REGLSTERED CHARITY NUMBER: 1145169 TRUSTEES, REPORT AND FINANCIAL, TA TF.MF.NTS FOR'fiiE YEAR ENDED 31ST DECEMBER 2024 OR THE BRITISII S()c.Ii:.'I'y or MASTER GLASS PAINTERS, ClltlRIT AIII.F. TRUST Sbaw Gibb8 (Audit) Limited Chart¢red Certified Accountsnts StatOry Auditor 25 Si Thorn85 Street Winchester Hampshire S023 9HJ
THE BRITISH SOCIETY OF MASTER GLASS PAINTERS, CHARITABLE TRUST coTET5 0 THF. FINANCIAL STATEME.NTS FOR THE YEAR ENDED 31ST DECEMIIER 2024 Page Reference Admlnffistr8tlve Detalls Trust¢e¥' Report 2 to 4 Report of the Independent Audltors Statement of Fingnclal Aeth4tle$ lanee Sheet C FloTrv Statement 10 Notes to the Cash Flow St8t¢ment Notes ts) the Finqnclll Statem¢iiti 12 to 17 Detalled St*tement of Fln2n¢lal Aetlvltles 18 to 19
THE BRITISH SOCIETY OF MASTER GLASS PAINTERS, CHARrrABLE TRUST REFERENCE AND ADMINIST]UTIVE DETAiIS FOR THE YEAR ENDED 31ST DECEMBER 2024 TRUSTEES Mr S B Clarc Mrs S B ShAughnessy Mr A P Tayloi Mr5 C R Wyard M P B8mbrough R M Mulligan Hort P D Conna¢k Hort M L Harrison Hon A E Benyon PRINCIPAL ADDRESS POBox15 Minehead Somerset TA24 8ZX REGISTERED CHARITY NUMBER 1145169 AUDITORS Shaw Gibbs (Audit) Limited Chdrtered Cenified Aecouniants Stawtory Auditor 25 St Thoma$ Str¢ct Winchester Hampshire S023 9HJ Page I
THE BRtTISH SOCIETY OF MASTF,R GLASS PAINTERS, CIIARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED JIST DECEMBER 2024 Thc tn]stee5 present their report with the finwicial siatements of the charity for the year ended 315t D¢ctmb¢r 2024. The trustees have adopted the PTQVlbions L)f Accounting dnd Rtporting by Ch'll]eS.. Staleinenl of R¢comTn¢nd¢d Pra¢iice applicable to ch¥rili¢s preparing thBit accuunts in accordance with tlie Financial RepoTtillg S¢andaTd 3ppliGabl¢ in th UK and Rcpublic of Ir¢land IFRS 102) lefiectivc l January 2Ql 9). Legal and adxlliThi51rdlivc infvrn121ion set out on ihe inforniation page foims part ofthi5 report. OBJECI'IVES AP4D ACTIVITIES Objectives and airn5 The object of the chaTity is to do all tsr any of the following for the benEfit of the public by.. l) th¢ cducatiort of ihc piiblic in the history. aTt. production and conservation of sthined, paintcd. etched. fused, ¢ngrav¢d, suv¢tural, archilectui'al. and all other foiins of glass by cvnducting r¢s¢ard4 lectures, sejninars, confeiences, exhibitions, visits and any other iiieaiis of ¢xehangii)g intomidlioii,. 2) the publi.%hing of sp¢cialistjouma18, ncwslcttcr, and other related publications and the mAinnAnce of a library., 3) the provision of 5cholarship5 and gran¥ and any other form of educational provision or suppor( to enable individua15 who would not oth¢nvis¢ b¢ able io do so, to undcrlakc a coursc of study. and 4) the support of training progranimes. including apprenticeships, in Lhe ari and craft of gla55 Iwhether in fornial cducatioiial eslabli5hm¢nls or ¢1s¢whEre) Publlc b¢n¢llt The itUs1¢¢5 Lvnfi¥tn they h2v¢ ¢ompiied with the duty in seclioii L715} of ihe 2011 ChJriti¢s A¢t lo have du¢ regards to guiddtsce publish¢d by the Charity Coinmission on public benefit. ACHIEVEMENT AND PERFORMANCE Charlt2ble ACtlvltle5 The Charitable Trust has continued to carry on the charitable ac¢ivili¢$ previously undcrtAkcn by thc British Socicty of Master Glass Painters compAny limited by guarantee IBSMGP). These activities COLllPi'ised the publicatloll of the annuRI journal ynd quatt¢rly newsletters and the Jnainlenallce of the library The Inst¢es ¢oniinue 10 explore the Possibility of providiT]g s¢holatship& for appj'enlices wishing to take up the ari of glass painting. The Charitable Trust has continucd to be active in supporting members, By distributing 8 ¢ar¢fvlly d¢ssgned quesiionnair¢ to all members. we were able tu identify lh¢ key dr¢dS lrt which m¢mbers ddvised us ihey would appreciate greater support. The main area eme1gin froiii respunscs was in encouraging the creative ai1ist member5 in Showcasing their work. Ac¢ordingly w¢ have committed lo organising a bicnnial cxhibition fL>r members. To this end we hav¢ ¢ommi$siorted new exhibition showcases. and have a current exhibition thith the th¢Tn¢ 'ln5pireii by William Morris.. We hoped thal regulaT exhibition5 may ¢nLourag¢ t]ew members. and this is provin¥ to be ihe case, wilh over 20 n¢w members jOilliDg lo join this exhibilioll. Finally. wc havc rcceived a generous legacy from a deceased ex Society memher of £1.4million which will transfomi the ability of the Charitable TTUSt to 5uppoiI th¢ Att and Craft of siained glass. The TnLStee8 are taking professional advice concerning the inveslmenl slrat¢&y of the new fimds, lo besl serve oiir membcr8hip tuday and for Ilie fvture. Pagc 2
THE BRITISH SOCIETY OF MASTER CLASS PAINTERS, CHARITABLE TRUST TRUSTF,F.S' IIF.PORT FOR THE YEAR ENDED 31 ST DECEI¥IBER 2024 FINANCIAL REVIEW Finsnciil position The incoming resources of the charity are derived from member5 sub5CriPtion5 and donation5 and grants received fro the BSNIGP dnd the Glaziers Tru51, which together with journal advertl5iiig and sales of old jourE)als fmance the production of the annual joumal and the quartcrly ncw51cttcis. Thc cxhibition and Iccturc programTllCS arc financed by contributions of tlie participators and are intendcd to at Icast brcak cvcn. Any eXCC Df income arising from thc above mentioned activities and dividend inLutn¢ ai¢ us¢d lu findn¢e gvv¢rndn¢r dtsd support ¢081s ofNnniti¥ th¢ iharity. Income for tht yC2r from all sources was £1,556.576 whilst expcnditure amounted to £60,564. Unrealiscd losscs on it)v¢sth)ct)Is amounicd 10 £17,275. Tat&l fimds at 31 Dcccmber 2024 amountcd to £1.483,233. Inve5trnent policy and objective5 Th¢ chaTity s¢Ek5 to produ¢¢ the best financial rcturn within an acccptable level of risk. Capital preservatLOlI Is ol importance as wcll as g¢n¢rating & 8table income strcam. Thc irustccs plan to usc thc incomc to further the objcctivcs of the ¢haTIty. Reserves pollcy Thc rcscrvcs of thc Trust are all unre5tricied. It is the policy of the bnstees to use these fviids where n¢cessary in the furtherance of Élle Charity's objeclives whi15t mainthinitsB all adequa bal8n¢¢ 10 enable th¢ Chariiy to cover unfoi'es¢en future expellditure. FUTURE PLANS Th¢ Iru5t¢¢s in¢End to conliDu¢ with existing programmes of journal and newsleltu publications, a[Ual conference. exhibitions, leclures and maintenance of a libraiy whilst explurinb lurthei. fundraising opportunitie5 1(k enabl¢ the charity lo provide scholarships and grants and 5UPPDrt of training pro8rammes for ihdividuAls wi%hing to Icarn thc art and craft af glass. STRUCTURE, GOVERNAf4CE AND MANAGEMENT Governlng dtstument The British Socicty of Ma8tcr Glass Painters, Charittsble Trust is a registeted Charity (no.. 11451691 founded by The British Society of Master Glass Painier5 la coinpany Limi by GrmIe¢l und¢r a Trnst d¢ed daied 14 O¢iober 2011. Recruhtment and appointment of new trust¢e$ Trnsiccs shall not bc Ic85 than four. nor more than fifteen competent persons. The first TnL%tees have been appointed for terms of between one and three y¢ars, but futur¢ Trnstees must be appointed for lemis of otTice of three years i]J writing by th¢ S¢tilLii, No formal Jnduclion or Irairting proledures for new Trusices 15 consid¢r¢d necessary. Related pirtie5 Related pat¢i¢s ofthE chilY are detailed in th¢ notes ofthe accounts. Risk management The Tj'usiees havc a&8csscd die tnajor risks to wliicli the charity is exP08e in p3rli¥ular thvs¥ which I'¢lal¢ to the operations and finallLes of the Charity and ate satisfL¢d thd¢ systems are in place lo mitlg2te exposure 10 the major risks. STATEMENT OFTRUSTEFS, RESPONSIBII.ITIF.S The trustees arc rcsponsible for prepillg th¢ Trnsices, Report and the financial swiements in a¢¢ordan¢e with applicable law and Uiiit¢d Kingdom Ac¢ourttins Standards (United Kingdom Generally Accepied Accouniin8 Practice). Page 3
THE BRITISH SOCJF.TY OF MASTER GLASS PAINTERS. CHARITABLE TRUST TRUSTEES, RF.POIIT FOR THE TrTAR ENDEI) 31ST DECEIMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued The law applicable to ¢haiiLies in Engldnd and Wales. the Charities Act 2011, Charity IAccounl& dnd Reports) Regulaiiong 2008 and the provisions of the trusi deed i'equires the tru5tee5 to prepare fittanc1al stAlemcnls for cach rinancial y¢ar which give z truc and fair vicw of thc state of affair5 of the charity Ènd of the incoming resources and application of resources, including the income alld expenditure, of the ¢h2riry for that period. In preparing those financial staienJ¢nls, the tru5¢eE$ Are required to sclcct Suitable accounting poli¢i¢s and then apply ihern consistently. obsce the Tn¢ihods und piinciple5 in th¢ Charity SORP: make judgem¢nt$ 41)d esliinaies thal dre reasonable and prudent., state whcther appli¢ablc accounting standards have been followed. 5ubj¢¢t to ony material depatturts discloscd and explin¢d in the financial sialements., prepar¢ the financial statement5 on th¢ ¢on¢ern basis UtJle$s il 1$ 1pprL)prlate to presume that the charily will Lontinue in business. The trustees are responsible for ke¢pinE proper accounting records which disclo5¢ Wlth reasonable acLuraey at any tim¢ rhe fiDancizl positiun of the charity and tu ¢n(ible Ihein to ¢n5urc Ilial th¢ fjnaniial slalcmct]ts coniply witli the Charities Aci 2011, the Charrty (Accouiils and Rcporis} Regulations 2008 aiid thc provision.% of the ITUSt dccd. Th¢y urc ulso r¢sponsibl¢ fthr safeguarding the asscts of the cliai'ity and licllcc for takin&T reasonabl¢ sps for th¢ prevention and d¥te¢tion of fraud and other iir¢gularitL¢5. 24 Oct 2025 Approved by order of thc board of tni.41ees on ............................................. and signed on its behalf by.. Mi. S B ClaT¢- fwstee PJ8e 4
REPORT or THF INDE NDENT AUDITORS TO THE T TIIF. IIIIITISII SOCIETY OF lAsTF.R GLA.S PAINI'EIIS, HARI'I-JlBI,I,' TIILI.ST OplDinn We have audited the financiHI Statements of The Brili5h Society of Master Gl&&% Point.5, Lharitsble Tru$1 lih¢ 'chariry') ror the ycar endcd 31 sl December 2024 which comprisc tlit Stdtcmcnt of Finan¢ial Activiiics. tht Balance Slicel. the Cagh Flow Sialcment and notes to the financial stateiilL¥lll8. including a sunimary of si8nificai)i accountlll8 poIE¢ie5. The rinancial reporting framework Ihtt has been applied in t]ieii' prcparniion is applicable law and United Ksngdom Accouiitinb Standard¥ (United Kingdom Gcn¢rnlly A¢i¢pted A¢¢ouiiling Practic¢l. In our optnitsn the fiiijiitial 5tatemeiits'. give a tNc and fair vicw of Ihc slate ol Ihe charity's affairs as Al 31st D¢cemb¢r 2024 atld of its in¢oming resource5 and application of resources. lor thc ycar Iheii cnd¢d; have been propcrly prcpared iii acc4)rdance with Uniltd Kingdrtrrn Gencrally Accepted Accounting Practice., and hav¢ brLll pr¢par¢d iii acrordanc¢ with d)e reqiii1¢sncnls of Ihc Charili¢s Aci 2011. Basis for QPiNithD We boiiducl¢d our audil in aCGordance with LlltEinaiional Staiidards on Audiiing IUKI (ISAS (UK)) and appltLable law. Our i-esponEibililie8 Undei. those standard5 ai¢ li[¢r desLribcd in thc Auditors, l-¢SPOllSLbililie8 for the aiidii of the financial 5tatcmciils sectioii of our report. Wc aTC iiidcpclld2nt of the charity in ac¢ordance wilh thE ethical reqiiircments tli81 are Klevant to our audit of Ihc finaiicial sN-imenis in the UK. incliiding thc FRC'S Ethical Standard, aiid w¢ have fulfilled nur other ethical r¥spon5ibilitics in aicordanc¢ with Ihcsc L'tquir¢mellts. Wt believe that thc audit cvidcn¢¢ we hav¢ obtained is Sufficient and appropriate lo providc a basis for our opinioD. Concluslons relatlng to golng concer In auditing the financtdl 5tat¢mtnts. we hove concluded thai the trustCC5' usc of the going concern basis of accourtlin8 in the preparation of the finAn¢iL21 siaiemenls is appropriale. Ba5cd on Ihc work we have perlomed. wc havc not identifid any rnateridl unc¢rtaintics r¢l&ting to ¢vcnt5 or conditions that. individually oi. colletiivcly, may ca5t.4ignific8nt doubt on Ihe charity's ability 10 continllc a5 a goin8 ¢ollcem foi a pei'iod of ai1¢8St Iwclv¢ months from when Ihe fiDAJJ¢ial 8LaicinEnts are autho¥is¢d for is5U¥. OUT responsibilities and ihe re5ponsibilitie5 of Ihe tnist¢es with respeci to going conccrn are described in the relevant sections of this rcporL Other infthrmgtlo The Irusleeg ale respoiisibl¢ for the other Infom110n. The othei" information compri.ies the inforniation inclu(kd in the Annuul Rey)rl, other dian the financinl 8tatcments alld our Report of Ihe Indepcndenl Auditors Iher¢L)n. Ollr opinion on the financial stamenlS does not covcr the otlier infoiMiaÉion llnd. e%ccpi to the extcnt otherwise explicitly staled in our repori, we do noi expr¢.85 8ny (vrm of assurallce ionLlusioii thereoii. Iii coiineciion wtih gur audit ofthc f5Dancial 5tJi¢m¢iii8, our respon%ibiliry is 10 rcad the other iiif0mli0th and, in doing W, CQ115idcr whciher the vther iii[otmttijoii is matcrially incortsistcnt with the fil1CIal slalLiiieii15 or our knowlcdge obtaiD¢d in th¢ audii ur Liiherwisc appcars to bc matei'ially LSsial¢d. If wr idcntify such iiillteiiol iiicon5isiencies or pparcni inaicrial n11.statement.. IVE are required 10 detemiine whcthcr this givc5 rie LO a mJLerial Ini5siaicmeiit in thc rinartLial st3tcrncnt5 theinsclves. 11, based ilie WQTk wc hav¢ perfortned, we ¢oiicliide thdt Il)er¢ Is a tnlllcrial tnisstatcmenl of ihis other inforjnation, we aTe r¢quircd to report tli&t tact. We liave noihing lo report in thi5 rcgdLd. Mlltters on Ivhich we are requircd tTh report by exL¢ptiDn We have iiothing lo rcport in respcct of Ilie fvllowing mal:ei7 wh¢re the Chsrities {AccouniS and REPOrts) Rcgulatiorts 2008 rcquirc5 us 10 rcport 10 you if, In our opinion= thc information given In Ihe trtiiieG5 Repon is incon81Stent in any moterial T25pect the financial statements. or SU1¢1¢1 2lCOUnting records have noi bcen kept; vr the financial stat¢ments are not in a¥reement with the accounting records and retyms. or wc have not re¢¢ived all tht information and explanation% we rcquir¢ lor OUT aiidit. Page 5
REPORT OF THF. INDEPEYI DENT AUDITORS TO THF. TRUSTEES OF THE BRITISH SOCIETY OF MASTER GLASS PAINTERS, CHARITABLE TRUST Re8ponsibllitle5 of trustees As explained mole fully in Ihe Statement of Trus(ees' Responsibilities. tlie Iru5tees w'e responsible for the preparation of the fjnancial 5tat¢tncnt% which give a truc and fair view, und foi such inicmal control as thc tntc¢s determine is fteccssrtry to ¢nablt the prepararion of financial statements that are fre¢ from mat¢iial misslatemeiiL whether due to fraud or error. In preparing the financial statemcnis, th¢ tN.8tees are rcsponsiblc for a5SC55ing thE chaiiry's abiliry to coniinue as a going concern, di%clo8iiig, as applicablc, matters relatEd 10 going ¢on¢ern aiid using the going concern basis of accounting unless the ttust¢¢s ¥ith¢i intend Its liguidaie Ihe Lharily or to cease operauoiib, or have iio r¢alislic altvnative but to du 50. Our YespoDslbllltle$ for the %Ludit of the financlal staiem¢nts W¢ hav¢ be¢n appointed as auditors under SEftiun 144 of the Chariti¢s Aet 2011 and report in accordance with the Act and relevant reBulalions niade or having effect Ihercundcr. Our objectives are to obtain reasonable assurance about whether the fittancial statements as a whole ar¢ free from mai¢rial missiatenienl. wheiher due to fraud or erruT, and to Jssue a Report of the Independent Auditors that iticludes our opinion. Reasunable as.%UTance is a high levcl of as.surancc, hul is noi a guarantec ihat an audit conducted in acGordanGC Wlth ISAS IUKI will always dcteci a matei'ial tnisstaiement when it exists. Misstsiements Cart arise from fraud or ¢tTor and are COLisidei'ed maierial if, individually or in the aggi'egaie, they could reasonably b¢ expected to influenc¢ the econoDiiC d¢cisiiTrns of useTS taken on the basis of diese financial statement5. The cxtent io which our procedllrcs arc capable of detecting irregularities. including fraud is detail¢d below.. Bec¥4USe (Trf the inherent limilalions of an audit, Ilitr is a Issk that we will nL)I drtecl all Irrcgularilies. including Iliose leading to a rnaterial ynis%tatem¢ni in the finan¢i21 Staiements or non-compliancc with regulation. Tbi8 risk increase5 the more complianec with a IAW or regullltion is rcmovcd from thc events &nd transactions Teflec*d in the financial statements. a5 WE will bE l¢ss lik¢ly to berne awar¢ ofillstsnces of non Lojnpliance. The risk 15 also gTeuler re¥dIng irreguldrilies OLLurin¥ due (o fraud ratlier than tlTor. as fraud involv¢5 intentionaL conccalmcnt, fDfgcryJ coIIuslUTh, 0rn185ron OT mi.sirprc5cntalion. We obtained an undtrstandingF of ti)e l¢bJ¥l Jnd r¢8ulatory fr2m¢work dpplicdble lo the charity via discussions witli the trustees and our Previous knowledge of the charity. Thig idct)Iificd that thc most signiticant laws and regulations relatc to the foTm and conieni of thc fit)a11¢121 statements such as the Charities Act 2011. thc Charities SORP IFRS 1021 and FiHan¢ial Rep(Jrtiiig Siandard 102. The ctwity cojnpties with these laws atuj regulation5 by u8ing appiY)priately qu&lified prof¢bsionals to prepar¢ Ihe finan¢ial staiements. As part of our planlling proccss we assessed Susceplibiliiy of tjic charitys financial ststcmcnls lo material mis8tateJnenis, including how fraud might occui. by making on a5se5srnent of Ihe key risks. The key risks identified in respect of The British Socirly of Master Gla55 PainL¢i% Chaiiidbl¥ Trust is rnanagement override and eligibility of charithbl¢ giving. The tru51ees Lonfirtned nu aLlual. suspectcd or allcged cases of fraud. Based on this assessment we designed our audii pro¢¢dur¢s ro addre$$ th¢se key risk areas with an emphasis on testing the inLome alid gititLS un th¢ inv¢stttLents, and the ¢h2l'ltable donations mad¢. A fv11hcr d¢riptIOn of our respcinsibilities fDr thc audit of thc finaiicial statcmcnts i8 loc&tcd on Ihc Financial RepL)rting Collncil's website 21 https'.IAvww.frc.org.llkllibraiylstandard8-cod¢s-policylaudit-assurance-and-ethics This de5cripiion forms PaTI vf vui R¢purl vf the Ind¢p¢nd¢oi Auditors. Other matter5 whith we are required to Addre55 The charitable trust was previously audit exempl and (her¢fore the comparatives at¢ unaudited. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TIIE BRITISH SOCIETY OF MASTER GLASS PAINTERS, CHARITABLE TRUST Use of onr report This reporl is made solely to the charity's irus¢ees, as a body, in accordance with Part 4 of (he Charities (Accounts and Reports) Regulations 2008. Our audit work has b¢en undertaken so thai we might statc to the charity'8 tN8tccs those m&tters we are rcquircd to statc to them in all auditors, report and for no other purpos¢. To the fullest ¢xt¢ni perniitted by law, we do not ac¢ept or assume respollsibility 10 allyone other than the charity and the charity's trustees as a body, for our audit work, for this r¢port, or for the opinions w¢ havc fonncd. loEs Ct&knkJ Shaw Gibbs (Audit) Limited Chartered Ceilified ArGountsnts Statutory Audiior 25 St Th05 Street Win¢hesi¢r HatllP5hirc S023 9HJ Date= . Shaw Oibbs (Audit) LAmited is eligible lo acl a5 an oudiior in tern of S¢¢iion 1212 of the Compallies Act 2006. PAge 7
THE BRITISH SOCIETY OF MASTER GLASS PAINTERS, CHARITABLE TRUST STATEMF.h'T OF Flh'ANCIAL ACTIV'ITIF.S FOR TJIE YEAR ENDED 31ST DECEMBER 2024 2024 Unre5trlcted fund5 2023 Total fund5 Notes If4COME AND ENDOWMENTS FROM Don&tions and lcgacics 1.494.309 26,734 Ch¥rltable a¢tlvltle$ Journal Newslcttcr Confercncc Lecture5 Admini5tyation Exhibiiion & Evcnts 7,053 5,632 499 16.372 1,529 144 4,313 500 1,133 150 6.135 Inves¢m¢nt in¢om¢ 47,296 1'0¢91 1 $56 $76 EXPENDITURE OF4 Ch4Tlt¥bl¢ 4cllvltleJ Joutnal Newslcttcr Conference Administration Exhibition & Events 17.128 4,318 13J98 21,828 3,892 16,232 2,996 13,066 16.106 3,067 TotAI 60.564 Net gaill(losses) on investments 17 2751 NET tNCOME 1,47&737 3,756 RECONCILIATION OF FUNDS Total futjds brought forward 4,490 740 TOTAL FUNDS CARRIED FORWARD 1.483.233 4.496 The noies turni paii f these financial statement5 Page 8
TIIE BRITISII SOCIETY OF fvIASTER GLASS PAIISYERS, CHARITABLE TRUST BALANCE SHEET 31ST DECEMBER 2024 2024 Unrtstrleted thnds 2023 Total funds NotEs FIXED ASSETS Invesknents 1,182,715 CURRENT ASSETS D¢bwrs C&8h at bank 12 4,091 306 108 2,499 3111,IY9 11,933 CREDITORS Amounts falling due within one year 13 (9,691) (7,437) NET CIJRRENT ASSETS 300 508 TOTAL ASSETS LESS CURRENT LIABIIJTIES 1,483,233 4.496 NET ASSETS 1483 233 Fuf4DS Unrestylcd limds 14 483 233 TOTAL FUNDS The finan¢ial statements were approved by the Board of T]uste and authorised for issue ort . and were signed on its belthlf by.. 24 Oct 2025 Mr S B ClaTe- Trnstee The not¢8 fomi part of th¢8e financial statements Page 9
THE BRITI CIETY OF MASTER GLASS PAir(rERS' CHARITABL TR CASH FLOW STATEMEN FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Notes Cash flows operAtlng acilvltles Cash generated from operdtions 1449 378 Net cash provided by operatin8 activitL 1449 378 Cash flows frorn investing actlvltles Purchasc of fuLed &et invesknents Interestreeeived (1,200.IKIO} Net cash (used in)Iprovided by investing a¢tivities 1152 704 Change in and ¢0sh equlvalents I the repordng perlod Cash #nd cash equlvfjlents g4t the beglnnlng of the repordng period 296,674 4,871 Clih elgh tqulvalents at the of the reportlng perlod 31)6 IQ8 The hotC5 fonn part of thesc fitjancial 5¢atements Pag¢ 10
THE BRtTISH SOCIETY OF MASTER GLASS PAINTERS, CHARITABLE TRUST NOTES TO THE CASH FLOW STA TEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASEI FLOW FROM OPERA TIP4G ACTtvmES 2024 2023 Net Incorne for the reportlng period (as per the StAt¢ment of Flngn¢lal AttLVltles) Adjustments for: Losses on investh)ents Interest received Increase in debtors In¢rea5e in creditors 1,478,737 3,756 17.275 147.2961 (I,5921 Net eAsh provlded by optratlons 1.449J78 4,871 ANALYSIS OF CHANGES IN NET FUNDS At l.L.24 C88h flow At 31.12.24 N¢t ¢a$h Cash at bank 296 674 306 1011 9,434 296,674 306,108 Total 9,434 296 674 306,1011 Th¢ not¢s fomi part of these fjnancial statemcnts Pagell
THC BIIITISH SOCIF.TY OTr f*lASTER GLASS PAINTERS, CHARfTABLE TRUST OTF.S TO 'fHF. Fll¥4ANCIAL ST ATF.Mf.N'l FOlI'fiiE YEAR ENDED 3 1ST Dll CEMIIEII 2024 STATUTORY INFORMATION The British Society ofMast¢r Glass Painter5, Charitable Trust is a ¢harity registered in England and WalE5. The charity's regist¢r¢d number and ie8isiered address Gan be found in th¢ TnIst¢' Report. ACCOUNTING POLICIES Bas15 ofpreparillg the fln4n¢lal statements The financial sthtemei)t8 nf the chai'ity, which is a public benefii entity under FRS 102. have been pr¢pated in accordance with lh¢ Charities SORP {FRS 1021 'ALCLlUlitittg 2nd Repvrling by Charities.. Stateintnl of R¢¢tsmmertded Practice applicable (o charitie% preparing their accDunts In accordance with thc Finan¢ial Reporting Standard applicable in the UK und Republic of Ircland (FILS 1021 (cffc¢tive l January 2019),, Fsnancial Rcporting Standard 102 Th¢ FiDan¢ial Reporiing Stsndard appliGabl< itl the UK atjd R¢publiL of Ir¢land' and Ihe Charilieb Act 2011. The finaDcial statement5 have been prepared uoder the liislorical cost convention, as rtjodified by the rcvaluation of certain a55ets. The faTre1&1 8tat¢m¢nts have b¢en pr¢par¢d io give a'trv¢ and faie view alld hav¢ departBd from th¢ Chariii¢s {AccouDrs and Repoits.) Regulation5 2008 only to the ¢xt¢nt qUirEd to provide a 'tNe and fair vicw,. This departure has involved following the A¢¢ountirtg and Reporting by Ch&ritie8.' Ststement of Recomrnended Practicc applicable to charilies pr¢pating thetr accounts in accordallcc with rhe Financiiil R¢pVrtin Siandard applicable in the UK an(L R¥publi¢ of Ireland i&su¢d in October 2019 Tath¢r Ihan the A¢countirtg dnd Reportin8 by Charities.. Statemeni tst'Recommended Practice effeclive from l April 2005 which lias since been withdrawn. Income All income I'ecogni5ed in the Stat¢iD¢ni of Financial Activities once the chai'ity has entitl¢rn¢nt tu the fi0$, it is prob¥4ble tbdt the incom¢ will be ieceiv¢d and Ihr dtnuunt can be measured reliably. Income is deriv¢d frorn members, subscription%. wants, donation% and Journal rcvcnuc. No expen5¢s &rc ncttcd off in¢ome. The mon¢iary value of voluntcer limc and office infi"a5tru¢Nr¢ PFovid¢d by m¢mb¢rs has not been recorded a5 in¢ome or expenditure because th¢ thumber of days and hours. value per hour and value of facilities provided is ind¢t¢rtninate. Legaties Le8acies are Tecogni5cd an receipt or othcrwisc if the charity has bccn notificd of an impcnding distribution, thc amount 15 known, alld receipt is expected. If thc amount is not known, tiie legacy is tttated as a coniing¢nt ass¢t. Expendltur¢ Liabilitics arc recognised a5 expenditure %QlTrD a5 IheT¢ 15 a IEgal or conslrnctsve obli82iion committing the charity lo that cxpenditut¢, it is probAble Ihai a transfer of economic bcncfits will be required in settl¢m¢nt and the a]nount of th¢ obli¥utivn lan be m¢asured reliably. Expenditure 18 accounted for on an accTuals basis and has been c12ssifJed under headings that aggrcgate all cost related to the category. Wherc costs c2nnr)I b¢ diTCCtIy attTibuled iv tydrlicular headings ilicy have been allocated to activitlC5 011 a basis consisteiit willi th¢ usc of r<sources. Charitablc cxpcnditurc represents all costs IDcurrcd identifiable a% wholly or mainly in support of the charity's objects. It includes costs inCu¢d in the publiciition ol Ihe Joumal, N¢wsleu¢rs and mainienance of the Library, the underwritingi of costs, if aiiy. Incued by the Conference and Lectures and administrative expenses incurred in running the charity. CJov¢rnHncc Gosts includ¢ expertdiNI'e Incurrcd in ihc govcrn&ncc of thc charity's a85ets and COTnpliance wth constiwtional and statuLory requirements. TAXgtlon The chaiity is excmpt fiDm tax on its charitablc aGtivitlCS. Fund 4¢countlng All funds held by Ihc charity ai'c iini'estricted 8cne121 funds which can bc used in 8ccordanc¢ with the charitable objttiives at the discretiott of the TrustCC5. Page 12 colltinued...
THE BRITISH SOCIETY OF MASTER GLASS PAINTERS, CHAIUTABLE TRUST NOTES TO THF, FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICJES- cothtlnutd Inve&trnent5 and investent ¥*in5 and losses Li51ed invE5tmenls are in¢luded itl the baldnL¢ sh¢ei al their market value at the year end. The differenc betwccn the markct valuc and th¢ original co.st of the investment are included in the Statement of Financial Activities. No unlisted iNvestments aTe held. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Legacies Sub5criptioll5 5,946 1.343 1,462,011 25,009 6,772 1494 309 INVFSTMENT INCOME 2024 2023 DepDSIt aGcouni int¢r¢st INCOME FROM CHARITABLE ACTIVITIF.S 2024 2023 Activiry Journal Journal Ncwslci¢cr Cortferell¢¢ CollferenLe Lectures Administration Exhibition & Evcnts Granls Journal sale8 Contributions ConlTibu¢ions Grants Contributions Cards, Totes and other Contributions 3,1100 4,053 3.000 2,632 499 15,872 500 1,529 500 ,133 150 6,135 4,313 Grants received, included LD th¢ above, arr ds fvllvw5'. 2024 2023 Glaziers Foundaiio 3,500 Page 13
TFIE BRII'ISH SOCIF.TY OF lAsTr-ER GL.4SS PAINTERS, CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE ITAR ENDED 31ST DECEMBER 2024 CHARITABLE ACTTVITIES COSTS Dir¢Gt Costs {s¢e not¢ 7) Support costs (see note 8) Totals loumAI NewslellEr Conf¢r¢n¢e Administration Exhibition & Events 17.128 4J18 13J98 17,128 4J18 13J98 21028 21,828 DIRECT COSTS OF CHARITABLE AcfiviTIES 2024 2023 Journal costs- Ediior's Honorarium Journal printing & layout Other expenses Newsletter c08r Exhibition costs Conference costs Newsletter honoiarium 6,000 11,128 10.232 3,067 1,996 3,318 3.892 13,398 13,066 1.000 SUPPORT COSTS Governvthce costs Management Total8 AdmiD15tration 16,428 5.400 21.828 Support costs. iTJcluded in the above, are as follows.. M•n8g¢ment 2024 2023 Totaj activiues AdminL5tration Insw8nce Post88¢ Jnd stationery Marketing and website Sundries Secretatys honorarium Bank charges Bookkeeping Accountancy 579 2 J77 3,812 1.335 5J33 728 1,064 518 J J46 3,798 1,231 5.333 1,025 1,585 14,846 Pagt 14 contillued...
THE BRITISH SOCIETY OF MASTER GLASS PAINTER.8' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DF.CEMBER 21124 SUPPORT COSTS- continued GoverDance Costs 2024 2023 Total activities Adminy5tration Audiiors, remuncration Independcnt examillevs fees 5.400 1.260 1,260 TRUSTEES, REMUNERATION AND BF.NEFITS C Wyard Itrusiee) was paid an lionorarium of £5,333 12023.. £5,333) for her work as sccrctary within the charity and art honorhrium of £1,000 (2023. £1.000) for hei. work on the newsletier. Trustee5 expertse$ Thrce tnislc&% wcrc rcimbursed £3,4291£1,677 in 20231 for out of pocket expenses incutred in carrying out theii work for the charity. io. STAFF COSTS There are no employees, c0tt5Equeiitly no siaff Lubls. ILdV¢ en incurred. Honoraria were pAid to two individuals, one trustee as detailed above, and a council mcmbcr for their work on thcjDumal. FIXED ASSET IF4VESTM&NTS List¢d investtnents MARKET VALUE Addiiions Revaluations 1300,00 At 315t De¢¢mb¢r 2024 ,182.725 NET BOOK VALUE At 315t December 2024 182725 Ai 3 ISL tkcember 2023 There were no investment assets ouiside the UK. The hi.$torical book tost of investmcnt hcld at 31 Dcecmbcr 2024 was £1.200.000. Page 15 continued...
THE IIR]TISH SOCIETY OF MASTER GLASS PAINTERS, CHARrtABLE TRUST NOTES TO THE FJNANCIAL STATF.MENTS- continued FOR TIIE YF.AR ENDED 31ST DECEMBER 21)24 DEBTORS: AMOUNTS FALLIIYG DUE WITHIN ONE YF.AR 2D24 2023 Other debtors 4,1191 ij. CREDITORS: AMOUNTS FAI,LING DUE WITHIN ONE YEAR 2024 2023 Other creditOTS A¢cmed expens¢s 2.708 6,983 3,968 9,691 7,437 Othei creditots rcprcsent tlie balancc5 bctween the charsty and thc British So¢i¢ty of Master Glas8 PaiThtcrs, a company limited by guarantcc, whith reb*Stercd this CharitAbl¢ Trust and tranSfe¢d to it thosr of its activities which wer¢ 8pproprJyl¢ to a ¢hariiabl¢ orgallisatiun. 14. MOVEMENT IN FUNDS Net tnuv¢Jn¢nt In funds Al 31.12.24 Atl,1.24 Unrestricted funds Gen¢r81 thrtd 4,496 .478,737 1.483,233 TOTAL FUNDS 478 737 1 483 233 Net movement ID fi)t)ds, included in the above are as follows.. Incoming resources Resources expendcd G&tns and losse5 Mov¢rnent in fund5 UDre5tricted fund5 General fvnd ,SS6J76 {60,564} 117,275) 1,478,737 TOTAL FUP4DS 17,275) 1478 737 Pa¥¢ 16
THE BRITISH SOCIETY OF MASTER GLASS PAINfERS' CHARITABLE TRUST NOTES TO THE FINAIYCIAI, STATEMEIYTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 14. MOVEMKTrvf IN FUNDS- continued CompAr8tlY¢s for movement in funds Net movement ill fvnd5 At 31.12.23 At l.1,23 Unre5trictEd funds Getseral fuud 740 3,756 4.496 TOTAL FUNDS 740 3,756 Comparative net movement in funds, includcd in thc abovc are os follow.8'. Incvjning r¢sourc¢5 Resources expended Movement in funds Unrestricted funds General fund 55,223 (51,4671 3,756 TOTAL FUNDS 55,223 514671 15. RELATED PARTY DISCLOSURES The British SoLiCly of Master Gldss Pdltitets. IBSMGPI is a related party b¢¢ause all th¢ trustees are either officcrs or mcmbcrs of the council of that company. The compaiiy also rc8isiered the ChaTjtabl¢ TTUSt and supplied the initial fvt)ding. The Charitable Tmst received a donation of £2.274 from BSMGP this year. The Worshipful CDmpany Df Glazicr5 Hnd Painteis of Gla55 Qfihe City of LDndon 15 also a related paty because of the involvement of %orne r)f the inLslee% in the affairs of ¢he Worshipthl Company a5 Ilonorary Freemen, Membcrs of thc Court and Mcmbcrs of thc Craft ond O)mpetiiion Cominittcc, and as ILUStees of the Glazicr5 Foulldatioll. The Glaziers TTUSI and ofthe London Siain¢d Glass R¢positoiy. Th¢ ChaTitabl¢ TNst r¢ceivrd £3.000 a5 a grant for the annual journal from the Worshipfi]I Company durin8 the year and an additional £500 for Sdertt pla¢es at the ¢entenAry event. Holy Well Glass Limitsd is a reldL<d pariy as some of the ttu$te¢s are al$v dirELlor$ ol Ihal company. Th¢ company paid a total of £2,212 in expcnscs, and receivcd £1,330 of incomc from Holy Well Glass Limited ID the year. Memben of the ¢ourt¢il (who are not 2]r¢ady trus(e¢s) are con&idered related parties due to their involvement in the affairs of the British Society of Master Glass P2int¢rs' ChaTiiable Trust A total of £1,023 wa5 paid to the council members in expenses. in addition to a £6,000 honorarium paid for work thn the journal. Page 17
HF. IIRI'fisH SOCIETY OF MASTER GL4SS PAINTF.RS' CIIARITABLE TRUST DF.TAII.ED,ST £IENT O INAISCIAL,Ic'fIviTIES FOR TIIEVEAR Eh'DF.D 31ST DECFdiMBER 2024 2024 2023 JNCOME AND ENDOWMENTS Donitlons and legatles Donation8 Gift aid L¢ga¢i¢s Subscrhption5 5946 la43 1,462,011 6.772 1,178 1.494.309 26,734 Investmen¢ In¢DJDe Deposit account interest 47,296 Ch*rltable acdvltles ConlribuUoThs Graots Journal sale5 Cards, Totes and other 7,268 3,500 4,053 150 22.213 3,5(10 2,632 144 28,489 Total Incomlng resourte5 1,556,576 55,223 EXPENDITURE Ch4rlt•ble actlyltles Journal c05ts- Editor's Honorarium Journal printlTI8 & layout Other expenses Newsletter costs Exhibition costs Conf¢r¢JJce Costs Newsletter honorarium 000 11,128 6,000 10,232 3,067 1,996 3,318 3,892 13J98 13,066 38,736 35.361 Support costs Management Insurance Postage and stationery Markeling and websit¢ Sundric5 Secrelary's honorarium B&nk charges CarriBd fDrward 579 2J77 3.812 lJ35 5J33 728 14,164 528 1.346 3,798 1,231 5,333 ,025 13,261 This page does not fonn part of thc stanitory fujancial 5tatCTnents Page 18
THE BRITISH SOCIETY OF MASTER GLASS PAINTER ' CHARITABLE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Mgnigtment Brought fonvard Bookkeeping Ac¢ount&DCy 14.164 1,064 13,261 1,585 16,428 14,846 Govtrnan¢e to$t$ Auditor5, ren)uneration Independent ¢xamin¢es fe¢$ 5,400 Total r¢source5 expended Net Ineome before g21n$ losses .496.012 3.756 Recognts¢d galns *nd1058es Unrealis¢d I10&sesVgain8 on fixed asset inve5tmeDts Net Income 1478 737 Thi5 page does trjot fomi part of the staNiory finattci&l statements Pa8¢ 19