Company registration number: 05062300 Charity registration number: 1153382
Contemporary Glass Society
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 July 2024
Contemporary Glass Society
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Trustees' Report | 3 to 8 |
| Independent Examiner's Report | 9 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 to 21 |
Contemporary Glass Society
Reference and Administrative Details
Charity Registration Number 1153382 Company Registration Number 05062300 The charity is incorporated in England & Wales. Registered Office The White House Ipswich Road Dickleburgh Diss Norflok IP21 4NJ Independent Examiner PRWS (Bristol) Limited Chartered Certified Accountants 11 Alma Vale Road Clifton Bristol BS8 2HL
Page 1
Contemporary Glass Society
Strategic Report for the Year Ended 31 July 2024
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 July 2024, in compliance with s414C of the Companies Act 2006.
Financial review
Policy on reserves
The policy is to maintain unrestricted reserves at the level necessary to sustain the planned charitable activities for 12 months.
Principal funding sources
CGS plans to cover the day to day activities of the organisation from its members’ subscriptions. We look for project funding to undertake bigger events such as conferences and major exhibitions.
Investment policy and objectives
All accumulated funds are held in the bank current and deposit accounts with the objective of being safe and accessible.
Principal risks and uncertainties
Generally
The Board identifies the major risks to which the Charity is exposed, and is satisfied that systems are in place to mitigate exposure to these risks.
Financial risks
There is no guarantee of the level of the income for CGS from its membership subscriptions, its main income source. However, the membership is growing and is currently aproximately 1,100 members. New memebrs joining in the year replace thiose that have not renewed.The subscriptions gathered from the membership allow the charity to continue and be a unique advocate for contemporary glass. Fundraising
We encourage commercial businesses involved in glass making to sponsor our magazines and events, helping to cover costs.We have successfully run targeted fundraising for items such as a new website. We send out calls asking members if they can make small donations to cover costs for public events and we go back to previous donors to ask if they will continue to support certain activities. Quarterly management accounts ensure we do not undertake projects that we cannot fund.
The strategic report was approved by the trustees of the charity on 23 August 2024 and signed on its behalf by:
SIGNED SECURELY
28/08/2024 at 9:15:01 AM UTC
......................................... S Purser Hope Trustee
Page 2
Contemporary Glass Society
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 July 2024.
Objectives and activities
Objects and aims
The Objects of the Charity are to advance, improve, develop and maintain public education in, and appreciation of, the arts, most specifically in glass as an art and crafts form, by any means the trustees see fit, including through the holding of exhibitions, promoting and encouraging the highest standards in this field and promoting, sustaining and increasing individual and collective knowledge and understanding of skills, expertise and knowledge in glass as an art and crafts form for the public benefit .
Glass is a versatile and captivating medium, which touches our lives in many ways and brings much pleasure and joy to those who behold, make and design it. The art form enjoys an important heritage but makes use of the place of glass at the forefront of modern technology. The unique qualities of glass can transform an environment and through the experience of art and architecture it can also have an extraordinary and positive impact on people.
At CGS we are passionate about glass and the artists working with this amazing medium. We want to bring this captivating material, with all its history; its vibrant use in art and design today and its potential for the future to a wider audience, enabling the public to see more of it and to engage with it as both audience and participant. We aim to provide artists with access to a community that can support, encourage and inspire them, that can provide quality information, opportunities, and business support. They need to be given a collective, international voice and the environment to dare, to push boundaries, and develop and master techniques.
We aim to educate, connect, and inspire artists and art-lovers to keep glass at the forefront of contemporary art.
Page 3
Contemporary Glass Society
Trustees' Report
Objectives, strategies and activities
CGS aims to provide more activities related to contemporary glass for artists and the public to engage with. We shall fund this through increased membership and additional funding.
The CGS seeks to achieve its objectives in two main areas: the core activities that make up the heart of what we do on a day to day basis; and project or development activities that aim to take the organisation and what it offers forward.
The Website - www.cgs.org.uk
One of the CGS’ key core activities is the provision of our website. Visually engaging and packed with information it is often the first point of contact for anyone who wishes to find more about contemporary glass. The website includes:
• A ‘Find a Glass Artist’ directory that connects the public with our members’ profiles and news
• An ‘Information’ section providing information and resources on all aspects of glass making from techniques to collecting, galleries to universities that offer glass courses and much more.
• Our ‘Noticeboard’ offers all kinds of information including galleries and exhibitions to visit, workshops and short courses, symposiums and conference and job opportunities, searchable by region. The news is uploaded both by our web manager and also by the members themselves ensuring a dynamic and up to date flow of information.
• Online galleries and exhibitions: The website hosts many online exhibitions a year and is the by far the most comprehensive online presentation of contemporary glass in the UK. It presents an unsurpassed range of disciplines within contemporary glassmaking (glass blowing; casting; stained glass; flamework etc.), new ideas and techniques, national and international artists and showcases of our annual celebrations and prizes (such as those recognised for our New Designers prize).
Magazine
In addition to the website the CGS produces a half yearly full colour, 16 page magazine that offers news about and images of contemporary glass, ideas and tips for making, debate about contemporary practice and thinking and news and about what’s on. The magazine is circulated among our membership and also more widely to educational establishments, the arts community and art-loving public.
The CGS Office: A hub for information
All this is managed by our freelance, administrator in conjunction with a mix of freelance staff and volunteers. Our administrator not only ensures that these core activities are delivered, manages our growing membership subscriptions and general administration; she forms a friendly and informative centre for advice, connecting people and answering questions from a wide range of sources on a daily basis.
Students and Higher Education
The CGS is committed to supporting students and places of higher education that teach glassmaking skills. We always have a trustee who is dedicated to making contact with students and their teachers and establishing an on-going relationship with them. Through this we can share information and find out about student needs. CGS also runs the CGS Graduate Glass Prize, offering several awards every year to outstanding students working with glass. The Prize is celebrated through a Graduate Review, a 16 page publication highlighting the winner plus an additional 15 graduates work. This publication is circulated throught the UK and Europe. By acknowledging the courses available we aim to increase the public's awareness of this education in the Arts.
Page 4
Contemporary Glass Society
Trustees' Report
Public benefit
We have ensured we continue to confer public benefit through our activities including
The website –The website continues to offer a wealth of free information to the general public. It publicises workshops, courses, exhibitions and events. Recently we have published a new feature Education and Training which shows all accredited courses in the country. It also publicises opportunities for artists to develop their skills and to participate in many exhibitions, forums and lectures..
During 2023-2024 we had 6 online exhibitions, involving 149 artists, including work from across the world. We estimate that approximately 12,000 visitors viewed these shows worldwide.
Education - CGS aims to support artists working in glass at all stages of their careers in particular nurturing the next generation of artists. For students and graduates we offer a special student membership rate and discounts for our events. We also provide free advice and information to the public though our Administrator and Board members. We have recently added a new Resource, accessible to all - Education and Training that lists contact details to all UK credited courses and available commercial courses.
Each year we run a Graduate Prize and publish the New Graduate Review, depicting work from 19 graduates. This year 36 graduates applied. The publication, promotion and coverage from the New Graduate Review will help promote the few courses remaining for glass making. We will continue to work with higher education colleges helping to encourage the next generation of artists.
Professional Development: We are continuing to work with the Design Trust to provide on-line business training, helping artists to become more professional in their business acumen and the making, delivery and selling of their work. This includes pricing, marketing and writing budgets. The course is promoted through our website and is available to all to take part in. We publicise free of charge many other courses from across the country that help artists in their artistic journey.
Regional Events:To help the public experience more contemporary glass we are working across the UK. We had exhibitions in the West Midlands, Northwest and Southwest. We have programmed glass Discovery Days in Sunderland, Reading and London, taking glass to regional communities.
International Festival of Glass: This event is held bi-annually in Stourbridge attracting visitors worldwide. CGS works closely with the organisation helping to spread the word to a large audience. We also stage an open exhibition of CGS members work during the Festival; the work is small and sold for accessible prices.
Llive online talks – CGS holds twice monthly online talks, given by our members and invited guests. These provide an amazing insight into glass making and build a friendly network of makers who join each talk. Tthese have become so important creating a community atmosphere appreciated by all artists and especailly thise who work in isolation. The talks are recorded and accessible from our website to all members and several are now free to the public via. www.cgs.org.uk .
Number of people benefiting from CGS activities 2023-2024:
Audiences for live events approximately 3,365, Online exhibition audiences 12,000, Publications (three) 3,750 Artists showing work in exhibitions and online 310, Artists involved in educational events 12 Public attending educational events 165, Online talks 18, Artists attending online talks 488 Members watching recorded talks on you tube 600
Page 5
Contemporary Glass Society
Trustees' Report
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: S Purser Hope, Chair M Barnes S L Brown F Fawcett N Schellander (resigned 6 December 2023) A Whittingham (resigned 6 December 2023) C Reid H Salter Stokes (appointed 6 December 2023) K Coleman A Monzon (appointed 6 December 2023)
Structure, governance and management
Nature of governing document
The Charity is constituted as a private company limited by guarantee and therefore has no share capital. It is governed by a Memorandum and Articles of Association. There are no restrictions in the governing document on the operation of the Charity or on its investment powers, other than those imposed by general charity law. Every Member undertakes to contribute an amount not exceeding £1 to the assets of the company in the event of the winding up of the company. The company members elect the Trustees who comprise the Board of Management which has the power and responsibility to run the company.
Recruitment and appointment of trustees
Our need for suitable trustees/ board members is advertised to our supporters on a regular basis through the website and magazine. In addition, we continue to approach individuals, and other organisations we are in contact with, as part of our strategy for identifying suitable new trustees.
Trustees/ board members can be elected at the AGM, or appointed on a provisional basis by the Board until the next AGM. When someone who has not been elected at the AGM comes forward as a potential new trustee/board member, if it seems that they will be able to contribute to the work, they are interviewed by two of the existing trustees and if suitable asked to join on a provisional basis until the next AGM. The number of members of the Council of Management can vary between 3 and 12 people.This year 2 trustees stood down and 1 new trustees will be elected at the AGM.
Induction and training of trustees
All new and potential trustees are given a copy of the Trustees Pack. The Trustee Pack is a set of documents that includes the Memorandum and Articles of Association, our Trustee Guidelines, the last annual report, the current set of management financial statements, and links to the Charity Commissions website for further guidance.The Pack also contains information about our aims and objectives and the work we undertake. New and potential trustees are also asked to discuss any issues they have with the Administrator.
Page 6
Contemporary Glass Society
Trustees' Report
Arrangements for setting key management personnel remuneration
CGS is managed by a Chair, Vice Chair, Treasurer and Company Secretary plus Board members. These positions are voluntary with reasonable expenses reimbursed when carrying out necessary work for the charity. Day to day running of the organisation is delegated to a part time contracted administrator, who reports to the Board quarterly.
Organisational structure
The Board meets up to four times a year as a full Board and is serviced by the Administrator. Subgroups from time to time work on specific projects such as conferences.The freelance staff and volunteers of the charity have delegated authority to carry out day-to-day work within policies agreed by the Board.All questions at any meeting are determined by a simple majority of votes cast by members present, with each member having one vote. In the event of an equality of votes, the Chair may exercise a second vote as a casting vote.
Major risks and management of those risks
Generally
The Board identifies the major risks to which the Charity is exposed, and is satisfied that systems are in place to mitigate exposure to these risks.
Financial risks
There is no guarantee of the level of the income for CGS from its membership subscriptions, its main income source. However, the membership is growing and is currently aproximately 1,100 members. New memebrs joining in the year replace thiose that have not renewed.The subscriptions gathered from the membership allow the charity to continue and be a unique advocate for contemporary glass. Fundraising
We encourage commercial businesses involved in glass making to sponsor our magazines and events, helping to cover costs.We have successfully run targeted fundraising for items such as a new website. We send out calls asking members if they can make small donations to cover costs for public events and we go back to previous donors to ask if they will continue to support certain activities. Quarterly management accounts ensure we do not undertake projects that we cannot fund.
Financial instruments
Credit risk
The Charity’s principal financial assets are its bank account balances.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Charity uses a mixture of current and deposit bank accounts.
Employee involvement
CGS has no employees.
Statement of trustees' responsibilities
The trustees (who are also the directors of Contemporary Glass Society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Page 7
Contemporary Glass Society
Trustees' Report
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 23 August 2024 and signed on its behalf by:
SIGNED SECURELY 28/08/2024 at 9:15:01 AM UTC
......................................... S Purser Hope Trustee
Page 8
Contemporary Glass Society
Independent Examiner's Report to the trustees of Contemporary Glass Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
...................................... S A Prys-Roberts Chartered Certified Accountants ACCA
11 Alma Vale Road Clifton Bristol BS8 2HL
23 August 2024
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of Contemporary Glass Society as required by section 386 of the 2006 Act; or
-
the accounts 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 is not a matter considered as part of an independent examination; or
Page 9
Contemporary Glass Society
Independent Examiner's Report to the trustees of Contemporary Glass Society ('the Company')
- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 10
Contemporary Glass Society
Statement of Financial Activities for the Year Ended 31 July 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Other trading activities 4 Investment income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 Note Income and Endowments from: Donations and legacies 3 Other trading activities 4 Investment income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 |
Unrestricted funds £ 17,164 65,476 195 82,835 (86,495) (86,495) (3,660) (3,660) 33,405 29,745 Unrestricted funds £ 12,237 70,514 105 82,856 (87,643) (87,643) (4,787) (4,787) 38,192 33,405 |
Total 2024 £ 17,164 65,476 195 |
|---|---|---|
| 82,835 | ||
| (86,495) | ||
| (86,495) | ||
| (3,660) | ||
| (3,660) 33,405 |
||
| 29,745 | ||
| Total 2023 £ 12,237 70,514 105 |
||
| 82,856 | ||
| (87,643) | ||
| (87,643) | ||
| (4,787) | ||
| (4,787) 38,192 |
||
| 33,405 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 15.
The notes on pages 14 to 21 form an integral part of these financial statements. Page 11
Contemporary Glass Society
(Registration number: 05062300) Balance Sheet as at 31 July 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Debtors | 12 | 1,577 | 1,728 |
| Cash at bank and in hand | 13 | 28,320 | 33,117 |
| 29,897 | 34,845 | ||
| Creditors: Amounts falling due within one year | 14 | (152) | (1,440) |
| Net assets | 29,745 | 33,405 | |
| Funds of the charity: | |||
| Unrestricted income funds | |||
| Unrestricted funds | 29,745 | 33,405 | |
| Total funds | 15 | 29,745 | 33,405 |
For the financial year ending 31 July 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 11 to 21 were approved by the trustees, and authorised for issue on 23 August 2024 and signed on their behalf by:
SIGNED SECURELY 28/08/2024 at 9:15:01 AM UTC
......................................... S Purser Hope Trustee
The notes on pages 14 to 21 form an integral part of these financial statements. Page 12
Contemporary Glass Society
Statement of Cash Flows for the Year Ended 31 July 2024
| Note Cash flows from operating activities Net cash expenditure Adjustments to cash flows from non-cash items Investment income 5 Working capital adjustments Decrease/(increase) in debtors 12 (Decrease)/increase in creditors 14 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 5 Net decrease in cash and cash equivalents Cash and cash equivalents at 1 August Cash and cash equivalents at 31 July |
2024 £ (3,660) (195) (3,855) 151 (1,288) (4,992) 195 (4,797) 33,117 28,320 |
2023 £ (4,787) (105) |
|---|---|---|
| (4,892) (380) 841 |
||
| (4,431) 105 |
||
| (4,326) 37,443 |
||
| 33,117 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 14 to 21 form an integral part of these financial statements. Page 13
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
1 Charity status
The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
These financial statements were authorised for issue by the trustees on 23 August 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Contemporary Glass Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 14
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
-
The income relates to a future event;
-
The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the Charity has unconditional entitlement.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources,
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources
Governance costs
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of Trustee meetings and the cost of any legal advice to Trustees on governance or constitutional matters
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 15
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
General fund
Unrestricted income funds are available for use at the trustees' discretion in furtherance of the objectives of the Charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 16
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Gift aid reclaimed Grants, including capital grants; Grants from companies Total for 2024 Total for 2023 |
Unrestricted funds General £ 12,761 1,629 2,774 17,164 12,237 |
Total funds £ 12,761 1,629 2,774 |
|---|---|---|
| 17,164 | ||
| 12,237 |
4 Income from other trading activities
Page 17
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
| Events income; Other events income Sponsorship income Membership subscriptions Other income from other trading activities Total for 2024 Total for 2023 5 Investment income Interest receivable and similar income; Interest receivable on bank deposits Total for 2024 Total for 2023 6 Expenditure on raising funds 7 Expenditure on charitable activities Principle activity Total for 2023 Principle activity Total for 2023 |
Activity undertaken directly £ 36,341 36,163 |
Unrestricted funds General £ 7,916 1,000 54,425 2,135 65,476 70,514 Unrestricted funds General £ 195 195 105 Unrestricted funds General £ 85,574 86,647 Activity support costs £ 48,964 50,484 |
Total funds £ 7,916 1,000 54,425 2,135 |
|---|---|---|---|
| 65,476 | |||
| 70,514 | |||
| Total funds £ 195 |
|||
| 195 | |||
| 105 | |||
| Total costs £ Total funds £ 85,574 |
|||
| 86,647 | |||
| Total expenditure £ 85,305 |
|||
| 86,647 |
Page 18
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
In addition to the expenditure analysed above, there are also governance costs of £1,190 (2023 - £1,080) which relate directly to charitable activities. See note 8 for further details.
8 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Total for 2024 Total for 2023 |
Unrestricted funds General £ 1,190 1,190 1,080 |
Total funds £ 1,190 |
|---|---|---|
| 1,190 | ||
| 1,080 |
9 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
S L Brown
S L Brown received remuneration of £1,529 (2023: £654) during the year.
Remuneration and expenses incurred on the operation of the graduate review publication and the student scheme.
N Schellander
N Schellander received remuneration of £2,952 (2023: £6,398) during the year.
Remuneration and expenses incurred in the support of the website and marketing activities on behalf of the charity
S Purser Hope
S Purser Hope received remuneration of £18,834 (2023: £15,422) and £3,644 (2023: £2,249) of expenses were reimbursed to S Purser Hope during the year.
Project management fees and travel expenses incurred in the orgaisation of events on behalf of the charity
F Fawcett
£1,852 (2023: £Nil) of expenses were reimbursed to F Fawcett during the year.
10 Independent examiner's remuneration
| 10 Independent examiner's remuneration | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Examination of the financial statements | 1,190 | 1,080 |
Page 19
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Debtors
| 12 Debtors | |||
|---|---|---|---|
| Trade debtors Prepayments 13 Cash and cash equivalents Cash at bank 14 Creditors: amounts falling due within one year Trade creditors 15 Funds Balance at 1 August 2023 £ Unrestricted funds General 33,405 Balance at 1 August 2022 £ Unrestricted funds General 38,192 16 Analysis of net funds Cash at bank and in hand Net debt |
Incoming resources £ 82,835 Incoming resources £ 82,856 |
2024 £ 359 1,218 1,577 2024 £ 28,320 2024 £ 152 Resources expended £ (86,495) Resources expended £ (87,643) At 1 August 2023 £ 33,117 33,117 |
2023 £ 1,228 500 |
| 1,728 | |||
| 2023 £ 33,117 |
|||
| 2023 £ 1,440 |
|||
| Balance at 31 July 2024 £ 29,745 |
|||
| Balance at 31 July 2023 £ 33,405 |
|||
| At 31 July 2024 £ 33,117 33,117 |
Page 20
Contemporary Glass Society
Notes to the Financial Statements for the Year Ended 31 July 2024
| Cash at bank and in hand Net debt |
At 1 August 2022 £ 37,443 37,443 |
At 31 July 2023 £ 37,443 |
|---|---|---|
| 37,443 |
Page 21
Contemporary Glass Society
Statement of Financial Activities by fund for the Year Ended 31 July 2024
Unrestricted Funds
| Unrestricted Funds | ||
|---|---|---|
| Income and Endowments from: Donations and legacies Other trading activities Investment income Total income Expenditure on: Charitable activities Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total Unrestricted Funds 2024 £ 17,164 65,476 195 82,835 (86,495) (86,495) (3,660) (3,660) 33,405 29,745 |
Total Unrestricted Funds 2023 £ 12,237 70,514 105 |
| 82,856 | ||
| (87,643) | ||
| (87,643) | ||
| (4,787) | ||
| (4,787) 38,192 |
||
| 33,405 |
This page does not form part of the statutory financial statements. Page 22
Contemporary Glass Society
Detailed Statement of Financial Activities for the Year Ended 31 July 2024
| Income and Endowments from: Donations and legacies (analysed below) Other trading activities (analysed below) Investment income (analysed below) Total income Expenditure on: Charitable activities (analysed below) Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2024 £ 17,164 65,476 195 82,835 (86,495) (86,495) (3,660) (3,660) 33,405 29,745 |
Total 2023 £ 12,237 70,514 105 |
|---|---|---|
| 82,856 | ||
| (87,643) | ||
| (87,643) | ||
| (4,787) | ||
| (4,787) 38,192 |
||
| 33,405 |
This page does not form part of the statutory financial statements. Page 23
Contemporary Glass Society
Detailed Statement of Financial Activities for the Year Ended 31 July 2024
| Donations and legacies Donation Tax reclaimed re Gift Aid Grants Other trading activities Membership Subscriptions Newsletter Sponsorship Raffle Exhibitions Newsletter advertising Investment income Interest Charitable activities Cost of activities Exhibition expenses Student promotions Administrator Bookkeeping Website Support Telephone and fax Postage Stationery Other Charitable Activity Expenses Advertising Newsletter Bank Fees Accountancy fees |
Total 2024 £ 12,761 1,629 2,774 17,164 54,425 1,000 1,518 7,916 617 65,476 195 195 (932) (11,043) (4,730) (38,056) (1,190) (6,745) (654) (1,681) (320) (2,585) (3,341) (12,637) (1,391) (1,190) (86,495) |
Total 2023 £ 12,237 - - |
|---|---|---|
| 12,237 | ||
| 56,007 1,000 1,035 11,655 817 |
||
| 70,514 | ||
| 105 | ||
| 105 | ||
| (1,776) (17,293) (6,383) (35,208) (1,080) (5,731) (502) (1,997) (463) (1,582) (6,094) (7,174) (1,280) (1,080) |
||
| (87,643) |
This page does not form part of the statutory financial statements. Page 24