REGISTERED COMPANY NUMBER: 02492368 (England and Wales) REGISTERED CHARITY NUMBER: 1001237 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR CRAFf5PACE Prime Chartered Accountants 161 Newhall Street Birmingham B3 1SW CRAFfspACE coKrENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Chalmian's Report Report of the Trustees 4 to 11 Independent Examlnerfs Report 12 Statement of Financial Activities 13 Balance Sheet 14 to 15 Notes lo the Financial Statements 16 to 23 CRAFTSPACE REFERENCE AND ADMINISTrATIVE DEfAILS FOR THE YEAR ENDED 31 MARCH 2024 TrUSTEES S F Boersma Brand Consultancy A Collier Operations Manager S B Jones Diwtor C E Miller Consuttsnt R A Ndibalema Lecturer N Pearlman Head Of Art Collections M B Rhodes Company Director K Thompson Textile Artist R J Bateman Retired (resigned 23111123) COMPANY SECRETARY D Figuelredo REGISTERED OFFICE Unit 15. Highgate Craft Centr8 8 Highgate Square Bimiingham B12 ODU REGISTERED COMPANY NUMBER 02492368 (England aNI Wales) REGISTERED CHARrrY NUMBER 1001237 INDEPENDEMf EXAMINER Prime Chartered Accountants 161 Newhall Street Birmingham B3 1SW Page 1 CRAFTSPACE CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Introducllon Craftspace is a leading craft development c￿an1S8110n that thampions the power of contemporary craft and making to stimulate change in scciety. We do this through tslent develoFfflent" cwts'NJ opportunities for artists to innovate. experiment and collaborate and through engaging diverse communities in making for well-being, leamirYJ. enterprise. person81 and skills development. Our work contributes uniquety to the UICS rich cultural landscape. creating inspiring encounters beiween the public and craft which challenge traditional boundaries and perceptions of that craft is. Our approach is underpinned by a desire to be a leaming organisation. testing different methodologies through building lationships with and transferring knowledge beh•Ren a variety of partners and agencies. The Board and staff of Craftspace are proud of cur artis￿ and engagement prograrnmes which demonstrate the role of craft in community building and as a means to care for wrselves. each other. the wider community and the environmenUplaneL We believe craft is a connector. between maker and object. maker and the environment. arKI beMEen people in communities. craftsp￿ is committed to pLgying a leadership role in developing and supporting the contemporary craft sector and deepening public participation in (xafL I would like to thank all our investors and donors. par￿CularfY Arts Council ErvJland who invest in craft$pa￿ as a N8tional Porttolio (kgani5ation. Programme Highllghts W8 C818brat8d Shelanu Craft Collective's 10th anniversary through an exhibition at the School of Jewellery which reflected on the many achlevements of this shared enterprise. Shelanu whith means beloroing to us, is and for refugee and migrant women; members make jewellery to sell and share their skills by running worf(shops in the community. The exhibitlon Included the work of five UK and intemational crealive womertrfocused social enterprises to show the wider context of this work. Shelanu ended the year wlth an invitaticn to showcase at the interrrational Ferrous Festlv81 In Hereford. We ￿llabOrated with eminent curator. researcher, academic and textile practitioner Dr Rose Sindair to COwCUtate Dorcas Stories from the Front Room. Caribbean textile narratives then and exhibition. It used the lens of craft to commemorate 75 years of Windwsh showing the positive contribution that Caribbean p8cple have rna￿e on the UK. It featured Rose Sindaifs personal craft and fashion collection, archives, photography, a community m&Je textile artwork and wcrfk by 5 cOntemp￿ary Caribbean artists and designers. We partnered MailtrM)x Birmingham. a business. lrfestyle and retail ￿ntre. where 1557 vtsitors attende(l the exhibition over 26 exhibition days. Following our large scale 46￿ Gifts project for the Commonwealth Games, we enabled an eaty care8r artist and iwo volunteers who were involved in its delivery to fundraise for. lead and manage Mending Stories. a legacy texlile project about repair and mending. They devised a series of workshops in four of the community entres that had been involved in our gifts project building on relationships and skills. The project became a means for the artists to set up Makers Circle. a new craft collective de5ivering creative SerVi￿s. We began Work on Making for Climate Change, a two year programme tsrgeted at LGBTQIA+ and Deaf and hard-of-hearing young people. Year one development phase began with a youth focus group to di￿uS$ needs. expectations and views. We also apwinted a youth Creative PrOdu￿r to lead a programme of activity enabling LGBTQIA+ young people to take creative action to address the Climate Emergency using craftivism (craft + activism). Towards the end of the year we supported talent development through the selection of 14 recent graduates to feature in In=Site 2024. They participated in a professional development programme comprising a series of 7 talks. vrforkshops and mentoring in the lead-up. Operations and Fundraising We began the scoping for an exlemally facilitated strategic ￿VIeW thich will result in a new 3-5 year business plan. It will indude refiection on missionlpurpose. values and value FfOPOSition, oper8ting model. financial positionfviabilty and SUCLessiw planning. The board and staff will explore and identfy the key intemal 8nd extemal opportunities and challenges for Cratspace and think about the people. resources and actions required to achleve Its asplratlons. We began with a stakeholder survey to seek perceptions of value and impact. Page 2 CRAFTSPACE CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 An oulline of our reserves policy is induded the financial review on page 10. The largest amount hdd within our designated reseNes for business development and fundraising Is £52.500. This was re￿iVed as a on&off amount from a match fundlng scheme and designated by the Trustees for long temi use to support fundraising and development since Craftspace does not have specialist staff in these roles. It Is also woth noting that as part of our new fundraising agreement vAth Arts Council England it was agreed that unrestricted reseNes that have not been designated should not fall below a target of £85K. The fvrKJraising environment has become even more thallenging for the arts with local authorities making severe cuts and competitK*n for grants from Twsts and Foundations even more a)mpetitive. Owing to the relentless work of our small team, we secured £100,0(H)+ worth of grants and other income towards our programme, but this will be difficult to sustain. The op8rating environment remains challenging with the cost of livin9 increasing vthilst our core grant from Arts Council has remalned at standstill for several years. To this end the board and execLrtive decided to ft)mi a finance sub4Jroup of the ￿ard to provide extra support and oversight in financial plannirKJ. In the first instance the sub-group conducted a revlew of financial planning and accounting practices and wocedures. They also created a new designated reseNe to make provision for a potential operating income shortfall in 2025126. We began a prO￿$S to Introdu￿ and embed the Insight & Impact Toolkit for evaluation to achieve consistent impact measurement. feedback and refiection across our programme. This involved l)oard and staff in training and planning. We mairrtained our reserves policy induding a designated reseNe for artistic programme development in line with our charitable objectives. Wth diminishing public funds and a challenging economic climate for fijndraising this fund provides a vital means of innovating, seeding new ideas and testing new approaches to sustaln the organlsatlon. Wlth some funders investing in projects in advance, we continue to hold and carry over fijnds in specificlreslricted reserves. Funds are then brought in each year to offset expenditure for onwing projects. It is owing to good govemance, planning and delivery that the organisation cC￿tInueS to be sustsinable and resilient and I would like to thank all of the members of th8 board for their ongoing expertise, advocacy and commitment. On8 of our core values is to d8vise projects whid) heve lasting and FN)Sitive impacts upon both individual artists, participants, organisations and thelr ￿der communities. The xtive legacies of marry of the prqects described above are testsment to our ability to continue to enact our values. Many of these would not have been possible wthout the support of our partners, and I would like to thank them all. Finally. and most importanty. I wculd particularfy like to thank the staff of craftSpa￿ for their vision and commltment In fulfllllng our purpose. Not only do they continue to excel in delivering the immediate obj'ectives of the organisation. they ar8 also for8v8r Icoking for new ways to develop and expand our impact. We are fortunate to have such an exceptional and inspiring team. Matthew Rhodes Chair October 2024 Page 3 CRAFfspACE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trjstees who are also directors of the charity for the purposes of the Companies Act 2006. present their rewrt with the financial statements of the charity for the year ended 31 March 2024. The twstees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities p￿paring their accounts in accordance ￿ryth the Financial Rep(xting StaThlard applicable in the UK and Republic of Ireland (FRS 102) {eff￿1ve 1 January 2019). Pu Craftspace is an independent agency working to incfease opportunities for makers, as well as access to and participation in contemporary crafts for all audiences. We are committed to qualty, innovation. touring. and to the development, making arKJ presentation of crafts in the widest cultural contexts. Value People We are commltted to developlng people's skills, knowledge and creativity at all levels ￿ether they are staff. participants, makers. project pathers or clients. We aim to devise projects and seNices in collaboration with partner organisations and clients which have lasting and positive impacts upon bolh individual participants, whole organisations and their wder communities. Artistic Programme We believe that quality and inr￿vatIon is characterised by working indusively in creative partnerships, by p18ang a￿esS at the centre of our operation and also by challenglng boundaries and prec0n￿ptIOnS around crafts practtce. presentation arKI leaming. Audlences We value prO￿s$ and participation as a meaningful and engaglrKJ way to facilitate leaming about and experiencing crafts. We believe that the exploration arKI showng of crafts in a wide range of social and culturally diverse contexts makes it more relevant to all our lives. OBJECTIVES AND ACTIVITIES Objactiv•s and aims Craftspace is a creative producer. a sharer of thowledg8, expertise and experience and conduit for signposting, partnerships and making connections belween people and organisati￿S to grow engagement Our programme is devised to stimulate artistic excellenc£. critical thinking. curiosity. experience and understanding of contemporary (rafts in Ihe widest social and diveT5e cultural contexts and across ages. We achieve this through our core activities of touring exhibitions. creative produdions. research partnerships and leaming, participatic￿ and engagement projects. Our activiiies challenge public perceptions of craft by consciously (Yeating highly focused. high quality, enquiring, engaging and bespoke rx)Ilaborations. Through this makers gain new perspeclives on their practi￿ and audiences gain deep insight and experience. In supporting arttsts to make new Work as cultural ￿pital we also build social and human capital through engagement with the ideas and practice of making. In delivering our prc*Jramme we evaluate our work to achieve the followng outcomes.. Partnerships: Build capacity in non-arts sector parkners to use creativity as an empowering tool and employ professional artists to achieve their objeclives. Artists.. Arbstic and personal development increased caPa￿ty to engage with audiences, Increased employment and profile. experimentation. stimulatiNJ innovation and sales of wor Audiences: Creative leaming. transformation. well-being. skills-developmen( progression sociakcohesion. Venues.. Increased maTket-shar8 for crafL profile for craft. increased knowledge and awa￿ne$S of what craft can be, cross-over and new audtences, enhan￿d knowledge for existing audiences and increased relevance of craft. and Page 4 CRAFTSPACE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charltsble activitiOS Our worklng process continues to involve all project partners in plannlng and ¢onsultatlon, Investlng staff tlme in providing supwrt. sharing, refie¢ti￿ and evaluation. Our achievements 8re only possible through the exceptional skills, knowlechJe and expertise of our staff and board whose commitrnent and willingness to test different ways of working keeps the organlsation at the forefront of innovaticn in our sector. We also acknowledge that SUCC8ss also derives from engaging the active support and participation of our funders, pathers. cllents 8nd donors. Artistic and Communlty Engagement Programme 2023124 Activities to report on in addition to the comment8ry in the Chairfs report: We are Commoner&: creative acts of commonlng exhlbltlon Our national touring exhibition extended its tour with one final showing of a small selection of work at Velorose Gallery, London in conjunction wlth London Festival of Arthitecture. The feslival theme was 'ln Common, which linked well to the 8xhibition themes. Dorcas Stories from the Front Room. Carlbbean tsxtlle narrallves then and now exhlbltlon Findings and dats from the visitor surv8y showed the following: Out of 183 visitors surveyed: 720/0 strongly agreed the exhibition was distinctive, go0￿ strongly agreed that the exhibition was insightful, 88% strongly agreed the exhibition was rigorous. Ethnicity: 63Yo were non white British. of which 340/0 were 81￿k (980/0 Black Caribbean), 10Qh Asian, 10Q/o mixed (of which 420/0 Black Caribbean & white). Other measures., 860/0 rated thelr overall experfence as eX￿lIent. 659/0 said it exceeded their expectations. 47¥0 were under 50 yrs of ￿8, 140/0 disatded, 130/0 n8urodiverg8nt, 57 % first time attending a Craftspace exhibition. 870/0 would highly recommend Craftspace. Yarnlng: Tales from Birmingham We commissioned Blmilngham knltter Sara F￿e$ to record a podcast serfes telllng tlve Black women's stories of yam and knitting, including her own. Sara's story was cdebrat8d at an 8vent hosted by Craftspace at Unravel Festival of Yam at Famham Maltings. The series was uploaded to Spotify and our website for all to access. The podcasts were also include in the Dorcas Stories exhibition as an installation where visitors could knit whilst they listened, read transcripts and see I￿itted work by four of the wc4nen whose stories were represented. Making for Change: Queerlng the Wye, How to Heal This LGBTQIA+ youth foojsed project was a partsiership with Queering the Wye (part of Wye Valley River Festival). A key aim was to 8nable young LGBTQIA+ peopl8 to feel less islolat8d, engage with na￿re and have a Vol￿ about climate charoe. The facilitator Aimee Blease and artlsts Oly Bllss and Annle Hlgglns all id8ntified as LGBTQIA+ LGBTQIA+ Y￿th aged 16-25 attended 5 weekly creative workshops in H8reford Town Centre. They were introduced to ideas around Queer ecology and creative ways to explore it including a talk by LGBTQIA+ climate activist Jasmine Qureshi. The outy)uts will be created into an online resource in the following year. Drag D•clares Emftrgency wlth artlst Lady Kltt- Eco Drag Challenge workshops & event Following a digitsl residency wth Lady Kitt in the previous year resulting in a digital exhibition and resource. we Involved community participants to activate the resour￿ through a series of ew drag challenge workshops. Artist and drag king Lady Kitt led an online costume making workshop for young LGBTQIA+ people in Wales. Two local 8rlists facilitated a series of practical costume making workshops in Bimiingham with LGBTQIA+ adult pa￿CIpants. Craftspace led the participants in a walkirg group for the Birmingham Pride parade to promote the eco drag message. Page 5 CRAFfspACE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Made in the Middle exhibition audience development event in Birniingham and artists. event In the lead up to Made in the Middle exhibition we devised a community skill share event to celebrate everyday making. The one day event took place at St Germain's Community Hub in Birmingham and invclved 15 craft demonstrator5 from within the community and 3 professional artists who also demonstrated their skills and range of craft practices. We also began the open calk)ut process for our forthcoming Made in the Middle exhibition with a lot of ￿)nSideratIon given to ￿CeSsibl11ty. The first callout event was an online infcffiiation and Q&A session to enable artists to leam MO￿ about the OPFM)rtunity at first hand. Consultancy We completed delivery of an 8 week pilot creative re5iderw for HS2 based at the HBVC. an independent specialist college for leamers aged 16 to 25 with special educational needs andlor autism. It included presenting outcomes through an exhibition and a celebration event. We completed the first phase of a contract Trmth ImFerial College London to manage a Birmingham element of a national public engagement Women and Asthma. project. It brought together researchers wilh lived experien￿ participarrts using craft to facilitate Conversatic￿S. We also completed evaluation work for the Canal & River Trust. General operations During the year staff undertook training including staff refresher training in GDPR and team attendance at a Decolonising cultu￿ symposium. Craftspace hosted a Craft UK Ne￿rk meetiro in Birmingham alongside the Dorcas Stories exhibition. We remiited for a matemlty cover for our administrator post requiring handover and induction. In summary, our exhibitions, creative productFons and woiects have engaged excellent artistslpractitioners at diff8rent stages of their career. Craftspace staff Inffluen￿ the sector through 8dvc￿cy. giving talks, presenting at ccnferences, wrftlng artlcles and through the roles they play on steering groups, boards and committees. Craftspac8 is r8cognised as teing well positioned to lnfiUen￿ the way contemporary crafts is practised and experienced amongst Ihe widest social, ￿ltural and artistic constituencies. Through its work. it has championed and demonstrated a wider civic role for makers. Statistics and Ilst of key exhlblllons, events and projects Exhibitions We are Commonars natlonal tourlng exhlbition at Velorose Galleryj London o Exhibition, 01.06.2023 - 30.06.2023, 304 attendees o Closing event, 30.06.2023. 40 attendees Dorcas Stories from the Front Room. Caribbean textile naThatives then and now at the Mailbox (office, leisure and retsil centre). Birmingham o Exhibition. 23.09.2023 - 29.10.2023. 1557 visitors o Extended shop window display. 30.10.2023 - 14.12.2023. 500 audien Shelanu Women's Craft Collective: o Belonging to Us. 10th annivers8ry exhibttion. Vittoria Street Gallery. Birmingham 03.04.2023 - 28.04.2023. 600 visitors o Belonging to Us. exhibition private view. 19.04.2023. 53 attendees o Ferrous Festival showcase. Maylords Orchard. Hereford 15.03.2024-16.03.2024, 209 visitors Other creative productions o Yaming: Tales from Birmingham. A podcast series telling 5 Black women's stories of yarn and knlttlng o First 4 pcrfjcasts launthed as part of Dorcas Stories exhibition, displayed as a sound instsllation to listen to with transcripts and knitted textiles loaned from podcast participants. Uploaded to the website and spotify, 163 plays of 60sec or more betsveen June 2023 and March 2024. 0 5th p)dcast commissioned to add to the series Yaming: Tales from Birmingham. Black women's stories of yam and knitting Page 6 CRAFTSPACE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Sh•lanu Women's Craft ColleGtlve wlth mlgrant and refugee wom•n 47 inrf)8rson creative studio s8ssions attended by 12 members Incluslon In craft selllng falrs: o Supersonic Festival. 03.09.2023 o Paperdolls Handmade Markec 18.11.2023 o Jewellery Quarter Makers Market, 02.12.2023 & 07.12.2023 o MAC Christmas Fair, 09.12.2023 Events and partlclpatory. learnlng and audlenGe development projects Dorcas Storios from tho Front Room, Caribbean texlile narrallves then and now at the Mallbox, (offke, lelsure and retall Centre) Blmilngham 0 2 instagram live in-conversation events. One on 22nd June: 72 interactions on live event. ￿ joined. 17 concu￿ently. o Wndrush Day Instagram Live in-conversation, 22.06.2023. 72 vlewers o Windrush 75 event. talk a￿1 panel discussion at Pann81 Croft Retirement Village, 30.06.2023. 31 attendees Dorcas Storfes from the Front Room Textlle Project wlth Carfbbean residents at Pannel Croft Retlrement Vlllage. Newtown. Blnnlngham 0 8 Workshop sessions b8tW8en 08.07.2023 and 07.09.2023, 12 participants Events alongside the exhibition at the Mailbox, Blmlngham: o Private View, 05.10.2023. 60 attendees o Textile and jewellery workshops, 28.10.2023 - 29.10.2023, 32 participants o Study Day in collaboration Birmingham Cty University's Centre for Equality. Diversity and Inclusion, WSP, 23.10.2023, 27 participants o Teacher Twilight talks, tour and creative jewellery workshop, 23.10.2023, 10 participants o Exhibition Tours, 30.09.2023 - 14.12.2023, 77 atteThJees across 7 sessions Monding Storl8s projoct - croatlve workshops in community hubs in Bimiingham, 112 participants in total o lfjnmos.. 25.04.2023. 9 participants: 02.05.2023, 6 participants. 09.05.2023, 8 participants; 16.05.2023 6 participants o St Getmain's Community Hub: 15.05.2023, 4 participants", 22.05.2023, 4 participants; 05.06.2023, 12 partldpants. 12.06.2023. 5 partlclpants o Th8 Pantry South Yardley: 25.05.2023. 4 participants,. 08.06.2023, 5 parbcipants- 15.06.2023, partiapants., 22.06.2023, 8 participants o Benson's Community Hub.. 20.04.2023, 7 participants. 27.04.2023. 6 participants. 04.05.2023, partiCiP8nts', 11.05.2023. 11 participants o Exhibition for a day sharing event at the Gap Arts Prcyect, 19.07.2023, 32 attendees Shelanu Women's Craft Colloctivo workshops In Blmilngham. Black Counlry and Hereford o CelebratlrKJ Sanctuary. the Mldlands Art Centre, 17.06.2023, 34 participants o Workl Refugee Day. the Exchange. 20.06.2023, 15 participants o Refugee Week Evenc Centrala, 22.06.2023, 9 participants o Supersonic, 03.09.2023. 10 participants o WMM peer to Feer teacher training. Unity Hubb, 02.10.2023, 3 participants o Kenji, 07.10.2023. 28 partldpants o British Red Cross. 15.11.2023. 11 partiapants o Avison Young, 21.112023, 14 participants o Restore at St Anne's Church Hall, 28.11.2023, 14 participants o Centrala. 20.02.2024, 10 WCrfks￿P participants. 22.02.2024, 23 participants o Ferrous Festlval, 15.03.2024-16.03.2024, 25 participants Page 7 CRAFfspACE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Maklng for Change: Que•ring the Wye, How to Heal? creatfve workshops In Hereford, 12 participants o In person workshop. Babar Café: 09.09.2023. 3 participants. 23.09.2023. collaborative session between 2 artists o The Coutyard: 07.10.2023. 8 partiapants. 21.10.2023. 2 participants; 18.11.2023. collaborative session belween 2 arbsts o Online vmrkshop. 11.11.2023. 3 participants Making for Climate Change Focus Group o EcoPark. Bimiingham.. 30.10.2023, 10 pathipants Drag Declares Emergency with artist Lady Kltt- Eco Drag Challenge workshops & ovent o HybrKI workshop at the Attik Youth Centre in Monmouth. 01.042023. 6 participants o In￿erSOn workshop at King Henry Vlll School. Abergavenny. 19.05.2023. 6 participants Bimiingham Pride (xealive workshops: o Costume workshops at the Old Print WoTk5. Birmingham, 07.05.2023, 12 participants. 21.05.2023. 10 partiapants o Costume workshop. Binningham City University campus, 20.05.2023, 15 participants o Pride Parade, 27.05.2023, 14 participants, 40,000 street a￿len Made in the Middle audience development event in Bimiingham and artists. event o Skills Share event at St Germain's Community Hub, 21.10.2023. 58 attendees o Introduction to exhibition callwt & artists, networking online. 26.03.2024. 16 attend8es In:Site artist dovelopment programme, in-person even( onllne talks, worf(shops & mentorlng o Workshop for public and artists at Birmingham Cathedral, 17.02.2024. 45 participants Artist Development Sessions online- o Ibukun Baldwin talk & workshop: 14 participants o Ibukun Baldwin mentoring: 10 partiixpants o Lady Kitt talk & workshop: 14 participants o Lady lfjtt mentoring: 6 participants o All￿ Thatcher talk & workshop: 14 particlpants o Alice Thatch8r mentoring: 9 participants ConsultanGy HS2, Washvmc 13,905 1,664 30.759 (87,243) 15 Net movement in funds 15,190 15,569 30,759 (87.243} RECONCILIATION OF FUNDS Total funds brought foNard 216,352 136,820 353,172 440,41 S TOTAL FUNDS CARRIED FORWARD 231,542 152,389 383,931 353,172 notes fonn part of these financBI statements Pag8 13 CRAFTSPACE BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted fiJnds Restricted nd Notes FIXED ASSETS Tangible assets 11 1,146 1,146 1,528 CURRENT ASSETS Stc¢ks Debtors Cash at bank 12 13 3,388 3,273 237,342 3,388 3,273 389,731 3,500 152,389 363.996 244,003 152,389 396,392 370.544 CREDITORS Amounts falling due within one year 14 (13.8071 (13,607) (18.900) NEf CURRENT ASSETS 230,396 152,389 382,785 351,644 TOTAL ASSETS LESS CURRENT UABILITIES 231.542 152,389 383,931 353.172 NET ASSErs 231,542 152,389 383,931 353.172 FUNDS Unrestricted funds Restricted funds 15 231,542 152,389 216.352 136.820 TOTAL FUNDS 383,931 353,172 The charitable company is entitled to exempoon from audit under Section 477 of the Companies Act 2006 for the year erKled 31 March 2024. The members have not ￿qUired the company to obtain an audit of its financial statements for the year erKJed 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees aCknO￿edge their responsibilities for {a) ensuring that the charitable company keeps accounting records that comply vAth Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitsble company as at the end of each financial year and of Its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the r8quir8m8nts of th8 Companies Act 2006 relating to financial statements, so far as appllcable to the charitable company. Ib) The notes fonr part of these financial statements Page 14 ¢C￿tinued... CRAFfspACE BALANCE SHEET- ¢onllnued 31 MARCH 2024 These financial ststements have been prepared in accordance wth the promsions applicable to charitable mpanies subject to the small companies regime. The financial statements were approved by th8 Board of Trustses and authorlsed for issue on .24th.OotobeF.2024...... and were signed on its behalf by: M B Rhodes - Trustee The notes fonn part of these financial ststwnents Page15 CRAFTSPACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accou￿llNG POLICIES Basis of preparlng the financlal ststements The financial statements of the Gharitable company. which is a putAic benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilies preparing their accounts in accordan￿ with the Financial Reporting StsTrYard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019).. Financial Reporting Standard 102 The FInar￿la1 Reporting Standard appli￿ble in the UK and Republic of I￿land, and the Companies Act 2006. The financial st8temenls have been prepared under the historiG91 cost convenb'on. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probab18 that th8 income will b8 received and the amount can be measured reliably. Expendfture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committTrng the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measur8d reliably. Expenditure is unted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. Where costs cannot be directly 8ttributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is promded at the following annual rates in order to write off eath asset over its estimated usefijl lrfe. 250/0 reducing balan¢8. Stocks Stocks are valued at the lower of cost and net realisatle value, after making due allowance for obsclete and slow moving items. Taxation The charity is exempt from corporation Lgx on its charitable activiiies. Fund accounlirKJ Unrestricted funds can be used in accordance viith the charitable Obl￿1ve5 at the dI￿tiOn of the trustees. Restricted funds can only be used for particular restricted wrposes wthin the objects of the charity. RestrtctÉons arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanakn'on of the nature and purpose of 8ach fund is indud8d in the notes to the financial statements. Penslon costs and other posl-retlrement benerts The tharitable company operates a deffined contribution pension scheme. Contributlons payable to the haritable ccfflpanvs pension scheme are charged to the Statement of Financial Activities in the period to thich they relate. Page 16 continued... CRAFfspACE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations Grants 1,704 319.584 1.794 323.043 321,288 324.837 Grants re￿ived. included in the above. are as follows: 2024 2023 Arts Council England Birn)ingham City University Birmingham Cathedral Birmingham City Council Binningham City Council - Commonwealth Legacy Fund Bimiingham Pride Foundation Birmingham 22 Church Urban Fund - Windrush The Cimc Elmley Foundation Energy Savlng Twst George Fentham Trust Goldsmiths University Hereford Bid Herefordshire Community Foundation High Speed {HS2) Ltd John Feeney Trust Midlands Art Centre Oakley Trust Radcliffe Trust The Space CIC WA Cadbury Other grants 215,446 2,500 1,400 1,000 7,850 2,125 252.539 10.998 24,000 3.000 15,872 5,000 1,100 1,181 17,000 4,000 3,000 1,000 4,000 1,540 2,000 8,910 319,584 323.043 OTHER TRADING ACTIVITIES 2024 2023 Touring and workshop receipts Exhibit, stocks and catalogu8 Consultancy services Sundry income 4,791 1,097 22,749 4,260 7,043 3,613 1,160 214 32,897 12.030 Page 17 continued... CRAFTSPACE NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Deposit account irrterest 8,391 3.178 IUISING FUNDS Raising donations and legacles 2024 2023 Support costs 78,993 89,206 SUPPORT COSTS Govemance costs Management Finance Totals Raising donation5 and legacies Govemance costs Support Costs Costs of artistic programme and other activities 78,993 2,854 96.132 78,993 7,879 102,630 5,025 6,498 2,145 2,145 180,124 6.498 5,025 191,647 Support costs, included in the above, are as fdlows: Ralsing donations and 18gaci8S Govemance costs Support Costs Wages Social security Penslons Rent, rates & utilities Insurance Training TeleFthone Postage and stationery Marketing Sundries Other professlcnal fees Bank charges Subscriptions Catalyst FurKlraising Board expens8S Accountancy fees Independent examination 78,993 4320 17,773 3.091 1273 1,329 2,291 3,692 9,976 13,950 109 2,409 3,980 2.854 1,755 3,270 78,993 7,879 102,630 Page 18 continued... CRAFTSPACE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS - continued 2024 2023 Costs of artistic r)rogramme and other activities Total activities Total activities Wages Social security Pensions Renc rates & utilities Insurance Training Telephone 111.433 4,997 4.320 17.773 3,091 2.273 1.329 131,674 8.371 4,350 23,428 2,741 2,275 2,004 k lj Postage and stationery Marketing Sundries Other professional fees Bank charges Subscriptions Catalyst Fundraising Board expenses Accountsncy fees Independent examinalion 2,291 1692 12,121 16,804 2,080 1,400 5,140 6,360 142 2,990 2,492 122 2,145 3,980 1,755 3.270 2,250 2,145 191.647 200,818 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl{crediting): 2024 2023 Depreciation - owned assets TRUSTEES, REMUNERATION AND BENEFITS re were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 19 continued... CRAFfspACE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REMUNERATION AND BENEFITS - continued Trnstoes. •xpens•s During the year, r#) trust88s (2023: 2) were reimbursed expenses (2023., £122). STAFF COSTS 2024 2023 Wages and salarles Social security costs Other pension costs 183.863 11,193 10MOO 195,635 12.919 10,876 205.856 219,430 The average monthly number of employees during the year was as follows: 2024 2023 Employees No employ888 r8C8ived 8molum8nts in excess of £60.CNJO. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted funds Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 217,119 107.718 324,837 other trading actiwties Investment income 2,886 3,178 9,144 12.030 3,178 Total 223.183 116,862 EXPENDITURE ON RaisirYJ funds 89,206 89,206 Charltable actlvltles Govemance costs Support Costs Costs of artistic programme and other activities 5,384 47,503 58,077 105,580 82,047 144,377 226.424 Other 694 Total 224,834 202,454 427.288 NET INCOMEI(EXPENDITURE) Transfers betwa•n funds (1,651) (2,404) {85,592} 2,404 (87.243) Net movement In funds (4,055) (83,188) (87.243) Page 20 continued... CRAFTSPACE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continu•d Unrestricted Restricted funds fund Total funds RECONCILIATION OF FUNDS Total funds brought fO￿ard 220.407 220.008 440.415 TOTAL FUNDS CARRIED FORWARD 216,352 136,820 353,172 11. TANGIBLE FIXED ASSETS Flxtures and fittings COST At 1 Npril 2023 and 31 March 2024 79,590 DEPRECIATION At 1 April 2023 Charge for year 78,062 382 At 31 March 2024 78,444 NEf BOOKVALUE At 31 March 2024 1,146 At 31 March 2023 1,528 12. STOCKS 2024 2023 Sto(* 3,388 3,500 13. DEBTORS: AMOUNTS FALUNG DUEWITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accfued income 2,000 771 1,273 2,223 3,273 3.048 Page 21 continued... CRAFTSPACE NOTES TO THE FINANCIAL STATEMEp¥fs- continued FOR THE YEAR ENDED 31 MARCH 2024 14. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other tsxes Other creditors AcGruals and deferred inGorne 1855 3,520 3.TT9 4,361 1,478 9.282 5,952 13,607 18,900 15. MOVEMENT IN FUNDS Net movement in funds Transfers bebNeen funds At 31.3.24 At 1.4.23 Unreslrlcled funds General fvnd Deslgnated fund 98,128 118,224 16.854 (19,230) 17,566 95,752 135,790 216,352 16,854 (1,664) 231,542 Restrlctsd funds Restricted fund 136.820 13,905 152,389 TOTAL FUNDS 351172 30,759 383,931 Net movement in funds, induded in the above are as follows: Incoming resources ReSoUr￿S expended Movement In funds Unrestricted funds General fund 261,879 {245,025) 16.854 Restrkted funds Restricted fund 100,697 {86,792) 13.905 TOTAL FUNDS 362.S76 I331￿17) 30,759 Page 22 continued... CRAFfspACE NOTES TO THE FINANCIAL STATEmE￿rs - continu•d FOR THE YEAR ENDED 31 MARCH 2024 15. MOVEMENT IN FUNDS - contlnued Comparatives for movement in funds Net movement in fvjnds Transfers be￿en funds At 31.3.23 At 1.4.22 Unrestrictod funds General fijnd Designated fund 112.826 107.581 625 (2.276) (15,323) 12.919 98.128 118.224 220.407 {1.651) (2.404) 216.352 Restricted funds Restricted fund 220.008 (85.592) 2.404 136.820 TOTAL FUNDS 440,415 (87,243) 353,172 Comparative net mov8ment in funds, included in the above are as follows: IncLiming resources Resources expended Movement in funds Unrestricted funds General fund Designated fund 223.183 (222.5S8) {2,276} 625 {2,276) 223,183 (224.834) (1,651 } R•strictod funds Restricted fund 116,862 (202.454) (85,592) TOTAL FUNDS 340.045 (427.288) (87,243) 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 23