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||**Page**|
|---|---|
|Reference and administrative details||
|Chair's Report|2-3|
|Trustees' Annual Report (incorporating the Director's Report)|4-10|
|Independent Examiner's Report to the Trustees|11|
|Statement of Financial Activities (including income and expenditure account)|12|
|Balance Sheet|13|
|Notes to the financial statements|14-25|





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|**Registered Charity name**|Black Swan Arts Ltd|Black Swan Arts Ltd|
|---|---|---|
|**Charity registration number**|292463||
|**Company registration number**|01944551||
|**Principal address and registered office**|The Black Swan||
||2 Bridge Street||
||Frome||
||Somerset||
||BA111BB||
|**Trustees**|C Blunt|(retired 11 March 2024)|
||B Earl|(retired 20 November 2023)|
||I Fooks||
||M Golder|(retired 13 May 2023)|
||L Little|(appointed 5 August 2024)|
||R Morland||
||L Ponsillo|(retired 3 April 2023)|
||H Roughley|(retired 5 June 2023)|
||A Webb||
||RWhitewick||
||A Sheridan|(appointed 3 April 2023,|
||retired 9 October 2023)||
||L Thompson|(appointed 17 August 2022,|
||retired 5 August 2024)||
|**Independent Examiner**|Kirsty Carbin ACA FCCA||
||SO Accounting|Limited|
||2 Harris Close||
||Frome||
||Somerset||
||BA11 5JY||






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|**Exhibitions**||||
|---|---|---|---|
|Dates|Exhibition|Attendances|Days<br>open|
|4 March-16 April|Black Swan YoungOpen|2360|37|
|29 April-<br>14 May|Frome Art Society- Springinto Summer|||
|26 May- 25 June|Ashen - Lotte Scott|607|35|
|1 July-10 Sept|Squint-<br>Davies,Monaghan and Klein|2138|60|
|16 Sept- 29 Oct|Seam Collective - A Visible Thread|1552|42|
|4Nov-31Dec|Winter Market|2627|52|
|19 Jan- 25<br>February|Sparkle! A Spectrum of Contemporary Glass|993|32|
|2Mar-14April|Time & Tide - Ruth Broadway|1449|43|





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|**Exhibitions - Round**|**Tower**|
|---|---|
|22 April& 23 April|6 x 6 CommunityArt Exhibition|
|29 April - 21 May|The Keyford Asylum: From Diaries to Drama|
|24 June - 16 July|Photo I Frome - DecolonisingEnvironments<br>Twisted Sobriety- Paul Juillerat|
|22 July- 6 August||
|12-28Aug|I'm Thinking of Going Home for a couple of days - a collective of final<br>year BA Fine Art,Central St Martins|
|2-10Sept|Earth,Myths and Memories - Lizbeth and Suzanne|
|16 Sept - 1 Oct|Land,Loss and Womb - Summer Auty- Somerset Art Weeks|
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|**Note**<br>**Income from:**<br>Donations and legacies<br>**3**<br>Charitable activities<br>**4**<br>Other trading activities<br>**5**<br>**Total income**<br>**Expenditure on:**<br>Other trading activities<br>**6**<br>Charitable activities<br>**7**<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**10**<br>**Transfers between funds**<br>**22**<br>**Net movement in funds**<br>**Total funds at start of year**<br>**22**<br>**Prior year adjustment**<br>**26**<br>**Total funds at end of year**<br>**22**||**Unrestricted**<br>**Funds**<br>£<br>16,300<br>97,273<br>63,424|**Endowment**<br>**Funds**<br>£|**Total Funds**<br>**2024**<br>£<br>16,300<br>97,273<br>63,424|Total Funds<br>2023<br>£<br>2,945<br>79,534<br>72,880|
|---|---|---|---|---|---|
|||176,997||176,997|155,359|
|||70,867<br>114,656|11,523|70,867<br>126,179|64,557<br>120,047|
|||185,523|11,523|197,046|184,604|
|||(8,526)<br>(1,153)<br>(9,679)|(11,523)<br>1,153<br>(10,370)|(20,049)<br>(20,049)|(29,245)<br>(29,245)|
|||5,945<br>2,789|433,024|438,969<br>2,789|468,214|
|||(945)|422,654|421,709|438,969|





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||||
|---|---|---|
|**AS AT 31 MARCH 2024**|**Company number: 01944551**||
|**Fixed assets**<br>Intangible assets<br>Tangible assets<br>Investments<br>**Current assets**<br>Stock<br>Debtors<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling<br>due within one year<br>**Net current assets or liabilities**<br>**Total assets less current liabilities**<br>Creditors: amounts falling<br>due after more than one year<br>**Net assets or liabilities**<br>**FUNDS**<br>**Unrestricted funds**<br>General funds<br>**Endowment funds**<br>**Total funds**<br>**Note**<br>**14**<br>**15**<br>**16**<br>**17**<br>**18**<br>**19**<br>**23**<br>**23**|**2024**<br>£<br>9,412<br>473,526<br>100<br>483,038<br>401<br>23,052<br>3,360<br>26,813<br>(19,552)<br>7,261<br>490,299<br>(68,590)<br>421,709<br>**{9-15)**<br>422,654<br>421,709|2023<br>£<br>11,922<br>485,964<br>100|
|||497,986<br>1,362<br>2,997<br>29,996|
|||34,355<br>(17,625)|
|||16,730<br>514,716<br>(75,746)<br>438,970|
|||5,945<br>433,024|
|||438,969|





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|**Income from: Donations and legacies**||||
|---|---|---|---|
|Donations<br>**Unrestricted**<br>**Funds**<br>£<br>16,300<br>16,300|**Endowment**<br>**Funds**<br>£|**Total Funds**<br>**2024**<br>£<br>16,300|Total Funds<br>2023<br>£<br>2,945|
|||16,300|2,945|



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|**Income from: Charitable activities**|||||
|---|---|---|---|---|
|Performance related grants<br>Gallery sales|**Unrestricted**<br>**Funds**<br>£<br>3,750<br>93,523|**Endowment**<br>**Funds**<br>£|**Total Funds**<br>**2024**<br>£<br>3,750<br>93,523|Total Funds<br>2023<br>£<br>3,000<br>76,534|
||97,273||97,273|79,534|



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|**Income from: Other trading activities**|||||
|---|---|---|---|---|
|Rental income<br>Fundraising events<br>Friends subscriptions<br>Sales of products|**Unrestricted**<br>**Funds**<br>£<br>58,661<br>299<br>4,464|**Endowment**<br>**Funds**<br>£|**Total Funds**<br>**2024**<br>£<br>58,661<br>299<br>4,464|Total Funds<br>2023<br>£<br>48,978<br>16,174<br>399<br>7,329|
||63,424||63,424|72,880|



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|Gallery and exhibitions, including Artists sales commission fees<br>Cost of products|**Total Funds**<br>**2024**<br>£<br>68,274<br>2,593|Total Funds<br>2023<br>£<br>60,360<br>4,197|
|---|---|---|
||70,867|64,557|





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|**Expenditure on: Charitable activities**||||
|---|---|---|---|
|Gallery and exhibitions<br>Education<br>Preservation of The Black Swan<br>Governance costs<br>**Prior year comparative**<br>Gallery and exhibitions<br>Education<br>Preservation of The Black Swan<br>Black Swan Cafe - loan write off<br>Governance costs|**Direct**<br>**Costs**<br>£<br>27,105<br>2,443<br>73,317|**Support**<br>**Costs**<br>**(Note8)**<br>£<br>7,434<br>1,445<br>7,346<br>7,089|**Total Funds**<br>**2024**<br>£<br>34,539<br>3,888<br>80,663<br>7,089|
||102,865<br>**Direct**<br>**Costs**<br>£<br>17,632<br>2,141<br>75,635<br>1,680|23,314|126,179<br>**Total Funds**<br>**2023**<br>£<br>26,515<br>3,468<br>82,728<br>1,680<br>5,656|
|||**Support**<br>**Costs**<br>**(Note 8)**<br>£<br>8,883<br>1,327<br>7,093<br>5,656||
||97,088|22,959|120,047|



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|Depreciation<br>Establishment costs<br>Finance costs<br>Information technology<br>Newsletter<br>Office costs<br>Governance costs<br>**Prior year comparative**<br>Depreciation<br>Establishment costs<br>Finance costs<br>Information technology<br>Newsletter<br>Office costs<br>Governance costs<br>(Note 9)<br>(Note 9)||**Charitable**<br>**Activities**<br>£<br>915<br>2,497<br>8,344<br>513<br>1,080<br>2,876<br>7,089|**Total**<br>**2024**<br>£<br>915<br>2,497<br>8,344<br>513<br>1,080<br>2,876<br>7,089|
|---|---|---|---|
|||23,314|23,314<br>**Total**<br>**2023**<br>£<br>1,843<br>2,165<br>6,523<br>511<br>959<br>5,302<br>5,656<br>22,959|
|||**Charitable**<br>**Activities**<br>£<br>1,843<br>2,165<br>6,523<br>511<br>959<br>5,302<br>5,656||
|||22,959||





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|Examiners fees<br>- for audit services<br>Compliance costs<br>Wages costs<br>- for other services|**Unrestricted**<br>**Funds**<br>£<br>1,440<br>1,329<br>1,619<br>2,701|**Endowment**<br>**Funds**<br>£<br> <br> <br> <br>**Total Funds**<br>**2024**<br>£<br>1,440<br>1,329<br>1,619<br>2,701<br>7,089|Total Funds<br>2023<br>£<br>2,040<br>95<br>838<br>2,683|
|---|---|---|---|
||7,089||5,656|



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|This is stated after charging:||||
|---|---|---|---|
|||**2024**|2023|
|||£|£|
|Independent examiners fees|- for independent examination services|1,440|2,040|
||- for other services|1,329|95|
|Amortisation||2,510|2,510|
|Depreciation||12,438|13,367|



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|The aggregate payroll costs were:<br>Wages & salaries<br>Social security costs<br>Pension contributions|**2024**<br>£<br>48,385<br>468|2023<br>£<br>42,828<br>542|
|---|---|---|
||48,853|43,370|



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|**13 Statement of Financial Activities comparative figures**<br>**For the year ended 31 March 2023**<br>**Income from:**<br>Donations and legacies<br>Charitable activities<br>Other trading activities<br>**Total income**<br>**Expenditure on:**<br>Other trading activities<br>Charitable activities<br>**Total expenditure**<br>**Net income/(expenditure) for the year**<br>**and net movement**in**funds**<br>**Transfers between funds**<br>**Net Movement in funds**<br>**Total funds at start of year**<br>**Total funds at end of year**||**Unrestricted**<br>**Endowment**<br>**Total Funds**<br>**Funds**<br>**Funds**<br>**2023**<br>£<br>£<br>£<br>2,945<br>2,945<br>79,534<br>79,534<br>72,880<br>72,880<br>155,359<br>155,359<br>64,557<br>64,557<br>108,524<br>11,523<br>120,047<br>173,081<br>11,523<br>184,604<br>(17,722)<br>(11,523)<br>(29,245)<br>(1,152)<br>1,152<br>(18,874)<br>(10,371)<br>(29,245)<br>24,819<br>443,395<br>468,214<br>5,945<br>433,024<br>438,969|
|---|---|---|
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|**14 Intangible assets**<br>**Cost**<br>At 1 April 2023 and 31 March 2024<br>**Amortisation**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**Carrying amount**<br>**At 31 March 2024**<br>At 31 March 2023<br>**15 Tangible fixed assets**<br>**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Disposals<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>Disposals<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>At 31 March 2023<br>**16 Investments**<br>**Cost or valuation**<br>At 1 April 2023 and 31 March 2024<br>**Carrying amount**<br>**At 31 March 2024**<br>At 31 March 2023||**Land and**<br>**buildings**<br>£<br>576,152|**Fixtures and**<br>**fittings**<br>£<br>26,691|**Equipment**<br>£<br>26,358||**Goodwill**<br>£<br>**25,100**<br>13,178<br>2,510|
|---|---|---|---|---|---|---|
|||||||**15,688**<br>**9,412**<br>11,922<br>**Total**<br>£<br>629,201|
|||576,152|26,691|26,358||629,201<br>143,237<br>12,438|
|||95,014<br>11,523|22,513<br>734|25,710<br>181|||
|||106,537<br>469,615<br>481,138|23,247|25,891||155,675<br>473,526<br>485,964|
||||3,444|467|||
||||4,178|648|||
|||||||**Shares in group**<br>**undertakings**<br>£<br>100|
|||||||**100**|
||||||||
|||||||100|





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|**17 Debtors**|**17 Debtors**||||
|---|---|---|---|---|
|Due in**less than one year:**<br>Trade debtors<br>Amounts owed by group and associated undertakings<br>Prepayments and accrued income<br>**18 Creditors: amounts falling due within one year**<br>Bank loans and overdrafts<br>Other creditors<br>Accruals and deferred income<br>**19 Creditors: amounts falling due after one year**<br>Bank loans and overdrafts<br>**20 Reconciliation of net movement in funds to net cash inflow from operating activities**<br>Statement of Financial Activities: Net movement in funds<br>Investment income<br>Depreciation<br>Increase in creditors: current liabilities<br>(Decrease) in creditors: non-current liabilities<br>Decrease_I_(increase) in debtors<br>(Increase)_I_decrease in stock<br>**Net cash (outflow)/inflow from operating activities**<br>**21 Analysis of changes in cash during the year**<br>Cash at bank and in hand<br>Cash at bank and in hand<br>**Note**<br>**2024**<br>£<br>(20,049)<br>14,948<br>1,927<br>(7,156)<br>(20,055)<br>961<br>(29,424)<br>**2024**<br>£<br>3,360<br>**2023**<br>£<br>29,996<br>**2024**<br>£<br>4,606<br>17,284<br>1,162<br>23,052<br>**2024**<br>£<br>8,562<br>7,572<br>3,418<br>19,552<br>**2024**<br>£<br>68,590<br>68,590<br>2023<br>£<br>29,996<br>2022<br>£<br>51,864||**2024**<br>£<br>4,606<br>17,284<br>1,162<br>23,052<br>**2024**<br>£<br>8,562<br>7,572<br>3,418<br>19,552<br>**2024**<br>£<br>68,590<br>68,590||2023<br>£<br>1,899<br>1,098|
|||||2,997<br>2023<br>£<br>7,955<br>6,879<br>2,791|
|||||17,625<br>2023<br>£<br>75,746|
|||||75,746|
|||||2023<br>£<br>(29,245)<br>15,626<br>(760)<br>(7,525)<br>(275)<br>311|
|||||(21,868)<br>**Change**<br>£<br>(26,636)|
||**2023**<br>£<br>29,996|2022<br>£<br>51,864||**Change**<br>£<br>(21,868)|



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|**Endowment Fund**<br>The Black Swan Arts and Crafts<br>Centre<br>**Unrestricted funds**<br>General funds• Prior year<br>adjustment<br>General funds<br>**Total funds**|||**At 1 Apr**<br>**2023**<br>£<br>433,024|**Income**<br>£|**Expenditure**<br>£<br>{11,523)|**Transfers**<br>£<br>1,153|**At31 Mar**<br>**2024**<br>£<br>422,654|
|---|---|---|---|---|---|---|---|
||||433,024||{11,523)|1,153|422,654|
||||2,789<br>5,945|176,997|{185,523)|{1,153)|2,789<br>{3,734)|
||||8,734|176,997|{185,523)|{1,153)|(945)|
|||||||||
||||441,758|176,997|(197,046)||421,709|



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|**Endowment Fund**<br>The Black Swan Arts and Crafts<br>Centre<br>**Unrestricted funds**<br>General funds<br>**Total funds**|**At 1 Apr**<br>**2022**<br>£<br>443,395|**Income**<br>£|**Expenditure**<br>£<br>(11,523)|**Transfers**<br>£<br>1,152|**At 31 Mar**<br>**2023**<br>£<br>433,024|
|---|---|---|---|---|---|
||443,395||{11,523)|1,152|433,024|
||24,819|155,359|{173,081)|{1,152)|5,945|
||24,819|155,359|{173,081)|(1,152)|5,945|
|||||||
||468,214|155,359|(184,604)||438,969|





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|**As at 31 March 2024**<br>Tangible fixed assets<br>Intangible Assets<br>Investments<br>Net Current Assets<br>Creditors greater than 1 year<br>**As at 31 March 2023**<br>Tangible fixed assets<br>Intangible Assets<br>Investments<br>Net Current Assets<br>Creditors greater than 1 year|**Unrestricted**<br>**Funds**<br>£<br>50,872<br>9,412<br>100<br>7,261<br>(68,590)<br>(945)<br>**Unrestricted**<br>**Funds**<br>£<br>52,940<br>11,922<br>100<br>19,518<br>(75,746)<br>8,734<br>**Endowment**<br>**Total**<br>**Funds**<br>£<br>£<br>422,654<br>473,526<br>9,412<br>100<br>7,261<br>(68,590)<br>422,654<br>421,709<br>**Endowment**<br>**Total**<br>**Funds**<br>£<br>£<br>433,024<br>485,964<br>11,922<br>100<br>19,518<br>(75,746)<br>433,024<br>441,758|
|---|---|



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