2022-06-30-accounts - The Makers Guild In Wales

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REGISTERED COMPANY NUMBER: 05608888 (England and Wales)
REGISTERED CHARITY NUMBER: 1113675

`THE MAKERS GUILD IN WALES`

`REPORT OF THE TRUSTEES AND`

`FINANCIAL STATEMENTS`

FOR THE YEAR ENDED 30 JUNE 2022

Carr, Jenkins & Hood
Oystermouth House
Charter Court, Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS

THE MAKERS GUILD IN WALES

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

	`Page`
`Report of the trustees`	`1 to 11`
`Independent examiner's report`	`12`
`Statement of financial activities`	`13`
`Balance sheet`	`14 to 15`
`Notes to the financial statements`	`16 to 29`

`THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)`

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
with the financialstatementsof the charityfor the year ended 30 June 2022. The trustees have adoptedthe  provisions
of AccountingandReportingby Charities:Statementof RecommendedPracticeapplicableto charitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).

The report of the trustees also incorporates a  directors' report as required by company law.

`Objectives and activities`

`Objectives`

The MakersGuildin Wales is a nationalappliedart and craftmembershiporganisationbasedin Cardiff,Wales,with a
membershipspreadalloverWalesandwithourhomeinauniqueHeritagebuildinginCardiff.Originallysetupas a
Maker Co-operative in 1984, the Guild still operates with those values and remains volunteer led.

Inspiring craft engagement - The Guild inspires engagement and learning about contemporary craft, by
- providing opportunities for audiences and artists to experience contemporary applied art and craft in Wales. Supporting Welsh Craft Makers - The Guild is the largest membership Craft organisation in Wales. Our Makers
all share in our strong co-operative ethos.
Celebrating craft excellence - We Champion high quality hand-made crafts and applied art in Wales both by
our members and of invited National and International artists through our exhibition programme.

The Gallery'svisionis to inspire,supportandcelebratethroughinnovativecontemporarycraftandto meet our Guild
of 90 Makers allowingour audiencesto connectwith artists workingwithin a Welsh context in a stimulating, engaging,
inclusive and welcoming environment.

The Guild has been successfully managing to sustain and maintain its charitable objectives for over 38 years, namely:

"TheObjectsaretoadvanceeducationforthepublicbenefitinthevisualArtsandCraftsinparticularbut not
exclusively by exhibitions of high quality handmade crafts and the provision of workshop programmes".

`Mission Statement`

"TheMakersGuildinWalesistheNationalCraftOrganisationforWales;amembershipbodythatengages and
inspires through the promotion of excellence in craft."

`Public benefit`

Thetrusteesofthecharityarecommittedtoprovidingapublicbenefit,andhavetakenintoaccountthe Charity
Commission's guidance in this area.

The Guild providesthe publicwith free access to high qualityexhibitionsof craft by maker members of the Guild along
withaneducationalexhibitionprogrammeofNationalandInternationalCraftandAppliedArt.Linkedwith each
educationalexhibitionisaprogrammeofcommunityworkshops,usuallytakingplaceatCraftintheBay,a unique
Heritage asset and a Grade II listed building, a former Victorian Maritime Warehouse in the heart of Cardiff Bay.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

`Strategic report`

`Achievement and performance`

`Charitable activities`

The Makers Guildin Wales was formedin 1984 as a Maker Co-operative.The Guildis home to a uniquecommunity of
Welsh Makers,a thrivinghubfor Craftand AppliedArt in the Capitalof Wales.The Galleryhousesexhibitionsof  work
bymembersofTheGuildofWelshCraftmakersalongsideacuratedprogrammeofthefinestNational and
Internationalcraftandappliedart.Alongwithawell-regardedprogrammeofcommunitycraftworkshops working
withourlocalcommunities.To ouraudiencesandcommunities,The MakersGuildis more commonlyknownas  'Craft
intheBay',highlightingthefactthatthebuildinghasbecomesynonymouswiththeorganisationitself,the names
intertwinedandinterchangeable.The Guildis a uniqueandhighlyregardedpartof Cardiff'srichculturallandscape; it
is sustainable, resilient and has support throughout the City.

Duringthisyear,theGuildcelebratedits20thAnniversarysincemovingintoitspresenthomeinCraftintheBay in
June2002,havingraised£1.4milliontorestore,reconstructandextendthe"DShed",aGradeIIlisted Landmark
heritage building;

'ThebuildingmarkedonFirstEditionOrdnanceSurveymap(surveyed1870's)aswarehousebesideButeEast Dock
Basin.Knownas "D" Shed ...Listedfor specialinterestof C19 sectionof building,a rare examplein Wales of a mid C19
iron framed dock warehouse/transit shed.' (CADW)

Thecompletedbuildingwasshort-listedforaRIBAawardandthebuildingreceiveda"highlycommended" British
ArchaeologyAwardin 2004. The Guildsuccessfullycompletedthe purchaseof the freeholdof the Craft in the Bay site
in March 2006.

Our'makercommunity'istheheartofourorganisation,havingoriginallybeencreatedasamakerco-operative in
February1984.TheGuildstillretainsaco-operativeethosthroughouttheorganisation.ThisgivestheGuild a
cumulativeandunitedstrength,allowingmemberstofeelpartofagroupsharingavisionwhilstmembers benefit
from a multi-layered programme of opportunities.

OurcommunityofCraftmakersmeanthattheGuildisuniqueinWales,ourMakersareattheheartof the
organisation.Withourco-operativeethos,maintainingafocusonfairness,emphasisingequalityand sustainability;
andmaintainingstrongethicalvalues.SincesuccessfullyopeningCraftin the Bay,in 2002,membershiphas grown by
27%, and the Guild is committed to continuing this growth going forward.

Co-operativeworkingalongwithanemphasisonvolunteeringarecoretoourorganisation,werecogniseand value
thespecialworkvolunteersdoinourcommunity.Thesearetwopillarsonwhichourorganisationoperateswith and
values.

In June 2012,the Guildwas usedas an exemplarstudyintoco-operativeconsortiaby the WalesCo-operative Centre.
In 2016 our longhistoryof volunteeringwas recognisedin the NLHF projectled by VCS Cymru.The 'Chronicle Project'
was a communityheritageprojectdocumentinga centuryof volunteeringin Cardiff,this projectwas unveiledby Julie
Morgan AM.

OurGalleryis uniquebothhistoricallyandculturally,andis a substantialHeritageandTouristassetfortheCapital of
Wales.

In May 2018,The Guildwas invitedto attendBuckinghamPalaceat the invitationof The GarfieldWeston Foundation
tocelebratetheir60thAnniversaryofFunding.TheeventwashostedbyHRHPrinceofWalesandthe Foundation
selectedasmallnumberoforganisationsthattheyhadfundedtoattendthiseventinordertorecognise the
charitable work that they do.

`THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)`

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

Our last year in numbers...

44,009 people visited our Gallery
19,975 pop up shop visitors
47,975 page views (18,121 unique visits)
18,495 online shop sessions
4,116 followers on Twitter
4,511 follows on Facebook
4,018 followers on Instagram
46 TikTok
849 views on YouTube
1,404 took part in our craft workshops and community programmes and artist talks

2,037 people purchased craft and craft workshops, in person and online
533 days given to the organisation by our amazing volunteers!
94 craft-makers in our membership
85 'Friends of the Makers Guild'

We've welcomed 1,263,915 visitors since we opened in June 2002

We are grateful to all of those who engage with us in whatever format, platform or experience.

`Programme highlights`

`Educational Exhibition programmes`

The MakersGuildinWaleswas ableto scheduleexhibitionsthrough2021into2022,whichcame as a reliefafter the
previous year's severe disruption due to COVID.

Makers Guild exhibitions during this period:

`Stone - The Carved Form`

`July 2021`

AnexhibitioncelebratingtheextraordinarycraftsmanshipincontemporarystonesculptureintheUK.Paul Mitchell
hasinvitedfellowstonecarverstoshowrecentworkthatreflectstheirindividualsculpturepractice.Givingeach of
them a sizerestriction,the pieces have been selectedto show carvingin differentstones,illustratingbothrelief work
and carving in three dimensions.

"Wehavechosenartistswhoworkinavarietyofdifferentstones,includingslate,limestoneandalabaster-in both
figurativeandabstractoutcomes.Theinherentqualitiesofthestone;itstranslucency,reflection,absorptionof light,
uncovered through the mastery of carving and finish." - Paul Mitchell

ThoughCOVID restrictionswere still in place,The Carved Form was well received by visitors.People made special trips
to see the work. Five stone carvers exhibiting.Two carvingdemonstrationsran as free events for the public- thanks to
Meic Watts and Paul Mitchell for this.

`Tidal Echoes and Gardens of the Mind`

`August/September 2021`

ExhibitionofceramicsculpturebyguildmemberBeverleyBellHughesandofglassworkbyguildmember Verity
Pulford.BothexhibitionslaunchedatRuthinCraftCentre.VerityPulford'slatestprojectGardensoftheMind has
been fundedby the Arts Councilof Wales andinvestigatesthe visualandphysicalcorrelationbetweenstructures and
micro-structureswithinplantandhumanbiology.TheprojectwasinspiredbyVerity'stimespentasArtist in
Residence at The WaltonNeurologicalCentre In Liverpool,as part of The BluecoatDisplayCentre's Outreach Program.
ThejourneythisprojecthastakenVerityonhasbeentransformationaltoherpractice.Influencesinclude Ramon
Cahal's early drawings, plant collections at Bangor University Herbarium and Anna Atkins cyanotypes.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

GardensoftheMindhasbeensupportedbyTheArtsCouncilofWalesandRuthinCraftCentre.Veritywouldlike to
thankBangorUniversity,TheWaltonCentreandTheBluecoatDisplayCentre.AlsoAmandaSimmonsGlass Artist,
Rhian Haf and Kirsti Brown for their technical advice and mentor support.

TidalEchoesisdisplayedinthegalleryalongsidefellowguildmemberVerityPulfordwhoisexhibitingher stunning
collection of contemporary glass - also a Ruthin Craft Centre initiated exhibition.

BeverleyBellHugheshasbeenamemberoftheGuildsince1992andhasexhibitednationallyand internationally,
havingworkin manyprivateandpublicart collections.In 2019 she was awardedthe prestigiousGoldMedalfor Craft
attheNationalEisteddfodd.Beverleyworksfromherhomethatisideallyplacedjustfiveminutesdrivefrom Conwy
Bay-theinspirationforhersculpturalceramics.Thetidalmarksleftbytherecedingsea,thebarnacled shrouded
bouldersandbeechcombedshellsandpebblesobservedonherdailywalks,becometranslatedintosculptural forms
through her skillfull manipulation of the clay.

Bothexhibitionsreceivedpositivefeedbackfromourvisitorsandhadgoodsales.Exhibitionopeningwasa low-key
event due to restrictions on numbers to the gallery.

`BAMS Student Medals Exhibition`

`Ending 31 October 2021`

Weweredelightedtobehostingthisexhibitionofartmedalsdesignedandcreatedbystudentsfromart colleges
acrosstheUK,includingacademiesinItalyandBulgaria,alongsideasmallselectionofcontemporarymedals by
professional makers, commissioned by the British Art Medal Society.

TheannualStudentMedalProject,nowinits28thyear,wasestablishedtoreintroducetheartofthemedalto art
colleges,suggestingthemesfortheirresearchanddesignprocess.Theexhibitionincludesmedalsselectedfrom the
Project in 2020 and 2021.

Theoptionalthemefor2020wasEndangeredSpeciesfromtheRedList.Eachmedalhasadesignfrontand back
(obverse and reverse), and the students worked from design to complete their cast bronze medals, as shown here.

The winningmedals and designsfor this year's Projecthave recentlybeen judged,and the suggestedtheme was Black
ArtMatters.Researchonthisthemeincludedhistoricblackart,as wellas painting,sculpture,weaving,ceramics, the
cinemaandliterature,andstudentsinvestigatedtheseareasfromthebeginningoftheacademicyear.A greater
understandingandappreciationoftheimportanceandtheinfluenceofblackarthasledtosomewonderful medals
and also designs.Due to the lockdownat colleges,the Project was widened to includeacategoryof Design/Prototype
so thatas manystudentscouldparticipateas possible.Notsurprisingly,a numberof studentsalsocreatedwork that
reflectedhowtheyfeltaboutisolationduringthisyear.Thisyear74castmedalsfrom14differentUKcolleges have
been made, as well as over 30 medal designs.

TheBritishArtMedalSocietyhascommissionedmedalsfrommanydistinguishedcontemporarysculptors, glass
engravers,jewellers,cartoonistsandpoetsamongmanyothercreativepractitioners.TheGoldsmiths'Centre, the
WorshipfulCompanyof Founders,the WorshipfulCompanyof Tin Plate Workers alias Wire Workers,Thomas Fattorini
LtdareamongtheinstitutionsthatsupporttheStudentMedalProject;andtheBritishMuseumhas purchased
particularly meritorious student medals.

A fabulousexhibitionof contemporarydesigns,mostly cast in bronze and created by studentsfrom universities across
the UK. A BritishArtistMedal Societyannualproject(BAMS), The Directorof the BAMS StudentMedalProject, Marcy
LeavittBournecame to the galleryto see the exhibitionandgave a shorttalkaboutthe project(filmedand available
on YouTube).Very positivefeedbackfrom her and BAMS. Currentstudentsof Art & Designhave visited the exhibition
including from Coleg Sir Gar, Cardiff School of Art.

ArtistMaureenO'KaneranaclaymodellingandplastercastworkshopforvolunteersandFriendsoftheGuild. Lisa
MarieTannandourstaffranmedaldesignworkshopswithYr 5 pupilsfromMountStuartPrimary.24 children. Their
work has been on display in the foyer.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

`A Festive Feast - our Christmas Show`

`Until 9 January 2022`

Craft designed and made by members of the Makers Guild Wales and Guest Artists. Especially curated for Christmas.

`Pattern, Line and Form - A Celebration of Contemporary Craft Practice from Queen Elizabeth Scholarship Trust (QEST) Artists and Makers`

`22 January 2022 - 20 March 2022`

CuratedbyQESTScholarAmbassadorandMakersGuildWalesmemberLauraThomas,thisexhibition of
contemporarycraftsbyelevenQESTScholarsoffersavisualfeastofeye-catchingpattern,lineandform-from the
undulatingcarvedwoodformsofPhilipWalkertoGordonRobertson'setchedandspunpewterbowlsand the
ethereal core-cast glass sculptures of Joanna Manousis to Yeena Yoon's architecturally influenced jewellery.

Createdfroma varietyof materialsincludingpewter,willow,stone,silver,glassandporcelain,theworksonshow all
shareafocusonpattern,lineandform.TheyincludetheprecisegeometricstonecarvingsofZoeWilsonand the
multi-layeredscreenprintsofJessieHigginsonwhichexploretherhythmofpatternandthemeditativenature of
repetition.

Severalof the scholarspresentworkswithWelshconnections.QEST Tom Helme Scholar,CeliaDowson,exhibits glass
piecesfromherRhossilicollection,inspiredbytheGowerPeninsula.Herworkismotivatedbythecolours, changing
light and wild landscape of the area and informed by the movement and flux of the natural world.

QESTWinchDesignScholarNicoConticreatesbeautifullyintricate3-Dprintedporcelainobjects,andhis scholarship
recently enabled him to spend time at Nantgarw, developing ways to incorporate the local clay into his 3D designs.

CuratorLauraThomascomments,"QESTandtheMakersGuildWalesaretwoorganisationsthathavebeen so
importanttomy professionalpracticeandso it'sbeena joytocuratethisexcitingexhibition.Pattern,Lineand Form
are designfundamentalsfor manymakers,butfor the selectedQEST scholarsin thisexhibition,it's trulycoreto their
practice.The diversityof materialmasteryis inspiring:thereis purityof form,precisionof line,andpoetryin pattern,
with each maker demonstrating excellence in their craft."

QEST CEO DeborahPocockcomments,"We're thrilledto be able to showcasethe diverse work of these QEST  Scholars
inCardiff,andhopetoraiseourprofileinthecountryoverthecomingyears.We'realwayslookingto support
talented makers and we're keen to reach more living and working in Wales."

TheQueenElizabethScholarshipTrust(QEST)supportsexcellenceinBritishcraftsmanshipbyfundingthe education
oftalentedandaspiringcraftspeoplethroughtraditionalcollegecourses,vocationaltrainingorone-to-one learning
withmastercraftspeople.AsacharityoftheRoyalWarrantHoldersAssociation,QESTwasestablishedin1990 to
celebratethe 150th anniversaryof the Associationand the 90th birthdayof Queen Elizabeth,The Queen Mother. HRH
The Prince of Wales is the charity'sPatronwith Vice Patronsthe Earl of Snowdonand the Marquessof Salisbury. Since
1990theTrusthasawarded£5milliontoover625craftspeople,workingacrossmorethan130craft disciplines
including thatching, millinery, luthiery, enamelling, printmaking, textiles and more.

`Flow - A stunning selected exhibition of contemporary glass by members of the Contemporary Glass Society 2 April 2022 - 29th May 2022`

The ContemporaryGlass Society:2022 was a spectacularyear for the ContemporaryGlass Society(CGS). From humble
beginnings25 years ago, it has grownover the years intoa thrivingand proactivesocietysupportinga membership of
over1,000.2022isalsotheUNdesignatedInternationalYearofGlass,sothisisouropportunitytopromoteto the
worldthegloriousmaterialthatwealllove.Tohighlightit'sanniversary,CGShostedanumberofonlineand live
exhbitionsaroundtheUKplusrunningmonthlythemedeventsonlineincludingInternationalDays, talks,
demonstrations.

As partof these celebrations,The ContemporaryGlass Societyworkedin partnershipwith The Makers Guildin Wales.
CGS members were invited to respond to the title FLOW.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

The FLOW of glass, of ideas, of creativity, of movement (e.g. physical in the making process, movement of material)
FLOW - to move steadily and continuously in a current or stream.

FLOWstate-beinginthezone,amentalstateinwhichapersonperforminganactivity(suchasmaking)is fully
immersed, a feeling of hyper focus, intense, leading to a sense of ecstasy and clarity.

`Our Community`

Withourcooperativeroots,sharedvaluesandemphasisoneducation,wevalueworkingtogetherandof learning
throughthe sharingof craft skills.We developand deliver communityarts projectsto affect positivechange.We want
tousecrafteducationasatooltopromotelearninginajust,inclusive,peacefulandcreativesociety, where
difference is welcomed and participation is valued.

We currentlydothisthroughthedevelopmentof longtermcommunitypartnerships,as we feeltheseensure lasting
and meaningful projects that grow as relationships develop.

TheGuildhasgrownit'slongtermpartnershipswithit'saudiencesandcommunitypartners,specificallywith the
ButetowncommunityheritagegroupTheCulturalandHeritageExchangeandYMCACardiffYoungCarers,both of
whomtheGuildhasworkedwithovermanyyears,deliveringmeaningfulcarefullyconsideredandfuncraft learning
experiences for those taking part.

MGWPopUpShopinStDavid's,Cardiff-audiencesduringthepandemicdroppedsuddenly,andare slowly
returning,howeverwedecidedtotakecraftoutofthetraditionalgalleryspaceandintoanareaofhighnon arts
footfall.The Pop up was situatedin the heart of one of the UK's largestretailcentres.Beginningin late November and
continuingintomidJanuary,theprojectwasimpactedbytheunexpectedarrivalofthe'Omicron'variant in
December,whichadverselyaffectedfootfall,howeverfeedbackwasoverwhelminglypositiveandsignificant new
audiences were reached, a total of 19,975 visited.

-FromtheMakerswhotookpart"Thankyoutoallthemakermembers,staffandvolunteersthathaveworked so
hardtomakeithappen,particularlyworkingtheChristmasholidays.""Thankyoueveryoneformakingitsuch a
success!"

- Visitors "Shame it's a pop up, I love to visit every time I go to Cardiff..." "This should definitely be permanent"

- Funder"I am pleasedit was a success.I calledin a coupleof times andwas impressedby the rangeof products and
how well you used the space."

- St David's 2 "Hope that you have had a good experiencewith the Pop up in St Davids. It has been a pleasure working
with you and h ope you have enjoyed the time trading in St Davids."

`Young Carers Summer Craft Project`

This year we worked again with YMCA CardiffYoung Carers, throughtheir 'TIME 4 ME' Young Carers Project.The  'Time
4 Me' projectprovidessupportand a break for YoungCarers;a chanceto meet other YoungCarers;make new friends
andhavesomefunacrossCardiffandtheVale.YoungCarersarechildrenandyoungpeople7to18yearsold who
helpcare for a familymember who lives withthem.The familymember couldbe experiencingdifficultieswithone  or
more of the following: disability, illness, mental health issues and drug and alcohol issues.

The Guildhasidentifiedthatby givingyoungcarerstheserespitecraftsessions- the youngcarershavetime to enjoy
learning craft skills, which then lead to improved opportunities to develop and make new friends.

`Audiences/Digital`

The Guild,as well as othersin the wider sector,are facingdramaticchangesto physicalaudience/visitorpatterns, and
thereforeitmustbetterunderstandit'scurrentaudiences.As a resultofCOVID19,audiencesandthewaythat they
couldtobepredictedhavealtered,areluctanceorinabilitytoattendartsevents(e.g.fewerinternational tourists,
morelocalvisitors),astheGuild'sgallery,CraftintheBayisinoneofthemostculturallydiverseareasof Wales,
(Butetown)howeverthoughinformationonnumbersisaccuratelyrecorded,littleinformationonthebreakdown of
audienceswas done. The Guild'sfastest growingaudiencesare online,this growthis being matchedwith an increased
commitmentbytheGuild,withmorestafftimeandfundscommittedtosocialmedia,ouronlineshopand the
understanding of digital audiences too.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

`Butetown Heritage Community Project`

ContinuingourworkwithTheHeritageandCulturalExchange.Acommunitybasedorganisationthataimsto fully
chroniclethe heritagetogetherwith the culturaldiversityof Tiger Bay and CardiffDocklandsand bringit to the world.
Withintheir archive is a wonderfulhistoricrecord of our uniqueLandmarkHeritageBuilding,Craft in the Bay, we  used
thisasathemeandinspirationforourartbasedcommunityproject,givingnewunderstandingofour Buildings
Heritage and it's place within our community, Butetown.

Togetherwe createdand launcheda new touchscreenwhich tells the rich historyof our uniqueHeritagebuilding, our
localarea-Butetown,ourcommunityandsocialheritage,wealsoaddedcontentwhereaudiencescanlearn more
about craft, our organisation and our makers.

WealsousedthearchiveforacommunityartsprojectledbyKyleLegallinAugust2022-'WhereweusedtoPlay' -
Localresidents,schoolsandmulti-generationalfamiliesfromButetowntookpartincreatingthewonderfulart work,
inspiredby the archive of The Heritageand CulturalExchange,to create new, fresh interpretationsof what the archive
photos meant to them. The work created through this project featured in an exhibition in August/September 2022.

The Guild will continue its work in these areas in the next year.

`Financial review`

`Principal funding sources`

CommissionsfromthesaleofMakerMembers'workdisplayedinthemainGalleryspace,rentalincomefrom the
restaurantincomefromeducationalactivitiesandthelettingofmeetingroomsproducethebulkofthe Charity's
income.TheongoingCOVID-19pandemicmeansthattheGuildhasdevelopedanewFundraisingStrategy which
means the Grant Fundinghas now become a larger source of income,the plan is under constantreview and continues
to evolve as the current situation progresses.

Withrestrictionsbeingremovedoverthesummerof2021,saleshaveslowlystartedtoimprove,andasaresult the
Guildisabletobuildonthisincomeoncemore.However,theGuildisacutelyawarethatdiversifyingits income
streamsiskeytoitsongoingresilience.Thereforeindevelopingabalancedlongtermstrategy,theGuildwill ensure
that it's income is as secure as it is possible.

`Investment policy and objectives`

UndertheMemorandumandArticlesofAssociation,theCharityhaspowertoinvestinanywaytheTrustees wish.
The Trustees regularly review the investment funds to ensure that they are the most appropriate for the Charity.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

`Strategic report`

`Financial review`

`Review of finances`

LockdownrestrictionsonceagainimpactedtheGuild'sabilitytotradeandwelcomevisitorstothegallery.Over the
summer,restrictionswereeased,andbySeptember2021alloftheUKandWelshGovernmentsEmergency funding
cametoanend.ThereforetheGuildhadplannedonincreasingfootfall,asvisitorsbegantoreturntothe 'new
normal'.Initiallythe Guildmanagedto incrementallybuildfootfallandthereforeincomeduringthisperiod, however,
thearrivalofthe'Omicron'variantinDecemberdidhaveadramaticeffect,significantlylowerfootfallinwhat is
usuallythebusiestweekoftheyear,andincreasedstaffabsence.Asaresult,salesofcraftreduced.Both were
unexpectedandtheeffectisreflectedinlowerthanexpectedincome.Restrictionshavesinceeasedandthe Guild
continues to monitor footfall and sales closely.

The Guild has been fortunate to receive Grant help through this period from the following;

`The Moondance Foundation;`

The Arts Council of Wales;

The Guild would like to thank the above for their support during this period:

The Guildwouldalsoliketo thankThe Friendsof the MakersGuild,Membersof The MakersGuildandour individual
supporters.

The Guild'splansgoingforward,take into considerationthe learningsfrom the pandemic.Lessons learnt,especially at
the earlystageof thispandemic,showthatdiversifyingincomestreams,a fundraisingplanandthe creationof a new
strategic reserve are all essential to ensuring the Guild's future.

TheGuildcontinuestoreviewandamendplansin'real'time,andasaresultTrusteesfeelconfidentthat the
organisation is in a much better position to sustain itself going forward.

Tohelpthisplan,theGuildcontinuestoadaptitsincomestreams,(suchasitsPOPup)developinglong term
relationshipswith Funders (especiallywith those who supportedthe Guild duringthe pandemic)and is ensuringthat a
reserve is created that is sufficient to see it through a similar scenario, should it occur again.

TheGuildhasaprudentapproachinrelationtocashflowmanagement.Despiteeconomicheadwinds,theGuild has
beenabletosuccessfullyaccessseveral'EmergencyFunding'grantsthroughthisextendedperiodof ongoing
uncertainty.Althoughthe Guild'sreserves were almostcompletelydiminishedat the outbreakof the pandemic, steps
havebeentakentoretainandrebuildcashreservesin-yearandoverthenext12months,despiteanticipating a
reductionin(albeitimproving)earnedincome.TheGuild'splanistomaintainsufficientlevelsofreservesto ensure
the Guild can face a similar situation if one was to occur again.

`Reserves policy`

TheGuildwasinitiallyforcedintoutilisingmostofitsreservesinorderintheinitialstageoftheCOVID-19 pandemic
and subsequentLockdownperiod.Althoughmuch depleted,these Reserves helped the Guild survive until funding was
received from UK and Welsh Government,Foundations,Trusts and donations.The Guild has prioritisedthe building of
a new larger reserve to ensure the Guild can face a similar situation once again should it ever occur.

Trustees ensure that the disposition of restricted funds is in accordance with donor requirements.

`Factors affecting the Charity`

TheinitialimpactontheCharityduetoCOVIDwassevere,testingtheorganisationsresiliencetothe extreme.
Howeverlearningfromthishashelpedtheguildtorebuildanewmoreresilientorganisation.Movingforward, with
theCostofLivingCrisisandEnergyCrisis,theguildpotentiallyfacesamoreseveretestthanthatseenduring the
pandemic,withlittleornogovernmenthelp,thepotentialriskismoresevere,howeverthecharityismuch more
resilient to any potential  threats and risks that may still lie ahead.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

`Strategic report`

`Future plans`

Due to the COVID-19 pandemic,the Guild had to postponeits organisationaldevelopmentplans which were  produced
as a result of a recent NationalLotteryHeritageFund 'ResilienceProject' in late 2019. It is however the Trustees aim to
instigate a number of these recommendations to build the Guild's resilience over the coming year.

TheGuildis alsomindfulof theplansunderconsiderationforCardiffBayandtheGuildsimmediatesurroundings. As
plansdevelopandmaterialise,theGuildwillensurethatthecharityis bestpositionedtoengagewithandbe part of
these developments.

The Guild fund raising will continue to evolve, with a diverse and balanced mixed of income streams.

`Structure, governance and management`

`Constitution`

TheCharityisacompanylimitedbyguaranteeandwasregisteredwiththeCharityCommissionon6April 2006,
althoughThe Makers Guild in Wales was first establishedby a groupof Makers in 1984. The GoverningDocuments are
heldat Craftin the Bay. In October2006,the Guildagreedto the establishmentof the currentCharity.There are two
categoriesofmembership;Maker-MemberandSupporter-Member.Inordertobecomea Maker-Member,
craftmakerswholiveandworkinWalesareentitledtoapplyandsubmittheirworktotheGuildsrigorous artistic
selection procedure.

Atpresent,mostareasofWalesarerepresentedwithinthemembership,withmoreinevitablybasedinSouth East
Wales, simply reflectingthe populationdistributionof the country.The membershipis not evenly balancedin terms of
gender, at present it is 26% male and 74% female.

`Recruitment and appointment of new trustees`

Trustees,whoare eitherMakeror Supporter-Membersof the Guild,are appointedat the AnnualGeneralMeeting. A
maximum of 25% are Maker-Membersand the remainderare recruitedexternallyas SupporterMembers according to
the differing skills which are seen to be appropriate.

Trusteesarenowrecruitedviaa formalinterviewandthenselectedaccordingto abilityandsuitabilityfortherole. A
formal induction process is to be introduced in due course.

As a resultof the pandemic,The Guildwas fortunateto havethe supportof its BoardwithTrusteeswillingto remain
in post as recruitmentbecome difficultdue to restrictions.However, as restrictionsare eased the Guild will once again
begin it's recruitment process.

`Organisational structure`

The governingbody is the Board of Trustees who are non-executive,unpaidand meet six times a year. The Board have
nowformallyestablishedfivestandingcommitteeswhoreportdirectlytotheBoard;aFinanceCommittee, an
Education and Exhibitions Committee; a Membership Committee, a Marketing Committee and a Buildings Committee.

Each committee is made up of at least two Trustees and a staff member, with furtherpersonnelrecruitedas and when
required.TheBoardhavealsoreviewedandupdatedstaffingandinternalcommunicationstructures.The Board
delegate the general day to day running of the Charity to Mr S Burgess, the General Manager.

`Induction and training of new trustees`

Thereisaformalinductionortrainingprocessfortrustees.Vacantpositionsareadvertisedandashortlist are
interviewed for each post. Trustees are chosen for the specific skills that they bring to the Board.

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022`

`Structure, governance and management`

`Risk management`

TheTrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controlsareinplacetoprovidereasonableassuranceagainstfraudanderror.Riskassessmentandthe management
ofriskisacontinuousprocesswithallareasbeingaddressedasrequiredandtheTrusteesaresatisfied that
appropriate action has been taken to mitigate any impact of these risks.

The arrivalof COVID-19,means that Charityassessment of risk has and will continueto have to be re-evaluatedin  light
oftheongoingpandemicandanysubsequentshort,mediumandlongtermeffectsthatthisoranyother pandemic
may as yet bring.

`Staffing`

TheGuildemploys3full-timestaffand5part-timestaff,whichhasremainedconstantforanumberof years.
VolunteeringhassincetheGuild'sinceptionin1984,beingseenasvitaltoensuringthattheGuildcan operate
effectively.VolunteeringisastrengththatgivestheGuildanabilitytocallontheskills,timeandenergyofa large
dedicated and supportive volunteer base when required.

ThestaffingoftheGalleryareaissupplementedbyavolunteereachday.TheGuildoperatesaprogramme of
volunteeropportunitiesandrecruitsthroughtheVolunteerNetwork,partoftheThirdSectorSupportWales. The
GuildisamemberoftheWelshCouncilforVoluntaryAction(WCVA).TheGuildhasbeenavolunteerled and
supported organisation since it's inception in 1984 with many long serving volunteers.

TheGuildoperatedwiththehelpof533daysgivenbyvolunteersin2021/22whichincludemaker-members, school
pupils,students,volunteersandFriendsoftheGuild.TheGuildis gratefulforthesupportithasreceivedinthis area
fromVolunteeringWales,CardiffThirdSectorCouncilandTheWalesCouncilforVoluntaryAction;TheGuild would
like to recognise  the  special  efforts that volunteers from the Friends of the Makers Guild give to the Guild.

`Reference and administrative details Registered Company number`

05608888 (England and Wales)

`Registered Charity number`

`Registered office`

The Flourish
Lloyd George Avenue
Cardiff
CF10 4QH

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30JUNE 2022 Trustees B Adams Iresigned 1114120221 S Nicholls Iresigned 1114120221 G Purcell-lones Treasurer R Pitt Ireslgned 1114120221 D S Lewis Ge8enwart D E James Iresi8ned 1114120221 P R Thomas Iresigned 1817120221 T A Adam (Chairl P Lawrence LMGTann K A Davld lappointed 2315120221 S Aziz (appointed 2315120221 A G Jones (appointed 1817120221 C J Strong lappointèd 1817120221 J Hook lappolnted 2315120221 Company Se¢ret•ry S Burgess Indepèndent Examlner Stuart Harries FCA ACCA Independent Examiner Carr. jenkins & Hood Oystermtsuth House Charter Court, Phoenix Wav Swansea Enterprise Park Swansea SA7 9FS Thls report ha5 been prepared In accordance wlth the special provislons of Part 15 of the Companies Act 2Cx)6 relatSn8 to small companies. Report of the trustees, Incorporatlng a Strategic report, approved by erder of the board of trustees. as the Companv dlrectors, on Q¥.:.11.,¢.os.¢............ and signed on the board'5 behalfbv.. T A Adam- Trustee li

INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 056088881 Independent examiner's report to the trustees of The Makers Gulld In Wale51'the Companv'l I report to the charlty trustees on my examinatSon of the accounts of the Company for the year ended 30June 2022. Responsibilities and basls of report A5 the charity's trustees of the Company land also Its directors for the purposes of company lawl you are responsible for the preparation of the accounis In accordance wlth the requirements of ihe Companies Act 20)6 (the 2006 A¢t'l. Having sat15fied myself that the accounts of the Company are not required to be audlted under Part 16 of the 2006 Ad and are eligible for indèpendent examination. I report in respect of my examlnatlon ol your charity's accounts as carried oul under section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examination I have followed the Oirectlons glven by the Charity Commisslon under section 145151 Ibl of the 2011 Act. Independent examlnef's statement Sin¢È the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 ol the 2011 Act. l Can conflrm that l am qualified to undertake the examlnation because l am a member of the Institute of Chartered Accountants in England and Wales, which Is one of the Ilsted bodie5. I have ctsmpleted my examination. I tonflrm that no matters have come to my attention In connection with the examination givlng me ¢ause to believe that In any material respect'.- accountlng Tecords were not kept in respect of the Company as requlred by sectlon 386 of the 2(K16 Act,. or the account5 do not accord with those records.. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which Ss not a rnatter considered as part of an Independent examinatlon.. or the accounts have not been prepared In accordance wlth the method5 and principles of the Statement of Recommended Practice for accountln@ and reportin8 by charitles (applicable to charities preparing thelr account5 in accordance with the Flnancial Rep¢rtin8 Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters conne¢tlon with the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understanding of the account5 to be reached. Stuart Harries FCA ACCA Independent Examiner Carr. Jenklns & Hood Oystermouth House Charter Court, Phoenix Way Swansea Enterprise Park Swansea SA7 9FS Date.. 12

`THE MAKERS GUILD IN WALES`

`STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022`

`Notes` `Income and endowments from` `Donations and legacies` `3` `Charitable activities` `Gallery` `Exhibition` `Workshop` `Other trading activities` `4` `Investment income` `5` `Other income` `7` `Total` `Expenditure on` `Raising funds` `8` `Charitable activities` `9` `Gallery` `Exhibition` `Workshop` `Taxation` `11` `Total` `NET INCOME/(EXPENDITURE)` `Transfers between funds` `22` `Net movement in funds` `Reconciliation of funds` `Total funds brought forward` `As previously reported` `Prior year adjustment` `16` `As restated` `Total funds carried forward`	`Unrestricted` `funds` `£` `12,000` `12,867` `18,724` `2,469` `47,216` `31,939` `6,220` `131,435` `13,375` `44,338` `-` `-` `(5,263)` `52,450` `78,985` `(47,226)` `31,759` `129,160` `3,721` `132,881` `164,640`	`Restricted` `funds` `£` `121,139` `-` `-` `-` `-` `-` `-` `121,139` `14,207` `95,658` `28,956` `14,884` `-` `153,705` `(32,566)` `47,226` `14,660` `-` `1,045,131` `1,045,131` `1,059,791`	`2022` `Total` `funds` `£` `133,139` `12,867` `18,724` `2,469` `47,216` `31,939` `6,220` `252,574` `27,582` `139,996` `28,956` `14,884` `(5,263)` `206,155` `46,419` `-` `46,419` `129,160` `1,048,852` `1,178,012` `1,224,431`	`2021` `Total` `funds` `as restated` `£` `85,146` `12,194` `14,047` `944` `11,456` `31,142` `38,927`
				`193,856`
				`11,063` `134,124` `28,029` `13,603` `-`
				`186,819`
				`7,037` `-`
				`7,037` `1,170,975` `-`
				`1,170,975`
				`1,178,012`

The notes form part of these financial statements

`THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888)`

`BALANCE SHEET 30 JUNE 2022`

`Notes` `Fixed assets` `Tangible assets` `18` `Current assets` `Stocks` `19` `Debtors` `20` `Cash at bank and in hand` `Creditors` `Amounts falling due within one year` `21` `Net current assets` `Total assets less current liabilities` `NET ASSETS` `Funds` `22` `Unrestricted funds:` `General fund` `Designated investment fund` `Restricted funds:` `Premises` `Solar panels` `Extractor fan` `Kiln` `ACW Craft Development Programme` `Total funds`	`Unrestricted` `funds` `£` `34,111` `7,940` `33,171` `138,555` `179,666` `(49,137)` `130,529` `164,640` `164,640`	`Restricted` `funds` `£` `1,029,730` `-` `4,381` `25,680` `30,061` `-` `30,061` `1,059,791` `1,059,791`	`2022` `Total` `funds` `£` `1,063,841` `7,940` `37,552` `164,235` `209,727` `(49,137)` `160,590` `1,224,431` `1,224,431` `109,640` `55,000` `164,640` `1,022,207` `7,523` `2,764` `-` `27,297` `1,059,791` `1,224,431`	`2021` `Total` `funds` `as restated` `£` `1,068,703` `16,095` `38,605` `115,083` `169,783` `(60,474)` `109,309` `1,178,012` `1,178,012` `77,881` `55,000` `132,881` `1,032,060` `9,404` `2,934` `733` `-` `1,045,131` `1,178,012`

The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 30 June 2022.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

continued...

THE MAKERS GUILD IN WALES (REGISTERED NUMBER: 05608888) BALANCE SHEET- continued 30JUNE 2022 The trustees acknowledge their responsibilitles for ensuring that the charitable company keeps accounting records that comply wlth Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitablè company as at the end of eath financial year and of its surplus or deficit lor each financlal year in accordance with the requirements of Section5 394 and 395 and which otherwise comply wlth the requirements of the Companies Act 2006 relating to financSal statements, 50 far as appllcable to the charltable companv. Ibl These financial ststements have been prepared Sn accordance with the provisions applicable to chailtable companies subject to the small companles regime. The finandal statements were approved by the Board of Trustees and authcirlsed for Issue ..7..1111. 2.1............. and were 5I8ned on its behalf by: on G Purce -Jones- Trustee The notes form part of these financial statements 15

THE MAKERS GUILD IN WALES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

`1. Statutory information`

TheMakersGuildInWalesisaprivatecompany,limitedbyguaranteewithoutsharecapital,registered in
England and Wales. The registered office address can be found in the report of the trustees.

`2. Accounting policies`

`Basis of preparing the financial statements`

The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Makers Guild In Wales meets the definition of a public benefit entity under FRS 102.

TheGuildreviewsthecharity'sforecasts,budgetprojectionsandworkingcapitalrequirementsat regular
trusteeandFinanceCommitteemeetingsthroughouttheyear.Thetrusteesthereforehavea reasonable
expectationthatthecharityhasadequateresourcestocontinueinoperationalexistenceforthe foreseeable
future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

`Financial reporting standard 102 - reduced disclosure exemptions`

Thecharitablecompanyhastakenadvantageofthefollowingdisclosureexemptionsinpreparing these
financialstatements,aspermittedbyFRS102'TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

`Income`

Incomeisrecognisedwhenthecharityhasentitlementtothefunds,anyperformanceconditionsattached to
theincomehavebeenmet,itisprobablethattheincomewillbereceivedandtheamountcanbe measured
reliably.

Donations and voluntary income are accounted for when receivable.

Incomefromgovernmentandothergrants,whether'capital'or'revenue'grants,isrecognisedwhen the
charityhasentitlementtothefunds,anyperformanceconditionsattachedtothegrantshavebeenmet,it is
probable that the income will be received and the amount can be measured reliably and is not deferred.

Intereston funds held on depositis includedwhen receivableand the amountcan be measuredreliablyby the
charity; this is normally upon notification of the interest paid or payable by the Bank.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
and the amount of the obligation can be measured reliably.

Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbe directlyattributedtoparticularheadingstheyhave been
allocated to activities on a basis consistent with the use of resources.

continued...

THE MAKERS GUILD IN WALES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

`2. Accounting policies - continued`

`Allocation and apportionment of costs`

Costsareallocatedbetweendirectcharitableandsupportexpenditureaccordingtothenatureofthe cost.
Whereitemsinvolvemorethanonecategorytheyareapportionedbetweenthecategoriesona basis
consistent with the use of resources.

`Tangible fixed assets`

Tangiblefixedassets otherthanfreeholdlandare statedat cost less depreciation.Depreciationis provided at
rates calculatedto write off the cost less estimatedresidualvalue of each asset over its expectedusefullife, as
follows:

`Freehold land`	`Freehold land is not depreciated`
`Freehold property`	`123 years straight line`
`Plant and machinery`	`5 years straight line`
`Fixtures, fittings and equipment`	`5 to 10 years straight line`

`Stocks`

Stocksconsistsofcards,magazines,booksandvideosandarevaluedatthelowerofcostandnet realisable
value.

`Taxation`

The charity is exempt from Corporation Tax on its charitable activities.

`Fund accounting`

Unrestricted funds may be used in accordance with the charitable objectives, at the discretion of the trustees.

Restrictedfundsmayonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

`Pension costs and other post-retirement benefits`

Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to
which they relate.

`Debtors`

Tradeandotherdebtorsarerecognisedatthesettlementamountdueafteranytradediscount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.

`Cash at bank and in hand`

Cashatbankandinhandincludescashandashorttermdepositaccountthataresubjecttoan insignificant
risk to changes in value.

`Creditors and provisions`

Creditorsandprovisionsare recognisedwhere the charityhas a presentobligationresultingfrom a past event
thatwillprobablyresultinthetransferoffundstoathirdpartyandtheamountduetosettlethe obligation
canbemeasuredorestimatedreliably.Creditorsandprovisionsarenormallyrecognisedattheir settlement
amount after allowing for any trade discounts due.

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`2. Accounting policies - continued`

`Financial instruments`

The charityonlyhas financialassets and financialliabilitiesof a kindthat qualifyas basic financial instruments.
Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalueandsubsequentlymeasuredat their
settlement value.

`3. Donations and legacies`

`Donations and legacies`
	`2022`	`2021`
		`as restated`
	`£`	`£`
`Grants`	`133,139`	`85,146`

Incomefromdonationsandlegacieswas£133,139(2021;£85,146)ofwhich£121,139(2021;£73,646) was
attributable to restricted funds and £12,000 (2021; £11,500) was attributable to unrestricted funds.

Grants received and released in the year, included in the above, are as follows:

	`2022`	`2021`
	`£`	`£`

`Arts Council of Wales Emergency Funding`	`-`	`40,000`
`The Gibbs Trust`	`-`	`1,500`
`Arts Council of Wales Cultural Recovery Fund`	`2,962`	`33,646`
`Foyle Foundation`	`-`	`10,000`
`Arts Council of Wales Cultural Recovery Fund 2`	`74,384`	`-`
`Moondance Foundation`	`10,000`	`-`
`Arts Council of Wales Craft Development Programme`	`43,793`	`-`
`Selwyn Gale - Contribution to jewellery cabinets`	`2,000`	`-`

	`133,139`	`85,146`

`4.`

`Other trading activities` `Fundraising events` `Gallery income` `Pop up shop`	`2022` `as` `£` `2,073` `33,911` `11,232` `47,216`	`2021` `restated` `£` `674` `10,782` `-` `11,456`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`5.` `Investment income` `Rents received` `Room rental income` `Deposit account interest` `6.` `Income from charitable activities` `Activity` `Members fees` `Gallery` `Selection fees` `Gallery` `Exhibition` `Exhibition` `Workshop` `Workshop` `7.` `Other income` `Electricity feed in tariff` `HMRC Job Retention Scheme` `Insurance claim` `Cardiff Council Restriction Business Fund grant` `Welsh Government Sector Specific Fund grant`	`2022` `as` `£` `29,159` `2,745` `35` `31,939` `2022` `as` `£` `12,492` `375` `18,724` `2,469` `34,060` `2022` `as` `£` `2,280` `-` `3,940` `-` `-` `6,220`	`2021` `restated` `£` `26,600` `4,534` `8` `31,142` `2021` `restated` `£` `11,994` `200` `14,047` `944` `27,185` `2021` `restated` `£` `1,865` `13,811` `751` `15,000` `7,500` `38,927`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`8. Raising funds`

`Other trading activities`

`Purchases` `Bad debts` `Advertising` `Charitable activities costs` `Gallery` `Exhibition` `Workshop`	`Direct` `Costs` `£` `49,147` `28,956` `14,884` `92,987`	`2022` `a` `£` `28,949` `-` `(1,367)` `27,582` `Support` `costs (see` `note 10)` `£` `90,849` `-` `-` `90,849`	`2021` `s restated` `£` `5,989` `597` `4,477` `11,063` `Totals` `£` `139,996` `28,956` `14,884` `183,836`

`9. Charitable activities costs`

£153,707(2021; £131,686)of the above costs were attributableto restrictedfunds. £30,129 (2021; £44,070) of
the above costs were attributable to unrestricted funds.

`10. Support costs`

		`Governance`
	`Management`	`costs`	`Totals`
	`£`	`£`	`£`
`Gallery`	`60,096`	`30,753`	`90,849`
`Support costs, included in the above, are as follows:`
`Management`
		`2022`	`2021`
			`as restated`
			`Total`
		`Gallery`	`activities`
		`£`	`£`
`Wages`		`43,979`	`42,143`
`Pensions`		`2,532`	`2,349`
`Rates and water`		`1,097`	`293`
`Insurance`		`2,300`	`2,765`
`Light and heat`		`2,465`	`2,204`
`Telephone`		`245`	`240`
`Carried forward`		`52,618`	`49,994`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`10. Support costs - continued`

`Management - continued`

Brought forward
Postage and stationery
Sundry expenses
Bank charges
Credit card charges
Repairs and maintenance
Depreciation of tangible and heritage assets
Governance costs
Wages
Pensions
Independent examiners remuneration
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundry expenses
Repairs and maintenance
Depreciation of tangible fixed assets
Bank charges
Credit card charges 2022
2021
as restated
Total
Gallery
activities
£
£
52,618
49,994
708
645
1,426
1,725
243
236
532
440
3,785
2,314
784
252
60,096
55,606
2022
2021
as restated
Total
Gallery
activities
£
£
18,078
17,740
866
841
4,000
3,500
630
137
1,321
1,303
1,417
1,037
141
114
408
304
821
813
2,176
1,091
450
119
138
112
307
207
30,753
27,318

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`11. Taxation`

`Taxation`
	`2022`	`2021`
		`as restated`
	`£`	`£`
`Museums and Galleries Tax Relief`	`(5,263)`	`-`

The MakersGuildIn Wales,as a registeredcharity,is entitledto exemptionfrom taxationin respectof  income
andcapitalgainsreceivedwithinsections478-489oftheCorporationTaxAct2010andsection256of the
Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives only.

The charitydoes howeverqualifyfor the MuseumsandGalleriesTax Reliefin respectof certainexpenditure it
incurs on its exhibitions, resulting in the tax credits included in the accounts as above.

Thereisanoutstandingclaiminrespectofearlieryears2017,2018,2019and2020totalling£10,801. No
provision is made in these accounts due to the uncertainty of whether it will be agreed and repaid by HMRC.

`12. Net income/(expenditure)`

Net income/(expenditure) is stated after charging/(crediting):

	`2022`	`2021`
		`as restated`
	`£`	`£`
`Independent examiners remuneration`	`4,000`	`3,500`
`Depreciation - owned assets`	`15,465`	`13,345`

`13. Trustees' remuneration and benefits`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended30June2022norforthe year
ended 30 June 2021.

`Trustees' expenses`

There were no  trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.

`14. Staff costs`

`Wages and salaries` `Other pension costs`	`2022` `a` `£` `112,926` `5,261` `118,187`	`2021` `s restated` `£` `104,875` `5,003` `109,878`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`14. Staff costs - continued`

The average monthly number of employees during the year was as follows:

`Management` `Gallery, exhibition and workshop` `Administration`	`2022` `as` `1` `6` `1` `8`	`2021` `restated` `1` `5` `1` `7`

No employees received emoluments in excess of £60,000.

Thekeymanagementpersonnelofthecharity,comprisethetrustees,generalmanager,artisticcurator and
financeandmembershipmanager.Thetotalemployeebenefitsofthekeymanagementpersonnel were
£86,729 (2021: £87,529).

`15. Comparatives for the statement of financial activities`

`Income and endowments from` `Donations and legacies` `Charitable activities` `Gallery` `Exhibition` `Workshop` `Other trading activities` `Investment income` `Other income` `Total` `Expenditure on` `Raising funds` `Charitable activities` `Gallery` `Exhibition` `Workshop` `Total` `NET INCOME/(EXPENDITURE)` `Transfers between funds`	`Unrestricted` `funds` `£` `11,500` `12,194` `14,047` `944` `11,456` `31,142` `38,927` `120,210` `11,063` `38,432` `-` `-` `49,495` `70,715` `(37,682)`	`Restricted` `funds` `£` `73,646` `-` `-` `-` `-` `-` `-` `73,646` `-` `95,692` `28,029` `13,603` `137,324` `(63,678)` `37,682`	`Total` `funds` `as restated` `£` `85,146` `12,194` `14,047` `944` `11,456` `31,142` `38,927`
			`193,856`
			`11,063` `134,124` `28,029` `13,603`
			`186,819`
			`7,037` `-`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`15. Comparatives for the statement of financial activities - continued`

`Comparatives for the statement of financial activities - continued`
`Net movement in funds` `Reconciliation of funds` `Total funds brought forward` `Total funds carried forward`	`Unrestricted` `funds` `£` `33,033` `99,848` `132,881`	`Restricted` `funds` `£` `(25,996)` `1,071,127` `1,045,131`	`Total` `funds` `as restated` `£` `7,037` `1,170,975`
			`1,178,012`

`16. Prior year adjustment`

Theaccountsto30June2021havebeenrestated.Grantsreceivedinpreviousyearswereaccountedfor as
deferredincomeand releasedover the life of the connectedassets. These grantsshouldhave been recognised
under the performance model and released to the SOFA on receipt.

Asaresultofthisrestatement,thetotalincomedecreasedby£74,325,restrictedfundsincreased by
£1,045,131 and unrestricted funds increased by £3,721.

`17. Independent examiners remuneration`

	`2022`	`2021`
	`£`	`£`
`Examination and preparation of the financial statements`	`4,000`	`3,500`

	`4,000`	`3,500`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`18. Tangible fixed assets`

`Cost` `At 1 July 2021` `Additions` `At 30 June 2022` `Depreciation` `At 1 July 2021` `Charge for year` `At 30 June 2022` `Net book value` `At 30 June 2022` `At 30 June 2021` `Stocks` `Goods for resale` `Debtors: amounts falling due within one year` `Trade debtors` `Other debtors` `Corporation tax recoverable` `Prepayments`	`Freehold` `property` `£` `1,240,381` `-` `1,240,381` `183,793` `10,084` `193,877` `1,046,504` `1,056,588`	`Plant and` `machinery` `£` `23,807` `10,604` `34,411` `13,501` `4,905` `18,406` `16,005` `10,306`	`Fixtures` `and` `fittings` `£` `80,533` `-` `80,533` `78,725` `476` `79,201` `1,332` `1,808` `2022` `£` `7,940` `2022` `£` `14,222` `4,381` `5,263` `13,686` `37,552`	`Totals` `£` `1,344,721` `10,604` `1,355,325` `276,019` `15,465` `291,484` `1,063,841` `1,068,702` `2021` `as restated` `£` `16,095` `2021` `as restated` `£` `24,814` `3,365` `-` `10,426` `38,605`





				`as` `as`

`19. Stocks`

`20. Debtors: amounts falling due within one year`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`21. Creditors: amounts falling due within one year`

`Trade creditors` `Social security and other taxes` `VAT` `Other creditors` `Deferred income` `Accrued expenses`	`2022` `as` `£` `15,139` `1,426` `2,565` `21,374` `1,954` `6,679` `49,137`	`2021` `restated` `£` `9,386` `-` `6,179` `17,616` `1,954` `25,339` `60,474`

`22. Movement in funds`

`Movement in funds`
`Unrestricted funds` `General fund` `Designated investment` `fund` `Restricted funds` `Exhibition` `Workshop` `Gallery` `Premises` `Solar panels` `Extractor fan` `Kiln` `ACW Craft Development` `Programme` `TOTAL FUNDS`	`At 1.7.21` `£` `74,160` `55,000` `129,160` `-` `-` `-` `-` `-` `-` `-` `-` `-` `129,160`	`Prior` `year` `adjustment` `£` `3,721` `-` `3,721` `-` `-` `-` `1,032,060` `9,404` `2,934` `733` `-` `1,045,131` `1,048,852`	`Net` `movement` `in funds` `£` `78,985` `-` `78,985` `(34,922)` `(23,125)` `10,821` `(9,853)` `(1,881)` `(170)` `(733)` `27,297` `(32,566)` `46,419`	`Transfers` `between` `funds` `£` `(47,226)` `-` `(47,226)` `34,922` `23,125` `(10,821)` `-` `-` `-` `-` `-` `47,226` `-`	`At` `30.6.22` `£` `109,640` `55,000`
					`164,640` `-` `-` `-` `1,022,207` `7,523` `2,764` `-` `27,297`
					`1,059,791`
					`1,224,431`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`22. Movement in funds - continued`

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Exhibition
Workshop
Gallery
Premises
Solar panels
Extractor fan
Kiln
ACW Craft Development Programme
TOTAL FUNDS Incoming
Resources
Movement
resources
expended
in funds
£
£
£
131,435
(52,450)
78,985
-
(34,922)
(34,922)
-
(23,125)
(23,125)
77,346
(66,525)
10,821
-
(9,853)
(9,853)
-
(1,881)
(1,881)
-
(170)
(170)
-
(733)
(733)
43,793
(16,496)
27,297
121,139
(153,705)
(32,566)
252,574
(206,155)
46,419

`Comparatives for movement in funds`

`Unrestricted funds` `General fund` `Designated investment fund` `Restricted funds` `Exhibition` `Workshop` `Gallery` `Premises` `Solar panels` `Extractor fan` `Kiln` `TOTAL FUNDS`	`At 1.7.20` `£` `99,848` `-` `99,848` `-` `-` `13,358` `1,041,913` `11,285` `3,104` `1,467` `1,071,127` `1,170,975`	`Net` `movement` `in funds` `£` `70,715` `-` `70,715` `(28,029)` `(13,603)` `(9,408)` `(9,853)` `(1,881)` `(170)` `(734)` `(63,678)` `7,037`	`Transfers` `between` `funds` `£` `(92,682)` `55,000` `(37,682)` `28,029` `13,603` `(3,950)` `-` `-` `-` `-` `37,682` `-`	`At` `30.6.21` `£` `77,881` `55,000`
				`132,881` `-` `-` `-` `1,032,060` `9,404` `2,934` `733`
				`1,045,131`
				`1,178,012`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`22. Movement in funds - continued`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Exhibition` `Workshop` `Gallery` `Premises` `Solar panels` `Extractor fan` `Kiln` `TOTAL FUNDS`	`Incoming` `Resources` `Movement` `resources` `expended` `in funds` `£` `£` `£` `120,210` `(49,495)` `70,715` `-` `(28,029)` `(28,029)` `-` `(13,603)` `(13,603)` `73,646` `(83,054)` `(9,408)` `-` `(9,853)` `(9,853)` `-` `(1,881)` `(1,881)` `-` `(170)` `(170)` `-` `(734)` `(734)` `73,646` `(137,324)` `(63,678)` `193,856` `(186,819)` `7,037`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `Designated investment` `fund` `Restricted funds` `Exhibition` `Workshop` `Gallery` `Premises` `Solar panels` `Extractor fan` `Kiln` `ACW Craft Development` `Programme` `TOTAL FUNDS`	`At 1.7.20` `£` `99,848` `-` `99,848` `-` `-` `13,358` `1,041,913` `11,285` `3,104` `1,467` `-` `1,071,127` `1,170,975`	`Prior` `year` `adjustment` `£` `3,721` `-` `3,721` `-` `-` `-` `1,032,060` `9,404` `2,934` `733` `-` `1,045,131` `1,048,852`	`Net` `movement` `in funds` `£` `149,700` `-` `149,700` `(62,951)` `(36,728)` `1,413` `(19,706)` `(3,762)` `(340)` `(1,467)` `27,297` `(96,244)` `53,456`	`Transfers` `between` `funds` `£` `(139,908)` `55,000` `(84,908)` `62,951` `36,728` `(14,771)` `-` `-` `-` `-` `-` `84,908` `-`	`At` `30.6.22` `£` `113,361` `55,000`
					`168,361` `-` `-` `-` `2,054,267` `16,927` `5,698` `733` `27,297`
					`2,104,922`
					`2,273,283`

continued...

THE MAKERS GUILD IN WALES

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022`

`22. Movement in funds - continued`

A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Exhibition` `Workshop` `Gallery` `Premises` `Solar panels` `Extractor fan` `Kiln` `ACW Craft Development Programme` `TOTAL FUNDS`	`Incoming` `Resources` `Movement` `resources` `expended` `in funds` `£` `£` `£` `251,645` `(101,945)` `149,700` `-` `(62,951)` `(62,951)` `-` `(36,728)` `(36,728)` `150,992` `(149,579)` `1,413` `-` `(19,706)` `(19,706)` `-` `(3,762)` `(3,762)` `-` `(340)` `(340)` `-` `(1,467)` `(1,467)` `43,793` `(16,496)` `27,297` `194,785` `(291,029)` `(96,244)` `446,430` `(392,974)` `53,456`

Restricted funds are grants received for specific charitable objectives.

`23. Related party disclosures`

There were no related party transactions for the year ended 30 June 2022.

`24. Ultimate controlling party`

The ultimate controlling party is the board of trustees.