THE POETrY SCHOOL (COhlPANY NO. 034348491 I¢HARITY NO. 10893141 F114ANCIAL STATEMENTS FOR THE YEAR ENDEO 31 IAARCH 2023 Smtth Noman House 8 Burnell Road Sutton Surrey SM14BW llllWWI Wwllll AC)F860P 2911212Q23 COMPANIES HOUSÉ Alo
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THE p0Ry SCHOOL FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 MARCH 2023 colENTs Pages Chairfs Rep(rft Trustees. Annual Rep¢xt 10-12 Inderndeni Auditors, Report 13 Stai•ment ol Finanua Acvities 14 Balance Sheel 15 Cash Flow Slatement 16-23 Notes to the Finwcial Statemenls
THE POETRY SCHOOL CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 The vision of Mirni Khalavali. Jane Duran and Pascale Pelit INes on with the 26th sucSlI ytrar of high quality teathing prograrnrnes for adults develop thpir try. Whether thè studènt is a beginner to writing poetry or one wth subsianir¥e experience embarkn.ng on w MA. The Poetry S¢hool prOVeS the environmènt lor students to makè poètry happen. The transth'on post COVID eonb.nues successluly for its secoNI year and the School has successfuly operated its second year in the fiexible working environment al Sornersel House reduang overheads and carbon footprint in Ihe wocess. Through the hard work of staff, tulors. students and trustees, plus the support of ACE and other frieTrJs. The Poetry Sch( cOntind to provide 1CA)s of courses or workshops to a diverse, eclectic and ta*nled student body whKh make Ihe school such a vibrant place. Operating across 1he UK with ifvpetson classes from Exetei to Manchestèr tts Lee¢Js, the School engages with its cThNnunities of c¥e•twe pwlitiMers t•)th IpersOn and online in the UK and globally. In the report provKled tse1 ExeuJtNe Direckn Satty Carruthers oulftres the work that 1he school has undertaken and shows how the school has adapte(l and even thrived durirwJ these drfficuft times. when a successfvl appeal wa5 fought lo reinstate the Srhjol as one of the Arts Council Eryland National P¢)rtfolio Organisalions, the legal sisje succè55fulty led by COO Jon Sharpks. The School has sustained its partnerships IAJring tlws challengiThJ time the Pnzes continued to run very SLKCeSsfvl with wrtual ceremonies Two partthar partnerships which deserye Speci reco9niiion are the 6th year of Ginkgo Prize. the wtsrfd's largest prrie for ecopoetry wth the Summer 2023 ceremony F4anned at the South Bank Centre as part ol Poetry Inlernational and the sustained expansion of Poei Lauréate Simon Amirtage's Laurd Prize tnto rts 41h year. Board stabilty is a key facet of the Schoof$ success aThJ onty one mémbèr - Andrew Hewi5h - stepped down this year havirg" served the School for 6 year5. Enprmws Ihanks to all iTrJividua15 for their tird•ss work over the past of years. The School remains robust financialty despite the challenging ecorrfjrnic condjts.tsns we all face today and the ofganisatK)nal risk rating from ACE conts"nue$ to be 'Minorf, for which the S¢hool shouhl b• PfOU(J. ACE has judged the orgranisation 'Strong' in all aspect5 arNJ sustained gentle expan510n books promising both in the UK and beyond in the comirvJ year.The rth aThJ diverse creative programme is second to none, the financial bas is solid wilh appropriate reserves being maintained and the future looks posrtive as the School enters it5 26th year. 14 Richard Forsdyke CHAIR OF THE BOARO OF TRUSTREES 27 December 2023
THE POETRY SCHOOL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 IIARCH 2023 The TrLBtees presenl their rerthl for the year ended 31 March 2023. Refere¢ and Adrninistrativè D•Liils TRUSTEES Richard Forsdyk• Hèlen Taylor Mona Arshi Ifesigned 30 August 2023) L¥tiya Nanlon Deni Saul Cathefine Birch Jonathan Teyssandier Hannah Etim-Gorst {appointed 5 Sept•rnb•r 2023) Jonathan Sharples (appointed 5 September 20231 IChwr> REGISTERED OFFICE Soffl*vs•t House Exchar Strar)d. London. E2R 1LA COMPANY NUMBER 03434849 CHARITY NUMBER 1069314 BANKERS CAF Bank Limited Kingshim West Maling Kent ME19 4TA AUDITORS Myrus Smth Noman House 8 Bumdl Road Sutton Surrey SM148W
THE POETRY SCHOOL TRUSTEES. ANMUAL REPORT FOR THE YEAR ENDED 31 IAARCH 2023 Icontd... obltiveS and A¢tivitl•s The purposes of the charity are.. To providè inspirirwj tuition opptytunitEs for poets #nd alenCeS To encourage poets and poelry to flourish To offer h.gh quahty crèative lU"0m. d¥eCtI and supwt that is affordabbt and accessible to The vision shapes ow annual xti¥ibes rernnS the teaching ol poetry as an art form from beginner level to an accredited MA in partnership wth Newcastle Univer5ty and beyond. We also acl as a talent development agency for ernerging F)ets wth a programme of professional developrrent opportunittes. In $haping our obictsv¢s for the year and planning our aCtive5. the Irustees have considered Ihe Charity Commission's guidance on Publ berrt. The Poetry School rdies on income from course fees as well as grants from bodies suth as Art5 Courmil England and other trusls and individuals to cover its operabng cosls. Affordabilrty and accessibilty to our prc¥rammes is important lo us and 1$ refleded in our piting and bufsary pleS set oul in detail kter this report. We endeavour to encourage more peo from dr¥erse baCkwOd$ to takè part in our ttieS and offer a comprehenstve digrtal prograrnme trnhad and supported by CAMPUS. the wodd's largest social netsyork for poets. The School is now finnty embedded in Somerset House, a inspiring and impressive tocation, in addition it operales in person from Exeler up to Hull and has over 15 geographul locations where it delivers Irt)n and events for students and the pubjic. Ihus ju5tfying rts posrtK)n as an èducational instrtubcfi wilh genUelY natisjnal reach. Prpze ceremons take plaee outside London in locats'on such as Letds, Bwmingham and Yt>rkshire, expanding on the valuable and unique relationship wllh the Pct Laureate. Simon Armilage.. More free workshops, scholarships and twjrsanes, were marketed and offered. many for marginaliseLI and minority groups indvding 3 f1 schc4arships for thè MA I increase of on• morè than 2021-22- worth £9.5k tach over 2 yèars) and crealive partnerships wrth groups whith speualise In hard to rèach poets were developèd. A particular long-term partnership wilh CaliVe Future has resutted in the Schfy)I team judging theif poetry competibon. pickin9 mentors aThJ Salty Carruthers chaired their poetry publishing panel at the S¢yJthbank Centre and acted as a keynots speaker wilh this ryilKal audierKe. The strategies empltyed to athieve the charity's aims aThJ objectives are lo.. Present and market a wide range of programffs. Senal$ and workshops lo appeal to poets of all abilitEs from all badrgrounds. ulse dvjital methods of teaching to ensure Ihat wi addrtKM) to our UK widè physical cèntres Student5 trom al areas access our work. Athieve greater sustainabilrty. rel¥ence and impact by scaling-up th PLW Schoofs operations," in¢reasing staff numbers, improving systems and dNersfyir¥J Iht funding bas•. EThJage in partnership actNities with relevant groups and organisations to devise creative ways for individuals to fvrthef their pract and gain expenence. Increase free provisiLY) to under-represented groups and mafyjnalised poets and remove all financial and other barriers to partKiPalion. Putting these strategies into aciion we have 4 mwn areas of adNity - (yjr corè informal teachin9 prc¥Jramme. MA. digtsl offering and CAMPUS as wel as speual proJe¢ts. wizes and partnerships.
THE POEfRY SCHOOL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 IAARCH 2023 Icontd... Aehr•v•m•nts and Perfomun Infornlal Teaching pro9r•mme This is the core ol the Poelry School's offer.and has existed in some fom since the organisaiion'$ founding in 1997. We run a wogfamme of acbvilies lo teath aduhs to wrrte poelry this programmè is segmented in vari)us ways to take account ol peopje's skills, interests, geographical and stirAal srtualM, ILwel of commthnt and tget. Most lace-to-face dasses take place in the eveThng and at weekends. We have 30 week courses over a year, 10 and 5 session courses er a lerm. and ore and day sessions al weekend5. Classes are set al beginner. int•miediale aThJ advanced level. and sludents leam atrxjul Ihe lechnical, inspirational or profession aspects of wrrting [try. They ran also choose from a pedagogi¢al speclrum frorn lecturè ¢0 pradical workshop. We offer frèe tastèr SesOnS to all interesied in our courses to ensure that everyoné, no matter Iheir soutseconomr baCkgrnd, herrtage or disab'lty and everyone can engage wrth Jr work from free ecopoetry workshop5 fvrnjed by the Ginkgo Prrie c41line which have ached students globally and Iwe been tau ty tLrtors as far afield as LA its our MA and scholarshp5 for marginali5ed Fpxts. . Our lin$ wogramme has an average atteThJan¢e of over gYA with a similar fiwre beiThJ returr4ng students. Our lonterm strategies and varieties ol suwort ensure that a beginner may one day become an MA student and then leher. many developjng • relaironship wrth the Sth¢X•l that lasts decade3. MA The Writi'ng Poety MA continues as our first accredited in assogiw with Newcasle Universty. We ènrcAled 12 students lor the 2022-23,- an exception aChVeMent as this represents • lull cohort lor the second year in a r(Mt - wih 23 sbjdents partpating in Somerset House . the School's numbers are fai in excess of the 5 stullenls Newcastle itself has on this course at thèir campus. This has léd to a svjnrficant lfft in ¥evenues as can be seen in the figures. In addtts.on funding was achieved for 8 third full schdarship for an MA studewrt, lor the second year, frpm a marginalised gro(tp worth £9,500 over the 2 ye¥s of the course. The successful marketing and expansion of the MA in a relativety short amount of tine will result in 2 ¢ohort$ ralher Ihan one slarting al the School in September 2023. provKling another in fundirg of 50% for 202>24. Digital Offorfng and CAMPUS As already noled this is a key area of success and grh for the sch atthou9h the rew wbsite de¥elopment was paused for this year- whilst waiti'ng for a final decision from ACE about the NPO status. the successfvl outcome of Ihe Schoc4's appeal in Ihis wea 11 see the new website top of Ihe wicKilses for 202>24. SpKialproiects andpartnershi Our'Poet in the Workj. programming is how we address our audwce development targets, focussing particularty on bn"ngirKJ in a younger and me diverse group of wrilers to the Poetry School. A series of special projects and portnerships hdps us do Ihal. In 2022-23, we CCentrated on.. Glnkgo Prlz•- the Sthool presented the Ginkgo Prize, the Wor"S largest ecopoetry competition fL¥ the 51) year, with a first prize of £5.000. Second £2.CKKJ and 3rd prrze of £1.000 In addrtion lor the 2022 Pryze the AONB (Areas of Outstanding Natural Beaiityl donate(I fund5
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDEO 31 MARCH 2023 Icontd... towards a proe for best 'Poem of Landscape. and crealed an anthotogy lo Ihi$ effect. The 2023 ¢eremony look place at the Poety 1nternab.onal Festival al Ihe Swlhbank CentrÈ. Th• Laur•1 Prlz• for Nature and E¢opoetry - Poet Laweate. &"mon Armrtage's pnze created as his headline Laureateship project and to which he gMThJ his Laureate's stipend 01 £5,000 per annum for the next 10 years. Funding was secured again from 3 numbei of trusts. foundations and indivKlual$ to sustain and grcw this activity. Partnerships havt also been forged with Yorkshi SoJlpture Park and the AONB who awarded each of the W1nr$ a £700 commission to cfeale a poem based on Iheir favourite AONB as well a5 an 8dditi.onal piize for best first collection. A day of CebratIOn and Ihe Pryze cwerny wa5 planned as part of the BBC'S Contains Strong Language festival Septemter 2022, lyjt sadty was cancelled due to the death of Her Majesly Queen Elviabelh 11. However. the evenl t¢)ok place with an iTrpèrson and ¢)nline audietKe at yorkshi sculptu Park ihe followng week and grows in terms of global subnMs&ons and WSI"11ty. The 2023 Prize ceremony look place in September 2023 in Leeds. Priz•s w• sponsored and partnered vrilh - Crealive Future Award. EIed erS Ink Award. Rebecca Swrfi FouTrJabon Women Poets Prize. Aesthetica Creat0 writi.ng Prize. Patherships - National lthrting Day. Natthal Poetry Day. Verve Poetry Festwal Isponsored Performance Lecture). National Poetry Competth"on, T.S Et aThY Forwards Preview Evenls. Obsidian Foundation. Griots Well, creati Future. Ukraine Poets with the creation ol Stsnzas for Ukraine - series of 25 blogs and poets from wrrfers in Ukraine. their poety and Ihe impact of the invasTron upon the country and their work. International PEN worked Irg prorte and supwt this crittsl project which forms a cuhuial record of ihe conflict which w1 remain Sbgnrficant for nerallOnS to come. 2 of the poets, tra9ally. Iwe since been murdered by th? Russians. Editorial Partntr¥hip¥ - Ledbury Poety Crilu Scheme. HLW l Did It wrth Soc4ety of Authors (Eric Grewry Awards}, Forward Prizes. MKthael Marks Awwds. TS EIK>t Prize Our Crn•tiv• Values The Poetry School was eslablished in 1997 by three poets amund a kitchen table. From tse beginnings our artist values have grtrwn wth a core comrtment to providing inspiring tuition and opportunities for poets and poetry audiences. sir our eadE5t days our aCtivitS have enabled poèts and F¥)etry to llourish. h established teaching centres Ihroughoirt Ensland as well as online courses. downloadable actNities, and Ihe wodd's biggest 5wial neork dedicated to poety- CAMPUS- the Poetry School is unique in its ability lo reach and deloP aspiriThJ poets wherever tlw may be, both in the UK and intemationalty. We respect the dNersty and of our audiences and ensure that an cornrnent5 on our artisti programrne. bolh p05rtive and negakn.ve are respected and heard. We airn to respond to all querie5 and complainls regarding our prc•Jramme Immediate and property and ensure Ihal al tuttsrs, sludents and other slakeholders have thwr voices heard and Iheir ClynrTts rted. Th¢ Poetry Schoc4 is a yyoud Naiional P¢yifolio Organisaty"on of Arts CounGI En9Uand 201&22. During COVID this tem was extended to funding to April 2023. Stsd¢nt Expèri•nc• The Sthool ¢ommrttèd to monitoring the satisfaction of its Stents and all Ihe groups wth 4thich we work. Over 80.10 of our sludents relum to take courses n the fubjre. a stats'stic t*thith indicate5 the SCesS of cwr offer.
THE POETRY SCHOOL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Fin•n¢i#l Revigw Tht Schtsc4'5 thical relationship wrth rts maitirfLmder- ACE- was plxed under stran this year as in Novembef 2022 ACE decwjed not to include the Sthool as part of its NPO from April 2023. This was n¢t pèrformancè rèlated by a rellecb.on of the pressures, both politul and econom on the funding available and many controversial ¢Jecisions have been hiqhlwhted abolrt this Pr$$ in the press. The School deuded to appeal on the grounds that ACE had not fCAlV• its own procedures tn the assessment of Ihe S¢,$ appfication and was the onty organisation in the entire portfolio to be instated. thus securing this funding again for the next 2 years. This resutted in considerable uncwtainty, bLrt the School remains financialty more rot$1 than ever wtth the MA set to exceed the lundiig from ACE as its largest unstrICted luThJer frryn 202>24. During this perKJd the scho receryed £168.564 in tharilable donatW5 as opwse(I lo £168,831 in 2021.22 and will rise in 202>24 aftw Ihjs period of uncertainty. Revenue from charit&lè adTr¥rties and intteased from £340,829 10 £393.937 in 2022-23, rise 0115%. Reserves a rising to the desired of 6 months clIrjenry and corporate partnerships whKh have been unable to be de¥ekJped dwing COVID are pknned tts add lo unre$tr¢ted fund$. Our Pricing Policy The Poetry School is committed to ensuring Ihal its work is aSsible arKI affordat4e lo al who wksh to paI1pate, no matter thw'r finarla1 circwmstsnces. Prices and fees were effedivety frozen duwing COVID and have been faised this financial y&ar. Tutorials in person cost £1( for a meeting with prepared feedback from the lutor on a submission of 200 hnes of poetry. Our is now £9,5W for the Iwo year course. Of this amnI th• Poetry S1 takés 85% and Newcastle UnNersty 15%. W¢ offef means tested bursarns to all those who qualify. with up to 101Y/o of costs fvnded. Our tutor fees are based on the Socgety of Aulhors Freelance Rate Reckoner and we are proud to be a London MlMuM wage employer. We hold re9ular wth tulor$ arKI benchmark our polic against comparators 1h1n the wts and aleI¢ 5edors Inveslments The Poetry has M Trivestm•r on ttich to rewl. Resèrvès Polley and Going Concern R•stThÈs are required to cover p1anr emergency expendrture and the Iru3tee5 CSler the ideal levd of reseNe would be three months, worlh of overhead costs. The Irustees have reviewed the circumstartts of the school and consider Ihat adequale resources onlinue to bè available lo lund the aclNities of the charity for the foreseeabbe future. The trustee$ are of Ihe view that the Poety School Is a powerfijl going concern, a view echoed by ACE who have revised the risk rating of the Charrty to'mwv)rf- their khyesl rating.
THE POETRY SCHOOL TRUSTEES. ANNUAL REPORT. FOR THE YEAR ENDED 31 MARCH 2023 Iconfd... Plans for Futur• Periods The Poetry School Director wdl continuousty revise its Arlicles of AssoCiatn to brirg il more ckjsely in line with currenl Charty Commitlee thice based on the cnt9 Act 2C4)6. The School conlir>uÈ5 to devek)p and strengthen relevant parInerS.pS wth key organrsations as ean be seen in our speual projects and other al¥rt$. Of parl"oJlar note is the estaNishment of the Laurel Prvze arKI the $ssful devek)pnfiI of the Ginkgo Prize. Th• Schwl CtIn&S to innovate and lead actNrty in the sector engaging new and harder to reach audiences whilst increasing fvnd raising from trusts and foundalM)ns. irtdwiduals and pursues corporate partnerships as well as prowdirwj sectry le3ing Ihrrwgh research and development. Salty Carruthers, 27 December 2023 Struc Governance and M•na9emert Gov•rnAng Doeum•nt The Poetry School is a wivate company limited by guarantee Icompany nurTthr 034348491 govemed by its Memorandum and Arb"des of Assooats'on dated September 2016. It is a reg¢stered tharty with the Charity Commission. number IC69314. Appointm•nt of Trust¢ As sèt QLrt thè Al"deS of Assoeiakn"on Ihe chw ol the twslees is nominated by the Board. Board members serve for 3 years with 30% of membws retiring on amual basis With on oplh)n of re- election. AJI membefs have the OpplUnIty lo tvnnate or svpport the rKJminatr'on of truslees before each board meeting and when Consering trustees the Board cx)n5iders the requirement for any specialist skills required - for inslarKe. the evenluah.ty of a carnp8i9n laf9è scale prcieGt management and construca skills will be required. Oryanisation The board of trustees adMlSterS the ¢h•ity. The Bo8rd nom8ly me¢l$ quarterb and ¥ represenlalive from Arts CC1 England is dso invrted to attend. An ExecLrtive Dire(lor is appointed by the Irustees to manage the daY-tdaY operations of the charity. To faolllate effective operations a Creative Director has also been appointed by the Bowd to man•Je the prograrnme and swal prqects. Relat•d Partles and C(weraiion with oth¢rorgan•safron¥ None of cur frusiees receNe rÈrnunerat of tslher benefft from th&r WO with the charty. Any onnection bets¥een a trustee or senior manager of the charty wrth othèr poetry organisations must be d15dosed to the full t<)ard 91 trusteès in the same way as any other contractual relatnship with a related pwty. In thè current year such related pty transactKJns wwe reported.
THE I>OETRY SCHOOL TRUSTEES, ANMUAL REPORT FOR THE YEAR E14DED 31 MARCH 2023 Ictsntd... Pay Policy forS•niorSt•ff The direct¢ys consKler the board of direct¢xs. Vh are the Poetry &hoLI's Iru5tees and Ihe senior management team comprise Ihe key mana9emènt personnel of the tharrty in charge of diredin9 and controllir4J, running and operatn9 Ihe charity on a day to day ba$. All diTect015 give of their time fredy and no director [e1Ved remunerab.on bn the year. Details of dbreclor5' expenses and rèlated party transacb'ons are di5dosed in note 12 of ihe aCCOLWrts. The pay of senior staff is revie annuaty and nornwly inueased in accordance with average eamings. In view of thè nare of the chafty Ihe dKectors t¢hrnark against other arts organisation5 of a similar size. Risk Man8gement Thtr organbsatKsn has a risk management stralegy thich ccMnpromises- An annual rewew of the prI1paI risks and uncertainties Ihat eharity faces in line vrilh ACE reFrfiTrJ guidelires The èstsblishment of pdicies, systems and pcocedures to mitvJate Ihese risks idenbfied Discreet risk asse5sment5 when faced with new or speoal projecls, such as the potential for caytal campaign or other exlraordinary ¥¢bvty. ACE gave thè chrty a r rating of MINOR- ifs byest rai1j in its 8Mual I4baCk. Tst60s. rnsponslbiliti•s in rnlation to the financial slatem•nts Trustees. reswnsib11es slatemerrt The trustees (who are also directors of the pr Schod for the wrpgses of compww lawl are responsible for preparing the Truslees, Annual Rep and the finanaal 5tatèment$ in accordance with applicable law and United JQ"ngdorn Aetountsng Slandards (Unrted 'rjd0rn Generalty Accepted Accounting PractKel. Company law requires Ihe trustees to prepare financwl slalemenls for eath financial year. Under company law the trustees must nol appr¢Jve the finar131 statemertts unless they are sath"sfied that they give a true and fair vw of the stste of affaws of the charitable ¢ompany and of the incoming resources and applicalion of resources, induding the income and expendIr•, of the charitable ctsrnpany for that period. In pr¥paring Ihese financial statements, the trustees afe required to". select surtable accolmting pok3es arKI then apply them consi51enty.' obserye the methods and prinriples in Ihe Chartlie5 SORP 2019 {FRS 102}'. make judgernents and estimates that arè reasonable and prudant, $late whether arplible UK Accounling Standards have been follry1. subj'xt to any material departwes disdosed and •xplained in thè financial statements", prepare Ihe financAI stalements on the g¢ing concern basis unless it is inappropriale lo wesuwE that the charitable conyany will conmue in operatK)n. The trustees are resp)nsible for keeping adequate accounting records that disclose with reasonable accuracy at any time Ihe finala1 posilw ol the charitable company and enable them to ensure that the financial slalements comply wth the Cornpanies Act 2006. They a also responsiNe for safeguarding the assets of the charitable c¢)rnpany and hence for tskiThJ reasonable steps for the prevem'on and delection of fra¢JJ and other Iegularities.
THE POETRY SCHOOL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 fiARCH 2023 Iconld... In so far as the trustees are awwe.. the is no relevart authl infrKM*l ol wlm.ch the charitable company's wjditor 15 unaware,. and the trustees have taken all steps Ihat they ou9hl to have laken to make themselves awaré of any relevant audrt information and to establish that the ajrtor is aware of Ihat fOrMatK)n. This report has been prepared in a¢cordaKe wrth the proYi&ons of Part 15 of the compani A 2006 relab'ry to small companies. By ol the board oltwstee$ Richar¢J Forsilyke {Chairl 27 Decenknr 2023
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF: THE POETRY SCHOOL FOR THE YEAR ENDED 31 MARCH 2023 Opinion We have audited the financial statements of The Poety S¢hTrJl for the year ended 31 Marth 2023 whth compwise the Statement of Financial ACtrtieS. the Balarv Sheet, the Cash Fl¢)w Statement nd notes to the financial 5talemtnt5. induding a summary of significant accounting policies. The finanrial feporting framework thal has been ap in their Preparat is applicatle law and United Kingdom Accounting Standards, induding Financ4a Repornng Standard 102 The Financial Reporting Standard applicable in th¢ UK and RepubfK of If•land {Unrted KingdLYn G¢TallY Aec¢pted Accounting Practice). In our opinion the finanual slatements.. give a true and lair of the slate of tharitabl? comparry'$ affairs as at 31 Mar¢h 2023, and of its incomin9 resources and applicatM?n of resourcés, inthding ils income and expenditure. for thÈ yèar then eThled'. have been prepared in accordance with United King(l¢yn Generalty Accepted AccountiryJ Prac1. and have been prepared in aG¢wda wth the requirements ofthe Companies Act 2006. 8a#is for oponlon We conducted our awjit in accordance with Internatnal Stsndard$ on ALtdthny IUK) IISAS IUKII and applicable law. Ouf cesponsily'litEs under those standard5 are further described in the Audilorf$ respon&bilities for the audit of the financ41 statements Secbon of our reput. Wè are indèpendent of the chafrtable company in accordance wth the ethical reqU1ments ihat are relevant lo our audit ol the financial slatemenls in the UK. indudirwj the FRC'S Elhical Standard, and we have fulfilled our other eth81 responsibile$ in accordance with Ihese quIremen1$. We believe that the audit evMdenGe we have oblained is $uffio"ent and ¥wopriate lo prowdtr a basis for our oynion. Conthtslons relatin9 to golng concern In auditing lh ffinawal statements, we have conduded Ihat th• Iwust•es' use rtr"f the goin9 concèrn basis of aCCOLrting Mi prep¥ation ofthe fnancial ststements is approwke. Based on the wc¥k we have performed. we have Trot jentifd any malerial uncertainties rela.ng to events conditn$ that. indiwdualty or cglledNety. rnay cast $I9nffint doubt on the charitable company's ability lo continue as a going concem for a Per of at kast twelve months from when t financial statements are authtirised lor issue. Our respOnsilitieS and the responsibilities of Ihe trustees wtth respeca to n9 Ccern are described in the relevant seclions of this report. Other informatlon Thé tnJstees are fesw)sible fc Ihe other infma.on. The other inforniall comprises the information included in the trustees, annual report, other than the financial statements and o audrtorfs report thereon. Our opinion on the finanaal statements does cover the other infom)ation and, except to the extent otherwse explvlty slated in our report. we do nol express any fomi of assurance condUsic thereon. In conneclKin wth our audit of the finanrial statements. our responsit4.lity is to read the other information *, in doing so. con5bJer Whelr the other information is matèrially inconsislenl with the financial statements of our knovAedge obtained in the atKIrt or Othèlse appears to be materially misstated. If we identfy sh material inwistenes or apparent mafenal misstatemenls. we are required to determine whether there is a material misstatemenl in the financial sialemenls or a malerial misstateftt of Ihe other intormab"on. If. based on Ihe work we have performed. we condude that there is a matefk¥ m15Staternent of this other intsmaty"on. we are required lo report that facl. 10-
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF: THE POETRY SCHOOL FOR THE YEAR ENDED 31 IMRCH 2023 We have nothing to report in this regard. Opinions ¢>n other matters prescribed by the Companies Act 2006 In our ¢)pinion. based on Ihe wiyk undertaken in the eourse of Ihe audit." the inforrnab.on given in the trustees. report [Incorporating the irectors, report) for th• fThncial year for which the ffinancial stat•ments ale prepad is consistent with the financial statements." directors. report has been prepared in aCcd with applicable legal requirements. Matt•ts (n whlch w• ar• v•qulr•d to rnport exception In the ligm of Jr knowledge and understanding of Ihe tharrtatrAe company and rts environment obtained in course of the audit. we have not Jdenl[d rnateria mis5tat•ments in the directots, We havé nolhing to r•port wi respect of the folkJwiThJ matters in relation to which the Companies Act 20( requires us to report to you rf. in our opinion.. adequate accounling records have not been kert cw retwns adequate for our audit have not been recVed from branches not visrted by us", or the financial slattrrnents ale not in agreement wrth the accounts'ng rerS and retums,. or certain disclosures of dirèctors. remunerntion specrfd by Lew are not made., or we have not feceNed al the inforn)ation and explanaliws we require for our audit.. or the truslees We not entitled to prepare Ihe financpl statements in aCrdanCe with the small companies, re91ff and take thantage of the small companies. exemptions in prepar)g the direclors. rewrt and from the requirement to prepare a strategic report. R•sponsibiliti•s of trusttts As explained more in the trustees, responsbimies statemenl. Ihe trUte$ (who are 81s0 the directors of the charitable company for Ihè purposes ol company Lawl are responsble for. the preparabon of the anCIal statements and for beit)9 sats"sfd that they give a tnje and fair view, and for such inte¥nal control as the trustees detemiit is necessary to enat4e the preparation of finanoal sts1¢nn1s that are free from material misstatennt. whether the to fraud or error. In preparing the financial statements. the trustees are respon51e for assessing the tharilable company's abilty to continue a5 a going concem. disdosiThJ. as applicable. mètttrs related to goin9 concem and using the going corw basis of accounting unless the irustèes either intend to liqUate the charrtable company ry to cease operatn. ry ha¥¢ no reak"5b"c altemalwg t¥Jt to do so. Auditorf¥ responsibilili# for thè audit of th• finanelal slatements Our objecb.ves are to obtain reasonat4e a$surae ab(xrt whether ihe finanaal statements as a'whole are free frorn material misstalèment. whether due lo fraud or error. and to issue an auditorfs port that includes our opiiion. Reasonable assurance is a high level of assurarce. bul is not a guarantee that an audit Cdcted in acco¥dance with ISAS {UKI will aayS detect a material misstatement when it exists. M1&4tatements can afise frn fraud or eryor and are conshJered malerial if, individual . or in the a9gregate, they could reasonabty be expected lo infiuence the economic decisions ol users taken on the basis of these financ4al statements. Irregularities. irdIng frd, art instaKes of Tr)n-complrance with l&¥s and regulat*)ns. We design procedures in line with our respon5bi1.e5, outlined above. to dete(a material misstatemenls in respect of irregularities. including fraLbd. The speufL procedures for this engagement and the extent to wh¢ch ihese are capable of detecting irrtgularth"es. i1ludi1vj fraLhl is ¢Jetailed bel)w".
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF: THE POETRY SCHOOL FOR THE YEAR ENOED 31 MARCH 2023 icontd... Enquiry of management and tlse charged with govemantè about actual and ky)tentkal lrtigation or daims and the identfvat of no[¢0mplIance with laws and regulatKJrts. Reviewing minutes of meetiThJs of those chaw wrth governan. Reviewing ffinancial statement disclosures and tesb.ng to S[wn9 docJJnentation to assess compliance wilh ap41Cab laws and regLlatis)ns. Auditing the risk of managerrnt override of controls. induding testiNJ joum81 entries othei adjustments for appropriateness". and asses%ng whether the judgements made in making accounttng estimale5 arè indte of a potent¢al knas. Performing analytsl procedures to Klentify any sU81 or unexpe¢led relab"on$hips that may indicate risks of material misslatement due to fraud. ProfessK)nal scepiKism in ecurse of the aLJrt and with awjit sampling in material audrt aréas. Because of the inherent limrtations of an audit, there is a risk that we will not detecl all irregularities, includin9 Ihose leading to a material misslalement in IhÈ finaneia statements or n0n-comp1iare wrth regulation. This risk increases the rn0 Ihal compliarKe th a or regula"on is removed from ihe events and transactions reflecied in the finanual $tatements, as we wll be less likety to become are of inStar$ of non-compliance. The risk ts also greater regarding irregularibes ¢xcurring due to fraud rather than error. as fraud involves Intention concealment. for9ery. ctsjlu$itin. omi$on or MIspresentation. A fvrther desCriPtn of our resFrtJnsibihlies for the audrt of the ffirkancial statements is located on the Financial Reporting Council's websitè at." www.frc.ofg.ukjauditorssFJnsIbIIitIes. This driptIon fryms pal of our auditorfs report. This report is made sort to the chantable company's memtrs. a5 a bt#Jy, in accordance with Chaptèr 3 of Part 16 of the Companies Acl 2CKJ6. Our audrt wc¥k has been undertaken so that we might slate to the charitable company's rnber$ matters we afe required to state.to them in an audr(or's repc¥i and for other purp05e. To the fuNe5t extent permrtled by law, we do not cept or assume reswnsibrlrty to anyone other than the charitsble company and the charitable cryryany's memters as a body, for oui audit work, for this , or fw th• opinions we have formed. K.C. Fisher Istnitr Statutory Aurfrtor) For and on behall of Myrus Snith. chter¢[l Atrwrtants and Slatuttjry Audit9 . Norman House 8 Bumell Road Sutton, Surrey SM14BW 28 December 2023 12-
THE POETRY SCHOOL STATEMEMT OF FINANCIAL ACTMTIES (including the Income and Expendiluve A¢untI FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted R•striet•d Funds Funds Totsl 2023 Total 2022 INCOME AND ENOOWMENTS FROM.. Donations arKI kgao¢$ Investment incorne Charrtabjg thrfi•s 155. 13,000 168. 168,831 28 340,829 474 393.937 474 393,937 TOTAL INCOME 549.975 13.LKKI .975 509,688 EXPENDITURE ON: Raising fvnds Chwrtable aclwibÈS 728 508,924 973 573,982 491.924 17.OC(I TOTAL EXPENDITURE 492.652 17.1)CK) 509.652 574.955 NET IEXPENt)ITUREyINCO Transfer bettn lunds 57.323 14,C(I 53.323 {65.267) 17,( NET MOVEMENT IN FUNDS 50.323 53,323 165.2671 RECONCIUATION OF FUNDS Totsl fvnd5 lThight for%wdrd at 1 Awl 2022 49,149 250 49,399 114,666 TOTAL FUNDS CARRIED FORWARO AT 31 MARCH 2023 £99,472 £102,722 £49,399 The company made no recognised 9ains and losses other than those ted in the irKome and expendibjfe account. l incorne experKlitwè dtrwes from continLMVJ attrles. The notes on pages 16 to 23 fcrfm part ofthese finantial statements. 13-
THE POETRY SCHOOL (Company No. 034348491 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 FIXED Assgrs Tangit4e assets 426 639 CURRENT ASSETS Debtcrt Cash at bank in haThJ 10 53.034 1,601 146,811 141,822 148.412 CREDITORS". AnIS falin9 ikne within ore year 11 39.526 NET CURRENT ASSETS 102.296 48.7eA) NET ASSErs 12 £102,722 £49.399 FINANCED BY= Unrestricted fvnds Restricted fwKIs 13 13 93.472 3.2KI 49.149 2• £12.722 £49,399 These finanual statements ve been prwred n accord wth the speual pro¥i$v)n5 of Part 15 ofthe Coryarues Ad 2006 relatiww to smal companies. Thè accounts were approved by the Board of th'r¢dty$ on 27 Deeembef 2023. Qi7- RKhard Forsdyke {Chair} T not•s on pages 16 to 23 fom pwt ofthese financial ststtmÈnts 14-
THE POETRY SCHOOL CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flov*S trom Operan aCtitieS. Nel rnovement in funds per Statement of FinwKia ktivths ' Adjustments for". Depreoation Deueasellincrease} in debtors {DecYea$eylncrease in creditors 53.323 165,267) 213 151.4331 160.1261 1,798 7.802 10,321 Net eash (tss•dlft) operatlng activlties 158,0231 (45.346) Cash flows from investing acliviti•#= Purchase of tangible fixed assèts 1851) Net cash provided by/(us8d In) investing xtivities {851} (Deueasel In cash 158.023) (46,1971 Cash and sh equivalents broWt foMard 146.811 193.008 Ca¥h •nd ¢ash èqulvalents carried forward £88,788 £146.811 Anatysls of cash •nd cash equiv•l¢nts 2023 2022 Cash at bank and in hand £88.788 £146,811 The notes on pages 15 to 22 fomi part of the fThncial staternents. 15-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POUCIES General Information and basls of a¢countin9 The Poèty School is a reglstered charty (No. T(9314) and private company limrted by guarantee INO. 034348491. inwwated in Great Britain and rt9iStered in England and Wales. The registered office is gNèn in the Reference and Administrative Details in the Truslees, Annu Rgwt. The charity constitutes a wblic benefrt entty as define(I by FRS 102. The financ¢al statements have been prepare(l in acCOrdar wrth Arxountin9 and Reportyng by Charilies. Statèment of Recommended Practice appliCae lo chariis preparing thèir ac£oun15 in accirdance wth the Financial Reports"ng Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. Ihe Financial Reporting Standard apIcae in the Unrted Kingdom and Republic of Ireland IFRS 1021, the C¢)rnpanies Act 2LI%, the charikn.es Act 2011 and UK Generalty Aecepied Accounting Practice. The financial slatements are wepared on a goin9 corttm basis arKI under the histoital cost cvention. The gnrfKant Ctyjrbts.fty ptsliues applied. in thè preparatp)n of these financial statements are set out lth. These pole$ have been con5rstenily appl to all years presented unless otherwis• stated. TIble Fixed Assèts Fixed assets ara sh(Mn at htor1 cost DeFrfeciation is wovKled at the fc4lowing annual rales in order lo wr41e off eath et over its estirned useful hrt by the Slraryht hnt Method. Fumiture and equipment Improvements to lea5ehc4d prernises 25% Taxation Thè charitable company is exempt from tayalim under $505 Income and Corporation Taxes Act 1988. Income reco9nilioD All rKome is rec¢1$•{1 ¢xv the chity has entitlement lo thtr incom•, ther• is SLrfficient certainty that receipt of the inttqne is considered probable and the affvwnt can be measured The Poetry School receives mLth of its ir¢ome al Ihe slart of academic year for courses hdd Ihroughout thal year. Accor¢*ThJly the proprytth of income for the next finanual year is defer. Expend5ture recognition Expenditure is renised once Ihere is a or constwctwe obligation to make payment Its a third party, il is wobable that seWèmènl wim be rewired arKI Ihe arntyjnt can be measured reliabty. 16-
ThE POETrY SCHOOL NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED) ACCOUNTING POLICIESlcortd... Expendiiure is dassthed underthe fol(Mfing hadir8s." Raising fvnds whKh comprise of Ihose Msts asgoryated with 4ttracing voluntw such as 9ranls and donathons Charrtable actwities whth comwtse of those costs associated with cwrwng out the charity'$ various a¢tryrtS in order to meet 115 0bJedN•s Expenditure includes those of a direct nature which be 8lkxed to a spe¢ifK 8Ctivity. It also inchjdes indirec¢ costs. iludIj governance costs that do not relale to a 5pecrfic activity Jl are re$sry IO SUPPOrt those adivrties. Oebtor¥ and cw8ditors Debtors and credrtCs with TrJ Stated interest rate arKI rewvable or payable within one year arè recordèd at transaclK)n piice. Any k)sses arksing frC ¥npaImnt are recogntsed eXndIbjre. Fund accounting The Restrided Funds are restrided income funds given lo the charty for specific reasons. Thèy are expéndaNe by the trustees in resFci of partular projects in fvrtherance of the objects of the charity. The Unrestricted Funds are furth expendat4e at the discretThi of the trustees in furtherance of Ihe objects of the charrfy. L•ases Operats"ng lease rentals are charged to the Statement of Financial AdNths a straighl line basis over the perth of the lease. Pensions The charity operates a defined COntrUtil schenE. ContnbLrttms payable under the scheme afe charged in the Stalement of FinarKial Adi¥ilies in Ihe year to whith they relate. 17-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 (CONTINUED) DONATIONS AND LEGACIES Unrestricted Restrtcted Funds Funds Total 2023 Total 2022 Arts Ccwjnal Engknd grwrt Other grants Dcmations 142.993 142.993 142,993 12.571 13.0 25,571 25,838 £155,564 £13.OCrf) £168.564 £168.831 Of the £168.831 recojnised in 2022. £163.831 wa$ unrestred fimds aThJ £5,000 restricted fijnds. INVESTMENT IMCOME . Unreslrfcted Restricted Funds Funds Total 2023 Total 2022 Bank interest re1¥•b £474 £474 £28 Al of Ihe £28 recc4Jnised in 2022 wa5 unre5tricled furKIs. INCOME FROM CHARITABLE ACTivmES Unvestri¢ted Rtricted Funds Funds Total 2023 Total 2022 Courses (Inc. online), Tutorials, Seminafs & Kbrkshops New Art151ic Proyrammes and SpecKaJ Projects Hher EdU10n Prowrr Olhèr income 294.597 294,597 261,869 1.071 .269 1.071 YJ,269 8.000 30.514 48.302 144 £393.937 £393,937 £340.829 All of the £340.829 re¢L¥Jnisgd in 2022 was unreslricted fvnds. 18-
THE POETrY SCHOOL NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED) EXPENDITURE ON CHARITABLE ACTMTIES Unweslrict•d R•striGted Fwds Funds Total 2023 Totsl 2022 Salaries and staff costs Tutor fees Rent and venue h Premises cosl Marketing Course Expenses Higher Educatron Programff New Artlslic Programmes Bursary Insurar Communicalio Website costs Legal and profe5won Refunds Repairs and renewals Ilnc. tn stati¢ery and office supplies Telephone and Intemet Bank and PayPal cha Sundry expenses Dtyreciaiion 214.139 105.189 19.757 214,139 105,189 19.7S7 219,641 129,692 40,576 1931) 6.399 1.350 30.068 65.627 3.371 2,537 181 9,521 4.051 13,993 47,411 "29.122 959 3.483 1.382 8,775 12.965 4,051 13,993 47.411 46,122 959 3.483 1.382 8,775 12.965 17,000 3.028 6.786 2.981 42(6 889 213 3,028 6.786 2.981 4.206 889 213 19.316 8.292 5,851 5,858 1.232 1.798 DIRECT PROJECT COSTS 479.675 17,00) 496,675 550,379 SUPPORT COSTS Salaries and staff costs Governance ¢05ts". Auditors remuneratron Diie¢lors' expenses Trustees. èxpènses 8.422 8.422 21.658 2.010 1.817 2.010 1.817 1.854 91 £491.924 £17.(M)O £8.924 £573,982 Of Ihe £573.892 •xpend8d in 2022. £567.918 was to unrestitted fdS and £6.C64 to restricted fijnds. 19-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2023 ICONTINUEDI NET IN¢OMEI{EXPENDITURE} FOR ThE YEAR 2023 2022 This is stated after char9WI9." Operating lease rentals Auditors, rUneratK". Audrt servrces £17.438 £26.065 £1.7LK) £310 £213 £1.6 £260 £1,798 Depreaalion STAFFING 2023 2022 Salars Social Security cost Pen%on costs 169,499 12,534 182,698 13,991 4.607 186,617 201,2 36,481 Consurtants ant1 cther slaff costs £222,561 £237,777 No employee rtceived employee beneffts lexduding empknyee pensim $1$) of more Ihan £60.1). Total employee beneffts received by key man•Jement amounted to £61.69312022.' £65,900). 2023 No. 2022 No. Nurthr of Staff Director Programme & Marketing Administrth"on & Finance TRUSTEE EXPENSES No Tru51ee512022." No} were mbr$ed for out of poc*et subsi51erKe expense$. Thesè amovnted to £Nil y•ar12022-. £Nir).
ThE POETRYSCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ICONTINUEDI TAMGIBLE FIXED ASSETS Improvem•nts to Leasehold Pr•mis•s Furnitu & Equipment Total Cost At 1 April 2022 Addib"ons Dtsposals 7.929 21.6( 29,535 At 31 March 2023 7.929 21.606 29,535 Depreciation At 1 April 2022 . Charge for the year 7.929 20.967 213 28,896 213 At 31 Mar¢h 21rd3 7.929 21,180 29.109 Nèt Book Values At 31 March 2023 £Nil £426 £426 At 31 March 2022 £639 £639 10. OE8TORS 2023 2022 Accrued incom¢ Other debtors Prepaymems 12S 52.149 885 1.476 £53.034 £1,601 11. CREDITORS.. Amounts falling dug within on• y•ar 2023 2022 Oiher creditor5 indudin9 taxation and social serity AccnIS Deferred irKome 45,618 1,980 1,CK)3 52.174 £39.526 £99.652 All of the deferred income broht forw*d was released the year. 21
THE POETRY SCHOOL MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2023 {CONTINUED) 12. ANALYSIS OF NET ASSETS BEWEEN FUNDS Unrestri¢tsd Restricted Funds Funds Total 2023 Total 2022 Fund Balances at 31 PAarth 2023 arè ropr•s•nted by Tangible fixed as5ts Current assets Current liabilitie$ 426 138.572 {39,526) 426 141.822 139,5261 639 148,412 199.6521 3.250 £99.472 £3,250 £102,722 £49.399 13. MOVEMENT IN FUNOS At 1 April 2022 At 31 Mar¢h 2023 Income Expenditure Transfer¥ Restricted Funds.. Laurel & Ginkgo prizes Grace Cotsk sarShIp Apples & Snakès 10.¢)XI 17.OCKJ 3,1KJO 250 250 250 13.CO) 17,O¢X> 7.WO 3,2SO Unrestricted Funds.. Genefal 49.149 549,975 492.652 17.¢XJO) 99,472 Te4al Funds £49.39a £562.975 £509.652 £102,722 Comparative informatiw for previous yèar". At 1 Apiij 2021 At 31 March 2022 Incomo Expnditur• Transfers Restncted FuThJs". Laurel prize Moving fvnds 'Apples & Snakes 250 1.314 250 UnrestrKted Fund5'. Gener 113,352 568.891 49.149 Total FLmds £114.e66 £5CP3,688 £574.955 £Nil £49.399
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2023 (CONTINUED) 13. MOVEMENT IN FiINDS continued Funds Apples & Snakes - £250 remains for partrtership workry bthogn the trwo organisations following a suttessfvlioinuy programmed ryiurse in 2014. "Grace Cook Scholarship- datrs were re¢eived in nwmry of our late cc4league Grace Cook. The trustees have a9reed lo use thèse fuThJs to estabhsh a scholarship for a BIPOC poet Laurel and Gink90 pwLes - donalions of £10.( were received towards the cost of Ihtr pri2èS. 14. OPERATING LEASE COIAMITMEMTS Tolal firture rninwrn lease payments under nonarKelable operating leases are as follows: 2023 2022 Amounts due within.. One year One to five years 1,699 566 £566 £2,265 15. ONTINGENT ASSETS Total grant funding warded as al 31 Mar¢h 2023 but f1 yet rect1 and racognised as tncome due to the recognrfion cnteria nol being met aunt5 to £285.986. -23-