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2024-03-31-accounts

Trustees’ Annual Report for the period

From: 01 April 2023 Period start date To: 31 March 2024 Period end date Charity name: The Poetry Exchange

Charity registration number: 1185714

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 To advance the arts and culture, in
particular poetry, for the public benefit, by
producing events and activities that
promote the public’s engagement with and
appreciation of poetry, for the general
public around the UK and worldwide.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.		 Para 1.17 and
1.19		 The Poetry Exchange runs various
activities that enable the widest possible
range of people to engage with and
appreciate poetry. Through our unique idea
of poems as friends, we invite people from
all walks of life to discover and share what
poems mean to them.
We talk with readers around the UK about
the poem that has been a friend to them,
making space for these individuals to
explore and deepen their sense of personal
connection with a chosen poem.
We share some of these extraordinary
conversations through The Poetry
Exchange podcast, bringing poems to
thousands of listeners around the world
through the voices and stories of those who
read them.
We also run live events and workshops at
festivals, libraries, universities, community
centres and workspaces, inviting people of
all ages and backgrounds to connect more
closely with poetry, themselves and each
other.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The trustees have had regard to the
guidance issued by the Charity
Commission on public benefit.

Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference
Policy on grant making Para 1.38
Policy on social investment
including program related
investment		 Para 1.38
Contribution made by
volunteers		 Para 1.38 Whilst we pay people appropriately
wherever possible for their work (based on
Artists Union England rates), our core
team, community of practitioners and
supporters will often give their time
voluntarily, due to their passion for and
commitment to The Poetry Exchange and
its work.
Other

Achievements and Performance

SORP reference
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 This report is written following the
devastating and unexpected loss of our
founder and director, Fiona Bennett. It is
with pain and sadness that we look back on
2023-24 – the final year before Fiona
became ill – but at the same time with great
pride and joy at all the amazing work we
did together during this time.
Our main achievement over 2023-24 was
creating and delivering our unique
anthology –Poems as Friends –_having
secured a publishing contract for the book
with Quercus Books in 2022-23._Poems as
Friends: The Poetry Exchange 10th
_Anniversary Anthology_is a celebration of
the power of poetry in people’s lives. It
gathers together a unique collection of
poems brought to The Poetry Exchange
over the last 10 years, accompanied by the
stories of connection from readers who
have known them as friends.
Fiona Bennett and Michael Shaeffer are
co-authors of The Poetry Exchange
anthology and worked incredibly closely
and intensively on gathering, reviewing,
curating and editing the material to be
included within the book, out of a vast and

diverse range of poems and stories brought to The Poetry Exchange over the last 10 years. We have had over 300 nominations of poems as friends since 2014, so the task of selecting 60 of these, and how best to arrange and present them, was quite a task! It was also necessary to secure permissions from the poets or rights holders of the selected poems, as well as readers who brought these to The Poetry Exchange, to allow us to share their words and stories. Fiona and Michael worked consistently on the manuscript over 202324, with lots of back and forth with our editors at Quercus Books, whilst John Prebble, Ken Cockburn and Jessica Boatright, looked after rights and permissions. After a long but profoundly rewarding creative period, the first draft of Poems as Friends was delivered to Quercus Books in May 2023, with the final proof signed off in March 2024. Our anthology was published on 9[th] May 2024. “As Michael and I explored the treasure trove of the archive…themes of friendship emerged. You will find here poems that can sit with you in the dark and poems that bring the light, poems of celebration, elegy and comfort, and poems, that like good friends do, might challenge you to confront the thought that unsettles you or the truth you’ve felt in your bones but not yet found the words for.” – Fiona Bennet, from the introduction to Poems as Friends. Alongside the production of our anthology, our work on The Poetry Exchange podcast and live events continued as normal, with guests in 2023-24 including: UK poetry trailblazer Salena Godden; poetry luminary (and trustee) Roy McFarlane with a special tribute episode to Benjamin Zephaniah; and US poet and radio host Lois P. Jones, who greatly boosted our listenership and following in the USA.

Additional information (optional)

You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41
Performance of fundraising
activities against objectives
set		 Para 1.41 We had great success with fundraising in
2022-23, in securing a large grant of
£29,993 from Arts Council England towards
our core work of producing The Poetry
Exchange podcast and live events, in a
way that chimes with and supports the
release of The Poetry Exchange Anthology.
£26,994 was received in 2023-24, with the
remainder paid in 2024-25. This was a
major vote of confidence and form of
support from Arts Council England, who
have supported us with occasional, smaller
grants for specific projects in previous
years. Alongside this, the production of the
anthology itself was made possible through
the editorial fees and rights budget from
Quercus Books, who recognised how
special_Poems as Friends_was and
commissioned the book from Fiona,
Michael and The Poetry Exchange. £5,000
from Quercus was received in 2023-24,
with the remainder received in 2024-25.
Investment performance
against objectives		 Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 The Poetry Exchange is in a healthy
position at the end of 2023-24, with
£20,424 cash funds at year end. The
majority of this (£15,928) is restricted funds
out of the Arts Council England grant
(£26,994), which is carried over for
spend/activity in 2024-25 as planned. A
modest amount of unrestricted cash funds
are also carried over into 2024-25 (£4,497),
thanks to increased earned income and
individual donations over the last two years.
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 The trustees’ ambition is to generate
sufficient reserves to sustain the regular
costs of The Poetry Exchange’s ‘core’
programme for up to 4 months, which
would allow us sufficient time either to
pause or wind up our activity, or to raise
additional funds to continue beyond this
period.
Amount of reserves held Para 1.22 No reserves in place at this stage.
Reasons for holding zero
reserves		 Para 1.22 Whilst The Poetry Exchange does not
currently hold formal reserves, we operate
as a very light-touch organisation with no
offices, salaried staff or other overheads to
consider. Therefore this does not pose a
significant risk to The Poetry Exchange’s
viability.
Details of fund materially in
deficit		 Para 1.24
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 The Poetry Exchange operates sustainably
as a small charity, through having no
offices, salaried staff or other overheads to
consider, and by only undertaking work
when we have sufficient funds/resources to
do so.
Additional information (optional)
You may choose to include further statements		 Additional information (optional)
You may choose to include further statements		 where relevant about:
The charity’s principal
sources of funds (including
any fundraising)		 Para 1.47 We were successful in securing a large
grant of £29,993 from Arts Council England
this year, towards our core work of
producing The Poetry Exchange podcast
and live events. We also saw a large
increase in earned income in the form of
the commission from Quercus Books for
The Poetry Exchange Anthology (£5k
received this year, of a £11k total
commission). We also maintained a fair
level of income from other
partner/commissioned activity (£3,120) and
individual donations (£2,100), although
these were down on 2022-23 since we
decided to focus on the production of The
Poetry Exchange anthology.
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46 Risk: lack of continuity or capacity due to
high levels of freelance and/or volunteer
work.
Mitigation: The Poetry Exchange is run by a
passionate team and community, and we
scale our work depending on the resources
and time available.
Other

Structure, Governance and Management

Description of charity’s
trusts:		 N/A
Type of governing document
(trust deed, royal charter)		 Para 1.25 Foundation model constitution
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 Charitable Incorporated Organisation (CIO)
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 New trustees appointed by existing trustees
i.e. Alison McManus, Roy McFarlane,
Andrea Witzke Slot.
Every trustee must be appointed for a term
of three years by a resolution passed at a
meeting of the charity trustees.
In selecting individuals for appointment as
charity trustees, the charity trustees must
have regard to the skills, knowledge and
experience needed for the effective
administration of the CIO.

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures
adopted for the induction
and training of trustees		 Para 1.51
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51
Relationship with any related
parties		 Para 1.51
Other

Reference and Administrative details

Charity name The Poetry Exchange
Other name the charity uses
Registered charity number 1185714
Charity’s principal address 26 Monument Court
Woolners Way
Stevenage
SG1 3AD

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for whole
year		 Name of person (or body) entitled
to appoint trustee (if any)
Alison McManus Chair
RoyMcFarlane
Andrea Witzke Slot 16/04/2023 –
31/03/2024
Fiona Bennett
John Prebble 01/04/2023 –
06/02/2024

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information)
Type of
adviser
Name
Address
Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

on behalf of the charity’s trustees

Signature(s)
Full name(s)
Position (eg Secretary,
Chair, etc)
Date
Alison McManus (Apr 7, 2025 13:37 GMT+1)
Alison McManus Andrea Witzke Slot

Chair
07/04/2025
07/04/2025
The Poetry Exchange The Poetry Exchange The Poetry Exchange 1185714
Receipts and payments accounts CC16a
For the period
from		 01/04/2023 To 31/03/2024

Section A Receipts and payments

A1 Receipts Unrestricted
funds
to the nearest
£
3,120
5,000
1,550
550
10,220

10,220
1,197
577
228
149
3,000
5,000
10,151		 Restricted
funds
to the
nearest £
Endowment
funds
to the nearest £		 Total
funds
to the nearest
£
28,094
3,120
5,000
1,550
550
38,314
38,314
38,314
3,240
202
2,200
2,900
905
536
149
2,136
844
552
3,000
6,928
23,593		 Last year
to the
nearest £
Arts Council England National
Lottery Project Grants		 28,094 9,900
Earned income - fees from
partners		 3,120 5,195
Earned income - fees for
Anthology from Quercus		 5,000 -
Donations - fundraising event(s) 1,550 1,573
Individual donations 550 2,035
Sub total(Gross
income for AR)		 10,220 28,094 18,703
A2 Asset and investment
sales, (see table).
Sub total 18,703
Total receipts
A3 Payments
28,094 18,703
Artists' fees & expenses 1,197 2,043 3,240 3,966
Venue hire & materials 202 202 1,252
Producing & marketing 2,200 2,200 1,997
Audio production 2,900 2,900 3,209
Other freelance support 905 905 2,078
Rights & permissions 536 536 150
Advertising & promotion 149 149 576
Software, subscriptions,
insurance		 577 1,559 2,136 1,963
Travel, tickets, subsistence -
core team & trustees		 228 616 844 -
Supporter & donor care 149 403 552 -
Anthology - author fees 3,000 3,000 -
Anthology - rights &
permissions		 5,000 1,928 6,928 -
**Sub total ** 10,151 13,441 23,593 15,191
A4 Asset and investment
purchases, (see table)
Sub total
Total payments 10,151 13,441 23,593 15,191
t of receipts/(payments) 69 14,653 14,721 3,512
A5 Transfers between
funds
A6 Cash funds last year
end 4,428 1,275 5,703 2,191
Cash funds this year
end		 4,497 15,928 20,424 5,703

Section B Statement of assets and liabilities at the end of the period

Unrestricted
funds
to nearest £
4,497
4,497
Unrestricted
funds
to nearest £
-
Fund to which
asset belongs
Fund to which
asset belongs
Fund to which
liability relates
Details
Details
Details
Total cash funds
(agree balances with receipts and
payments account(s))
Details
Details		 Unrestricted
funds
to nearest £
4,497
4,497
Unrestricted
funds
to nearest £
-
Fund to which
asset belongs
Fund to which
asset belongs
Fund to which
liability relates
Details
Details
Details
Total cash funds
(agree balances with receipts and
payments account(s))
Details
Details		 Restricted
funds
to nearest £
15,928
15,928
Restricted
funds
to nearest £
-
Cost
(optional)
-
Cost
(optional)
-
Amount due
(optional)
-		 Endow
ment
funds
to nearest
£
Endow
ment
to nearest
£
-
Current
value
(optional)
-
Current
value
(optional)
-
When due
(optional)
-

----- Start of picture text -----
Signed by one or two
Date of
trustees on behalf of all the Signature Print Name
trustees approval
07/04/
Alison McManus 2025
Alison McManus (Apr 7, 2025 17:14 GMT+1)
07/04/
Andrea Witzke Slot 2025
----- End of picture text -----

Notes: £496.80 paid to trustee Roy McFarlane and £2415.00 paid to trustee Fiona Bennett for artistic services to The Poetry Exchange over 2023-24. A resolution was in place and updated by all trustees to allow for Roy McFarlane and Fiona Bennett to receive these payments at specific moments during 2023-24, given their unique skills and experience within The Poetry Exchange team.

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ The Poetry Exchange members of On accounts for the year 31/3/24 Charity no 1185714 ended (if any) Set out on pages Page 1 only (remember to include the page numbers of additional sheets)

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention (other than that disclosed below *) in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Gary Brown Date: 31/3/25 Name: Gary Brown Relevant professional Chartered Accountant (ACA) qualification(s) or body (if any): Address: 1 Main Street Frolesworth Leicestershire

1

October 2018

IER

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of None to disclose any items that the examiner wishes to disclose .

2

October 2018

IER