Charity reglstratlon number 1158133 Company wistration number 08425370 (England and Walesl CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Jackson Martin Page rimothy Rogers Elinor Lamnd Amanda Richardson Lisa Wisdom Angela Annesley Amy Cooper Charity number 1158133 Compony numb•r 08425370 Prlnelpal addr•s$ Trelissick Gallery Trelissick Feock TRVRO Cornwall TR3 6QL R•glst•r•d offlc• Trelissick Gallery Trelissick Feock TRURO Cornwall TR3 6QL Ind•p•ndent •xamlner Josh SlevensACA RRL LLP Peal House Newham Road Twro Comwall TR1 2DP Bank*w¥ B8rdays Bank PIC (Truro Kiny Slwll 14 King stet TRURO Cornwall TRI 2RB
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL CONTENTS Page Trustees. report Statement of trustees, respon5ibililies Indeptrnd&nl examin&f$ pOrt Statement ol finanaal activities Balance sheet Notes to the financial statements 9-18
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual report and financial statements for the year ended 31 December 2022. The financial ststements have been prepared in accordance vAth the 8ccounb.ng poliryes sel out in note 1 to the financial statement5 and eompty with the tharrty's Memoranduffl and ArjeS of Associab"on, the Companies Act 2006 and Accounting and Reporting by Charities". Ststement of Recommended Piactice applicable to charities preparing their accounts in accordance wrth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.. Objectives and activities The objectives are to promote any charitable purpose which wll èncourage the exerase and malntaln the standards ol crafts both ancient and modern. preserve and improve craftsmanship and promote and increase the interest of the public herein particularty in Ihe county ol Comwall. Achlevements and rforManCe Chalmian'8 report The Cornwall Crafts Association ends 2022 enjoying the space and polential of rts enlarged gallery. Sometimes the upper gallery 3hows the special exhibition5. 50melimes the galleries are inlermrAed. We 811 agrètr that il has b8èn a wondsrful extension and addrtion to the AsSociatn'S èxhibrtion space. The charfty has malntalned a full exhibthn programme starting wrth partaking In Fonn Falmouth at Falmouth Pavilions. The show was organised by the charity's members laking part bul overseen by trustee and member. Amy Cooper. We are pleased to say that Ihe stand looked fabulous. Sales were good enough Ihat we were able say we broke even. This was 8 great effort and has now eslabli5hed a new event in our calendar. as we are tsking part again this year, however this tim& Elinor is organi'ng il. Running up to Christmas we had our Christmas Tree Decoration Competition. This brings in a delighfful collection of imaginative tree treasures. This time il was won by the jeweller Sandra Ausbn for her stunning silr Turtle Dove. Sandra won a free membership to the chanty for a year. Our thanks to all that took part. The charity also ran two Christma5 workshop5. They were h05ted by Louis Nicho15 who laught some of her tèchniques in textilès. The first workshop concenlrated on lino print$ lor fabri¢, th& second was on embèlli$hing the printed piec6 wth stitch and appliqué. We were very plèasèd that th wef• so wall attèndèd. Thara will be 2 mor6 this year so please look out for them to be advertjsed. The new year was soon underway wth Ihe triumphanl celebrations of out 50 years. This is Iruty a rnileslone. We are one of Ihe longest running craft groups in Ihe counlry. A speual exhibition Gold was planned. We are grateful lo Tirn Roger3 for doing an inspirational lalk al the AGM and 898in at the nter Warm up meeling last January. Gold was supported by most of the membèrship and again the work was very speaal, and rt was fascinating to see how the brief was Interpreted and fulfilled. In the foyer, photogiaphs and memorabilia were enlarged and hung. A video ran showing makers at work. Congratulations to Elinor and ihe leam for putting on such a fabulous show. The Cornwall Crafts AssOcia.0n continues with its small exhibition programme. 'Focuses in the Foyer., The dazzling glass display by Helen Eastham took us up to Christmas 2022. To open our Spring Exhibition in January 2023 we were delighted to focus on new tnembei and superb woodtumèr Graham Davey which took us up to the opening of Gold, when we were delighted to show a vnnderful selection of the extraordinary and uniquè work by ceramiast Linda Styles.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 We were sad to hear of the passing of Denise Harvey. Denise had been one of our long-standing members of the sales team at Trelissick Gallery. up until 2020 Denise had helped and supported the charity for over thity-five years. She brought her own Style to the job. and She wa5 akyays 8 delryht a very distinct sense of humourl The charty wishes to Ihank the sales team for ting ouf repcesentatNes every day and we especial thank Elinor lor her ceaseless, untiring dedication as curator. as well as all her many olher chores,. to Tim for his constant support and for standing in as Vice Chaimian,. and lo all the Trustees lor their knowledge, strength, and continued support in all things Comwall Crafts Associalion. Lastty. we thank RRL LLP for the financjal expert15e and look fonard to working wrth them in the fulure. Flnan¢lal revlew The Association's largest item of expenditure is wages which totalled £66.854 12021.. £60.8671. Cornmi5sion receivable totslled £89.030 12021.. £75.9931. The Association rnade a defiryt Ihis year of £8.106 12021.. deficit of £4.0901. The Associatlon's resourc•$ are partty investsd In th8 COIF Chartt$ Investsnent Fund and the ba1ce 1$ on deposbt at Barclays. Re8orve8 poIScy The trustees aim lo ensure the ¢J)ariVs long temi viabilty 8ftd aim for al least six months reseNes lo be held. This policy will be reviewed on an annu81 basis. Unreslrid¥d ftJnd$ 8131 De¢&mbtrr 2022 totall&d £58,949, which Included free reserves 01 £3,949. Inv•8tm•nt pollcy The trustees regularty review the cash held by the tharity and plarE any surplus fund6 in an interest bearing deposit account when appropriate. Publ1¢ bn¢flt The chanty complies with the public benefit requirement through its charitable obiedives. The trustees confirm Ihat they have ferred lo the guidance contained in the Charity Commission's general guidance on public benefrt when reviewing the charity's aims and objectives and in planning futu activities. In particular, the irustees consider how planned aclivilies S11 contribute lo Ihe aims and objectives sel. Rl#k manag•m•nt The trustees have assessed the major risks to which the charity is exposed and a satisfied that they are operating systems which mitigate (he charity's exposure. Tax 8tatu$ 8eing a gistered charity, Comwall Crafts ASslatIon is exempt from corporatK)n tax on Its investments and other income.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Plans for future periods We will be taking a stand at Fomi Falmouth. to open on the 29th September 2023 and will njn for that weekend. OurAutuMnlntef Exhibition 2023 opens on Saturday 14th October wrth a Private View. We are thrilled to say that included in this exhibition is a Focus on Sarah Dunslan's distinct and unue ceramics. Sarah's Focus will run until 22nd of November when we will be having a Christmas gtft focus, 'Santa's Delights,. At the beginning of December. we will be holding Christmas workshops. the first with Weaver and textile artist Debbie Rudolph. The second wrth Jeweller and textile printer Rachel Stowe. Our Christmas tree decoration competrtion will also be in fvll swing by the beginning of Decernber. where the winner wins full membership for 8 year. Enlranls are 811 selected Cornwall Craft As$w8tion members. The theme being 'A Comish Christmas. Our Spring Exhibition Craftsmanship 2024 op&n$ at the end ol January, thi$ onIng 1$ akvays ¢ombined wth our Winter Wami Up Meeting where we get togelher wrth Ihe Membership for an inspirational lecture for the year ahead. pasties. and other refreshments. 2024 will also indude a program of six Focuses. yet lo be decided. Our feature Summer Exhibition 2024 will open after Easter. wth Ihe Iherne'Above and Below,. structure. gov?rn#nce and mon¥g?ment Govemlng document The charty is incorporated as 8 cofflpany limited by guaranlee under the provisKJns of the Cornpanies Act 2006. Its governing constitutional docurnents are ils Memorandum and ArtKle8 of Assoriatson which a publicty available from th¢ Registrar ol Companies via 11$ web$it$. Members of the chadtable company guarantae to contrlbuie an amount not exceeding £1 to the assets of the company in the event of a wnding up. The Iruslees. who are also the direclors for the purpose of cofflpany law. and who Served during the year We.. Paul Jackson Martin Page rimothy Rogers Elinor L8mond Amanda Richardson Lisa Wisdom Angela Annesley Amy Cooper Suitable individuals are identified by the existing tnjstees on the basis of their skills and knoedge and are invited to become trustees. New ¢ruslees are inducted into the workings ol the charity. The Iruslees 8re responsible for the over811 control of the tharity. R•latèd party transaetlons Some members ol 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 statements.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Remuneration policy for key management The trustees consider the trustees lincluding Elinor Lamond} lo comprise Ihe key management personnel of the charity, to be in charge of direding and controling, wnniny and operating the tharity on a day to day basis. The pay of the senior staff is reviewed annualty and nom)alty increased in accordance wth average earnings. In view ol the nature of the charity. the trustees benchmark against pay levels in other similar organisations. ststement ol dlsclosure to independent •xaminer So far that the trustees ar• aware, Ihere * no relevant infmb.on of Wh the charlvs Independent examlner 1$ unaware. Additionalty the trustees have taken all the sleps that they ought to have taken as trustees in order to make thernselves aware of any relevant Infoal and to establish that the charity's independent examinw is aware of that inforrnalion. Thls report has be¥n prepared in ¥¢¢ordonce with the swaal provision of Part 15 01 Ihe Companies A¢¢ 2006 relating to Small Companies. The trusteés, roport was approvéd by thè Board of Tru$leès. Elinor Lamond Tru•t•• 27 September 2023
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are also the directors of Comwall Crafts Asswation (Limited by Guarantee) for the purpose of company law. are responsible lor preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdorn Accounbng St8nd8rds (United Kingdorn Gener8lly Accepted Accounting Pract1. Company Law requires the trustees to prepare ffinancial slalements lor each financial year which give a true and fair view of the state ol affairs of the charity and of Ihe incoming resources and application of resources, including the incorne and expelldrtu, of the charitable company for Ihat year. In preparin9 these fin8nci81 $18lemenls, the trustees 8re required to: select suitable accounting policies and Ihen appty them consistenty.. - observe the methods and principles in the Charities SORP.. - rn8ke judgements and estsmates that art reasonable and prudenl., slate whether applicable UK A¢¢ounting Stsndafd$ have been followed, $ubj¢t lo any materi81 d¢p8rtur¥$ disclosed and explained in the financial statements.. and prepare the financial stalements on Ihe going concem basis unless r( is inappropriate to presu that the charty 11 continue in operats'on. The Iruslees are re$pon$ibl$ for keeping adequate a¢¢ounting r1$ that di$¢lt)se with reasonable a¢¢ura¢y al any timè the financial position of thè charity an¢J enabl• them to ensure that the finan¢ial statements ¢ompty with the Companies Act 2006. They are also responsible fof safeguafding the assets of the chanty and hence for taking reasonable steps for the prevention and deteciion ol fraud and other irregukints"es.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE I report tts the trustèe5 on my examinats.on of the financial ststeN*nts of Comwal Crafts Association (Limited by Guarantee) (the charityl for the year ended 31 December 2022. Responslbllltles and basls ol report As the trustees of the charity land also its directo for the purp¢)ses of company 18wI you are responsible foi the preparation of the ffinanual statements in accordance wrth the requicements of the Companies Act 20C6 (the 2006 Acti. Having satisfied rnyseif that the financial statemenls of the charity are nol required to be audited under Part 16 of the 2006 Act and are eligible for independent examinabon. I report in respect of my examination ol the charity's financial statements carried out under section 145 of the Chanties Act 2011 Ithe 2011 Act). In carrying out my 8x8minalion I have lollowed all the applicable DirertK)n$ given by lh& Charity Commi$$ion under $eetion 14515llbl of th¥ 2011 A¢1. I draw to your artenlion that the fimi al which l am partner provides bookkeeping SeiCe$ to the charity. We have complied with FRC'S Revised Elhical Standard in this regard. Independont examlner'ty sta¢oment I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe thal in any material Spect.. 8c¢ounting rerdS were nol kept in resped of th¥ ¢haiity as wuired by se¢lion 386 ofthe 20Cfj A¢t,' or the financial 5tstements do not accord with those records.. or the financial statemènts do not comply wilh the a¢¢ounting requirements of section 396 01 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 $lal&menls have nol been prepared in ac¢ordan¢e wtth Ihe methods and principles of the Statement of Recommended Practice for accounling an¢J reporting by charrties applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 1021. I have no concerns and have come a¢ross no other malters in connection wth Ihe examination to which attention should be drawn in this report in order lo enable a proper underslanding of the financial 5t8tements lo be reached. Josh Stevens ACA RRL LLP Peat House Newham Road Truro Comwall TR12DP Dated.. 28 September 2023
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrèstrfttèd Unrèstrlctèd funds funds 2022 2021 Note¥ Donations and legaci8s Charitable activities Investments 937 96,194 640 7,099 82,246 Totsl Ineomè 97,771 89,354 Ch81itable activities 105,855 93,480 Nel1108sesllgains on investments 11 1221 36 Net movem•nt In funds 18,1C61 14,0901 Fund balances at 1 January 2022 67,055 71,145 Fund b•l•n¢¢8 Ot 31 D•cmr 2022 58,949 67,055 The slalemenl of financial activities indudes all gains and losses recognised in the year. l income and expenditure derive from continuing 8¢1ivib's. The statemgnt ol finaneial actiwties also wnpliès with tho requiremènts for an income and expenditure a¢¢ount under the CompaniesAci 20&8.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notès Flxed assets T8ngible assets Investments 12 13 3.030 220 3.787 242 3.250 4.029 Curr•nt ass•ts Debtors Cash at bank and in hand 15 2.948 79.329 3.424 83.459 82.277 88.883 Cr•dltors'. amounts lalllng du• vAthln on• y•ar 16 126,5781 123,8571 Net current assels 55,699 63,026 Total a88et8 le88 current IlabllStl•s 58.949 67,OSS Incom• fund8 Designated funds Gèneral unrestricted fund$ 18 55.000 3.949 65.000 2,055 58,949 67,055 58,949 67,055 The company is entitled to the exemption from the audit reqU1ment contained in seth.on 477 ofthe Companies Act 2006, for the year ended 31 December 2022. The directors acknowledge their responsibililies for comptying with the requirements of the Cornpanies Act 2006 with respect to accounting records and Ihe preparation ol finanryal statements. The mernber8 h8ve not requireij the company lo cljtsin an audit of its fina81 stslements for the ye8r in question in 8ccordance with section 476. These finanaal statements have been prepared in accordance the speoal provisions of Part 15 of the Companies Act relating to small companies and constibjte the annual accounts reqUId by Companies Act 2006 and are for arculation to members of Ihe company. The financial statements were approved by the Trustees on 27 Seplember 2023 Elinoi Lamond Trustee Company registration number 08425370
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Charity inforrnation Comwall Crafts Association ILimrted by Guaranteel is a private company limrted by guarantee incorporated in England and Wales. The registered office is Tlissick Gallery. Tli$Sk. Feoth. TRURO, Cornwall, TR3 6QL. 1.1 Accounting convention These financial statements have been prepared in accordance wtth FRS 102 -The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1. "Accounting and Reporting by Charities" the Staternenl of Recommended Practice for chanties apptying FRS 102. the Companies Act 2006 and UK Generally Accepted Accounbng Practice a5 it applies from 1 J8nu8ry 2019. The charity is a Public Benefit Enlrty as defined by FRS 102. The financial statemènts are prepared in sterting, which is the funth.onal ¢u(r¢nty of th& ¢harty. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been pPared under the histoiical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng ¢on¢¥m At the time ol approving the financial statemenls, the trustees have a reasonable expectation that the charity has adequate resources to conlinue in operational existence for Ihe fOSeeable future. Thus the trustee5' ¢ODtinue to adopt the going concem basis of accounling in preparing the finanrial staternents. 1.3 Charttable funds Unrèstricted funds are donations and olh&r incoming resour¢¢$ rNd or 9eneraled lor g¥n8ral ¢hgrhablo purpose$. Designated ftjnds are unoslricted lund$ of charity which Ihe tru$lee$ have de¢ided 81 their di$¢relitsn lo $8t 8sid• to usè for a $p8ufic purpose. Restricted funds are to be used for speofic pvrp05es as laid down by the donor. Expenditure whi¢h meets the criteria is identified lo Ihg fvnd. loge¢her with a 1811 811o¢ation of overheads and support costs. 1A Incomlng resources Income is recognised when the charity is kgalty entitted to it after any perforniance conditions have been met, the amounts can be measured reliabty, and it is probable thal income wll be received. Commission psents income eamed from sales of work and is brought into credit on an arislng basls. Annual Subs{ptIOnS from mèmbers indut1ed in the year that they are recei¥ed. Incorne from donabons and grants is induded in Incr) when receivable. except as follows.. When donors specfy Ihat donalions and grants given to the charity must be used in future accounting periods, the income is deferred unlil those periods. Vvhen donors impose condrtions which have to be fulfilled before the charty becomes entitled to Use such income, the inGorne is deferred and not induded in incoming resources until the pre-condition5 have been rnet. Vhen dtsnors specfy that donab.ons and grants ale for particular restricted purposes, which do not amount to pre-condibons regar¢Jing ents"Uemenl, this income is induded in incoming resources of restricted fijnds when receivable. l income arising on investrnents is accounted for on a receNable basis.
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢coun¢ing policies (Continuedl 1.5 Resources expended Expenditure is recognised once there is legal or wnstwdive obligation to make a payment to a third party. it is probabl8 that settlement will be required and the atnount of the obligation can be tneasured ieliaily. Expenditure is dassified under the following activty headings". Expenditure on charitable aclNth"es includes the costs of crafts people and exhibitions and other costs undertaken to further the purposes ofthe chanty and their assoaated support costs. Governancè costs represent the cost of accountancy fees and legal and professional costs. 1.6 Tanglblg Ilx¥d ¥s¥et8 Tangible fixed assets are Initial measured at cost and subsequenty measured at cost or valuation, net ol depreciation and any impairment losses. Depreclat5on Is recognised so as to wrtte off the cost or valuation of assets less Iheir resldual values over their useful lives on the following bases.. General Equlpmenl 20% reducing balance The 98in or loss arising on Ihts disposal of an asset is determined 8$ the tJifferen¢e beiween Ihtr sale proceeds and the Carrying value ol the asset, 8n¢J 1$ COgnised in n¥¢ incom&llexpen4iturel for the year. 1.7 Imp•lm¥nt of Ilx&d 488¢ts At each reporting end date. the charity vIewS the carrying arTh)unts of its tangible asseis lo detemine whether there is any indicabon that those assels have suffered an impaimenl loss. 11 any such Indation exists, the recoverable amounl of Ihe asset is eslimated in order lo determine the extent of the impairment loss lif 8nyl. 1.8 Cash and cash equlvalents Cash at bank and in hand includes cash and short tem highty liquid investments wrth a short maturity of thrée months or less from the date of acquisrtion or opening of the deposrt or similar account. 1.9 Flnanclal Instruments The charity has elected to appty Ihè provisions of Section 11 '88sic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of rts finanaal instruments. Financial instruments are COgnised in the charity's balance sheet when the charity becomes party to (he contractual prlS1On5 of the instrument. Fin8n¢ial 8$5et5 and liabilities are offset. with the net amounts presented in the financial st8ternents, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and setlle the liabilty simultaneousty. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price Induding transath.on costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanung transaction, Whe the transaction is measured al the present value ol the luture receipts discounted at a market rate of interest. Financial assets classified as receivable wrthin one year are not amortised. 10-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢coun¢ing policies (Continuedl Baslc flnanclal Ilabllltl•s B8sic financial li8bilities. including rJeditors and bank loans ale initialty iecognised at transaction prioe unles5 the airangetnent constitute5 a financing transaction, where the debt instrument is measured at the prEsent value ol the future payments discounted at a market rate of interest. Finanual liabilrties classified as payable wbthin one year are not amortised. Debt instruments are sub5equentty carried at amortised c4JsI. using the effective Inte$t rate method. Trade creditors are obli9alions to pay for good$ or 5ewvi¢£s that have been acquired in the oidinary coursè of operations from suppliers. Amounts payable arè cjassified as cunent liat>ilth"es if payment is due within one year or less. 11 not, they are presented as non-currenl liabilrties. Tfade credrtors are recognised Initially at tranSactTh price and subsequentty measured at amortised cost using the effective interest method. Dfrrncognition ol financifil liabilities Flnancial Iiabililies are dere¢ognised when the ¢harity'$ ¢onlrathal obligatlons explr& or are 4l$¢hgrge¢ or cancelled. 1.10 Taxatlon Th¥ Charity is exèmpt from tsx on incom¢ and gains fallin9 Wlthin $¢¢tion 505 01 the Taxes Act 1988 or Section 252 of the Taxation ol Chargeable Gains Act 1992 to the extent that these are applied to its charrtable objects. 1.11 Efflployee benefit• The cost of any unused holaY entillement is recognised in the period in which the empk)yee's services are received. Terrnination benefits are recognised immediatety 8s an expense vthen the charity is demonstrably committed lo terminate the employment of an employee or lo provide terminalion beneffts. 1.12 R•tlr•mént n•fit* Paymenls to defined cntributn retiremenl benefft schemes are charged as an expense as they fall due. 1.13 Ca¥h flow Jtstemenl Under Charrties SORP IFRS1021 the Charity is dassed as a Smal Charity and is not required to prepare cash flow slalernenl. 1.14 Investments and Investment In¢orne All investments are stated at market value. The movement shown in the statement of finandal activitles comprises both realised and unrealised gains and losses. Cdtl¢al accounung tIrnates and judgements In the application of the ¢h8rrty's accouTTting policie5. the trustees are required to make judgement5. estim8tes and assumptions about the carrying amount of assets and liabilities that are not ieadity apparent trom othei sources. The estimates and assooated assumpb.ons are based on historical experience and other factors that are considered (o be relevant. Actual resuKs may differ from these estimales. The estimates and undertying assumptions are reviewed on an ongo9 ba515. Revision5 to accounting e5timate5 ale iecognised in the period in which the estimate is ievised where the revision affects that period, or in the period of the revision and future periods where the ievi5ion affects both current and future periods. 11
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donations and legacies Unrestricted Unreslricled funds fijnds 2022 2021 Donations and gifts Government Grants 937 7,099 937 7,099 HMRC grants had been re¢ei¥ed lolalling £7,099 in 2021 to help wilh the ftjrftsughed staff whil$l In a nalionwidtr lockdown due to COVID-19. Charltabh aetlvltl•8 2022 2021 Commissions Subs¢riplions Other income 89.030 6,846 318 75,993 6,131 122 96.194 82.246 Investments Unrestrlcted Unrestricted fund• funds 2022 2021 Interest receivabl6 640 12-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable activities 2022 2021 Stsff costs Rent and occupancy Light and heal Advertising Repairs and renewals Bank and credit card ch8Tges Exhibition and display lees and costs Cost ol goods $oltJ 66,854 13.457 102 1.735 60,867 10,042 1.779 3.602 2.025 2,183 2.742 2,730 89,958 79,126 Share ol support eosls188e nole 71 Share ol governance cost5 (see note 71 13,592 2.305 12,504 1,850 105.855 93,480 13-
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CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees One of the trustees received rernuneralion {induding ernpk)yers' nation81 insurance and pension eontributionsl of £29,155 12021." £26,363) foi her services provided to the charrty as gallery manager and administrator. Pemiission was granted by the Charrty CoMmissTh to remunerate this trustee. No trustees We 1mbur9ed expenses during the year12021.' £Nill. Commissions were taken from and payments were made to the following trustees during the year as follows.. Commission Paymènt made received from Payments Outstanding Paul Jackson Amanda Richardson Amy Cooper Elinor Lamond Angela Anne8ley Lisa Wisdom Martin Page Tirn Rogers 183 1.499 877 3,783 369 3,519 381 381 3,570 1.828 8,199 769 8,111 793 120 62 58 19S 1.273 146 21 Employ¢•$ Tho overa9e monthty number of &mploy88$ during th8 year was.. 2022 Numbor 2021 Numb8r Gallery costs Support costs Total Employm•nt eo8t8 2022 2021 W8ge3 8nd $818rie Other pension costs 65.765 1,089 60.169 698 66,854 60.867 There were no employees whose annual remuneTation was more than £60.IJ)O. 15-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Net movement in funds 2022 2021 Net movement in funds is ststed after chargingllueditingl Independent examination fees Depreciation of owned tangible fixed assets 1,750 757 1.600 947 11 Net galnslllossesl on Investment• Unrestrlcted Unrestricted funds fijnds 2022 2021 Revaluation of Investments 1221 36 12 T4n9lbl nxd •$$¢t• G•n•rnl Equlpm•nt Ct At 1 January 2022 47,901 At 31 December 2022 47,901 Oepreclatlon and Impalrm•nt At 1 January 2022 DeprecAabon charged in the year 44,114 757 Al 31 De¢ember 2022 44,871 Carrylng amount At 31 December 2022 3.030 At 31 December 2021 3.787 16-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Fixed asset investments Llsted Investments Cost or valuation At 1 January 2022 Valuation changes 242 1221 Al 31 De¢ember 2022 220 Carrylng amount At 31 December 2022 220 At 31 December 2021 242 14 Flnan¢141 In8trument¥ 2022 2021 Carrylng omount of Iln#n¢l¥l o$sets Instrumen15 rneasud at lair value through profit or loss 220 242 15 Debtors 2022 2021 Amounts f•lllng du• wbthln on• y•or= Prepayments and a¢cru8d incom& 3,424 16 Cr•dltor•'. 4mounts l•lllng du¢ w5th1n on¢ y••r 2022 2021 Not•• Other taxation and social security Deferred income Trade creditors A¢cruals 5,299 2.333 13,303 5,643 4,489 17 12,457 6,911 26,578 23,857 17 Dèfèrrèd intomè 2022 2021 Arising from subscription income receive(l in advance 2,333 17-
CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ',RRL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Defgrred incorn? (Continuedl Deferred income is induded in the finanaal statements as follows-. 2022 2021 Deferred income 15 induded within.. Current liabilities 2.333 Movements in the year.. Deferred income at 1 January 2022 Resources deferred in the year 2.333 Deferred income at 31 December 2022 2.333 18 D•8lgnatèd funds The income funds of the charty indude the followng deSnated funds which have been set aside out of unrestricted funds by the trustees for sperAfic pUSes. Movement In fund¥ lth¢omlng Ure1 January 2022 Tran8f•rn 1 Jhury 2021 31 D•Mr 2022 Conts'ngency Future Projects Fund {s.0001 45.000 20.000 110,0001 3S,000 20,000 20,0 70,oryJ {5,0001 65.000 110,0001 55,000 The ¢ontinen¢y fvnd is held to cover unforeseen expendrture. The fijture proje¢ts lund wll lund any $pecAk on& off pro1$ planned. 19 General funds General funds include cumulative gains on investh*nts measured at fair value of £10712021.. £1291. 20 Related party transactions Remuneration of key management personnel The remuneration of key management personnel 15 as follows. 2022 2021 Aggregate compensation 29,155 26.363 18-