Charity Registration No. 1158133 Company Registration No. 0842S370 {England and Wales) CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Jackson Martin Page Timothy Rogers Elinor Lamond Amanda Richardson Lisa W5dom Angela Annesley Amy Cooper Charty number 1158133 Company numbgr 08425370 Prlnclpal address Trelissick Gallery Trelissick Feock TRURO Comwall TR3 6QL Registered office Trelissick Gallery Trelissick Feock TRURO Comwall TR3 6QL Independent examiner Mark Williams FCA DChA RRL LLP Peal House Newham Road TRURO Comwall TR12DP Bankers Barclays Bank PIC (Truro King Slreeti 14 King Street TRURO Comwall TR1 2RB
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" CONTENTS Page Trustees. report statement of trustees. responsibilities Independent examinerfs report Stslemenl of financial activities Balance sheet Notes to the financial statements 8-17
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present their annual report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policiès set out in note 1 to the financial stslemenls and comply wth the Charty's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 ObJectlves and actlvltles The objectives are to promote any charitable purpose which will encourage the exercise and maintain the standards of crafts both ancient and modem, preserve and improve craftsmanship and promote and increase the interest of the public herein particularly in the county of Cornwall. Achievements and perfomiance Chalmian's report The Cornwall Crafts Association ICCAI has emerged leaner and stronger from the Llxkdown which for us was April 2021. The gallery opened again. and all staff came off furlough, and what a wonderful fresh start we have had with the opening of the upstairs gallery. We took over rent free for the rest of 2021 and used it to hou the 125 Exhibition which had been left abandoned in the dosed main house. There was some worry as to how it would look. bul It moved across brilliantly and made a fantastic first show. The end of 2021 was marked by a Christmas Tree Decoration competition which was won by Carole Venables, congratulations. The beginning of 2022 was heralded by reaching a fomial licence with the National Trust for use of the Upstairs Gallery. The fact that we had a chance to pemianently take this space over was a great thrill to us. It completes the gallery experience and has already proved its worth financially. We thank Tim Rogers and Elinor Lamond for dealing with the negotiations. The first show for the upper gallery was Craftsmanship 2022 and this was followed dosely by Treasurers. This is a truly delightful show incorporating some truly wonderful pieces by new members and some familiar faces. We congratulate all who look part. The themed show inspires some fine work, and we are keen to gel suggestions for our nexl show. The Focus Exhibitions are always interesting. The year started wth a retrospective for Margaret &y. Margaret was a founder member, long-time supporter, and Trustee. Her wisdom and insight was invaluable and became known by me as our Wise Owl" 11 was lovely to meet her whole family again al the Private View party. I know they were delighted wth the whole event. Every year there are some sad goodbyes, and this year is no exception. Firstly, we lost Mary Rich and shortly after Pal Cross. Both had done a huge amount to strengthen the CCA. On a happier note, we said goodbye to Raury and Conan Marshall who had helped stsff the gallery through the post lockdown phase. We wish them well in their new jobs. We now have the extra help of Olivia alber. Olivia studied textiles at Plymouth University and has only recently graduated. She is enjoying working in such a creative atmosphere and is loving meeting CCA members and finding out about their disciplines. We especially thank Elinor, Jeanelle, and Rachel for all their hard work staffing and curating the many shows. Tim Rogers for standing in as Chairman during much of the last year, a friend indeed to both me and the Association. his enthusiasm is totally Contagious. We thank the adminislralion team and especially Mark Wlliams for keeping us on track. and most especially we thank you the membership for the beautiful inspiring worf(. We greauy look forward to the remainder of 2022 and on lo 2023 to see more of our unique and inspiring work.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 Flnanclal revlew The Association's largest item of expenditure is wages which totalled £60,867 12020.. £49,8921. Commission receivable totalled £75,993 12020.. £41,373). The Association made a deficit this year of £4,090 12020.. deficit of £20,475). The Association's resour5 are partly invested in the COIF Charities Investment Fund and the ba1ce is on deposit al Barclays. Reserves policy The trustees aim to ensure the Charty's long term viability and aim for at least six months reseNes lo be held. This policy will be reviewed on an annual basis. Unreslricled funds al 31 December 2021 tolalled £67.055, which included free reserves of £2.055. Investment pollcy The trustees regularfy review the cash held by the charity and place any surplus funds in an interest bearing deposit account when appropriate. Publ1¢ benoflt The charity complies wth the public benefit requirement through its charitable objectives. The Iruslees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewng the charity'5 aims and objectives and in planning future activities. In particular, the Iruslees consider how planned activities will contribute lo the aims and objectives set. Risk management The trustees have assessed the major risks lo which the charity is exposed and a satisfied that they are operating systems which miligale the charity's exposure. Tax status Being a registered charty. Comwall Crafts Association is exempl from corporation tsx on its investments and other in¢ome. Structure. govemance and management Governing document The charity is incorporated as a company limited by guarantee under the provisions of the Companies Act 2006. Its goveming conslitulional documents are ils Memorandum and Articles of Association which are publicly available from the Registrar of Companies via ils website. Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the company in the event of a winding up. The trustees, who are also the directors for the purpose of company law, and who served during the year were.. Paul Jackson Martin Page Timothy Rogers Elinor Lamond Amanda Richardson Lisa Vlfisdom Angela Annesley Amy Cooper
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 Suitable individuals are identified by the existing trustees on the basis of their skills and knowledge and are invited to become Iruslees. New Iruslees are inducted into the workings of the charity. The trustees are responsible for the overall control of the charity. Rglated party transactlons Some members of the previous and current managing committees who are also craftsmen sold items using the Association and details of these are reported in note 8 of the financial stalemenls. Remuneration policy for key management The trustees consider the trustees (including Elinor Lamondl lo comprise the key management personnel of the charity, lo be In charge of directing and controlling, running and operating the charity on a day to day basis. The pay of the senior staff is reviewed annually and normally increased in accordance with average eainings. In view of the nature of the charity, the trustees benchmark against pay levels in other similar organisalions. ststement of dlsclosure to Independent examlner So far that the Iruslees are aware, there is no relevant infomiation of which the charity's independent examiner is unaware. Additionally the trustees have tsken all the step5 that they ought lo have tsken as trustees in order to make themsèlvès aware of any relevant infomation and lo establish that the charity's independent examinw is aware of that information. This report has been prepared in accordance with the special provision of Part 15 of the Companies A 2006 relating lo Small Companies. The trustees, report was approved by the Board of Trustees. Elinor Lamond Trustee 30 August 2022
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees, who are also the directors of Cornwall Crafts Association (Limited by Guarantee) for the purpose 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). Company Law requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming reSoUrS and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial stslemenls, the trustees are required lo". select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Stsndards have been followed, subject lo any material departures disclosed and explained in the financial slalements", and prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNWALL CRAFTS ASSOCIATION ILIMITED BY GUARANTEE I report to the trustees on my examination of the financial statements of Comwall Crafts Association (Limited by Guarantee) Ilhe charity) for the year ended 31 December 2021. Responslbllltles and basls of report As the trustees of the charty land also its directors for the purposes of company lawl you are responsible for the preparation of the finanaal statements in accordance wth the requirements of the Companies Act 20(6 (the 2006 Acll. Having satisfied myself that the financial statements of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report In respect of my examination of the charity's financial stslemenls carried out under section 145 of the Charities Act 2011 Ilhe 2011 Actl. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. I draw lo your attention that the firm al which l am partner provides bookkeeping services lo the charity. We have complied with FRC'S Revised Ethical Standard in this regard. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with those records., or the financial slalemenls 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 the financial statements have not been prepared in accordance rith the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the finanal slalements lo be reached. Mark Williams FCA DChA RRL LLP Peal House Newham Road TRURO Cornwall TR12DP Dated 30 August 2022
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestrlcted Unrestrlcted funds funds 2021 2020 Notes ncome from. Donations and legacies Charitable activities Investments 7.099 82,246 12,330 46,995 153 Total income 89,354 59,478 Ex enditure Charitable activities 93,480 79,347 other 12 624 Totsl re$ource$ &xpendgd 93.480 79.971 Net gains on investments 11 36 Net movement in funds 14,090} 120,4751 Fund balances al 1 January 2021 71,145 91,620 Fund balances at 31 December 2021 67,055 71,145 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Notes Flxgd assets Tangible assets Investments 13 14 3,787 242 4,734 206 4,029 4,940 Current assets DeblDrs Cash at bank and in hand 16 3,424 83,459 5,598 73,853 86,883 79,451 Credltors: amounts falllng due wlthln one year 17 123,8571 113,2461 Net current assets 63,026 66,205 Total asyets leys current liabilities 67,055 71,145 Income funds Unrestricted funds Designated fund5 General unrestricted funds 18 65,000 2,055 70,000 1,145 67,055 71,145 67,055 71,145 The company is enlilled to the exemption from the audit reqU1ment wntsined in section 477 of the Companies Act 2006, for the year ended 31 December 2021. No member of the company has deposited a notice, pursuant lo section 476, requiring an audit of these fi'nancial slalements. These financial slalemenls have been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by Companies Act 2006 and are for circulation lo members of the company. The financial stslemenls were approved by the Trustees on 30 August 2022 Elinor Lamond Trusta8 Company Reglstratlon No. 08425370
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcles Charity infomiation Cornwall Crafts Association (Limited by Guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is Trelissick Gallery. Trelissi¢k, Feock. TRURO, Cornwall, TR3 6QL. 1.1 Accounllng conventlon These financial statements have been prepared in accordance with FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1, "Accounting and Reporting by Charities. the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as il applies from 1 January 2019. The charity is a Public Benefit Enlily as defined by FRS 102. The financial slalemènts are prepared in sleding, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial $18temenls have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial slalements. the Iruslees have a reasonable expectation that the charity has adequate resources to continue in operational existence for Ihe foreseeable future. Thus the trustees. continue to adopt the going concern basis of accounting in preparing the financial siatements. 1.3 Charitable funds Unrestricted funds are donations and other incoming resources received or generated for general charitsble purposes. Designated funds are unrestricted funds of the charity which the trustees have decided al their discretion lo sel aside lo use for a specific purpose. Reslricled funds are to be used for specific purposes as laid down by the donor. Expenditure which meets the ¢riteria is identified lo the fund, together with a fair allocation of overheads and support Costs. 1.4 Incoming resources Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Commission represents inwme earned from sales of work and is brought into credit on an arising basis. Annual subscriptions from members are included in the year that they are received. Income from donations and grants is included in income when receivable, eXpt as follows.. )en donors specify that donations and grants given lo the charity musl be used in future accounting periods, the income Is defèrred until those periods. INhen donors impose conditions which have lo be fulfilled before the charity becomes entitled lo use such income. the income is deferred and not induded in incoming resources until the pre-conditions have been met. hen donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources ol reslricled funds when receivable. l income arising on investments is accounted for on a receivable basis.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ounllng poll¢lg$ Icontlnugdl 1.$ Resources expendad Expenditure is recognised once there is legal or constructive obligation lo make a payrnenl lo a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliaLIy. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes the costs of crafts people and exhibitions and other costs undertaken lo further the purposes of the charity and their associated support costs. Govemance costs represent the cost of accountancy fees and legal and professional costs. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, nel of depreciation and any impaimient losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases". General Equipment 200h reducing balan The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilurel for the year. 1.7 Impairment offixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such IndatIOn exists, the recoverable amount of the asset is eslimaled in order to determine the extent of the impairment loss lif any). 1.8 Cash an(1 cash equlvalents Cash at bank and in hand includes cash and short term highly liquid investments wth a short maturty of three months or less from the date of acquisition or opening of the deposit or similar account. 1.9 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the ntra¢lual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial stalemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. BasiTC financial assots Basic financial assets, which Include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement Conslilules a financing Iransaclion, where the transaction is measured at the present value of the future reip1S dis¢ounled at a market rale of interest. Financial assets classified as receivable within one year are not amortised.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ounllng poll¢lg$ Icontlnugdl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the 8rr8ngemenl constitutes a financing Iransaclion, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial li8bilib.es dassified as payable wthin one year are not amortised. Debt instruments are subsequenuy Carried al amortised cost. using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction pricè and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Taxatlon The charity is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects. 1.11 Employee benefits The cost of any unused holiday enlidemenl is recognised in the period in which the employee's servicès are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Cash flow statement Under Charities SORP IFRS1021 the Charity is classed as a Small Charity and is not required lo prepare a cash flow slalement. 1.14 Investments and investment income l investments are slated al market value. The movement shown in the statement of financial activities mprises both realised and unrealised gains and losses. Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sour$. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects ClY that period, or in the period of the revision and future periods where the revision affects both current and future periods. 10-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Donatlons and legacles Unrestricted Unrestricted funds ftjnds 2021 2020 Government Grants 7,099 12,330 HMRC- grants have been received totalling £7,09912020.'£12,3301 to help with the furfoughed staff whilst in a nationwide lockdown due to COVID-19. Charitable activities 2021 2020 Commissions Subscriptions Other income 75,993 6,131 122 41,373 5,312 310 82,246 46,995 Investments Unrestricted Unrestricted funds funds 2021 2020 Interest receivable 153
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charltable actlvltles 2021 2020 Stsff ¢osls Rent and occupancy Rates Light and heal Advertising Repairs and renewals Hire of equipment Bank and credit Card charges Exhibition and display fees and costs Cost of goods sold 60,887 10,042 49,892 5,474 289 97 1,478 1,199 1261 1,911 1.494 2,211 1,779 2,742 967 2,730 79,126 64,019 Share of support costs (see note 71 Share of governance costs (see note 71 12,504 1,850 12,838 2,490 93,480 79,347 12-
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CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees One of the trustees received remuneration (including employers, national insurance and pension conlribulionsl of £26,363 12020". £26,405) for her services provided to the charity as gallery manager and adminislralor. Pemiission was granted by the Charity Commission lo remunerate this Iruslee. No trustees were reimbursed expenses during the year {2020.' £Nill. Commissions were taken from and payments were made to the following trustees during the year as follows.. Commission Payment made received from lo Payments Outstanding Paul Jackson Amanda Richardson Amy Cooper Elinor Lamond Angela Annesley Lisa Wisdom Martin Page 1,039 5,051 1,334 4,147 622 1,725 362 2,335 12,025 2,779 9,411 1,296 3,811 754 209 196 122 144 Net movement in funds 2021 2020 Nel movement in funds is slated after chargingllcredilingl Independent examination fees Depreaalion of owned tangible fixed assets Loss on disposal of tangible fixed assets 1,600 947 1,500 1,191 624 10 Employees The average monthly number of employees during the year was". 2021 Number 2020 Number Gallery costs Support costs Total Employment costs 2021 2020 Wages and salaries Other pension costs 60.169 698 49,304 588 60,867 49,892 14-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 10 Employ99$ Icontlnugdl There were no employees whose annual remuneration was more than £60,000. 11 Net galnsllloss&sl on Investments Unrestrl¢ted Unrestricted funds funds 2021 2020 Revaluation of investments 36 12 Other Total Unrestricted funds 2021 2020 Net loss on disposal of tangible fixed assets 624 13 Tangible fixed assets General Equipment Cost At 1 January 2021 47,901 Al 31 December 2021 47,901 Depreciation and impaiment At 1 January 2021 Depreciation charged in the year 43,167 947 Al 31 December 2021 44,114 Carrying amount Al 31 December 2021 3,787 At 31 December 2020 4,734 15-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 Flxe(l asset Investments Listèd investments Cost or valuatlon Al 1 January 2021 Additions 206 36 Al 31 December 2021 242 Carrying amount Al 31 December 2021 242 Al 31 December 2020 206 15 Financial instruments 2021 2020 Carrying amount of financial assets Instruments measured al fair value through profit or loss 242 206 16 Debtors 2021 2020 Amounts falling due within one year: Prepayments and accrued income 3,424 5,598 17 Creditors- amounts falling due within one year 2021 2020 Other tsxation and social security Trade creditors Accruals and deferred income 4,489 12,457 6,911 2,108 8,767 2,371 23,857 13,246 16-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) RRL" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 18 Deslgnated funds The Income funds of the chaiily include the following designated funds which have been sel aside out of unrestricted funds by the Iruslees for specific purposes". Movement in funds InGoming BalanGe al resourcè$1 January 2021 Movement in funds InGoming BalanGe at resources 31 DeCemr 2021 BalanGe at 1 January 2020 Contingency Future Projects Fund 50,000 20,000 50,000 20,000 15,0001 45,000 20,000 70,000 70,000 15,0001 65,000 The conlinency fund is held lo cover unforeseen expenditure. The ftjture projects fund will fund any specific one off projects planned. 19 Ggn9ral fund$ General funds include cumulative gains on investments measured al fair value of £9312020.. £751. 20 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2021 2020 Aggregate compensation 26,363 26,405 17-