BlackSwanArts Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 llllNIIMNMII AETDElOt6 09K)1r2026 COMPANIES HCLJSE . #234 •AEHTRD3L" 2CV12r2025 COMPANIES PIOUSE *127
Black Swan Arts Ltd Company Limited by Guarnntee Contents Page Yearended 31 March 2025 Reference and administrntive details Chair's Report Trustees, Annual Report lincorporating the Director's Report) 4-10 Independent Examiner's Report to the Trustees Statement of Financi81 Activities (including income ond expenditure account) BaLance Sheet 13 Notes to the financial statements 12-23
Black Swan Arts Ltd Company Umlted by Guarnntee Aelerence and admlnlstrative details Yoor ended 31 March 2025 Registered Charfty name Black Swan Arts Ltd Charlty regISltIon number 292463 Company reglstration number 01944551 Prlncipal address and reglstsred offlce The Biackswan '" 2 Bridge Street Frome Somerset BA11 1BB Trustees l Fooks L Little R Morl8nd A Webb Rwhrtewiek L Thompson (retired 5 August 20241 P Hammond lappoinled 5 August 2024. retired 12 September 2024) 18ppointed 5 August 20241 {retired 9 December 2024) Independent Examlner Oliver Johnston ACA SO Accounting Limited 5 The Upper Courtyard Marl Pits Lane Truoxhill Frome BA11 SDL Page 11
Black Swan Arts Ltd Company Llmited by Guaranlee Chair'$ Report Year ended 31 March 2025 Chalr's Report This report looks backon the financial yearthat runs from 1 April 2024 to 31 March 2025, as th8t is the period covered by our accounts. This was anotheryear of signrficant fin8ncial challenge. Like mary other arts organisations. we continue to struggle with the challenges of the cost of INing increases. 8ffecting •r income as well as our costs. In recent years we have also found it hard ro attractvolunteers. particularly trustees, putting a heavy load on a smallteam. The running costs of our treasured building continue to put a heav strain on our iesources. leading to a potential cash-flow shorttall earty in 2025. An appeal was launched to raise much- needed emergency funds, and in a few short weeks the target of £10,000 was reached. This was accompanied by many expressions of support and encour8gement from astS. friends and members ofthe public. amongothers. showing depth ofcommunitySUPPOrt for Blackswan Arts. The tiustees would like to thank everyone who responded to the appeal. However. throughout these uncertain financial times. we continued to programme a diverse and exciting exhibition in the Long Gallery. together with many community exhibitions to the Round Tower. Details of all exhibitions are summ8rised within the Trustee Annual Report below. Another signifieant part of our role is providing affordable studio spaces for artists and crafts people, both in our public-facing studios and in other spaces around the building. During the year, there have been several changes in the studio tenancies. We welcomed new tenants Sally Swannell, Victy Sackwild. Jane Shepp8rd. Pete Hempshall and Annabelle Pettigrew {Kift Ceramiesl, whilst Daniel Musselwhite, Jo Walton and The Write Place occupied other studios around the building. Our tenants represent a wide range of Creative arts, including painting. print ond cord making. ceromics. jewellery moking and a vffiting coiiectrve. Our Shop team continue to be an integral part of our operation. showcasing the work of many local artists and Crafts people in the shop. and welcoming visitors to the Black Swen. They also take on the sales function for exhibitions in the Long Gallery. and oan[se the very successful Winter Market which has made a considerable contribution to the organisation's finances and public profile. The trustees would like to acknowledge their appreciation of the positive and mutually- beneficial relationship with our key tenants River House café and to thank the team for their on- going support. In 2024 River House financed a maior uperade of the courtyard seating area. with plans for further improvements to follow. The commitment of all Trustees this year has been exceptional. We have welcomed Lesley Little s our new Treasurer, replacing Rebecca Morel8nd who has resigned from the board after 10 years of extremely valuable service. We have continuerj to operate with 8 sm811 team of Trustees P8ge 12
sharing the role Chair. during the year these have been Alexwebb. lan Fooks and Roger Whitewiek. We have been very grateful for the support ot 811 volunteers. and also for our small professional team. Duringtheyearwewelcomed a newcentre Manager. Leon Thompson. who had previously been a highlyvalued trustee and has already significantly improved the efficiency of the operation and its creative range. We Vre atso very grateful to the hard work and. commitment ot Lin Bradshaw Bullock. our book-keeper. as well as the full shop team led by Sara Hayward. and includinesally Barnett. Rachel8oard. Grtte Morten. Cathy Ptummer and Violet Venables Ziminski. Alexwebb Chair. Board of Trustees PaEe 13
Black Swan Arts Ltd Company Llmltsd by Guarantee Trustees Annual Report (incoTporatingthe Directors Report) Yearend•d 31 Mar¢h 2025 The Trustees. *&vho are atso the directors for the purposes ofcompary Law. present their report and the unaudited financial statements of the charttyfor the year ended 31 March 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The charity is a company knmired byguarantee govemed bymemorandum and Articles of Association dated 4 September 1985. amended 25 September 1997, 8nd by-laws dated ?? July 1998, as amended by certificate of incorporation on change of name dated 15 December 2017. as amended by certrficate of incorporation on change of name dated 6 January 2017. Appointment of trustees Under the charity's ty-laws 811 members of The BSA Lld will also be Directors of The Black Swan Arts Ltd. Directors wll be appointed and selected by the existing board. An individual nominated to become 8 Director Should attend at least 1 meeting of any category. before becoming eligible to be appointed as Director. The Chair rnust at all times be aware of al the long-term needs of ihe organisation in establishing a balan¢e'of skills within the trustees and bl the agreerl number of trustees {8'101. When a vacancy arises, the organisations situation must be assessed to determine what type of skills are required to sustain Black Swan activities. The latest Board Audit and Review should be referred to at this stage. Vacancies should be openly advertised across the region. The skills required will be decided at the general meeting, as will the method of seeking appointees. When necessary. a small sub-committee will undertake to look at prospective candidates. Inductlon and trnlnlng of trustees The new Trusteels) will be given the Board Introduction Pack and will be introduced to the role and responsibilities of the Trustees by the Chair. The new Trusteelsl are required to sign the Code of Conduct and Trustee Contract. The new Trustee{sl should receive a full induction within 1 month of appointment. Trustees should also referto the Board Development Plan. Trustees are required to attend training and development events. Organisational stwclure Trustees are supported by a part-time Centre Manager and part-time Bookkeeper. Relationships with related parti•s The charity has a wholly obvned trading subsidi8ry BSE Frome Ltd which is incorpor8ted in England and Wales. Page 14
Black Swan Arts Lid Company Limited by Guaranlee Trustees Annual Report (Incorpornting the Directors Report) (con Year ended 31 March 2025 Rlsks The major risks to vthich the charitable comp8ry is exposed. as identitied bythe trustees. have been reviewed and systems or procedures have been established to manage those risks. OBJEcnvES AND AcmvmES Objeets The objects ofthe charity 8S Stated in the memorandum an(J articles ofassoeiation are:. lal'to promote any charitable purpose which wiLi encour8ge the exercise 8nd maintain the standard of crafts and improve craftsmanship and toster and increase the interest of the public therein- Ibl to advance the education of the public concerning the 8rts and crafts and to fostera greater cultural awareness: Ic} to provide opportuntties fDr recatIOn and leisure time occupations with the object of improving the conditions of life for the inhabitants of the tovm of Frome and its neighbourhood: Idl to presefve for the benefit of the inhabitants of the neighbourhood the buildings known as the Black Swan Inn andthe Round Tower. VISION AND MISSION STATEMENT Summary 8iackSwanArts IBSAI isa charityand a centrefor artand crafts in Frome and the wider region. Housed in a listed and locally irnportant building it creates inelusNe opportunrties for all of the community. Support forarts practltloners BSA will support practitioners of contemporary and traditional arts 8nd crafts. at all stagès of their careers. In a dynamic and creative tovm. rt will act as a hub for artists and makers to meet. make connections 8nd develop theircareers. As part of this we y11 provide opportunities through our studio spac&% for early career professionals to develop as small businesses. In addition. our Open Exhibitions and gallery programmes will offer opporrunr(ies for artists at 811 stages of their practice to shoKase their workto audiences. and to Make valuable sales. Page 15
Black Swan Arts Ltd Company Limited by Guarante• Trustees Annual Report fincorporating the Directors Report) Icontinu•dJ Yearended 31 Mar¢h 2025 Our buildlng 8nd th• Community We will offer the great resource that is our building and tts spaces as a venue for arts-based activities of all sorts for community participation. We will seek out partners to collaborate with. who can bring their particular expertise to BSA. This will include artslerafts-based workshops. for people of all ages. but will also include tBlks and skill-sharing. and will also include projects such as ouryoungopen vthich bring marynew visitors to the building. Art We will continue to bring excellent. thought provoking and inspirational work to local 8udiences. We will do so through a varied programme of work. which is skilfully curated and considered by oursmallvoluntary ProgTammingGroup. Vlability To fulfil BSA'S charitable objectives, we need to develop and maintain 8 realistle and sustainable business model, which Is capable of adaptingto the"changing Circumstances within which we operate. and which is supported. by etteetive and appropriate structures and systems. Public Benefft In setting objectives and planning activities trustees h8ve taken note of the Charity Commission guidance on pubtic benefit. 81ack Swan Arts is 8 dynamic venue forthe promotion ofcontemporary arts and crafts. based in Frome. Somerset.The Guild promotes artistic qualityand originalty, encouragingand exhibrting two and thfee-dimensional Work of an innovative and challenging nature, produced by practicing professional anists and community artists. Our purpose is to provide an enriching and ch811enging arts experience for everyone. Page 16
Bia¢k Swan Arts Ltd Company Limlted byGuarantse TrusteesAnnuoL Report{Incorpwatln¢ihe Dlrectots Report) Yearended 31 Mah 2025 ACHIEVEMETr¥fs AND PERFORMANCE Throughout the period covered bythis report ihe Long Gallery has hosted a rolling programme of exhibitions. leaturing a diverse range of genres and 8rtists. Amongst the highlights in 2024. Ihe lleryW9$ deiightetl to hostvrk by the highly-regardèd Frome-based print-maker. Chris fv"gg. The 2024 Art Open Competition. curated by Lucy Gundry, attracted over800 entrie5from around th¢ U.K. and beyond. ofwhich just over 170 were selected by the outsianding group of judges. The 3ecorKI. and highlysucce5sful,-Winter M8rket- broughl the 2024 exhibilion year to a close. Onee again in Spring 2025. as in 2023. the Black Swen Arts Young Open An cOmpr(lon was held. providing 4 spe¢ial PrtUnIty*oryoUng people bemen the ages of 8 and 19 to have their arh¥ork shown in a m8jor regional gallery. Winners and Highly Commendtd work bn three age-group categories was ch0$8n. wrth winners havingthe opportuThty to $per7d time developingtheir skills wth a profess¢on8L artist or maker. At Christmas our WTrnt•r Market again transfomed ihe Long Gallery into a destTrn8tion that high14gh.ted the work of many.locai artists and craft+people- including sev¢ral of our studio occupants 83weLI as many ofthose whose ¥L)rk sell in the shop. Sart Haywood's curaiion of this exhibition was much appreciated. Exhibltlons Dates Exhibitioft Attend8nce8 Days 2 Mar-14 April 11 May-24June 8 Jun•- 14 July 27 July-15 Sepi 21 Sept-27 ort 300ct-9Nov 4Nov-31 Dec 13J8n-19Feb 24 Feb-9 Mar 16 Mar-30 Apr rime & Tide- Ruth Broadway Chris Pig Retrospective 4 Create- Liz Spurgeon and Artists BLack S¥van Arts Open An Compeiition 2024 Traces ofTiffle Frome Commun Winter Market Me e- Lijcy Gund lan Richardson Black Swan Arts Young Open Artcompetrtion 1449 992 NIA 2343 1357 NIA 3108 495 820 1817 43 45 16 51 37 36 P8ge 17
Black Swan Arts Ltd Conwany Limited by Gu•r•nt•e Tru8leesAnnual Report liOrPOratIngthe Dire¢tors R•port) Year ended 31 March 2025 Exhibition¥- ROUr To¥ 1 Apr-30Apr 2June-14June 6Jul-14Jul 19Aug-31Aug 2Sep-15Sep 290¢t-3Nov 5Nov-23Nov 25Nov-8De¢ Linda Mannion Pride Across Generations The Round Tower Group- FiomeArtTrail SwEsh_Textile OeLight$ Frier+ds of Palestine Hidden Gallery Frome Art Society Open Story tellers Round Tower exhibitions are stewafded bythe artists involved. so no attendance records are included for.these shows. ..oT Ev•nts and Collaborations: Events Ihat we held.. Summer Art Car Boot S8Le: over 40 makers took part in this popular eveni held in as8oci8tion with Frome Festival Artist8 talks and Y+Tkb0p3 around manyexhibitions Page 18
Black Swan Arts Ltd Company Limited by Guarantee Trustees Annual Report lincorpot*ing the Dire¢torJ Report) (¢ontinu•dJ Year ended 31 March 2025 FINANCIAL REVIEW During the year, Black Swan Arts Ltd received total income of É236.65412024: £176,997), and total expenditure incurred was £241.05812024: £197.0461. ThiS.Su{led in 8 deficit overall of £4.404. compared to 8 deficit of £20.049 in 2024. As èt 31 March 2025 total funds were £417.305 of vthich free reserves were £5.02112024:. £9451. WhiLst there is Still an overall deficit. this represents a Significant imprr)vement on 2024, which itself w8s better than the prior year. Incomefrom Gallery sales increased signrficantly. but w89 countered by increased staff. utility and maintenance costs. The Trustees ale now more focussed on fundraising as it is apparent that our regular income streams from workshop rentals and sales of ark are not enough to cover the costs of running and maintainingthe building. To this end we are already working with an experienced fvndraiser to maximise the impact of both public appeals and grant applications and are optimistic that the improvements shown over the Last 2 years can continue. RESERVES POLICY The trustees have adopted the following reserves policy. Theywill 8im to ensure that, at all times. the level of reserves is appropriate to the level of the Charity's activities. The trustees will review annuallythe nature of the income and expenditure streams, the need to match variable income wrth fixed commitments. and the nature of the reserves in order to decide on the level of reserves required for the charity to be manaeed efficiently and to enable future services to remain uninterrupted. Further reserves can be achieved through fundraising, one off grants and donations. Llse of reyerve$ Reserves are used to: Protsct the long-temi delivery and continuity of services. Ensure the upkeep of the property and to help fund ary major repairslalterations required. Leveufomi ol reserves Trustees decide the level of reserves required. The current aim of the Trust is to build up free reserves approximating to 3 months operating expenses12025= £60.2651. Decisions on the use of reserves will be made by ihe Board. Page 19
Black Swan Arts Ltd Company Limited by Guarantee Trustees Annual Report lincorporntingthe Directors Report) [eontlnu8dJ Yearended 31 Mar¢h 2025 RESPONSIBILITIESOFTHETRUSTEES The Trustees (who are also the difectors ofThe Black Swan Arts Ltd for the purposes of company lawl afe responsible for preparing the Chair's Report. the Trustees, Annual Report (incorporating the Director's Report) ond the financial statements in accordance with applicable IÈW and iegulatbons. Company law requires the Trustees to prepare financial statements foi each financial year in accordance with United Kingdom Generally Accepted Accounting Practiee Iunited Kingdom Accounting Standards and appli¢able18wI. Under company lawthe Trustees must not approve the financial staiements unless they are satisfied that they give 8 true and tsir view of the state of affairs of the charitable Company and of application of resources. including the income and expenditure, of the charitoble ¢ompanyfor that period. In preparing these financial ststements. the Trustees are required to: select suitable aecounting policies and then applythem consistently: makejudgernents and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have bepn followed. subject to any material departures disclosed and explained in thefinancial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the choritable company 11 continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any tirr the financial position of the charrty and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also Tesponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps forthe prevention and detection of traud and other iTregul8rities. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptlOD. The Trustees. annual report was approved on board of Trustees by: - 2025and signed on behalfofthe Alex Webb Chair Page 110
BlaGk Swan Arts Ltd Company Limited by Guarantee Independent Examin•r'$ Report Year endad 31 March 2025 I report to the trustees on my examination of the financial ststements of Black Swan Arts Ltd l.the cttariVI for the year ended 31 March 2025. Responslbililies and basis of report As the charity's trustees of the Company Ivtho are also the diiectots of the company for the purposes of company lawl. you are responsible forthe preparation of the accounts in accordance with the requirements of the Cornp8nies Act 2(61-the 2006 Act-}- Having satisfied myself that the accounts of the Company are not required to be 8udited for this year under Part 16 of the 2006 Act and are ekngible for independent examination. I report in respect of my examination of your charty's accounts as carried out under section 145 of the Charities Act 2011 I-the 2011 Act"). In carrwng out my examination. I have followed the Directions given by th8 Charity Comrnission {under section 145ISllbl of the 2011 kt. Independent Examiner's siatement I have completed my examination. I confirm that no materi81 matters have come to my attention which gives me Cause to believe that= accounting record5 were not kept in accordance with section 386 of the Companies Act 2006,. or the accounts do not accord with such records- or the financial statements do not complyVth relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a'true and fair'viewwhich is not 8 matter considered as part of an independent examination- or the accounts have not been prepar8d in accordancewith the Charities SORP IFRS1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accountsto b reached. Oliver Joh on ACA SO Accounting Limited 5 The Uppercourtyafd Marl Pits Lane Trudoxhill Frome BA11 5DL ..E/ii/T Page 111
BLACK SWAN ARTS LTD STATEMENT OF F1NANCIALAcTrnEs1INCwD1NG INCOME ANO EXPENDiniRE ACCOUNT) YEAR ENDED 31 MARCH 2025 ilnrestri¢twl Funds Endoymient Fund5 Total Funds 2025 Total Fund$ 2024 Not• In¢ome trom: Donaiion$ and legacies Charitable aciivities Oiher IradinRa¢tNities 15.076 140.837 80,741 1S.0?6 140.837 8Q.741 16.300 97,273 63.424 Tot•l incorne 236,654 236.654 176.997 EXndIr¢ on= Othertradlng actNities Charitable aclivitie5 704042 125,493 104.042 137.016 70.867 126.179 11.523 Total •xp•ndilur• 229,535 11.523 241.058 197.046 Net inGomellexpenditur•l 10 7.119 111,5231 14.4041 120.0491 Transfer$ between fvnds 11.1531 1.153 Nat movement In funds 110.3701 14.4041 .120,0491 Totalfund$ atSt•rt of year 19451 422.654 421.709 441.758 Ttstalfund$ at ¢nd of y••r 5.021 412.284 477,305 421,709 The Chorityhos no recognised g#in$ or I05ses otherth8n th&sUIts fortheyearas set out above. Ail of the acttIeS of the charrtyare ¢lassedo$ coniinuing. The nk)i•s on pa8 14to 23ftym p•rt ofthes•fin8nci•l $tatwn¢nts S•ty note 13forfv*etiuntith£ Compar1¥8 figures 12
ASAY31 MAACH%P25 2024 IntsngiN8¥88e 6,902 461J47 100 9.112 4n526 100 15 16 Inveytrnents 46B.B49 StDek Debtorn sh afb•k•nd h0 321 23.047 401 26A72 26.813 Ll•bllMI Credrtux.. 8rTh)untsfoUM 117.181) 119.5521 N•trwr¢nt•fjs•tswlthbllhl• 9.691 7.281 Tot•1 A59•tg i•950n1U•NmU 478,$40 4W2Y9 Cr&Jrf(or¥:•moumsloUing due oft¢rmoreth•n0net 1• [612351 168.SYJI 417.305 421.709 FUt4DS UniO9ts6ciedfvfflds GtrTheralfUr# 6,021 412.284 1945} 4aÉ5a 417,305 421,709 FortheFarenOed 31 MNchThiheChwAy¥JoserritsJe1DptsMfoMIditndeIseCI•Df4?T0Ithecofflpnn1esAet The membe1¥h8t0U11tn¢¢•rnparyQbr•ffi •n •LrtlI1ffici ststementststhtye8rin tyestionin aCtordantewthsAttyln47ÉotthpCorrwnArt2(X The dlreetorsatknthdge thurre¥ty)nitsiilrÈ8foFcOff4)tyingththèrnqLrthTrntsofttCamWknAetith rw•ttto 8¢countingrOr$4ndtheWQP¥rati0rtQ1hnJnCi4I5IOfEW. actnha¥ ¢¢¢7thth& PthtsK)napptittrAtosmaUcithpAni4s$jÈettath$m#Ii FfS1W2SORP. The5efin•nclilststernen tytheTffuste•$¢n.. ... Seonth11tts8h•I1ty. Alvxwebb 13
BLACK SWANARTS LTD NOTESTOThE FINANCIALSTATEME14rJ YEAR EMDE031 MARCM 2025 Accowntingpolieies These financial staiemÈnts have been prepared under ihe hiorical cocorff4eniionwth rtems recognL 81 Cost tran$a¢tion value unle$$ statBII In the relevant wes tolhese accounts. The financiatstatements have been prepared inaccord8nce iththe StaiementofRecpmmended Practice.. Ac¢ouftting and Reporting by CharitBs pr8paiingtheir a¢count$ in8¢coTdan¢ewtththe Fin8nck81 ReportirRStèndBrd èpplicable in the UK and Republic of Ireland IFRS 1021 Lssuedin October2019and wththe Fin8ncts81 RepOrtIStand# 8ppIIc8bl? in the United Kingdorn and Repub¢ ol Ireland IFRS 1021 ond wbththe Cho¥btsesAct2011. The charity constitutes a wbb"c benefftenirtyasd¢fjn8d byFASI02. Goln¥Concern TheTrustsescofts(dei thatthere are some m8teri81 uncert8¢mies afreciingihe $brtY olthe cnolityiocontin 0$ a going Concern. see note 25fotfurther u11mation onhowTrustee5' ere managjng its risks. Inc¢)m• Income is ineltsded in the Staternentol Financk•lActwitie8whenthe charny be¢orres entitw to the incvme.. Itis mole likety Ihan notihalthe trustees 11 rective the income.. the mOTtary¥ale can be measured with SLrtficient¥eli8bility. Incom8 fromdonatlons i5included in Income#nIhese are receinble. Cept$1011lVS. al When donors specrfy that to tIE rnust be used in fure ac¢ountin8 peiKJs. the in¢¢)me 15 def8rreil those periods." bl When domrs impose Conditiorh1¢h kn•to b8 before the ctntytJecomes entilitd to use such incomè. the income isdeferied until1 prXQrItlonS been mei. Legacies gre included on a ceIv0b1e Im'¥ le chariry is envried to fv income. it can be measured reliablyand ieceipt L8 probable. Where legacies have been rK>titied to the chaTrty. 01 Ihe chanty 15 avmre of the granting ol probate. and the criteria lor inccrfne iecognitioll h8ve noi boen rner. thon tl 1oga¢y is llot Iluded in income t( is treated as a contlfi8ent 8$8et8nd Oisctosed If mateiial. Irwestrnent income is included on a receivable ba518. Don8tioThs in kind comprise doThted servitesvknere the costs are mèasur8ble 8ndthe seMceswouLd t>thtr¥Nist hwe to be paid tor to maintain 0ratiOnal•ectl¥eness. E¥pondltur8 Expenditure is vecognised in the period in V•thi¢h h is Irwigd. Expendirvre incthjdes 8ttributable VAT vthich cannot be re¢overed. Ch*tttobltrathltl Costs v¥hich are dirECttY8ttrib8b1eto meetingthechariiableobjects artclxssified 8$ Pfovision ¢rtcha¢yr8ble seryice5. These costs ae direlY allocated io activitjes. includintstalf costswhichare alloc8re¢J based ¢)n time Spent byindMdu81 empioyeps. Support¢o¥ts Costswhlch are indire¢tly attyxbutable iomeeiin8chjfitable obiectnies are¢i8ss6fi¢d a$ SLPPOrtcosts. These supportcosts liocated to acimties based ¢)nibe perc8ntageof supixmt statttifnE. 14
BLACK SWAN ARTS LTD NOTESTOTHE FINANCIAL STATEMENTS YEAR ENOED 31 MARCH 2025 A¢¢ountin¢ pollcles (conlln4d) Govem•nce costs Goveinance costs include thos&costs as50CiDted wth meetirwthe COrlItutional"8nd st8tutoryrequirement5 of the charity and include the independent examination fees and costs linked 10 the stratew¢ management of the charity. Governwce cost5 are included Mthin support cosis. PeTMlon ¢o$is and other POSt-rellrem•nt b•nfits The Chal contiibutes to delinÈd Contrib10 pension sclm¢$. Contributions payable tothe charty's pension s¢heme$ afe eharged to the atement of Financial ACtIleS inthe pw10dtothhthtY relate. Amortls8tlon Amorrisation is ¢aL¢ul018d soasto write off the cost olan asset. less itS85tim3tod residualv8lue. overthe usefullif8 olthat asset 8s follov4s= Goo¢hill - 10%Straight ne Tattlibie fixed •ss•ts T8ngible tixed 8ssetS 8re initiallyreeorded atcost. less 8rysubseouenta¢cumulaied e¢latIon. Assets costing less thtn £100 are not CapItaSed. Depreciati¢Jn isealculaied so astowrtle off the¢0 of an asset. le5$ 1tsestimeO ults"m8te residualvalue. overthe useful lif8 of th 8S8ei 85 follows- Land and li1lg$ - 2 % straight line Fixtuies and fittings - IIM straight line Equipment - 25% reducing balance Computerequipm8ni - 33% strwght line Fimed as8•t inv•stments Unlitst¢d investrnents ar8 initially recorded at Costand $ub$8qu•ndy m•a$urtd atf•wvaiue. Ilfairvalue Cannot be reliably measured, assets are measured atcost less impBirmem_ Listed Investments are included at Maet value at 31 March. The SOFA includes the net 4aln$ and lo$$es arising on r8valu8tions 8nd dispos818 duringtt year. sio¢k Stocks are valued at the lower ol cost and net reali5able value. after Man$ due allowance for obsolete and slow moving it8m$. Fund accountir Uniestricted funds can bE used in accordancewith thechafitable obiecis atthe discretion of the trustee$. Re$tricted funds Can only be used for particular restricted purSeS wryihin the objects of the charity. Restrictions #rise vjhen specified by Ihe dO>T Of Wh fundsare raisedforparticular resiricied purposes. Designated funds torm partof unrestricred funds and have been ideniified 35 bping for particular purposes bytheTrustee$. They are not restricted and e#n betransferyed to zener8lfunth atonytime 8tthe t1iscretion of the Trustees. Éndowment fund5 moy n¢X be converte(l into income. Further explanation otlhe natur8 and purpose of eachfund is inclu(led in note of the financial 5tatemtnts. 2 Llmlied by rtuarantse The company is limited by guarantee nrt having a Share capitBL The memberswho are al50 rhe director5 and trustees undertake to contribute tothe assets of the company in the eventof it beingwound up eitherwhllst memberorwithin oneyeai of their membershipceawng. The maximum contribution required Irom each member 15 £1. 15
BLACK SWAN ARTS LTD NOTES TOTHE HNANCIALSTATEMENrs YEAR ENDED 31 MARCH 2025 3 lTr¢om• frtym: Oonaiiohs and legacies Unrnstrfrfed Funds ErKlowrneni F¥nd$ i•tsi Funds 2025 Totsi Funds 2024 Donation$ 15.076 15.076 16.300 15,076 15.076 16.300 Ail income from donations 8nd18g8cies in the currentand preyhS ye8rtw8s vnrestricted. 4 Incorne fvom: Ch#iit•tAe •rfhitl•s Unr•strOei•d Endowment Funds Funds Totsl Fund8 2025 Total Funds 2024 PerfoTfflan¢e reioted gram$ G8118ry Sales 1,500 139.337 3.750 93.523 139.337 140.837 740.837 97,273 Ail income from charitsble actmtses inthe curtentorKI pr8vi¢MJs yearwa$ unrestricted. 5 Incom• from: Othertradingactiv•ti5 UArestri¢ted Funds Totsi Furtd$ 21125 Totsi Fvnds 2024 Funds Reni81 income Fundr8isingevents Fiiends subscription5 Sales of products 58.661 16.356 259 3.480 16.356 259 3.480 4,464 80.741 80.741 63,424 Ail incomefrom otheriradingÈtti¥ities in the currentand prewus yearwas vnrestricttd. 6 Expondltur• on: Olh¢rtr8drD¢ activrbes Total ndS 2025 Total Fund5 2024 Gallery and exhibitions. IncludingAS s8l*scommission fees Cost of pityjucts 102.492 1.550 68.274 2.593 104.042 70,867 Ail costs olother trading acti¥iti•s in thè current and pre¥iousy88f T$ unrestricted. 16
BLACK SWAN ARTS LTD NOTESTOTHE FINANCIALSTATEMElnS YEAR ENDED31 MARCH 21)25 7 . Expendrlu¥e on: Ch••bie •etlvitie8 Dlrect Supwrt Costs {Il•te 81 Total Fund• 2025 Gallery and gxhibitions Education Preservation ofThe 8iackSwan Governan¢e costs 14.501 2.365 94.685 8.331 1.499 8.301 7.334 22.832 3,864 102,986 7.334 111.551 25.465 137,016 Prfory*•i ¢ompwailve Dlrect Support Costs (Note Bl Tal Funds Costs 2024 Galiery8nd exhibitions Edu¢ation Preservatthi ofThe Bi8ckSwan Governance costs 27.105 7.434 1.445 3.888 80.663 7.OB9 73.317 7.089 102,865 23.314 126.179 . 8 Suppowt Gosts Support costs. included in note 7. are a$foiLows". Charftsble AetfvFti•s Totat 2025 Depreci8tlon Establishment costs Finance costs Inlomation thnolO Newsl8tt8r Office costs Govern8n¢e ¢o$t8 928 3,076 8.624 605 1,070 3.828 7.334 25.465 928 3,076 .624 1,070 3.828 7.334 25.485 (Note91 IYear comporqti Char•taW• A¢thiltle Total 21)24 Depreciation Establishmentcosts Fin8nce costs Information teehnoi Newsletter Office c05t$ Gove¥nancecost$ 915 2.497 915 2.497 513 1.080 2.87fj 7.089 23.314 513 1.080 2.876 7.089 23.314 INwe 91 17 BLACK SWAN ARTS LTD
NOYESTOTHE ANAN¢IALSTATEMENTS YEAR ENDED 3114ARCH 2025 9 Governance ¢osts Unrnmrlcied Funds Endowm•nt Funds TotoL Funds 2025 Toi81 Funds 2024 Examinecs fees -f(ir audit services - forother ser¥i¢e$ 1.440 1.576 1.440 1.576 Compliance c¢WS Wag¥s $1¥ 1.636 2.682 1.636 2.682 1,619 2.701 7,334 7,334 7,089 10 Nètirtomell•xpendilurelforth•yèar This is stated after ¢horyn8= 2025 2024 Independent examiners fees - for independent examKwtion seMcÈ$ - for other s8ryice8 1.440 1,576 2,510 12.451 1.329 2,510 12.438 Arnortisalion Depreci8tion No Tru5tee5 have been reimbursed regat8 donationslrorn Trustee5, key managemenr personneL and Oih8r reiaied parties was nil12024- £12.01- 11 Stoff ¢osts and numb•rs The agg¥egate payroll eostswere.. 2Q25 2024 Wage$ & salaries So¢i8l $e¢yrty ¢o$t$ Pension coniriburions 46,961 48.385 346 468 47.307 48.853 No employee receNed emolumentsof mortthan £60.000 in the current or previou$ye8r. The average number of Èmployees ¢Juringtheyearwas 912024.. 81- The total ewnploymeni bentfits received by key man8gem8nt personnel including employer national insurance and employer pension re tnil12024.. Énill. 12 T•x•tion The charity Is exemptfrom corwration tsxon its char*iabL8 8Cliwtte&' 18
BLACK SWAN ARTS LTD NOTÈS TOTHE FINANCIALSTATEMENTS YEAR ENDED 31 MARCH 2025 13 Staterri•nt of FlnancialAclfvlll•8 conwraii¥•llgures Totsl Funds 2024 FwlhtyI¢Ddt 31 M•r¢h 2024 Funds Funds Incom8 frorn: Donarions 8nd legèc*s Charitable a¢tivitie$ Oth8rtradingactNrtles 16.300 97.273 63.424 16.300 97,273 63.424 Ttsthi iA¢ome 176.997 176,997 Expefidilure on". Othertrading actrtieS Charitable 8CtMties 70.867 114.656 70,867 126.179 11,523 Totsl •xpenditur• 185.523 11.523 197.046 N•tineomelleMpendstureltortheye8r and net mo¥•m•nt in funds 18,5261 111.5231 120.0491 Transfers between fund8 1.153 N•t Mov•nwhtlnlunds 19.6791 110.3701 120,0491 Totslfund5 atstart•tyur B.734 433.024 441,758 Totalfund841 and ofy•ar 19451 422.654 421,709 19
BLACK SWAN ARTSLTD NOTESTOTHÈ FINANCIAL STATEMENTS YEAR ENDED 31 MARCH2025 14 Intan&bie a#¥etS Goodvdill Cost At 1 April 2023 and 31 March 2024 25.100 Amortlsatlon Ar l April 2024 Charge forthe year 15.688 2.510 At 31 March 2025 18.198 Carryingamount At 31 M•reh 2025 6,902 At 31 March 2024 9,412 15 Tan#lblg fix•d 8ss•ts L•Trd •nd buili*in18 Flxiures and Equlpm•nt Total Cost Or¥81u1on Ai 1 April 2024 Additions Disposois 576,152 26.691 772 26.358 629.201 772 At 31 Mar¢h 2025 576.152 27,463 26.358 629,973 Depreci•tion At 1 April 2024 Ch8rge lor ttte year DISpolS 106.537 11.523 23.247 811 25.891 117 155.675 12.451 At 31 Marth 2025 118.060 24,058 26,008 168.726 Net lJookv•iue At 31 March 2025 458.092 3.405 350 461.847 At 31 March 2024 469.615 467 473.526 Share$ In Kr¢4up undtrt8kings 16 Investmonls Cost orv•lwtSon At 1 Apri12024 and 31 March 2025 100 Carrylngam¢)unt At 31 Mor¢h 2025 100 At 31 MBrch 2024 100 20
BLACK SWAN ARTS LTD NOTES TOTHE FINANCIAL STATEMEIITS YEAR ENDED 31 MAIICH 21M5 17 08btor¥ 2026 2024 Du• In less than on•ye•r: Trade debtors Amovnts owed bygroupond associated undertakingy Prepayrnents and accrued ittcome 4.606 17.284 1.162 16.684 5,875 23,047 23.052 18 CFeditors: arnuntsta1ilng1•T1th1n on• y•ar 2025 2024 Bank loans andoverdr8ft Othercreditors A¢ciuals and delerred income 8.884 5.801 2,496 8.562 7.572 3,418 17,16? 19,552 19 Cwaditors". wrnountsf•Uingdue knr•nèar 2025 2024 Bank loansand overtlr8fts 61.235 68.590 61,235 68,590 20 AeconeiliO1ion ol net mowm•nt in fundstt¥ notfv lnfiwfromofOII•igli¥Ify 2025 2024 SMem8ntot Financial Actmties.. Net McMent infurxl$ 14.4041 120.0491 Invg$trnent In¢omg Depreciation Incre8se I IDecre8sel in credrtors.. current liabrlrii8S Incr8as¢ I IDecr8a581 in credtiors.. nOrcUrrent lialitI85 lrncrea5e I (Decreasel in debtors Increase I (Decreasel in stock 14.961 12,3711 17.3551 14,948 1,927 17.1561 120,0551 Net¢a8h lourfknYinnflowtr•m•peratlngactfrth 916 129.4241 21 Analy81$ of than4ts In cash durOn¢th•ye•r Note 2025 2024 Change Cash * bankan¢J in hartl 3.360 2023 Cash at bankand in hand 29.996 126.6361 21
8LACK SWAN AIITS LTD NOTES TOTHE FINANCIALSTATEMENTS YEAR ENDED 31 MARCH 2025 22 Movemem In lunds Forth• y*•r•nd•d 31 March 2025 At1Apr 2024 At31 Mar 2025 Incom¢ Expenditiw• Trnnsfors Endowment Fund The Bi8¢kSw8n and Crafts Centre 422.654 111.5231 1.153 412.284 422.654 111.5231 1.153 412,284 ilnr8sirlciedfunds Gen8f8Lfunds 236.654 1229.5351 11.1531 5.021 19451 236.654 1229,5351 11,1531 5,021 Totalfun¢• 421,709 236.654 1241,05BI 417,305 Endowment Fund Fund C- description Forth•y•ar•ndgd 31 Mah 2024 A11 2023 At 31 Mar 2024 Income Exp•nditiir• Tran$t•rs Endowment Fund The Black Swan Arts and Cfafts Centi¢ 433.024 111,5231 1.153 422.654 433.024 111.5231 1,153 422.654 Gener8lfds 8,734 176,997 1185,5231 11,1531 19451 8,734 176,997 1185.5231 11.1531 19451 Totalfunda 441,758 176,997 1197,0461 421,709 BLACK SWAN ARTS LTD NOTESTO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025 23 Any$l otnet ass¥ betw••n tuThl8 UM¢strl¢t•d Funds Endowm•nt Funds Total As •131 M•r¢h 2025 Tangible fixed 85sets Intangible Assets Irwestment5 N¢t CurrentAssets Creditors greatorthan 1 year 49.563 6.902 1LKI 9.691 161.2351 412284 461,847 6.902 100 9,691 161.2351 5,021 412.284 417.305 Unwestricted Funds Endowment Fund$ Total A8 at 31 March 2024 Tangible fixed assets IntanyJbleAs$ets Investment$ Net Current Asset# Creditors greater than 1 year 50.872 9.412 IC 7,261 1S8.59Jl 422.654 473.526 9.412 100 7,261 168.5901 194SI 422.654 421.709 24 Related prtytraAsoctlon¥ ThEre ore notransacti¢)ns with twstees or h81 related parue5 Other than those disclosed as iequtred by the SORP elsewhere in the fi"Trancigl ststernents. 25 Golr Concern TheTrustee5considerthatthere are some mater{ uncertaintiesvthich affecithe Charrtys abilityto continue as È going concern. whi free reseryes are currentlyshowing 8t E5.021 an improvement on the previou5 y&ar. Thi5 is du? iothe Changes made by the trustees inthecurreffl period. Ho%¥er. uncertainryis still prevaiant and the trustees ore makiftg efforts to increas8 the incorne through odditionallunLITai$inBadwity. The results of $u¢h should be refiected in the 2025120261inancial rewltsvAth 8 further reccwery of re8ew¥e 23