## **QUAKER TAPESTRY LIMITED** 

**Financial Statements and Annual Report** 

**For the Year Ended** 

**31 December 2022** 



## **QUAKER TAPESTRY LIMITED** 

## **FINANCIAL STATEMENTS** 

## **For The Year Ended 31 December 2022** 

## **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 2022** 

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 2022. 

## **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 Charity Registration Number: 1035077 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 2022 until the day this report was approved were: 

Lesley Janet Batchelor Rosalind Mary Batchelor Jill Patricia Booth (to June 2022) Lindsay Grace Bullard (from June 2022) David Ditcham Dr Andrew James Fincham Matthew John Kirk (from June 2022) Glyn Hughes Alan Price Arthur George Willman Pritchard Esther Phoebe Rutter (from June 2022) Timothy John Yeomans 

Clerk (Chair) Quaker Tapestry Ltd: David Ditcham Clerk (Chair) Planning and Finance Committee: Rosalind Mary Batchelor/ Matthew John Kirk 

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** 

To advance education for public benefit by displaying, maintaining and protecting embroidered hangings depicting Quakers, their worship and work in the world; 

To advance the education of the public by teaching arts and crafts and in particular embroidery and allied skills. 

Page 2 



## **ACHIEVEMENTS AND PERFORMANCE** 

2022 has been a year of rebuilding from the effects of Covid and adjusting to a change of General Manager with the departure of Bridget Guest. In January, the organisation welcomed the new General Manager, Naomi Garnett. 


Naomi relocated from Nottingham where she had been the Learning Manager at the National Justice Museum for over 8 years. Prior to this Naomi worked at the Armitt Museum in Ambleside and The Wordsworth Trust in Grasmere. Naomi has volunteered and worked in museums for almost 15 years and will bring her expertise and experience to help the Quaker Tapestry Museum recover from the difficult years during the pandemic along with the well-established and knowledgeable staff team. 


The museum was able to open for every month of 2022, in contrast to the two previous years. Numbers have steadily improved but like many museums, they did not fully recover to pre-Covid levels. In 2022 the museum welcomed 3,658 visitors which is 75% of previous levels. 

At the start of 2022, the team reviewed the shop stock and displays. New products were added, others were removed, and the layout was adjusted. In May, the new Souvenir Guide went on sale. These changes have been well received by visitors and led to good sales. 


The re-roofing project dominated much of the year. At the end of 2021, more problems than expected were found when the roof slates were removed. This significantly increased the cost of the project and the time it would take to complete. The Quaker Tapestry Museum is very grateful for all the donations they received and funding. In particular, National Churches Trust with funding from Historic England were instrumental in helping the museum to cover the additional cost of the project. Practical completion was achieved in September 2022 and final sign-off will take place in 2023. 


At the beginning of 2022, the museum was awarded £7,000 from Museum Development North West’s Sustainable Improvement Fund for the project Improving Accessibility for Diverse Audiences. This project was completed during the year and paid for a hearing loop, staff training, tactile embroidered items for handling, sensory backpacks for children, a sensory map, improved seating and large print text. 

The museum was awarded £3,200 in funding from the Royal Society’s Places of Science Grant for the project Weather Watching: John Dalton FRS, Meteorology and Kendal. This funding paid for school visiting to the museum where students learnt about the history of the Quaker Scientist John Dalton and how we measure 

Page 3 




the weather today. The project will be completed in 2023 with the schools returning to the museum for artist led workshops leading to an exhibition of their work and the history of John Dalton. 

Towards the end of 2022, the museum was awarded another grant of £5,000 from Art Fund, Arts Council England and Museum Development UKs’ Recovery and Reset fund for the Quaker Simplicity project. This project will be completed in 2023 and will fund artist led school visits and community sessions. The work from these sessions will form part of the new exhibition Quaker Simplicity. 

The museum took part in Heritage Open Days welcoming visitors to a free collection talk focussed on the Quaker samplers in the collection. The Curatorial Assistant also gave a talk as part of the Cambridge Heritage Open day. PhD student, Isabella Rosner, gave a facsinating talk on the history of Quaker needlework raising funds for the museum. 

The museum has been very grateful for the support of volunteers who have returned or joined the team during 2022. Volunteers have supported the visitor welcome, collection care, archiving activities, school visits and much more. Volunteers are a vital part of the museum’s success and we look forward to working with them more in 2023. 




Although the museum has faced challenges in 2022 that will continue into 2023, such as the rise of utility bills and the cost of living crisis that will put pressure on staff and visitors, it has been a positive year with exciting new projects and activities. 

## **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** 

This has been another unusual year for Quaker Tapestry’s finances as revenue recovered from the Covid pandemic and the major roof repair project approached completion.  Thanks to the roof project, the annual accounts again reflect much larger income and expenditure than at any normal time in the history of the organisation ~~.~~ 

Revenue from admissions to the museum, the museum shop and online sales and room hire all increased significantly against 2021, though are not yet back at the pre-pandemic levels. Core costs increased during the year, driven mainly by energy costs and staff costs. We supported our staff during the cost-of-living crisis with one-off payments in advance of the annual pay rise in January 2023 in line with the Real Living Wage Foundation recommendation. 

The year ended with considerable recovery of income-generating activity and with the major building work completed. The 2022 full year outturn income of £600,367 (2021: £503,554) included earned income, donations and grants towards core costs, the roof works and other special projects.  Expenditure was £513,914 (2021: £501,427) of which £208,248 (2021: £164,442) was for core costs. The balance £305,666 (2021: £336,985) mostly related to the roof building works. 

In 2022, grants were received from: 

Asda Foundation: _Winter Warm Space provision_ 

Association of Independent Museums (AIM): _trustee training_ 

AIM: Conservator time _to assist audit of textile collection_ 

Cumbria Growth Hub: _for website development_ 

Arts Council England, Art Fund and Museums Development North-west (MDNW) - Reset & Recovery Fund: _Quaker Simplicity_ 

MDNW-Sustainable Improvement Fund: _Improving Accessibility for Diverse Audiences_ 

Royal Society of Science: Places of Science Fund: _Weather Watching: FRS John Dalton, Meteorology and Kendal_ South Lakeland District Council: _Covid-related Business Support_ W F Southall Trust: _core costs_ 

We are grateful to Naomi and her staff for the considerable effort involved in making applications and for achieving such a high level of success, facilitating interesting new activities. 

The planned major repairs of the very large Meeting House roof and related works, which started in September 2021, and were expected to take six months, finally achieved practical completion at the end of September 2022. 

Together with Kendal & Sedbergh Area Meeting and Kendal Local Meeting, we are very thankful for funding support from many Trusts, Meetings and individual Friends, assembled in 2020-22.  Grants received in 2021 from Britain Yearly Meeting Houses Fund, Sawell Family Fund, Clark Foundation, Edward Cadbury Foundation and the Garfield Weston Foundation contributed to project expenditure in 2022. A grant from the Listed Places of Worship Scheme also enabled otherwise unrecoverable VAT to be reclaimed in 2022. 

We are particularly grateful for major funding from the National Churches Trust working with Historic England to distribute funds from the Heritage Covid Stimulus Building Recovery Fund.  This has been critical to meeting the substantial increased costs, related to unexpected complications discovered only after the stripping of the roof in December 2021.  It has recognised the status and architectural quality of our Grade 2* Listed Meeting House as part of Kendal’s Georgian heritage. 

## **MAJOR RISKS** 

The risks facing the charity are summarised in a risk register and subject to regular review. The Planning & Finance Committee has a standing agenda item of “any newly emerging risks?” 

Page 5 



The highest risk factors continue to be financial and relate to our need to generate adequate income through activities or from charitable sources, including raising funds for property maintenance. Inadequate funds to manage cash flow and limited reserves are related risks. 

We face increased, and potentially permanent, operating costs, relating mostly to external inflationary factors, principally staff costs and utilities.  We are not alone in the museum and charity sectors with regard to these factors.  Earned income is also affected by external economic factors, including the personal disposable income of potential visitors. The challenges of Covid pandemic have been closely followed by current inflationary pressures.  It is therefore important that we continue to monitor and manage finances carefully and where possible apply for other funding.  We plan activity to increase both earned and donated income in 2023. 

The management of a major building project, with related income generation, expenditure and cash flow implications was an added risk and required considerable effort, time and energy on the part of Quaker Tapestry trustees and staff.  We have been fortunate to receive very generous funding related to the roof and other major repairs project which has protected some of QT’s reserves. 

## **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 repairs fund and to support a period of six months without income in the event of needing to close the exhibition. For example, in 2022, the level of reserves held facilitated cash flow related to the building project. 

Estimated core expenditure in 2023 is approximately £200,000. Based on this and other factors above, an estimated _minimum_ reserve of £157,000 has been calculated. At the end of 2022, the unrestricted funds held, were £234,583, including tangible assets of £13,842 and held mainly in COIF investment units of £209,792 (Dec 2022). 

This level of reserves, above the policy minimum, is considered entirely reasonable given the unpredictable current and future circumstances and some further anticipated repairs.  The reserves also include the proceeds of legacies received in 2021, which it is planned to release gradually over several years. 

Page 6 



DIRECTORS. AND TRUSTEES. RESPONSIBILITIES
The Direclors and Trustees are required to prepare accounts for each financial year which
give a true and fair view of the Stale of affairs of the company as 8t the end of the financial
year and of the surplus or deficrt of the company for that period. In preparing the accoijnts.
the Direclors and Trustees are required to..
al select suitable accounting policies. apply them consistently and state them in the accounts..
bl make judgements and estimates that are reasonable and prudent.,
cl state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the accounts..
dl prepare the accounts on a going concem basis and to indicate Whe￿ 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 ils assets and liabilities and for maintaining a satisfactory syslem 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 ￿asOnable steps for the prevention and
detection of fraud and other irregularities.
SMALL COMPANY EXEMPTION
This report has been prepared in accordance with the special provisions of Part 15 of the
Companies Act 2006 relating lo small companies.
Slgned on behalf of th• Trust•es:
David Drtcham (Clerk jchair) of TnJslee$j
d M Balchelor
Matthew Kirk
{Clerks of Planniro & Finance CommÉttee during the year)
Page 7

## **QUAKER TAPESTRY LIMITED** 

## **INDEPENDENT EXAMINERS REPORT ON THE ACCOUNTS** 

## **For The Year Ended 31 December 2022** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. 

## **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 2022** 

|**INCOME AND ENDOWMENTS**<br>**Notes**<br>**Income from Charitable Activities**<br>Admissions (Not GA)<br>**Other Trading Activities**<br>Shop and Mail Order Sales<br>Room Hire Income<br>Tapestry Hire Income<br>Café Licence<br>Café Overheads<br>Cottage Income<br>Workshop Fees<br>Car Park Income<br>Insurance Contribution<br>Insurance loss of earnings claim<br>Other Income<br>**Donations and Legacies**<br>Grants and Donations<br>4<br>Government Grants COVID 19<br>22<br>Admissions (GA)<br>Area Meeting Contribution<br>Legacies and Lifetime Gifts<br>**Income from Investments**<br>Interest and dividends Received<br>**TOTAL INCOME AND ENDOWMENTS**<br>**EXPENDITURE**<br>**Expenditure on Charitable Activities**<br>Exhibition Running Costs and Maintenance<br>Cottage Expenses<br>Café expenses<br>Support Costs<br>7<br>Accountancy Fees<br>21<br>**Expenditure on Raising Funds**<br>Direct Costs<br>6<br>Workshop Expenses<br>Support Costs<br>7<br>**TOTAL EXPENDITURE**<br>**INCOME LESS EXPENDITURE**|**Unrestricted**<br>**Funds**<br>**£**<br>13,482<br>13,482<br>22,702<br>15,678<br>-<br>1,890<br>3,818<br>7,474<br>2,979<br>(410)<br>1,684<br>10,021<br>857<br>66,693<br>28,944<br>2,667<br>6,389<br>2,500<br>-<br>40,500<br>6,715<br>127,390<br>455<br>4,273<br>1,605<br>95,509<br>3,560<br>105,402<br>6,612<br>724<br>95,509<br>102,845<br>208,248<br>(80,858)|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>472,977<br>-<br>-<br>-<br>-<br>472,977<br>-<br>472,977<br>-<br>-<br>-<br>152,833<br>-<br>152,833<br>-<br>-<br>152,833<br>152,833<br>305,666<br>167,311|**Total**<br>**2022**<br>**£**<br>13,482<br>13,482<br>22,702<br>15,678<br>-<br>1,890<br>3,818<br>7,474<br>2,979<br>(410)<br>1,684<br>10,021<br>857<br>66,693<br>501,921<br>2,667<br>6,389<br>2,500<br>-<br>513,477<br>6,715<br>600,367<br>455<br>4,273<br>1,605<br>248,343<br>3,560<br>258,236<br>6,612<br>724<br>248,343<br>255,679<br>513,914<br>86,453|**Total**<br>**2021**<br>**£**<br>7,255|
|---|---|---|---|---|
|||||7,255|
|||||17,886<br>10,692<br>-<br>4,840<br>1,772<br>19,435<br>500<br>819<br>1,345<br>2,500<br>430|
|||||60,219|
|||||275,416<br>28,560<br>6,661<br>5,200<br>115,474|
|||||431,311|
|||||4,769|
|||||503,554|
|||||125<br>13,896<br>-<br>239,314<br>2,945|
|||||256,280|
|||||5,834<br>-<br>239,314|
|||||245,148|
|||||501,427|
|||||2,127|



Page 9 



**QUAKER TAPESTRY LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVIES - continued** 

(Including Income and Expenditure Account) 

## **For The Year Ended 31 December 2022** 

|**Notes**<br>**Income less Expenditure B/Fwd**<br>**Net Gains/(Losses) on Investments**<br>Unrealised gains/(losses)<br>10<br>**Net Income/(Expenditure)**<br>**Transfers Between Funds**<br>14 & 15<br>**NET MOVEMENT IN FUNDS**<br>**Reconciliation of Funds**<br>Total Funds B/Fwd<br>Total Funds C/Fwd|**Unrestricted**<br>**Funds**<br>**£**<br>(80,858)<br>(29,760)<br>(110,618)<br>114,418<br>3,800<br>230,783<br>234,583|**Restricted**<br>**Funds**<br>**£**<br>167,311<br>-<br>167,311<br>(114,418)<br>52,893<br>10,833<br>63,726|**Total**<br>**2022**<br>**£**<br>86,453<br>(29,760)<br>56,693<br>-<br>56,693<br>241,616<br>298,309|**Total**<br>**2021**<br>**£**<br>2,127<br>22,487|
|---|---|---|---|---|
|||||24,614|
|||||-|
|||||24,614|
|||||217,002|
|||||241,616|



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 11 to 17 form part of these Financial Statements 

Page 10 



**QUAKER TAPESTRY LIMITED** 

## **BALANCE SHEET 31 December 2022** 

|**Notes**<br>**FIXED ASSETS**<br>Tangible assets<br>9<br>Investment at valuation<br>10<br>**CURRENT ASSETS**<br>Stocks<br>11<br>Debtors<br>12<br>Cash at bank and in hand<br>**CREDITORS**<br>Amounts falling due within one year<br>13<br>**NET CURRENT ASSETS**<br>**Total Assets Less Current Liabilities**<br>**CREDITORS**<br>Amounts falling due after more than one year<br>**PROVISIONS FOR LIABILITIES**<br>23<br>**NET ASSETS**<br>**FUNDS**<br>Unrestricted funds<br>14<br>Restricted funds<br>15<br>**TOTAL FUNDS**<br>18|**£**<br>**£**<br>13,842<br>209,792<br>223,634<br>15,436<br>15,556<br>72,189<br>103,181<br>(28,506)<br>74,675<br>298,309<br>-<br>-<br>298,309<br>234,583<br>63,726<br>298,309<br>**2022**|**£**<br>**£**<br>13,510<br>239,552<br>253,062<br>14,421<br>28,366<br>165,209<br>207,996<br>(6,307)<br>201,689<br>454,751<br>-<br>(213,135)<br>241,616<br>230,783<br>10,833<br>241,616<br>**2021**|**£**<br>**£**<br>13,510<br>239,552<br>253,062<br>14,421<br>28,366<br>165,209<br>207,996<br>(6,307)<br>201,689<br>454,751<br>-<br>(213,135)<br>241,616<br>230,783<br>10,833<br>241,616<br>**2021**|
|---|---|---|---|
|||||
||||454,751<br>-<br>(213,135)|
||||241,616|
||||230,783<br>10,833|
||||241,616|



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 2022; 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 UMITED
BALANCE SHEET. con11n￿l
310oc•rnbor 2022
These finanaal stslements have been prepar&J in xwdance wlh the prOvts￿n9 applicable to ￿MpanIeS
subject to the small companies, regirne.
Th¢ financial Ststernents have been appros•d by the Trustees on ................... and are svJned on their
b8half by..
Ro•allnd M 8atch•lof
Matth•w Klr
ICl•rk• ol Plannlng & Flnanc• Commltt•• durln9 th• y•arl
OJvld Dlt¢h¥rn (Clork ol Tru•t•••l
The rK)tes on pages 13 10 19 form pwt ol these Finandal Siatemnts
p￿12

**QUAKER TAPESTRY LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2022** 

## **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 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 2022** 

|**4.**<br>**GRANTS AND DONATIONS**<br>**Unrestricted Fund**<br>General Donations<br>Membership Income<br>Gift Aid Tax Refund<br>Revive, Survive and Thrive Appeal Donations<br>Trust Appeal Grants<br>Other<br>**Restricted Funds**<br>Covid 19 Recovery Fund<br>Building (Joint Repairs) Fund Income<br>Roof Repair Fund Income<br>Education Activities Fund Income<br>Community Connections Initiative Income<br>Fabric of Kendal Fund Income<br>Opening Doors Fund Income<br>Audio Guide Fund Income<br>Sustainable Improvement Fund Income<br>Collection Care Fund Income<br>Places of Science Fund Income<br>Quaker Simplicity Fund Income<br>**TOTAL**<br>**5.**<br>**NET INCOME OVER EXPENDITURE**<br>This is stated after charging:<br>Depreciation<br>Loss/(profit) on disposal of tangible fixed assets<br>**6.**<br>**DIRECT COSTS**<br>Opening stock<br>Purchases and other direct costs<br>Carriage and postage<br>Less:<br>Closing stock|**2022**<br>**£**<br>10,263<br>3,148<br>5,589<br>4,294<br>5,650<br>-<br>28,944<br>-<br>17,507<br>437,567<br>500<br>792<br>-<br>-<br>50<br>7,000<br>1,861<br>3,200<br>4,500<br>472,977<br>501,921<br>3,469<br>-<br>14,421<br>7,518<br>109<br>22,048<br>(15,436)<br>6,612|**2021**<br>**£**<br>10,144<br>3,763<br>4,988<br>13,178<br>18,000<br>408|
|---|---|---|
|||50,481|
|||500<br>8,763<br>212,567<br>-<br>700<br>2,167<br>78<br>160<br>-<br>-<br>-<br>-|
|||224,935|
|||275,416|
|||3,675<br>-<br>11,965<br>8,294<br>(4)|
|||20,255<br>(14,421)|
|||5,834|



Page 14 



**QUAKER TAPESTRY LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2022** 

|**7.**<br>**SUPPORT COSTS**<br>**Notes**<br>**2022**<br>**£**<br>Salaries<br>109,838<br>Pension Contributions<br>4,616<br>Evening Supervisors<br>252<br>Cleaning and Caretaking Expenses<br>2,716<br>Travel Expenses<br>868<br>Trustees Expenses<br>20<br>756<br>Repairs and Maintenance (equipment and maintenance)<br>4,851<br>Property Repairs<br>30,145<br>Garden Expenses<br>1,398<br>Heat, Light and Power<br>11,158<br>Rates and water<br>1,970<br>Insurance<br>5,384<br>Telephone<br>2,658<br>Office Postage, Stationery and Maintenance<br>763<br>Advertising and Promotion<br>5,221<br>Fundraising Costs<br>-<br>Subscriptions<br>1,619<br>Training, Recruitment and Sundry<br>1,833<br>Bank and Credit Card Facility Charges<br>1,504<br>Depreciation<br>3,469<br>**Fund Expenses**<br>15<br>Opening Doors Fund Expenses<br>-<br>Community Connections Initiative Fund Expenses<br>-<br>COVID 19 Recovery Fund Expenses<br>-<br>Marketing Fund Expenses<br>-<br>Roof Repairs Fund Expenses<br>23<br>295,838<br>Fabric of Kendal Fund Expenses<br>-<br>Audio Guide Fund Expenses<br>1,500<br>Education Activities Fund Expenses<br>251<br>Sustainable Improvement Fund Expenses<br>5,485<br>Places of Science Fund Expenses<br>770<br>Quaker Simplicity Fund Expenses<br>1,088<br>Collection Care Fund Expenses<br>734<br>496,685<br>Support Costs are allocated on a best estimate of the usage both in time and nature and<br>element of judgement has been applied.<br>Charitable Activities<br>248,343<br>Raising funds<br>248,343<br>496,685<br>**8.**<br>**STAFF COSTS**<br>Wages and Salaries<br>108,898<br>Social Security Costs (net of employers allowance)<br>941<br>Pension Costs<br>4,616<br>114,455<br>The average number of full time equivalent employees was as follows:<br>Charitable Activities<br>2<br>Raising Funds<br>2|**2021**<br>**£**<br>83,528<br>3,492<br>348<br>2,241<br>123<br>-<br>7,884<br>6,258<br>1,486<br>7,816<br>185<br>4,850<br>2,693<br>761<br>5,948<br>160<br>1,067<br>7,255<br>1,872<br>3,675<br>619<br>157<br>3,828<br>200<br>331,806<br>375<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|
||478,627|
||as such an<br>239,314<br>239,314|
||478,627|
||82,985<br>543<br>3,492|
||87,020|
||1.8<br>1.8|



The average number of employees during the year was 9 (2021 - 8). No employees received benefits in excess of £60,000 (2021 - Nil). 

Page 15 



## **QUAKER TAPESTRY LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued** 

## **For The Year Ended 31 December 2022** 

## **9. TANGIBLE FIXED ASSETS** 

|**COST**<br>At 1 Jan 2022<br>Additions<br>Disposals<br>At 31 Dec 2022<br>**DEPRECIATION**<br>At 1 Jan 2022<br>Provided during the year<br>On Disposals<br>At 31 Dec 2022<br>**NET BOOK VALUE**<br>At 31 Dec 2022<br>At 31 Dec 2021|**Property**<br>**Restoration &**<br>**Refurbishment**<br>**£**<br>58,880<br>-<br>-<br>58,880<br>58,879<br>-<br>-<br>58,879<br>1<br>1|**Cottage**<br>**Property**<br>**Improvements**<br>**£**<br>37,404<br>-<br>-<br>37,404<br>37,403<br>-<br>-<br>37,403<br>1<br>1|**Café**<br>**£**<br>22,033<br>-<br>-<br>22,033<br>22,032<br>-<br>-<br>22,032<br>1<br>1|**Fixtures,**<br>**Fittings &**<br>**Equipment**<br>**£**<br>102,255<br>2,130<br>85<br>104,300<br>93,168<br>2,226<br>-<br>95,394<br>8,906<br>9,087|**Exhibition**<br>**Design**<br>**£**<br>143,482<br>-<br>-<br>143,482<br>143,480<br>1<br>-<br>143,481<br>1<br>2|**Computer**<br>**£**<br>21,766<br>-<br>-<br>21,766<br>20,504<br>505<br>-<br>21,009<br>757<br>1,262|**Café**<br>**Equipment**<br>**£**<br>30,222<br>1,756<br>-<br>31,978<br>27,066<br>737<br>-<br>27,803<br>4,175<br>3,156|**Total**<br>**£**<br>416,042<br>3,886<br>85|
|---|---|---|---|---|---|---|---|---|
|||||||||419,843|
|||||||||402,532<br>3,469<br>-|
|||||||||406,001|
|||||||||-<br>13,842|
|||||||||13,510|



Page 16 



**QUAKER TAPESTRY LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2022** 

|**10.**<br>**INVESTMENTS**<br>**COIF Charities Fixed Interest Fund - Income Units**<br>**Cost**<br>At 1 January 2022<br>Additions<br>Disposals<br>At 31 December 2022<br>**At Market Value**<br>At 1 January 2022<br>Additions<br>Unrealised gains/(losses)<br>At 31 December 2022|**2022**<br>**£**<br>212,817<br>-<br>-<br>212,817<br>239,552<br>-<br>(29,760)<br>209,792|**2021**<br>**£**<br>117,817<br>95,000<br>-|
|---|---|---|
|||212,817|
|||122,065<br>95,000<br>22,487|
|||239,552|



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. 

## **11. STOCKS** 

Goods for Resale 15,436 14,421 

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<br>VAT<br>Prepayments and Accrued Income<br>**13.**<br>**CREDITORS**<br>Amounts Falling Due Within One Year:<br>Trade Creditors<br>Other Taxes and Social Security Costs<br>Accruals and Other Creditors|4,273<br>-<br>11,283<br>15,556<br>6,355<br>2,927<br>19,224<br>28,506|6,384<br>20,342<br>1,640|
|---|---|---|
|||28,366|
|||1,197<br>538<br>4,572|
|||6,307|



Included in Other Creditors is £13,509 retention for the roof works, payable to Hodgson Sayers 6 months after after practical completions. 

Page 17 



**QUAKER TAPESTRY LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2022** 

## **14. UNRESTRICTED FUNDS** 

|**UNRESTRICTED FUNDS**<br>Brought Forward<br>Transfer Between Funds<br>Unrealised Gains/(Losses)<br>Net Income/(Expenditure)<br>Carried Forward|**2022**<br>**£**<br>230,783<br>114,418<br>(29,760)<br>(80,858)<br>234,583|**2021**<br>**£**<br>175,255<br>(81,136)<br>22,487<br>114,177|
|---|---|---|
|||230,783|



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 £50,336 (2021 - £47,669). 

## **15. RESTRICTED FUNDS** 

|**RESTRICTED FUNDS**|||||
|---|---|---|---|---|
|**Brought**<br>**Forward**<br>**£**<br>Education Fund<br>1,350<br>Education Activities Fund<br>1,500<br>Families and Education Fund<br>-<br>Roof Repairs Fund<br>23<br>-<br>Building (Joint Repairs) Fund<br>-<br>Community Connections Initiative<br>543<br>Opening Doors Fund<br>2,459<br>Fabric of Kendal Fund<br>1,000<br>Audio Guide Fund<br>3,481<br>COVID 19 Recovery Fund<br>500<br>Sustainable Improvement Fund<br>-<br>Places of Science Fund<br>-<br>Collection Care Fund<br>-<br>Quaker Simplicity Fund<br>-<br>10,833|**Incoming**<br>**Resources**<br>**£**<br>-<br>500<br>-<br>437,567<br>17,507<br>792<br>-<br>-<br>50<br>-<br>7,000<br>3,200<br>1,861<br>4,500<br>472,977|**Resources**<br>**Expended**<br>**£**<br>-<br>251<br>-<br>295,838<br>-<br>-<br>-<br>-<br>1,500<br>-<br>5,485<br>770<br>734<br>1,088<br>305,666|**Transfers**<br>**Between**<br>**Funds**<br>**£**<br>(1,350)<br>(1,749)<br>3,099<br>(93,825)<br>(17,507)<br>(550)<br>-<br>-<br>(1,000)<br>(500)<br>(841)<br>(195)<br>-<br>-<br>(114,418)|**Carried**<br>**Forward**<br>**£**<br>-<br>-<br>3,099<br>47,904<br>-<br>785<br>2,459<br>1,000<br>1,031<br>-<br>674<br>2,235<br>1,127<br>3,412|
|||||63,726|



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 £93,825 transferred from the roof repair fund represents £93,825 transferred to the fund from unrestricted funds at 31 December 2021 to cover the timing differences of costs. 

The Education fund and Education Activities fund have been transferred to the Families and Education fund. 

## **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**<br>Fixed Assets<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>Provisions for Liabilites|**Unrestricted**<br>**Funds**<br>**£**<br>223,634<br>39,455<br>(28,506)<br>-<br>-<br>234,583|**Restricted**<br>**Funds**<br>**£**<br>-<br>63,726<br>-<br>-<br>-|
|---|---|---|
|||63,726|



## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

Page 18 



**QUAKER TAPESTRY LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2022** 

## **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 (2021 - Nil). 

The total expenses reimbursed to trustees during the year relating to travel was £Nil (2021 - £Nil). 

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 £2,100 (2021 - £2,100) and other advisory and payroll work totalling £1,460 (2021 - £845). 

## **22. GOVERNMENT GRANTS COVID 19** 

The total Government grants received in relation to COVID 19 support of £2,667 (2021 - £28,560) is made up of Nil (2021 - £12,225) claimed under the furlough scheme and £2,667 (2021 -  £16,335) South Lakeland District Council business support grants. 

## **23. PROVISIONS FOR LIABILITIES** 

A provision of Nil (2021 - £213,135) has been provided for the roofing contract with Hodgson Sayers Ltd. Practical completion was achieved during the year ended 2022. 

## **24. FUNDS RECEIVED AS AN AGENT** 

During the year the charity acted as an agent in facilitating the purchase and installation of solar panels on the roof of the building.  The panels are owned by Kendal and Sedbergh Area meeting.  Total funds were received and paid of £10,896 by the charity as an agent.  No balances were held at 31/12/22. 

Page 19