For the year ended 31 December 2023
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 December 2023
Rebecca Swift Foundation
Contents Page
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Report of the Trustees
3
Independent Examiner's Report to the Trustees
4
Statement of Financial Activities
5
Statement of Financial Position
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Notes to the Financial Statements
For the year ended 31 December 2023
Rebecca Swift Foundation
Report of the Trustees
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the |
financial statements for the charitable company for the year ended 31 December 2023. The Trustees have adopted the |
provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing |
their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS |
102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable purpose of the Rebecca Swift Foundation is, for the public benefit, to advance education in the art of contemporary poetry. Through the Women Poets' Prize and the newly established Women Poets' Network, the charity aims to provide support and creative professional development opportunities to women poets and to maximise vital creative space within a supported environment. |
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. |
ACHIEVEMENTS AND PERFORMANCE |
2023 marks the first full year of running the Women Poets' Network, supported by an Arts Council England project grant in 2022. February 2022 the Rebecca Swift Foundation launched its membership network, the Women Poets' Network, following a successful bid submitted to Arts Council England for a 1-year Project Grant. Our free Facebook membership stood at 915 members with our paid membership at 216 women poets representing all geographic areas of the UK. This year was a 'fallow' year for the Women Poets' Prize and an important year for business planning and strategy, in particular looking at outreach to Trusts and Foundations with a view to building relationships and making initial bids in 2024. A crowdfunding campaign running through October raised £10,715.00 for the charity, with an additional £2,000 in offline donations. This money will be put towards the running of the Network's public programmes for UK women poets through 2024 while we seek additional funds |
In its seventh full year of operations, the Foundation received £12,886.03 in donations. The membership, which has been designed to be low-cost and accessible, brought in £3,659.49 in 2023. We will be re-submitting a multi-year bid to ACE following feedback, and using a private donation of £5,000 to engage a fundraiser at Fair Collective to make our 2024 bids to Trusts and Foundations. A decision has been made to put the Women Poets' Prize on hiatus in order to focus on fundraising efforts to secure the future of the charity and our essential free and low-cost services for women poets, particularly as a survey has revealed to us that half of the women poets we work with are experiencing or have experienced financial precarity. This reiterates to us the importance of our offer, and of keeping the Prize free to enter. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
The Rebecca Swift Foundation's Prize and any other activities is led by its Board of Trustees who are a committed group of |
individuals with carefully audited skills and a reputation for excellence in their respective fields. The Foundation additionally |
benefits from the pro bono support of industry partners Faber & Faber, City Lit, Poetry School, TLC, Bath Spa University, |
Arvon, and pro bono support from FMcM for media and publicity campaigns. |
The charity is grateful to Chair Cathy James OBE, and to our new project manager Degna Stone during this year. |
Recruitment and appointment of trustees |
The trustees are appointed for three-year terms and are drawn from a wide range of backgrounds to ensure adequate representation of requisite skills to oversee the running of the Women Poets' Prize and Network. |
REFERENCE AND ADMINISTRATIVE INFORMATION |
Rebecca Swift Foundation
Charity registration number |
1177863
11121662
Company registration number |
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For the year ended 31 December 2023
Rebecca Swift Foundation
Report of the Trustees Continued
The trustees and officers serving during the year and since the year end were as follows:
Cathy James (chair)
Fiona McMorrough
Tom Wilcox
Jon Slack
Ms Alice May Dewing
(Appointed: 10 February 2022) |
Miss Amanda Jones
(Appointed: 10 February 2022) |
Ms Rebecca Rendle
Ms Martha Sprackland
(Appointed: 10 February 2022) |
Caroline Clarke ACA
66 High Street
Lewes
East Sussex
BN7 1XG
............................................................................. |
Approved by the Board of Trustees and signed on its behalf by |
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For the year ended 31 December 2023
Rebecca Swift Foundation
Independent Examiners Report to the Trustees
I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 December 2023. |
Responsibilities and basis of report |
As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. |
Independent examiners statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination |
giving me cause to believe that in any material respect: |
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. the accounts do not accord with those records; or |
3. the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the |
accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or |
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended |
Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the |
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). |
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 accounts to be reached. |
Caroline Clarke ACA
66 High Street
Lewes
East Sussex
BN7 1XG
16 September 2024
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For the year ended 31 December 2023
Rebecca Swift Foundation
Statement of Financial Activities (including Income and Expenditure Account)
2022
Income and endowments from: |
13,489
37,172
2
5,041
6,268
3
18,530
43,440
(21,515)
(41,324)
4/5
(21,515)
(41,324)
(2,985)
2,116
Total funds brought forward |
16,082
18,198
Total funds carried forward |
15,213
18,198
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Rebecca Swift Foundation
Statement of Financial Position
2023
2022
15,627
18,612
15,627
18,612
Creditors: amounts falling due within one year |
(414)
(414)
10
Net current assets
15,213
18,198
Total assets less current liabilities |
15,213
18,198
Net assets
15,213
18,198
Unrestricted income funds |
11
15,213
18,198
15,213
18,198
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. |
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, |
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by: |
16 September 2024
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For the year ended 31 December 2023
Rebecca Swift Foundation
Notes to the Financial Statements
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. Rebecca Swift Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). |
The financial statements are prepared, on a going concern basis, under the historical cost convention. |
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the |
financial statements on the grounds that the charitable company is small. |
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment. Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes. Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them. There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above |
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. |
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure. |
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities. |
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For the year ended 31 December 2023
Rebecca Swift Foundation
Notes to the Financial Statements Continued
2. Income from donations and legacies |
2022
2023
19,068
12,886
18,104
603
37,172
13,489
Analysis of grants received |
2023
2022
603
18,104
Arts Council England
18,104
603
3. Income from charitable activities |
2022
2023
Women Poets' Prize
5,041
6,268
Income from charitable |
activities |
4. Costs of charitable activities by fund type |
2022
2023
34,833
16,833
Women Poets' Prize
6,491
4,682
Support costs
41,324
21,515
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For the year ended 31 December 2023
Rebecca Swift Foundation
Notes to the Financial Statements Continued
5. Costs of charitable activities by activity type |
2022
2023
Activities |
undertaken |
directly |
Women Poets' Prize
21,515
4,682
16,833
41,324
6. Analysis of support costs |
2022
2023
Management
151
145
Finance
724
373
Website and promotion
2,681
5,046
Office costs
712
513
Governance costs
414
414
6,491
4,682
7. Net income/(expenditure) for the year |
This is stated after charging/(crediting): |
2023
2022
414
414
8. Staff costs and emoluments |
Total staff costs for the year ended 31 December 2023 were: |
2023
2022
6,768
15,067
6,768
15,067
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For the year ended 31 December 2023
Rebecca Swift Foundation
Notes to the Financial Statements Continued
2023
2022
0
Trustees
9. Comparative for the Statement of Financial Activities |
The comparative year values on the Statement of Financial Activites are for unrestricted funds. |
10. Creditors: amounts falling due within one year |
2023
2022
Accruals and deferred income |
414
414
414
414
General
18,198
18,530
(21,515)
15,213
General
18,198
18,530
(21,515)
15,213
Unrestricted Funds - Previous year |
General
16,082
43,440
(41,324)
18,198
General
16,082
43,440
(41,324)
18,198
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For the year ended 31 December 2023
Rebecca Swift Foundation
Notes to the Financial Statements Continued
Purpose of unrestricted Funds |
General
To support the work of the foundation.
12. Analysis of net assets between funds |
Net current |
assets / |
(liabilities) |
Net Assets
Unrestricted funds
General
15,213
15,213
General
15,213
15,213
Net current |
assets / |
(liabilities) |
Net Assets
Unrestricted funds
General
18,198
18,198
General
18,198
18,198
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