THE POETRY SCHOOL (COMPANY NO. 034348491 {CHARITY NO. 1069314) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Kingston Burrowes Audit Ltd 308 Burnell Road Surbilon Surrey KT6 7AL
THE POETRY SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Pages Trustees, Annual Report 8-10 Independent Auditors, Report Statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14-21 Notes to the Financial Stat6ments
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report for the year ended 31 March 2025. Reference and Administrative Details TRUSTEES Hannah Etim-Gorst (appointed 05 September 2023, elected as Chair 05 March 2025) Christopher Brown (appointed 20 May 2024, elected as Vice Chair 05 March 2025) Richard Forsdyke (Chair) (appointed 27 June 2017, resigned 11 September 2025} Helen Taylor lappoinled 10 December 2015) Denise Saul (appointed 26 November 2020. resigned 11 June 2025> Jonathan Teyssandier {appointed 25 February 2021, resigned 08 January 2025) Jonathan Sharples (appointed 05 September 2023) Katherine Columbus (appointed 26 March 2024) Professor Helen Mort (appointed 5 July 2024, resigned 11 June 20251 REGISTERED OFFICE Ground Floor 1 Cty Square Park Row Leeds LSI 2ES COMPANY NUMBER 03434849 CHARITY NUMBER 1069314 BANKERS CAF Bank Limited Kingshill West Maling Kent ME19 4TA AUDITORS Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Icontd... Objectives and A¢tivltles The purposes of the charity are.. To provide inspiring tuition and opportunities for poets and poetry audiences To encourage poets and poetry to flourish To offer high quality creative tuition, direction and supporl that is affordable and accessible to all. The vision which shapes our annual activities remains the teaching of poetry as an art fomi from beginner level to an accredited MA in partnership with Newcastle University and beyond. We also act as a talent development agency for emerging poets with a programme of professional development opportunities. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit. The Poetry School relies on income from course fees as well as grants from bodies such as Arts Council England and other trusts and individuals to cover its operating costs. Affordability and accessibility to our programmes is important to us and is reflected in our pricing and bursary policies set out in detail later in this report. We endeavour to encourage more people from diverse backgrounds to take part in our activities and offer a comprehensive digital programme enhanced and supported by CAMPUS, the world's largest social network for poets. The School is now fimily embedded in Somerset House, an inspiring and impressive location which hosts our Masters in Writing Poetry as well as= an advanced poetry workshop- a selection of short- and one-day courses and- half-day sessions in partnership with the New Poets Collective and the Soulhbank Centre in the Spring temi. In addition it operales in person from Exeter up to York and has over 15 geographical locations where it delivers tuition and events for students and the public, thus justifying its position as an educational institution with genuinely national reach. Prize ceremonies take place outside London in location such as Leeds, Bimiingham and Yorkshire, expanding on the valuable and unique relationship with the Poet Laureate, Simon Armitage. More free workshops, scholarships and bursaries, were marketed and offered, many for marginalised and minority groups including 4 full scholarships for the Masters in Writing Poetry (worth £10,800 each for entrants of the 2024125 cohort) and creative partnerships with groups which specialise in hard to reach poets were developed. A particular long-term partnership with Creative Future has resulted in the School team judging their poetry competition, picking mentors and Isy Mead chairing their poetry publishing panel at the Southbank Centre showcase with this critical audience. The strategies employed to achieve the charity's aims and objectives are to.. Present and market a wide range of programmes, seminars and workshops to appeal to poets of all abilities and from all backgrounds. utilise digital methods of teaching to ensure that in addition to OLtr UK wide physical centres students from all areas can access our work. Achieve greater sustainability, resilience and impact by scaling-up the Poetry School's operations.. increasing staff numbers, improving systems and diversifying th8 funding base. Engage in partnership activities with relevant groups and organisations to devise creative ways for individuals to further their practice and gain experience. Increase free provision to under-represented groups and marginalised poets and remove all financial and other barriers to participation. Putting these strategies into action we have 4 main areas of activity our core informal teaching programme, Masters in Writing Poetry, digital offering and CAMPUS as well as special projects, prizes and partnerships.
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Icontd... Achievements and Perforniance Infomiai reaching pmgramme This is the core of the Poetry School's offer, and has existed in some fomi since the organisation's founding in 1997. We run a programme of activities to teach adults how to write poetry and this programme is segmented in various ways to take account of people's skills, interests, geographical and social situation, level of commitment and budget. Most face-to-face classes tske place in the evening and at weekends. We have 30 week course5 over a year, 10 and 5 session courses over a term. and one and two day sessions at weekends. Classes are set at beginner, intermediate and advanced level, and students can learn about the technical, inspirational or professional aspects of writing poetry. They can also choose from a pedagogical spectrum from lecture to practical workshop. We offer free tsster sessions to all interested in our courses to ensure that everyone, no matter their socio-economic background, herÈtage or disability and everyone can engage with our work from free ecopoetry workshops have reached students globally and have been taught by tutors as far afield as LA to our MA and scholarships for marginalised poets. Our online programme has an average attendance of over 94% with a similar figure being returning students. Our long-term strategies and varieties of support ensure that a beginner may one day become an MA studenl and then teacher, many developing a relationship with the School that tasts decades. MA The Masters in Wriiing Poetry Continues as our first accredited course in association with Newcastle University- We enrolled 16 students for the 2024-25 academic year, an exceptional achievement as this represents two cohorts in both the first and second year for the very first time. The cohorts entering in 2024-25 are an even split of 8 in each cohort with 35 students participating in Somerset House, the School's numbers are far in excess of the 5 students Newcastle itself has on this course at their campus. This has led to a significant lift in revenues as can be seen in the figures. Digital Offering and CAMPUS As already noted this is a key area of success and growth for the School and although the new website development was paused again for this year the School views year-on-year website development as a major priority item in order to remain a going concern. Special pmjects andpartnerships Our'Poet in the World, programming is how we address our audience development targets, focussing particularly on bringing in a younger and more diverse group of writers to the Poetry School. A series of special projects and partnerships helps us do that. In 2024-25, we concentrated on.. Laurel Prize Writer Sn Residence - the School commissioned a promising early career poet who attended the Lau1 Prize-Giving Ceremony at Yorkshire Sculpture Park and workshops led by the Laurel Judges, as well as participate in a ten-week Poetry School course. They then worked to a paid commission to produce a poem and blog reflecting the eco-themes of the Laurel Prize. Verve Performance Lecturer - the School commissioned a poet to provide a poetry perfomiance at the Verve Festival of Poetry and Spoken Word 2025. The Laurel Prize for Nature and Ecopoetry - Poet Laureate, Simon Amiitage's prize created as his headline Laureateship project and to which he is giving his Laureate's stipend of £5,000 per annum for the 10 year term. Funding was secured again from a number of trusts, foundations and individuals to sustain and grow this activity. The Laurel Prize continues to grow in terms of global submissions and visibility.
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 2024-25 also marks the inaugural year of Summit.. A Poetry School Festival our landmark ecopoetry, nature and climate writing festival. Its inaugural edition was in collaboraticn with the University of Leeds Poetry Centre, the Laurel Prtze, the National Poetry Centre, and Yorkshire Sculpture Park supported by Arts Council England, National Landscapes Association, and Leeds City Council. Across Imo days, Summit hosted a day of celebration where the Laurel Prize ceremony took place in- person at the Yorkshire Sculpture Park with an online audience. The second day brought together some of the UK'S most celebrated writers for perfomiances, workshops, surgeries, and panel discussions. Prizes we sponsored and partnered with Creative Future Award, Rebecca Swift Foundation Women Poets Prrze, Aesthetica Creative Writing Prize, The UK National University Poetry Slam & Summit . Partnerships - New Poets Collective, Verve Poetry Festival (Sponsored Performance Lecture), T.S. Eliot Prize, Foard Prizes, Obsidian Foundation, Creative Future. Editorial Partnerships- How l Did It with Foard Prizes, and Writers, Notes with T.S. Eliot Prize. Our Creative Values The Poetry School was established in 1997 by three poets around a kitchen table. From these beginnings our artistic values have grown with a core commitment to providing inspiring tuition and opportunities for poets and poetry audience5. Since our earliest days our activities have enabled poets and poetry to flourish. Wrth established teaching Cenlres throughout England as well as online courses, downloadable activities, and the world's biggest social nelwork dedicated lo poetry - CAMPUS - the Poetry School is unique in its ability to reach and develop aspiring poets wherever they may be, both in the UK and internationally. We respect the diversity and views of our audiences and ensure that all comments on our artistic programme, both positive and negative are respected and heard. We aim to respond to all queries and complaints regarding our programme immediately and properly and ensure that all tutors, students and other stakeholders have their voices heard and their comments noted. The Poetry School was a proud National Portfolio Organisation of Arts Council England 2018-22. During COVID this term was extended to funding to April 2023. In September 2023, the Poetry School was accepted onto the Transfer Programme, completing our transfer into the Northen Portfolio in October 2024 until March 2028. Student Experience The School is committed to monitoring the satisfaction of its sludent5 and all the groups WTth which we work. Over 80 % of our students return to take courses in the future, a statistic which indicates the success of our offer. "The Poetry School has become like my secret elixir that I take a spoonful of when I need some nourishment and inspiration. - Spring 2025 Survey response 'What the Poetry School offers is invaluable because us poets must never stop learning. there is always more to know, read, write and share, plus quality feedback is priceless." Spring 2025 Survey response "Poetry School was the first step in my writing career towards being a professional poet." 2025 Survey response. Spring Poetry School courses have been invaluable to finding my voice and subject matter interests as a poet. I have discovered what I truly love writing about. Every tutor has supplied reading rnaterial that I wouldn't have found on my own." _ Spring 2025 Survey response.
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Financial Review The Poetry School has been mainly funded by the Art Council England since 2018. The support of ACE continues to be essential to maintaining our core costs which will be kept at Ihe current level of activity. Despite the increasing pressure on public expenditure, the Poetry School has secured funding from ACE as one of its Northern Portfolio NPO'S from 2024-28. The trustees understand that the charity is expected to generate increasing proportions of funds through increased sales income, commissioned projects and philanthropy from major trusts and foundations as well as individual donors. The principal source of income for the school was the course sales of £198,966 in 2025. The Poetry School has successfully generated £120,324 income through our MA Programme in partnership with Newcastle University. The aim is to rebuild reserves to the desired levels of 6 months contingency and sector partnerships have slowly been reestablished and are planned to add to unrestricted funds. Our Priclng Policy The Poetry School is committed to ensuring that its work is accessible and affordable to all who wish to P8rticipate, no matter their financial circumstances. Prices and fees were raised nominally across the programme this financial year. Our MA is now £10,800 for the ttvo-year course. Of this amount the Poetry School tskes 85% and Newcastle University 15 %. We offer means tested bursaries to all those who qualify, with up to 1 OOOA of costs funded. Our tutor fees are based on the Society of Authors Freelance Rate Reckoner and we ar8 proud to be a London minimum wage employer. We hold regular reviews with tutors and benchmark our policies against comparators within the arts and academic sectors Investments The Poetry School currently has no inveslments on which to report. Reserves Policy and Golng Concern Reserves are required to cover unplanned emergency expenditure and the trustees consider the ideal level of reserve would be three months, worth of overhead costs. The trustees have reviewed the circumstances of the school and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. Plans for Future Periods The Poetry School Directors will continuously revise its Articles of Association to bring it more closely in line with current Charty Committee advice based on the Chartties Act 2006. The School continues to develop and strengthen relevant partnerships with key organisations as Can be seen in our special projects and other activities. Of particular note is the establishment of the Laurel Prize.
THE POETRY SCHOOL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Icontd... The School continues to innovate and lead activity in the sector engaging new and harder to reach audiences whilst increasing fund raising from trusts and foundations, individuals and pursues corporate partnership5 as well as providing sector leading activities through research and developmenl. Lusungu Chikamata, 30 December 2025 stwcture Governance and Management Goveming Document The Poetry School 15 a private company limited by guarantee (company number 03434849) governed by its Memorandum and Articles of Association dated September 2016. It is a registered charity with the Charity Commission, number 1069314. Appointment of Twstees As set out in the Articles of Association the chair of the trustees is nominated by the Board. Board members serve for 3 years wilh 30 % of members retiring on an annual basis with an option of re- èlection. All members have the opportunity to nominate or support the nomination of trustee8 before ea¢h board meeting and when considering new trustees the Board considers the requirement for any specialist skills required for instance, in the eventuality of a capitsl campaign large scale project management and construction skills will be required. Organisation The board of trustees administers the charity. The Board normally meets quarterly and a representative from Arts Council England is also invrted to attend. An Executive Team is appointed by the trustees to manage the day-to-day operations of the charity as well as the programme and special projects. Related Parties and Co-operation with other oryanisations None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with other poetry organisations must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related paty- In the current year no such related party transactions were reported. Pay Pollcy for Senior Staff The directors consider the board of directors, who are the Poetry School's trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors, expenses and related party transactions are disclosed in note 12 of the accounts. The pay of senior staff is reviewed annualty and nomalsy increased in accordance with average eamings. In view of the nature of the charity the directors benchmark against other arts organisations of a similar size.
THE POETRY SCHOOL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Icontd... Risk Management The organisation has a risk management strategy which compromises - An annual review of the principal risks and uncertainties that the charity faces in line wilh ACE reporting guidelines The establishment of policies, systems and procedures to mitigate these risks identified Discreet risk assessments when faced with new or special projects, such as the potential for a ¢8Pital campaign or other extraordinary activty. ACE gave the charity a risk rating of MODEFIATE, noting that this was "primarily due to the School b8ing out of the portfolio and without Director leadership since Autumn 2023. The Poetry School appointed new Artistic and Finance Diredors, who started work at the beginning of 24125 year." Trustees, responsibilities in relation to the financial statements Trustees, responsibilities statement The trustees (who are also directors of the Poetry School for Ihe puOse5 of Company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial stateTnents for each financial year. Under company law the trustees must not approve Ihe fir¢ancial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP 2019 (FRS 102)., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audtt information of which the charitable company's auditor is unaware., and the trustees have tsken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2008 relating to small companies. By order of the board of trustees Hannah Etim-Gorst (C air) 30 January 2026
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF: THE POETRY SCHOOL FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of The Poetry School for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 March 2025, and of its incoming resources and application of resources. including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of aeKounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 With respect to going concern are described in the relevant sections of this report. Other informatlon The twstees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover Ihe other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF: THE POETRY SCHOOL FOR THE YEAR ENDED 31 MARCH 2025 l¢ontd... We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the trustees, report {incorporating the directors, report) lor the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors. rèport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audtt have not been received from branches not visited by us, or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit-, or the trustees were not entitled to prepare th8 financial statements in accordance with the small companies, regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going 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. Auditorfs responsibllitles for the audit of the finanGial statements Our objectives are to obtain reasonable assurance about whether the fi'nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarant88 that an audit conducted in accordance with ISAS {UK) will ahhfays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misststements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below=
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF: THE POETRY SCHOOL FOR THE YEAR ENDED 31 MARCH 2025 Icontd... Enquiry of management and those charged with governance about actual and potential litigation or claims and Ihe identitication of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness,. and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misststement due to fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statement5, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. lW.fr¢.Org.ukIaUdi1or$responsib7lfflIes. This description forms part of our auditor's report. This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a bcKly, for our audit work, for this report, or for the opinions we have formed. K.C. Fisher (Senior Statutory Auditor} For and on behalf of Kingston Burrowes Audit Limited, ststutory Auditors 308 Ewell Road Surbiton Surrey KT6 7AL 30 January 2026 10-
THE POETRY SCHOOL STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds Restricted Funds Totsl 2025 Total 2024 Notès INCOME AND ENDOWMENTS FROM: Donations and legacies Investment income Charitable activities 143,690 647 328,266 2,500 146,190 178,759 890 395,794 328,266 TOTAL INCOME 472,603 2,500 475,103 575,443 EXPENDITURE ON: Raising funds Charilable activities 532,852 25,000 557,852 567,805 TOTAL EXPENDITURE 532,852 25,000 557,852 567.805 NET (EXPENDITUREIIINCOME Transfer betmeen funds {60,249) (22,5001 (82,749) 7.638 NET MOVEMENT IN FUNDS (60,249) {22.500) (82,749) 7,638 RECONCILIATION OF FUNDS Total funds brought fonmard at 1 April 2024 87,610 22,750 110,360 102,722 TOTAL FUNDS CARRIED FORWARD AT 31 MARCH 2025 £27,361 £250 £27,611 £110,360 The company made no recognised gains and losses other than those reported in the income and expenditure account. All income and expenditure derives from continuing activities. The notes on pages 14 to 21 fomi part of these financial statements.
THE POETRY SCHOOL (Company No. 03434849) BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 FIXED ASSETS Tangible assets 1,063 1,074 CURRENT ASSETS Debtors Cash at bank and in hand 10 6,109 95,401 76,338 93,955 101,510 170,293 CREDITORS: Amounts falling due within one year 11 74,962 61,007 NET CURRENT ASSETS 28,548 109,286 NET ASSETS 12 £27,611 £110,360 FINANCED BY: Unrestricted funds Restricted funds 13 13 27,361 250 87,610 22,750 £27,611 £110,360 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The accounts were approved by the Board of Directors on 30 January 2026. Hannah Etim-Gorst (Chair) The notes on pages 14 to 21 fr)rm part of these financial statements 12-
THE POETRY SCHOOL CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities: Net movement in funds per Statement of Financial Activities Adjustments for.. Depreciation Decreasel{increase) in debtors (Decrease)Ilncrease in creditors {82,749) 7,638 666 70.229 13.955 499 {23,304) 21,481 Net cash (used In) operating activitles 2,101 6,314 Cash flows from investing activities: Purchase of tangible fixed assets (655) (1,147) Net cash pmvlded by/(used in) investing activities 1,446 5,167 Increase in cash 1,446 5,167 Cash and cash equivalents brought forward 93,955 88,788 Cash and cash equivalents carried forward £95,401 £93,955 Analysis of cash and cash equivalents 2025 2024 Cash at bank and in hand £95,401 £93,955 The notes on pages 14 to 21 form part of the financial statements. 13-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES General information and basis of accountrng The Poetry School is a registered charity (No. 1069314) and private company limited by guarantee (No. 03434849), incorporated in Great Britain and registered in England and Wales. The registered office is given in the Reference and Administrative Details in the Trustees, Annual Report. The chartty constitutes a public benefrt entity as defined by FRS 102. The financial statements have beèn prepared in aGGordanGe with Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis and under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. Thes& policies have been consistently applied to all years presented unless othemise stated. Tangible Fixed Assets Fixed assels are shown at historical cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life by the straight line method. Fumiture and equipment Improvements to leasehold premises 250/0 20% Taxation The charitable company is exempt from taxation under s505 Income and Corporation Taxes Act 1988. Income recognrtion All income is recognised once the charity has entitlement to the income, there is sufficient certainty that receipl of the income is considered probable and the amount can be measured reliably. The Poetry School receives much of its income at the start of the academic year for courses held throughout that year. Accordingly the proportion of income for the next fsnancial year is deferred. Expenditure recognition Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party. it is probable that settlement will be required and the amount can be measured reliably. 14-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED> ACCOUNTING POLICIESlcontd... Expendiiure is classified under the following headings.. Raising funds which comprise of those costs associated with attracting voluntary income such as grants and donations Charitable activities which comprise of those costs associated with carrying out the charity's various activrties in order to meet tts objectives Expenditure includes those of a direct nature which can be allocated to a specific activty. It also includes indirect costs, including governance costs that do not relate to a specific activity but are necessary to support those a¢livities. Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairtnent are recognised expenditure. Fund accounting The Restricted Funds are restricted income funds given to the charity for specific reasons. They are expendable by the trustees in respect of particular projects in furtherance of the objects of the charity. The Unrestricted Funds are funds expendable at the discretion of the trustees in furtherance of the objects of the charity. Leases Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pensions The charty operates a defined contribution scheme. Contributions payable under the scheme are charged in the Statement of Financial Activities in the year to which they relate. 15-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) DONATIONS AND LEGACIES Unrestricted Funds Restricted Funds Total 2025 Total 2024 Arts Council England-Transfer Programme Arts Council England- Transition Fund Arts Council England- Feasibility Project Donations 142,993 142,993 59,581 83,412 2,500 2,500 22,500 697 697 13,266 £143,690 £2,500 £146,190 £178,759 Of th& £178,759 recognised in 2024, £67,847 was unrestricted funds and £110,912 was restricted funds. INVESTMENT INCOME Unrestricted Funds Restricted Funds Total 2025 Total 2024 Bank interest receivable £647 £Nil £647 £890 All of the £890 recognised in 2024 was unrestricted funds. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds Total 2025 Total 2024 Courses (inc. online), Tutorials, Seminars & Workshops New Artistic Programmes and Special Projects Higher Education Programme oth&r income 198,966 198,966 233,086 8,976 120,324 8,976 120,324 10.894 149,014 2.800 £328,266 £Nil £328,266 £395,794 All of the £395,794 recognised in 2024 was unrestricted funds. 16-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds Total 2025 Total 2024 Salaries and staff costs Tutor fees Rent and venue hire Premises cost Marketing Course Expenses Higher Education Programme New Artistic Programmes Grants to Students Insurance Communications Website costs Legal and professional Repairs and renewals {Inc. IT) Stationery and office supplies Telephone and Internet Bank and PayPal charges Sundry expenses Depreciation Travel 228,718 129,348 12,929 1,339 4,228 10,813 53,677 19,710 21,300 3,461 130 8.858 5,330 3,377 342 1,414 942 211 666 2,176 1,000 229,718 129,348 12,929 1,339 4,228 10,813 53,677 43,710 21,300 3,461 130 8,858 5,330 3,377 342 1,414 200,915 131,937 31,587 1,145 3,307 21,123 70,286 30,334 7,440 3.425 190 7,978 21,840 3,501 4,990 1,624 5,164 571 499 9,328 24,000 211 2,176 DIRECT PROJECT COSTS £508,969 £25,000 £533,969 557,164 SUPPORT COSTS Salaries and staff costs Governance costs: Auditors remuneration Directors, expenses 21.000 21,000 6,450 2,130 753 2,130 753 2,010 2,181 £532,852 £25,000 £557,852 £567,805 Of the £587,805 expended in 2024, £476,393 was charged to unrestricted funds and £91,412 to restricted funds. 17-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) NET INCOMEI(EXPENDITURE) FOR THE YEAR 2025 2024 This is ststed after charging.. Operating lease r&ntals Auditors, remuneration.. Audit services Non-audit services - accountancy seNtces Depreciation £9,097 £18,179 £1,785 £345 £1,700 £310 £499 STAFFING 2025 2024 Salaries Social Security cost Pension costs 210,609 15,333 5,866 155.636 10,309 3,790 231,808 35,134 169,735 37,630 Consultants and other stsff costs £266,942 £207,365 No employee received employee beneffts {excluding employee pension costs) of more than £60,000. Total employee benefits received by key management amounted to £91,663 (2024: £30,684}. 2025 No. 2024 Number of Staff Director Programme & Marketing Administration & Finance TRUSTEE EXPENSES No Trustees12024'. Nil) were reimbursed for out of pocket subsistence expenses. These amounted to £Nil for the year (2024.. £Nil)- 18-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) TANGIBLE FIXED ASSETS Furniture & Equipment Cost At 1 April 2024 Additions Disposals 22,753 655 At 31 March 2025 23,408 Depreciation At 1 April 2024 Charge for the year Eliminated on disposal 21,679 666 At 31 March 2025 22.345 Net Book Values At 31 March 2025 £1,063 At 31 March 2024 £1,074 10. DEBTORS 2025 2024 Accrued income Other debtors Prepayments 18,226 57,329 783 4,398 825 £6,109 £76,338 11. CREDITORS: Amounts falling due within one year 2025 2024 other creditors including taxation and social security Accruals Deferred inrne 53,705 4,170 17,087 58,942 2,040 25 £74,962 £61,007 All of the deferred income brought fOard was released during the year. 19-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 12. ANALYSIS OF NET ASSETS BEWEEN FUNDS Unrestricted Funds Restrlcted Funds Total 2025 Total 2024 Fund Balances at 31 March 2025 are represented by: Tangible fixed assets Current 8ssets Current liabilities 1,063 101,260 {74,962} 1,063 101,510 (74,962) 1,074 170,293 (61,007) 250 £27,361 £250 £27,611 £110,360 13. MOVEMENT IN FUNDS At 1 April 2024 At 31 March 2025 Income Expenditure Transfers Restricted Funds.. Apples & Snakes ACE Feasibility 250 22,500 250 2.500 2,500 22.750 2,500 2,500 250 Unrestricted Funds.. General 87.610 472,603 532,852 27,361 Total Funds £110,360 £475.103 £557.852 £Nil £27,611 Comparative information for previous year: At 1 April 2023 At 31 March 2024 Income Expendtture Transfers Restricted Funds.. Laurel & Ginkgo prizes Grace Cook Scholarship Apples & Snakes ACE Transition ACE Feasibility 5,000 5,000 3,000 3,000 250 250 83.412 22,500 83,412 22,500 3,250 110,912 91,412 22,750 Unrestricted Funds". General 99,472 464,531 476.393 87,810 Total Funds £102,722 £575,443 £567,805 £Nil £110,380 -20-
THE POETRY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 {CONTINUED} 13. MOVEMENT IN FUNDS continued Funds Transter Programme - a grant of £142, 993 was received to provide support as we moved our head office out of London with our work continuing to take place across the UK. Feasibility Project - a grant of £25.000 was received to visit and establish possible options for administrative headquarters and permanent in person teaching facilities in one or possibly more than one location in Leeds, Manchester, Newcastle and a maximum of two other locations. Apples & Snakes - £250 remains for partnership working between the Iwo organisations following a successfuljointly programmed course in 2014. Grace Cook Scholarship - donations were received in memory of our late colleague Grace Cook. The trustees have agreed to use these funds to establish a scholarship for a BIPOC poet. Laurel Prize - a donation of £5,000 were received towards the cost of the prize. 14. OPERA TING LEASE COMMITMENTS Total future minimum lease payments under non-cancellable operating leases are as follows.. 2025 2024 Amounts due within.. One year One to five years £Nil £Nil 15. CONTINGENT ASSETS Total grant funding awarded as at 31 March 2025 but not yet received and recognised as income due to the recognition criteria not being met amounts to £297,795 {2024 = 142,993). 21