## **QUAKER TAPESTRY LIMITED**
**Financial Statements and Annual Report**
**For the Year Ended**
**31 December 2020**
## **QUAKER TAPESTRY LIMITED**
## **FINANCIAL STATEMENTS**
## **For The Year Ended 31 December 2020**
## **CONTENTS**
|1-7|Report of the Directors and Trustees|
|---|---|
|8|Accountant's Report|
|9-10|Statement of Financial Activities|
|11-12|Balance Sheet|
|13-19|Notes to the Financial Statements|
## **Quaker Tapestry Limited**
## **Report of the Directors and Trustees**
## **For the year ended 31 December 2020**
The Directors of the charitable company, who are its Trustees for the purpose of charity law, are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2020
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Quaker Tapestry Limited is a company limited by guarantee (each member’s contribution not exceeding £10) and is a registered charity. The company was first incorporated on 22 February 1994. The name was changed from The Quaker Tapestry at Kendal Limited to Quaker Tapestry Limited in 2011 and revised Articles of Association approved in 2012.
Company Number: 2901085 1035077 Charity Registration Number: Registered Office: Friends Meeting House Stramongate KENDAL Cumbria LA9 4BH Accountants: Mitchinsons Accountants 22 Market Place KENDAL Cumbria LA9 4TN
## **Directors and Trustees**
The company is run by the Directors who are also the Trustees and are referred throughout as such. The Trustees have the power to appoint the necessary staff to assist them. The Trustees who have served from 1 January 2020 until the day this report was approved were:
Lesley Janet Batchelor (from Oct 2020) Rosalind Mary Batchelor Jill Patricia Booth David Ditcham Mary Dower Andrew Janes Fincham (from Oct 2020) Glyn Hughes (from Oct 2020) Alan Price Arthur George Willman Pritchard Stephen Jude Timson Susan Margaret Tyldesley (to Oct 2020)
Clerk (Chair) Quaker Tapestry Ltd: David Ditcham Clerk (Chair) Planning and Finance Committee: Rosalind Mary Batchelor
Page 1
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
Quaker Tapestry Limited is a charitable company limited by guarantee, governed by its Articles of Association which were revised and approved by Companies House and the Charity Commission in May 2012.
## **Recruitment and appointment of Trustees**
Trustees are appointed by the Annual General Meeting each June on the nomination of a specially appointed Search Group. Trustees serve for up to three years which may be renewed once, and exceptionally for longer.
## **GENERAL BACKGROUND**
The Quaker Tapestry began in 1981 in Somerset and over 4,000 people in 15 countries were involved in making the 77 wool embroidered panels which portray the insights and experiences of Quakers since the founding of the Quaker movement in 1652.
In 1992 the Quaker Tapestry at Kendal Appeal Fund was set up for the purpose of raising funds to provide for the housing and exhibition of the Quaker Tapestry. Monies from this appeal fund were used to finance initial set-up costs prior to incorporation. The Quaker Tapestry Exhibition was established in 1994 at Kendal Friends Meeting House and this continues to be its permanent base.
A separate charity, the Quaker Tapestry Collection Trust (Registration Number 295268) is the owner of the embroidered panels and other museum objects and artefacts. Quaker Tapestry Limited leases them, free of rent, so that they can be displayed for public benefit.
Kendal Friends Meeting House is leased from Friends Trusts Limited, acting as Landlords on behalf of Kendal & Sedbergh Area Meeting of The Religious Society of Friends (Quakers).
The Friends Meeting House is a Grade 2* Listed Building completed in 1816.
## **OBJECTIVES**
a) to advance education for public benefit by displaying, maintaining and protecting embroidered hangings depicting Quakers, their worship and work in the world;
b) to advance the education of the public by teaching arts and crafts and in particular embroidery and allied skills.
Page 2
## **ACHIEVEMENTS AND PERFORMANCE**
2020 has been an unusual year for Quaker Tapestry, to say the least! During the first two months of the year the staff continued their usual winter preparations expecting to re-open the museum at the beginning of March.
The closure of Kendal Meeting House by Government Covidrelated orders from late March until July and again in November, meant that the Museum was effectively only open from late August to end of October. Even when allowed, visitor activity in Kendal and the Lake District was much lower than usual. Some limited shop sales were possible when the museum was open, and staff managed to keep mail order going throughout the year. Clients hiring rooms cancelled bookings as Covid prevented their usual gatherings.
We have relied heavily on the Government furlough scheme to enable us to retain our small team of skilled staff. Until this scheme was made part-time, all staff were furloughed except our General Manager.
We are very grateful to Bridget, for coping single-handed, for part of the year, with publicity, mail-order, financial management, servicing committees and keeping in touch with staff, volunteers, trustees, members and local museum and business networks.
An anthology of poetry and prose inspired by the Quaker Tapestry was published early in 2020, arising from the 2019 series of creative writing workshops facilitated by Geraldine Green, our local writer in residence.
Three new embroidery kits went into production and were made available via our online shop. These proved to be perfectly timed for some customers’ mindful creativity at home during periods of lockdown.
A virtual tour of the museum, containing short films about the exhibits went on our website during the first lockdown.
Before reopening at the end of August the staff compiled Covid risk assessments and developed new procedures for preparing the museum for our visitors to return.
Acrylic screens were made to shield staff and visitors at reception and a large floor standing screen was erected to house our volunteer embroiderers - a ‘living’ exhibit to interact safely with our visitors!
Page 3
## ACHIEVEMENTS AND PERFORMANCE - continued
Thanks to Covid-19 Recovery funding, from ArtFund via Museums Development North West, we were able to repackage some museum activities. Easy to clean boxes and contents offer a selection of age-appropriate toys and dressing up outfits. Once played with by a family, the boxes and contents are easily quarantined and cleaned.
In October, a new online ticketing system went live to help visitors and staff while Covid restrictions are in place. This guarantees safe entry, assists with data collection for track and trace and ensures that the museum is not overcrowded.
Most courses were postponed, but one embroidery workshop did run in October, socially distanced and with a special screen for the tutor to work more closely and safely with students. A planned further round of creative writing workshops were all postponed.
The use of the flat through Airbnb, a new venture early in 2019, continued when permitted. Initially bookings had to be cancelled and fees refunded, but bookings were possible from July. During the second lockdown in November, a booking by a construction worker visiting Kendal for an extended period during the winter was allowed under Covid rules and was very helpful financially.
Our usual June Annual General Meeting was delayed and eventually held in October 2020 with over forty members attending by Zoom. Attendees were delighted by the illustrated presentations and positive news and business. With this success in mind, we are to invest in equipment to facilitate blended meetings. We hope this will encourage room hire clients to return safely using our community rooms for socially distanced meetings and training sessions in 2021. Meetings of our Trustees and committees will also benefit.
## **PUBLIC BENEFIT**
The Trustees have had regard to the Charity Commission’s guidance on public benefit published on 14 February 2014. The principal activity of the charitable company is the display and promotion of the Quaker Tapestry to the public. This fulfils the charitable objectives and achieves public benefit by use of the art and embroidery of the tapestry panels to make known the work and witness of Quakerism.
The trustees and staff regularly review ways of making the tapestries available to the widest audience. The level of entry fees to the exhibition have been set bearing in mind the ability of people to pay. The staff can reduce, or waive, fees for those who would otherwise be unable to benefit from the Quaker Tapestry.
Page 4
## **FINANCIAL REVIEW**
As described above, all Quaker Tapestry activities were severely affected by Covidrelated restrictions in 2020. This situation continues as we compile this report in spring 2021, when re-opening of the museum is unlikely before mid-May.
Income earned from museum admission fees and associated Gift Aid, shop sales, workshops and room hire reduced dramatically during 2020. There was some compensation from increased mail order sales and from the Airbnb letting of the flat when possible.
Quaker Tapestry is in a difficult situation as over 65% of income is usually earned from activities. This is a welcome high percentage for a museum in normal times, but it means that we are more at risk when unable to be open. Quaker Tapestry also has no major ongoing revenue grant funding.
The staff retention furlough and the business support grants received through the local rating system have been very important. It has been agreed that the rates related grants will be used for forthcoming building major repairs.
The Revive, Survive & Thrive Appeal was launched in June to seek immediate support but also looking ahead to the likely continuing effects of Covid in future years. The appeal asked directly for core costs support, which previously has generally only been sought as part of special projects funding. We are very thankful for the many contributions, large and small, received to date from trusts, Quaker Meetings and individuals.
A claim for Business Interruption losses due to Covid under our insurance with Hiscox will be assessed in 2021, but it is difficult to predict how much, if anything, is likely to be received.
An appeal in February relating to the major re-roofing of the Meeting House was unfortunately immediately overshadowed by the pandemic, but nonetheless about £17,000 of earmarked funds were raised in 2020. The Appeal continues and it is hoped to undertake the work in autumn 2021.
An unexpected gift from the will of a Friend in Ireland has been invested in COIF units enabling reserves to be rebuilt and reducing cash-flow concerns.
The 2020 full year outturn income of £219,814 includes limited earned income, furlough support, donated income and grants towards core costs and special projects. Expenditure was £144,404. The surplus was thus £75,420 (2019: - £13,807) much of which is restricted or designated for specific purposes.
With Government support including staff furlough, swift action to launch the appeal in June 2020 and the fortuitous receipt of the legacy gift, Quaker Tapestry Ltd has come through the year in a much better position than seemed likely in March 2020.
Looking ahead, we hope by continued careful management of finances to maintain and develop Quaker Tapestry, despite the effects of Covid.
## **Organisations and trusts which supported Quaker Tapestry in 2020**
We are grateful for the support of the following trusts and organisations:
_South Lakeland District Council Sir James Reckitt Charity Henry & Christine Armitage Burtt Charitable Museums Development North West Covid ReTrust covery Fund The Hadfield Trust Robert & Kezia Stanley Chapman Trust Kendal Town Council Michael & Lottie Sturge Bryan Lancaster Trust CB & HH Taylor Trust W F Southall Trust Anonymous trusts x 3_
Page 5
## **MAJOR RISKS**
The risks facing the charity are summarised in a risk register and subject to rigorous review.
The highest risk factors are financial and relate to our need to generate adequate income through income earning activities or from charitable sources, including raising funds for property maintenance. Inadequate funds to manage cash-flow and limited reserves are related risks. Maintaining adequate capacity of staff and volunteers to meet operational needs is also a risk, which has a bearing on the financial factors.
The pandemic has presented the most serious risk to core income that Quaker Tapestry has faced in its 26 years of operating from Kendal since 1994. To review and manage the situation, our Planning and Finance Committee met more frequently during 2020, nearly monthly by Zoom.
## **RESERVES POLICY**
The Trustees annually re-assess the need for reserves after considering current risk factors and Charity Commission guidance.
Our policy is that unrestricted funds should be held to provide sufficient cash-flow to sustain the operation through seasonal and other fluctuations in earned income, grants and donations, to front-fund purchase of shop stock and production of publications, to cope with emergency maintenance, maintain a small building major repairs fund and to support a period of six months without income in the event of needing to close the exhibition.
Estimated core expenditure in 2021 is £160,000. Based on this and other factors above, an estimated minimum reserve of £125,000 has been calculated. At the beginning of 2020, unrestricted funds, not including tangible assets, of £92,500, were well below the policy minimum. At the end of 2020, the unrestricted funds held, not including tangible assets, were £160,000, of which about £122,000 is held in COIF investment units. This level of reserves, above the policy minimum, is considered entirely reasonable given donated income received during the year and the unpredictable current and future circumstances.
## **DIRECTORS’ AND TRUSTEES’ RESPONSIBILITIES**
The Directors and Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company as at the end of the financial year and of the surplus or deficit of the company for that period. In preparing the accounts, the Directors and Trustees are required to:
a) select suitable accounting policies, apply them consistently and state them in the accounts;
b) make judgements and estimates that are reasonable and prudent;
c) state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the accounts;
d) prepare the accounts on a going concern basis and to indicate where they are not prepared on that basis;
The Directors and Trustees are responsible for keeping proper books of account with respect to the company’s transactions and its assets and liabilities and for maintaining a satisfactory system of control over the company’s books of account and transactions. The Directors and Trustees are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
## **SMALL COMPANY EXEMPTION**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **Signed on behalf of the Trustees:**
David Ditcham (Clerk (Chair) of Trustees)
Rosalind M Batchelor (Clerk of Planning and Finance Committee)
Date: Friday 16 April 2021
Note: Given the present circumstances relating to the Covid-19 pandemic, the Trustees of Quaker Tapestry Ltd met by video link on 16th April 2021 and approved this report and accounts. They have subsequently been signed electronically.
Page 7
## **QUAKER TAPESTRY LIMITED**
## **INDEPENDENT EXAMINERS REPORT ON THE ACCOUNTS**
## **For The Year Ended 31 December 2020**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charities trustees and directors of the Company, you 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 for this year 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 as 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 examiner's statement**
I am qualified to undertake the examination by being a qualified member of the ACCA.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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
- the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
## **Jennifer Marshall FCCA**
## **Mitchinsons Accountants**
**22 Market Place**
## **Kendal**
**Cumbria LA9 4TN**
Page 8
**QUAKER TAPESTRY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES**
(Including Income and Expenditure Account)
## **For The Year Ended 31 December 2020**
|**INCOME AND ENDOWMENTS**
**Notes**
**Income from Charitable Activities**
Admissions (Not GA)
**Other Trading Activities**
Shop and Mail Order Sales
Room Hire Income
Tapestry Hire Income
Café Licence
Café Overheads
Cottage Income
Workshop Fees
Car Park Income
Insurance Contribution
Other Income
**Donations and Legacies**
Grants and Donations
4
Government Grants COVID 19
22
Admissions (GA)
Area Meeting Contribution
Legacies and Lifetime Gifts
**Income from Investments**
Interest Received
**TOTAL INCOME AND ENDOWMENTS**
**EXPENDITURE**
**Expenditure on Charitable Activities**
Exhibition Running Costs and Maintenance
Cottage Expenses
Café expenses
Support Costs
7
Accountancy Fees
21
**Expenditure on Raising Funds**
Direct Costs
6
Workshop Expenses
Support Costs
7
**TOTAL EXPENDITURE**
**INCOME LESS EXPENDITURE**|**Unrestricted**
**Funds**
**£**
1,738
1,738
12,523
5,844
1,445
5,040
1,419
10,917
683
819
1,304
356
40,350
60,130
38,029
2,390
3,200
45,655
149,404
1,701
193,193
323
4,866
-
59,747
2,395
67,331
11,565
-
59,747
71,312
138,642
54,551|**Restricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
26,621
-
-
-
-
26,621
-
26,621
-
-
-
2,881
-
2,881
-
-
2,881
2,881
5,761
20,860|**Total**
**2020**
**£**
1,738
1,738
12,523
5,844
1,445
5,040
1,419
10,917
683
819
1,304
356
40,350
86,751
38,029
2,390
3,200
45,655
176,025
1,701
219,814
323
4,866
-
62,627
2,395
70,211
11,565
-
62,627
74,192
144,404
75,410|**Total**
**2019**
**£**
12,494|
|---|---|---|---|---|
|||||12,494|
|||||26,565
22,316
-
3,767
2,033
6,242
2,233
764
1,257
2,263|
|||||67,440|
|||||59,695
-
12,781
4,100
7,237|
|||||83,813|
|||||1,759|
|||||165,506|
|||||130
8,020
705
78,908
2,425|
|||||90,188|
|||||10,156
60
78,908|
|||||89,124|
|||||179,313|
|||||(13,807)|
Page 9
**QUAKER TAPESTRY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVIES - continued**
(Including Income and Expenditure Account)
## **For The Year Ended 31 December 2020**
|**Notes**
**Income less Expenditure B/Fwd**
**Net Gains/(Losses) on Investments**
Unrealised gains/(losses)
10
**Net Income/(Expenditure)**
**Transfers Between Funds**
14 & 15
**NET MOVEMENT IN FUNDS**
**Reconciliation of Funds**
Total Funds B/Fwd
Total Funds C/Fwd|**Unrestricted**
**Funds**
**£**
54,551
4,501
59,052
4,862
63,914
111,341
175,255|**Restricted**
**Funds**
**£**
20,860
-
20,860
(4,862)
15,998
25,749
41,747|**Total**
**2020**
**£**
75,410
4,501
79,911
-
79,911
137,090
217,002|**Total**
**2019**
**£**
(13,807)
1,795|
|---|---|---|---|---|
|||||(12,012)|
|||||-|
|||||(12,012)|
|||||149,101|
|||||137,090|
There were no recognised gains or losses in the year other than those in the Statement of Financial Activities
All incoming resources derive from continuing activities
The notes on pages 13 to 19 form part of these Financial Statements
Page 10
## **QUAKER TAPESTRY LIMITED**
## **BALANCE SHEET 31 December 2020**
|**Notes**
**FIXED ASSETS**
Tangible assets
9
Investment at valuation
10
**CURRENT ASSETS**
Stocks
11
Debtors
12
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**Total Assets Less Current Liabilities**
**CREDITORS**
Amounts falling due after more than one year
**NET ASSETS**
**FUNDS**
Unrestricted funds
14
Restricted funds
15
**TOTAL FUNDS**
18|**£**
**£**
15,121
122,065
137,186
11,965
5,066
75,107
92,138
(12,322)
79,816
217,002
-
217,002
175,255
41,747
217,002
**2020**|**£**
**£**
18,799
52,564
71,363
18,906
3,494
56,928
79,328
(13,601)
65,727
137,090
-
137,090
111,341
25,749
137,090
**2019**|**£**
**£**
18,799
52,564
71,363
18,906
3,494
56,928
79,328
(13,601)
65,727
137,090
-
137,090
111,341
25,749
137,090
**2019**|
|---|---|---|---|
|||||
||||137,090
-|
||||137,090|
||||111,341
25,749|
||||137,090|
In approving these financial statements as directors of the company we hereby confirm:
- (a) that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006;
- (b) that no notice has been deposited at the registered office pursuant to Section 476 requesting that an audit be conducted for the year ended 31 December 2020; and
- (c) that we acknowledge our responsibilities for:
- (1) ensuring that the company keeps accounting records which comply with Section 386; and
- (2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the year then ended in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the provisions of the Companies Act relating to financial statement, so far as applicable to the company.
Page 11
## **QUAKER TAPESTRY LIMITED**
## **BALANCE SHEET - continued**
## **31 December 2020**
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements have been approved by the Trustees on **16 April 2021** and are signed on their behalf by:
…………………………………………
**David Ditcham** (Clerk of Trustees)
………………………………………… **Rosalind M Batchelor** (Clerk of Planning and Finance Committee)
The notes on pages 13 to 19 form part of these Financial Statements
Page 12
**QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2020**
## **1. Statutory Information**
Quaker Tapestry Limited is a private company limited by guarantee, and a registered Charity, domiciled in England and Wales. Its registered office is at Friends Meeting House, Stramongate, Kendal, LA9 4BH.
## **2. Compliance with Accounting Standards**
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A for small entities. There were no material departures from that standard.
## **3. Accounting Policies**
## **a) Accounting Convention**
The Financial Statements have been prepared under Companies Act 2006, the Statement of Recommended Practice on Accounting and Reporting by Charities (the Charities SORP) and comply with FRS 102 Section 1A for small entities.
## **b) Depreciation**
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less residual value over its expected useful life, as follows:
Property Restoration and Refurbishment - over 21 years on a straight line basis Cottage Property Improvements - over 16 years on a straight line basis Café - over 14 years on a straight line basis Office Equipment, Fixtures & Fittings - 20% p.a on the reducing balance Exhibition Design - 50% p.a on the reducing balance Computer - 40% p.a on the reducing balance Café Equipment - 15% p.a on the reducing balance
## **c) Stocks**
Stocks are stated at the lower of cost and net realisable value.
## **d) Incoming Resources**
These are recognised in the Statement of Financial Activities when the charity becomes entitled to the resources, the Trustees are virtually certain they will receive the resources and the monetary value can be recognised with sufficient reliability.
Income is shown net of any applicable Value Added Tax
Income tax recoverable on Gift Aid donations is only included in the Statement of Financial Activities when receivable.
Grants and donations are only included in the Statement of Financial Activities when the charity has unconditional entitlement to the resources.
## **e) Expenditure**
All expenditure is accounted for on an accruals basis. Expenditure is summarised under functional headings either on a direct basis or for support costs apportioned according to an estimate of usage both in time and nature.
## **f) Funds**
The charity has various funds for which it is responsible and which require separate disclosure. These are as follows:
Unrestricted funds: These are funds that can be used at the discretion of the Trustees in furtherance of the objects of the charity.
Restricted funds: These funds have arisen from grants, donations and legacies and which have been earmarked for specific purposes.
## **g) Investments**
Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Quoted stocks and shares are included in the Balance Sheet at the current market value quoted by the investment analyst, excluding dividend. Further information on the Charity's investments can be found in note 10.
## **h) Pension contributions**
Employees of the charity are intitled to join the defined contribtion pension scheme. Contributions payable to the penion scheme are charged to the Statement of Financial Activities in the period to which they relate. The contributions are included with in staff costs and disclosed in note 8.
Page 13
## **QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020**
|**4.**
**GRANTS AND DONATIONS**
**Unrestricted Fund**
General Donations
Membership Income
Gift Aid Tax Refund
Revive, Survive and Thrive Appeal Donations
Trust Appeal Donations
Other
**Restricted Funds**
Covid 19 Recovery Fund
Building (Joint Repairs) Fund Income
Roof Repair Fund Income
Education Fund Income
Community Connections Initiative Income
Fabric of Kendal Fund Income
Opening Doors Fund Income
Audio Guide Fund Income
**TOTAL**|**2020**
**£**
27,830
3,918
5,189
8,225
14,000
968
60,130
4,800
2,377
14,558
1,350
586
2,300
-
650
26,621
86,751|**2019**
**£**
9,395
4,174
5,417
-
6,500
2,219|
|---|---|---|
|||27,705|
|||-
7,476
9,715
-
876
3,917
6,685
3,321|
|||31,990|
|||59,695|
The increase in undesignated donations is mainly due to appeals relating to Covid 19, to provide support in 2020 and beyond.
## **5. NET INCOME OVER EXPENDITURE**
This is stated after charging: Depreciation 3,678 4,664 Loss/(profit) on disposal of tangible fixed assets - -
## **6. DIRECT COSTS**
|Opening stock
Purchases and other direct costs
Carriage and postage
Less:
Closing stock|18,906
4,390
234
23,530
(11,965)
11,565|20,632
8,631
(201)|
|---|---|---|
|||29,062
(18,906)|
|||10,156|
Page 14
**QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020**
|**7.**
**SUPPORT COSTS**
**Notes**
**2020**
**£**
Salaries
79,770
Pension Contributions
3,724
Evening Supervisors
96
Opening Doors Fund Expenses
3,295
Education Fund Expenses
-
COVID 19 Recovery Fund Expenses
102
Marketing Fund Expenses
110
Roof Repairs Fund Expenses
1,451
Fabric of Kendal Fund Expenses
152
Audio Guide Fund Expenses
650
Cleaning and Caretaking Expenses
2,067
Travel Expenses
-
Trustees Expenses
20
-
Repairs and Maintenance (equipment and maintenance)
3,441
Property Repairs
1,494
Garden Expenses
911
Heat, Light and Power
7,029
Rates
266
Water Rates
1,311
Insurance
4,960
Telephone
2,433
Office Postage, Stationery and Maintenance
626
Advertising and Promotion
3,898
Fundraising Costs
705
Subscriptions
1,017
Training, Recruitment and Sundry
941
Bank and Credit Card Facility Charges
1,127
Depreciation
3,678
125,254
Support Costs are allocated on a best estimate of the usage both in time and nature and
element of judgement has been applied.
Charitable Activities
62,627
Raising funds
62,627
125,254
**8.**
**STAFF COSTS**
Wages and Salaries
78,603
Social Security Costs (net of employers allowance)
1,167
Pension Costs
3,724
83,494
The average number of full time equivalent employees was as follows:
Charitable Activities
1.6
Raising Funds
1.6|**2019**
**£**
88,344
4,047
646
-
221
-
425
5,308
1,556
-
3,759
209
795
6,195
7,032
1,830
7,478
1,033
1,826
4,958
1,901
1,123
9,338
-
1,046
2,666
1,416
4,664|
|---|---|
||157,816|
||as such an
78,908
78,908|
||157,816|
||85,817
2,363
4,047|
||92,227|
||1.7
1.7|
No employees received benefits in excess of £60,000 (2019 - Nil).
Page 15
## **QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **For The Year Ended 31 December 2020**
## **9. TANGIBLE FIXED ASSETS**
|**COST**
At 1 Jan 2020
Additions
Disposals
At 31 Dec 2020
**DEPRECIATION**
At 1 Jan 2020
Provided during the year
On Disposals
At 31 Dec 2020
**NET BOOK VALUE**
At 31 Dec 2020
At 31 Dec 2019|**Property**
**Restoration &**
**Refurbishment**
**£**
58,880
-
-
58,880
58,879
-
-
58,879
1
1|**Cottage**
**Property**
**Improvements**
**£**
37,404
-
-
37,404
37,403
-
-
37,403
1
1|**Café**
**£**
22,033
-
-
22,033
22,032
-
-
22,032
1
1|**Fixtures,**
**Fittings &**
**Office**
**Equipment**
**£**
101,895
-
-
101,895
88,145
2,750
-
90,895
11,000
13,750|**Exhibition**
**Design**
**£**
143,482
-
-
143,482
143,471
6
-
143,477
5
11|**Computer**
**£**
20,062
-
-
20,062
19,395
267
-
19,662
400
667|**Café**
**Equipment**
**£**
30,222
-
-
30,222
25,854
655
-
26,509
3,713
4,368|**Total**
**£**
413,978
-
-|
|---|---|---|---|---|---|---|---|---|
|||||||||413,978|
|||||||||395,179
3,678
-|
|||||||||398,857|
|||||||||-
15,121|
|||||||||18,799|
Page 16
**QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020**
|**10.**
**INVESTMENTS**
**COIF Charities Fixed Interest Fund - Income Units**
**Cost**
At 1 January 2020
Additions
Disposals
At 31 December 2020
**At Market Value**
At 1 January 2020
Additions
Unrealised gains/(losses)
At 31 December 2020|**2020**
**£**
52,817
65,000
-
117,817
52,564
65,000
4,501
122,065|**2019**
**£**
52,803
52,817
(52,803)|
|---|---|---|
|||52,817|
|||50,769
-
1,795|
|||52,564|
An element of unrestricted funds are held in the COIF Charities Ethical Investment Fund. The holding forms a basic reserve in line with Charity Commission guidance and the organisation's reserve policy (see Trustees' Report).
These units include part of the original core reserves established when the Charity became based in Kendal in 1994. It has been possible to add to these reserves in 2020.
## **11. STOCKS**
Goods for Resale 11,965 18,906
Stocks include cost of goods for sale in the shop, via mail order and at external events. Perhaps unusually compared to other museums, Quaker Tapestry is also a publishing body, so stocks include the cost of high quality publications, such as the Stitch Guild, Pictorial Guide and greetings cards which are produced in quantities and sold over several years.
Quaker Tapestry also creates its own embroidery kits and other related products involving bespoke fabrics and yarns. Older stock is usually sold at reduced prices in the shop or online, rather than being written off. The reserves need to be adequate to front fund these publications and purchases.
## **12. DEBTORS**
|Trade Debtors
Prepayments and Accrued Income
**13.**
**CREDITORS**
Amounts Falling Due Within One Year:
Trade Creditors
Other Taxes and Social Security Costs
Accruals and Other Creditors|3,384
1,682
5,066
2,850
1,032
8,440
12,322|1,908
1,586|
|---|---|---|
|||3,494|
|||3,250
2,051
8,300|
|||13,601|
Page 17
**QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020**
## **14. UNRESTRICTED FUNDS**
|**UNRESTRICTED FUNDS**
Brought Forward
Transfer Between Funds
Unrealised Gains/(Losses)
Net Income/(Expenditure)
Carried Forward|**2020**
**£**
111,341
4,862
4,501
54,551
175,255|**2019**
**£**
136,201
11,631
1,795
(38,286)|
|---|---|---|
|||111,341|
Included in unrestricted funds is a designated building reserve held to make a provision for Quaker Tapestry's contribution to future major repair work. The reserve has increased and is currently £31,334 (2019 - £20,000) See Trustees' Report - Financial Review. Specific donations received during the year relating to planned future roof works are held as restricted Roof Repairs Fund (see Note 15).
## **15. RESTRICTED FUNDS**
|**RESTRICTED FUNDS**|||||
|---|---|---|---|---|
|**Brought**
**Forward**
**£**
Education Fund
-
Roof Repairs Fund
12,307
Building (Joint Repairs) Fund
-
Education Activities Fund
2,500
Community Connections Initiative
-
Marketing and Expertise
575
Opening Doors Fund
6,685
Fabric of Kendal Fund
361
Audio Guide Fund
3,321
COVID 19 Recovery Fund
-
25,749|**Incoming**
**Resources**
**£**
1,350
14,558
2,377
-
586
-
-
2,300
650
4,800
26,621|**Resources**
**Expended**
**£**
-
1,451
-
-
-
110
3,295
152
650
103
5,761|**Transfers**
**Between**
**Funds**
**£**
-
-
(2,377)
(1,000)
(586)
-
(390)
(509)
-
-
(4,862)|**Carried**
**Forward**
**£**
1,350
25,414
-
1,500
-
465
3,000
2,000
3,321
4,697|
|||||41,747|
Restricted funds are mostly grants and donations received to support specific work. Related project costs may contain an element of core costs, including staff time or regular building maintenance, which are transferred during the year.
The Building (Joint Repairs) Fund relates to regular maintenance work for which costs are shared under the Lease and management agreements.
## **16. SHARE CAPITAL**
The company is limited by guarantee and does not have any share capital.
## **17. TAXATION**
The company is a registered charity and has been exempted by HM Revenue & Customs from Tax under S.505 (1) (C) ICTA 1988.
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities|**Unrestricted**
**Funds**
**£**
137,186
50,391
(12,322)
-
175,255|**Restricted**
**Funds**
**£**
-
41,747
-
-|
|---|---|---|
|||41,747|
## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Page 18
**QUAKER TAPESTRY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020**
## **19. LEASE OBLIGATIONS**
Quaker Tapestry Limited leases Kendal Friends Meeting House from Friends Trust Ltd, acting as landlords on behalf of Kendal & Sedbergh Area Meeting of the Religious Society of Friends (Quakers). The annual lease is £1.
Quaker Tapestry is responsible for organising the regular maintenance of the Grade 2 building, built in 1816. An associated management agreement with Kendal & Sedbergh Area Meeting reserves some restricted use for Kendal Local Meeting and sets out arrangements for joint funding of building repair works.
## **20. TRANSACTIONS WITH TRUSTEES AND RELATED PARTY TRANSACTIONS**
The charity trustees were not paid for any services and did not receive any employment income or benefits in the year (2019 - Nil).
The total expenses reimbursed to trustees during the year relating to travel was £Nil (2019 - £795).
There were no other related party transactions during the year.
## **21. INDEPENDENT EXAMINERS FEE**
The total fees paid to Mitchinsons Accountants during the year consisted of the independent examiners fee £2,000 (2019 - £2,000) and other advisory and payroll work totalling £395 (2019 - £375).
## **22. GOVERNMENT GRANTS COVID 19**
The total Government grants received in relation to COVID 19 support of £38,029 is made up of £26,695 claimed under the furlough scheme and £11,334 South Lakeland District Council business support grant.
Page 19