BlackSwanArts
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2025
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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 regISl￿tIon 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 hea￿v 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 a￿stS. 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 o￿an[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 V￿re 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 rec￿atIOn 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 y￿11 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 Ma￿h 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 hostv￿rk 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 cOmp￿r(lon was
held. providing 4 spe¢ial ￿P￿rtUnIty*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 li￿OrPOratIngthe 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.
..o￿T 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+￿Tk￿b0p3 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 a￿rk 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 complyV￿th 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 F1NANCIALAcTr￿nEs1INCwD1NG 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
EX￿ndI￿r¢ 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 act￿￿tIeS of the charrtyare ¢lassedo$ coniinuing.
The nk)i•s on pa￿8 14to 23ftym p•rt ofthes•fin8nci•l $tatwn¢nts
S•ty note 13forfv*etiuntith£ Compar￿1¥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 ￿h*￿0
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•95￿￿0n1U•NmU
478,$40
4W2Y9
Cr&Jrf(or¥:•moumsloUing
due oft¢rmoreth•n0ne￿t
1•
[612351
168.SYJI
417.305
421.709
FUt4DS
UniO9ts6ciedfvfflds
GtrTheralfUr￿#
6,021
412.284
1945}
4aÉ5a
417,305
421,709
FortheFarenOed 31 MNchThiheChwAy¥JoserritsJ￿￿e1DptsMf￿oM￿Idit￿ndeIseCI•Df*4?T0Ithecofflpnn1esAet
The membe1¥h8*￿t￿0U1￿1tn¢¢•rnpary￿Qbr•ffi •n •L￿rt￿lI1*f￿fici￿ ststementststhtye8rin tyestionin
aCtordantewthsAttyln47ÉotthpCorrwn￿￿Art2(X
The dlreetorsatknth￿￿dge thurre¥ty)n*itsiilrÈ8foFcOff4)tying*ththèrnqL*rthTr*ntsoftt*CamWknAet*ith rw•ttto
8¢countingr￿Or￿$4ndtheWQP¥rati0rtQ1hnJnCi4I5I*OfEW￿.
act￿n￿ha¥* *¢¢￿￿￿￿¢￿￿7thth& PthtsK)n*apptit*trA*tosmaUcithpAni4s$￿jÈettath*$m#Ii
FfS1W2SORP.
The5efin•nclilststernen
tytheTffuste•$¢n.. ...
S￿￿e￿onth11tts8h•I1ty.
Alvxwebb
13

BLACK SWANARTS LTD
NOTESTOThE FINANCIALSTATEME14rJ
YEAR EMDE031 MARCM 2025
Accowntingpolieies
These financial staiemÈnts have been prepared under ihe hi*orical co*corff4eniionwth 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 RepOrtI￿Stand#￿ 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 $b￿rtY olthe cnolityiocontin￿ 0$ a going
Concern. see note 25fotfurther u11￿mation 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 mOT￿tary¥al￿e 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 fu￿re ac¢ountin8 peiK*Js. the in¢¢)me 15
def8rreil those periods."
bl When domrs impose Conditior￿￿h1¢h kn•to b8 before the ct*ntytJecomes entilitd to use such incomè. the
income isdeferied until1￿ prXQr￿ItlonS been mei.
Legacies gre included on a ￿ceIv0b1e Im'¥ ￿l￿e 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 I￿luded in income t￿( is treated as a contlfi8ent
8$8et8nd Oisctosed If mateiial.
Irwestrnent income is included on a receivable ba518.
Don8tioThs in kind comprise doThted servitesvknere the costs are mèasur8ble 8ndthe seMceswouLd t>thtr¥Nist hwe to be
paid tor to maintain 0￿ratiOnal•￿ectl¥eness.
E¥pondltur8
Expenditure is vecognised in the period in V•thi¢h h is Irwigd. Expendirvre incthjdes 8ttributable VAT vthich cannot be
re¢overed.
Ch*tttobltrathltl
Costs v¥hich are dirECttY8ttrib￿8b1eto meetingthechariiableobjects artclxssified 8$ Pfovision ¢rtcha¢yr8ble seryice5.
These costs ae dire￿lY 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 (conlln4*d)
Govem•nce costs
Goveinance costs include thos&costs as50CiDted wth meetirwthe COr￿lItutional"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$is and other POSt-rellrem•nt b•n*fits
The Chal￿ contiibutes to delinÈd Contrib￿10￿ pension scl*m¢$. Contributions payable tothe charty's pension s¢heme$
afe eharged to the *atement of Financial ACtI￿leS inthe pw10dto*th￿hthtY 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 CapIta￿Sed.
Depreciati¢Jn isealculaied so astowrtle off the¢0* of an asset. le5$ 1tsestim￿eO ults"m8te residualvalue. overthe useful
lif8 of th* 8S8ei 85 follows-
Land and ￿li1￿l￿g$ - 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 Ma￿et 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 Ma￿n$ 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$tricted funds Can only be used for particular restricted pur￿SeS wryihin the objects of the charity. Restrictions #rise
vjhen specified by Ihe dO￿>T Of Wh￿ fundsare raisedforparticular resiricied purposes.
Designated funds torm partof unrestricred funds and have been ideniified 35 bping for particular purposes bytheTrustee$.
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 preyh￿S 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•ti*5
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. IncludingA￿*S 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
T￿al 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$foiLows".
Charftsble
AetfvFti•s
Totat
2025
Depreci8tlon
Establishment costs
Finance costs
Inlomation t￿hnolO
Newsl8tt8r
Office costs
Govern8n¢e ¢o$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
I￿Year 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
Fwlhty￿I¢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 act￿rtieS
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¥81u￿1on
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
DISpo￿lS
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￿•T*1th1n 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•nè￿ar
2025
2024
Bank loansand overtlr8fts
61.235
68.590
61,235
68,590
20 AeconeiliO1ion ol net mowm•nt in fundstt¥ not￿fv lnfiw*fromo￿fOII•ig￿li¥Ify
2025
2024
SMem8ntot Financial Actmties.. Net Mc￿Ment infurxl$
14.4041
120.0491
Invg$trnent In¢omg
Depreciation
Incre8se I IDecre8sel in credrtors.. current liabrlrii8S
Incr8as¢ I IDecr8a581 in credtiors.. nOr￿cUrrent lia￿litI85
lrncrea5e I (Decreasel in debtors
Increase I (Decreasel in stock
14.961
12,3711
17.3551
14,948
1,927
17.1561
120,0551
Net¢a8h lourfknYinnflowtr•m•peratlngactfrth
916
129.4241
21 Analy81$ 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 Ma￿h 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
Gener8lf￿ds
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 An￿y$l* otnet ass￿¥ betw••n tuThl8
UM¢strl¢t•d
Funds
Endowm•nt
Funds
Total
As •131 M•r¢h 2025
Tangible fixed 85sets
Intangible Assets
Irwestment5
N¢t CurrentAssets
Creditors greatorthan 1 year
49.563
6.902
1LKI
9.691
161.2351
412284
461,847
6.902
100
9,691
161.2351
5,021
412.284
417.305
Unwestricted
Funds
Endowment
Fund$
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 p*rtytraAsoctlon¥
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