REGISTERE D COMPANY NO 02088483 NOTES TO THE FINANCIALSTATEMEpirs 20 RELATED PARTY DISCLOSURES Durfn8 the year Havant Arts ACe mIted Invoiced The Spring Arts and Heritage CeThtre Cornpany Mited £17.691 12024.. £13,953> for refreshments, h05Pttalttyand deanlng materfals. During the year a donation of £S9012024.. £20.0011 was made to The Spring Arts 3nd Heritage Centre Company Limited from Havant Arts Artive Limited. Ouring the Year The Sprlng Arts and HeLage Centre Company Umlted recharged expenses amounting £S,40012024.. £5,100) to Havant Arts Actlve Umed. At the year end, there was a balan of £1,4 owed to Havatrt Art5 Atilve mited.12024.. £20,31% owed by Havant Arts Artive Limtedl Durln8 the year Tilskit Theatre LlmRed. a company with a trustee in common, invoiced The SprirTrg Arts and Herits8e Cantre Company £8,65012024.. £2,750) fDr perforrnance o)sts. During theyear no famity member5 of trustees were paid remuneration.12024.. Nonel 21 LEGALSTATU5 OF THE CHARITY Ihe tharity is a company lirnited by 8uar3ntee and has no share capital. The liability of each member In the event of w5nding up is limited to £1. Page 21