SWAC
SOUTH WEST
ACADEMY
South West Academy of Fine and Applied Arts
(A company limited by guarantee)
Report and Financial Statements Year ending 31 March 2024
Charity number 1087350
Company number: 04243361

The South West Academy of Fine and Applied Arts.
Report of The Trustees for the year ending 3tst March 2024.
The Trustees are pleased to present their annual directors, report together with the financial
statements for the year ended 31st March 2023 which are also prepared to meet the
requirements ft)r a directors, report and accounts for Companies Act purposes.
The financial statements comply with the Charities Art 2011, the Companies Act 2006, the
Memordndum and Articles of Assoclation. and Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland
(FRS 102) (as amended for accounting periods commencing 1st January 2016).
Foreword
The year from Aprll 2023 to the end of March 2024 saw The Academy, along with other
organisations, fully establish itself post-covid but still facing up to continuing global financial
restraints.
During the year the Board of Trustees fijrther Increased in number with a settled and
workmanlike programme re-established.
The exhibition programme was "back to normal" with The Thelma Hulbert Exhibition
returning to our annual programme.
Monthly Report.
April.
The Brownston Gallery SWAC Spring Exhibition took place during March and April with a
selection of members chosen by Catherine Gillen, Director of The Brownston, exhibiting.
Although only a few members take part each year this opportunity continues to be very
worthwhile for Academy Members and for some this is the beginning of a lengthy
irNolvement, for the first time, with a commercial gallery. April also sees the planning for
Delamore in full swing including the set up and delivery of the SWAC exhibition boards and
the collection of work for the Delamore illustrated catslogue. We thank Trustee Simon Butler
for his work collating and designingthe catslogue.
PAGE I

May.
This month has always been dedicated to Delamore and The SWAC Exhibition in The Stsble
Gallery. This continues to be a major organisational challenge with finding two or more
stewards from the membership to be present every day during May• a constant challenge.
Sales at Delamore were good again in 2023 and the exhibition was very well received. We
were pleased to hold our normal members, get together in the courtyard which was well
attended on collect70n day.
June.
During June we held our first exhibition at The Sou Sou West Gallery at Symondsbury. We
thank Phil Clayton and Caz Kin8 for their work setting up this opportunity for The Academy.
We were pleased to take our members work into Dorset and closer to our members who live
further Eagc.
July.
The Sou Sou West Exhibition at Symondsbury ended in July and Phil Clayton provided an
excellent service in returning work to members directly or via our base at Kennaway House.
The OESS System was open for submissions during July so the public and members could
upload their work for The Open Exhibition.
August/september.
We always attempt to keep the summer months clear of exhibitions to allow the membership
space for holiday commitments and to enjoythe betterweather. The Trustees and Vickyjohns,
our Arts Administrator, are, however, busy in the summer setting up the OESS glstem and
planning for our Open Exhibition at Kennaway House.
At this time a number of members were involved in The North Devon Children's Hospice
charity event by painting a large Bear for auction. The auction took place on September 15th
with a few members attending. To run parallel with this Alison Summerfield, Trustee and Hon
Member, organised a childrens, art event to engage younger artists.
October.
The Selection Committee for the Open Exhibition was held and work from the general public
was selerted for The Open Exhibition. The entry numbers were very similar to previous years
and the OESS System was updated and successfijl entrants were notified by logging into the
system. The exhibition boards were collected and delivered to Kennaway from their base in
Silverton and public and member delivery took place.
November.
The Open Exhibition took place in the first two weeks of November. The exhibition was very
well received again. We continued to exhibit on both floors of Kennaway House and it was
excellent yet again. Both the public an&t&6Part groups thoroughly enjoy having such a high-
profile exhibition in the locality to visit.

During November we held the selection for new members at Kennaway to coincide with our
Open Exhibition. We welcomed a new member Solly Solomon.
December.
During December we again avoid running member events although the administration
continues to be busy following the sales and organisation of The Open.
January.
January saw the first administrative visit to The Thelma Hulbert Gallery trHG) for our first
exhibition at the gallery since the pandemic.
We had a further new member selection meeting and welcomed new members,.
lan Cox, Steve Kenna, Marcelle Milo-Gray and Mellony Taper
OurAnnual General Meetingwas held remotely on January 31st. This was a very well attended
meeting, the report was unanimously accepted by member5 With much favourable comment
about the continuing work of The Trustees and the healthy state of the SWAC Finances. The
existing Trustees, Treasurer and Secretary were all returned to post. The Trustees agreed to
continue the role of "Rolling Chair" with Trustees Chairing meetings in turn.
February.
We appointed a new role of Education Consultant to The Academy and we We￿ pleased to
welcome Mr Nic George to SWAC. Nic has good previous experience in education, being a
Teacher, Head Teacher and more recently Freelance Education Consultant in Devon. We have
plans for Nic to provide education services, on our behalf, to link with SWAC Exhibitions.
March.
Our long-awaited return to The Thelma Hulbert Gallery (THG) in Honiton commenced with
delivery on March 13th. The PV, which was exceedingly well attended, took place on March
23rd. Prior to The PV we held a members, get-together and buffet lunch at The Beehive in
Honiton. We were delighted to welcome Mr John Nettles OBE to this gathering. John has
become The President of The South West Academy and he gave a very brief, lively and well-
received talk to a large group of members prior to the PV. At this meeting John presented
Honorary Membership to Trustee Jenny Pymont for her continuing and unstinting services to
SWAC.
The THG exhibition, which John Nettles opened, was very popular and closed to the public on
May Ilth.
Phil Creek
Trustee and Hon Treasurer. The South West Academy of Fine and Applied Art5.
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SWAC
SOUTH WEST
ACADEMY
Structure. Governance and Management
Governing Document
The charity is a company limited by guarantee (number 04243361) and was incorporated
th
on 29 June 2001. It was registered with the Charity Commission
(registration number 1087350) on 4 July 2001. The company was established under a
Memorandum of Association which describes the objects and powers of the charitable
company, and it is governed under its Articles of Association. Individuals. who must be
members of the company. are usually elected to the Board of Trustees (the Council) by
the company sitting in general meeting. Alternatively, they may be appointed by
members of the Council provided two thirds of the members of the Council support their
appointment. One third of their number retires by rotation each year and are eligible for
re-election. In furtherance of our charitable objects (see below), it is the companvs policy
that the Council is responsible for setting the overall strategy and policies of the
organisation, and all matters pertaining to general administration.
Charltable Objects and strategy
SWAC charitable objects as defined by the Memorandum and Articles of Association can
be found on the Charity Commission website.
How Our Activities Deliver Public Benefit
The Board of Trustees have complied with their duty under section 17(5) of the Charities
Act 2011 to have due regard to the guidance on public benefit published by the Charity
Commission in exercising their powers and duties. The trustees are satisfied that the
aims, objectives and activities of the charity meet with the terms of this guidance.
Reference and adminlstratlve details
Charity number:
1087350
Company number:
04243361
Registered Office:
Kennaway House, Coburg Road. Sidmouth, Devon EXIO 8NG
Our adviser5
Independent Exarniner:
Bankers: HSBC plc
Lee Bingham 72 Beacon Lane, Exeter, Devon EX4 8LW
250 High Street, Exeter, Devon, EX4 3PZ
Directors and trustees
The dirertors of the charitable company {the charity) are its trustees for the purpose of
charity law. The trustees and officers serving during the year and since the year end were as
follows:
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SWAC
SOUTH WEST
ACADEMY
Key management personnel SWAC: Trustee< and Directors
Elected trustees-
S M Butler
P Creek
A Baker
J Pymont
A Summerfield
G Shillito
D Norman
A Cotton
Secretary
Vjohns
Financial Revlew & Reserves Policy
Reserves policy
The reseNes policy specifies that SWAC should have sufficient fvnds available to cover any
outstanding liabilities.
The charit¢s free reserves, as disclosed on the balance sheet, were £27,465 at 31st March 2024
and had no outstanding liabilities.
Investment policy
Surplus funds are held in a HSBC higher-interest charity account specifically designed to
maximise returns, and will be reviewed during 2024/25.
Rlsk Management
The trustees have also conducted thelr own review of the major risks to which the charlty is
exposed, and systems have been established to minimise these risks. A risk management
review will be conducted on an annual basis.
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SWAC
SOUTH WEST
ACADEMY
Trustees. and examiners respective responsibilities
The charity trustees (who are also the directors of the SWAC for the purposes of
company law) are responsible for preparation of the accounts. The charity's trustees
consider that an audit is not required for this year under section 144 of the Charities Act
2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to..
exarnine the accounts undersection 145 of the Charities Act,
to follow the prO￿dureS laid down in the general directions given by the
charity Commission (under section 145{5>(b) of the Charities Act), and
to state whether particular matters have come to my attention.
Basis of Independent examinerfs ststement
My exarnination was carried out in accordance with general directions given by the
Charity Commission. An examination includes the review of the accounting records kept
by the charity and a comparison of the accounts presented with those records. It includes
consideration of any unusual items or disclosures in the accounts. and seeking
explanations from the trustees conceming any such matters. The prO￿dureS undertaken
do not provide all the evidence that would be required for an audit, and consequently no
opinion is given as to whether the accounts present a Irue and fairf view and the report is
limited to those matters set out in the statement below.
Independent examinerfs statement
In connection with my examination, no material matter has come to my attention which
gives reasonable cause to believe that in, any material respect-
the accounting records were not kept in accordance with section 130 of the Charities
Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form
and content of accounts set out in the Charities (Accounts and Reports) Regulations
2008 other than any requirement that the accounts gtve a 'true and fair, view which
is not a matter considered as part of an independent examination.
13th De￿mber 2024
Lee Bingham
ACCA Part Qualified
Beacon House, 72 Beacon Lane, Beacon Heath Exeter EX4 8LW
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SWAC
SOUTH WEST
ACADEMY
ststement of financial Activities
for year ending 31 March 2024
Unrestrirted Restricted Totsl Funds Totsl Funds
Funds
Funds
2024
2023
Note
Income:
Donations and legacies
2.264
2,264
9,623
Charitable Activities
26,981
25,000
51,981
34,445
Other trading income
9,318
9,318
6,108
Investment income
340
340
24
Total income
38,903
25,000
63,903
50,200
Expenditure
Expenditure on charitable actlvities:
Charitable expenditure
38,178
38,178
45,818
Other
442
442
280
Totsl expenditure
38,620
38.620
46,098
Net income/(expenditure) and net
movement in funds for the year
283
25,283
4.102
Reconciliation of funds
Total Funds brought foNiard
27.182
27,182
23,080
Total funds carried forward
27,465
25.000
52,465
27,182
The statement of financial activities includes all gains and105ses recognised in the year. All income
and expenditure derive from continuing activities.
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SWAC
SOUTH WEST
ACADEMY
Balance Sheet as at 31st March 2024
Note
2024
2023
Fixed assets
Tangible assets
Total Fixed Assets
Current assets
Debtors
Cash at bank and in hand
Totsl Current A55ets
4,733
47,982
52,715
27,432
27,432
Liabilities
Creditors falling due withln one year
{2SO)
{250)
Net Current assets
52,465
27,182
Net assets
52,465
27,182
The funds of the charlty:
Restricted funds
Unrestricted funds
13
25,000
27.465
27,182
Total charity funds
52,465
27,182
For the financial year in question the company was ent5tled to exemption under section 477
of the Companies Act 2006 relating to small companies. No members have required the
company to obtain an audit of its accounts forthe year in question in accordance with section
476 of the Companies Act 2006. The direttors acknowledge their responsibility for complying
with the requirements of the Act with respect to accounting records and the preparation of
accounts. These accounts have been prepared in accordance with the provisions applicable to
companies subject to the small companies, regime.
These financial ststements were approved on 13th December 2024 and signed on behalf of the board
by:
Phil Creek
Trustee
PAGE 8

SWAC
SOUTH WEST
ACADEMY
Statement of Cash Flows for year ending 31 March 2024
Note
2024
2023
Cash used in operating artivities
14
20,550
4,102
Cash flows from investing activities
Purchase of Equipment
Cash provided by (used in) investing
artivlties
Cash flows from flnancing artivities
Cash used in financing activities
Increase (decrease) in cash and cash
equivalents in the year
20,550
4,102
Cash and cash equivalents at the
beginning of the year
27.432
23,330
Total cash and cash equlvalents at the
end of the year
47,982
27,432
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SWAC
SOUTH WEST
ACADEMY
Notes on the accounts
Accounting Policies
The principal accounting policies adopted, judgements and key sources of
estimation uncertainty in the preparation of the financial statements are as follows-
a} Basis of preparation
The financial statements have been prePa￿d in accordance with Accounting and
Reporting by Charities: 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 {FRS 102) (effective l January 2015) -
(Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) and the Companies Act 2006.
A55ets and liabllities are initially recognised at historical c05t or transaction value
unless otherwise stated in the relevant accounting polioi notels).
b) Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the trustees have considered whether in applying the
accounting policles required by FRS 102 and the Charities SORP FRS 102 the
reststement of comparative items was required.
No restatements were required. In accordance with the requirements of FRS 102
reconciliation of opening balances is provided.
a) Preparation of the accounts on a going concern basis
The trustees are of the view that the immediate future of the Trust for the next 12
to 18 months and that on this basls the charity is a going concern.
b) Income
Income is recognised when the charity has entitlement to the funds, any
performance conditions attached to the item(sl of income have been met, it is
probable that the income will be recetved and the amount can be measured reliably.
c) Donated services and facilities
Donated professional services and donated facilities are recognised as income when
the charity has control over the item, any conditions associated with the donated
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SWAC .
SOUTH WEST
ACADEMY
item have been met. the receipt of economic benefit from the use by the charity
of the item is probable and that economic benefit can be measured reliably. In
accordance with the Charities SORP (FRS 102), the general volunteer time of the
Friends is not recognised and referto the trustees, annual report for more
information about their contribution.
On receipt, donated professional sep4ices and donated facilities are recognised on
the basis of the value of the gift to the charity which is the amount the charity
would have been willing to pay to obtain services or facilities of equivalent
economic benefit on the open market,- a corresponding amount is then recognised
in expenditure in the period of receipt.
dl Interest receivable
Interest on funds held on deposit is included when receivable and the amount can
be measured reliably by the charity; this Is normally upon notification of the
interest paid or payable by the Bank.
e) Fund accountin8
Un￿strIrted funds are available to spend on activities that further any of the
purposes of charity.
Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a
payment to a third party, it is probable that settlement will be required and the
amount of the obligation can be measured reliably.
g) Tangible fixed a55ets
Individual fixed assets costing £500 or more are capitalised at cost and are
depreciated over their estimated useful economic lives on a straight line basis as
follows:
Asset Category
Equipment
Annual rate
20%
h) Debtors
Trade and other debtors are recognised at the settlement amount due after any
trade discount offered. Prepayments are valued at the amount prepaid net of any
trade discounts due.
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SWAC .
SOUTH WEST
ACADEMY
i) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid
investments with a short maturity of three months or less from the date of
acquisition or opening of the deposit or similar account.
j) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation
resulting from a past event that will probabty result in the transfer of funds to
third party and the amount due to settle the obligation can be measured or
estimated reliably. Creditors and provisions are normally recognised at their
settlement amount after allowing for any trade discounts due.
k) Financial instruments
The Academy only has financial assets and financial liabilities of a kind that qualify
as basic financial instruments. Basic financial instruments are initially recognised
at transaction value and subsequently measured at their settlement value.
Legal ststus of the Academy
The Academy Is a company limited by guarantee and has no share capital. In the event
of the charity being wound up, the liability in respect of the guarantee is limited to a
maximum of £10 per member of the charity.
Income from Donatlons & Legacies
2024
2023
Donations & Gift Aid
2,264
2,264
9,623
9,623
SWAC benefits greatly from the involvement and enthusiastic support of its many
volunteers. details of which are given in our annual report. In accordance with FRS 102
and the Charities SORP IFRS 102), the economic contribution of general volunteers is
not recognised in the accounts.
Income from charitable activities
Restritted un￿strirted
2024
2023
Grants
Exhibition income
Total income from
charitable artivities
25,CKK)
25,000
26,891
26,981
34,445
25.000
26,981
51,891
34,445
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SWAC
SOUTH WEST
ACADEMY
Analysis of expendlture on charitable activities
2024
2023
Charttsble activlties
Artists, and exhibition fees
Administration costs
Office expenses
Bank charges
Total
20,265
12,741
5,072
100
38.178
29,054
11,447
5,211
106
45,818
2024
2023
Other
Independent examiner's fees
280
Corporation Taxation
The charity is exempt frorn tax on income and gains falling within section 50S of
the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to
the extent that these are applied to its charitable objects.
Tangible fixed assets
Totsl
Cost:
As at l April 2023
Additons
As at 31 March 2024
553
553
Depreciation:
As at l April 2023
Charge for the year
As at 31 March 2024
553
553
Net book value
As at 1st April 2023
As at 31st March 2024
PAGE 13

SWAC
SOUTH WEST
ACADEMY
Debtors
2024
2023
Prepayments & Accrued Income
4,733
Creditors: amounts frdlling due wtthin one year
2024
2023
Other creditors & accruals
250
250
10
Post-balance sheet events
The Trustees have confirmed that there are no post balance sheet events.
11
Related parties
There have been no related party transactions in the period requiring disclosure
12
Controlllng entity
The charity is controlled by the trustees who are all directors of the company
13
Analysis of movements in funds
tst April 2023
Income
Expenditure
31st March 2024
Restricted Funds
25.000
25,000
Unrestrirted Funds
General fund
27,182
38,903
38,620
27,465
Totsl Funds
27,182
63,903
38,620
52,465
Purposes of restrirted fvnds
Dartmoor Trust
Phoebe Wortley-Talbot Project- London Exhibition
PAGE 14

SWAC
SOUTH WEST
ACADEMY
14
Reconciliation of net movement in fvnds to net cash flow from operatlng artivities
2024
2023
Net movement in funds
Add back depreciation charge
Deduct interest income shown
in investing activities
Decrease (increase) in stock
Decrease {increase) in debtors
Increase (decrease) in creditors
Net cash used in operating activities
25,283
4,102
{4,733)
20.550
4,102
PAGE 15

The South West Academy of Fine & Applied Arts
Statement of Financial Activities year ended 31st Marth 2024
Income
Event Income
Grants
Donations & Gift Aid
SWAC Membership Fees
Other Income
2024
26,981
25,000
2,264
9,318
2023
34,445
9,623
6,108
63,563
50,176
Other Income
Bank Interest Received
339
24
Total Income
63,903
50,200
Expenses
Artists Payments
Exhibition Costs
Administrator Costs
Office Expenses
Accountant
Bank Charges
Total Expenditure
13,304
6,961
12,741
5,072
442
99
38,620
19,990
9,064
11,447
5,211
280
106
46.098
Net Surplu5/1Deficit}
25,283
4,102