QUAKER TAPESTRY LIMITED Flnanclal Statements and Annual Report For the Year Ended 31 December 2024
QUAKER TAPESTRY LIMITED FINANCIAL STATEMENTS For The Year Ended 31 December 2024 CONTENTS Report of the Directors and Trustees Accountant's Report Statement of Financi81 Activities 10-11 Balance Sheet 12-19 Notes to the Financial Statements
Quaker Tapestry Lirnited Report of the Directors and Trustees for the year ended 31 December 2024 The Directors of the charitable company, who are its Trustees for the purpose of charity law, are pleased lo present their report togelher with the financial statements of the charity for the year ended 31 December 2024 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 al Kendal Limited to Quaker Tapestry Limited in 2011 and revised Articles of Association approved in 2012. Company Number.. Charity Registration Number- 2901085 1035077 Registered Office.. Friends Meeting House Stramongate KENDAL Cumbria LA9 4BH Accountants.. Mitchinsons Accountants 22 Markel 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 lo appoint the necessary staff to assist them. The Trustees who have served from 1 January 2024 unlil the day this report was approved were.. Lesley Janet Batchelor Lindsay Grace Bullard David Dilcham Dr Andrew James Fincham Glyn Hughes Matthew John Kirk Alan Price Arthur George Willman Pritchard (until June 2024} Isabella Rosner (from June 2024} Esther Phoebe Rutler Timothy John Yeomans Clerk (Chair) Quaker Tapestry Ltd.. David Dilcham Clerk (Chair) Planning and Finance Committee Matthew John Kirk
STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng 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 Somersel 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 lo provide for the housing and exhibition of the Quaker Tapestry. Monies from this appeal fund were used to finance initial set-up costs prior lo incorporation. The Quaker Tapestry Exhibition was established in 1994 al Kendal Friends Meeting House and this continues lo 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 Lirnited, 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 depictin9 Quakers, their worship and work in the world, b) To advance the education of the public by leaching arts and crafls and in particular embroidery and allied skills.
ACHIEVEMENTS AND PERFORMANCE 2024 was another busy year for the Quaker Tapestry Museum. The Museum welcomed 4824 visitors, which was an increase in the number of visilors in 2023. The Quaker Tapestry Museum also saw an increase in school groups and bookings for room hire. George Fox's 400th birthday was celebrated throughoul 2024 and to mark this occasion the museum opened a new special exhibition in April, Sing and Rejoice.. George Fox, the English Civil Wars and the Beginnings of Quakensm,. This exhibition was made possible thanks to the generous donations lo the George Fox exhibition appeal at the end of 2023 from our supporters. 2024 saw one of our most successful years for our Education Programme. We had visits from over 300 local school students. We love welcoming school groups from near and far, seeing them engage with the Quaker Tapestry, learning about Quaker history and how those beliefs have shaped our world today. The schools gave positive feedback about their visits, for example "We learned more about the history of the Quaker movement and Quaker worship. Most importantly we learned Sbout the diversity within Christianity and within the Quaker tradition itself. We were made to feel very welcome and a huge thank you to the staff and volunteers that made our visit so rewarding. A new Young Ambassador for Religious Education programme was officially launched on Friday, March 8 here at the Quaker Tapestry Museum. The proj'ect was designed lo empower young people to have a voice in advocating for the Freedom of Religion or Belief. The Quaker movement has a rich local hislory in terms of religious expression, providing a 'powerful' example of how crucial the freedom of belief is. Quakers faced opposition and persecution for their beliefs in the past. During the launch, the students worked together lo learn about the history of Quakers, met members of the local Quaker community and started thinking about their role as Young Ambassadors for Religious Education over the coming year. The project will culminate in a visit to Westminster in 2025 to enable the Young Ambassadors lo debate matters of religion and belief with policy makers at Westminster. The scheme is building upon the existing programme of Young Ambassadors for RE, which focuses on giving children the space to show enthusiasm for the subject. This new project is managed by AREIAC (the Association of RE Inspectors, Advisors and Consultants) and is funded by Culham St Gabriel's Trust. QUAKER VIGILS FOR PÉACÉ A s part of the Museum's aim to continue engaging with a new and diverse audience, 2024 saw both the Family Fun Day held in July and Craft Fair held in November return for the second year running. Both were again successful in increasing the awareness of the Museum and bringing a new audience through the doors.
r fiEAR15'. PEOPL The museum has continued to develop exclusive bespoke products for the gift shop inspired by the Quaker Tapestry. In 2024 a new cross slitch kit based on the Quaker Peace Vigils panel was introduced to compliment the other cross stitch designs and embroidery kits. Our creative workshop programme has been susSfUl, and the range of activies has been extended. p£p([
The Museum was awarded £4,000 through Museum Development North West's •.A• Green Grants. This grant supported the installation of an air source heat pump in the café area of the building to replace the broken and unusable gas boiler. The change to an air source heat pump has helped the organisation to reduce its reliance on gas and improved its energy efficiency. Towards the end of 2024 the final retention for the roof project was paid after a complelion sign off was received. We are very pleased to see the project to re- roof the building successfully completed. This work was possible because of the generous donations from individuals, Quaker Local and Area Meetings and grant giving organisations. We are grateful to the National Churches Trust, Clark foundation and Garfield Weston for their grants. We would also like lo thank our past Trustee Ros Batchelor who worked tirelessly lo raise funds and make sure this project was completed successfully. We continue to work closely with the Kendal and Sedbergh Area Meeting to make sure that the building continues to be cared for and other areas that need to be fixed are given attention. Thank you to all the staff al the Quaker Tapestry Museum who have worked hard throughout 2024 to help the museum grow and develop. Trustees are also grateful for the support of volunteers, both those who have been with us a while and those who have joined the team during 2024. Volunteers have supported visitor welcome, collection care. archiving activities, school visits and much more. Volunteers are a vital part of the Museum's success and the Quaker Tapestry team look forward to working with them more in 2025. 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 lo the public. This fulfils the charitable objectives and achieves public benefil by use of the art and embroidery of the tapestry panels lo make known Ihe 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 sel bearing in mind the ability of people lo pay The staff can reduce, or waive, fees for those who would otherwise be unable to benefit from the Quaker Tapestry.
FINANCIAL REVIEW This has been a more difficult year for Quaker Tapestry's finances as, with the increases in costs and the absen of significant legacies, the core deficit of running the Museum rose from around £31,000 in 2023 (of which £20,000 was covered by an increase in the value of investments) to around £80,000 in 2024. This is despite an increase in visitor revenue and shop sales, and several successful grant applications for work on the collection and exhibitions. As noted in the final section of this report, our (unrestricted) reserves have fallen significantly in 2024 and are below our ideal minimum which is cause for concern and the Trustees are taking action in 2025. Core revenue from admissions to the museum, the museum shop and online sales, workshops, short-term rentals of the cottage {flat), the café and room hire was £90,446 against £88,272 in 2023. This increase was driven by increased admissions revenue and room hire income, offset in part by lower income from the short-term rental of the flat I cottage as we return this to Ihe management of Kendal and Sedbergh Area Meeting. Core costs, so excluding property repairs and costs associated with delivering grant-funded projects, were up 9.90/0 or by just over £16,000 vs 2023, mainly in staff costs and increased marketing. We implemented the increase to the Real Living Wage Foundation recommendation (59/0) for hourly-paid staff in January 2025. In 2023 we received legacies and lifetirne gifts of £39,974 and unfortunately in 2024 we only received £695, though we were made aware of 3 probable legacies in 2023 12024 which had not yet been finalized or paid out by 3181 December 2024 (one has since been paid in March 2025}. We received specific support for the following areas in 2024, some of which carryver from previous years.. AIM Collections RePack Fund Audience Engagement Fund Burtt Armitage Trust Collection Care Fund Community Connections Fund Conserving Samplers Fund Exhibition Renewal Fund Quaker Marriage Exhibition Fund Sampler Styles Exhibition Fund These funds totalled £32,754 against an equivalent of £13,581 in 2023- great work by Naomi, Francesca and the team in securing these funds. We appreciate the considerable effort involved in making applications and for achieving such a high level of success, facilitating interesting new activities. We also appreciate the need to continue to generate funds to cover core costs which have increased significantly over the last few years, particularly staff costs and utilities. MAJOR RISKS The risks facing the charity are summarised in a risk register and subject to regular review at meetings of Trustees. The Planning & Finance Committee has a standing agenda item of'any newly emerging risks?" The highest risk factors continue lo be financial and relate to our need to generate adequate income through aclivilies or from charitable sources, including raising funds for propety maintenance. Inadequate funds to manage cash-flow and limited reserves are related risks. We face increased, potentially permanently, operating costs, relating mostly to external inflalionary factors, principally slaff costs and utilities. We are not alone in Ihe museum and charity sectors wilh regard to these factors. Earned income is also affected by external economic factors, including the personal disposable income of potential visitors. It is therefore important that we continue to monitor and manage finances carefully and where possible apply for other funding. We are also planning to increase engagement, support and income from within the wider Quaker communily in Britain, and see this as a potential ongoing source of income, reducing the dependency on legacies
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 mainlenance, 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. Estimated core expenditure in 2024 was approximately £215,000. Based on this and other factors above, an estimaled minimum reserve of £184,000 has been calculated. Al the end of 2024, the unrestricted funds held were £154,615 (down from £216,886>, including tangible assets of £10,392 and held mainly in COIF investment units of £159,951 (Dec 2024}. Some of the restricted funds are also held in the COIF investment units. Restricted funds were at £55,916 at the end of 2024. and there is some limited potential to move funds from restricted to unresiricted funds. This level of reserves is now below our ideal reserve policy and Cause for concern. Based on this we are pursuing ways to fund-raise core costs (unrestricted funds) and we are undergoing a strategic review in 2025 with all Trustees. 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 accounling 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 wilh respect to the company's transactions and its assels 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. SMALL COMPANY EXEMPTION This report has been prepared in accordance with the special provisions of Part 15 of the Companies Acl 2006 relating to small companies. Signed on behalf of the Trustees: itcham (Clerk (Chair) of Trustees) Matthew Kirk (Clerk of Planning and Finance Committee
INDEPENDENT EXAMINERS REPORT ON THE ACCOUNTS For The Year Ended 31 December 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. 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 16of 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. Indepèndent examlner'8 8tat•m•nt l am qualified lo 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 noi kepl in accordance with section 386 of the Companies Act 2006.. or the accounls do not accord with such records., or the accounts do not comply wilh 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 altention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jonnifer Marshall FCCA Mltchlnsons Accountants 22 Market Place Kendal Cumbrla LA9 4TN
STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) For The Year Ended 31 December 2024 INCOME AND ENDOWMENTS Notes Unrostrlcted Funds Reslrlcted Funds Total 2024 Total 2023 Income from Charltable Activities Admissions (Not GA) 17,505 17,505 13,599 17,505 17,505 13,599 Other Trading Actlvltles Shop and Mail Order Sales Room Hire Income Café Licence Café Overheads Cottage Income Workshop Fees Car Park Income Insurance Contribulion Other Income 23,938 12,166 5,040 6.014 15.069 3,070 139 1,997 1,459 68,893 23,938 12.166 5,040 6,014 15.069 3.070 139 1,997 1,459 68,893 22,437 7,968 5,040 5,391 20.488 4,603 1,808 1,612 69,347 Donation8 and Legaclo8 Grants and Donations Admissions (GA> Area Meeting Conlribution Legacies and Lifetime Gifts 15,435 7,504 5,350 695 28,984 46.877 62,311 7,504 5,350 695 75,861 47,095 8,746 4,900 39,974 100,715 46,877 Incom• from Investments Interest and Dividends Received 6,658 6,658 7,562 TOTAL INCOME AND ENDOWMENTS 122,040 46,877 168,916 191,223 EXPENDITURE Expendlture on Charltable Actlvltles Exhibition Running Costs and Maintenance Cottage Expenses Café Expenses Support Costs Accountancy Fees 34 788 10,458 2,266 92,431 3,100 108,289 10,458 2,266 111,744 3,100 127,602 11,488 1,090 96,055 3,750 113,171 19,313 21 19,313 Expenditure on Ralslng Funds Direct Costs Workshop Expenses Support Costs 9,153 2,312 92,431 103,896 9,153 2.312 111,744 123,210 9,154 3,885 96,055 109,094 19,313 19,313 TOTAL EXPENDITURE 212.185 38,627 250,812 222,264 INCOME LESS EXPENDITURE (90,145) 8,250 (81,896) {31,041)
STATEMENT OF FINANCIAL ACTIVIES - continued (Including Income and Expenditure Account) For Th• Year Ended 31 December 2024 Notes Unrestricted Restricted Funds Funds Total 2024 Total 2023 Income less Expenditure BIFwd (90,145) 8,250 (81,896) (31,041) Net Gainsl{Losses) on Investments Unrealised gains/(losses) 10 4,553 4.553 20,606 Net Incomel(Expendltur•) {85.593) 8,250 {77,343) (10,435) Transfèrs Between Funds 14&15 23,322 (23,322) NET MOVEMENT IN FUNDS (62,271) (15,072) (77,343) (10,435) R•concillatlon of Funds Total Funds BIFwd 216,886 70,988 287,874 298,309 Total Funds CIFwd 154,615 55,916 210,531 287,874 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 20 form part of these Financial Statements
BALANCE SHEET 31 December 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investment at valuation 10,392 159,951 170,343 11,132 230,398 241,530 10 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 10,427 17,026 25,400 52,853 12,746 7,540 54,258 74,544 12 CREDITORS Amounts falling due within one year 13 (12,666) (28,201) NET CURRENT ASSETS Total Assets Less Currant Llabllities 40,188 210,531 46,343 287,873 CREDITORS Amounts falling due after more than one year PROVISIONS FOR LIABILITIES NET ASSETS 210,531 287,873 FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 14 15 18 154,615 55,916 210,531 216,886 70,988 287,873 In approving these financial statements ss directors of the company we hereby confirm- (al thal for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006,. Ib} that no notice has been deposited at the registered office pursuant to Seclion 476 requesting that an audit be conducted for the year ended 31 December 2024., and (¢) that we acknowledge our responsibilities for.. {1 } ensuring that the company keeps accounting records which comply wilh 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 stalements, so far as applicable lo the company. 10
BALANCE SHEET- continued 31 December 2024 These financial statements have been prepared in accordance with the provisions applicable to companies subject to Ihe small companies. regime. The financial statements have been approved by the Trustees on . behalf by.. - and are signed on their Matthew Kirk (Clerk of Plannlng and Flnanc• Committee) T? Davld Dltcham (Clerk of Trustees) The notes on pages 12 to 20 form parl of these Financial Statements
NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024 Statulory Infomiation Quak8r 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. Compllance wlth Accountin9 Standards The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A for small 8ntities. There were no material departures from that standard. Accountlng Policies a) Accountlng Conventlon The Financial Slalements have been prepared under Companies Act 2006, th8 Statement of Recommended Practice on Accounting and Reporting by Charities (the Charities SORP) and comply with FRS 102 Section 1A for small entities. bl Depreclatlon Depreciation is provided on all tangible fixed assets at rates calculated to writs off the cost or valuation. less residual value over its expected useful life, as follows: Property Restoration and Refurt)ishment over 21 years on a straight line basis Cottag8 Propety Improvements over 16 years on a slraighl line basis Café Equipment, Fixtures & Fittings Exhibition D8sign Computer Café Equipment over 14 years on a straight line basis 200/0 p.a on th8 r8du¢ing balance 500/• p.a on th8 reducing balance 400/0 p.a on the reducing balanca 15/0 p.a on the reducing balance cl Stocks Stocks are ststed at the lower of cost and nel realisable value. d) Incomlng Resourc•8 These are recognised In Ihe Statement of Flnancial Activities wh8n the charity becomés entitled to the resources, the Trustees are virtually certain they will receive the resources and th8 monetary value can be recognised with sufficient reliabillty. Income is shown net of any applicable Value Added Tax Income tax recoverab18 on Gift Aid donations is only included in the Slatement of Financial Activities when receivable. Grants and donations are only included in the Statemenl of Financial Activities when the charity has unconditional entitlement to the resources. •) Expendlture 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. fj Funds Tho charity has various funds for which il is responsible and which require separale disclosure. These are as follows.. Unrestncted funds.. These are funds that Gan be used at the discretion of the Trustees in furtherance of the objects of the charity. Restricted funds: These fvnds have arisen from grants, donations and legacies 8nd which have been earmarked for specific purposes. g} Investments Fixed asset investments are initlally recognised at their trdnsaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includ8S 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 infomation on the Charity's investments can be found in note 10. h} Penslon contrlbutlons Employees of the charity are entitled to join the defined contribution pension scheme. Contributions payable lo the penion scheme are charged to the Stalement of Financial Activities in the period to which they relate. Th8 ontributions are included within staff costs and disclosed in note 8. 12
QUAKER TAPESTRY LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued For Tha Year Ended 31 December 2024 GRANTS AND DONATIONS 2024 2023 Unrestricted Fund General Donations Membership Income Gift Aid Tax Refund Trust Appeal Grants and Donations 8,490 2,801 4.144 6.550 2.433 4.961 5,300 19,244 15,435 Restrlcted Funds Building (Joint Repairs) Fund Income Community Connections Initiative Income Suslainable Improvement Fund Income Collection Care Fund Income Quaker Simplicity Fund Income Wild Escape Fund Income Warm Hub Fund Income CPD Fund Income Sampler Fund Income George Fox Fund Income Audience Engagement Fund Income AIM Collections RePack Fund Income Quaker Marriage Exhibition Fund Income Exhibition Renewal Fund Income Conserving Samplers Fund Income Sampler Styles Exhibition Fund Income 13,938 736 4,865 861 5.000 3.190 500 3,000 30 1,000 6,190 3,215 2,050 6,840 185 2,000 2,135 3,929 3,030 2.035 10,000 46,877 27,851 TOTAL 62,312 47,095 NET INCOME OVER EXPENDITURE This is stated after charging.. Depreciation 2,388 2,710 Lossl(profit} on disposal of tangible fixed assets DIRECT COSTS Opening stock 12,746 15.436 Purchases and other direct costs Carriage and postage income Carriage and postage expenses 6,992 (1,054) 895 19,580 6,419 45 21,900 Less.. Closing stock (10,427) 9.153 (12,746) 9,154 13
QUAKER TAPESTRY LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Year Ended 31 December 2024 SUPPORT COSTS Not•s 2024 2023 Salaries Pension Contributions Cleaning and Caretaking Expenses Travel Expenses Repairs and Maintenance (equipment and maintenance) Propety Repairs Garden Expenses Heat, Light and Power Rates and water Insurance Telephone Office Postage, Stationery and Maintenance Advertising and Promotion Fundraising Cosls Event Expenses Subscriptions Training, Recruitment and Sundry Bank and Credit Card Facility Charges Depreciation 116,192 6,180 7,798 107,742 5,296 4,972 953 7.105 8.127 2,188 14,869 1,793 6,430 2,543 868 6,137 892 492 2,047 2,010 1.350 2,710 5,376 1,630 15,192 1,831 6,999 2,817 2,449 9,312 810 1,363 1,782 1,276 1,465 2,388 Fund Expens08 Roof Repairs Fund Expenses Audio Guide Fund Expenses Education Activities Fund Expenses Sustainable Improvemenl Fund Expenses Places of Science Fund Expenses Quaker Simplicity Fund Expenses Collection Care Fund Expenses Wild Escape Fund Expenses Warm Hub Fund Expenses Audience Engagement Fund Expenses CPD Fund Expenses AIM Collections RePack Fund Expenses George Cox Fund Expenses Sampler Fund Expenses Sampler Styles Exhibition Fund Expenses 20,940 1,325 860 503 3,036 2,200 3,734 700 3,450 1,557 22 40 308 732 10 815 2,354 9,450 176 223,489 192,109 Support Costs are allocated on a best estimate of the usage both in time and nalure and as such an element ofjudgement has been applied. Charitable Activities Raising funds 111,744 111,744 223,489 96,055 96,055 192,109 14
QUAKER TAPESTRY LIMITED NOTES TO THE FINANCIAL STATEMENTS- Contlnued For The Year Ended 31 December 2024 STAFF COSTS 2024 2023 Wages and Salaries Social Security Costs (net of employers allowance) Pension Costs 113,754 2,438 6,180 122,372 105,924 1,818 5,296 113,038 The average number of full time equivalent employees was as follows.. Charitable Activities Raising Funds The average number of employees during the year was 8 {2023 9). No employees received benefits in excess of £60,000 (2023 - £60,000),
QUAKER TAPESTRY LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Year Endèd 31 December 2024 10. INVESTMENTS 2024 2023 COIF Charities Fixed Interest Fund - Income Units Cost 'At 1 January 2024 Additions Disposals 212,817 212,817 At 31 December 2024 143 799 212817 At Market Value At 1 January 2024 Disposals Unrealised gainslllosses) At 31 December 2024 230,398 (75,000) 209.792 159 951 230 398 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. A disposal of units occurred during the year for disposal proceeds of £75,000. These units carried base cost of £69,018 resulling in a realised gain of £5,982. 11. STOCKS Goods for Resale 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 Ihe cost of high quality publications, such as the Stitch Guild, Pictori81 Guide and greetings cards which are produced in quantities and sold over several years. Quaker Tapestry also creales ils 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 6,956 4,696 Prepayments and Accrued Income 13. CREDITORS Amounts Falling Due Within One Year: Trade Creditors Other Taxes and Social Security Costs Accruals and Other Creditors 4,714 1,022 5,158 3,430 17
QUAKER TAPESTRY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024 14. UNRESTRICTED FUNDS 2024 2023 Brought Forward Transfer Beeen Funds Unrealised Gainsl(Lossesl Net Incomel(Expenditure) Carried Forward 216,886 23,322 4,553 {90,145) 154,615 234,583 7.004 20,606 (45,307) 216,886 Included in unrestricted funds is a designaled building reserve held to make a provision for Quaker Tapeslry's contribution to future major repair Work. The reserve is currently £50,336 (2023 - £50,336> 15. RESTRICTED FUNDS Transfers Between Fund8 Brought Forward In¢omlng Resources Resourcgs Expended Carrled Forward Families and Education Fund Roof Repairs Fund Building (Joint Repairs) Fund Community Connections Initiative 1,096 Openin9 Doors Fund 2,459 Fabric of Kendal Fund 1,000 Audio Guide Fund 171 Sustainable Improvement Fund 2,638 Places of Science Fund 35 Collection Care Fund 4,317 Audience Engagement Fund Sampler Fund George Fox Fund CPD Fund AIM Collections RePack Fund Conserving Samplers Fund Quaker Marriage Exhibition Fund Sampler Styles Exhibition Fund Exhibition Renewal Fund 2,596 46,579 2,596 25,639 20,940 13.938 736 (13.938) (1,832) (2,459) (1,000) (171) (1,938) (35) 700 2,050 2,000 6,840 185 3,450 732 9,450 2,354 10 815 2,917 {1,268) 6,190 3.215 692 3,580 1,046 (682) 2,135 2,035 3,929 10,000 3,030 1,320 2,035 3,929 9,824 3,030 176 70,988 46,877 38,627 (23,322) 55,916 Restricted funds are mostly grants and donations received lo 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. Restricted funds received during the year included a £4,000 Green Grant Fund which was used to purchase a Heat Pump for the Café for £4,319. The £319 expense in excess of the grant has been included as an addition in Tangible Fixed Assets. (Note 9) 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. 18
QUAKER TAPESTRY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrfcted Funds Restrlcted Funds Fixed Assels Current Assets Current Liabilities Long Term Liabilities Provisions for Liabilities 170,343 (3,062) (12,666) 55,916 154,615 55,916 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 agreemenl with Kendal & Sedbergh Area Meeting reserves some restricted use for Kendal Local Meeting and sets out arrangements forjointfunding of building repair works. 20. TRANSACTIONS WITH TRUSTEES ANO RELATED PARTY TRANSACTIONS The charity twstees were not paid for any services and did not receive any employment income or benefits in the year {2023 £Nil). The toial expenses reimbursed to trustees during the year relating to travel was £Nil (2023- £Nill. There were no other relaied 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 £2,500 (2023 - £2,500) and other advisory and payroll work tolalling £600 (2023 - £850). 19