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2023-10-31-accounts

Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers
Trustees'
Report		 2-16
Independent Auditors'
Report		 on the Financial Statements 17-20
Consolidated Statement of Financial Activities 21
Consolidated Balance Sheet 22
Charity Balance Sheet 23
Consolidated Statement ofCash Flows 24
Notes to the Financial Statements 25 - 56
Appendix
I —Charity Statement		 of Financial Activities
Appendix
II		 —Charity Statement
ofCash Flows
Appendix
III		 —Charity Income

Trustees SEvans, President SEvans, President
J C Blackburn
AJ Daymond
J E Hall
E Ingle
SJ M Kelly
H M Pringle
S L Roberts (Resigned 11 February 2023)
P M Tanton
C Powell (Resigned 30 November 2022)
M J Williams
M C Yeodal (Resigned 31 March 2023)
Company registered
number 03447631
Charity registered
numbers 1067361 and SC043174
Registered office St Anthony's Hall
Peasholme Green
York
North Yorkshire
YO1 7PW
Company secretary A E Gosling (Appointed 1 July 2023)
Chief executive officer C Rayner
Independent auditors Clive Owen LLP
Chartered
Accountants		 8 Statutory Auditors
140Coniscliffe Road
Oarlington
County Durham
DL3 7RT
Bankers Unity Trust Bank pic
4 Brindley Place
Birmingham
B12JB
Investment advisers CCLA Investment Management
1 Angel Lane
London
EC4R 3AB

Awarded
to		 Awarded
to
Hila S ilsbu
Lauren Conner

RISK MITIGATION MITIGATION
Failure to deliver an ~ Continuously
look to enhance
member
benefits and
attractive offer to members communicate
these improvements
effectively.
~ Conduct regular
membership
surveys
and focus groups to
create on-going feedback loop.
~ Provide training
and support to regional
committees		 for better
member engagement.
~ Strengthen
the connection
between
members
and		 the core
mission ofthe organisation
Loss of membership income ~ Regularly
review and adapt the membership
offer to		 meet
growth or absolute loss in evolving
member needs.
membership numbers ~ Explore alternative
means ofaccessing The Quilt Collection.
~ Apply for funding
to support
growth
initiatives.
~ Use marketing
and branding
campaigns
to drive membership
acquisition
and retention
efforts.
~ Foster a welcoming
environment
for new and diverse		 members,
ensuring
long-term
sustainability.
Technological change ~ Continuously
develop
and review our technological
including website infrastructure.
~ Ensure staff have the necessary
skills for evolving		 technology
or work with agencies to provide the impact.
~ Embrace technological
advancements
to enhance		 outreach
and engagement.
Financial challenges and the ~ Monitor financial
stability
regularly
and make data-driven
need for sustainable revenue decisions.
~ Diversify revenue streams
through
strategic initiatives.
~ Continue
implementing
new operational
strategies		 to improve
financial
health.
~ Explore opportunities
for cost savings
and increased		 efficiency
in operations.
~ Maintain
transparency
and accountability
in financial
management.

Unrestricted Restricted Total Total
funds funds funds funds
Note 2023f 2023f 2023
6		 2022f
Income from:
Donations
and legacies		 55,833 16,412 72,245 54,150
Charitable
activities		 182,109 3,588 185,697 260,565
Other trading
activities		 326,864 8,597 335,461 332,672
Investments 11,609 994 12,603 2,642
Total income 576,415 29,591 606,006 650,029
Expenditure
on:
Raising funds 9 29,897 29,897 29,213
Charitable
activities		 10 638,182 38,580 676,762 754,272
Total expenditure 668,079 38,580 706,659 783,485
Net expenditure
before net losses on
investments (91,664) (8,989) (100,653) (133,456)
Net losses on investments (133) (133) (992)
Net expenditure
before taxation		 (91,664) (9,122) (100,786) (134,448)
Taxation 2,446 2,446 1,099
Net expenditure
after taxation		 (89,218) (9,122) (98,340) (133,349)
Transfers
between		 funds 21 (6,324) 6,324
Net movement
in		 funds (95,542) (2,798) (98,340) (133,349)
Reconciliation
of		 funds:
Total funds brought forward 471,794 115,032 586,826 720,175
Net movement
in funds		 (95,542) (2,798) (98,340) (133,349)
Total funds carried forward 376,252 112,234 488,486 586,826

Note 2023f 2022f
Fixed assets
Intangible
assets		 15 32,108 39,569
Tangible assets 16 10,342 16,014
Investments 17 58,993 9,126
101,443 64,709
Current assets
Debtors 19 84,122 68,912
Cash at bank and in hand 584,114 622,853
668,236 691,765
Creditors: amounts falling due within one
year 20 (285,964) (173,766)
Net current assets 382,272 517,999
Total assets less current liabilities 483,715 582,706
Total net assets 483,715 582,708
Charity funds
Restricted funds 21 112,234 115,032
Unrestricted
funds		 21 371,481 467,676
Total funds 483,715 582,708

FOR THE YEAR ENDED 31OCTOBER 20 23
2023
f		 2022
f
Cash flows from operating
activities
Net cash used
in operating
activities		 (11,604) (134,431)
Cash flows from investing
activities
Dividends,
interests
and rents from investments		 12,603 2,641
Proceeds from the sale oftangible
fixed assets		 150 420
Purchase ofintangible
assets		 (7,426) (21,096)
Purchase oftangible
fixed assets		 (3,964) (1,894)
Net cash provided
by/(used
in) investing		 activities 1,361 (19,929)
Cash flows from financing
activities
Net cash provided
by financing
activities
Change
in cash and cash equivalents
in		 the year (10,243) (154,360)
Cash and cash equivalents
at the beginning		 ofthe year 647,760 802,120
Cash and cash equivalents
at the end of		 the year 637,517 647,760
The notes on pages 25 to 56 form part ofthese financial statements

Unrestricted Restricted Total
funds funds funds
2023f 2023 2023f
Donations and sponsorship 12,274 3,540 15,814
Grant income 2,123 2,123
Gift Aid income 43,559 10,749 54,308
55,833 16,412 72,245
Unrestricted Restricted Total
funds funds funds
2022f 2022f 2022f
Donations and sponsorship 10,783 4,862 15,645
Grant income 750 750
Gift Aid income 37,665 90 37,755
49,198 4,952 54,150

Unrestricted Restricted Total
funds funds funds
2023
F		 2023f 2023f
British Quilt Studies Group 4,225 4,225
Contemporary
Quilt		 13,547 13,547
Judging
Course		 7,856 7,856
Education
and outreach		 and Communication 28,441 3,588 32,029
Miniature
Quilt Group		 3,801 3,801
Regional
activities		 81,671 81,671
Traditional
Quilt Group		 4,290 4,290
Modern
Quilt Group		 5,810 5,810
The Loft 21,687 21,687
FOQ events
Conference
and magazine		 advertisements 10,781 10,781
182,109 3,588 185,697

Unrestricted Restricted Total
funds funds funds
2022f 2022f 2022f
British Quilt Studies Group 16,954 16,954
Contemporary
Quilt		 16,235 16,235
Judging
Course		 15,213 15,213
Education
and outreach		 1,272 1,272
Miniature
Quilt Group		 3,682 3,682
Regional
activities		 134,266 134,266
Traditional
Quilt Group		 3,597 3,597
Modern
Quilt Group		 4,746 4,746
The Loft 1,732 1,732
FOQ events 23,737 23,737
Conference
and magazine		 advertisements 39,131 39,131
259,293 1,272 260,565

Unrestricted Restricted Total
funds funds funds
2023f 2023
6		 2023
Fundraising 1,791 8,460 10,271
Membership subscriptions 280,724 117 280,841
Other income 16,700 16,700
Retail sales 27,649 27,649
326,864 8,597 335,461
Unrestricted Restricted Total
funds funds funds
2022f 2022f 2022
Fundraising 4,160 8,071 12,231
Membership subscriptions 289,523 170 289,693
Other income 3,100 3,100
Retail sales 27,648 27,648
324,431 8,241 332,672
7, Investment income
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
6
Income from local listed investments 11,609 994 12,603
Unrestricted Restricted Total
funds funds funds
2022f 2022
5		 2022f
Income from local listed investments 2,055 587 2,642

Unrestricted Total
funds funds
2023
6		 2023f
Museums and Galleries Exhibition Tax Relief 2,446 2,446
Unrestricted Total
funds funds
2022f 2022f
Museums and Galleries Exhibition Tax Relief 1,086 1,086
Expenditure on raising funds
Raising funds expenditure
Unrestricted Total Total
funds funds funds
2023f 2023
6		 2022
Raising funds 28,025 28,025 27,568
Wages and salaries 1,761 1,761 1,551
Social security costs 58 58 44
Contribution to defined contribution pension schemes 53 53 50
29,897 29,897 29,213

Unrestricted Restricted
funds funds Total
2023
6		 2023
6		 2023f
Charitable activities 638,182 38,580 676,762

Unrestricted Restricted
funds funds Total
2022f 2022
f		 2022
728,883 25,389 754,272

Activities
undertaken Support Total
directly costs funds
2023 2023 2023
Charitable activities 313,949 362,813 676,762
Activities
undertaken Support Total
directly costs funds
2022 2022f 2022f
Charitable activities 356,405 397,867 754,272

Analysis ofdirect co sts
Total Total
funds funds
2023 2022
8
Staff costs - 640 for 40 years 11,542
Doris Debney Fund 100
Anne Morgan Legacy Fund 586 766
British Quilt Study Group 3,731 f6,423
Communication 107,903 93,334
Collection
Management		 2,679 50
Contemporary
Quilt		 7,864 12,782
Education 8,342 11,646
Life membership
income release		 4,911 5,093
Mary Ann Corp Fund 10,715 14,513
Membership 7,683 5,282
Miniature
Quilt Group		 3,827 2,638
Modern
Quilt Group		 4,753 1,681
Conference 38,932
QGBI - Education
and		 Travel Scholarship 405 2,284
The Quilters
Guild Collection		 3,528 4,387
Regional activities 94,510 134,500
Sue Belton Award 9
Sue Ridgwell
Trophy		 76
The Loft 21,900 1,020
Traditional
Quilt Group		 3,747 3,855
Quilt Judging
Bursary		 29
Museum
Development		 Fund 2,539
Heritage
Lottery Fund Depreciation		 8,313
Young Quilters Project and Young Quilters Project Staff Costs 4,442 7,034
313,949 356,405

Analysis ofsupport c o sts
Total Total
funds funds
2023 2022f
Staff costs 249,545 273,897
Amortisation
ofcomputer		 software 5,055 5,385
Audit and accountancy charges 13,350 12,800
Bank charges 1,106 4,849
Computer
maintenance		 15,591 17,450
Depreciation
offixtures,		 fittings 8 equipment 7,869 10,621
Equipment
hire and maintenance		 2,312 1,667
General insurance 7,946 7,107
Printing,
postage and stationery		 8,055 10,027
Premises costs 35,419 30,594
Professional
fees		 2,330 1,089
Sundries 9,624 5,022
Telephone
and internet		 1,377 978
Travel and subsistence 181 499
Governance
costs		 3,053 15,882
362,813 397,867
12. Auditors'
remuneration
2023f 2022f
Fees payable
to the Group's		 auditor for the audit ofthe Group's annual
accounts 11,750 10,750
Fees payable
to the Charity's		 auditor in respect of:
All taxation
advisory services		 not included above 650 600

Group Group Charity Charity
2023 2022 2023 2022
No. No. No. No.
Employees 13 14 11 12

Computer
software
6
Cost
At 1 November 2022 58,342
Additions 7,428
At 31 October 2023 65,770
Amortisation
At 1 November 2022 18,773
Charge for the year 14,889
At 31 October 2023 33,662
Net book value
At 31 October 2023 32,108
At 31October 2022 39,569

Fixtures and Office Computer
fittingsf equipment
E		 equipment
6		 Totalf
Cost or valuation
At 1 November 2022 72,868 11,001 55,411 139,280
Additions 462 2,458 1,044 3,964
Disposals (699) (14,525) (15,224)
At 31 October 2023 73,330 12,760 41,930 128,020
Depreciation
At 1 November 2022 71,933 7,578 42,672 122,183
Charge for the year 557 1,457 7,098 9,112
On disposals (699) (14,525) (15,224)
At 31 October 2023 72,490 8,336 35,245 116,071
Net book value
At 31 October 2023 640 4,424 6,685 11,949
At31October 2022 935 3,423 12,739 17,097
Charity
Fixtures and Office Computer
fittingsf equipment equipment
E		 Total
6
Cost or valuation
At 1 November 2022 61,643 11,001 54,708 127,352
Additions 462 2,458 199 3,119
Disposals (699) (14,525) (15,224)
At 31 October 2023 62,105 12,760 40,382 115,247

Charity (continued)
Fixtures and Office Computer
fittings
6		 equipment
f		 equipment
6		 Total
E
Depreciation
At 1 November 2022 61,294 7,578 42,466 111,338
Charge for the year 350 1,457 6,984 8,791
On disposals (699) (14,525) (15,224)
At 31 October 2023 61,644 8,336 34,925 104,905
Net book value
At 31 October 2023 461 4,424 5,457 10,342
At 31October 2022 349 3,423 12,242 16,014

Listed
investments
Group
Cost or valuation
At 1 November 2022 9,124
Revaluations (133)
At 31 October 2023 8,991
Net book value
At 31 October 2023 8,991
At 31October 2022 9,124

Investments
in
subsidiary Listed
companies investments Total
Charity 6
Cost or valuation
At 1 November 2022 2 9,124 9,126
Additions 50,000 50,000
Revaluations (133) (133)
At 31 October 2023 50,002 8,991 58,993
Net book value
At 31 October 2023 50,002 8,991 58,993
At 31October 2022 2 9124 9,126

Name Company Registered office or principal Principal activity
number place ofbusiness
Festival of Quilts Limited 03538705 St Anthony's Hall, Peasholme Operation of arts
Green, York, North Yorkshire, facilities
YO1 7PW
Class of Holding Included in
shares consolidation
Ordinary 100% Yes
Name Income Expenditure Profit/(Loss) Net assets
6 ISurplus/ 6
(Deficit) for
the year
6
Festival of Quilts Limited 94,319 (93,666) 653 54,773

Group Group
2023f 2022f
Raw materials and consumables 7,828 11,761

Group Group Charity Charity
2023f 2022f 2023f 2022f
Due within one year
Trade debtors 45,238 14,990 45,238 14,243
Amounts
owed by group undertakings		 28,560
Other debtors 3,479 996 3,479 996
Prepayments and accrued income 35,463 25,262 35,405 25,113
84,180 41,248 84,122 68,912

Group Group Charity Charity
2023 2022f 2023 2022
Trade creditors 17,090 9,232 16,013 9,172
Amounts owed to group undertakings 99
Other taxation and social secudty 4,531 5,542 2,616 4,284
Other creditors 986 470 524 320
Accruals and deferred
income		 271,480 164,509 266,712 159,990
294,087 179,753 285,964 173,766
Group Group Charity Charity
2023 2022f 2023f 2022f
Deferred income at 1 November 2022 150,684 139,481 150,684 139,481
Resources deferred during the year 253,695 150,684 253,695 150,684
Amounts released from previous periods (150,684) (139,481) (150,684) (139,481)
253,695 150,684 253,695 150,684
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Analysis ofnet assets between funds - current year
Unrestricted Restricted Total
funds funds funds
2023
6		 2023f 2023
Tangible fixed assets 11,063 886 11,949
Intangible fixed assets 11,222 20,886 32,108
Fixed asset investments 8,991 8,991
Current assets 610,242 119,283 729,525
Current liabilities (256,275) (37,812) (294,087)
Total 376,252 112,234 488,486
Analysis ofnet assets between funds - prior year
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
6
Tangible fixed assets 15,327 1,770 17,097
Intangible fixed assets 17,261 22,308 39,569
Fixed asset investments 9,124 9,124
Current assets 618,959 81,830 700,789
Current liabilities (179,753) (179,753)
Total 471,794 115,032 586,826

Group Group
2023 2022
6
Net expenditure
for the year (as per Statement		 of Financial Activities) (98,340) (133,349)
Adjustments
for:
Depreciation
charges		 9,112 11,230
Amortisation
charges		 14,889 5,386
Losses/(gains)
on investments		 133 992
Dividends,
interests and rents		 from investments (12,602) (2,642)
Profit on the sale offixed assets (150) (420)
Decrease
in stocks		 3,953 1,905
Increase In debtors (42,932) (23,421)
Increase
in creditors		 116,779 6,987
Taxation refund (2,446) (1,099)
Net cash used in operating activities (11,604) (134,431)
25. Analysis ofcash and cash equivalents

Group Group Charity Charity
2023f 2022 2023f 2022f
Contracted for but not provided in these
financial statements
Acquisition oftangible fixed assets 12,012 12,012

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
6 6 5
Income from:
Donations
and legacies		 55,957 16,412 72,369 54,150
Charitable
activities		 171,328 3,588 174,916 221,434
Other trading activities 298,918 8,597 307,515 304,683
Investments 12,610 994 13,604 4,125
Total income
083813 29 591 068 404 584 302
Expenditure
on:
Raising funds 492 492
Charitable
activities		 630,637 38,580 669,217 708,124
Total expenditure
631 129 38580 669 709 70II124
Net expenditure before net
(losses)/gains on investments
(92,316) (8,989) (101)305) (123,732)
Net (losses)/gains on investments (133) (113) (992)
Net expenditure before taxation
(92,316) (9,122) (101,438) (124,724)
Taxation 2,446 2,446 1,086
Transfers
between		 funds (6,324) 6,324
Net movement in funds ~052253~2L!a~02023~123030
Reconciliation of funds:
Total funds brought forward 467,676 115,032 582,708 706,346
Net movement in funds (96,118) (2,875) (98,993) (123,638)
Total funds carried forward ~73a06 332uZ ~03229~52 7

2023 2022
f.
Cash flows from operating activities
Cash generated
by operating		 activities 5,908 (il25931)
Taxation charge 2,446 1,085
Net cash used
in operating		 activities 8,354 (124,845)
Cash flows from investing activities
Dividends,
interests
and rents from investments		 13,604 4,125
Proceeds from the sale oftangible
fixed		 assets (150) (420)
Purchase of intangible
assets		 (7,428) (21,097)
Purchase
oftangible
fixed assets		 (3,119) (1,231)
Net cash used
in investing		 activities 2,907 (18,623)
Cash flows from financing activities
Net cash provided
by financing
activities
Change
in cash and cash		 equivalents in the year (38,739) (143,468)
Cash and cash equivalents at the beginning ofthe year 622,853 766,321
Cash and cash equivalents at the end of the year ~ii~~22 853

2023f 2022f
Net expenditure
for the year (as per Statement		 of Financial Activities) (98,992) (123,638)
Adjustments
for:
Depreciation
charges		 8,791 11,017
Amortisation
charges		 14,889 5,386
Gains/(losses)
on investments		 133 992
Dividends,
interests
and rents		 from Investments (13,604) (4,125)
Profit on the sale offixed assets 150 420
Decrease/(increase)
in debtors		 (15,210) (21,849)
Increase
in creditors		 'I12,197 6,952
Taxation charge (2,446) (1,086)
Net cash provided
by/(used		 in) operating activities ~ttttt ~ttt tttt
b.
Analysis ofcash and cash		 equivalents
2023 2022f
Cash
in hand		 584,114 622,853
Total cash and cash equivalents ~u~ ~622
5

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
f. E
Donations and sponsorship 12,398 3,540 15,938
Grant income 2.123 2 123
Gift Aid income 43,559 10.749 54,308
Unreslricled Restricted Total
funds funds funds
2022f 2022f 2022f
Donations and sponsorship 10,763 4,862 15,645
Grant income 750 750
GIR Aid income 37,665 90 37,755
49 urf 4 952 54 $50

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
E E 6
British Quilt Studies Group 4,225 4,225
Contemporary
Quilt		 13,547 13,547
Judging Course 7,856 7,856
Education and outreach and Communication 28,441 3,588 32,029
Miniature Quilt Group 3,801 3,801
Regional activities 81,671 81,671
Traditional Quilt Group 4,290 4,290
Modern Quilt Group 5,810 5,810
The Loft 21,687 21,687
FOQ events

Unrestricted Restricted Total
funds funds funds
2022f 2022 2022f
British Quilt Studies Group 16,954 16,954
Contemporary
Quilt		 16,235 16,235
Judging
Course		 15,213 15,213
Education
and outreach		 1,272 1,272
Miniature
Quilt Group		 3,682 3,682
Regional activities 134,266 134,266
Traditional
Quilt Group		 3,597 3,597
Modern
Quilt Group		 4,746 4,746
The Loft 1,732 1,732
FOQ events 23,737 23,737

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
6 6 6
Fundraising 1,791 8,071 10,271
Membership subscriptions 280,724 117 280,841
Other income 16,403 16,403
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
F. 6
Fundraising 4,160 8,071 12,231
Membership subscriptions 289,523 170 289,693
Other income 2,759 2,759
266 442 8243 384 683

Unrestricted Restricted Total
funds funds funds
Income from local listed investments 2023f
2023
F
12610~4		 2023f
~24604
Unrestricted Restricted Total
funds funds funds
2022 2022
f		 2022
f
Income from local listed investments 3538 587 4 125

Unrestricted Total
funds funds
2023f 2023f
Unreslricted Total
funds funds
2022 2022f
t 086 t 086