REGISTERED COMPANY NUM8ER.. 11033978 IEn9kqnd and Waks REGISTERED GHARITY NUMBER- 1180335 R¢portofthe Trle¢S and Atjdbtsd Flnancial Statements fortho Porlod 1$tAprfl 23 to 31$lAugt 2024 S•v•m Art¥ IA Compary Llmlt•d by Guaranteel Richards Sandy Audit Servw8 Limtsd Istsiutory Auditor) Thomeloe Hou$8 25 Bartrne Road Wor¢ester WR1 1RU
S•vgrn Arts Contsnts of thB Finan¢lal Stat•m•nts for th• Perlod 191 Aprfl 2023 to 31st Ajust2024 Pago Releren¢¢ and Admlnl$tratsv• Detalls R•port of tha Trust408 2 to 7 R•port oftho Ind?ndntAudor8 8 to 10 Ststfrment of FInats1 Actlvttl88 Balance She81 12 Cash Fh)w Statefflent Nots8 to thg Cash Flow Statemont 14 Notes to the Financrtil Statements 15 to 30 Detai18d Statemeni Financial A¥1 31 to 32
Severn Arts Rof8r8nce and Admln15trdtive tki•ils for the Perlod 1st April 202310 31$tAu9USt 2024 TRUSTEES J Beffg E S Da¥$ Jdekcour K A E(818 Imyn•J 17.14) D Herbert H Perrott C VJ Phillips (resigned S.6.241 N Phillips lappDlnteO 27.3241 C ShEIs A R Watts IresKJned 5.6.241 G R W8115 lapwjinted 27.3.241 V J Yate5 l¥ppointed 27.3.241 REGISTERED OFFICE Suite 11 Mafvèm Gate Bronlch Road Wor¢esior Worce8ter8hir8 WR2 4BN REGISTERED COMPANY NUMBER 11033978 (England and W4ksl REGISTERED CHARifY NUMBER 1180335 AUDITORS RKharfls Sandy Audit SeNtss Umiled IstAtutory Athaitorl Thomeloe House 25 Barbourne Road Worcester WR1 1RU SENIOA IAANAGEMENT TEAM Laura Worsfofd (Chief ExecJJb¥e Offieerl Dobra Fawf*tt (Directorof Mus Educab'onl Elaine Knight (Arts Director) ex Gra¢n (Dlrector of R88ourws & Oporatwsl SOUCITORS Amthony Collins Solialok 134 Edmund StreEt BSmingh8m B3 2ES BANKER Lbyds pk 25 GrèÈham Street London EC2V 7HN Page 1
Report of fh•TnJ$t for Ihe Pedod 1st Awil 2023 to 31st August 2024 The trustees who are ats¢ directors of th8 charity fer the purpose$ of the Cempanies Acl 2006. presenl Ih8ir feporf wilh Ihe fin8na81 st8temonts of thè charty for the perKd 1st Apnl 2023 to 31tAugusl 2024. The tru$té¢s hav8 adopted the provis5 of Accounting and Reporting by Choritbes." S18tement of Recommended PNGti¢e applicabk to ¢hatileS prepadn9 Iheir accounts in acTrrdancewth the Financk41 RepDrting Stand8rd appIab in the UK and R8PLknlc of ltsland IFRS 1021 leffe¢b've 1 January 20191. TRODUCTION Severn Art5 i5the kad org8nisabon forthe delNery and 0ration of mu51Gedu¢•tion in Herefordshire and Wor¢o$tershire. contr8¢ied lo run Ihe County Arts seM¢es dglNers, faafilates or 1$ 8 partner In vanousarts related proj¢ds across VVor¢esttshire. Severn Arts continues to project manag? the AT¢he$ Worwler capital $¢hÈme thai Is funded ty ECMSKArts Council Engknd Ihr(iugh the Cultural Development Fund, with Comption expeded by December 2025. Sévern Arts Is aL%o commi55vJn8d k> manage a community arts Goordinator ad programmo on behalf of Ma1¥8rn Hills ljtskn.ci Cwnol. The Company i5 a Teyistered th8fity wth the Charity CommlssioTh (d)ty numb•r 11803351. OBJECTives AND ACTtVlTIES Objects and AcUvlU•8 The Comparty ha$ Wide drawn charrtable Objects forJJ¥ on education. music and arts and tho womolon of soual inclus[(. The Company's Objects aro. The advanceEnt of edu¢abOn. paibojlarly thrDugh the promotion of hyh quality t•achiry arml 8Mlig, ithiryj (but nLII limited tol subiacts of MUSK and the 3rts. Th• advan¢em8nt of the arts antt cutture. parts¢ularty (t not linited lol through lh¢ promlbjn 8T te8¢hlng of music and the arts. premotion of assIbIlity to. and In partlaP8tion in. arts, proOn of training. anLI neiwoting opportuniiies for aspiring 3Tbsts. prowsion of commis$K)rts. To assist In the Ireabnentanrj care of peTs¢n$ $uffering from menlal orphYs1 lkness of8ny de5¢riplion or In need of rehabilrfabon as a re5utt of su¢h illna$$, by th8 prOvisD vf $ervie$ not nornalty provKJed by the slatulthry authontie5. Induding (but not limed tol arts activiUES. dan¢¢ and diarna prcgTrrnme5 for peopk wfth knming dk88bililie$ 8nd lor teminal IllnÉsse8. To promots social inclusyoTh by preventing peoplè from bÈtaming sociauy exdLJ6YJ. rsVving Iha needs cl those peo who are socially excluded and a55lSting them to Inlegr8te Into Stity. The CoTnpany'$ ¢urrenL ams ara.. To ¢Jeli¥erthe woth of Ihe Worcèthrnhlre klusic Educatson Hub agai1 thè reqUiremt6 wllinod in th8 Nat)Tr Plan for Music Education. To provhJe and develop ¥pportunitk8s for music tuitn, Itruttent repair and ban arwj a¢llty for children and young peopkn in WorGestershire. To d•li¥or arts auivldes as ouljined In aTh Arts Plan curr•nlty SLVPOrt8d by woT¢e$ternhl County CrJrril To projgd and COM81? Tho Arch VVorc8sl3r Cu#ural Dg¥8bwnt FuThY ICDFI project IrApit81 prc9rarnmel. To Man8 a communty arts coordinatorand programme on behawof Malvern Hill$ D1ct Coun¢l. To represent Ihe MUraI sector a$ 8 partner in thè CrealNe People and Pbce8 ProgramrrÉ in Reddit¢h. To dellver projects Mth algn with our objects as and when we are uJmmi85wJrEd to dD So. The prinupal strategie5 •yed to a¢hve th&s• alm$ are.. To present subsidised, affordable wh0k41, small group and 14-1 n¥J$l¢ tuth.on in school$ dÈfwered by experienceil. highu81ty mLtsiC le%hers. To PrOde an extensive or¢h4$tra and ensem@ offer performancè OFPOrtuniti88. To support and irnpknment MUSIC Ènd arfts education projects that engag8 chibjren and yourrfj wrth creats. 8ctivty and encourage prtyreSsn and growth. To develDP gntl nurtu 8xcelnce in leaching practi and invest ITr confjnuous prDfesSiDnal devehJpTrni ICPDI ond resour¢es that support music teBchern to irnpbm*nt an enricheLI ar in$p¥iNJ ¢xJrriculum. To provide inspiring. arts programmÈs and Opportuniti that rthct ambition. nvofve, and eT¥Jase ywrwJ peop and the wlder community In tho ¢reativè arts 8ector and provide platronns artistic talentto grow and pro8per. To provide support, training. and deV0pment opportunities for ¢reatNe ryDfes&ional5. To empby and develDP a dedi(2ted and sklkd dNeT5•w(¥kfor¢e. Pago 2
Sevem Arts Report of the Trustoes fort P•rfod 1stApril 2023 to 31$1 August 2024 AckEmENT AMD PERFORMANCE Th6 fows for th8 past year ha$ l)een on sustsining our cote music educat rolè by apptyiry to be th8 Hub Lead Or9ani8abon foT Herofor(l$hlre and Worcestsrshire brirying in long8r4•rn funding that SUPPDrts our ujre puTrose 8nd allows for conlinuatk)n and developmntof ourarts projects an¢ acwlle8. We appointed more 5trff in tll8rketin9 a1 have supportd Ihree mor8 ytsung gr8duates In paid internships and placements. havè Suc$6allY conlinu8d Liqht N¥ht and been preyEnt as a commffjed arts partr)er acfOS8 the county and the Wesl MRllands. repr888nting our 5tOr on Several Boards and Arts Counolgroups. We eonlnued lo in¢re4$e ourlncome through accessing awards. gratlts andlor commission$ from pa Hamtyn FoundatK)n. legaGy funds, the ElMY F(xJndation. HÈ8rt of England Inc4u$ive Comrnunities Fund. Your¥J Sounds Iforrnerly known a$ Awards for Young Mu5iGiansl, Arts Council Eryland. Heart of England Coftwnunty Foundabon. UnNetsty ofWorcest8r. VVorc851er5hire County Councll, Worce818r City Counul. and number of individuals donatingthr¢ugh oww8b8ile to SevernArt5 Music Awards Sch8me. Our totsl inmme raised through donabgn5 afKI legac5 w8s aknosl E2m. We abo $upported other cuhural or9ani88b"on8 Ihrough mentoring antl sumorL hglping Ihem to Ver in addit81 fu1$. Thè Music Box bus h85 estsblished a following and we haveew4nded our Ch, through an agreed social ¥81ue contract wh WorcesterEhire Courty Counal, oifs61 ag8in5t our Initial loan which has m88nt th8 bu5 fflOTe in a rang& ol Seltlngs, raising thè profik of S8vern Ats 8nd prowding aGWS$ to a rango of music teChl09y. l)ur1ggacy donalion memory of a young mu5iaan. Olly Irwin cc))prising of a bur84ry lo Support young tant, wll be supported by Gloucester MUSK Wotk5 in 2025. have also secured another tegacy Sn memory of Stuart Slkock which will go toward5 extwdirsg thE number Of4adwantaged students accessing our Connect programme in 2024125 and beyond Ifund¥J through Youry Sounds. fonn•dy Futhring Tabnt). In a mntinu8ty ch8ll8n9ing fvnding ¢limate forthe cuMJr81sector, we sonlinue 10 ba proactiva. k1enbfyins opportunlly when it Se5 and k8eping on trend with Ihe tIOnal and r8gional politKal landscaws. Sevem Arts remains a resdiÈnt, well-run organi$aiion with comfflitted staff and Ttusteesworkiry lo our erKI goal to improve the lives of thildw and young Feop through creative endeavour. Worcest•r8hlr• m[¢ EdUCaon Hub-VIMEH Inty H•r•foTdBhSro & WorGOSt•rshlro Mu$l¢ Sevem Aris ha$ been successful in obtaining the Hub Lead 0rgant5atTh for both Hetèfordshire and Tester$hra th year an¢ we have a comissioned parfner Enco Enierpris85 who will deliver in Herefordshire on our behalf trom September 2024. Vve have a joint Ovetsoht Pan¥1 whith is chaired IndEpe[enlIY by a membor of stsff at the UnNersity of V¥t)rcester. In 2023-24.. 228 sthotsl$1202243.' 2191 eroagedwith the WNEH 97 5GhooL812022-23.' 991 recewed whokn CL855 teaching 6.659 pupils120L-23." 6,8721 received luits'on through whole clas8 luiknn 195 $choolB12022-23'. 1941 r supptsrt•d through CPDlvBIts Sevem Arts d8kv8red a f1 coneert pmgramme involving all the orchestM& and bands which reheatsÈ weékty across the ¢ounty. Concart5 took pce inWvt¢ester, maern, Eve5harn, Kidderminster. Dro11¢h. Upton4n-Severn andBromsgrove cukninating in a 5how¢as¢ Fo$tival of Music In the summer. taking place In a variety ofvenues and $p8os in Worcester Cty. The lest1$ Included all of our group¥ and players an¢J ako an art &xhl)ib"on and ppelry from the Young Poet Lau41&eVent. Ajlwere pr8sented aTrJ curated wrthyoung pgop]8 atthe hearL supporJng our¢ommilm8ntto giving young Peop a voice. ITr June 2024, Ihe Big Sing took al Worcester Uniwetsity Arena Wilh 2,200 pupi15 taking part from across Worco$lershire. A new to Ihe offer Yi8S the Introduction of Early Years FestlV813 which took plgce in 6 venuey acros8Worcestershlre with 1,000 WpI partiap81ng. OtherwDwkshopswwe deliv•r•d by Ortheslro ProAmima. Atea and Toscana Stnngs. Ow partrEohp wtth MAC M8kes MUS contrn$ 10 ollèr strategic support and Inforrnafjon to Sevarn Arts in relalon trj young people accessing musi oveTcorning barriers. The Soundaboul Chtyir meets mDnthty and perfomied al the Severn Arts Fo$tyval of Musi and ts Teste[ CPtIle Music Fe5tNals as wel18s parti¢ipab"ng in InI vKJeos wth 1he Soundabout choir fam4y. Se%w Aris conisnue6 to wotk in partnetship wlth Malvern Cubo ID delNer Ihelr band de¥ek)pmenlprojectfunded byyoulh KJsic. seMArt5 ksworking in partnershipwith Young SoundsVK IfomiertyAw3rds for Young Mu$ioan$l to dh{er th8 Connect programme gnd is ord of 10 ambassador5 musi¢ hubs across the county. The prograrre has ten extended and will rw until March 2028. The parhupants will nim b&nafilfrom an enhanced offor due to Youru Sound6 UK managing Ihemusic Progresyion Fund, supported by the DIE. In J8nU8ry 202130 young P8opla staried tsir MUCal Iwrney Ihrough thi5 progrdmffvè whith is airned at tha5e exhlbthNJ early potential but for whom financial barnr8 rnean that they would not bè abb lo continu& Iheir mu5i¢al joumey without access to this Ptogr8mme. Dunw 2023-2024, the young peopk on the programme took part in a vadety of Get Together events inGluding a trip to 'mingham lo s•e Ine CBSO perfomiing a Star WaT5 concert. a stsel pans wort5hop. a dlgital session on tho S6vernArts Mus Box and a thptoa Profess81 re¢ordin9 Stsjdio. SevernArtsako 5UPPOrtsytsung people facing finan¢ial barriors thmgh the my$ Award5 scherrn. Page 3
Sevem Arts Report of th• Trustees for the Pgdod 1st Apr 2Q23 io 31gt August 2024 Sèvern Arts continues to offer free acce5S lo Ch8ianga that Prod&s online music leaching resource5 to FiT51. Primary. MNldle and Sp8cial sthools. In addition. VIO offer freé attès8 to MUS First for secondary schoots and a sub$idised Spathyard subscription ft>r all schoots. Sevetn Arts 8ts0 has signifant patherships with the National Youtt) Orthestra's Insplre prograrnm. University of Worcester. Maern Concert Club, Orcheslia Pro Anima, Worc85ter Symphony Orchestra. an¢J thB Engh6h String Or¢ho$tra %vhi¢h has r8$uiiad in 8chool concarts and wotkshops. The Mu$1¢ Box Ibusl Is out on the road d81w8ring mu51c leehnolcgy work$hw$ ai $¢hods and 8vent8 acr088 the eounty and dere Dver 30wotkshops 8rKI inpacj on ever 800 young p8ople during the 2023-24 academ year. Sovern Arts has bean invofved In several caree, fait5 oppn evonin9s in $¢hoob across the county and has ofler8d five work exp6ri8nce pCements to pupiks from Worcsiershlty hJh $¢hooh in the 2023-24 acad8rnic year. Schoo15 are suppDrted to delrthe Nation81 Curriculum for Music Ihmjyh a year4tsn9 ContirnJou$ Davelopment programme. The CPD programrre for all staff and school8 deVerEd sessions on Inciu&on with Jehn Kelly as part of the YoLth Mus funded IDEAprogr4rnme. LGBTQ Awarene55 training, mu&ctechnology. music curriculum planning linduding the thlodel Music Curnculuml. School Mu$1¢ 0ovekJpm?ni Plans, Sing Charanga. No01ng meeting5 fDI Primary Mus Leads were sntroducd and have been byoll re¢ivad. Arts Develt>wipnl Th¢ arts pro9ramm8 deli¥ored on behalf ofWorcest8r5hir• County Counr41 is n¢)w manw ty Publlc Heatth 8nd align5 With the four rnain aims of Ihe Ceuncil - chibJren and yow)9 pe¢plg, busith&s$ support, health aThJ welkning and thE environrnent This year th8 programrne defvered e TrJn9e of proiecls hry¢uro p¢¢pb 8nd th8 widercommwiity to tske part In, 88 well a5 working in areas of need as idenlified by Public Heahh. Vve appointed • new Young Poet Lauraate who took up th8 role in April 2024 and will bo in pl•co until hAarch 2025. Viè unbnue to be commissned by Sutton Croft to provKIB arttsts a8 part of Ihe Hol&y. Activity and Food IHAFI Pwgramme in tho County. delivering work5hop5 to nearly 2,500 ¢hikJren Jnd 0p in the 223-24 atsdeM yew. Ourannual Young VDiCeS NewVIym5 exFNbtson atworcester Cathedral toc pLgca. attracting over SO schoots. arè a partnèr in Reim8gine Redditch. an Art8 Coun1 funded initi8ts.vo 10 41)gag0 m¢r• p¢opla In the art& who do nol traditionalty partifypate In ¢ullur¢. We 880Jred a fijrther grant of £68.942 to work in one of th8 most deprwed areas ol ReddiiLh. kn enab an artk81 In residence to work with the kxal communty lo cocreale new 8th0&. In p8rlner8hip with Malvem Hlk DkstriGt CounGil we have gffered a rang8 of trnining opportunibes lor the kical tteative sector, awgrdgd grants to Ihe ¢orm)unty and voluntary sr a&we# as establish Lkne Up. a new f85bval of oxperhnental music in Malvern. Th¢ Ar¢h¢$ WoYces¢w FP$tra1s- Cuhural Dovelcwent FuThJ programme Tris a h.me Trmited project funded by the Department for cultu Media and Sptsrt IDCMSI and adMIntered by Arts Ctsuntil England. of which Ihe revenue project finished in March 2023. Sewern Arts ctsntinues lo project manage Ihe prv3ramm¢ until the capltsl YrKS ore ecthpJ&tO. OXPO¢tod 10 b• D8c6mb8r2025. We conb.nued to woth with Community F8Sti¥ak crèating 8 bespoke proJramme aim8é al ra15ing gtnbilion. br08dening reach and creating a long-term 1¢9a¢y. Wor¢¢$tw MeL8 d Worc88ter Camivalwere both 5ucce5sful In securing fundlng enabling new and diverse progr8mmes ofworf¢_ Worcester Camival extended its work on environmentalty frièt)dty entrie5 to Ihe event and Wortsster Mek9 Started an 18 monlh proiecl whh gxpk)rod th¥ stortès of ml9raThl eThmmUnes and the 6mpa¢t ¢h¢y on Wor5 induBthal heritag&. FINANCIAL REVIEW Flnan¢hl rgsulls for lh# yÈa We have seen continuing growth Sn mu&tuition and woth5hcp requests ov•rtho $tYear. The numbèrof hour8 of tuit¥Jn deliVed in the 2023-24 ac4demic yesr w85 6% high•r than th• pre?ou¥ year and this ha5 resulted in hKJher income. Comparisons wllh Pfevious years are rnote trid(y due to Ihe or-off exteThJed perSfyJ this laport ¢o¥eTr, so cornpari50ns have Insload been done b8lweBn the most rDtI2023-24) a¢a¢emi¢ yaarandth8 priorl2022-231 acadgmir year. Tuits"on and musiceducatton woTk5hDP ine4me in¢rea$ed from £807k to £944k116.9%1. W8 continue to See strow demand from schoo15 for oNJagemeni In whok das8 for Ihe coming fin(#81 year. butthe growth toi*d off. Page 4
severn Arts Report ofth• Trustees for rh• Porfiod 1stAprll 2023 10 31st August 2024 Thecompany ContinStOre1ve Substsn8Igranl income which has remaed thesamosin¢ lastar.The D8pathgnt for Educatio IOEI Art5 Council Engtand grant Covgred costs arising frem th& Worcèstèrshim Mtss EthJcstion And was almost unchanged at £738,4251202243." 740.8501. Funding for the Hub in 2024-25 i8 syTriftsnly bul thB 18 onty because 11 ¢ov•rs HerefDrdshire as w81- the alk)tradon for Herefcrfdsh¥e wll be passed lo Encore who 4 d81ivering in this area. Grant income wa$ Ied from k4afvern H1$ Di$tn¢t¢ounal lor the programn In Malvern Hi118 Dl$irkt, WorSrEire County Counol for Ihe arts programrne and one off grant8 such as Ltqht Ni•t2024 trom Arts Counul England_ The contrarlwilh MHDC has been extended a fUrtrY88r until March 2026and Ihe¢onb8Ctwith WCC has been extendgj fwa furtheryearuntl September 2026. Dcfiation$ grants over the 17 month pprilxl bought in Thearty £2.Om12023'. £1.4ml- For the full finarri year. the Company's excess Incom• over ExperKlrture bofore tr8nsfer5 of tunds was £95.06412023' defiut of £135.0311 on Unmstricled activitE5. Re51rthd actiwiiies sh a sUS befgT2 transfers be4& fund5 of £237.27912023.. defityi of £86.11- The combined SuluS lor thg yaar was £332.34312023 dofit41£201,4821. Net Ass81$ Of the Coft4)8ny stood 81 £1.302.03612023 £969,6931- Reser¥e5 poII¢y The ¢urrent funds positlon olthe Charty is s•1 out In ntsle 21 to these account$. At IhE year end the Chanty had acwtnulAted balances of £1.302.03612023-t969.6931. Howev•r Tr)t all Ihese bal&n(¥s ar¢ h•bJ in cash or cash •quivaltrnts. Atthe yearnd. free serVeS lunre8trict8d fund5 bss ffx¢d asset81 amounled to £810.388 P023.. £e68.1Q11 and in¢hJdes the £300.0(Q12023-. £300.(X)01 design8ted fvrtd n?d below. In order io errf&U fin8nclal stth.lty arwj that ts Ch8rity can continue te rrtet its charitab obFctN•$, the Trustees hav8 reed that a ¢JeSnated cash r8serve of £300.ODJ shouhj b8 h8k4_ Thi5 represent& 3.1 month512023 - 3.1 mnlhs101 unrestrided fund 8Kpendilure. The poli¢y a$$umes that the Charity 1 goin9 concem and that there i4 no fore5eeab Ikelihood of It ceasing ttr opemt•. W Ihe chanty did cesse to oporats, then 11 coth INuKlat• its nwrycash asset5 to rneet any winding up costs. Golng concqm After makh9 appfcipriats enquiries, th8 TStee3 have 4 reason8b 8Kpectstw that the Ch81ity has adeqvate r88ources to continue in operational WAistsnce for the foreseeabfe luiure. For this rea50n, Itw (Lntinue lo lopl the going cencern ba$is in pparing financkql statemènts. Furth•r detsil$ regarding the adopti of Ihg 9olng corThrn L¥i$i$ Can found in the A¢x)untiw POliCs. Rk managemort The Trustee5 have assessed Ihe major risks to whth the Charity is expos, knse related lo the operations aTrd finantss of the ChaDty and aE $atlsfied that 5yStem5 and procedures are in pce to rnitwatfj exposure lo Ihe major ri¥ks_ In deodin9 thi5 kvel of reseNes. the Trustees have nsIdered Ihe finanrAal risks the Chanty faces. the certainty of wi¢on and the iryact on u58r5 should the Chanty be unob to provid& Its 8eMfS. The major financkql risk facod is wrthdr8wal of grant SUPPDrt Irom DIE Arts Counul England mLtyiC 8ducalion gwL TrM)ilslthis wou* have a 519nificant Impact. the Trustee5 exp¢¢tthatth&rewouPJ beforewatning Df this whichwould eTraNe Ihem to appropriately The way that DfE di5trbuté& Mnds as part ef the rnusi¢ odu¢aiion grant changed with effect from Sgpl£rnber2024 and SevernArts 1$ nowthe Hub Lead Organisationfor He10rdsh1re and Worce$iErshire. In thefirst yew. we expe¢t the delNery of mL1c hub 5eNi¢es in H8refordshire14 ¢ontinue to one by Encore and Sev8mArts will pa55 On tho relevant elament ol the hub gnI retsting lo Herefordshire to Encore. The Trustees have 8s8&Ssed eth 9tsnt Ianual risks 3nd have taken actlon ty ansure the Cornpany i% able to respond lo fluEtuatlons In ineome and dem8Th1 for Servi such that il is ab to SUCCOSslully de81 with any immediate ChaInge$ presented. The Trustw rewewlhe rwry88 pc4yon a re9ularbasi8wNh rerenCetOtr8d1t histyry bycomp8ri50n forecast prejection Page 5
Report of theTrustees foi tho Period 1st Awll 2023 to 31st Augwt 2024 PLANS FOR FUTVRE PERIODS Sevarn Arts plan5 to centinue to explore eplion5 to detsy bu$ines$ over thè ne few year8 and to explore att•malN¥ sources of InMe 2nd offer lo expand its reach, to some adutt work taffJ di$&dv8nt8ged groups throughout the county. Wg at Iha end of our 3-year Busine55 Plan and have a clear n8w strategic direction that ayrs to malure ouroffer, $8ék outappropriate fiJnd6 thatsupport growth In our areas ofest8bltshed $xp8rti and embed creative project8 within our communibes. W8 are cornmltted to a byacy prograrn 10 5UPWrt grass-roots and communty SUPPOrt for local frsiiwa& and our arts develDpment ¥vork 1$ developing throu9h partn8tshlps with our lo¢al dl$irla authoritks. Vrres19r$h1rè County Council. PublK Heatth and the UnIvety ofWorTrster, SevemArt8 is committed lo su518iniTrJ and $upporbng it8 own woTkfoTre and to provKling opportunities for Gareer progrsion within the orgnisalK)n, $taTng with rvrÈnliceships and Iniomshlps and creating sustainable [e5 forth8 future development of the music and arts educalion 88cb)r. We plan to wotk wlh partners to off¢r more opportuni1$ and ansure Sevem Art5 shows evenCe and impact of its. work to be an indLASwe rryNpany. STRUCTLIIE. GOVÉRNANCE AND MANAGEMENT Constituuon The Company is con$tted und8ra KlernraruM atx1 cleS ofA560ciationdatsd 18 Octcè8r2017 las arnended on 19 M•r¢h 20191. M•thod$ ol appolnlment or e16ctlon •f trust••s The management ofthe Company 1$ Iho r6sponsiblty of theTwslBgs who are apwintsd aTrJ co<pted urnler the te5 of Artic18s ofA8yociation. Ai trustee5 have w¢c¢Ned trainiw through annual board away days which Cctra won Ihe wre of tho board. pol and 5trategr direction and ts walualion ond monitorin9 of the busin pL8n. The trustee$ are in¥itèJ lo participate li ¢onlinuous piofesBional development proyrammes 2nd are subject to a disd06ure and Barring ServKe review. They dhero to equal opportunity rectu1nI ptslityos. Three new TNslee5 wero olected ksl year 8Trd three Trustees Signed, bul the establishment of a 8taYf Trustee and Youth Voic¢ representation 1$ In devek)pment. A group of Trustees are preparing a succession plan and we alm 10 ¢rlI 4 n8w Truste85 this year. We have an establish8d Finante Committee and a Music Hub Oversight Panel wilh three of our trustee5 a$ desonated mgmber8 folkiwing our suc¢e8gful Bhl to bè HLO. Koy managemqnt Day to day management of the chaity 15 detryated lo the rnana9•rnènt team ltsted on the R•feftCe aTrJ Adminisiralive Detaib page. Public bErr The Trustees confim Ihal th8y have coMped with the duty in S•¢tion 4, Chantres Act 2011. to h8¥e due regard to th¢ guidance issued by the Charity Commk610n concerring public benefiL FUNDRAISING Our approach to fundra&8ing 15 to connectwith Our SuprterS, both Individua15 companies to raise volLmtary lunds to SUPPOrt our aims and activhie$. Nts cornmèrdal p8rbcip8tor8 h8ve bn used lo rai8e fund5. arKI ¥Ery lew furraISIng e¥enl$ have boen h8lJ to date. We ensure that eur fundr8ising is not overty intrusNe or Fersitent. atxl doas not put fflembers of publc under undue pre5SUff to don8te. STATEME14T OF TRUSTEES. PE5PONSIBILITIES The trusiee$ (who are aL%o the directors of srn Arts for the purp08e5 ofcrynpany lvl are Yesponsibk for preparing Ihe Report of th& TtUStees and the finanaal statements in ¥fX)rdan¢e with appli¢ab law and United Kingdom Awountir Stsndard5 (United Kingdorn Gen8Tally Accepted Accounting PraGlrel irthding Fina)cial ReporbrrfJ stsndard 102'Thp Finanelal Reportlw Standard 4pplicabk in UK and ReyJblic of Ind.. Coftwèny Lgw requires tho trustees 10 pr¥par8 financial state1$ foroa¢h fana81 y8arwhKh give a trL and fair vivw ofthe state of affalrts ofthè Chantab company and ofth• in¢oming res0rceS and appll¢atbn of TeEources. cludIng Ihè inccrfne and expenditvre, of th8 charitabk eompany for that penod. In preparing those flnanaal statements. th¢ truste8S ar• requir to sct Suilabk accountin9 poli¢ios and then appty them cortsistenlly." observe the Tnelhod$ and pnnc1ps In the Charity SORP". makeiudg•ments and esllm8tes that are rea50nabb and prudont., prapare the fnanrial $tstem8nts on the going concem b881s unJ8S8 R 1$ inaFprDprkg¢e ts presum8 that Ihe charft4S cornppny ujnlinue tyi bJsirBss. trte8S are responsible for kooping proper accountrng TEcord5 whh disch)se with reasonable aGrum¢y at any tin the financial 0$on of the eharrta)b company and lo enable them 10 ensure that the financial ststements cernply with the Companies Act 2006. They are fesponsible tor safeguarding the assets of the Charitab company and hence for tsking rea50nabk $ieps the preventv)n and detection tsf fraud and othw vreguL4ril&S. Pag8 6
Sovem Arts Report of the Trustees for tho Perfod 1st Aprtl 2023 to 31st August 2024 STATEMENT OF TRUSTEES. RESPQNSIBILITIES-eonllnwl In so far as the trustee5 are aware". no rel8vant audrt inforrnatian ofwhich Ihe charitabkn ¢(mpanWs auditors are Unawa." 8nd th tru$t¢e8 hav8 taken all $tep$ that they ought to have taken to make th8mseKs awar¢ af any rekvant audit Informats"on and io establish Ihat the audhors are aware of thai informallon. Thr* rewt has teen prepared in 8oance with the special provisK)r of Part 15 of th• Clxnpanies Act 2006 relat'ng to small eOrnpans. proved by order ef the ixjard of tm8tees on.. nd cn rts behaifby.. J de Lg Cour- Trnstee Page 7
R8POrt of the ep8ndeR1 Auditots tothe MemLrs of Sevem Art¥ Opjnlon We h8wg audiled Ihe fin8nri815tstemènts of Sev•mAts Ithe'tharitabb ¢ompany'l for the period en¢Jed 3151 uSt 2024 which comprise the Statemenl of Financtal AcbvitE$, the Balance Sheet, Cash Fbw Statement and notes to the financial slatemenls. including a $umm2ry ol signifitanl 8ccountsng polic18s. The finanryal reportin9 framework that h89 bJ•n applied in their preparation ffj applicab law and United Kir¥Jdom ACnting Slondard5 Iunited Kingdom Gener81 Acc8Pt8d AGcouDting Pra¢iirl, in¢ludln9 Fk)ancial Reporting Slandard 1D2'The Hnancial Reporung Slandaio applioble in thg UK and RopublK oflrelarnl.. In our opinlon the financial statements.. 91ve • true and lair vi8w of the $18te of the charitabbE company's affBirs a5 at 31$t August2024 and of its incoming sources and applicabon of resources, induding it5 incvrrn •penditure, fwthe perfod then ended,. have been property prepared in a¢¢ordan¢e with United Klngdom G8nerally Accepted Acceunlng Pracltce. inrluding Financial Reporbng Standard 102 Finan¢wl Rep)rting Stondord aP1¢ab in the UKand R8publ¢ of Ir¢land and have been prepared in accordance with the requirements of the Compars Act 20J6. Basls for ¢)plnlon W8 condtjcted our audit In accordance wllh hlerna"onal Standards or Auditiry ILIKI IISAS (UKII and appIab law. Our espDn5ibilitie5 urbtlor Ih¢s0 Standards are fvrth¢r described in the Audito, r8$pofjsih'lit$ fof tho audit DI the finanoal statements seCtn of our report. We are Ind&perant of Charitab company in accordanGe with the olhic41 rwuirèments Ihatare re18vant lo our audit of the financial staterrents in Ihe UK, induding thè FRC'S Ethic21 Stsnd8fLI. and we have fuffilled our other ethical responsibilities in a¢¢Orfan wrth the6e reqU1Ments. We belve Ihat the audit evld&nf we have obtained Is suffithnt and approprkgto to provide a bag$ for our opinion. Concluslons relatlng to gdng ¢onrgrn In auditing the finarKl $taternEnts, we have concluded Ihat trusteeg w cltrB going conc8m bask of awounting. Ihe preparation ¢f the finan¢ial Ststsments is appropnats. Based on th& work we h8ve perfomed. we have not idenliw any maferial untÉrtaintiÈs relating to ev8nts or coThYitions Ihot, Indivhtrually or colloctively. rn8y cast 6ignifir8nt doubl on tho charttabkn ccmpany's ablity lo continue a5 a goiA9 ¢onc6m for 8 panod of atk8St efve months from when tr financial statements are authwise¢ f i$$u8. Our responsibilities and the re5pon5ibilil*s of the knJ$tees wrth respect to golig concem are descrit¢d in the tykvant 5•Gbon5 of thvs report. othor infomiaiion Tre trustees are responslbla for the other InflatiOn. The oiher inlotrnation cornprise5 ihe inform?kn'on induded ITh tha Annual ReporL oth8rth8n the finanaal statements an¢J our Report of the Ind¢wndoniAudrtors Ihereen. Ourepinion on the finanoal slatern•nts not cover the other infom)ation and. except lo the aXt8nl DlheNi5e exp50ty 6tsted in our report Wg do no¢gxpre55 any form of assuran concbjsth thereon. In connection Yltth ouraudli of the financial statements. our respoDslbifity E to read ts oiner infomai'on and. in dolng so, ¢onsider wh8lhar the other infomation is matenally inconslstent with the fingnryal 5t3tements or (r knOwg8 obtsined in the8uditorolherwis8appears lo be materialty mis5ts1ed. Ifwe identfysu¢h material In¢onsL%tenryes orapparenl material mlsstateryvénts, we are required to deterrnine whelh8r Ihis glVtr$ rise to a material mlsstatement in the financial statements themsefve5. If, b858d the work we have perforrned. we concjude that there is a rnaterial misstalemenl of thi$ oth8r infotmalion. we are r8quir8d lo report thtfact have nothing to pOrt in tMs regard. Oplnlons on hrmattor$ preserlbed by th• Compan189 Act 20D6 In ouropinion. b88ed on the work undertaken In the course of the avdit". the infomation gwen in the Reportofthe TIu5tees for the financial yoarforwhi¢h th& finan¢ial $latements are prepar&a is consislanl with the financk41 slatsrn•nls-. and th8 RepDrt of the Truslee$ h8$ been prepared in accordance wllh ¥plcable kgal requlrements. Matttrrs on whi¢h * are r¢4ulr¢d to r¢p¢rt by •xc8ptlon In Ihé IKJhl of the knOwdge and understsnding of Chantab compaw aThY its enviTonment obiained in Ih8 course of thE audit. WÈ have not Id&nlrfied material misst8tements in the Rep tsf the Tru$tee$. W8 have nothing to report in respKI of thfj following mattern Whe the Ceryanias Act 2006 r8quire5 U$ to report tu you adequatè accountin9 records h8v6 not been kept or relUrr adg4uate lor our aLKlit have ngt been rOl¥ed fr bYanche8 notVf611ed by us.. or the fin8nti81 staternents are not in agreamenl with the aGGounbng records and m$." Or cert85n do5re5 of INslee5' rernuneration Specified by Law atE not [nal". or we have not recewed all the information and exphna1n$ wè require for ovr audil or the Iruslee5 were not enbJed to tak¢ advantago of lh& small companBs exemption from th8 rnquirefflent to piepare Strategic Report or In preparing the Reportof the TNsta85. Pago 8
Report oltho Indepondgnt Auditors to th8 Mèmb•Ys of
Sgvgrn Arls
R05p)nslblltlos ottru5tees
As explained more fulty In the StatemeDI of Trustees, RespOnsibilitS. the tru8tees Iwtto are 8150 th8 diré¢tors of
charitable ¢(¥npany fer the puws8s vf company18wI are responsiblg forthe preparab'en of Ihe financial staiem8nls and
for being sati1f that they gNe H tlue and fair vi, 8nd ler such intefflol Ix)ntrol as ihe IrLk5te85 delerrnint i8 necessary
to en)te the prep8ration of financial statements that are fv88 from materfal rnlsstatsm8nt whetherdue to Traud orerror.
lnp1epan9 thefin8ncialslatorren15, thettu$tees are resp)n$ibkfor a88e88ing Ihecharitabc0mpany¥abi1tyto continue
as a going conc8m. disrlD5ing. a$ appllc8bk, matt8r5 related 10 9oing cern u$iry the ooino conern b8515 of
aun. unless th8 truBtee5 eithorit)tgnd lo liquhjate Ihe charilablE Goftyany orto coa58 Operatior, or have no realistic
altemative bul lo do so.
Our resporLsibilitits for audltof thofirHn¢l•l•tst•mwrt8
Our objectives are loobtain reasonabk assurancg aboutwhetherthefinancialstalemenls a$ a Who 8r8freefrom material
misstateffjeni. wh¢thor¢Jua to fraud or error. and lo i$su a Report of th8 IndeeThI Auditors that indL&Y•6 our opinion.
Reasonab assurance is 8 high level of assurance. but is not a guarantee thal an S11 conducted in accordance wi¢h
I IUKI will aayS detect a material misstatsment when VL ex15ts. Mi$statennt8 can arise from frauLI oretror aro
onsidered maten81 rf. Individualty er in Ihe aggregat8. they COU r•a60n8bly bo wecled to inlluen¢e th¢ oconom
docisK)n5 Of u$ers lthen on the ba515 of these finan¢181 stslements.
Th¢ éxtent iowhich our pro¢eduro$ arg capab of d8teding irre9ularthes, fraud 15 detaikd belw..
Obtned an uTraerslarnlkn9 of the nature of Ihè industy and Sartor, InclJd¢ng k9wI and wgulatory frarnewo
that the coThpany operates in 8nd how the eomp•ny 1$ complying wrth the gnd régulatory framework..
Iwured of rnanagetnènl and thes8 chawed wilh go¥emanee, about their tywn idenffic8tk)n aTrJ 85se$sm&nt of
the rtsks arnl irwularities, 1CdIng known a¢lual, suspectad or a1898d instantes of Iraud.. aTrJ
t1.U$$e matters about non
R•pM of the InderThlont Auditors to the Member8 CO Sèvem Arts U$è of our r8POrt Thts teport is m8de solely lo ttte tharitable (mipany's members. as a boty, in accordance wtth ChaplÈr3 olPart 16 of I Companie$ Act 2008. Our audit wortt ha$ undertaken so that we rnoht state to th8 charitab company'5 mernbe those matt8rswe are required to slateto Ih8m In an auditors, report ènd for no oth8r purpose. Tothefullo$t8xt8nlpetmitted by law. w8 do not accept or as5umtr responsbi ility te 8nyone other than the thantab company th8 charttsb18 company's n*mbar5 as a b(xly. for ouraudit work. for raport, ortsr Ihe ownions we have lormgd. Mel&sa Jean Gottwin ACAACCA (Senior Statutory AdItOrI for and on behaW of RKhard$ S8ndy ALwJit Services Limrted Islatultiry Audiloil Thomeloa Houso 25 8arbourDe Road Worcaster WR1 1RU Dat8......Z.A...aA...I&. :............ Page 10
Severn Art8 ststomant of Flnanclal ActlvltS•s [kncoOIètll an IoMe and Exp•ndltura Accounti forthe Pewiod 1$tAprH 2023to 31st Auyust 2024 Ptriod 1.4.23 Year Endeir 31.8.23 Total fut*$ as rE5ts1ed 31.8.24 Totsl funds UnrestriGted funds R¢¥tricled nds Not•5 INCOME AND ENDOWIIENTS FROM Donatsons 8nd lege¢E5 286.210 1,700.096 1,986,306 1.411,657 Ch•ritable actlvlt168 Music education Arts development Festwals 1.383,575 58,631 1,650 1,383,57S 68,631 8,950 848.539 45.780 7.300 Invesknent in¢ome 1.518 Tolal 17SO S31 1.707 396 3 467.927 EXPENDITURE ON Charftawo acWvtU88 Music eduGalion Arts devek>pment Fe5twals 1,477,054 196,101 11fj.6881 1,249,448 23.300 197,369 2,726,502 218,401 180,681 1.911.942 176, 420,070 Other T41 2 508 g76 NET INCOMEIIEXPENDITUREI gS064 237.279 332.343 1201,4821 RECONCILHTION OF FUNDS Total fund5 brought forwar 922.188 47,505 969,693 1.171,175 TOTAL FUNDS CARRIED FORWARD 1 017252 1 302 03$ 969 893 The nots$ ft>m part of Ihg$9 financial slatemonts Pa99 11
Se¥ern Arts Balanc8 Shoot 31st AYULt 2024 2024 Total funds 2023 Total funds as restated Unrestr¢le4 lunds Reslri¢t8d FIXED ASSETS Tangib awts 206,864 1,320 208.184 257,277 CURRENT ASSETS Dèbtors.. amounts falling du6 within Dr year a8h al bonk and in hand J55,926 62$ 474 138,351 494.277 377.983 884.243 984,400 S23,788 t.508,186 1.262.226 CREDITORS Amounts falling due within on8 year 18 1174.0121 174,6091 1248,8211 1328,8591 NET CURRENT ASSETS TOTAL ASSETS LESS CLIRRENT UABIUTIES 1.017.2S2 4JON97 1A67.749 1,190,644 REDITORS Amounts tslllng due after more than one year 19 1165,7131 1165,7131 1220.9511 NET ASSETS 1017262 1 302 038 969 693 FUNDS 21 UnreStrted fvnds R8strKted funds 1,017.252 922,188 47,505 TOTAL FUNDS 1 302 038 geg,693 These financ1 Etat8ments have been Prepared in aLK0rdae Ihe PrJn8 applrcabkn le Charitable c(mpan*s 8uty.ecl to the srnall companie5 regime. Th& financial statements wereapproved bythe Board ofTruste85 and aulh0ri5edfor tssue on.... and hY&r8 sigll& on its behabY.. Cour-Truslee The notes partof the¥8 finan¢ial stakn)•nts Page 12
Severn Arts Cash Flow statenI forthe P•rlod 1stAprll 2023 to 31$t August 2024 P8rfc4J 1A.23 Y•ar Ended 31.3.23 as r85tated 31.8.24 Notes Cash Ilows from op8ratiny a¢tlvlU Ca$h g8nerated from operab'on$ .919 Nèl ¢a$h pmided byllused inl operatin9 actwities C•sh IIDwsfrc¥n IMI1vj activilies Purchase oftsngible fixed asmts Sa16 of t8ngibk fixed a55ets Inlerest ieceN4(1 11.9291 103 20A85 19.2991 3.029 1,518 Net cash prowd& byllused inl investiw adw16 4.752 Chang8 In cash and ¢ash equlvalents in the reportlng porSod Cash and cash equfvalonls at th• beginning of tho reportlng pgrl( 129.666 195,6711 979.914 Catsh and caBh equlvalonts at th• •nd of tho r¢portlThJ porlod 884.243 Th? note5 fom P althe statsThnts Pago 13
S•vem Abts NotOS 10 Ilw Cash Flow Ststern8nt foi th• P•rfod 1$tAprll 2023 to 31st August 2024 RE¢ONCILIATION OF MET INCOMEIIEXPENDrruREI TO NET CASH FLOW FROM OPEPAnNG ACTIVITIES Period 1.4.23 to 31.8.24 Yoar Ended 31.3.23 as rest8ted Net Incomell8xpenditure}for the reportlng peritsj las rthe Statemgnt of Fi¢141 ActRIes) Adlu$tmorrts for.. PeprecialioD ¢harw$ Lossiiprofil) on diy$al offLK asseis Inlere$t recelvl Increase In debtors 0g¢roase in creditors 332,343 1201,4821 SO,609 310 120.4651 1116.294 135A76 215,520 12,0231 13.5181 179.9091 21.507 N•t provlded tyUuBed Inl ¢JpBratlor 111 027 90.9191 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash fltr At 31A.24 Net ush Cash at bank arKJ In han 884.243 1.0130> 129 666 09 Total 1 013909 MAJOR NON<ASH TRANSACTIONS During the ¢omparati¥e period Worcestershire County Council agreed to convert the rernaining Unpa baknce olloansdue tolhom Iromthe charity lotalling £276,189 inio• k9ala9reementlhatlhe chartywll pr¢vlde equivaknt $upport10 the priorfties of Worceslershire County Ctsuncfl. Th ban has en accounted for as d8f8rred inccffje ¢otalliw £220.57212023- £276,1891. The notes lomi part ofthe8e financial 5tat•m•nts Page14
Sevem Art8 Note5 to the Flnanclal St•twhnts fX th Prbod 1st Aprll 2C23 to 31st August 2024 GENERAL INFORMATKIN $8vern Arts 1$ a prte CP3ny, limitod by 9uaraniea, incorporated in the UK arrtj regi$lwed in England and Wa18S. The principal of Sgvorn Arts set in the Tw8teeB Rgport Th8 regi5torgd Offi and principal cperdting offi of Sev8rn Arts is Suile 11, Mafvem Gats, Bromwich Road. WorTrstei. WR2 48N. ACCOUNTING POUCIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statement5 of the tha[Itab comp8ny. which i% a publi¢ benefit enb'ty under FRS 102. h8ve been prepared in accordance wilh the Charllvas SORP IFRS 1021'Accomting and Reporbn9 by Charits." Stat8mentof Rècomrwdnded PraCts gppltrable to charilles pr8p8ring theira¢¢ounts in accordanca with th8 Financial ReporbrvJ standard applicabk in the UK an¢ Republic of Ireland IFRS 1021 lffgctivg 1 January 20191,, Finan¢M81 Reporting Sland8rd 102'The Flnanaal Reporhng Stsndard applicab In Ihe UK and Rewblic of Ir¢tand' and the Companrd5 Act 20C6, excepl in rega lo the traatment of the LGPS as Il rt was a defined ¢onthrtIon penGn schemE rather than if it was a defined benefit pension scheme. which i¥ 8 departure from the requirement of FRS 102. on the basis that a¢¢ounting for lh6 LGPS as a defined bpnefit penslon scheme is incon515tent wbih the requirements givè a tw& and fair ¥W Isee Ihe acGountin9 Or¢y for n5)n costs for mgre detsifsl. The finan¢i$l $tstemenls have t¢en pr8par8d lder18 histoncal co$t ¢onvgniion. The accounts ar• presented in GBP and are rounded lo the Hea$1 £1. CHANGES IN FINANCIAL PERIOD END The charpty has ¢han98d its financial year end from 31 March to 31 AugusL 50that its fir4rtkal ye¥end now alw5 with the academi¢ year. 88 the maiorty of the ¢harityS cusiomern are 8chool5. Foll479 this change in financial yearenl date, trÉse fmancial statements ha¥ been prepared for 8 pe0d of 17 montr$. The comparatNè amounts wesente(l in the finantyal staioments. whh Telate to the 12 mmih period ending $1 March 2023. are notents'rely comp8th. INCOME l incom6 1$ racogn&ed In ts Stalemjnl of Finanoal Actmtios once the Gharity hgs entitlem8nt lo the fiJnd3. it prob8Ne thatthe IncorrÉ will b8 rs¢el%ed and the amount Gqn be rneasurnd rèllatAy. Donailon and grant incoff is reGosnised whèn the charity has been notified of the amount$. Ir there are pèrformance conditions atta¢hed the donation before entslemen¢ ¢an be obtained then Incomp i4 def+rd until those conditions are fuly mel or th& fUffAlnI of those ¢ondib"on$ is With the control of the ¢harttb ¢or4Dany and it Is Probab that th8y will be fUlld. Income fvom the suppty of seMc8s linck¥JirvJ income Ir¢m charitable acliviiwl repre5enls the value cf 58rvices prDvKled to the extent that there 15 s r¥Jhl to conderation and 18 recordett at the fair value of the coThsKleratiun re¢8wl or recNab. Interest Incorne 15 r8c(¥Jrwd for al 1nterest-be8ri finaneigl instnjmenls using Ihe effectwe Inte$t rate Meld. EXPENDWURE Liabilitie5 are re¢o9n*ed as8xp8nditure 85 so¢n a$ th¢r8 Is a gaI orconstructiveobg8on commlthn9 the charity to thai expenditur&. it probable that a transf&rof économic b8nefits will be required In setd?menl and the amount ol Ihe obligation c8n be m88sured reliabty. Expenditure is accounted for on an accru8 basi5 and ha5 boen 5$ified under he8dings that aggregate 811 cost related to the Ca¢eyory. ere costs cannot be dire¢Uy attnbutsd to parbcukr headiThJs they have bEW alt£aled to 8cbvth5 on 8 bagk4 w$i$tent Y4th the u¥e of resour5 88 detaik8d below. Charitab18 activity ¢osts arè th088 costs that rèL4te dire¢My ta $P8cific acbwtieswithiTh Iho tyganlsatbjn. Page15 conbnued...
Sovern Arts Not•$ to thg FIncIal Statements- contlnued for the Perlod 1M Aprll 2023 to 31stAugu$t 2Q24 CCOUNTING POLICIES- Continued Supports costs include the running costs of the charity have been thbuted to direct Costs of chorilvb a¢tNthgs a$ follows.. Support costs that can be direGtty attributed to a partl¢ular actnity ha% b8en categori8aY a$ Sh in the finanua stat8rnents. Any re5vJual costs have been allocated activitles in with the valu8 of 5UPPOrt Costs agrÉ8d in advance by fundws. muiiyli¢d by th¢ porcentage of lotalsUFVOrtCOsts In each headlng. TANGIBLE FIXED ASSETS Tangibk fixed assets are iniii811y recogniwj al cosc Aft•r rgcoynthon. under the tosl model. t8Trgib fixed a55ets a measured aicost accumulatsd depreciation and any accuffjuk2led imp4itrneni sSes. costs incurr8d ID bring a lang8 a5S8t into its tended wothiw corKlilion $houVJ b& lncbJd in ts rneasurament of cost. A rewvwforimp8imi&ntoffLYed 855els is Gamed out ifevents orchanw incircumstances Indicalethatlhè carying value of any fLYed 3558t may nol be reCorab. Shortfalls beeen the carying va of fixed assets th•r recetable arnounts are teGo9ni5ed a5 itnpairftnts. Impaimwnt losses are recognL4ed the Ststemenl of fin8nual acti¥lbe5. Tangible fixe4 assets Ckn9 t5QO or more are caprt8h58d. DePre¢tiOn is provid8d at rales c8kuLgtsd lowritg ofl the w5toffixtrJ a$$ets, k$$ their8stnated resdualvalw. ovei their exp8cled usefijl liws on the folbwing ba5e$". Motorvehi$ Fixture$ & filting$ offi 4uIpt Computer equipment Insbuments". Low valuel lrfe Over 4 years. ThL$ applies to in$trumants sh 88 recorders, fife5. dood$, expectancy.. ukUS and olherslmilarlw value (tsms. Brass.. InstruTheDl$ have a long8r Irf8 in sthool&. A8surring 50% at 10 y•8rs down to 20% at 20 yeats_ Instrurnents hav8 a longar lrfe in schooly. A5surryrvJ 5D% at 10 ye¥rs down to 20% at 20 yaars. Instruments have a longer lrfe m 5chc. h¢w0¥er ar¢ of h)w8r inib.al Wdlug Ihan brassl wwdwind which mes thÈm k8ss sa18abl& over ts"me. A5surnè 30% atar 10 and 0% at years. In5trurnents have 3 IDnger life In 8¢lwok. Asswiing 50% at 10 yearn. down to 20% at 20 years. Indudes som8 hlgher value Instrumentswhrh not hired out and so we8r8nd 18ar is lass ltsnd to be used cenlrallyl. E.g. Twnpafti. Marimba, Xyfv)phone. Vibraphone. Keyboard instDJmenls. A55umpd slower depreoa"on eooA of onginal value al year 10 ard 30% at year 20. Untuned Percu5&0n'. Includes lower cosl instrurn2nts such 8$ cymba15, drums, djembes. Usually hwher wear and tear for small percussion. Srre. such as djemb2 are hired lo $¢hool$ in $ets and are otsn not r8pairab18. Assumed 20% value at year 10. Includes in8truments rarety hired OUL used centrolty only or ¥x¢eptnal valw 189. H8rp, Contrab8ssoon et¢l. Instruntnts a kept in eXCelnt servic%d condition 8nd still retain cor6erable valué aftér 20 y8ar818ssumed 5NI. This assurned slraighl line depreciation lo 10% after 10 years and covets non Standard iterts eg Drum Kit, Earty years perDJs8ion, Samba, Fc. S YrS stral9ht line 10 years Straight line 5 years straight Ilne S y88rs 8lr81ght line Upper $trirvJs: Low8TStrings.' Tun Perojssbn.. Hl9h Value- MffjceIL8roUs'. TALITION The chanty is 8XWfPtfrom corpor81ion tax rt8 charitsble acti¥th$. FUNDACCOUNTING Unr8slricted fun¢Js can be Ld in accordanc• with the ¢haritsblè obpth.ves at the discretion of Ihe tru5tee6. Resin¢ted funds ¢an onty tye used for parbcuLqr reslncby purposes With Ihe obj.ects of the chathly. Restddons anse wh8n spbcffd by the donor or when funds are raed for p3rtiGulgr wtri¢ted purpo$e8. Furth8r ewlanalbjn ofthe nalure and purpD5e of eath fund 1$ ITluded In the notes to the fmantyal Ststsrnants. Page 18 continued_..
S•¥¢m Arts Notss to th• F¥nJn¢io1 Stat¢ments- continued forthe Pgdod 1stAprll 2023 to 31st AuBust 2024 ACCOUNTING POLICIES- ¢ontlnue<l FINANcL INSTRUMENTS The cotnpany has 9cted to apttythe provisions ofS8Ctlon 11, Ba5ir Finanual Inslruments, SEctn 12'01her Finantial Instruments 68$, ol FRS 102 to of its financial instwments. Fln&naal inslrurrDts are rQon[Sedhan the Company betom8s party locontrartual provh)rsofthe nstrumenL Financial assets are oftset. Ihe net amount5 presented in the accounts whet? thETE k4 8 kg81ty enforcLabl rKJhl lo set otttho ro¢09nis8d amounts and theo 1$ an intontion to Sett on a nel baso or to realise the a558t and Setik the liabilrty sirnuJtaneou$ly. Basic Financol Asstls Basic financial a$$Èts, which include trade 8nd otr recewables and cash •nd bank balance5. affj initialty mea$ursd Èt Iransaction wce including transaction costs and are 5ubseqiJÈnty &8rri8d atamorttsed w$t u$ing th& effecb've interest method Un56 tho arrangomenl consts"tut£s a fi03nGin9 transactty)n, wher• the tran¢tion measured al the present value of Ihe future tE¢eipts $nted at a marfKot rate of inleresl o$ic FlnaThclal Llabilitie$ Ba$ic financial liabilites, including trade and other payables. are iniiially re¢egnised attran5action Pri unkss the 8trangèment con5kntuts$ a finandng transactlon, where th9 d•bt Instrument is rrasured at the present value of future r8ceipts. discounted at a mgthet rate of intoro$1. Debt Instruments are subsequenty caniad al amorhsed cost, Ing the effective interést rate methLWJ. Tre payable$ are obhgalions lo pay for goDd$ or $er¥ices thal h8ve teen 8¢quired In ordinary cOue of the operations from swpliers. Accounts Payab are classified as current liabilities rf payment is due within on8 y8aror Igss. If noL Ihey are pres8n18d as noft-current labilitiÈ5. Trade paYabS are recognised Inrtialty attranSaCt eosL OPERATING LEASES Rènts pay8bk under operating kn$e$ are charged to the Statement of Financi81 Activth95 on a Strahl line bas Dver the a58 lem. PENSION COSTS Rebrement benEfits to ¢mphJyees of the charity a pro¥itt8d by either the Teachers. Pen%on Schorne PS,1. the Local Government Pension Scherne I'LGPS'I, or a private d8fined contribution Scher. The TPS is an unf&d defin8d Theffl 8chem8 and conlribulion$ are cAulaled to spread ¢0$1 of p8n&ionB OVf employees'wothiro lives with the charity in such a waythaiihe pension cost Is a5ubsianiialty lèvel p8rcantsg8 of current and fLrture pen$ionabk payroll. The contllbulions are detemiined by the Govemment Actuary based on quadrennk81 valuations using a pr05p8ctive unii¢redil rnethth1. TPS is an unlund@d 1MpTrYersdme with no underlying assets ioas6wJn beeen 8mloyeF. Consequ¢nlly, th&TPS is Ire8ted asadefined contributionstheme for acwunting purposes and the contributions ¢09n[sed in the penod lo whiGh they rdato. The LGPS 1$ a funded mullwnpbyerdefined nefIt schem88nd the assets 8re hekl separately frun Ihose Dfthe charity in separats tr188 •JTllink5tered fund$. Whi15t it would b8 possible to cl)lain an actuar%g1 vaualon of the chanty's shar8 of the LGPS to Y4hkh the charty bengs, the tru$tees of the charity b8lw8 that to account for the LGPS 88 8 defined benefft pension sch8m&. ralher than as a definad contributs.on s(theffle. would be incoThsislent with the rgquiremÈni 10 give a true and fair vv. This is b6cause the Iru5tses do not consider tmr annual contribub"on5 rglaling lo setuing th8ir share of Iht LGPS'8 current lorecasl defrt to be matsrial to the accounts of the charity (based on the ifomalion prOVed wthin the most Ternt triennial atluari81 valuation of the rebvant LGPSI an# al$0 due the very fv nurnber ol Membe of the LGPS allocated lo the charity ¢oftwared lo the overall numter of member5 of tho r&kvant LGPS. Il is considered probabk that the actuarial valuation of the ¢hatty'$ Share of the deficit woultl be ¢Ytsyoportion8lly effected by any $ignthcant uncertainty in a5SUtnptions or error& compared to otrer Sch8 èmpbyer5. In addition, lh¢ mlnonty of employees of the ¢harty that télong to thè relevant LGPS irLckKle one of thelhree rnernbets ofthe senrman8gernen1 team and ?oun.ng forthe LGPS a8 a defined benefit ¥thEm& woukl likdy cause odjustrnents to dtscknsurt$ ¢tsn(ming the runerati( paid to key managemoni porsonn81 in such a w3y Ihat i8 not Iikety lo be accuralety determined on an indmdual 6rry)Ioy88 ba515 would lety t* 88 comparabk y•oron yeardue to chanw in aGbJ)rial assumptions ppee8Ch year to Ihè valuation of the revant LGPS. The Iru5tses therefvrg bebeve that accounting for ihw paymènts lo the LGPS 8$ a (Jefined Contributi scheme tétter reflects thè actual finanual impacito the charity. Pa90 17 conlinued...
Not to the Fin#rtcSal Stat8merts. continued for ihg Porfod 1sr Aprll 2023 to 31stAu#t 2024 ACCOUNTr4G POLICIES.coniinuèd ere the charity ha$ ented Into an agreementwith the k8Th1 LGPS that detemleS how the ch&nty will fijnd def1t, the charity re¢ognLses at that polnl a liabilty for the contribullons Payab th81 aTi585 from the agreement (to thg extont that Ihey both reLats trj the deficit un L) rèli8bty na5uredl and the re$4Jiiing eypense is reeogni$ed wfthln the 5tatwnent of Financial Actiwb'OS. PENSION CQSTS Conlrft¥Jtw)r6 payabl8 to the dofinod tX•ntybuVcn pension sc8me are ¢har9èJ to profit or Icés in the peri¢d to whlch tsy reL9te. CRMCAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTATrITY Esllmate5 and judgements are conkn"nualty évaluated and arè b8sed on histerical experierKe (ther factois. includln9 OXPoaalJon$ of fulur6 a¥ent& that are beIved ID b• r•asenable uTrJ8r the circum5tan¢s. Cwttiul •re•s of ludgemonts Jud9ement 1$ applied in setbrg the deprecvatDn rates for tangible fried assets. Detats to these rates can be fotsnd in the a¢¢ounling policias li nots 2. The carrying valwe of tangib fixed assets Gan be found k) note 15. supp co81s h8¥e been all0¢a bewn unreslricted and r851rid8d fundsathd bea8the actimt5 Whe they ave been identffied a5 direclty attritsutab Costs. Any r86idual¢osts have been 8Noc8ted t¢80n acliwties in with the value of support ctssts agr8ed in advance by1und8. tnulliph'od by tha percentage oltotal $upporteosts in each heading. DONATII)NS AND LEGACIES Pwiod 1.4.23 Y&ar Ended 31.3.23 8$ restated Tol fur5 SI.24 Unros1rith4 funds Restricted funds Total fund Donab'on$ Grants Orchestra tax rel 11,670 249,961 4,098 1,696,998 15.768 1.945.959 7.1 1,387.257 286 10 17W096 1411657 Thè grant award from Paul Herntyn Foundation K8 ¢0 fund a prw that is expe¢led to be del¥erod beknE September 2024 and Juty 2026. Giants r8c8Died, inthded in the above. are as foll$.. Perlod 1A23 Yoar EndEd 31.3_23 gs to$tstsd 31.824 Art5 Coun1 Eryl Awards foryoung Musi¢ian$ Eknley Foundation Heart of England Communty Ftsundation M8fvern Hills DE5trict Council The NaiJon81 Foundation for Youth Mu¥¢ Paul Harnn Foundation UK Asso¢iabon for Music EOJcabon Worc&ier Cty Counc41 WorcestÉrshirÈ County Council UnivetStLy Of Worcester Sundry small local counul UTants I$$ than £5.000 each) Sundry 5m311 CharItsb ttust grants (lèss than £5,QJO each) 1,241.644 33,196 10,OIX) 88.942 97,747 797.092 29,571 7,OlS 166,iN)O 7,400 421,011 112,562 60,$82 242.023 7.000 6,91)0 1.387.257 P•9è18 continued...
Severn Arts No¢o$ to Ihe Flnanclal Stai•m•nts-contlnued for th* P?r6od 1st Aprll 2023 to 31si August 2024 INVESTMEMt INCOME P•rlod 1.4.23 to 31.8.24 Year Ended 31.3.23 a5 mStaled Total fvnds UThrestrthd lunds Resirtted fun<l6 Total Bank Inte$1 1.518 INCOME FROM CHARITABLE ACTMTES Period 1A.23 Ygar Ended 31.3.23 as reststsd Total aclivitios 31.8.24 Music Arts d8vebpm•ni Totsl Fastiva Htyliday Actlwlk?5 an¢J Fwd IHAFI Programme CPD Incorne Event incoTne Proieci incorne Resources Tuib'on Sub5cripIK)n$ Concerb MIsGollanotyB Incom8 58.631 58.631 1AOS 15.115 ¥920 60,182 1244,369 12,740 4.46S 29,230 1.740 5,253 18.550 31.693 793.793 9.774 3,886 1,40S 15,116 27,620 58,182 1,244,369 12,740 4,46S 7,31X¢ t 383 575 CHARITABLE A¢TMTIES COSTS Dlrecl Costs (see note 81 Support Costs (see nute 91 TotaL5 Music education Arts developrnent F8stN81$ 2.298.804 218.401 427,698 2.728.502 218,401 180 681 420 3 125 584 Paga 19 contiTru8d...
Severn Arts Notes to th Fln•nclal $tst8ments-cont1nLd forth• P•rfod 1stAprll 2023 to 31stAugu5t 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES Prlod IA.23 Year Ended 31.3.23 as ro$ts¢8d 31.824 Staff costs Instrument consumables Woth5hop expEnditu Extemal funding tr¥Jr8ary ProjeGI costs Subttjntrthd st8ff c08ts 2,137,974 4.032 513 1,511 529.241 21195 1.455,415 1.242 408 503 507,490 14.849 29766 1.979 907 SUPPORT COSTS SuppDrt w$ts. induded in the above. are aslolow$'. P*rlty1 1A23 Y&ar Ended 31.3.23 gs tats Total activities 31.8.24 Tot81 acDvltte8 Ratès and water Insurance Light snd heat Telephone AUvertising Sundries SÈrvice charges Ranl Travel txpenses IT expens Legal and profe$$ional Accountanty and payroll Confeience costs Subscnptions Board costs Premises Costs CPD costs Venue hire Safeguardin9 Costs Consultancy fee8 Postage and slthonary Depreualion Profil OTr Sa of tangib fLxed a$sets Sank ¢h¥ryes Auditors, remunofotK)n 18.4511 22,735 16,278 10,413 25,007 1,301 2J,391 54,400 97.729 36,800 11,301 17.023 1737 4,253 2.704 12.674 8.831 5.398 1774 15,138 2,048 .609 310 5.215 3,226 13,189 9,783 6,901 16,808 3,260 IS.869 37,662 76,765 35,287 10,462 15,780 1,311 2,918 1,920 14,4S2 4,399 19,516 2,738 15,038 670 216,$20 12,0231 1,952 S.860 Page 20 conts"nLEd...
S•v•m Arts Notes to th8 FSnanGial sialements- cont5nu•d lor the Period 1st Apvll 2023 to 31st August 2Q24 10. NeT INCOMEIIEXPENDITUREI Net in¢omoll¥xpondilurel 18 Stated after ¢hargiTrJllcr8dillrrfJl'. Pwbod 1A23 to 31.8.24 Ye*rEnded 31.3.23 as r&8tatod D&preoation- owned assets ID£ficitV5urplus on disposal offixed a5S¢ts Reryt paid underowrobng188S0S 60ffj09 310 215.520 12,0231 37,662 11. ALIDITORS. REMUNERATION 2024 2023 Audit remunerats.on Other assurancfr seNices Other 5eNic8S 5,500 3,780 5,860 1.920 7.770 13,098 15.550 12. TRUSTEES. REMUNERAT1014 AND BENEFITS There were no Iru5tees' mUnratiOn or other benefits for ri0 endèd 31st Augu$t2024 for th8 yoar ended 31st March 2023. TRUSTEES. expENSES No trv$lee$ were reimbursed for expenses durirrfJ the curwntor prior year. 13. STAFF COSTS Perfod 1 A.23 to 31J.24 Year Ended 31 3.23 a6 restatsd VVage8 and salaries So¢ial sgcurity costs t)ther ponsion costs 1.715,389 120.882 301.703 1,174.734 88.279 192.402 2.137 974 1455.415 The arage monthly nurroerof employe88 dvriry the peri¢d was as foll5.. P•rlod IA.23 Yg¥ End4d 31.3_23 a$ re$tated 87 31A.24 A¥erag• number ofemFloyee8 76 Pago 21 cOn"nu0d..
Sevem Arts Notos to tho Flnanclal Stat8mots- cvntinuwl for tho Poriod 1st Aprll 2023 10 3l$f August 2024 STAFF COSTS- ¢(¥rtlnu Tho number ofempbyees whDse empbyEe beneffts lex¢luding employer penSn costsl exceeded £W.000 was." Period 1A.23 Y8ar Ended 31.3.23 as resiatsd 31.8.24 £60.001 pa-£70.(0 pa K•y marwent personnel remuneraon8 Durlng tha 17 month rIOd 10181 remuneration, In¢dIng •mplwr penslon and nation81 insuranc8 cc6ts. paid to ky rnanag8rthnt P8tsonnd totslkd £408,762 ft an awrnge ef 5 emWoyees12023.. 289,g62 for S employe851. CCAIPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrastricted funds Rastrthd funds T¢tsl funds a8 restAted INCOME AND ENDOWMENTS FROII Donatlon$ and gac198 140,430 1,271227 1,411,8S7 charale actIv5e$ Music education Arts devek¢pment 848.539 38,780 848.539 45.780 7,000 Inv85tmenl inccffj& 1.518 Total 1029.287 1.278.227 2.307 494 EXPENDITURE ON Chatable al¥le9 c education Arts d8vefort Festlva 1.C61,382 159,158 850.560 17.8LI8 420.070 1,911,942 176.964 420,070 56 242 Tolal 1.164 298 NEf INCOMEIIEXPENDITUREI Transfers bÈlween fvnds 113$.0311 3.305 166,4511 1201,4821 Net movemont Inlund5 1138.3361 163,1461 1201.4821 RECONCIUATION OF FIJNDS Totalfunds brought forward 1.060,525 110,eSO 1.171.175 TOTAL FUNDS CARRIED FQRWARO 989.693 Page 22 ¢4ntinu8d...
Sovem Arts Notes to the FlnancSal statoments-eontlnLd for tho Perfod 1st Aprll 2023 to 31st August 2024 15. PRIOR YEAR ADJUSTIAENT LastyearWOrcesternhi County Council inforrned the charlty in writirrfJ that they h8¢ made Ihe decision that a loan due by the chafity to Worcèstershlre Cwnty Counul Yioukl be waived. Worc851ethire County Council has now provh1ed the fin81 tten agreement for this k)an waiv6r. Th8 detaiLs of this final writtw agreornenl inclutles a number of dauw tl8t811ing how the fund5 We to be spent that were un8nti¢yd last yaar. The cornparob. have been omended lod8ferthe re¢o9nllionofth8 loan waivertotsllin9 £276,189 overa 5yearkfi(x1. wlth £55,23S recogni5ed as re$tricted incom8 in Ihe Jent year 8Th1 £220,961 gnIseI 8s d8ferrèJ income thIn yoor and creditors. Th8e¢imp8tatlves ha¥ealso •nended totreal anArts Coun¢ll England gr8ntof£56242 pmiousty accouTrted for as Unsl¢ld inceme nLWtreat&d as fulty sp8nt restll(8d In¢omg. The comparative5 have alx) been 8djusted to treat incDme totslling £29.230 relats'ng to HoiKl8yAth¥&s and Food IHAFI Pro9M[e as unrestricted tr&Jing irK(wne. rathèr than as r8Stricted fuDO in¢ome. Th& PWOL¢ ye*s unts 6howB unspont restricted fund income of £6.7551£6,0701 at Ihe year end. 16. TANGIBLE FIXED ASSETS Fixiure$ and ftth.ros Motar vehides computer ewipm8llt InsirunY4nts Totsls COST Al 1st W"121r23 Additions Disposa 50BA29 77,422 10,100 44,402 1.917 640,353 1,929 4,8261 Al 31stAugu5t 2024 DEpREcTIoN Al 1st April 2023 Charge foryear Elirninaied on disposal 306.696 28,470 37.281 1rJ.960 6,560 1220 32.639 383.076 50,609 At 31stAugu$t2024 41.589 NET BOOK VALUE At 31stAugu5t 2024 4.740 Al 31st Marth 2023 201,833 40.141 11.763 257 277 DEBTORS.. AMOUNTS FALLING DuewTHIN OME YEAR 2024 20TJ as restaied Trade debtor5 Other d8blor5 Prepayments and ac£¥u•J ineom• 297.682 1,802 287.174 150 90,659 377,983 Page 23 continue(S...
Severn Arts Notss to the Financial Statements. contlnued for the Pott 1st April 2023 to 31st Augu 2024 18. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 85 18818ted Trsde ClI0r8 Social wurity and othertax8S Olhw cr8(lors AccftJal$ D8fen%d incoTr 43.014 22864 31.952 9.000 142 191 24,528 16,262 24,086 128,482 133.521 328.859 Dthnd income Deferred Income cc6fg 01.. 2024 2023 Worcester5hwe Ccunty Coun¢il SQ¢Aal value project Music lon and rdated fees relaln9 to fUre perftsys Commercial project incorne rekting to future proie¢ts S8Nic8 conbartgranl income alloGaled to fuluye periods 220.951 85.703 276.189 49,901 8,597 19.785 1,25CI 307 904 354.472 Split bettveen.. knounts due within one year Amounts aftèr mor than one year 142,191 165,713 133.521 220 951 307.904 Wor¢e$tery4hire County Cwncil Swal value proi8Ct is a S year grant received in tAvanee Ifollowing the wawing of è due from Vvorcestsrshire County Council). Grdnt inGorne lating to futu ye8r 811ocations have bee deferred on the basls Ihatthe chartty is UnSe to apply Gurr•nty•ar expndlture agaitfutUre year allocations. Al other deferred Incorne 8$ 8t 31 2023 wa$ iebosed to income wh1n the currentfinanclal por0. 19. CREDITORS: AMQUMTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 as restated Dof•Thod inttmg 165 713 22Q 951 DalaiLs oftl01orr•d can be found in note 18. 20. LEASING AGREEMENTS Minmwi base payments uThJgr nO[bnCe111tts opèrating 8$$ lall dug as fouows.. 2024 2023 4s rE51ated Ihin year Between one and fv years 3e,400 38.400 73,800 112.000 Pa9e 24 conts"niRd...
Swèm Arts Notes to Flnan¢ial Statetnents-contlnued for th• P•rfod 1$tAprU 2023 to 31st AuguBt 2024 21. AIOVEMENT IN FUNDS Net movement in ld5 At 1.4.23 31.8.24 UrwB5trictod fund5 General ftjnd DesKJnated Funds 569.935 300,(K)O 80,897 650,832 300,000 66,420 922,188 95,064 1.017.252 R88trlct fvnd$ Cuftural Devèlopment Fund Bursary Fund COMF Enhanced Youth Support Cuhural Educab'onal Pwoyrnmme Furthenng T8nt Lo¥èWoodrow proj8Ct m5C Box Fund Paul Found81ion Worcesiershiw County Council soaal value projeot Sundry Resth¢tsd Donalons 7,225 16.514 17.225) $49 S,665 (7,22ti 112.9901 52.862 11.8691 182.300 17,063 5,665 7.220 13,146 156 52,862 1,321 162.300 3.190 45A17 210 45A17 210 47.806 284.784 TOTAL FUNDS 1 302 036 Net mov&mÉntin fvnd$, IndUd In thg abovo 8rn as follows.. Incoming Resources •xpeThled Movement in fvnds Unrostrtcted fund General fund Arts 1W.891 265.840 11.403.994) 251.473 BO.897 1.750.531 11,655A071 95,0fj4 Ro$tr1¢1od fund$ Mu$ic Educatson Grant Cultural Developftnl Fund Arts Athty Arts Council Eng18nd Pen5iDn Fund Bur53ry Fund COMF Enhanced Youth Suwrt Cuttural Educab'onal Projrammo Fostrval Fund Futherinu Talent Love Woodrow proFd MUSK Box Fund Paul HaMn Foundati Worce51ershiR County Countil social valuo project Sundry Resiri¢ted Donations 1,046.102 17,956 42,206 98.181 2,549 B,666 11,046,102) 125.1B11 142,2061 196.1811 12.0001 17.22SI 549 6,666 17,2201 17.2201 (172.1881 146.9351 116,080 13.2931 12,7001 172.188 33,94S 68,942 1.424 165,000 112,9901 52,862 11.8691 162.300 65,23B 19,8211 210 45.417 210 1 707 396 1 470117 TOTAL FUNDS 3.457 927 31255641 332,343 Paga 25 COnlinued.-.
8evem Arts Notes to tho Flnancial 5tat•ments. condnugd forthe Perftsd 1¥t Aprll 2023 to J1$t August 2024 21. MOVEMENT IN FUNDS • contirMJEd Ccffiparatlv•s for movomant In lund8 Net movem8nt In funds Tmn$fors bebveen lund$ At 1.4.22 31.3.23 UDrestii¢tod lunds General fund OesKJnai8d Funds Assets transferred from Worcestershire County Counal Arts 2g6,317 3CQ,000 I146.5) 420,483 9.935 300.000 423,788 1423,7881 1,C60,525 1135,0321 13,3051 922.1e8 Restrlcled fund5 Cultural Devgk)prTEnt Fun BBC Children In Need Bursary Fund Chan9in9 Tracks Nurture Group The Chiklren's SocÈty COMF Enhan¢ed Youth Support Cuttural Educational Programme Furthering T8nt Inspiring FulureThTOU9h Th• Ar Jublee Funding KLkslarf Music Box Fund Music Innovab"on Fund Soundabtsut Cholr Youth Music Sundry Re$trtW DonatnS 7,225 19 11.831 1,500 892 1.019 6,270 23,053 1.604 8.947 7.225 4,683 11.5001 18921 11,0191 950 I9,7} 11,6041 16,9471 11,2801 113.1371 110.8001 1500 124.4431 551 18.514 7.220 13.146 452 2.353 13,974 10,800 3.190 500 24,443 265 210 110650 66 450 47.505 TOTAL FUNDS Poge 28 continue¢l...
Se¥em Arts Notes to tho Financial Swtem•nts- continued for the Period l$1 April 2023 to 31st August 2024 MOVEMENT IN FUNDS-contlnued Comp8ratwe not mov•ment in thnds, InCded in the above are as fdlows.. min9 rg$ources Resources expended MoveTrnl in funds Unrèstrfeted funds Gerdral fund 882,668 11.029.533) 134.766 1146,8651 1t.833 1,029.267 11,184.2991 1135,0321 Rostrlcted fijnds Music Education Grant ¢ullural Devobpmeni Fund Art5 Council Engbnd Pen$lon Fund BBC Chihjren In Need Bursary FurKI Chan9in9 Tiadls NurbJre Group Th¢ Ghildren's Socty COMF Enhan¢8cS Yeuth Supwrt uttur81 Educational Progratnme Furthenng T8nI Inspiring Future Throu9h Th¢ Arts Jub18e FundiNJ Kk$iart Music Box Fund Music Mart Innevation Fund Soundabout Choir Youth Music Sundry Restrlcted Donatiany 740.&50 420,070 S6,242 (740.8501 1420,0701 158,2421 4.983 13001 11.5001 18921 4,883 11,5001 18921 1501 139.4781 11.fj041 115,4661 12.3051 115.1371 118,2001 15001 130,9901 551 950 19,9071 11,8041 16,9471 11,2601 113,1371 110.8WI 15001 124,4431 551 29,571 8.519 6,$47 1 278 227 1 344.877 66,450 TOTAL FIJNOS 2.307.494 UtrICts funds Designated Rese•& A tssh reserve of£300,000 ha5 been desgn9ted by the trustees to ensu finaroal &t8bthty ofthe thafity and Bt Charitab obièctNes. Transf¢frod from Worce5ternhiw County Councll Assets lindudirfj mw51Gal instruments) donate(J by VVorsterSh1r@ County Council upon Ih2transferofCounty Music servi underrakings to Severn Art8. Lastyeor a roLqting ban was converted lo a donatr"w as such this lund was Ihen Iran$ferred to gen2ral unTe5triGled fund$. Arts AGtivity Id¢slgnatsdl Funtliw to $upport culiural aGbvrty and 8upport arhst5 acros5 Worcestershire. Mus1¢ Education Gr8nt DFE Grant alk)cated byArt8 Coun1 of EngL4nd. DelNers cere and ext8n$ion roles for Musc Educabon 8$ $01 out in the National Plan for Music Edu¢ati¢n_ CuUral Development Fund Grant to fund fe5tW81s ekment of VVorc8Ster RaiaY Ard)&$ Projeci 2019-22 Iproieci tslvered tets¥88n Worcester City CourKil. UnN•Bity of Worce5terand S&v8rn AJtsl. Arts A¢¢i¥llY Irestrfcted Funding to support culiural actwty and support arNsts across Worcestershire. Arts Councll England Pèralon Fund Gr8nl r8cei¥•Y trornkncourtil ErKJlaThY lofund irv¢88èfj Teacher Pension Schemg 8mpbyerc0nlributrffj. Pap 27
Sevem •Irt8 Notss to tha Flnanclal Statements-¢ontlnued forthe Period 1st Aprll 2023 to 31st August 2024 21. MOVEMENT IN FUNDS . contlnu8d Bbc Chlldr8n In Noed Gr8nt to purchase a 58t ol turntsbks and music tethTh)Icgy equpmenl fDr the Musk Box Ibu51. Burs•ry Funds A bursary fund started ift 2019 lor music81 opportunit$Wortershl ChIren and young poopb. Changing Tracks Nurturo Group Creatsve MusKo1 Nurture Grp$ forcttildren atRl$k Of Exclusion from Prknaryschoolfvnthd by Youth Mu$ Tho ChildronS Society Arts Proie¢ts for young people at ri8k of offendiTrJ. COMF Enhanced Youth Support A photogra[Y and film proiectexpkinng tha imp¥t of Covld orb young people in communities. Cthtural Education Prc•ramm Arts Connect fijndirtg tts tle¥elop the infva8tnJcture of the CLAturnl Edu¢8ts"on Pathership la nets¥ort( ol ganisations promoting art5 and cutture lo young peoF4el. Fgstlval Fund Relate5 to varlDUS grants, dwabons and otherfunding for the Light Nht fostwal. Furth•ring T8nt Gnt to &upport 30 tslenled young musicians from diBadvantagBd bat9rourth tr) lurther their mus progr¢58ion ènd proMd& montonng and training 8upporL Insplrfng FubJreThrouBh the Ans Prowdes arts a¢tNthes through the Probation seiCe to preventreofFendirKJ.Annual grantfri¥n Crime & P?1 Comrn155ioner. Jubi10o Fundlng Agontfrom Worce8tot8hit8 County CouT¥iI to ¢ommi$slon bcal arhsis to ¢ol•brate the Queen Jubilee. Kkkstart The Kstart SGhne provides fundin9 to creat8 rEwjobs for 16 to 24 yearoh18 on Unwar5al Crtdilwho a at risk of br¥J t8rrn etp1yment. - Lov¢ Woodrr Grontfrom Heart of EngLqnd Community Foundabon to undertake a Woodrow wbli¢ art pr0ct. Muslc Box Fund To supportand devekyp thE ¢klivEry of MUSK Box musicsession$. Music Mark Innova¥on Fund Musl¢ Mark funded project expbring youlh voice acros6 tho 14St MklÈ8nds Mwic Hubs. Pul Hamlyn Foundalbn Paul Hamtyn FOra.0n has awarded the ch8nty 8 grant of £165.OOCI 10 8wport'Sing. Speak and Shir. pr4ecl undertaken by the charity. This project Is expected lo tun from Apiil 2024 to Juty 2026 wlth deliv8ry from Sepiombor 2024. The charity plan io u&e this money to funtl direct project defvery costs and a proje¢t rn8nagerstsff wsitson. Soun(l•bou¢ Cholr kn¢lLtsNe Choir young people and Iheirfamilies delwered in pathetshl) with Seundabout WorsterShIre C¢unty Coun¢ll $oclal Value Prolgct Gt3ntfrom Worcestershir8 County Counal lo fund a $0r•$ of•Jreed uwn aCtNi15, induding fin8nrAng MUSK box activftks. pro¥e 8pprents"ce5hips to lotral indidYa1% and provbja assistan to btAI fo$llvak. Youth mC Grant le develop in52 and attt5s)le music OFporbJnitie5. training prffjrammes and retsearGh to improvg diveity, eqUrtY arvj IThdu$n arn1 Wk1en reach. working with tr4D musc kb$ in GIDuce5teTshire and Pag8 28 continued...
S•v•rn Arts Not88 10t Finan¢lal Ststements-continued Yorthe Perf¢d 1st Aprll 2023 to 3151 Au911St2024 MOVEMENT IN FUNDS-contlnuod Sundry Donatlons Recelvod Smalldonatlons rec8N8d for a 5pesffic purpose In the year irKlude. b¢ket Income for SyrryhDny Hall Concert. donabons to conknbule towards tho running costs of the Jazz Orchestra and donation$ for sheet mugc purchases. EMPLOYEE BENEFIT OBLIGATIONS The charW$ ernplDyeos belong lo ts¥0 principal ponslon $chernes. tho TeKIErs' Pension khem8 Ennd and Wafe5 ITPSlltracad8mic 8ThJ reLgted staff". 8nd the Local GovernrrrfntPen$ion scMe ILGPSI fof non-teachirvJ staff. which is rTh9nqged by Worcestershire Pension Fund. Bolh are rnulli4mpbyer d¢fin&J b8nefitschern. The latest octuarial valuallon of th•TrS relobj lo the Fericd ended 31 March 2Q20 gnd olthe LGPS lo the perirJ ended 31 March 2022. Induded in ¢d¢r$ atthe yearend were p8n8lon creditots of£29.74712023.. £22.2491. T•ach8rg' Peryalon Schpmt Tho reachers. Pension Scheme ITPSI Is a ststulory, contribut, defined benefft 5th¢. goYThd by the Teachers. Pen5Ion Schem• Rogulauons 2014. The TPS 15 an unfunded S¢M8 to whith 1h the mem[r and emplDyer makes contributio. 8$ a porrnta98 of salary- these contributions are credited to the Exchequer. Rètiroment and other pen8icn b8rfil$ or8 pahl by pJblic fvnds provKled by Parfiam8nt. Tho Govemment Aduary, using nomial actuarial principks, ¢wdtscts a fomal actuarol of the TPS in cordan¢e wth Ihe Public Setvice Pen$bn$ (V8luations and Employer C05t Capl OireGIH)n$ 2014 published by HM TTe2sury every 4 yeats. The alm of the rewew 15 lo en$ure $ceme co$1$ ar$ recognised and ffjanag appropriatety and the re¥W spe¢th¢s the of tUre conlribulon& Act1081 $¢nomo valuatn8 are dependent on #$$Ump0nS about the value of ILrture cost8. desyn of benefits and m8ny other Fdctors. The late$l octUSri81 valuation of the TPS w8s carried out as at 31 March 2020. Thp valuab.on rewt was published by the D8partrn8nl for Edu¢ati¢n on 27 Octob6r 2023. wh Ihe SCAPE rat&. tset by HMT. applying a notsonal Investrnenl return based on 1.7% above the rats of CPI. Tho koy èkments of th8 valuatr'on outcome are. Employèrcontfibuts"on rat9$ sèt at 28.68% of nSiOnab pay linc1jing a O.OB% administyation18vyI. This 1$ an increase of 5% in empby&r contDbulions and IhÈ ctsst control result 1$ such that no change in rrEmber benefit5 nee¢ed. Tetal Scheme liabiities InSIonS currently in payment and th8 estimated ¢0$1 of future benefitsl for$en1 to the effethe date of £262.0(NJ million and nglional assets lestinaied fuWTr ¢ontrbubons togethef With th8 notional investments hek¥ at the valuatlon datel of £222.200 rnilllon, 9iving a notsonal past SeN1 ddtil of £39.800 mlllion Th8 resutt ofthisvaluattonwlll be impknnented frorn 1 Apri12024.The nextvalualk)n reSISdue to bo implementsd om 14Jrl 2028. A copy olthe valjotion report and supporting documentation pd on the Tea¢hor6' Perjn8thbs&. Under dofinlvons set out kn FRS 102, ¢he TPS Is 8n unfunded rmltimpkJyer pension stheme. The th8rty fa unab to K18ntty its share of tho und¢rtying assats and liabilitEs of Ihe an. AccordiNgty. the charity has taken advantaoeofth8exemption In FRS 102and has accounted for it5¢0nty*uu"ons to the scherne a$ rfitwere a defined tx)nb)Y)ulon sch?Th. The errybyets pension costs pahJ to TPS in Ihe PEfKKI amounted to £2S8.3{?023.. £150,622). Page 29 Continued...
Sevem Arts Notos to Flnanclal Statsm•nl$- contlnued fortho Pgrfod 1st Aprll 2023 to 31st August 2024 22. ÈMPLOYEE BENEFIT OBLIOATIONS- contlnued Lwal Gov8rnm&nt Ponslon Sth8me ThÈ LGFS Is a funded multsmpkJyer defin8d ben0fi1 P•tBfon sche. wth a5s8lS held In separn tw$tee 8(hninL8tered fund5. The agr*èd cOntrUlon rates forfu years foremployers 1$ 24.2% (less an annual d8ductw of £1,500) from April 2023 for ihe next 3 years, with employees paying Variab rate$ depeniling on their IEvel of gross wag8S feLYed each month. The chanty has acwunted for its conMbutsor6 to the 5cIEme as rf it were a defrned conlritthen sthem&. The employerfs p8rtsbJn costs paid 10 LGPS in the peri(>J #mounted to £52.09012O23.. £32.2561- 08fln8d contrfbutlon s¢heme The omploy8¢8 penSD costs paid lo kne defingd ¢MtrI)UlbJn 8chem& in the p8ritxl nted to £9.355 12023.. £6.6951. 23. RELATED PARTY OISCLOSURES There We no relot6d party Iransacon$ lor perfthy ended 315t AjUst 2024. Page 30
Severn Arts Dotalled slotsment of FInl01 Activities for Pgrlod 1$t Aprll 2023 to 31st August 2024 Period 1.4.23 Year Ee0 31_3.23 Tot81 funds as ro$tstsd 31.8.24 Total fund5 Unrtrsbfjctgd trJnds R851ricted funds IMCOAIE AND ENDOWIIENT$ Don80 and Iyci• Donations Grants Orche8tr8 tsx rd 11,670 249,961 4.098 1,695.998 15,768 1,945,959 24579 7.127 1.387.257 17.273 286,210 1,700,096 1,986,306 1.411.657 Invostment I(n• Bank Int&rèst 20,465 20A65 1,518 cl•rable actlvhles HOlaY ActivttN88 and Food IHAFI Programme PD income Event cOm• Project in¢¢ft Roswrces TU0 Subscp0nS Con(rts Mi$rlaMous Income 58,631 INOS 15.115 27.620 58.182 1.244.369 12.740 4,465 58.631 1.405 14115 34.920 58,182 1,244,369 12,740 4,46S 29.230 1.740 5.2S3 16.SSO 31.893 793,793 9.774 3.886 2.400 7,300 7,300 IN51,158 894.319 T<tsl Incomlng m$ource8 1,750.531 1,707,396 3.457.927 2.307.494 EXPENDITIJRE ¢IlbI& actl¥6tle8 ges SoTh41 ge¢unty Pendons Irtrurnent con$umablgS Workshop expe[rtU Extemal fundiry and bursary Project Costs sub(X)ntraed staff costs 1,610,162 120,625 300,862 4.032 513 105,227 357 841 1,715.389 120,682 301,703 4.032 6t3 1,511 $29,241 24.195 1,174,734 88,279 192,402 1,242 503 S07.4WJ 14.849 1832,1611 1,361,4Q2 1.229,839 1.48727 2,697.466 1.979,907 Thi8 page dfm Mtform partofthe slobry finan¢ial $tstementS Pa98 31
Sevtm A Detsllod Staterngrit of Vinancial Actlvltl8s for th8 Pwlod 1st April 2023 to 316t August 2024 Peri 1.4.23 Year Ended 31.8.24 Total lund8 31.3.23 Total fvnds as re5ts1ed Unre$trifAed funds Restncted futtds Support costs Management Rates and water Insursnce Light and heat TePhone verb$ing Sundr5 Service ¢harges Rent Travd Qxpertses IT expènses Legal and professicnal Accountancy 8nd payroll Conference costs Stsbscriplion5 B04r¢l ¢o$ts Prgrni595 Gosts CPO ¢osts Venue h*e Safeguarding costs Consultancy fees Postage and S1Knary Depreaalion Profit on Df18ngthk fixed assets 16.4611 22,73S 16.278 10.413 2S,007 1.301 23.391 54ADO 97.729 3600 11,301 16,603 2.737 4,253 2,704 12.674 8.831 5.398 2,774 15,138 16,4511 22,73S 16.278 10.413 26.007 1,301 23,391 H400 97,729 36,800 11,301 17.023 2.737 4,253 2.704 12,874 ,831 5.398 2,774 1S,138 2.048 60.609 310 3.228 13,189 9,783 8.901 18,806 3.260 15.869 37.662 76.765 35.287 10.462 15.780 420 2,918 1.820 14.452 4.399 19.516 2.738 15.038 676 215.520 2,023 48,739 310 1.870 415.113 2,290 417.403 S21.357 FinHn¢¢ Bank d)arg88 5,215 5,215 1.852 Govemanco costs AlitOrs, r8mun2ration Total re50urce$ expended 165S.467 1,470117 2,$08,97e Not 0XndItUT• 95.064 237 279 332.343 201,482 Thi? p4¢ do notfoTh partclthe stalulw financial statsm&nts Page 32