SWAC SOUTH WEST ACADEMY South West Academy of F.ine and Applied Arts (A company limited by guarantee) Report and Financial Statements Year ending 31 March 2025 Charity number 1087350 Company number: 04243361 •AEIWL TMKt* 1711212025 COMPANIES HOUSE A34
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The Soulh Wesi Academy The South West Academy of Fine and Applied Arts. Report of The Trustees for the year ending 31st March 2025. The Trustees are pleased to present their annual directors, report together with the financial statements forthe year ended 31st March 2025 which are also prepared to meet the requirements for directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of A5$0ciation, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts Sn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 las amended for accounting periods commencing 1st January 2016). For The year from April 2024 to the end of March 2025 saw The Academy begin to plan for its 25 Anniversary celebrations and two major exhibitions as well as The Annual Open Exhibition. th Durin8 the year, the Board of Trustees further increased in number with a settled and workmanllke programme continuing. Monthly Report. March. The Thelma Hulbert Gallery ITHGI SWAC Exhibition begun with an excellent social event held at The Beehive close to the THG gallery. We were delighted to welcome our new President John Nettles OBE to this event. Durin8 the event John a150 awarded Jenny Pymont with Honorary Membership of The Academy for her long service to the organisation a5 a Trustee and for her work leading a major part of The Academy's social media. John presented Jenny with her new Honorary Membership Lanyard. The Academy provided a free buffet for all Academicians and friends which was enjoyed by all attendin8, It was a very well attended and positive social event which we plan to repeat into the future. John later spoke at The THG Private View and opened our exhibition. There was an exceptionally large audience at the event fi'lling the gallery spaces. The exhibition ran successfully f rom Saturday 23 March to 11 April. We were pleased that Councillor Nic Hookway, PortFolio Holder for Culture East Oevon, who has previously attended The SWAC Open Exhibib'ons. was also able to attend. We thank Vin Jelly, Phil Creek. Luke Shepherd, and Nic George SWAC Education Consultant, for providing education workshops for primary and secondary schools, the community, and Honiton Memory Cafe at THG which are being kindly sponsored this year by The Phoebe Wortley-Talbot Trust, The Honiton Community College workshop focussed on Dartmoor as a theme. The Brownston Gallery SWAC Spring Exhibition took place again during March and April with a selection of members chosen by Catherine Gillen, Director of The Brownston who was soon to announce that she was leavingthe gallery in 2024. Although only a few memberstake part each year, this opportunity Page I
SWAC The Souih West Academy continues to be very worthwhile for Academicians and for some this is the beginning of a lengthy involvement, for the first time, with a commercial gallery. April. 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 Oelamore illustrated catalogue. We again thank Trustee Simon Butler for his work collating and designlng the catalogue whlch is free to members. Mav. Duringthe entirety of May SWAC dedlcates It's ttme to Delamore and The SWAC Exhibition in The Stable Gallery. As in previous years finding coverage for two or more stewards from the membership to be present every day during May was a challenge and, on some occasions, we failed to reach our desired numbers. On one occaslon we had no stewards and Delamore had to steward on our behalf. Sales at Delamore were good again in 2024 and the exhiblt6on was very well attended. th The Drecki Lecture was held at the Royal Albert Memorial Museum in Exeter on 7 May commencing at 18.'00 with ticket prices at £15. The lecturer was by our very own lon8 5tandin8 and honorary member John Hurford along with Dr Ivan Tacey. This was an outstanding talk which was very well attended by members of the public and some SWAC members. June. During June. the website was updated wlth all new members being added, plus the Trustees. At thls point in time The Academy had 10 Trustees Andrew 8aker, Simon Butler, Gill Burbidge, Alan Cotton, Phil Creek, Robert Dudley, David Norman, Jenny Pymont, Geoff Shillito, Alison Summerfield, Julv. The OESS System was open for submlsslons during July $0 the public and members could upload their work for The SWAC Open Exhibition. We were pleased to welcome four new members who have recently joined SWAC, these were Marla Bower5, Caroline Flage, Simon Gray, and Cathryn Nettles. We welcomed all our new members to The Academy. August. We were able to confirm both the London Exhibition at The RWA Gallery and The Dartmoor exhibition at Neadon Barn in 2025. These exhibition plans were shared with members at this point so that ample preparation time was provlded. We are grateful for the financlal support ofThe Phoebe Wortley-Talbot Trust. September At this point Vicky was increasingly updating the website as she gradually took over control. of most aspects, from Tom Flynn who previously managed the site. October The summer and early autumn are spent setting up the OESS system and planning and advertising our usual Open Exhibition at Kennaway House, Sidmouth. Page 2
SWAC The Soutli West Academy The Selection Committee for the Open Exhibition was held on-line and Sater in person where work from the public was selected. The entry numbers were very similar to previous years and the OESS System was updated, and successful entrants were notified by logging into the system. The exhibition boards were colletted and delivered to Kennaway from their base in Silverton and public and member delivery took place. The Academy always strives to have more non-member pieces in the exhibition and fewer from Academicians. Academicians continue to have two free entries each as part of thelr membership agreement. November. th th The Open Exhibition took place on 29 October and was open un1 9 November. The exhibition was very well received again but for the first time the exhibition was being held on a single floor. It made the exhibition more closely hung but reduced the workload.. The new lay'out was well received by artists and the public. We had an excellent PV which was well attended with very positive comments. The Chair of Sidmouth Town Council was very pleased to have such a prestigious exhibition in the town and encouraged SWAC to apply for sponsorship in 2025. The Trustees decided to offer an award to a member for the first tlme this year and we were delighted that John Nettles awarded the very first President's Award, for an Academician, to Tony Williams RSMA. During November we held the selettion for new members at Kennaway to coincide with our Open Exhibition, December. During December we again avoided runnin8 mernber events although the administratton ConnueS to be busy following the sales and organlsation of The Open. After selection in November the following new members became Academlclans, Dawn Jordan, Alice Hole, and Roy Meldrum. We welcome our new members to The Academy and look forward to exhibiting with them during the year. January. January saw The Trustees decide to end the rolling programme used to Chair the Academy and Phil th Creek agree to step up as Chair to steer the organisation through its 25 Anniversary year to commence in January 2025. Thls was Phil's fourth term as Chair, and he agreed to coordinate with Vicky to make sure the exhibitions are well planned. We have Simon Butler to thank for arranglng the fundln8 for these exhlbitfons from The Phoebe Wortley-Talbot Trust. Until a replacement can be found, Phil will also continue as Hon Treasurer. It was decided to delay The SWAC AGM until April and, ratherthan running a remote (Zoom) meeting, to hold a physical meeting in Exeter. We heard in January that we secured funding from Sidmouth Town council to develop an education project under the stewardship of Nic George our Education Consultant. Februarv. It was decided that the theme for The SWAC education project was to link to The Sidmouth Donkey Sanctuary with Education Consultant Nic George working in several Sidmouth and other local schools. The Trustees were pleased to appoint Alison Summerlield to the post of Vice Chair of The Academy. Page 3
March. Due to the popularity of SWAC membership there was a further selection panel for new members held in March. It was a150 confirmed that this year's speaker for Drecki Lerture would be sculptor Luke Shepherd, and th it would be held on Tuesday 13 May at The Royal Albert Memorial Museum and Art Gallery IRAMMI, Queens Street, Exeter. RAMM would advertise the event again using their own website. Phil Creek. 0111212025. Trustee and Chalr. The South West Academy of Fine and Applled Arts. Page 4
SWAC SOUTH WEST ACADEMY Strurture, Governance and Management Governing Document The charity is a company limited by 8uarantee (number 042433611 and was incorporated on 29 June 2001. It was registered wlth the Charity Commission th (registration number 10873501 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 bv 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 company's policy that the Councll is responsible for settlng the overall strategy and pollcles of the organisation, and all matters pertaining to general admlnlstration. Charitable Objects and strategy SWAC charitable objects as defined by the Memorandum and Articles of Associatlon can be found on the Charity Commission webslte. How Our Actlvities Deliver Publlc Beneflt The Board of TrustÈes have complied with their duty under Section 17151 of the Charitie5 Act 2011 to have due regard to the guidance on public benefit published by the Charity Commisslon In exercising their powers and dutie5. The trustees are satlsfled that the alms. objectives and activltles of the charity meet with the terms of this guidance. Reference and adminlstrative detalls Charity number: 1087350 Company number.. 04243361 Registered Office: Kennaway House, Coburg Road, Sidmouth. Devon EXIO 8NG Our advisers Independent Examiner.. Bankers: HSBC plc Lee Bingham 72 Beacon Lane, Exeter, Devon EX4 8LW 250 High Street, Exeter, Devon. EX4 3PZ Directors and trustees The directors of the charitable company Ithe 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.. Page 5
SWAC SOUTH WEST ACADEMY Key management personnel SWAC: Trustees, and Dlrectors Elected trustees: S M Butler P Creek A Baker J Pymont A Summerfield G Shillito D Norman A Cotton P Dudley G Burbid8e M Bowers lappolnted Ilth June 20251 Secretary Vjohns Financial Revlew & Reserves Policy Reserves pollcy The reserves policy specifies that SWAC should have sufficient funds available to cover any outstandin8 liabilities. The charitls free reserves, as disclosed on the balance sheet, were £38,030 at 31st March 2025 and had no outstandin8 liabilities. Investment pollcy Surplus funds are held in a HSBC higher-interest charity account 5peciflcally designed to maximise returns. and will be reviewed durin8 2025126. Rlsk Management The trustees have also conducted their own review of the major risks to which the charity is exposed, and 5VStems have been established to minimise these risks. A risk mana8ement revlew wlll be conducted on an annual basis. Page 6
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 exarnination is needed. It is my responsibility to.. examine the accounts undersection 145 of the Charities Act, to follow the procedures laid down in the general directions given by the charity Commission {under section 145(5)Ib) of the Charities Act). and to state whelher particular matters have come to my attention. Ba8ls of Independent examlner's statement My examination was carried out in accordance with general direclions 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 explan8tions from the trust88s concerning any such matters. The procedures 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 'true and fairf view and the report is limited to those matters set out in the statement below. Independenl examiner's 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 sertion 130 of the Charities Act; or the accounts did not accord with the accounting records; or the accounts did not comply wlth the applicable requlrements concernln8 the form and content of accounts set out in the Charitles (Accounts and Reports) Regulations 21)J8 other than any requirement that the accounts give a 'true and fair, view which 15 not a matter considered as part of an independent examination. December 2025 Lee Bingham ACCA Part Qualified Beacon House, 72 Beacon Lane, Beacon Heath Exeter EX4 8LW Page 7
SWAC SOUTH WEST ACADEMY Statement of Financial Activities for year ending 31 March 2025 Unrestricted Restricted Total Funds Total Funds Funds Funds 2025 2024 Note Income: Donations and legacles 6,048 6.048 2,264 Charitable Activities 27.722 27,722 51,981 Other trading income 12,273 12,273 9,318 Investment income 639 639 340 Total Income 46,682 46,682 63,903 Expendlture Expenditure on charltable activities: Charitable expenditure 35,699 11,286 46,985 38,178 Other 418 418 442 Total expenditure 36,117 11,286 47,403 38,620 Net In¢ome/lexpendlture) and net movement In funds for the year 10,565 . 111,2861 1721) 25,283 Reconciliation of funds Total Funds brought forward 27.465 25,000 52,465 27,182 Total funds carried forward 38,030 13,714 51,744 52,465 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. PAGE 8
SWAC SOUTH WEST ACADEMY Balance Sheet-as at 31st March 2025 Note 2025 2024 Flxed assets Tangible assets Total Fixed Assets Current assets Debtors Cash at bank and in hand Total Current Assets 4,733 47,982 S2,715 51,994 51,994 Llabilltle5 Creditors falling due wlthln one year {2501 12501 Net Current assets 51,744 52,465 Net assets 51,744 52,465 The funds of the charity: Restricted funds Unrestricted funds 13 13,714 38,030 25,000 27,465 Total charity funds 51,744 52,465 For the financial year in question the cornpany was entitled to exemption under section 477 of the Companies Act 2006 relating to small companie5. No member5 have required the company to obtain an audit of its account5 for the year in question in accordance with sectlon 476 of the Companie5 Act 2006. The directors 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 statements were approved on 1st December 2025 and signed on behalf of the board by.. Phil Creek Trustee Page 9
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: al 8asls of preparation The financial statements have been prepared 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 appllcable In the UK and Republlc of Ireland IFRS 102) (effective l January 20151- Icharltles SORP {FRS 10211, the Financial Reportin8 Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy notelsl. bl Reconciliation with previous Generally Accepted Accountin8 Practice In preparin8 the accounts, the trustees have considered whether in applyin8 the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No restatements were required. In accordance with the requirements of FRS 102 reconclllatlon of opening balances Is provided. al Preparatlon of the account5 On a going concern ba515 The trustee5 are of the view that the immediate future of the Trustfor the next 12 to 18 months and that on this basis the charity is a going concern. b) Income Income Is recognised when the charity has entltlement to the funds, any performance conditions attached to the itemlsl of income have been met, it IS probable that the income will be received and the amount can be measured reliably.; cl Donated services and facilities Donated professional servlces and donated facllltles are reco8nised as Income when the charity has control over the item. any conditions a550ciated with the donated Page 10
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 IFRS 1021, the general volunteer time of the Friends is not recognised and refer to the trustees, annual report for more information about their contribution. On receipt. donated professional servlces and donated f3cilitles are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willin8 to pay to obtain services or facilities of equivalent economlc benefit on the open market; a corresponding amount is then recognised In expendlture in the period of recelpt. dl Interest receivable Interest on funds held on deposlt15 Included when receivable and the amount can be measured reliably by the charity; this is normally upon notlf Scation of the interest paid or payable by the Bank. el Fund accounting Unrestricted funds are available to spend on activitles that further any of the purposes of charity. fl Expendlture and irrecoverable VAT ExpendSture15 reco8nlsed once there is a le8al or con5tructlve obllgation to make a payment to a third party, it is probable that settlement wlll be required and the amount of the obligation can be measured reliably. gl Tanglble fixed assets Individual f ixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economlc lives on a straight line basis as follow5.. Asset Cate80ry Equipment Annual rate 20% h) Debtors Trade and other debtors are reco8nlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 11
SWAC SOUTH WEST ACADEMY il 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 deposlt 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 probably result in the transfer of f unds to a 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) Financlal Instruments The Academy only has financlal assets and flnancial 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 status of the Academy The Academy Is a company limited by guarantee and ha5 no Share capital. In the event of the charity being wound up, the liability in respect of the guarantee Is Ilmlted to a maximum of £10 per member of the charity. Income from Donations & Legacies 2025 2024 Donations & Gift Aid 6,048 6,048 2.264 2,264 SWAC beneflts greatlyfrom 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 Charitie5 SORP IFRS 1021, the economic contribution of general volunteers is not reco8nlsed In the accounts. Income from charitable artivitie5 Restricted Unrestricted 2025 2024 Grants Exhibition income Total income from charitable activities 25,000 26,891 27.722 27.722 27,722 27,722 51,891 Page 12
SWAC SOUTH WEST ACADEMY Analysis of expendlture on charitable activities 2025 2024 Charitable activities Artists, and exhibition fees Administration costs Office expenses Bank charges Total 23,277 14.184 8.975 549 46,985 20,265 12,741 5,072 loo 38,178 2025 2024 Other Independent examiner's fees 418 442 Corporatlon Taxation The charityls exempt from tax on Income and gains fallln8 Wlthin section 505 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 Total Cost: As at l April 2024 Additons As at 31 March 2025 553 553 Depreciation.. As at l April 2024 Charge for the year As at 31 March 2025 553 553 Net book value As at 1st April 2024 As at 315t March 2025 Page 13
SWAC SOUTH WEST ACADEMY Debtors 2025 2024 Prepayments & Accrued Income 4,733 Credltors: amounts falling due wlthln one year 2025 2024 Other creditors & accruals 250 250 io Post-balance sheet events The Trustees have confirmed that there are no post balance sheet events. li Related partles There have been no related party transactions in the period requiring disclosure 12 Controlllng entlty The charity is controlled by the trustees who are all dlrectors of the company 13 Analysis of movements In funds 1st Aprll 2024 Income Expendlture 31st March 2025 Restricted Funds Dartmoor Trust 25,000 11,286 13,714 Unrestrlcted Funds General fund 27,465 46,682 36,117 38,030 Total Funds 52,465 46,682 47,403 51,744 Purposes of restricted funds Oartmoor Trust Phoebe Wortley-Talbot Project- London Exhibition Page 14
The South West Academy of Flne & Applled Arts Statement of Flnancial Activities year ended 31st March 2025 Income Event Income Grants Donations & Gift Ald SWAC Membership Fees Other Income 2025 27,722 2024 26,981 25,000 2,264 9,318 6.048 12,273 46.043 63,563 Other Income Bank Interest Received 639 339 Total Income 46,682 63,903 Expenses Artists Payments Exhibition Costs Adminlstrator Costs Office Expenses Accountant Bank Charges Total Expendlture 14,858 8,419 14,184 8,975 418 549 47,403 13,304 6,961 12,741 5,072 442 99 38,620 Net 5urplus/lDeficitl (7ZI) 25,283