Company registration number." 04336052 Charity registration number- 1093858 The Poetry Archive (A company limited by guarantee) Annual Report and Financial Sthiements for the Year Ended 31 March ?024 Thompson Jenner LLP I Colleton Crescent Exeier Devon EX2 4DG
The Poetrv Archive Contents Reference and Administrative tkrails Chair's Report Trustees, Report 3to6 Siatement of Trustees. Responsibilities Independent Examinevs Report Statement of Financial Activities 9tolO Balance Sheei Nol¢s to the Financial Statements 12to26
The Poetr). Archiie Reference and Administratii'e Details Trustees Robert William Seatter- Chair Imtiaz Dharker Amy Walker Lavinia Caroline Osbome Singer Siephen Cleary Ben Murray Trdcey Guiry Secretarv Charil J Registr9tion Number 1093858 Compan* Registr8tion Plumber 04336052 The charity is incOrrated in England and Wales. Exeier Phoenix Gandy Street Exeier EX4 3LS Registered Office Auditor Thompson Jenner LLP I Collelon Crescent Exeier Devon EX2 4DG Solicitors: Bales. Wells and Braithwaite LLP Bank'ers HSBC Bank plc Triodos Bank CAF Bank Ltd Page I
The Poetry Archive Chair'5 Report for the Year Ended 31 March 2024 The Poetry Archive is ihc only chariry which makes and shares audio rttordings of poetry by the poet themselves. and it remains a treasured and unique resourre across the UK and lrttemationally. Our priority is to s¢¢ure thc collections for the long-terrn and focus on our financial 5UStainabiliry and resilience in a chall¢nging environment. We have bttn SU¢s5ful in receiving funds frorn Trusts and Found#tions for new re¢ordings and pmje¢t developmeni. Our audientts have continued to gmw and we attract rnillions of views of our wetry each year. In an era where the cosi of living is a barrier to so many when accessing cultural evenis and expcriences. our free-of-chafge servicc means that leach¢r5. children, families and the general public #re able to continue lo enjoy poetry and our educaiiortal resources whenever they want lo. We will wntinue to seek new visitors. members. partners Ind collal)oraiors who can help us to ensure th¢ Archive remains a frtt resource, PartilarlY for our educaiion partners and hfy)ls, and 10 ensurc this unique and crucial resource remains as widely accessible as possible. We remain a IOOY• digital orgAnisation with a flexible and dcdicaled staff, and have created a new online caiak)gue to ensure our colleaions are fully recorded and preserved for whatever ihe firture brings. Robert Seatter Chair of Trustees Pagc 2
The PoetTh' Archiie Trustees, Report Trustees and OlcerS The trusiees and officers serving during the year and since the year end were &s follows.. Trustees- Robert William Seatter- Chair Imiiaz Dharker Lucy Russon (Resigned 17 March 2024) Amy Walker Lavinia Caroline Osborne Singer Stephen Cleary Ben Murray Secretary. Trncey Guiry Trusiees under ChariN Law. who are also the Directors under Company Law. present their report and the financial statements of the company for the vear ended 31 March 20?4. Thi5 report has been prcpared in accordance wilh the special provisions relating to small companies. subjeci to the small companies regime within part 15 of the Companies Act 2006. The organisaiion is a charitable company limited by guarantee. incorporated on 7 Decesnber 2001 (regi5trdtion number 043i605?) and re21Stered as a charilN' on 19 September 200? (charity number 10938$8). The Poetrv Archive is uovemed bv its Memorandum and Articles of Associalion. The Memorandum and Arti¢les have since been updaied. the laiesi amendment being adopted in April 2012. l. Objectives and ActiTrities The Poetry Archive believe poetry is for everyone. Poetr), read in the unique voice of the poets themselves is unlike anything else. The Poetry Archive is the only UK charity wholly dedicated io making and sharing audio recordings of poetrv itt the author s voice. We share this poeuy free-of-chae through our websites at w%..po¢1ryarChjVC.Org and www.childrens.poetryarchivc.org. We now hold one of the richesi and unique collections of original recordings of poetry in the UK. with over 20.000 tKJems by more than 800 tK)ets to explore. With 5UPPOrt from our Members. Patrons and kind donors. alongside Trusts and Foundaiions. we have been able to onlinuc io prol'ide access io our collections of poelry free-of-charge to the public and the communities we work 'iih. Maintaining free access to our poetry is a priority of the organisation and w'e aitract over 4 million visits per year. We continue 10 appeal io the visitors who enjoy and use our collections for their support to enable us to keep this uniquely valuable resource accessible. Our collections are nol a slalic archive. but one which is constantly growing to reflect the quality and diversity of contemporary poets of our age as well as those who weni before them. We display our poeuy recordings online, surrounded by coniexiual infonnaiion, films. inierviews, themed collections and podcasts in order io inspire and facilitate a deeper and more accessible exploration of the poeiry we care for. Our digital natLEre ensures we can be maintsined by a small core ieam. au2mented by specialist freelancers. We commit to keep nationally and inlernaEionally significani poetry recordings. interviews and contex(ual infomia(ion safe for the benefii of educaiors. students. researchers. poets. audiences and communities.
The PoetTh Archi%'e Trustees. Report Over the next two years the Poetry Archive will focus on growing and sharing our archiving services, ensuring our full collection catalogue will remain accessible and relevant to Tnore people. Our values are grounded and expressed through the diversiN. rar¢ge and quality. of our colleciions. both from the UK and internationally. and through the partnerships and communitics we enoa?e with. Public Benefit In the furtherance of The Poeiry Archive s aims. the Directors. as the Charity Trustees. have complied with the duty in S.17 of the Charities Action 2011 io have due regard to the Charity, Commission s published general and relevant sub sector guidance concerning the operdtion of the Public Benefil requiremeni under ihai Aci by providin? a free online service to the public worldwide. 2. Achievemenls and Performance- achievements. projects and impacts The Iwelve monihs beTween March 2023 and April 2024 remained challenging. particularly around unrestricted funding to provide core services. Our digithl naiure has enabled us 10 maintain low core costs and we have reduced all costs whilst we continue to meei our quality sthndards in archiving and in poetry curation. The core focus of our work remains ihai of using digital technology to increase the quality. amount and reach of our digital poetry content and experiences available lo children and young people by developing specific creative conient. capturcd content and cultural learnints conieni. Key projects this vear have been the completion of our Garfield Weston funded projecl to review and relaunch our Membership and Patron schemes. and the developmenl of our collection of British Sign Language poetry in pannership with the British Deaf Association. This has enabled u5 to raise 30D/o of our core costs and we continue to develop this scheme with ihe aim to raise this 10 600/0 by end of March 2026. Website and Visitor5 Both www. oe archive.or and wi4Trv.childrens. archive.or have mainthined iheir visitor nutnber grow throu?houi the Vear and now attract over 5 million page-views per year (more than 60 million page views since we began our website in 2005. We represent a wide and diverse range of poelry and we conlinue to raise funding to grow our recordino progrdTnme. Recording Programme 202312024 We closely manage and protect our 'gold standard. practice of creating professional audio recordings to ensure our recordings can besi sthnd the iesi of lime. We work with the Naiional Archive5 in the UK to meet best archiving standards. Our aim is to ensure future generdlions can continue lo ac¢ess this poeuy in fu(ure. and each recording as a valuable anefaci. This vear we have focused on British Sign Language and Visual Vernacular language poetry. We have created a new colleciion io deliver multi-media responses io perfomied poetry and have created translations of some of our poetry in English inio BSL perforn)ances. with suppon from Foyle Foundaiion. We have begun our National Heritsge Lottery Fund supported project to create a full cathlogue of our holdings. and to create a Poetry of India collection. Page 4
The Poetrv Archii'e Trustees. Report Poetrv Arehive Now. PoeTry Archive Nowl 2023 conlinued our long-sthnding projecl which is now a part of the poetry landscape. Thi5 project opens the Archive to new and established poei's voices from around the world. ?02J attracied over 250 entries from around the world. The whole collection has now been viewed on our YouTube channel more than 95.000 times. 3. PlJns for the future Audience and Communities EngaRement= We M'ill continue to focus on diversiry and accessibility in the choices we make around the poets we record. the content we create and the interdctions t rosier with audiences and partner5. Each year M'e will launch a Kev5tone Collection. an exhibilion of poety recordin?s under a theme 'hiCh we cxplore in greaier detail with contexlual and inierpretaiive materials and education resources. Education Dei'elopment.. We wani 10 provide opportunities for eN'erJ' child 2nd young person. their parents. and those ii'ho leach Ihem to experience poeir). as an enjoyable and enriching part of their live5. inside and outside the classroom. This lear we began our focus on British Sign Laneua£e poetry resources and are preparing for our nexl Keystone Collection launch around poetry of India. Organizational Resiliencelmembership Scheme- We will strengthen our financial and operational stability thouuht the development of our Membership Scheme {funded by Garfield Wcston). visitor interactions and new volunieer trainino scheme (funded b), National Herithge Louer), Fund). Volunieer programmes will support us to grow our capacitb. whist sustaining core activities and our Membership Scheme offer5 nem. membership entry levels from £ l O to £120 per year lo enable as manv people as possible to support us. International Development- We want to reach out to our Iniernational poets. partners and communiiies io develop new conient to enrich our colleclions and our visitors. experience. We w'ill inviie Internaiional archives lo join our searchable dathbase of poety recordings. ensuring ihai these resources are ideniified and cared for. 4. Financial Review The Charity'5 incoming and outgoing resources are summarised in the staiemeni of financial aclivilies in the following pages with further detail provided w'ithin the notes. Garfield Weston provided funding for a 2 year project lo refresh and renew our Membership Scheme to transfer to a member-led organisation and io grow our international colleciions and networks. Our applicztion io the Foyle Foundation was successful and this funding will enable us lo develop a collection of British Sign langua£e poetry and to improve education resources around this practice. Our application to National Heritage Lottery Fund was successfvl and this thnding will help us to complete the cathlooue our Collections and to provide a searchable online catalogue on our website. Donation Income ¢ame from donors through our website (with Gift Aid calculated through CAF Bank dorkalions management). and from our redesigned and relaunched MeMbehIp Scheme. S. Reserves PolicTr The Charitv's reserves policv is to hold a level of free reserves equal to three months core operational expenditure, .hich would be equal io approxim3iel}' £30.000 as an adequate figure to cover any unforeseen expendilure that may arise from closure. Page 5
The Poetry Archive Truglees, Report 6. FinxDtiil nd Rtsk mngemtnt IDcomL' and cxpeijdittire ott IwilrE(l by ihe l.inwKe Conunilltt und nlL1cd quanedy At Fiiiance Lonmiiiiee n)LYtiD8s. Re¢omnielat10nS are nwjc by the fiMTKe comin11 the BoArd who 5¢rn1inise all managemcnt a¢c(wiils ar Iheir (ArterlY knrd of Iwslees 01 rhe mw TLfCEiI review I5 Ll)dicAled thai torwwtd bwlgds will enable Ilw Clwrity 10 ¢W 0111 its planned aLILVlIKS durin8 ihe fofilKixning yeai. Fiiiidrtsisin8 conlÈnue5 iiThAer fhe Dircanr and Ihc ClwrLry CDTilinucs its sirtLI w)licy of i1 c()mi]ii1ili tijnds until Ihry li8 ten recrtv¢d Ltr proniÈsed T1 Board ol"Trustees also corry oul fy 4wi¢rfy Ula1¢ otih¢ Risk. Reyiew a ddAiled analysis. RJ"sks Eire ideniiliLd •id appmpTi8te 51ep% Jwt to limil ilk)5e n5ks a$ for as is Fwibk. R¢S51b11IIY li) ciit)n ii)ili8aiioii Is thIL¥Ied to Ihe Director. 7. StructllTe. ¥oI'ern•nce gnd mnEemeDt "lThe orgai1isJlJl rryisiered choril) ¢onwny lin]iled by Èu#rani¢L'. IhTr 8oveiniLI8 doou)nI ih MeJ)Y)r4nduni aDd Articles of A&so¢iaiion and wc arc 81.tered with t1 Ctiarily cnlii0. The Trn51LX"s sre resFK¥nsibk th¢ gencrnl [ 8dmi"ni$irntiTri of Trie P(wry ArchivL'. Iluding gernYAI 11¢¥ and 181L plaLIIIiIJ8. Tnts¢S can br aprATrinled ot te-app)inleil by ihc Meml)crs ([-[niSt5 and E.X¢Liiliv¢ D"treeiorsl subjeei io Ih¢ condilions sel nLII in ihe Articles ol- AsxKialirn. and olso by op¢ii reinJitniLml Iliiougli advcMisiii@ ocro.is 11 UK. Every TTr]siee is apNJinled for rt Icrm of thr¢L' ycats a1 a reiirin8 Tnistec eli&ibl¥ lo bc re-eleclcd for a sccoiid lttm DI IhrL yeats bill Imusl theii sland IIDW unless all nne[S of Il coniparÈy i8rL¢ lo * Iliird ierni. Neiv T[L15[C releive an i1et10&} lo the workiiigs i?f il]v Lhan"iy and aji inthTi) pack ofilie ktry dlinlIS. 'rYUeel 4VL. k¢pi aiYea$l of LhtMigL% Lll rL'lewLni wlic¢ as rKcesthry. 8. Referehcr and Admiftlslrntii'È drtll are ilded iii the 8* lo Ihis rcpoFL T]re dre FK) exejnwions dis¢lw1 I1 Th) cusl(Klian IDJsttrs lJehAII"Df odier 25 The iinnual repoil wts approvL•d by ihc Irwltts ol. Ik. ¢l¥riiy on... ... . nnd sig1 lin iL% hirbY. Robcn Willilin 8eAtler- Cliair Tmsttt Amy WlIk TnLslee Pa8¢ 6
The Poety Arehlvt Statement ofTruta, Resp0aultIeS th¢ IT¢. GDu.11 xc0rd 4yhcbk Iw •lMI Unli of ihe stat¢ of affain of the c(rywy •MI of re¥ and ol" Tesrytrm. ' silte wlth 4pplic•bl¢ •CLx¥dw FRS IW2 Tr¢ll fdknTrYd. sthj'cd io Crittle tumnY will ClIra)e in hny time P111 dwnthble •tyJ amble them the rim11 sl•iements ly with tt Comwirn Art 2( Tky wt •150 ¥lt8u¥dM¥ of thr chaTiiabk collyiy E hcnce for Lqkits8 rr•suMW. 5ps fLK 11¢ d¢all of frMMI otlr irr¢gularnies. lix1 on the ihm.mble Ixgi4th1 Ihe MI dismi111 or rinThl ny ditter fn¥n kpkniirn iii ¢xIKY Yi8wJ tthirty.. Wilh*n Se¥¢tr- I"nMtce TnN¢r P•F7
The Poetrn. ArchiTre Independent Examiner's Report to the trustees of The Poetr) Archii"e ('the Compan> ) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trusiees of the Company (and also its direclors for the purposes of company la} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself thai the accounts of the Company are noi required lo be audited under Part 16 of the 7006 Act and are eligible for independeni examinaiion. I retMIrt in respect of Jny examination of your charity's accounts as carried out under seciion 145 of the Chariiies Aci 2011 1.the ?0 I l Act.). In carrying out ms, examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 201 l Acl. Independent examiner's statemen¢ I hai'c comple(ed MN, examination. I confirni that no matters have come io my attention in connection with the examinaiion giving me cause io believe- accounting records were noi kept in respeci of The Poeiry Archive as required by 5tion 386 of the 2006 Act: or 2. the accounts do not 3ccord with those records: or 3. the accounts do not comply with the accounting requirements of seciion 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair vic which 15 not a matter considered as part of an independent examination: or 4. the accounts have noi been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting bv charilies [applicable 10 chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in conneclion with the examinaiion to which atlention should be drdwn in this report in order io enable a proper understhnding of the accounts io be reached. David Tucker ACA FCCA Thompson Jenner LLP I Colleton Crescent Exeter Devon EX? 4DG Date-. Q.cW w2*. Page 8
The Poetry Archive Statement of Financial Actii'ities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statcment of Total Recognised Gains and Losses) Total 2024 Unrestrieted Restricted Note Income from: Donaiions and legacies Charilable activities Investment income Other income 48.219 61.289 2.515 1.389 48,219 48,539 2.515 2.077 87.250 688 Total Income 113.412 87.938 201.350 Expenditure on: Raising funds Charitable activities 11.466) (76.926) (1.022) (53.722) (2.488) (130.648) Total Expenditure (78.392) (54.7441 (lii.136) Nei income 3).194 Nei movement in funds 35.020 33.194 68.214 Reconcillation of fund5 Toial fi]nds broughi forward 88.816 7.000 95,816 Total funds carried forward 20 123.8J6 40.194 The notes on pages 12 to 26 forni an integral part of these financial statements. Page 9
The Poetr), Archii'e Statement of Financial ActiTr'ities for the Year F.nded 31 .N1arch 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Comparative Statement of Financial Activities for the Ye2r Ended 31 March 2023 Total 2023 Unrestricied Restricled Note Income from: Donations and legacies Charitable aetivities Investment income Other income 10.343 10.946 580 10.343 160,168 580 2,628 49.222 797 Total Income 123.700 50.019 173.719 Expenditure on: Raising funds Charitable activities (25.085) (95.448) {730} 147,280) (25,815) (142.728) Total Expenditure {120.533) {48.010) (168.543) Nei income 3.167 ?.009 5.176 Nei movement in funds i.167 !.009 5,176 Reconciliation of funds To[ funds brough( forward 85.649 4.991 90.640 Tothl funds carried forward 20 88.816 7.000 95.816 All of the charitV'5 activities derive from conlinuing operdtions during the above two periods. The funds breakdown for 2023 is shown in note 20. The notes on pages 12 to 26 fornj an integral part of these financial sthtements. Page 10
The Poetry Ar¢hiTr'e (Registration number: 0433604? Balance Sheet as at 31 ,laTch ?024 2024 2023 Nole Fixed as$ttS Iniangible assels Tangible &%se(s 3.668 560 7.334 16 4.228 8.453 Current assets Dcbtors 17 3.225 4. 136 CL%h ai bank and in hand 18 168.753 92.989 171.978 97.125 Creditors: Amounts flling due within one ve•r 19 112.1761 19.7621 et current as5¢t5 159.802 87.363 Net #sseis 164.030 95.816 Funds of the charity: Restrirted incorne funds RL4iriLlid lund 40. 194 LFnrestricted income funds Llnrcstricicd funds 123.836 88.816 Total funds 20 164.030 95.816 For the rtnanc221)'ear ending 31 March 10?4 tht charit). was entitled to exemption fm awjit wthr seaJ(bn 477 of the Cornpanies Aa 2(KJ6 relaiing 10 small companies. Directors. reswnsibiliiies.. Thc rnmb¢t5 havc noi WViTvd the ¢harif)' io obthin m audit of its xcounts for thc year in q10n in a¢¢or03n¢¢ with sectn 476. and The director5 xkrKbwl¢dge iheiT fcsTK)n5ibililie5 for complying wilh the reqUIrels of Aa iih Tespe 10 accounting records and the PTcparnion ofK¢oums The financial sM¢meTris on pages 9 10 26 were approvcd bv the tnwtts. and auttKTrnsed for issut on yk.Il:.l*. x¥d.,Ul ofj thrir khfbY. TnLSttt Th¢ noies oth w¢$ 12 lo 26 form an inlcgral of these financia] Stare15. Pagtll
The Poetry Archii'e Notes to the Financial Statements for the Year Ended 31 imarch 2024 I ChaTitV Status The charity is limited by guarantee. incorporaied in England and Wales. and consequently does noi have share capithl. Each of the trustees is liable to contribute an arnount not exceeding £ l towards the assets of the charity in the event of liquidation. The address of its registered ofrice is: Exeter Phoenix Gandy Street Exeter EX43LS 2 Accounting policies Statement of compliance The financial siaiemenis have been prepared in accordance with Accounting and Reponing by Charilie5'. Statement of Recommended Practice {applicable to charities preparing iheir accounts in accordance with the Financial Reportino Standard applicable in the UK and Rcpublic of Ireland (FRS 102)) {issued in October 2019) - (Chariiies SORP {FRS 102)}, the Financial Reporting SLindard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Aet ?006. Basis of preparation The Poetry Archive meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognised al hisiorical cosi or trdnsaction value unless othen4.ise sthied in the relevant accounting policy noles. Going concern The trusiees consider that there are no material uncenainiies al)out the charity's abilitv to continue as a going concern nor an%. significant are&8 of uncertainty thal affeci ihe carrying value of assets held by the charity. Mana(Fement Accounts are examined on a monthly basis and forecasts amended to ensure expendilure remains pavable on demand and the organisaiion can react Swiftly and effeciivelv (o ihreats and opportuniries. Income and endowments All incotne is recognised once the charit), has enlitlernent to the income. li is probable thai the income will be received and the amount of the incom¢ receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been nolified in writing of both the amount and settlement date. In the event thal a donaiion is subjeci to conditions ihat require a level of perfomiance by the charity before the charity is entitled to the funds. the income is deferred and not recognised uniil eiiher those cotkditions are fullv met. or the fulfilmeni of those conditions is wholly within the control of the charity and it is probable thai ihcsc conditions will be fulfilled in the rerK)rting period. Ini'eslmenl income Interest is recognised on an accruals basis. Page 12
Tbe PoetTh Archii'e Notes to the Financial Statements for the Year Ended 31 March 2024 Expenditure All expendiNre is recognised once there is a legal or constructive obligation 10 that expendilure. il is probable settlement is required and the amouni can be measured reliably. All costs are allocated io the applicable expenditure heading thal aOregate similar costs to that caiegory. Where costs cannot be direcilv attribuied to particular headings thev have been allocaled on a basis consisieni with the use of resources. with centrdl staff costs allocaied on the basis of time 5penl. and depreciaiion charges allocated on the portion of the asset's Use. Other support costs are allocaied based on the spread of siaff costs. Raisingfunds These are costs incurred in attracting volunthry income. the managemeni of investments and those incurred in trading aciivities thai raise funds. Cliariioble ociii'iiies Charitable expendilure COTnprises ihose costs incurred by the charity in ihe delivery of its activilies and services for its beneficiaries. It includes both costs thaE can be allocated direcily io such aciivilies and those costs of aTk indirect naiure necessary io support them. Support costs Suppon cosis include central functions and have been allocated io activity Cost categorie5 on a basis ¢on5iSteni with the use of r¢sour¢¢s. Governance costs These include the costs attributable io the charity's compliance with constitutional and statutory requirements, including audit. strdiegic management and trusiees meeiings and reimbursed expenses. Taxation ThL ¢harity is considered to pass the iesls set out in Paragrdph I Schedule 6 of the Finance Act 201 O and therefore it meets the definitiorE of a charitable company for UK corporation tax purw5es. Accordingly. the charity. is potentially exempl from Iation in respect of income or capital gains received within caiegorie5 covered b! Chapter 3 Part I I of the Corporation Act ?0 l O or Seclion 256 of the TatIOn of Chargeable Gains Act 1992. 10 the extent that such income or gains are applied exclusivel). to charitable purposes. Intangible assets Iniangible assets are sthted in the Balance Sheei ai cost les5 accurnulaled amortisation and impairment. They are amortised on a strdighi line basis over their eslimated useful lives. Tangible fixed assets Indii'idual fixcd a55et5 Costing £ I.000.00 or more are initially recorded at cost. Page 13
The Poetrv Archive otes to the Financial Statements for Ihe Year Ended 31 March 2024 Heritage assets The poetry archiie maintained by the ehari(N' is considercd to meei the definition of a herilage asset relating to the historic and artistic qualilies ihai are maintained principally for their contribution io knowledge and culture. The poetry archive is accessible 10 the public through the charities websiie. In accordance with the Charities SORP (FRS 102) the rrfyetry archive has not been recognised as an a55et on the balance sheei due to the limitations of valuation methods from the availability of inforniation around the artistic nature of the asset without undue cost ihai would not be justified by the usefvlness of the informalion to the users of the accounts and io the chariry for its slewardship purposes. Amortisation Arnorlisaiion is provided on inthngible fixed assets so as Io WTite off the cosL less any estimaied residual value. over their expected useful economic life as follows= Asset elass 'ebsite Amortisation method and rate 33010 straight line Depreciation and amortisation Depreciaiion is pro ided on tangible fixed &8sets so as to write off the cost or valuation. less any estimated residual value. over their expected useful economic life as follows: Asset class Compuier equipmenl Deprecistion method rate ii o straiohi line Trade debtor5 Trade debtors are amounts due from customers for merchandise sold or services perfomed in ihe ordinary course of business. Trade debtors are recognised initially ai the transaclion price. They are subsequenil). measured at amonised cost using the effective interest method. less proN'ision for impaimleni. A provision for the impairnient of trade debtors is established when there is objeclive evidence that the chariTh' will not be able to collect all amounis due according to the original term5 of the receivables. Cash and cash eqllivAlents Cash and cash cquivalenis comprise cash on hand and call deposiis. and o(her short-temi highly liquid investmenTS thai are readily conienible (o a knowi amount of cash and are subjeci io an insignificant risk of change in value. Page 14
The Poetry ArchiTre otes to the Financial Statements for the Year Ended 31 March 2024 Trade creditors Trade ¢reditors are obli£aiions lo pa). for go(Kls or Services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as curreni liabilities if the charity does not have an unconditional right, at the end of the reporting period. io defer sertlemenl of the creditor for at least twelve monihs after the reporting date. If there is an uncondiiional right to defer settlement for at lelst twelve months after the reporting dale. they are presented &$ non-current liabilities. Trade crediiors are recognised initially at the transaction price and subsequently rneasured at amorti5ed cost using the effective interesi meth(Kl. Foreign exchange Transacrions in loreign currencies are recorded at the rate ofexchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailine ai thai daie. Fund slrueture UnFcs(ricted income fiinds are general fid5 that are available for use at the trustees discretion in fiirtherance of the objectives of the charity. Restricted income fimds are those donated for use in a particular area or for specific purposes. the use of which is restricied lo thai area or purpose. Pensions and other post retirement obligations The charity. operaies a defined contribuiion pension Scheme which is a pension plan under which fixed contributions are paid into a pension fund and the chariry has no legal or consiruciive obligation to pa). further contributions even if The fund does noi hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions io defined coniribuiion plans are recognised in the Slemen[ of Financial Activities when ihey are due. If contribution payments exceed the contribulion dLEe for Service. the excess is recognised as a prepayment. Financial in5trument5 Clussifiealion Financial assets and financial liabilities are recognised when the charity be¢ornes a party to the contractual provisions of the instrumeni. Financial liabilities and equity instryments are Classified according lo the Sub5ce of the contracwal arrangements entered into. An equity in5trumeni is any contraci that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 15
The Poetrv Archii'e otes to the Financial Statements for the Year Ended 31 March 2024 Recognilion andmeasuremenl All financial asse and liabilities are inilially measured ai transaction price (including transaction costs). except for those finmncial assets classified as ai fair value through profit or loss. which are initiallv measured ai fair value (which is norn)allv Ihe transaction price excluding trdnsaction costs}. unless the arrangement eonsiiluies a financing transaction. If an arranoement Conslitutes a financing Iransac(ion. the financial asset or financial liabiliry is measured at the present value of the future paiThents discoun(ed ai a markei rdie of inieresi for a similar debi insirument. Financial assets and liabilities are only otTsei in the statemeni of financial position when, and only when there exists a legally enforceable right lo set off the recognised amounts and the charity intends either to settle on a net b&5i5. or to realise the assei and settle the liabiliN simulianeously. Financial assets are derecognised when and only when a) the conlrdctual rights lo the cash flows from the financial asset expire or are settled. b) thc charity transfers to anoiher part). substantially all of the risk5 and reward5 of owiership of the financial assei. or cl the charity, despite having retained some. bui noi all. significani risks and rewards of owiership, has transferred control of the asset to another party. Financial liabililies are derecognised only when the obligation specified in the eontrdct is discharged. cancelled or expires. 3 Income from donations Unrcstrietcd funds General Total 2024 Total 2023 Donations and legacies- Generdl donation5 Patrons 5.708 4?.511 5.708 42.51 5.187 5.156 48.)19 10.343 Page 16
The Poetry ArchiTre otes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charitable activities Total Total Unrestricted Restricted 2024 2023 Arts Council England The Full English Garfield Weston Foundation 59.489 59.489 137,798 1.8 1.800 2.370 20.oc 20.000 20.000 Foyle National Hertiage Lottery Fund Cause 4 20.000 20.000 42.950 4?.950 4.300 4.300 2024 Ineome from eharitable activites 87.250 148,539 160.168 2023 Income from ch4rilobl¢ ¥ctivilcs 110.946 49.222 160.168 5 Investment income Unreslricted fund5 General Tot41 2024 Total 2023 Inieresi receivable and similar income: Interesl receivable on bank deposits 2,515 2.515 580 Page 17
The PoetTh' Arcbiie ,Notes to tbe Financial Siatements for the Year Ended 31 Nlarch 2024 6 Other income Unrestricted Tolal 2024 Total 2023 General Restricted Fees and supplies 1.389 688 2,077 2,628 Other income is £2.077 {2023.. £2.628) of which £1.389 (2023: £1.831) was unrestricted and £688 12023.. 797) was restrithed. 7 Analvsis ofexpendilure Total Total Unrestricted Restricied 2024 2023 Direet Costs Cosi of recordings Cost of website 7,606 1.520 4.075 11,681 18.232 29,872 18.299 12,300 6.712 6.536 Subcontractor costs 6.536 Grants payable Cost of raising funds OTrerheads 22.986 1.022 24.008 25.815 Reni and raies 4.230 4.230 4.776 Travelling expenses Trdining costs Other offi¢e costs 95 78 173 323 2,300 196 537 733 448 Telephone and computer Bank Charges and inieresi Other staff costs 2.666 .224 3.890 3.165 319 319 352 14.508 34.341 48.849 52.137 Professional fees 9.162 9.162 12.361 Depreciation and amortisation General expenses Total expenditure 2024 4.225 4.225 5.233 879 219 1.098 1.162 78,392 54.744 133.136 168.543 Total expendilure 2023 120.533 48.010 168.54i Page 18
The PoetTh' ArchiTr'e Notes to the Financial Statements for the Year Ended 31 larch 2024 8 Analvsis of governance eosts Governance costs Unrestricted runds General Total 2024 Total 2023 Audit fees Audit of the financial statements Independent examiner fees Examination of the financial statements Other fees paid to examiners Other governance cosis 4.234 3,120 420 429 3.120 420 429 70 3.969 3,969 9 Net incomingloutgoing resources N¢L iiiLUIILiiig I'c50urc¢5 for the y.ear includc= 2024 2023 Audit fees Deprecialion and amortisation of fixed assets 4.234 5.233 4.?25 10 Trustees remuneration and expenses No trustees. nor any person5 connecied with them. have received any remuneration from the charity during the year. No truslees have received any reimbursed expenses or any other benefsts from the charity during the year. Page 19
The Poctrv Archive Notes to the Financial Statements for the Year Ended 31 March 2024 I I Staff costs The aggregate payroll costs were &$ follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security COSIS Pension costs 68.474 684 72.884 2.013 70.369 The monthly avernge number of persons {in¢luding senior managemeni team) employed by the charity during the year was as follows.. 2024 2023 Employees 2 (2023 - 2) of the above employees participated in the Deftned Contribution Pension Schemes. No employee received emoluments of more than £60.000 during the year. The total employee benefits of the key managemeni personnel of the charity were £43.040 (2023 - £52.184). 12 Independent examiner's remuneration 2024 2023 Examination of the financial 5tstements 3.120 Other fees to exgminers All other assurdnce services 420 13 Auditors, remuneration 2024 2023 Audit of the financial staiements 4.234 Page 20
The Poetry Archive Notes to the Financial Slatements for the Year Ended 31 March 2024 14 Taxation The charitable company is exempt from corporation tax as all its income is charithble and applied for charithble purpose5. 15 Intangible fixed 45sets Website Tot21 Cost Ai l April 2023 14.024 14.024 At 31 March ?024 14,024 14.024 Amortlsation At l April 2023 Charge for the year 6,690 3.666 6.690 3.666 Ai 31 March 2024 10.356 10.356 Net book value Ai 31 Mar¢h 2024 3.668 3.668 At 31 March 2023 7.ii4 Amortisation of intangible fixed &8sets is included in expenditure on charitable activities. Page21
The Poetn, Archive riotes to the Financial Statements for the Year Ended 31 %larch 2024 16 Tangible fixed assets Computer equipmenl Tot41 Cost At l April 2023 .678 1.678 At 31 March 2024 ,678 1,678 Deprecigtion At l April 2023 Charge for the year 559 559 559 559 At 31 March 2024 Yet book value At 31 March 2024 560 560 At 31 March 2023 1.119 17 Debtors 2024 2023 Trade debtors Prepayments 932 3.204 i.225 3.2?5 4,136 18 Cash and cash equivalents ?024 2023 Ch at bank 168.753 92.989 19 Creditors: 4mounts falling due within one year 2024 2023 Trade creditors Oiher taxation and social security Other creditors Accruals 4.266 .500 .208 207 6.510 7.054 12.176 9.762 Page 22
The Poetrv Archii'e riotes to the Financial Statements for the Year Ended 31 March 2024 20 Funds Balance xt April 2023 Incoming resources Resources expended Balance at 31 March 2024 Unrestricted funds General General Funds Arts Council England 81.482 53.923 59.489 (15 ?i7} (59.489} 120.168 81.48? 13.412 (74.726) 120.168 De5iRnuted Website depreciation fund 7.334 (3.666) 3.668 Total unrestricted funds 88.816 113.412 (78.392) 123,836 Restricted funds Garfield Wesion Foundalion Poety bj Heart National Heritage Lottery Fund Foyle Compass 5.737 1.263 20.000 688 42.950 (25.737) 1.951 28.883 5.726 3.634 (14.067} (14.?74) (6661 4.300 Total restricted funds 7.000 87.938 154.744) 40.194 Total funds 95.816 201.350 (133,536) 164.030 Page 23
The Poetry Arehii'e otes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 March 2023 Balance al April 2022 Incoming resources Resources expended Trnnsfers Unrestricted funds General General Funds 59.641 123,700 (100.459) (1.400) 81,482 Designaled Website depreciation fund M Pigott fund 10.608 15,400 (4.674) (15.400) .400 7.334 26.008 (20.074) .400 7.334 Total unrestrieted funds 85.649 123,700 {120.5i3) 88.816 Restricted Obsidian {ACE) Garfield Weston Foundation TS Elioi Poety by Heart (574) 29.222 20.000 {28.648) {14.26J) (5.099) 5.737 5.099 466 797 1.263 Toial restricied fund5 4.991 50.019 (48.010) 7.000 Total funds 90.640 173.719 (168.54J) 95.816 Page 24
The Poetry Archive otes to the Financial statement.s for the Year Ended 31 ,%1arch 2024 The specific purposes for which the funds are to be applied are as follows: Arts Council England: Provided Unrestricted Trdnsition Funding from National Portfolio Progrdmme toward5 Core general costs belween April and October 2023. National Heritage Lortery Fund.. Grani funding to create a new colleciion of Poety of India atkd to undertake core. websiie and caialoouing development as pan ofdevelopmenL and creaiion of Volunieer programme. Foyle.. Grani to contribuie to the core costs of creating a collection of British Sign Language Poetry. plus support from BSL translators and film-makers Compass.. A grant lowards core costs of developing a Fundraising and Membership plan. Garfield Weston Foundation - Children - provided funding for core and external costs relating to the development of a new Membership progrdmme with 5talTto deliver. T S Eliot Foundaiion provide annual funding and support to record and display TS Eliot Poety Prizewinners in a collection. Poetry Bv Heart income from the royalties due from the dedicated anthology of poetry creaied for the Poetry by Heart National Recital Cotnpelition. Poetry Archive are a member of a consortia delivering this prestigious annual competition (funded by the Departmeni for Education). Page 25
The Poetry Archive Notes to the Financial Statements for the Year Ended 31 March 2024 21 Analvsis of net asset5 beti*een fund5 Total funds at 31 March 2024 Llnrestricted funds General DesiRnated Restricted funds Inlangible fixed assets Tangible fixed assets Current assets Current liabilities 3.668 560 131.784 (1? 176) 560 171.978 (12,176) 40.194 Total net assets 120.168 3,668 40.194 164.030 Tot21 funds at 31 Mareh 2023 Linrestricted funds General Designated Restricted funds Intangible fixed &8sets Tangible fixed assets Current assets Current liabilities 7.334 7.334 1,119 97.125 (9.76?) 90.125 (9.762) 7.000 Total nei assets 81.482 7.334 7.000 95.816 22 Relat pgrty transgctions There were no related party transathions in the year. Page 26