Quilters, Guild I 111 I I 111 I I 11 2024 11 Trustees, Report & Financial Statements 374 Contents STRATEGIC REPORT VERNANCE Foreword from President Financial Review 14 Letter from Chief Executive Rlsk ManagÈment Structure, Governance and Management Trustees 15 Who We Are 16-17 Our Actlvities Snapshot Fulfilling our Purpose Education & Engagement Research, Access. & Conservation 7-10 Staffing Volunteers Statement of Trustee Responsibilities 19 Pillars of Strength Membership Quilt Collection Quiltworks li Independeni Auditors Report 20-21 12 13 Administrative 63 FINANCIAL STATEMENTS Consolidated Staternent of Financial Activities 22 Consolidated Balance Sheet 23 Charity Balance Sheet Consolidated Statement of Cash Flow5 24 25 Notes to the Financial Statements 26-56 Appendix I.. Charkty Statement of Financial 57 Activities {inc income and expenditure) Appendix Il: Charity Statement of Cash Flows 58-59 Appendix Ill.. Charity Income 60-62 Foreword from our President: susiainable and robust fuiure for (he Guild given Ihe changing economic landscape. A review of the business was undenaken. and under Connie's leadership, we have come through a period of transformation that continues to deliver positive results. IL I would like ro take Ihis opporrunity to say a huge thank you to all our wonderful volunteers across the length and breadth of the UK. It is (heir hard work and friendly smiles that make a real difference in eVe￿hIng we do. Their dedicaiion helps us provide great experiences for our members and creates a ￿arrn. welcomLng cornmunity. We truly appreciate the time and energy you put iTh, and we couldTh't do it without you,. The work The Quilters, Guild continues to deliver, Shapes thousan of lives auoss the UL President One year into our new strategy: Pillars of Strength, and l am pleased to report on how The Quilters. Guild has continued to build on it's core foundations and enhance its capacity for growth. The work Ihe Guild continues to deliver. shapes thousands of Ikves across Ihe UK. Making quilling and a550ciated stitched textiles acce5sth1e to all is ai ihe hear( of our rnission. We believe the skills and practices (hat have been losiered over generations will Thoi only help us as we face the fuiure. bui also bring joy to (he crafting journey in everyday life. I'd also like to thank the staff for their resilience and uni%avering commiimeni 10 our Guild, the board for their suppon and dedication over the lasi year,. and to our supporters. donors. and fundraisers. without you none of our successes would have been possible, thank you. One ol my personal h￿hlightS of 2024 has been the launch of our annual Online Retreat. In a bid to overcome the'january blues., we rolled out an exciting new initiative designed to shift its locus annually. ensuring it remains relevani. The 2024 retreai focussed on re-purposing and reusing fabrics and accessories you may already have at home. The event was a great success. people from around the globe joined in to listen co ialks frorn an array of speakers including a session on the hidden siories of recycled and reused papers in mosaic paichwork led by our own Curator, Heaiher Audin. and our Patron Stuart Hillard, who shared with us his scrap stash secrets. Above all. I'd like 10 thank you, our rnembers. You are truly the heart of our organisaiion. It's your enthusiasm and participation that make our communiry so special. Every one of you brings something unique fo the table, making our events lively and enjoyable. Together, we make The Quilters. Guild a warm and welcoming place where everyone feels included and valued. We're so grateful to each of you. it'5 your involvement that keeps the spirit of quilting alivel We have come through a period of transforniation that continues to deliver positive results. The last year brought with 1¢ substantial organisational change, iThcluding the appoiniment of Connie Rayner as the charity's Chief Lxecutive. For sorne (ime now we have been reviewing our operations to ensure a A letter from our Chief Executive: we continue to work towards a more accessible and inclusive Guild. Our new'ly formed Diversity Committee will regularly rnoniror statistics and appraise diversiry across our activities. ON'er the last 18 months I have worked with (he Board of Trusiees to conduct a comprehensive review of our operations with a focus on efficiency and evoluiion. A rigorous financial review resulied in sigThificant changes including a strategic shift in operations and a staff restructure. I'm keen for The Giiild to evolve in ways that keep us sustainable and relevcint for many clecades to come. Chief Executive Officer To be part of an organisatlon that delivers such joy, bringAng heritage art and a vibrant craft into the hearts and homes of many. is an incredibly gratifyÉng responsibility. In this process. we bid farewell to some of our long- sianding siaff members. who had been instrumental in our journey. As Catherine Candlin, Cathy Hook, Lindsey Park, Judith Emmer. and Gilly Storey, Karen Connell, Rebecca Kell, and Chrisiine Monon move on to new opponuniiies,. we remain immensely grateful lor their conlrthutions and wish thern well in their future endeavour5. As the number ol people accessÉng craft increases, and the number of quilts we are custodians of coniinues 10 grow, our mission has become clearer ihan ever. Over I million people have taken up sewing within the last three years according to the Craft & Hobby Trade Associaiion. indicaiing a resurgence in stitched iextiles. The growing interest Is evident in the increasing sales of sewing machines, supplies. and paiterns, paving the way for a new generation of quilters and quilt enthusiasts. Findings revealed by the Craft Council spotbght a growing generation of younger craft consumers. and indicates chal crafts contribute around £3.4 billion 10 the UK economy each year. Right across the British Isles. (earns of Quilters. Guild volunteers have worked tirelessly to provide our high- qualiry service5. events, and opportunities. at a local level. Whilst it's taken some difficult decisions to get us here, it reflects my dedication to responsible financial management and, though challenging, Lt is a vital step towards ensuring future stability and 5ucces5 of the Guild. Our transfonnation project has laid strong foundations, but io achieve our goals we know we need to continue working together differently. Our new'Pillars of stren￿h, strategy positions the Quilt Collecfion fronr and centre of the Guild's ponfolio. Elevating and showcasing the Quilt Collection, enhancing the membership experience, and diversifying Quillworks aciivities, has increased exposure and 15 opening doors to new opportunities, allowing us to promo(e our glorious art and ihe creativiry inhereni in textiles and quilting, as a ￿rybrant and dynamic form of art15tic expression. e are proud and grateful to be powered by a network some 600 teers. It's our volunteer coordinators and treasurers, our area reps. newsletter and website edirors. event organisers and social media moguls, and so many tnore that take (he straiegy from being good intentions on paper and rurn it into a hive of activity across the nation. I Iruly believe thai wilh the support of our incredibly dedicaied and enthusiastic lolunteers, we will navigate these rough seas and continue to spread the delights that come with quilring. We've also turned our attention to the ever-growing issues of equalkty, diversity and inclusion IEDI). As the UK'S premier communiry for quiliers and stiichers. we have a particular responsthility to ensure that EDI is inherently part of our culture and embedded across all of our activities within aik of our communiiies. A5 part of our mi55ion to bring together people with a shared inlerest in quilting and suiched-textiles. WHO WE ARE The QuÉlters' Guild is a puryose drAven organisation, connecting people, art, and heritage: enriching the fabric of our culture with quilts and stitched-textiles. The Quilters, Guild has played a part in some of the mosi fundamental ... Our members. volunteers and the people we work with continue to make outstanding contributions that help shape the work we do. OUR VISION OUR MISSION Our vision is to showcase British quilting on a global stage, inspiring and uniting a thriving cornmuniiy that connects diverse people and cultures. carrying forward the art and spirit of quilting for generations to coffle. The Quilters, Guild is on a mission to bring together people from all cultures with a shared iThieresl in quilling and associated stitched textiles. We provide an open and safe cotntnunity in which to grow and learn in the spirit of friendship, and to celebrare all quilts for ihe individuality, creaiivity, and love i%ith w'hich they are made. WHAT WE DO Award grants to fund individual development <+> Promote the craft Quilters. Guild Protect the heritage and provenance of iierns our colleciion Support collaboration and networking nationally and internationally QUILTWORKS HOW WE ARE MANAGED The Quilters, Guild is governed by a Board of Trustees. made up of elected members or invited based on their expenise. The board sets the charity's strategy, ensures resources are used effectively, and operates within the framework ouclined in our Articles ofA5SOCLation. These documents are approi'ed by (he Charity Commission and regularly reviewed by the board. THE QUILT COLLECTIOP4 co ACC REDI-. ED MUSEUM tyGL￿ FULFILLING OUR PURPOSE: The Quilters, Guild exists to promote quilting for the benefit of the general public. and to preserve the heritage of British stitched-lextiles for generations to come. Given the breadth of our aciivities. the work of the Quilters. Guild and our volunteer5 is likely to enrich many aspects of society's cultural and social wellbeing. The following pages high1￿ht some of the key ways in which the work of the Quilters. GU￿d. the Qulli Collection. and Qulltworks, creates value. noi only lor our members bui for ihe wider public. £11.469 raised in donations items made available to over photos & stories available online 25.000 + 30 days 16 on-site Quilt Collection enjoyed by pieces accessioned into our accredited Quilt Collection 310 5002 individual members guests 464 Facebook: VIEWS: 62.000 Instagram VIEWS: 143.000 affiliated groups REACH: 90.000 REACH: 22,000 YouTube VISITS: 451,800 VIEWS: 46,400 WATCH HOURS: 5.400 2,500 SUBSCRIBERS: FULFILLING OUR PURPOSE . Festival of Quilts at the NECBirrniJwham . Lectures & Talks by Heather Audin, Curator . Young Quilter Workshops Quilt Collection Exhibition . Exhibition of Modern Quilts Inli Ip r.rp.ntp.d fnr rr • Members have the opportunity to exhibit their quills, gaining exposure and recognition. Early release tickets to workshops and Lectures provide opporiunities lo try out new techniques, learn new skills. The event serves as a gaiherins poinr for quilting enihu5iasls, allowing Members to connect, share ideas, and foster relationship5 Wlthin the quilling coinmunily. ,r wiciE Showcasing qui115 Irom as early i15 1780-1¥40, plays a crucial role in promoting (he hisTorical aspects of British iexlile aris to the public. The dedicated Young Quilter stand cind educaiioniil lecture5 serve to inspire and educate the next generation, pruini)iing cre¢iliviiy aiid Ilie continuation ol quilling traditions. The event draw5 a diverse audience, promoiing inclu%ivily and engagemeni with the arts, which enriches Ihe culfural fabric of the coTnmunity. Engagement Activlties heldnationajjy Virtual and in-person • Talks . Workshops Showcase Opportunities Young Quilter Activities . Trading Days . Anniversary Card Fundraiser Sapphire Street Quilt r.rpotpd Members have a variery of opporlunilies to share their work online, in.person and even through Iravelling handling exhibits Collaboration is key to Ihe continued advancement oftechniques. understanding, and practice. Learning and discovery of knowledge and skills sharing • Networklng Value created for er society The Guild's engagemeni activities play a vital role in expanding quiLting's reach and making it more accessible to the public. By offering opportunities for people to learn, explore, and engage with quilting, we help raise awarene55 of this traditional craft. increase quilting literacy, and inspire future generaiions of qulliers. FULFILLING OUR PURPOSE: Education Courses natson-wide & international Antriiiitiao innli IA • Research from academics, authors and lecturers • Education group visits . Exhibitions in conjunction with national access initiatives such as Heritage Open Days . Access to objects and expertise for external filming and workshops Provides members with acce55 to expert research and opportunitie5 to engage with historical quilts. . Promote5 knowledge sharing and Sk￿ development ihrough collaborative effon5 Wlth anists. designers. and researchers. . Enhances members. conneciion to the Guild's Quill Collection by otfering new insights, inspiration. and opportunities for collaboration. Increases public awareness and appreciation for quilting as an art form and cultural heriiage. Engage5 the broader community in quilting history, techniques, and cultural significance through publlc exhthiiions. ralks, and collaborations. Facilitates cross-disc1pl￿ary research and collaboration. promoting qullting's role in broader artistic, academic. and cul(ural conversauons. FULFILLING OUR PURPOSE: Handling Collections avajlable forhire Activities include: . Travelling Trunks: Textile Traditions Textiles Treasures Contemporary Textiles . Traditional Group Suitcase Collection Handbag Collection . Contemporary Group Suitcase Collection Encourages nem'orking and collaboraiion among quill groups by offering them a unique -show and (ell- or exhibiiion experience using the tra&elling irunks. Supports educational and skill-building opportunilies by providing members with the chance lo study and appreciaie a diverse range of iexriles and fechniques. from tradilional to modern. creat wide Faciliiates educational outreach by offering the rrunks lo various community groups. schools. and organisations, allowing them 10 experience quilling history lirst-hand. Inspires creativiry and culiural exchange. a5 the trunks Showcase the diversity of 51yles, iechniques. and inspirarion5 that influence conlemporary iex¢ile aris. Acquisition to the Quilt CoJJection • The addition of 16 new ilems to the Collection . Documentation and cataloguing of new items . Volunteer documentation project of a key archive within the Collection . Upgraded storage boxes and re-packing of some items . Continuing internal research into new (and existing) items reated f . Continues to add to the re50urce5 and knowledge available to the public lo learn from, understand and be inspired by our patchwork and quilting heritage . Provide5 opportunities for voluntary work within the heritage sector . Preserves thi5 unique part Df our social, domestic and wider history for future generauons to discover and enjoy. PILLARS OF STRENGTH . The Quilters, Guild strategy sets a clear direction for the Guild's growth and development over the next five years. focussing on enhancing member experience, expanding educational opportunities, and ensuring long-term financial sustainability. The strategy is anchored in three primary areas we call our Pillars of Strength. <+> The At the core of our sirategy is our comtnitmeni 10 building a more vibrant, inclusive, and engaged quilting community. We recognise that the Guild thrive5 because of its members, and we are focused on creating rnore opportunities for conneciion. collaboration, and engagement across the UK. Quilters, Guild Volunteering plays a key role in everything we do as an organisation but particularly within Ihe membership sphere. As part of this, we will be offering more volunteer and leadership roles for tnembers who wish lo contribute (o the Guild's growth. These roles will provide the chance for you to shape the Guild's fuiure and lake an active role in its Success. We will also be improving our volunteer services. We believe that by offering these resources, we will ensure that our metnber5 are constantly supported and equipped with the iools they need to succeed in iheir quilting journeys. We plan to increase our regional aclivilies, providing more opportunities for local meet-UP5, workshops, and events. These initiative5 will help members, boih new and experienced, to network, share ideas. and learn from one another. Educaiion has always played a huge part of who we are and why we exist. which is why we are particularly excited about the opportunities ahead. Young and beginner quilters will continue to be a priority for us as we seek lo nurture the next generation of quilters. We will continue to provide opportunities for those who are new to quilting and t05ter a sense of community amongst our younger quilters. Foeuslng on m quilthg more accessible to un er-repre8ented groups. we can ensure that quilting remains a welcoming space for all. A major cornponenl of our strategy is the national roll-out of a new Guild-accrediled education course, a professionally designed program for quilters. quilting tutors, and judges. This wlll provide formal recognition of skklls, helping individuals enhance their qualifications and credibiliiy within the quilting community. Our work with Young Quilter5 and Beginner Quiliers will be delivered through dedicared workshops. events, and progratntThes designed ¢0 inspire their quilting journeys. These initiatives will help create a welcoming environment where they feel supported in honing their skills and building lasling connections within Ihe wider quilting community. In addition to the new course, we will be rolling out a variety of workshop5, webiThars, and master-classes aimed at all levels of quilters and stitchers. These events will cover everything from technical skllls lo quilting design, running a group through to getiing comfortable exhibiting work. all Careft￿Y crafted to provide an ongoing pathway for learning and professional development. A5 part of our ongoing comrnitment to these groups, we will also ensure thar resources and guidance are accessible and relevant to Iheir unittue needs. By olfering a range of entry-level education and engagement activitie5. we aim to eThcourage new members to develop confidence in their craft and stay connected ro the Guild as they grow. GTVrtIcN) PILLARS OF STRENGTH . The Quilt Collection is one of the most valuable resources within the Guild. offering a window into the history, artistry. and cultural significance of British quilting. Our goal is to build on the legacy of the Quilt Collection, ensuring it continues to serve as a dynamic and inspiring resource that connects quilters of all levels to the rich heritage of the craft. THE QUILT At the heart of this vision is our corntnitment to making the Collection more accessible and dynamic for both Guild mernbers and the wider public. This includes creating new ways for people to engage with the quilts and their stories, whether it's through digital experiences. educational resources, or new acquisitions. One of the primary goals for the Quilt Collection is to increase its accessibilLry. While in-per50n visits have been a hallmark of (he Colleclion'5 engagement with the public, we recognise that not everyone has the opporlunity to travel or visit in person. In response, we're working lo make the Quilt Collection more accessible by expanding digiral offerings. Over the coming years, we plan to provide more virtual access ti) the Collection through digital exhibitions and a growing library ol digit15ed quilts. These online resources will allow quilter5, historians, and enthusiasts around the world 10 explore the richness of the Collection frorn the comfort of their own homes. By oftering virtual exhibitions, we can bring the siories behind these quills to a global audience, providing new perspectives on their craftsmanship and historical itnportance. rnaking the Collection a vibrant resource for inspiration and learning. COLLECTION In addition lo the physical growth of the Quill Collection. we are also expanding its role as an educaiional tool. The Guild has always prided itself on its educational progratns, and we see the Qulli Collection as a key part of our mission lo provide valuable learning experiences for quilters of all levels. As we tnove forward, we will be developing new educational resources linked direcily lo the Collection. These resources will include everything from in-depth articles and e-books to online courses and workshops that delve iThlo Ihe history of quilling, the techniques used. and the cultural significance of ihe quilts themselve5. By olfering these educational materials, we aim 10 provide quiliers with the opportunity to deepen their knowledge and understanding of the craft, while also fostering a greaier appreciation I'or the historical and cultural coniext of their work. The Quilt Collection will also play a central role in our outreach efforts. As part of our strategy, we plan to increase engagement with schools, universities. and community gi'oups, helping 10 bring the Collection to life for people of all ages. Whether through guided tours, hand5-on workshops. or collaborative research projects, these outreach programs will provide a platform for people to conThect with the quills and the stories they tell. Our goal is to make the Quilt Collection not just a sratic archive but an interactive and engaging resource that encourages creativity. learning, and cultural exchange. While we are focused on expanding the Quilt Collecrion and increasing its accessibility, we are equally commitied to preserving its integrity. The Guild will continue to follow the highest standards of conservation to ensure that the quilts in the Collection are cared for and protected for future generations. This commitment to preservation is a vital part of our broader goal to protnote sustainable practices within the quilting community, froln the materials we use to the way5 in which we maintain and protect the qullls themselves. Alongside digital access, we are cotnrnitted to ensuring thai the Quilt Collection grows in a way thai reflects Ihe evolving nature of quilting. We plan to continue adding new pieces to the Collectkon, with a focus on quilts that represent a diverse range of 5tyle5. regions, and tradition5. This means actively seeking out quiIts that reflect the work of contetnporary qukliers. as well as historical pieces Ihal offer insight into Ihe roots of British quilting. We are also exploring opportunities to collaborate with living qullters and textile artlsts, ensuring that the Collection is not only a repoSLtory of the past but also a living record of quilting's continued evolution. These collaboratRons will help bridge the gap between traditional quilting and rnodern innovations, PILLARS OF STRENGTH . As the Quilters, Guild moves forward with the Pillars of Strength strategy, one of the key areas of focus is ensuring the financial sustainability of the organisation through the development of its trading activities. The Quiltworks plays a critical role in generating income - essential for supporting our charitable initiatives, educational programs, and community-building efforts. QUILTWORKS The primary goal for Quiltworks is to establish a profitable ..&N and sustainable business rnodel with diversified revenue stream5 that supports the Guild's charitable work. Expanding our e-cotnmerce store will allow us lo reach a broader audience. By curating a diverse range of products. from exclusive Quilt Collection items 10 quilring accessories and lirniled-ediiion designs. Quiltworks will drive sales and increase product visibility. We have moved beyond the traditional museurn gifi-shop model, embracing opportunities to otfer products and service5 that meet the Theeds of today's diverse quilting community. From digital patterns and online workshops to quill-inspired home decor and DIY kits, Quiltwork5 Strives lo tnake the beauty and tradition of quilting acce55ible to anyone, anywhere, ar any skill level. and responsive customer service. To increase ￿SibIlItY and sales. we will irnplement targeted marketing campaigns (hai cross-promote our producis on social media, email newsleiiers, and through collaborations with influencers. We will also leverage seasonal promotions and lirnited-time offers 10 drive traffic to our online store. The expansion of the e-cornrnerce platform is crucial for reaching new cusiomers ouiside of the traditional quilting community, extending our reach and raising awareness of the Guild's mission and offerings. Through Quiliworks, the Guild is able lo engage with both seasoned qullters and casual admirers, providing them with producis and services thai reflect the rich cultural history of quilting, while offering modern, innovative solutions to quilting enthusiasts across the globe. We plan to expand our product range, focusing on high-quality, unique items such a5 exclusive Quilt Collection products, quilting tools. fabrics, and limiied-edilion designs. By offering disiinctive, Guild-branded products. we can increase brand loyalry and generate revenue. QUILTWOiiK$ To support sales growth, we are enhancing the e-commerce platform's design. This will include better Thavigation, clear product categorisation, and user-friendly features such as a streamlined checkouf process. improved product photography, R Tr4Ar.ICE FINANCIAL REVIEW: As The Quilters. Guild continues to navigate a shifting economic landscape, the focus on maintaining financial stability and securing the long-term sustainability of the charity remains paramount. The 2023124 financial year saw the Guild work hard to balance its commitments to the community. its members, and its strategic goals, while keeping an eye on the challenges posed by inflation, fluctuating income streams, and economic pressures. DonaiiDn5 and legacies16%1 Other Irading atiivilies ISO%) Charitable atitvitiex142%1 Investment 12%) • Other IO¥ol 42 FINANCIAL POSITION For the year ended 31 October 2024, The Guild lincluding Festival of Quilts Ltd) finished with a defickt of £23,673. De5Plte the deficit, the Guild maintained a strong position with a surplus on General Funds of £6.62S. a deficit on Designated Funds of £25,218, and a deficit on Restricted Funds of £5,080. The Guild's General Reserves at the start of the year stood at £110,426 and ended the year at £105,24S. reflectkng the ongoing efforrs to manage resources in line with the strategic goals. This year's operating results were in line with expectalions. bul as always, the Trustees rernain cotntnitted to ensuring that the Guild's financial stability allows for the growth and continuation of our key programmes. At 31 October 2024. the Guild's free reserves, excluding fixed assets, atnounted to £313,137, providing a solid foundaiion for future projects and initiatives. The reserves policy. which ensures the Guild operates with sufficieni reserves to cover 12 monihs of operaiional cosis,1£454.0621 remains a critical focus. INCOME SOURCES Mernbership income continues to be the Guild's primary source of funding, contributing £283,885 in 2023124, which was slighily higher thaTh the previous sear's £280,841. The sieady income from membership is e55enlial lo The Guild's ability to provide a wide range of activities and support services to mernbers. The Guild also benefits from a Gift Aid recovery of £30,489, slightly down from the previous year's £54,308, bui still a crucial contribution to covering running costs. In addition lo rnembership income, Ihe Guild received support frorn various fundraising activities throughout the year. Notably, donations to the Guild, including funds raised by Young Quilters and the Festival tornbola, contributed £9,527 in general donations. with £4,210 raised from the YQIOO Club alone. Donations to the Guild Collection's Conservation Club, as well a5 funds raised frotn mernbers who donated time and skills. demonstrate the Continued generosity and engagement of our community. EgtyJ.rKITr nLJADIT ADI C AnTkllJTICe AKITh JkArnAnY A significant portion of incorne was spent directly on charitable activities. This accounted for 80% of the Guild's overall expendiiure. consistent with the previous year's focus on Sustaining programs that benefit the quilting community, from education 10 outreach. The Guild conlinues to prioriiise key programs that suppori the growth of quilling and associated stitched textiles, including the expansion of educational resource5. During 2023124. funds were directed toward supporting these core activitie5, as welE as investing in the development of (he new Guild-accredited qualification in quilting and stitched texriles. As part of its commitment to providing accessible education, the Guild continues 10 invest in digital resources to expand the reach of its offerings to metnbers, especially those who cannot attend in-person evenis. These efforts align with the Guild's strategic focus on rnaking quilting an accessible and evolving art form for all. É￿￿.r Illl 2022 2ffLJ £800.000 LOOKING AHEAD As we look to the future, the Gukld is focused on ensuring its financial resources support the delivery of our new three-year strategy. This iTrclude5 increasing income generation, expanding our educational offerings. and supporting the Quilt Collection. The Guild is comrnitted to using its resources wisely, balancing the need for growth with the irnportance of maintaining financial stability. The Trustees are rnindful of the challenges ahead. including inflationary pressures and the changing economic landscape. However. we are confident in the Guild's ability to adapt and continue providing exceptional support to our members, expanding the quilting community. and preserving the heritage of quilling for future generation5. The Guild's fLnancial position remains strong, and we look forward to using our resources to further develop our programs. support the quilting community, and fulfil our mission as a leading organisation in the world of quilting and stitched textiles. £7(K),000 £6(Kl.000 £5(M).000 £400,(X)O £300.IM)O £200,000 £ioo,000 £0 Charitable acllviries Raising funds GUILD FUNDRAISING AND MEMBERSHIP ENGAGEMENT The Guild's approach to fundraising remains focused on ethical, sustainable practices that engage our members without inconveniencing the public. This year, mernbers dedicated their time and creativity to fundraising activities, contributing to the success of events like the Tombola at Festival of Quills and the Sapphire Cards initiative. These activities raised essential funds, further supporting the Guild'5 rnission. The Guild's commitment to transparency in fundraising is central to its value5, and we continue to build on Ihe success of previous years, with an eye towards increasing donations in the corning years. Looking forward, we are focusing on strengthening relationships with donors and exploring new lundraising opportunities. especially as the Guild continues lo raise the profile of its educational offerings and cornrnunity programs. RESERVES AND INVESTMENT STRATEG The Guild has maintained a strong reserves position, with General Reserves ending the year al £121,822. This is in lÉne with the reserves policy. which aims to cover 12 months of operating expenditure, ensuring the Guild can weather unexpected financial shortfalls while continuing to meei Ihe needs of its members. The free reserves position at 31 October 2024 remains strong at £313,137, providing the Gulld with the flexibility to fund Strategic initiatives. Investments contknue lo be managed by the Guild with an eye on sustainability and long-tertn growth. The Guild holds its reserve funds in a CCLA account, which offers an interest rate that remains cotnpetitive with other deposit accounts. Given the volatile financial markets, The Guild remains committed to mainlaiThing a balanced approach to investmeni, focusing OTh preserving capital while ensuring steady returTh5 to support its work. -OVERNAPICE RISK MANAGEMENT: Overview of the Guild's Risk Register.. The Guild's risk register is designed to higtLlight and manage the key risks that could impact our ability to achieve our organisalional strategy. The key aspects of our risk management process include.. Identification of key risk5 that tnay either hinder or support our strategy. Understanding and analysing the causes of the principle risks. For each risk, we outline our approach and tolerance level, classifyryng it as eicher'seeking" "avoiding". or"maintaiThing a cauiious approach.. Risk evaluaiion based on the potential irnpact and likelihood, a55igning appropriate weight to each risk. Risks are categorised into one of four areas= "strategic" "operational" financial" or"compliance." Risk scores are calculated both before and after itnplementing mitigation strategies to ensure Iheir effectiveness in reducing risk levels. top 4 on the ISK MANAGEMENT, nternal controls and actlons Risk Management Process The Guild fails to deliver an attractive embership offering Continuously look to enhance member benefits and communicate these improvements effectively. Conduct regular membership surveys and focus groups to create on-going feedback loop. Provide training and sllpport lo regional commiltees lor better member engagement. Strengthen the connection between members and the core mission of the organisation Regularly review and adapt the membership offer to meet evolving member needs. Explore alternative means of acce5singThe Quill Collection. . Apply for funding to support growth initiatives. Risk management is overseen by the Trustees and Chief Executive through the Guild'5 central Risk Register. The risk register is reviewed regularly by this tearn and presented to the Board's Finance. Audii. and Risk Committee for a more deiailed review. The regular review process focuses on.. key risks that the charity faces and their underlying causes. assessing impact and probability a550cialed with each risk Loss ofmember5hip income or absoluie 105s of membership number5 internal mitigation strategies and existiThg controls in place to reduce the risks. With the ongoing recovery from Covid-19 and the itnpletnentation ol our new Strategy, we have updated (he risk register to address ernerging risks and challenges. We have also highlighted specific risks associated with the new strategy. The risk register is under constanr review ro ensure that we respond effectively lo the changing external environment and mitigate any evolving risks. . Use tnarketing and branding carnpaigns to drive membership acquksition and retention efforts. Foster a welcoming environrnent for new and diverse members, ensuring long-term sustainability. . Continuously develop and review our technological infrastructure. Ensure staff have the necessary skills for evolvÈng technology or work with agencies to provide the impact. Embrace technological advancements to enhance outreach and engagement. Monitor financial stability regularly and make data-driven decisions. Technological change including website Financial challenge5 and the need to sustainable revenue Diversify revenue streatns through strategic initiatives. Continue irnplemen¢ing new operational strategies to improve financial health. Explore opportunities for cost savings and increased efficiency in operation5. Maintain transparency and accouniability in financial management. (?OVERNAIICE STRUCTURE: The Quilters, Guild of the British Isles is a charitable company limited by guarantee, incorporated on 10th October 1987, (company number 03447631). The Quilters. Guild of the British Isles was registered as a charity in England and Wales on 12 January 1998, (registration number 1067361), and with the Office of the Scottish Charity Regulator (OSCR) on 23 May 2012 (registration number SC043174). The Company was established under a Memorandum of Association which specified ils objects and powers bul following the introduciion of the Companies Act 2006 and the resolution passed on the 6 April 2013 atnending (hem, is now goverThed by its Articles. In the event ol the Cornpany being wound up tnembers are each required to contribute an arnount not exceediThg £1. The Trustees of the Quilters, Guild are the charity's Trustees under charity law and ihe Director5 of the charitable company. While the organisation 15 registered under the natne The Quilters, Guild of the British Isles. its workitlg Tratne is Quilier5' Guild, I'QGBI" (he "Guild" the"Organisalion" and the"CharilY' which have used throughout this report). The Charity has one wholly owned subsidiary.. Festival of Quilts Lid I-FOQ Lid") known as QGBI EThterprise5, Qshop, aThd now Irading as Quiltworks. This cotnpany's principal activity is that of raising funds for the Quiliers, Guild. with supporting docutnentation. meetings wilh senior management and vislt5 to observe the charily's services in action. A number of selected trustees lake responsibility for a specific areas of the Guild'5 operation, these are collectively known as the Lxeculive Commiiiee The Executive Cotntnittee coTrslSts of., Ihe President. Vice President. Treasurer, Lead Trusiee for Mernber5hip, Education, and Colleciion & Heritage Trustee. Executive Trustees are appoinied lor a three-year period and the President serves a two year term of office. HE YEAR ENDE OWING TRUS I OCTOBER 2024 THE SERVED ON THE Sheila Evans - PresideTht Ichair) jane Blackburn- Treasurer Kate Christie TRUSTEES Angela Dayrnond Jenny Hall Judi Kirk Helen Pringle Merrill Tanton Our Board of Trustees IDirectorsl is responsible for defining the overall strategy, creating momentum, movetneTht and improvement, taking the Guild purp05elully Énto the future. The charity's Articles of Association provide for 12 Trustees. Consisting ofthe President- who must be a Guild member. a Treasurer, and up ro ten addiiional members, lour of whotn tnay be non-Guild members selected for their specific skills and expertise. Trustees are.. Melanie Williams Elizabeth lThgle (resigned 11105120241 Shona Kelly (resigned: 1110512024) elected or appointed to the Board for three years at our Annual General Meeting (AGMI subject to re-election (or re-appointment) ' able to serve for a rnaxirnum seven-year terni. The Council tneets immediately after (he AGM, following- up with a further five meetings scheduled over the course of the year. All trustees undergo a formal Rnduclion to the charity, the content of which is reviewed annually and includes a mixture of formal training O THE YEAR ENDED 31 OCTOBER 2024 THE OILOWING SERV lane Blackburn Elizabeth Ingle Angela Dayrnond (appointed.. 1110512024) Conni Rayner lappointed.. 12106120241 "OVERNJNCE STRUCTURE: SUBCOMMITTEES Victoria Wood E-commerce & Digital Marketing Coordinator- from March 2024 In addition to the regular schedule of board rneetings, Trustees are supported through the work of subcommittees. Katy Jones Cornrnunications Coordinator- contracted services The Audit Committee. which is responsible for appointing the external auditor5, reviewing the Guild's accounts and financial controls, and reviewing the statements and actions on risk and internal conirols. Sarah Yelland Smith Boold(eeper- from July 2024 Biographical information on the current team can be found at: Membership of this committee is drawn from trustees, senior rnanagement, and lay members Lay members are often members of the Guild who possess a particular expertise relevant to the work of the committee. During the year ending 31st October 2024 there were no lay metnbers on the committee. httPS:Ilwww.quiltersguild.org.uklpagesldiscoverl aboutlguiid-peopletExeeutive-Team VOLUNTEERS. AND SUPPORTERS During the year 2023-24. we were incredibly lucky to have had support from over 600 volunteers. Our incredible volunteers are the backbone of many of our services. which otherwise would not exist, and certainly not be delivered on the local scale that metnbers and non-Tnembers currently enjoy. Volwiteers have increasingly returned to faee-to-face events nationwide. delivering retreats, fundraisiThg, open days, and education. We will continue to review our volunteering opportunities, diversifying across ihe organisation were we can, with a view to engaging a broader range of volunieers as possible. The staff ieam work closely with the Board of Tru51ees to help turn the Guild's vision and mission into reality. The Chief Executive is responsible for the day lo day management of the organisation. The senior siaff ream's pay is approved by the Board of Trustees and reviewed on an annual basis. To engage with the staff in an eifective manner, Trustees continue 10 make themselves available through a range of comrnunication channels. We encourage and etnpower our staff lo share their news, learnings and celebrate their achievements. The team thal served during the year 2023124 are: Conni Rayner Chief Executive NATIONAL OFFSCERS Anne Gosling Guild Accountant & Company Secretary- voluntary Alice Futers Member & Volunteer Services Coordinaior The Quilters. Guild has long been a Source of education and friendship for Quilters across the British Isles. From the very beginning, we have been organisation powered by volunteers and loved by thousands. Over the year5, we've developed a strong volullteer culture that has become the lifeblood of the Guild. Carol Bowden Member & Volunteer Services Coordinator Catherine Candlin Brand Manager- until January 2024 Catherine Hook Reiail Assislani - until January 2024 Christine Morton BuskThe55 Manager- until October 2024 Gilly Storey Cornrnunications Support- until December 2023 Heather Audin Curator The National Officers at for the year ended 2023124 are: Bursary & Awards Officer Helen Clark Conference Officer Cai Ashron Ryan Education Officer Marilyn Mclnne5 Festival of Quilts Officer Gill Clark International Officer Carol Fieldhouse Judith Emmer Adtnini5trator- until December 2023 Library Officer Lis Tate Karen Young Mernbership Officer- until February 2024 Lindsey Park Business Tearn Suppon- until December 2023 Rebecca Kell Digital Support Assistant - until February 2024 Interim National Website Officer Linda Bilsborrow Quilt Judging Committee Chair Stephanie Pettengell GOVÉRNANCE STATEMENT TRUSTEE RESPONSIBILITIES So far as each of the Trustees at the time of the Report are aware there is no relevant information of which the auditors are unaware and they have taken all the steps they ought to have taken to make themselves aware of any relevant audit knforniation and to establish the auditors are aware of that information. The Trustees are responsible for preparing the Trustees, Report and the financial stalernents in accordance with applicable laws and regulations. Company law requires the Trustees to prepare financial statetnent5 for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards) and applicable law. Clive Owen LLP has indicated its willingness to be reappointed as statutory auditor. Under company law the Tru5tee5 must not approve the financial statements unless they are satÉsfied that they give a true and fair view of the state of afialrs of the Group and the Charkty and of the surplus or deficit of the group for that period. In preparing these financial staternents, the Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP (FRS 102),. This Annual Report of the Trustees, under the Charities Act 2011 and the Compa was approved by the Board of Trustees on including approving in their capacity as company directors the Strategic Report contained therein, and is signed as auihorised on its behalf by: A7WLWSCP9... vans President and Chair of the Board of Trustees make judgernent5 and accounting estimate5 that are reasonable and prudent., state whether applicable UK Accounting standards IFRS 102) have been followed, subject to any tnaterial departures disclosed and explained in the tinancial siatemen(s' prepare the financial statements on Ihe goiThg concern basis unless il is inappropriaie to presume that the group will continue in business. The Trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain Ihe Group and the Charity's Iransaciions and disclose with reasonable accuracy at any lime the financial position of the Group and the Charity and enable thetn to ensure ihal the fiThancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55etS of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irretularities. GOVERNANCE INDEPENDENT AUDITORS REPORT: OF npimin period of at least twelve months from when the financial statements are authorised for issue. We have audited the financial statements of The Quilters. Guild of the Brirish Isles (the 'parent charitable company.) and its subsidiaries Ithe 'group'l for the year ended 31 October 2024 which cotnprise the Consolidated Statetnent ol Financial Activities, the Con501idated Balance Sheei, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a sumrnary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporiing Siandard applicable in the UK and Republic or Ireland, (United Kingdorn Generally Accepted Accounting Practice). Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ￿T￿r0 IKlff)DfvAA TinNI The other information comprises the inforniation included in the Annual Report other than the financial Statement5 and our Auditors, Repori ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statemenis does not cover the other information and, excepr to che exrenl oiherwise explicitly staled in our report, we do not express any form of assurance conclusioii Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the oiher infortnatioTh is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be rnaierially misslaied. If we identify such maierial inconsistencies or apparent material misslaternents, we are required to detertnine whether this gives rise io a rnaterial rnisstatement in the tinancial statements (hemselves. 11, based on the work we have performed, we conclude Ihal Ihere is a maierial missiatement of Ihis other informaiion, we are required 10 report that fact. We have nothing to repon in (his regard. In our opinion the financial statements.. ' give a true and fair view of the stale of the Group's and of the parent charitable cornpany's affairs as at 31 October 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wilh the requirements of (he Charities Act 2011. the Charities and Trustee Investment Iscotland) Act 2005 and regulation5 6 and 8 of the Charitie5 Accounts (Scotlandl Regulations 2006. MATTERS ON WHICH WE ARE REQUIRED TO rj A rThn nniK&inKI nrnr%nT nii rvrnrnTlThkl We conducted our audit in aceordance with International Standards on Auditing (UK) IISA5 (UKII and applicable law. Our responsibilities under those standards are further described in (he Auditors, responsibilities for the audil of the financial siatements section of our report. We are independent of the Group in accordance with the ethical requiretnents that are relevant lo our audit ofthe financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Siandard, and we have fulfilled our other ethical responsibilities in accordance with these requiretnents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We have nothing to report in respect of the following tnatters where the Charities (Account5 and Reports) Regulations 2008 and the Charities Account5 (Scotland) Regulations 2006 las arnended) require5 US to report to you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any maierial respect with the financial statements., or the parent charitable cornpany has not kept sufficient and proper accounikng records.. or the parent charitable cornpany financial statements are not in agreetnent with the accounting records and returns,. or CONCLUSIONS RELATING TO GOING CONCERN we have not received all the information and explanations we require for our audit. In auditing the financial 5tatement5, we have concluded thai rhe Trusiees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforttled, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or Ihe parent charitable company's abilify to continue as a going concern for RESPONS181LITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Stalemeni, the Trustees (who are also the directors of the chariiable company for the purposes olcompany law) are responsible for the preparation of the financial statements and lor being satisfied that they give a GOVERNANCE INDEPENDENT AUDITORS REPORT: true and fair view, and for Such internal control as the Trustees deterniine is necessary to enable the preparation of financial statements ihai are free from material misstatement. whe(her due to fraud or error. . Challenging managernent on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies • Identif￿g and testing unusual journal entries. with a particular focus on rnanual journal entries. Through these procedures. we did not becorne aware of actual or suspected non cornpliance. We planned and performed our audit in accordance wilh auditing standards but owing to Ihe inherent limitations of procedures required in these areas, there is an unavoidable risk thai we may not have detected a malerial rnisslatement in the accounts. The further retnoved non cotnplianee with laws and regulations is from the events and transactions reflected in the fLnancial statements. the less likely we would become aware of li. The risk of not deteciing a material misstatemen( due io fraud is higher than the risk of not deteciiThg one resuliing from error, as fraud may involve concealtnenl, collusion. forgery, tnisrepresentation5, or override of internal controls. We are not responsible for preventing non cotnpliance and cannot be expected to deieci non compliance wilh all laws and regulations. A further description of our responsibilities for the audit of the financial siatetnents is located on (he Financial Reporling Council's svebsile at.. www.frc.org.uWauditorsresponsilJilities. This descripiion forms pari of our Audiiors, Report. In preparing the financial statements, (he Trustees are responsible for assessing the Group's and the paren( charitable companfs ability to continue as a going concern, di5closin& as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidaie the Group or Ihe parent charitable company or to cease operations. or have no realislic alternative but to do so. AUDITORS. RESPONSIBILITIES FO OF THE FINANCIAL ST ATEMENTS We have been appointed as auditor under section 152 of the Charities Act 2011 and section 4411)Icl of the Charities and Trustee Investment (Scotland) Act 200) and repon in accordance with the Aci and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance aboul whether (he financial slatemenis as a whole are free from material rnisstatement. whether due to fraud or error, and to issue an Auditors, Repon ihat includes our opinion. Reasonable assurance is a high level ol assurance. bui is noi a guarantee that an audii conducied in accordance with ISAS WKI will always detect a material misslatemenl when li exists. Misstaiemenis can arise from fraud or error and are considered maierial if. individually or in the aggregaie, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. R REPO This report is made solely to the charitable companys members. as a body. in accordance with Part 4 of the Charities (Accounis and Reports) Regulations 2008 and regulation 10 of the Charities Accounts (Scoiland) Regulations 2006. Our audit work has been undertaken so ihai we might stale to the charitable company's members those matters we are required to state to thern in an Audirors, Repor( and for no other purpose. To the fullest extent perrnitted by law. we do nor accepi or assume responsibility lo anyone other than the charitable company and it5 members, a5 a body, for our audit work for this report, or for the opinions we have formed. Irregularities, including fraud, are instances of non compliance wirh laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregulariiies. including fraud. Our audit tThusl be alen to ihe risk of manipulaiion of the financial staternenis and seek to undersiand (he incentives and opportunities for rnanagemenl lo achieve (his. We undertake the following procedures to identify and respond to these risks of non compliance- • Understanding the key legal and regulatory frameworks thai are applicable to the Charity. We communicaied identified laws and regulation5 throughout the audit (earn and remained alen io any indications of non compliance throughout the audit. We deterniined the most significani of these ¢0 be charity law. company law. health and safety. and GDPR . Enquiry of directors and managemeni as to policies and procedures to ensure compliance and any known instances of non compliance Review of board minutes and correspondence with regularors Enquiry of directors and management as to areas of the financial 5taiernentS Susceptthle to Iraud and how these risk5 are managed Christopher Beaumont BA IHons) BFP FCA DChA Clive Owen LLP Charnered Accouniants & Statutory Auditors 140 ConisclRffe Road Darlington Counry Durham DL3 7RT Daie:2Ic Clive Owen LLP are e￿gible to aci as auditors in lerms of section 1212 of the Companies Aci 2006. FIF4ANCIALS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) orthey Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Nole Income from: Donations and legacies 40,904 (227) 40,677 72,245 Charitable activities 274.212 26.162 300.374 185,697 Other trading activities 341.283 8.812 350,095 335.461 Investrnents 14,162 1,188 15,350 12.603 Totsl income 670 561 706 496 606, 006 Expenditure on: Raising funds 31,759 31,759 29.897 Charitable activities 10 660,311 41,691 702,002 676. 762 Total expenditure 692.070 41,691 733.761 706,659 Net expendlture before net loss on Investments 121.509 (5.756) {27.265) (700, 653) Net profiV{loss) on investments 676 676 (733) Net expenditure before taxation 121.509 15.080) (26.589) (100, 786) Taxation 2,916 2,916 2.446 Net expendlture after taxation 118.593) 15.080) (23.673) (98,340) Transfers between funds 21 Net movement in funds 5,080 23,673 98,340 ReGonclllation of funds: Total funds brought forward 376,252 112,234 488.486 586,826 Net movement in funds (18,593) (5,080) 123,673) (98.340) Totsl funds carried forward 357 659 107 154 464,813 488,486 FINANCIAIS CONSOLIDATED BALANCE SHEET Asat3 company limited by guurunlee Rfjyisrered Nuniber OJ447631 2024 2023 Note Flxed assets Intsngible assets Tangible assets Inveslments 15 16 17 26,249 8,606 9,667 32,108 11.949 8,997 44,522 53,048 Current assets Stocks Debtors Cash at bank and in hand 18 19 7,113 68.503 646,400 7,828 84,180 637,517 722.016 729,525 Credilors.. amounls falling due within one year 20 (301.7251 (294.087) Net current assets 420.291 435,438 Total assets less current liabilities 464,813 488, 486 Total net assets 464,813 488,486 Charity funds Restricted funds Unrestricled funds 21 21 107,154 357 659 112,234 376, 252 Total funds 464.813 488,486 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparalion of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial slatements were approved and authorised for issue by the Trustees on on their behalf by= 0312412025 UTC and signed VMLrrLII T 0312112025 UTC rydRttWQlAJPXN.. Chair of the Audit Committee Presidenl The notes on pages 26 to 56 form part of these financial statements. FINANLIAIS CHARITY BALANCE SHEET s at 31 October 202 A tompony limited by quoronrÉe Reg5yrer?(J Number.. 03447631 2024 2023 Note Fixed assets Intangible asset5 Tangible assets Investments 15 16 17 26.249 5,704 59.669 32, 108 10.342 58.993 91.622 101,443 Current assets Debtors Cash at bank and in hand 19 67,475 601,530 84, 122 584, 114 669,005 668, 236 Credilors.. amounts falling due within one year 20 (312,391) (285.964) Net current assets 356,614 382,272 Total assets less current liabilities 448.236 483,715 Totsl net assets 448.236 483,715 Charity funds Restricted funds Unrestricted funds 21 21 107.154 341,082 112,234 371,481 Total funds 448,236 483, 715 The Charity's net movement in funds for the year was £135,479) (2023- £(98,993)). The Trustees acknowledge their responsibilities for complying with the requirements of Ihe Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subjecl to the small companies regime. 0312412025 UTC The financial statements were approved and aulhorised for issue by the Trustees on on their behalf by= - and signed 0312112025 UTC r fO"."JA?WLW¥UPIJ... r iu.rmroixj￿N... President Chair of the Audit Committee The notes on pages 26 to 56 fomi part of these financial statements. FINANCIALS CONSOLIDATED STATEMENT OF CASH FLOWS For th 2024 2023 Cash flows from operatlng activities Net cash generatedl(used) in operating acts'vities 7,194 11,604 Cash flows from investing activities Dividends, interests and rents from investments 15,350 12,603 Proceeds from the sale of tangible fixed assets 150 Purchase of intangible assets (9.455) (7,428) Purchase of langible fixed assets (4,206) (3,964) Net cash provided byl(used in) investing activities 1,689 1,361 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equlvalents In the year 8,883 (10,243) Cash and cash equivalents at the beginning of the year 637.517 647,760 Cash and cash equivalents at the end of the year 637,577 The notes on pages 26 to 56 form part of these financial statements FINANCIALS NOTES TO THE FINANCIAL STATEMENTS rthe nde General Informatlon The Charity is a company which is limited by guarantee and every member of the Chartty undertakes to contribute to Ihe assets of the Charity in Ihe evenl of the same being wound up while they are a member, or within one year after they cease to be a member, for payments of debts and liabilities of the Charity contracted before they cease to be a member, and of the costs, charges and expenses ofwinding up, and for the adjustment of Ihe rights of the contributions among themselves. such amounts as may be required not exceeding £1. The Charity is registered in England and Wales with the Charity Commission, and in Scotland with the Scotlish Charily Regulalor. The registered office is St Anthony's Hall, Peasholme Green. York, Y017PW. Accounting policies 2.1 Basis of preparation of financial statements The financial stalements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland {FRS 102} (effective 1 January 20191, Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Quilters, Guild of the British Isles meets the definition of a public benefil enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slatemenls are rounded to the nearest £1. Assels and liabilities are initially recognised at cost or transaclion value unless otherwise slated in the relevant accounting policy notes. On Ihe grounds that the charilable company's resulls are consolidated into the charitable company's group aGGounts the charilable company has taken advantage of certain exemptions conferred by seclion 1.11 of FRS 102 as follows.. Exemption from disclosing each category of financial assets and financial liabililies al the reporting date. date as required by section 11.41 of FRS 102. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has laken advantage ofthe exemption allowed under section 408 ofthe Companies Act 2006 and has not presented its own Statemenl of Financial Activilies in these financial statements. 2.2 Going concern The Trustees have, at the lime of approving the financial statements. a reasonable expectation that the charity has adequate resources to continue in operational existence for Ihe ￿e1ve months from date of signing the financial statements. In addition, the Trustees have no intention to wind the company up in the foreseeable future. Thus the Trustees conlinue to adopt the going concern basis of accounting in preparing the financial statements. FINANCIALS NOTES TO THE FINANCIAL STATEMENTS Accountlng pollcles (continued) 2.3 Income All income is recognised once the Charity ha5 entitlement to the income, it is probable thal the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Slatement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where enlillement occurs before Incom8 is received, the income is accrued. Income receivable by way of donations and sponsorship is included in full in the SOFA when receivable. Membership subscriptions are included in the SOFA for the period to which they relate, with subscriptions received in advance being deferred to future periods. Life membership subscriptions received are credited to a designated fund and amounts are released to the general reserve based on Ihe rate of subscriplions al the year end. Tax recoverable on covenanted income and Gift Aid donations are included in the SOFA for Ihe period to which they relate, with Gift Aid on subscriplions received in advance being deferred to future periods. Investment income - Interest and dividends are recognised upon recelpt by the charity, when the amount that the charity 15 enlilled lo is confirmed. 2.4 Volunteers No amounts are included in the financial statements for services donated by volunteers. 2.5 Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings the have been apportioned on a basis consislenl with the use of resources as disclosed in note 10. Expenditure on raising fund5 includes all expenditure incurred by the Group to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Chantable expenditure comprises those costs incurred by the charitable company in the delivery of its aclivilies anrj services for its beneficiaries. All expenditure is inclusive of irrecoverable VAT. Support costs compnse all non-attributable costs including Finance, Human Resources, Information Technology, Marketing, and Depreciation. These costs have been allocated across the functional categories of expenditure on the basis of time spent by employees on each activity. 1l4ANLIALS NOTES TO THE FINANCIAL STATEMENTS the nd to Accountlng pollcles Icontinuedl 2.6 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and Iherefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from laxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Acl 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992, to the exlenl Ihal such income or gains are applied exclusively lo charilable purposes. 2.7 Intangible assets and amortlsatlon Inlangible assets cosling £500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured al cost18ss any accumulated amortisalion and any accumulated impairment losses. Amorti5ation is provided on intangible assets at rates calculated to writ8 off the cost of each asset on a straight-line basis over its expected useful life. Amortisation is provided on the following basis.. Computer software 33 % straight line 2.8 Tanglble fixed assets and depreclatlon Tangible fixed assets Costing £100 or more are capilalised and recognised when fulure economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so a5 to allocate the cosl of tangible fixed assels less their residual value over their eslimaled useful lives, using the straight-line method. Depreciation is provided on the following basis- Fixtures and fittings Office equipment Computer equipment 10010 200/9 33/. straight line straight line straighl line Grants in respect of expenditure on tangible fixed asset5 are trealed as eitherfund income or deferred irscome. The grant is released to the SOFA over the expecled useful life of the related asset in line with the depreciation policy. FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the nde Accounting policles {contlnued) 2.9 Investments Investments (other than investments in subsidiaries) are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughoul the year. The investment portfolio is held to generate retums and gains for the group and accordingly is designated a5 fair value through profil and loss (FwfpL). Under this designalion the portfolio is revalued al each period end to its fair value. as determined by reference to quoted market prices and values delermined by independent fund managers, with any gains or losses going through Ihe stalement of financial activity. Investments in subsidiaries are stated at cost and the Trustees review the carrying value annually for indications of impairment. 2.10 Stocks Slocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.11 Debtors Trade and other debtors are recognised at the settlement amount after any Irade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where Ihere is objective evidence that, a5 a result of one or more events that occurred after the initial recognition of the financial asset, the estimated fulure cash flows have been affected. The impainnent loss is recognised in the income and expenditure account. 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity ofthree months or less from the date of acquisition or opening of the deposil or similar account held for working capital. Bank overdrafts are shown within borrowing in current liabilities. 2.13 Credltors, loans, and provlslons Creditors, loans, and provisions are recognised where the group has a presenl obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans, and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial liabilities are derecognised when, and only when, Ihe group's obligations are discharged, cancelled or they expire. Amounts recognised as provisions are best eslimates of the consideration required to settle the present obligation at Ihe reporting dale end, taking into aGcount the risks and uncertainties surrounding the obligation. FIIqANLIALS NOTES TO THE FINANCIAL STATEMENTS 31 October 2 ear en Accounting policies Icontinued) 2.14 Financial instruments The Group ha5 elected lo apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 'other Financial Instrument Issues, of FRS 102 to all of its financial instruments. 2.15 Operating leases Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a slraight-line basis over the lease term. 2.16 Pensions The charity operates a defined contribution pension arrangemenl for the benefit of employees. The assets of the schemes are held and managed separately from those of the charity. The charge to the SOFA represents the conlribulions payable by the charity to the schemes during the year. 2.17 Fund accounting Unreslricted funds are urFrestricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds are allocated from the general fund or received from third parties which have no restriction on Iheir uses. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. Where no on-going restriction remains and all original condilions and restrictions have been mel in relation lo the original grant or donation, funds are transferred to general funds. The purpose and use of the restricled funds is sel out in note 21 . The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the nded Critical accounting estimates and areas of judgement In the applicalion of the Charity's accounling policies, the Trustees are required lo make judgements, estimales and assumplions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Critical accounting estimates and a5sumptions'. Allocation of support costs.. Support costs are allocated on a direct basis to the activities to which they relate There are instances where costs, which 35 staff costs, relate to more than one activity- These costs are allocated by management to reflect the activities perfomied. The allocation of Ihese costs is considered lo be critical to the accounts because they have the ability lo malerially alter the allocation of costs between expenditure on raising funds and expenditure on charitable activilies. Critical areas of judgement.. Depreciation and amortisation- Depreciation and amortisation are calculated so as to write off the cosl of an asset, less its residual value, over the economic life of thal asset. An estimate of the useful life of assets is detailed in the depreciation accounling policy. The value of the depreciation charge during the year was £7,281 and the value of amortisation charge during the year was £14,948 FINANLIALS NOTES TO THE FINANCIAL STATEMENTS or the ear ended 31 Octo r 2024 Income from donations and legacies Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Donations and sponsorship Grant income 10,648 (4601 10,188 Gift Aid income 30,256 233 30,489 40,904 227 40,677. Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations and sponsorship 12,274 3,540 15,814 Grant income 2, 123 2,123 Gift Aid income 10,749 54,308 55,833 16.412 72,245 Income from charltable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 British Quilt Study Group Contemporary Quilt Judging Course Education and outreach 37,269 37,269 10,742 10,742 3,961 3,961 26,162 26,162 Communication 28,659 28,659 Miniature Quilt Group Regional activities Traditional Quilt Group Modern Quilt Group The Loft 4,486 4,486 128,470 128,470 3,929 3,929 8,270 8,270 29,313 29.313 Conference 8,950 8,950 Magazine advertisements 10,163 274,212 26,162 300,374 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ear ende Income from charltable actlvltles (continued) Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 British Quilt Studies Group 4,225 4.225 Contemporary Quilt 13,547 13,547 Judging Course 7,856 7, 856 Education and outreach 3,588 3,588 Communication 28,441 28,441 Miniature Quilt Group 3,801 3,801 Regional activilies 81.671 81,671 Traditional Quilt Group 4.290 4. 290 Modern Quilt Group 5,810 5,810 The Loft 21,687 21,687 Magazine advertisemenls 70,781 10,781 182 709 185.697 ITrIATrlCIAIS NOTES TO THE FINANCIAL STATEMENTS rthe ear 24 Income from other trading activities Income from fundralslng events Unrestrlcled Restrlcted funds funds 2024 2024 Total funds 2024 Fundraising 4.640 8,760 13,400 Membership subscriptions 283,833 52 283,885 Other income 22,774 22.774 Relail sales 30.036 30,036 341,283 8,812 350 095 Unrestriclgd lurpds 2023 Rgstricted funds 2023 Tolal lunds 2023 Fundraising 1,791 8,480 10,2T1 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 Investment Income Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Income from local listed investrnenls 14.162 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Income from local listed investments 11,609 994 12.603 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ended Taxation Unrestricted funds 2024 Total funds 2024 Museums and Galleries Exhibition Tax Relief 2,916 Unrestricted funds 2023 Total funds 2023 Museums and Galleries Exhibition Tax Relief 2,446 2,446 Expenditure on raising funds Raising funds expenditure Unrestricted funds 2024 Total funds 2024 Total lunds 2023 Raising funds 31,105 31,105 28, 025 Wages and salaries 592 592 1,761 Social security costs 44 58 Contribution to defined contribution pension schemes 18 18 53 31,759 31.759 29,897 Raising funds expenditure was unrestricted in the current year and the prior year. FIIIANCIALS NOTES TO THE FINANCIAL STATEMENTS or the ear ended 31 October 2024 10. Analysis of expendlture on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Charitable activities 660,311 41.691 702,002 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Charitable activities 638, 182 38, 580 676, 762 11. Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Charitable activities 404,511 297,491 702,002 AGtivities undertaken directly 2023 Support costs 2023 Total funds 2023 Charitsble activities 317,544 365,218 676, 792 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ear nde 24 11. Analysis of expendlture by actlvities (continued) Analysis of direct costs Total funds 2024 Total funds 2023 £40 for 40 years - Staff costs 3,496 11,542 Anne Morgan Legacy Fund 506 586 British Quilt Study Group 36,002 3,731 Communication 113,560 105,498 Contemporary Quilt award 360 Collection Management 5,509 2.6T9 Contemporary Quilt 9,216 7,864 Education 10,047 8,342 Life membership income release 4,911 Mary Ann Corp Fund 20,285 10,715 Membership 7,271 7,683 Minialure Quilt Group 3,553 3,827 Modern Quill Group 5,753 4,753 Conference 665 QGBI - Education and Travel Scholarship 1,354 405 The Quilters Guild Collection 4,127 3,528 Regional activities 133,255 94,510 The Loft 29,313 21.900 Traditional Quilt Group 4,549 3,747 Quilt Judging Bursary 29 Museum Development Fund 2, 539 Heritage Lottery Fund Depreciation 10.310 8,313 Young Quilters Project and Young Quilters Project Staff Costs 5,380 4,442 404,511 371,544 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 to 11. Analysis of expenditure by actlvltles (continued) Analysls of support costs Total funds 2024 Total funds 2023 Amortisation of computer software 5.885 7,460 Audil and accountancy charges 12,275 13,350 Bank charges 832 1.106 Computer mainlenance 9,399 15,591 Contractor services 9,384 Conference 6,460 7.869 Equipment hire and maintenance 2.173 2,312 General insurance 8.869 7,946 Governance 4,376 3, 053 Printing, postage and stationery 8.455 8,055 Premises cosls 40,287 35,419 Professional fees 3,785 2,330 Redundancy costs 16.209 Staff Costs 164,213 249,545 Sundries 1,093 9,624 Telephone and intemet 2,359 1,377 Travel and subsistence 1,437 181 297 491 365,218 12. Auditors. remuneration 2024 2023 Fees payable lo the Group's auditor for the audit of the Group's annual accounts 8,000 11,750 Fees payable to the Charity's auditor in respect of.. Non-audit services 2,000 All laxalion advisory services not included above 650 650 FINANCIAIS NOTES TO THE FINANCIAL STATEMENTS For the ed ear 13. Staff costs Group 2024 Group 2023 Charlty 2024 Charity 2023 Wages and salaries 168,588 242,454 168,588 232,864 Social security costs 8,746 13,507 8,746 13,449 Contribution to defined contribution pension schemes 6,998 6,945 181,8S9 262,959 181,8S9 253, 258 During the year redundancy payments were made of £16,209. {2023: £nill. The average number of persons employed by the Charity during the year was as follows: Group 2024 No. Group 2023 Charity 2024 No. Charity 2023 No. Employees 73 13 No employee received remuneration amounting to more than £60,000 in either year. The charitable company operales and makes contributions lo a defined contribution pension scheme. The assets of the pension scheme are held separalely from those of the chantable company in an independently adminislered fund. The pension cost charge for the period was £4.525 (2023= £6,998). The key management personnel of the Charity comprise the trustees and the senior management team. The lolal employee benefits of the key management personnel employed by the Charity. which encompasses 1 individual (2023.. 2 individuals), were £42,582 {2023'. £76,140). 14. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL-). During the year ended 31 October 2024, expenses lotalling £4,922 were reimbursed or paid directly to 9 Trustees (2023 - £4, 276 to g Trustees). INANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ear ended l October 2024 15. Intangible assets Group and Charity Computer software Cost Al 1 November 2023 65,770 Additions 9,454 Disposals (18,946) At 31 October 2024 56,278 Amortlsatlon Al 1 November 2023 33,662 Charge for the year 14.948 Disposals 118,S811 At 31 Oclober 2024 30,029 Net book value At 31 October 2024 At 31 October 2023 32, 108 No amortisation is charged on additions in the year of acquisition. FINANCIALS NOTES TO THE FINANCIAL STATEMENTS ear ended For the 24 16. Tanglble flxed assets Group Fixtures and fittings Office equipment Computer equipment Total Cost or valuatlon At 1 November 2023 73,330 14,308 40,382 128,020 Additions 880 2,516 810 4,206 Disposals 12,455) (20,424) {22.879) At 31 October 2024 74,210 14,369 109,347 Depreciation Al 1 November 2023 72.490 8,657 34.924 116,071 Charge for the year 253 2,125 4.903 7,281 Disposals (2,187) {20.4241 (22,6111 At 31 October 2024 72,743 8,595 19,403 100.741 Net book value At 31 October 2024 1,467 5,774 At 31 October 2023 840 5,651 5,458 11.949 1114NCIALS NOTES TO THE FINANCIAL STATEMENTS For the ear ended l Octob 024 16. Tanglble flxed assets (contlnuedl Charlty Flxtures and fittlngs Office equlpment Computer equlpment Total Cost or valuatlon At 1 November 2023 62,105 12,760 40,382 115,247 Additions 139 1,322 810 2,271 Disposals {2,205) (20,4231 {22,6281 At 31 October 2024 20,769 Depreclatlon At 1 November 2023 61,644 8,336 34,925 104,905 Charge for the year 46 1,879 4,903 6,828 Disposals 12,121) (20,4261 122,5471 At 31 October 2024 61,690 8,094 19,402 89,186 Net book value At 31 October 2024 554 3,783 1,367 5,704 At 37 October 2023 461 4,424 5,457 10,342 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS rthe end 17. Fixed asset investments Listed Investments Group Cost or valuation At 1 November 2023 8,991 Revaluations 676 At 31 October 2024 Net book value At 31 October 2024 9,667 At 31 October 2023 8,991 The historical cost of investments at 31 October 2024 was £5.000 (2023: £5.000). Investments in subsidiary Listed companies investments Total Charity Cost or valuation At 1 November 2023 50,002 8,991 58,993 Revaluations 676 676 At 31 October 2024 50,002 9,667 59,669 Net book value At 31 October 2024 50,002 At 31 October 2023 50,002 8,991 58,993 INANCIAIS NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 October 2024 17. Fixed asset investments (continued) Prlnclpal subsldlaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or princlpal Prlnclpal activlty place of buslness Festival of Quilts Limiled 03538705 St Anthony's Hall, Peasholme Green, York, North Yorkshire, Y017PW Operalion of arts facilities Clas5 of shares Holding Included in onsolidation Ordinary 1000/. Yes The financial resulls of Ihe subsidiary for the year were.. Name Income Expenditure ProfiUILossl I Surplusl (Deficit) for the year Net assets Festival of Quilts Limited 116,759 {104,9S3) 11,806 66,579 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ear ende ob 18. Stocks Group 2024 Gmup 2023 Raw materials and consumables 7,113 7,828 19. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Due within one year Trade debtors 42,339 45,238 41.618 45,238 Other debtors 2,916 3,479 2,916 3,479 Prepayments and accrued income 23,248 35,463 22,941 35,405 84,780 67,475 84, 122 FINANLIALS NOTES TO THE FINANCIAL STATEMENTS the ear ended 31 October 2024 20. Credltors: Amounts falllng due within one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade creditors 11,397 17,090 11,407 16,013 Amounts owed lo group undertakings 17,050 99 Other laxation and social security 5,859 4,531 2,256 2,616 Other creditors 3,796 986 3,655 524 Accruals and deferred income 280,673 271,480 278,023 266,712 301725 294 087 312 391 285, 964 Group 2024 Group 2023 Charlty 2024 Charity 2023 Deferred income al 1 November 2023 253.695 150, 684 253,695 150,684 Resources deferred during the year 262.933 253.695 262,933 253,965 Amounts released from previous periods (2S3,695) (750, 684) {253,6951 (150,684) Deferred income al 31 October 2024 262,933 253,695 262 933 253,695 Deferred income relates to membership income and its associated gift aid, primarily received quartedy or annually in advance. Where membership income and its associated gift aid is received in advance. it is released on a monthly basis allowing the income lo match the membership period. FINANCIALS NOTES TO THE FINANCIAL STATEMENTS 21. statement of funds Statement of funds - current year Balance at 1 November 2023 Balance at Gainsl 31 October (Losses) 2024 Transfers inl{out) Income Expenditure Taxation Unrestricted funds Deslgnated funds British Quilt Study Group Fund Collections, Managemenl Fund Contemporary Quilt Fund Founder Members, Bursary Fund Judging Courses Miniature Quill Group Fund Modern Quilt Group Fund Regional Funds (General) The Loft Traditional Quill Group Fund 22,051 6,139 28,251 404 37,591 372 (36,002) (5,509) {9,216) 23,640 2,002 29.897 404 3,002 8,938 19,446 1,000 10,862 7,965 8,005 16,929 3,961 4,486 8,270 (8,924) (3,553) (5,753} (133.255) (29,3131 (4,549> 158.499 500 12,312 130,206 29,313 4.239 (19.444) 136,006 500 12,002 Total designated funds 261,055 229,300 236,074 18,444 235 837 General funds General reserves 115,197 441,261 145S,996) 2,916 18,444 121,822 Total unrestricted funds 376,252 670,561 (692,070) 2,916 357,659 FINANCIAL NOTES TO THE FINANCIAL STATEMENTS the ea 21. Statement of funds {continuedl Statement of funds- current year (continued) Balance at 1 November 2023 Balance at Gainsl 31 October (Losses) 2024 Transfers inl{out) Income Expenditure Taxation Restricted funds £40 for 40 years Anne Morgan Fund Anne Tuck Fund Bogod & Co Fund Clydesdale Bank Grant Herilage Lottery Fund Mary Ann Corp Fund QGBI Education and Travel Scholarship Fund Quilt Historians Quilt Judging Bursary Fund Sue Belton Fund Sue Ridgwell Fund Young Quilters, Fund 3,496 9,857 900 6.908 500 27,772 29,129 6,367 575 (3,496) (506) (3601 9,351 540 {1.000) 5,908 500 17,462 35,116 5.339 575 2,471 15,822 224 110,3101 120,2851 11.354) 26,272 326 2,471 14,295 213 9,751 851 676 9,475 (5,380) 13,846 Total restricted funds 112,234 35,935 141,691) 676 107,154 Total funds 488.486 706,496 (733,761) 2,916 676 464,813 FINANCIALg NOTES TO THE FINANCIAL STATEMENTS 21. Statement of funds (continued> Statement of funds - prior year B8lance at 1 November 2022 Balance at Gains/ 31 October (Losses) 2023 Transfers in/(out) Income Expenditure Taxation Unrestricted funds Designated funds British Quilt Sludy Group Fund Collections, Management Fund Contemporary Quilt Fund Founder Members, Bursary Fund Judging Courses Life Membership Fund Miniature Quilt Group Fund Modern Quilt Group Fund Regional Funds {General) The Loft 21,485 13. 104 22.460 404 4,297 620 (3, 731) (2,679) (7,864) 22,051 6. 139 28,251 404 (4, 906) 13,655 30,533 27,404 8,037 15,873 169, 774 712 7, 856 (8.342) (4,911) (3,827) (4, 754) (94,510) (21,899) (3, 747) (22,082) (22,493) 7, 965 3.801 5,810 83,235 21,687 4, 402 8,005 16,929) 158,499 500 Traditional Quilt Group Fund 11,657 12,372 Total designated funds 321,437 145,363 156, 264 49,487 261,055 General funds General reseNes 150,357 431,052 (511,815) 2,446 43, 157 115, 797 Total unrestricted funds 471, 794 576,415 (668,079) 2,446 (6,324) 376,252 FINANblAIE NOTES TO THE FINANCIAL STATEMENTS ear 21. Statement of funds lcontinued) Statement of funds- prior year (continued) Balance at l November 2022 Balance at Gain￿ 31 October (Losses) 2023 Transfers in/(out) Income Expenditu Taxalion Restricted funds £40 for 40 years Anne Morgan Fund Anne Tuck Fund 14.998 10,443 900 40 (11.542) (586) 3,496 9,857 900 Bogod & Co Fund Clydesdale Bank Grant Heritage Lottery Fund Mary Ann Corp Fund Museum Development Fund QGBI Education and Travel Scholarship Fund Quilt Historians Quilt Judging Bursary Fund Sue Belton Fund 5, 908 6,908 500 36,087 26,031 (8,315) (10715) (2,539) (412) 27, 772 29, 129 13.813 2, 123 246 416 6,533 575 6.367 575 2,500 738 (29) 2.471 74,295 213 13.690 204 (133) Sue Ridgwell Fund Young Quilters, Fund 5,071 9. 122 (4,442) 9,751 Total restrlcted funds 115.032 29,597 (38, 580) 6.324 (133) 112,234 Total funds 586,826 606,006 (706. 659) 2,446 (133) 488,486 FINANCIAL NOTES TO THE FINANCIAL STATEMENTS For d31 21. Statement of funds (Continued) Pur se of desi nated funds The designated funds were set up to identify and separate the income an expenditure relating to specific projects. Founder Members, Fund: To enable Guild members to further their knowledge of patchwork and quilting. Collections, Management Fund.. Contributions towards the acquisition and conservation of quilts. Judging Courses: Income raised from the running of quilt judging courses. The remaining funds relate to the regions and specialist groups which are administered independently of the Guild but form part of the overall entity. The funds for these are therefore disclosed separately. The transfers relate to monies held in the charity's general reserve for these groups at the year end. ose of Grant Funds Clydesdale Bank Grant.. Grant towards the cost of Investing in Volunteers accredilation. Heritage Lottery Fund 2020: Grant towards an education and volunteering programme. seofL ac Funds Anne Morgan Fund: Contribution towards the upkeep of the Anne Morgan Cup which is to be presented at the Annual Conference for the best miniature quilt. Sue Belton: Contribution for awards education. Sue Ridgwell Fund.. Fund for competitions for Guild members. FINANCIAL NOTES TO THE FINANCIAL STATEMENTS eare 21. Statement of funds (continued) Pu se of Donation Funds £40 for 40 years.. Donations received towards the cost of setting up an education programme. Anne Tuck Fund.. Donations received towards the provision of an annual prize for a Contemporary Quilt challenge. Mary Ann Corp Fund.. Donations received towards the cost of setting up of an education programme in Region 2. Quilt Historians.. Donations received towards the cost of an initial pilot to inteNiew Quilt Historians. QGBI Education and Travel Scholarship Fund: Bursaries fulfil the Guild's educational remit for member students. Young Quilters. Fund: Donations. sponsorship, and grants towards the running of projects for Young Quilters. Bogod & Co Fund: Donations received towards the purchase of contemporary pieces for the collection. Quilt Judging Bursary Fund: Donation received to provide a bursary for the Quilt Judging course. Transfers between funds: Transfers between funds are discussed and approved by Trustees at Board Meetings. The principal transfers during the year concem the use of unrestricted funds. flNANCIAL% NOTES TO THE FINANCIAL STATEMENTS 22. Summary of funds Summary of funds - current year Balance at 1 November 2023 Balance at Galnsl 31 October (Losses) 2024 Transfers inl(out) Income Expendlture Taxatlon Designated funds 261.055 229.300 (236,074) (18,444) 235,837 General funds 115.197 441.261 (455.996) 2,916 18,444 121.822 Restncted funds 112.234 35,935 (41,691) 676 107,154 488.486 706,496 733 761 676 Summary of funds - prior yoar Balance at 1 November 2022 Balance at Gain￿ 31 Oclober (Losses) 2023 Transfers in/(oul) Income Expenditu Taxation Designated funds 321,437 145,363 (156,264J (49,481) 261.055 General funds 150.357 431.052 (511.815) 2,446 43, 157 115,197 Restricted funds 115,032 29,591 (328.580) 6.324 (133) 7 12,234 586,826 606,006 706.659 2,446 133 488.486 INANCIAL5 NOTES TO THE FINANCIAL STATEMENTS ear ended 31 October 2024 For the 23. Analysls of net assets between funds - current year Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets 8,603 8,606 Intangible fixed assets 14,792 11.457 26,249 Fix8d asset investments 9,667 9.667 Cu￿ent assets 625,939 96.077 722,016 Current liabilities {291,6751 (10,050) 1301,7251 Total 357 659 107,154 Analysls of net assets between funds - prior year Unrestricled funds 2023 Restricted funds 2023 Total funds 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 670,242 119,283 729.525 Current liabililies (256, 275) (3T.812) (294,087) Total 3T6, 252 112,234 488 486 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS Fort 24. Reconciliation of net movement In funds to net cash flow from operating activities Group 2024 Gmup 2023 Net expenditure for the year (as per Statement of Financial Activities) {23,673) (98,340) Adjustments for: Depreciation charges 7,281 9.112 Amortisation charges 14.948 14,889 Lossesllgains) on investments (676) 133 Dividends, interests and rents from investments (15,3501 (12.602) Lossl(Profit} on the sale of fixed assets 634 (150) Decrease in stocks 715 3,953 Decreasel(Increase) in debtors 18,593 (42.932) Increase in creditors 7.638 116,779 Taxation refund (2.916) (2,446) Net cash used in operating activities 11,604 25. Analysls of cash and cash equivalents Group 2024 Group 2023 Cash in hand 646,400 637.517 Total cash and cash equivalents 646,400 637,517 26. Analysis of changes in net debt Acquisition At1 and November disposal of 2023 Cash flows subsidiaries At31 October 2024 Cash at bank and in hand 637,517 8,883 646,400 637,517 8,883 646,400 FINANCIALS NOTES TO THE FINANCIAL STATEMENTS For the ended 3 27. Operating lease Gommltments The Group and the Charity had no commitments under non-cancellable operating leases at 31 October 2024. 28. Related party transactions During the year the Charity made purchases from Festival of Quilts Limited, the subsidiary, of £67,610 (2023.. £55,468). The Charity re￿iVed from the subsidiary, loan interest of £nil (2023.. £1,125) on an interest beanng loan and received a charitable donation made undergift aid of £1,129 (2023.. £124). Details of outstanding balances as at the year-erMI are given in note 17 of these Financial Statements. 29. Post balance sheet events On 17 December 2024 the donor to the Bogod & Co Fund gave permission for the monies in the fund to be allocated to unrestricted reserves. The monies will be allocated to the Collecbon Fund. 30. Contingent asset An individual has left a bequest to the charity. The charity is awaiting a decision from the high court on Ihe legal position as there are several beneficiaries. Once that has been oblained then probate can start and the charity will have more visibility on the amount, less legal fees. that the charity wll be entitled to. FINANCIALS APPENDIX I: Charity s (incorporating incom for the ear ended 31 October em Inancia activities nt) nditure a Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Income from: Donations and legacies 42,033 {227) 41,806 72,369 Charitable activities 255,099 26,162 281,261 174,916 Other trading activities 311.247 8.812 320,059 307,515 Investments 13,033 1,188 14,221 13,604 Total income 621,412 657 347 568,404 Expenditure on: Raising funds 492 Charitable activities 654,727 41,691 696,418 669,218 Total expendltUTe 654 727 696418 669, 710 Net expenditure before net loss on investments (33,315) 15,756) 139,071) (101,306) Net profiU(loss) on investments 676 676 (133) Net expenditure before taxation (33,315) {5,080) 138.395) (101,439) Taxation 2,916 2,916 2,446 Net expenditure after taxation (30,3991 (5,080) (35,479) (98,993) Transfers bet￿een funds Net movement In funds 98,993 Reconclliatlon of funds: Total funds brought forward 371,481 112,234 483,715 582. 708 Net movement in funds 130.399) 15,080) 135,479) (98, 993) Total funds Garried forward 341082 107,154 448,236 483,715 INaNCIAL APPENDIX11: Charity statement of cash flows for the ear ended 31 October 2024 2024 2023 Cash flows from operatlng actlvltles Nel cash generatedl{used) in operating activities 8,054 Cash flows from Invesllng actlvltles Dividends, interests and rents from investments 14,221 13,604 Proceeds from the sale of tangible fixed assets 150 Purchase of intangible assets (9,454) (7.428) Purchase of tangible fixed assets (2,271) (3,119) Purchase of shares in subsidiary company (50,000) Net cash provlded byl(used In) Investlng actlvltles 46, 793 Cash flows from flnanclng actlvltles Net cash provlded by financlng actlvllles Change In cash and cash equlvalents In the year 17,416 (38. 739) Cash and cash equivalents at the beginning of the year 584 114 622 853 Cash and cash equlvalents at the end of the year 601530 584, 114 FINANCIALS APPENDIX11 for the rit ear ended 024 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net expenditure for the year las per Statement of Financial Activities) (35,479) (98,993) Adjustments for: Depreciation charges 6,828 8, 791 Amortisation charges 14,948 14,889 Lossesllgains) on investments {676) 133 Dividends. interests and rents from investments (14.2211 (13,604) LossllProfit) on the sale of fixed assets 447 (150) Decreaselllncrease) in debtors 19.562 (12,764) Increase in creditors 26,427 112,198 Taxation refund 12,916) (2.446) Net cash used in operating activities Analysis of cash and cash equivalents 2024 2023 Cash in hand 601,530 584,114 Total cash and cash equivalents 601530 584,114 FINANCIALS APPENDIX111 . :harity inc for the ear ended 31 October 2024 Income from donations and legacies Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Donations and sponsorship Grant income 11,777 (4601 11,317 Gift Aid income 30,256 233 30.489 42,033 227 41.806. UnTrstricted funds 2023 Restricted funds 2023 Total funds 2023 Donations and sponsorship 12,398 3,540 15,938 Granl income 2,123 2,123 Gift Aid income 43, 559 10,749 54, 308 55,957 16.412 72.369 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 British Quill Study Group Contemporary Quilt 37,269 37,269 10,742 10,742 Judging Course Education and outreach 3,961 3,961 26,162 26,162 Communication 28,659 28.659 Miniature Quilt Group Regional activities Traditional Quilt Group Modern Quill Group The Loft 4,486 4,486 128,470 128,470 3,929 3,929 8,270 8,270 29,313 29,313 255.099 26,162 281,261 FINANCIALS APPENDIX111 . :harity for the ear ended 3 cto 24 Income from charltable actlvltles Icontlnued) Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 British Quilt studies Group 4,225 4, 225 Contemporary Quilt 13,547 13,547 Judging Course 7,856 7, 856 Education and outreach 3,588 3,588 Communication 28,441 28,441 Miniature Quilt Group 3,801 3,801 Regional activities 81,671 81,671 Traditional Quill Group 4,290 4,290 Modern Quilt Group 5,810 5,810 The Loft 27,687 21.687 171,328 174,916 Income from other tradlng activlties Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Fundraising 4,640 8,760 13,400 Membership subscriptions 283,833 52 283,885 Other income 22,774 311.247 320 059 INANCIALS APPENDIX111 harity ear ended 31 October 2024 com for the Income from other tradlng actlvltles (contlnued) Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Fundraising 1.791 8.071 10,271 Membership subscriptions 280, 724 117 280, 841 Other income 16,403 16,403 296.529 307 515 Investment Income Unrestrlcted funds 2024 Restrlcted funds 2024 Total funds 2024 Income from local listed investments 13,033 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Income from local listed investments 994 Taxatlon Unrestrlcted funds 2024 Total funds 2024 Museums and Galleries Exhibition Tax Relief 2.916 2,916 Unrestricted funds 2023 Total funds 2023 Museums and Galleries Exhibition Tax Relief 2,446 2.446 +*• Il¥.Iliiisi' IÉ 11 Cover image: Forty Layers of Quilting Io Avery Image provided courtesy ol The Quilt Collection Inrlp.np.ndpnt Aij rs.. Clive Owen LLP 140 Coni5clifte Road, Darlington, DL3 7RT Rnnkgrs Quilters, Guild Unity Trust Bank 4 Brindley Place, Birmingham, Bl 2JB Cjnt Aclvi< Inves1 CCLA Investment Management l Angel Lane, London, EC4R 3AB Re,. I,.-.tered Office Address.. The Quilters, Guild of the British Isles St Anthony's Elall, Peasholme Green, York. YOI 7PW 2024 Trustees, Report & Financial Statements