REGISTERED COMPANY NUM8ER.. 11033978 IEn9kqnd and Waks REGISTERED GHARITY NUMBER- 1180335 R¢portofthe Tr￿le¢S and Atjdbtsd Flnancial Statements fortho Porlod 1$tAprfl ￿23 to 31$lAug￿t 2024 S•v•m Art¥ IA Compary Llmlt•d by Guaranteel Richards Sandy Audit Servw8 Limtsd Istsiutory Auditor) Thomeloe Hou$8 25 Bart￿￿rne Road Wor¢ester WR1 1RU S•vgrn Arts Contsnts of thB Finan¢lal Stat•m•nts for th• Perlod 191 Aprfl 2023 to 31st A￿just2024 Pago Releren¢¢ and Admlnl$tratsv• Detalls R•port of tha Trust408 2 to 7 R•port oftho Ind?￿nd￿ntAud￿or8 8 to 10 Ststfrment of FIna￿ts1 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(￿81￿8 Imyn•J 17.1￿4) 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 Bron￿lch 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 31*tAugusl 2024. The tru$té¢s hav8 adopted the provis￿￿5 of Accounting and Reporting by Choritbes." S18tement of Recommended PNGti¢e applicabk to ¢hatileS prepadn9 Iheir accounts in acTrrdancewth the Financk41 RepDrting Stand8rd appI￿ab￿ in the UK and R8PLknlc of ltsland IFRS 1021 leffe¢b've 1 January 20191. TRODUCTION Severn Art5 i5the kad org8nisabon forthe delNery and 0￿ration of mu51Gedu¢•tion in Herefordshire and Wor¢o$tershire. contr8¢ied lo run Ihe County Arts seM¢es dglNers, faafilates or 1$ 8 partner In vanousarts related proj¢ds across VVor¢est*tshire. Severn Arts continues to project manag? the AT¢he$ Worwler capital $¢hÈme thai Is funded ty ECMSKArts Council Engknd Ihr(iugh the Cultural Development Fund, with Comp￿tion expeded by December 2025. Sévern Arts Is aL%o commi55vJn8d k> manage a community arts Goordinator a￿d programmo on behalf of Ma1¥8rn Hills ljtskn.ci Cwnol. The Company i5 a Teyistered th8fity wth the Charity CommlssioTh (d)￿ty numb•r 11803351. OBJECTives AND ACTtVlTIES Objects and AcUvlU•8 The Comparty ha$ Wide￿ drawn charrtable Objects forJJ¥ on education. music and ￿ arts and tho womolon of soual inclus[(￿. The Company's Objects aro. The advance￿Ent 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 a￿ssIbIlity to. and In partlaP8tion in. arts, pro￿￿On of training. anLI neiwot*ing opportuniiies for aspiring 3Tbsts. prowsion of commis$K)rts. To assist In the Ireabnentanrj care of peTs¢n$ $uffering from menlal orphYs￿￿1 lkness of8ny de5¢riplion or In need of rehabilrfabon as a re5utt of su¢h illna$$, by th8 prOvis￿D vf $ervie$ not nornalty provKJed by the slatulthry authontie5. Induding (but not lim￿ed 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 exdL*J6YJ. rsV*ving Iha needs cl those peo￿ who are socially excluded and a55lSting them to Inlegr8te Into Sti￿ty. The CoTnpany'$ ¢urrenL ams ara.. To ¢Jeli¥erthe woth of Ihe Worcèthrnhlre klusic Educatson Hub agai￿1 thè reqUirem￿t6 wllinod in th8 Nat*)Tr Plan for Music Education. To provhJe and develop ¥pportunitk8s for music tuit￿n, I￿truttent repair and ban arwj a¢ll￿ty 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 Cr*Jrril To projgd and COM￿81? Tho Arch￿ VVorc8sl3r Cu#ural Dg¥8bw*nt FuThY ICDFI project IrApit81 prc9rarnmel. To Man8￿ a communty arts coordinatorand programme on behawof Malvern Hill$ D￿1￿ct 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¢h￿ve th&s• alm$ are.. To present subsidised, affordable wh0k41￿, small group and 14-1 n¥J$l¢ tuth.on in school$ dÈfwered by experienceil. high*u81ty mLtsiC le%hers. To PrO￿de 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 prtyreSs￿n and growth. To develDP gntl nurtu￿ 8xcel￿nce in leaching practi￿ and invest ITr confjnuous prDfesSiDnal devehJpTr*ni 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 deV￿0pment 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 Ack￿EmENT 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¢ ac*wlle8. We appointed more 5trff in tll8rketin9 a￿1 have support*d Ihree mor8 ytsung gr8duates In paid internships and placements. havè Suc￿$6*allY conlinu8d Liqht N¥ht and been preyEnt as a commffjed arts partr)er acfOS8 the county and the Wesl MRllands. repr888nting our 5￿tOr 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 ElM￿Y 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 legac￿5 w8s aknosl E2m. We abo $upported other cuhural or9ani88b"on8 Ihrough mentoring antl sumorL hglping Ihem to ￿Ver in addit￿81 fu￿1$. Thè Music Box bus h85 estsblished a following and we haveew4nded our ￿￿Ch, through an agreed social ¥81ue contract w*h 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 teCh￿l09y. l)ur1ggacy donalion memory of a young mu5iaan. Olly Irwin cc*))prising of a bur84ry lo Support young ta￿nt, 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 Of4￿adwantaged 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￿[¢ EdUCa￿on Hub-VIMEH Inty* H•r•foTdBhSro & WorGOSt•rshlro Mu$l¢ Sevem Aris ha$ been successful in obtaining the Hub Lead 0rgant5at￿Th for both Hetèfordshire and ￿Te*ster$h￿ra 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 f￿1 coneert pmgramme involving all the orchestM& and bands which reheatsÈ weékty across the ¢ounty. Concart5 took p￿ce inWvt¢ester, ma￿ern, Eve5harn, Kidderminster. Dro1￿1¢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 lest￿1$ Included all of our group¥ and players an¢J ako an art &xhl)ib"on and ppelry from the Young Poet Lau￿41&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 ￿￿T￿este[ C￿P￿tIl￿e Music Fe5tNals as wel18s parti¢ipab"ng in I￿nI 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 K*Jsic. se￿MArt5 ksworking in partnershipwith Young SoundsVK IfomiertyAw3rds for Young Mu$ioan$l to d￿h{er th8 Connect programme gnd is or*d of 10 ambassador5 musi¢ hubs across the county. The prograrr￿e has t￿en 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 MU￿Cal Iwrney Ihrough thi5 progrdmffvè whith is airned at tha5e exhlbthNJ early potential but for whom financial barn￿r8 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 Profess￿81 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 Pro￿d&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 signif￿ant patherships with the National Youtt) Orthestra's Insplre prograrnm. University of Worcester. Ma￿ern 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 d￿￿ere￿ Dver 30wotkshops 8rKI inpac￿j 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 p￿Cements to pupiks from Worc*siershlty h￿Jh $¢hooh in the 2023-24 acad8rnic year. Schoo15 are suppDrted to del￿rthe Nation81 Curriculum for Music Ihmjyh a year4tsn9 ContirnJou$ Davelopment programme. The CPD programrre for all staff and school8 de￿VerEd 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. No￿0￿1ng meeting5 fDI Primary Mus Leads were sntroduc*d 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 commiss￿ned 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 2￿23-24 atsdeM￿ yew. Ourannual Young VDiCeS NewVIym5 exFNbtson atworcester Cathedral toc* pLgca. attracting over SO schoots. arè a partnèr in Reim8gine Redditch. an Art8 Coun￿1 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 s￿r a&we# as establish Lkne Up. a new f85bval of oxperhnental music in Malvern. Th¢ Ar¢h¢$ WoYces¢w FP$t￿ra1s- Cuhural Dovelcwent FuThJ programme Tris ￿ a h.me Trmited project funded by the Department for cultu￿ Media and Sptsrt IDCMSI and adMIn￿tered by Arts Ctsuntil England. of which Ihe revenue project finished in March 2023. Sewern Arts ctsntinues lo project manage Ihe prv3ramm¢ until the capltsl Y￿rKS 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 wh￿h gxpk)rod th¥ stortès of ml9raThl eThmmUn￿es and the 6mpa¢t ¢h¢y on Wor￿￿￿5 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 deliVe￿d 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 r￿DtI2023-24) 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 Contin￿StOre￿1ve Substsn￿8Igranl income which has rema￿ed thesamosin¢* last￿ar.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$ I￿￿￿ed from k4afvern H￿1$ Di$tn¢t¢ounal lor the programn* In Malvern Hi118 Dl$irkt, Wor￿S￿rE￿ire 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 fUrt￿rY88r 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 sU￿￿S befgT2 transfers be￿4&￿ fund5 of £237.27912023.. defityi of £86.￿11- The combined Su￿luS 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 year*nd. 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 ¢JeS￿nated 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 T￿Stee3 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$is in p￿paring financkql statemènts. Furth•r detsil$ regarding the adopti￿ of Ihg 9olng corThrn L¥i$i$ Can found in the A¢*x)untiw POliC￿s. R*k 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 $atlsfied that 5yStem5 and procedures are in p￿ce to rnitwatfj exposure lo Ihe major ri¥ks_ In deodin9 thi5 kvel of reseNes. the Trustees have ￿nsIdered Ihe finanrAal risks the Chanty faces. the certainty of wi¢on* and the iryact on u58r5 should the Chanty be unob￿ to provid& Its 8eMf*S. The major financkql risk facod is wrthdr8wal of grant SUPPDrt Irom DIE Arts Counul England mLtyiC 8ducalion gwL TrM)ilslthis wou* have a 519nificant Impact. the Trustee5 exp¢¢tthatth&rewouPJ beforewatning Df this whichwould eTraNe Ihem to appropriately The way that DfE di5trbuté& Mnds as part ef the rnusi¢ odu¢aiion grant changed with effect from Sgpl£rnber2024 and SevernArts 1$ nowthe Hub Lead Organisationfor He￿10rdsh1re and Worce$iErshire. In thefirst yew. we expe¢t the delNery of mL￿1c hub 5eNi¢es in H8refordshire14 ¢ontinue to ￿￿one by Encore and Sev8mArts will pa55 On tho relevant elament ol the hub g￿nI retsting lo Herefordshire to Encore. The Trustees have 8s8&Ssed eth 9￿￿tsnt I￿anual risks 3nd have taken actlon ty ansure the Cornpany i% able to respond lo fluEtuatlons In ineome and dem8Th1 for Servi￿ such that il is ab￿ to SUCCOSslully de81 with any immediate ChaI￿nge$ presented. The Trustw rewewlhe rwry88 pc4yon a re9ularbasi8wNh re￿renCetOtr8d1t￿ 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 d￿ets￿y bu$ines$ over thè ne￿ few year8 and to explore att•malN¥ sources of In￿Me 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$irla authoritks. V￿rres19r$h1rè County Council. PublK Heatth and the UnIve￿ty ofWorTrster, SevemArt8 is committed lo su518iniTrJ and $upporbng it8 own woTkfoTre and to provKling opportunities for Gareer progr*sion within the orgnisalK)n, $taT*ng with rvrÈnliceships and Iniomshlps and creating sustainable [￿e5 forth8 future development of the music and arts educalion 88cb)r. We plan to wotk wlh partners to off¢r more opportuni1*$ and ansure Sevem Art5 shows ev￿￿enCe and impact of its. work to be an indLASwe rryNpany. STRUCTLIIE. GOVÉRNANCE AND MANAGEMENT Constituuon The Company is con$￿t￿ted und8ra Klernrar￿uM atx1 ￿￿cleS ofA560ciationdatsd 18 Octcè8r2017 las arnended on 19 M•r¢h 20191. M•thod$ ol appolnlment or e16ctlon •f trust••s The management ofthe Company 1$ Iho r6sponsiblty of theTwslBgs who are apwintsd aTrJ cow fraud might occur in(*uding asB&S8m8nt of how and wh8re Ih& financHI 8lat8ments may be to fra￿￿. AS a ￿$utt ol these procedures we consider th8 most signfficant law$ and regulatsons that hav& a direct impact on the financial 8tslements are the charib.es SORP IFRS 1021 'Ar£out)tlng and Reporb'ng by charrt￿8. StaterrEnt or Racommended Praclr• applicable lo chaiitBs preparing their accounts in accordance vrith the F*)￿￿al Rep¢rtin9 Standard appkabk in the UK and Republcoflreland IFR$ 1021 leffectwe 1 January 20191.. Financkal Reporthig Standard 102'The FInanC￿lI Reporting Standard applicab￿ In the UK and Republlc tsf Ireland, the compan￿ Act2006 land rèL8tsJ kjgislationl. the Charities Act 2011 land rebled 189i818tionll. and laws regulalons rekt.ng to the empk)yment and payTTEDI of staff including, bul not limited to. the Emphy￿nI RvJhts Act 1998. ts Nat￿ft81 Minimum Wtye Act 19￿ and th? P¢n$ions Ac12008. pthrrn￿ audit pro¢8dure6 to dgtect n0n-ccfflF4￿nce5 which may hav8 a material impacton thefin8fvxI stal*m@rbts. which Induded rewwng ihe financial slaternent ¢JisGlo$uros. Thr4 includes samplB testing of monthty payrel r8c(xd$ for the cakubtion olgrass wages, p8ymll tsxe$ and pension costs. idoniif*d areas of th8 financial Statements most suscspbble to frajd lo be man8gémentsjudgem&nt ty) awjcating expendittl￿ to indNk1ual restricted unre$trited funds. induding the all￿tiON of w•J8 costs and gener81 staff overt)e8d8. AL*Jitprocedure5 pErfomad Included. bulwerenot limlteo to. r¢vlewlng managwngnts ro859ning and woTkirrfJs behiThY tr￿5& allocabcrt% of eXpend￿re. B￿a￿e of the inherenthmitations of an audit. thgro is a risk thatwe will notdele¢t all irregularities. indudng Ih05e kn&ding to a materi81 Mis$￿ternent in the financial slaternents or non-compharbc• wrfh reguL3tion. This risk incre41es the mDr8 that o)mpliance wth a law or regulation is T¢mov8d from the events and transactions reflected in th& financial statements, as WHI ￿l￿sS lik8ty to beo)me aware of inslances of non-cornplyance. Tn• rl$k B a￿0 gr8atsr rwa￿1￿ Itregularil￿s DGcunin9 due to fraud rather than e￿Or. 88 fraud invo￿ts inteniK)no1 concealmenL fugery. ¢olusb)n, orThssM cf misrepresentstion_ A fvrther de5CllPtion of our r¢$ponsibililie8 for the audit of financial statsments 15 kxated the Financwl RerA)rUr C￿r￿lI% w•bsit¢ otIW4W.trc.org.uPJaud1tots￿sp0n$IbIl[l1￿&. ThB d8￿ption forms p•rtof our Repr*t of the Independent Auditors. Pa9B 9 R•pM of the Inder*Thlont Auditors to the Member8 CO Sèvem Arts U$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$t8xt8nlpetmitted by law. w8 do not accept or as5umtr responsbi ility te 8nyone other than the thantab* company th8 charttsb18 company's n*mbar5 as a b(xly. for ouraudit work. for raport, ortsr Ihe ownions we have lormgd. Mel&sa Jean Gottwin ACAACCA (Senior Statutory A￿dItOrI for and on behaW of RKhard$ 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 [knco￿OIètll￿ an I￿oMe 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 T￿41 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$9 financial slatemonts Pa99 11 Se¥ern Arts Balanc8 Shoot 31st AYUL￿t 2024 2024 Total funds 2023 Total funds as restated Unrestr¢le4 lunds Reslri¢t8d FIXED ASSETS Tangib￿ awts 206,864 1,320 208.184 257,277 CURRENT ASSETS Dèbtors.. amounts falling du6 within Dr￿ year a8h al bonk and in hand J55,926 62$ 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 UnreStr￿ted fvnds R8strKted funds 1,017.252 922,188 47,505 TOTAL FUNDS 1 302 038 geg,693 These financ￿1 Etat8ments have been Prepared in aLK0rda￿e Ihe Pr￿￿Jn8 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 beha￿bY.. Cour-Truslee The notes partof the¥8 finan¢ial stakn)•nts Page 12 Severn Arts Cash Flow state￿￿nI 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$h pmided byllused inl operatin9 actwities C•sh IIDwsfrc¥n IMI￿￿1vj activilies Purchase oftsngible fixed asmts Sa16 of t8ngibk fixed a55ets Inlerest ieceN4(1 11.9291 103 20A85 19.2991 3.029 1,518 Net cash prowd& byllused inl investiw adw1￿6 4.752 Chang8 In cash and ¢ash equlvalents in the reportlng porSod Cash and cash equfvalonls at th• beginning of tho reportlng pgrl( 129.666 195,6711 979.914 Catsh and caBh equlvalonts at th• •nd of tho r¢portlThJ porlod 884.243 Th? note5 fom P￿ alth￿e statsThnts Pago 13 S•vem Abts NotOS 10 Ilw Cash Flow Ststern8nt foi th• P•rfod 1$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 Act￿RIes) Adlu$tmorrts for.. PeprecialioD ¢harw$ Lossiiprofil) on diy$al offLK* asseis Inlere$t recelv*l 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 1.013￿0> 129 666 ￿09 Total 1 013909 MAJOR NONJ #mounted to £52.09012O23.. £32.2561- 08fln8d contrfbutlon s¢heme The omploy8¢8 penS￿D 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 Iransac￿on$ lor perfthy ended 315t A￿jUst 2024. Page 30 Severn Arts Dotalled slotsment of FIn￿l01 Activities for Pgrlod 1$t Aprll 2023 to 31st August 2024 Period 1.4.23 Year E￿e0 31_3.23 Tot81 funds as ro$tstsd 31.8.24 Total fund5 Unrtrsbfjctgd trJnds R851ricted funds IMCOAIE AND ENDOWIIENT$ Don8￿0￿ 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•r￿able actlvhles HOl￿aY ActivttN88 and Food IHAFI Programme PD income Event ￿cOm• Project in¢¢ft Roswrces TU￿0￿ Subsc￿p￿0nS Con(*rts Mi$r*laMous 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