Cha￿ty reglstratlon number 1158133 Company reglstratlon number 08425370 (England and Walesl CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustoès Paul Jathsijn Martin Page Timothy Rogers Elinoi Lamond Lisa Wsdom Charity number 1158133 Company nurnber 08425370 Prlnelpal addres8 Trelissick Gallery Trelissick Feock TRURO Comwall TR3 6QL R•glst•r•d offlc• Trelissick Gallery Trelissi¢k Feock TRURO Comwall TR3 6QL Ind•p•nd•nt •xamln•r Josh Stevens ACA RRL LLP Peal House Newham Road Truro Comwall TR120P Bank•r¥ Barclays Bank Pl¢ (fwro Kin9 Slre&ll 14 King Sireet TRURO Comwall TR1 2RB CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) CONTENTS Pa9• Trustees, report Statement of trustees. responsibilrties Independent examintsrf5 report Slalemenl ol finanual 8¢tivitie$ Balan¢0 sheot Notes to the financial statements 9-19 CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2023 The trustees present their annual report and finanaal statements for the year ended 31 December 2023. The financial statements have been prepared in accordanc£ with the accountsng poliaes set out in note 1 to the financial statement5 and compty wth the charity5 Memorandum and Artides of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh th8 Fin8nixal Reporting Standaid Applicable in the UK and Republic of Ireland IFRS 1021.. Oblectlves and actlvltles The objectiV85 are to prornote any chantable puwpose whi¢h wll encourage the exer¢i$& and maintsin the $landards of ciafts both anaent and modem. preserve and impfove craftsmanship and promote and incrèasè the interest of the public herein particularly in Ihe county ol Comwall. Public benefit The charity complies with the publi¢ b&nefft requirement through its ¢haril8ble objectives. The trustees confirm that they have referred to the guidance conlained in the Charity Commission's general guidance on public benefit when reviewing the chariVs aims and objectives and in planning future activities. In particular, the trustees consider how planned acliwth'es wll contribute to Ihe aims and objectives set. Achlevements and ￿rfOrManC? Significant &ctivities and &chiev6ments ag8insl objectives Chalrnian'8 r•port The Cornwall Craft Assoaation has had anolher very busy year. We slarted the Summer of 2023 with our 50 years celebrations and the GOLD Exhibition. Anolher successful show. with beautifvl pieces C￿ated by the rnembers, it was a very special show. In the autumn we look a $lan¢J al th¥ art an¢J craft fair Fom Falmouth. Elinor and some selected membor$ Staged 8 stunning display. Unfortunatefy. rt did not translate into sales. and rt was decided that we wouldn't take a stand for the foreseeable futu￿. Nevertheless. we waved a huge fiag for the Assoaation and in that respect, it was very successful. At Christmas we repealed the very popular coMpetit￿n for the mosl original tree decoration. the theme that was set by the N8tional Trust for thè Èstate was'A Cornish Christrnas.. Once again. wè h8d some truty original entries. The winner was a new membèr, jeweller Laura Drayson. She produced a stunning articulated miner made of copper along wrth a mistletoe line pull to make him n￿¥￿. Congratulaknons, Laufa won a free membership for 8 yèar. Christmas 2023 we ran fv40 speaal workshops. Debbie Rudolf gave a lovety infornia(Ne and enjoyable class in weaving and Rachel Stowe demonstrated and guided a group ol eight in lino printing. We were pleased with the level of 8ttend8nce and will hope lo stage rnore dasBes nexl year. At the end of last year, we took the chance to refresh the website. It was in need of some updates. Images were improved, rt was also made more user In"endly and given a mre contemporary feel and look. 2024 started with our popular WThnler Warm Up meeting. rim Rogers delivered an inspirational talk wilh a focus on the Summer Exhibits'on's theme 'Above and Belo￿. As a￿ayS with Tim's talks Ihere were lots of items from a very diverse range of area5. from scriwnsh8w to be8Utrful dra￿￿95 of Comwall'$ almosphgric ¢Y)85tline. We thank Tim ft)r giving us lots of food for thought. The foyer contr'nues to house our fwjses. This year started wilh the delightful show of bamboo boats by Jason Webb running alongside 'Craftsmanship 2024,. They were very well received. and sales were good. We have now adopted a rnore intense foyer prograrn. invofving 2 makers showng consecutively. doubling the number of mernbers we can focus on. The walls wll show 2D craf￿￿￿ to compliment Ihe 3D on the plinths. We th8nk Elinor ft)r spearheading this new approach. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 In April we launched 'Abo¥e & Below, with a very well attended private view. Many members came and mingled with visitors and enjoying the chance lo chal and catch up with other members. The exhibition has showcased special work inspired by the theme and will be in the gallery till the autumn. Printmaker and textile artist Claire Arrnitage along with sculptor Reece Ingram had the inilial focuses lor the Summer Exhibrtion. M8y 2024 saw the first of our Soual Media wothshops. They were ably otganised and delivered by Conan and Ruary Marshall of Compass Creative. Broken down into beginner and advanced classes, they were very well attended. All look out for more dasses later this year. The charity has not been wf(hout sorne financial difficulb'es. We had a disappointing Christrnas which is 8 tirne when we hope lo do well lo get us through the winter. Since then. we have done marginalty better in a very tough economy. We propose to increase fee5 in line wilh inflaiK)n and thèy will bè incrèased by £10 to £150 from 2025. We have not In¢r¢a$¥d lèes for Iwo yèafs. The Association thanks Elinor lor her support in all a￿as. abty backed by Jeanette. Debbie and Rachel. I personally thank the trustees for their hard work. Unfortunalety. we have had three tnjstees step down. We especially thank Amanda Richards for her many years of service. often delivering insightfvl comment and 8dvice for future direction. We have recenlty taken up some ot her Kle85. We were recenlty informed by the Crowther estate of long time supported, ex Trelissick Gallery Manager and CCA Member, textile artist the late Gunnie Crowthef had left us a legacy of £5.000 in her wll. We have written lo their solicitors lo thank the lamity lor such a generous grfl. We a￿ howng to appty some ol this money to updating the lighting in the gallery. As ah￿aYs, I thank the membership for delivering su¢h a high $tsndard. of divtrrse and unique body ol work. We look forward lo being able to ¢ontinue lo repfesenl and display youf ¢ollection$ in a way that they deserve. Lasty, I would like to announce that His Majesty King Charfes 111 has ag￿ed to remain as our patron. We have written to thank him for his continued support. Flnanclal revlew The Association's largest item of expenditure is wages which totalled £72.437 12022.. £66,854). Commission receivable tolalled £91,389 12022.. £89,030). The AssocialJ"on made a deficit this year of £11,607 12022.. deficit of £8,1(h81. The Association's resour¢e$ are party invested in the COIF Charili&s Investrn8nl Fund and the balance is on deposrt at B8r¢l8yS. Resehves policy The trustees aim lo ensure the tharrfy's long lerm viats'lty and aim for al least six monlhs re5erve5 to be held. This policy will be reviewed on an annual basis. Unrestricted funds at 31 D￿mber 2023 lotalletl £47,342, which included general reserves of £7,342 and Iree iesèrves of £4,918. Inveslment policy The trustee5 regularty review the cash held by the chaiity and place any suwplus ftJnd5 in an interest bg8ring deposit 8ceount whèn 8ppropii8tè. Rlsk management The trustees have assessed the major risks to which the charity is exposed and a￿ satisfied that they are operating systems which mrtigate the chariVs exposure. Tax statu¥ Being a registered charity, Comwall Crafts Associab"on is exempt from corporation tax on its investments and other incorne. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Plans lor luttsr• p•dods We are thrilled to say that artist Denzil Forrester will be give us a talk on his work and lrfè on the 21st September 2024, before his upcomin9 rnajor exhib￿.0￿ in New Yotk in October. Denzil will be kindly donating his titne to the charity. Our Autumnlwinter Exhibition 2024 opens on Salurday 12th October 2024 with a Private View. This exhibition includes four focus exhibitions held in Foyer at Trelissick Gallery. The first are textile artist, Karen Berg, whose work will be displayed on the walls. alOngs￿e ceramiasl. Rthard Phethean. whose work will be featured on the plinth5. They will both run until mid-November when we wll changeover to glass artist. Heather Fr8ry. 8nd printrn8ker, Henrietta Villiers. These two focuses wll welcome us into the festive period when we will be h8ving our 8nnu81 Christmas tree decorats'on competition. where the winner wins full membership for 8 year. Entrants are all selected Comwall CraftAssoaation members. The theme for 2024 being 'From Oarkness into Light., we think Il's quite an exoling tille and should Inspi￿ some interesting decorations. At the same time, we will also be running a little Christmas fundraiser where our members will donale to chanty a decoration or a Christmas card, the proceeds of which will all go lo the charity as well. Our Spring Exhibition Craftsmanship 2025 opens at the end of January 2025. this opening is a￿ayS combined with our WThnler Warm Up Meeting where we gel logelher with Ihe Membership for an inspirational lecture for the year ahead. the Mernbership being treated lo pasties. and other relreshments. 2025 will a150 indude 8 program of twelve locuses, yet to be ¢Jecided. Our lèatufe Summèr Exhibilion 2025 ￿11 open after East$r. with the Ih¢me not yel conflrmed but we are considering a Woodland theme. Structure, governance and managemont Gov•rnlng doeumtnt The charlty Is Incorporated as a company Iimrted by guarant88 under the provlslons of Ihe Companles Act 2008. Its governing constitutional docurnenls are ils Memorandum and Artides ol Assoaation which are publicly available from the Registrar ol Companies via its website. Members Of the charitable company guarantee lo ¢onlribule an amount not exceeding £1 to the as$e18 of the company in the event of a wn¢Jing up. The trustees, who are also the direclors for the purpose of company law, and who served during the year were.. Paul Jackson Martin Page Timothy Rogers Elinor Lamond Amanda Richardson Lisa Wisdom Angela Annesley Amy Gooper Sara Bevan (Resigned 17 April 20241 (Resigned 18 April 20241 (Resigned 11 November 20231 (Appointed 11 November 2023 and res￿Tred 17 April 20241 Recruitment 8nd appoinlment ollruslees Suitable In¢Jiv1duals are identsfied by the existing twstees on the basis of their skills and knovAedge and are invited to become trustees. New trustees are inducted into the workings of the charity. The trustees are responsible for the overall control of the charity. Relationship with rel8led parties Some members ol the previous and current managing committees vtho are also craftsmen sold items using the Association and detsils of these are reported in note 8 of the finanrial statements. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 R•munoratlon polley lor k•y manag•m•nt The trustees consider the trusiees linduding Elinor Lamondl to comprise the key management personnel of the charity. to be in charge of direcling and o)ntrolling. running and operaling the dharity on a day to day b8SiS. The pay of th8 senior staff is reviewed annualty and normalty increased in accoidance wrth averagè earnings. In view ol the natu￿ of the chanty, the trustees benchmark against pay levels in other similar organisations. Statement of disclosure to independent examiner So far that the twstees are aw8re. Ihere is no relevant infornation of whith the chaws independent examiner 18 un4w8re. Additionalty the trustees have taken all the steps Ihat they ought to have taken as trustees in order to make thernselves aware of any relevant infomiation and to establish thal the charity's independent examiner is aware of that information. This report has been prepared in accordance with the speryal provision of Part 15 of the Companies Act 2006 rèlatin9 to Small Companies. The Iruslees. report w8$ approved by the Board of Tru8lee$. Elinor Lamond Tru81¢0 24 Septomb8r 2024 CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEAIBER 2023 The trustees, who are also the directors of Comwall Crafts Associab"on {Limrted by Guarantee) for the purpose of company law. are responsible for preparing the Truslees, Report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Slandards Iunrted Kingdom Generalty Accepted Accounting pract￿). Company L8w requires the trustees to prepare finanual statefflents for each financial year which give a true and fail view of the state of affairs ol the chanty and of the incoming resources and applicats.on of resources, Including the income and expenditure, ol the charrtable company fof Ihat year. In preparing these financial statements. the truslees are required lo: select suitable accounting poli¢ie$ and Ihtrn 8ppty Ihem ￿nsIStenI￿". - obsetve the methods and principles in the Charities SORP., - rnake judgements and estimates that a￿ reasonable and pwdent.. $18le whether applicable UK Accounting Stsndards have been followed. subject to any material departures disclosèd and èxplained in the financial statemènis", and prepare the flnancial statem8nts on the goin9 concern basls unless it is inappropriate to presume that the charfty 11 continue in operatson. The Iruslee5 are responsible for keeping adequate accounting records Ihat disclose with reasonable accuracy at any time the finan¢ial position of the ¢h8rity and enable them lo ensure that the finan¢ial statements eomply wrth the Companies Act 2006. They a￿ also responsible lor safeguarding the assets of lh& ¢h8rty and hence for taking reasonable steps for th8 pr8vtntion and detect￿ ol fraud and olhèr irwuLanties. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE I report to the twslees on my examination of the financial staternents of Cornwall Crafts Association (Limited by Guarantee) Ith8 ch8rity1 for the year ended 31 Decefflber 2023. R•sponslbllltlas and basls ol r•port As the trustees of the charity land also its directors for the pu￿ose$ of company lawl you are responsible for the preparation of the financi81 stslements in a¢¢ord8nce Mth the requirernents of the Compani&5 Ad 2006 Ilhe 2006 Aeti. Having satisfied myself that the financial statements of Ihe charity are not required to be audtted under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect ol my examination ol the charity's financial statements carried out under section 145 01 the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directs'ons given by the Charity Commission under section 14515llbl of the 2011 Act. I draw to your attention that the fimi al which l am partner provid&$ bookkeeping seThlces to the charlty- We have complied with FRC'$ Revised Elhical Standard in this regard. Independent examlnerf8 statement I h8ve completed my examination. I conflm that no mattets havè lo my attentlon In Conne¢￿on wllh the èxamination giving me cause to believe thal in any material respect. accounting records were nol kept in respect ol the chaity as required by section 386 of the 20Cfj Act., or the financial statements (Jo not accord wrth those records.. or the finan¢ial stslemenls do not ¢ompty wilh the a¢¢ounting requiremtrnls of section 396 of the 2006 Act other than any requirement that the accounls give a Iru& and lair view which is not a matter considered as part of an independent examination., or the financial staternenls have not been prepare¢J in accordance with the methods and prinriples of the Slalernenl of Recommended Pr8di¢e for accounling and reporting by ¢harrtie$ 8pplic8ble lo charities prèparing their accounts in ac￿rdOn￿ with lh& Finan¢ial Repoty'ng Standard applicable In th8 UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Jo8h Stèv•ns ACA RRL LLP Pe81 House Newham Road Tnjro Comwall TR1 2DP Dated.. 26 September 2024 CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted UnrwJtricted funds funds 2023 2022 Incom• Irom: Donations and legacies Charitable activities Investments 937 96,194 640 103,825 2,363 Totsl In¢om¥ 106,168 97,771 èndlturè on.. Charitable activities 117.823 105,855 Net Ilossesllgains on investments 11 28 1221 Net mov•m•nt In funds 111,6071 18,1061 Fund balances at 1 January 2023 58,949 67,OSS Fund balance• at 31 December 2023 47.342 58.949 The statement of financial activities indudes all gains and losses ￿CogniSed in the year. The Statement of financial acbvibes indudes all gains and losses re¢ognised in the year. All income and expenditure derive frorn continuing activities. The Slalemenl ol finan¢ial actiwties also ¢ompli*$ wrth lh& wuiiem*nl$ for an in¢om¥ and expenditur¥ account under the Companies Act 20L%. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Investments 13 14 2.424 248 3,030 220 2.672 3,250 Current a8set8 Debtors Cash at bank and in hand 15 3.439 65.015 2.948 79.329 68.454 82.277 Cr•dltors'. amounts falllng du• vAthln one year 16 123.7841 126.5781 Net curront aosets 44.670 55.899 Total a8•ets leos current Ilabllllle8 47.342 58.949 Net #$$ell 47.342 58,949 The lund• of the charSty Unrestricted lund$ 47,342 58,949 47,342 58,949 Thè company is entitled to the exemption from the audit r8quirem•nt contained in sèction 477 of th& Companiès Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilrties for ry)mptying wilh the requirements of the Companies Act 2006 wth respect to accounting records and Ihe preparation of finanual statements. The members have not required the company lo obtain an audit of ils fin8nual st8temenls for the y&8r in question in 8¢¢ordance with sèction 476. These finanaal statements have been prepared in accordance wrth the speual provisions of Part 15 of the Companies Act relating to small companies and constrfute ihe annual accounts reqUI￿d by Companies Act 2006 and are lor arculation to members of the company. The fin8ncial statements were 8pproved by the truslees ￿ 24 September 2024 Elinor Lamond Trustee Company registration number 08425370 IEngland and Wales) CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Aecountlng pollel•s Charfty Snforniatlon Comwall Crafts Association ILimrted by Guaranteel is a private company limited by guarantee incorporated in England and Wales. The registered office is Trelissick Gallery, Trelissick. Feock, TRURO, Cornwall, TR3 6QL. 1.1 Accounting convention These financial statèments have been p￿Pared in accordance wrth FRS 102 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland- I-FRS 102.1. "Accounting and Reporting by Charities" the Slalemenl ol Recommended Practice for charilies apptying 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 Entrty as defined by FRS 102. The fin8n¢ial 5tstements are prepare(J in sterling, whith is Ihe fundional Cu￿encY of thtr ch8rty. Monetary amounts in these financial slalemenls ar* rounded lo the ntrarest £. The financial statements have been prepared under the histor￿1 cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concem At the time of approving the financial slalemenls, the tnjstees have a reasonable expectation that the charity has adequate resources to continue in operational existence for Ihe fo￿Seeable luture. Thus the trustees, continue lo adopt the going concern basis of accounling in preparing the financAal statements. 1.3 Charftabl• funds Unrestricted lunds are donations and other incoming fesour¢es wceived or generated for general charitable purposes. Designated funds are Un￿strICted ftjnds of Ihe charity which the irustees have decided al their discretion lo sel aside to u$& for 8 $petyfi¢ purMI$&. Restricted funds are to be used lor speafic purposes as laid down by Ihe donor. Expenditure which meets the criteria is identified to Ihe ￿nd, togelher vnth a lair alk)cation of overheads and support costs. 1.4 Incomlng regourceg In¢otne 15 rewgnised when the ¢hority 1$ legalty enbtled lo f¢ after any perfoman¢e Conditions have been mel, the amounts can be measured reliabty, and rt is probable that income wll be received. Commission ￿preSents in¢ome eamed from sales of WO￿ 8nd is brought into c￿￿11 on an arising basis. Annual subscriptions from mernbers are recognised for the year that Ihey are received. Income from donations and grants is induded in income when receivable, except as follows.. Wvhèn donois spectfy that donations and gwants given to the d)arity must be used in future accounting periods, the income is ¢jefer￿ unlil those penods. When donors impose condrtions wh￿h have to be fulfilled before the charty becomes entitled to use such income, the incorne is deferred and nol included in incoming ￿sourceS until the pre-conditions have been rnet. Vlthen donors speafy that donabons and grants are for partiGu181 iestricted purposes, which do not amount to pre-condthtsns regaiding ent￿eMent, Ihis income is induded in incoming resources of restricted fun¢Js when receivable. l income arising on investments is accounted for on a reC£r¥ab￿ basis. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl 1.5 Rèsoureès •xp•nd Expenditure is recognised once Ihere is legal or constructive obligalion to make a payment to a third party. it Is probable that settlement will be required and the amount of the obligation can be me8sured reli8bly. Expenditure is d855ified under the following 8clivty he8ding5'. Expenditure on chantable 8cb'vibes indudes the costs of craft8 people and eXhIb￿on5 and other cos15 undertaken to lurther the purpow ofthtr d)arity and thèir associated support ¢o$t$. Governanc& ¢o$ts repr&senl the ¢tsst tsf a¢¢ountan¢y f&&s and ltrgal and proftrssional ¢o$ls. 1.6 Tangible fixed asoels Tangible fixed assets are initialty measured at cost and subsequenty mèasured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised $0 as lo write off th& ￿$1 of valualion of a$s&t$ 1¢$$ Ih&ir residual values over Ihtrir useful lives on the following bases.. General Equipment 20% r¢du¢ing b818ne* The gain or loss arising on the disposal of an 8sset is determined 85 the drfference befften the sale proceeds and the carrying value ol the asset. and is recognised in nel incomellexpenditurel for the year. 1.7 Impalrnient of Ilxed assets At èach rèporting end date, the ¢h8rity reviffivs Ihe ¢arying ¥mounts of it$ tan9ible 8$$el$ lo d&termin8 whether there is any indication thal Ihose assets have suffered an impaiment loss. If any such indication exists, the recoverable amounl of the asset is estimated in order to detemiine the extent ol the impaimient loss lif any). 1.8 Cash and ea8h equlval•nts C8sh at bank and in hand indudes cash and short term highty liquid inveslments wrth a Short maturity of three months or less Irom the dale of a￿ul$rtIOn or opening ol the deposit or similar account. 1.9 Flnanclal Instruments The charity ha5 elected to appty Ihe wo¥i$ions of Sek#ion 11 '88si¢ Finanty81 Insiruments, and Section 12 'Olher Financial In$lwments ls$u&$' of FRS 102 10 811 of its finanual instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assels and liabilities are offset. w￿¢h Ihe nel amounls presented in the financial stalernenls, when there is a legally enforceable right 10 Set off the recogni5ed amounts and there is an intention lo setue on 8 net basis or to realisè the assèt and sètuè the liabilrty simultaneousty. Baslc financlal ass•ts B8sic financial a55els. which include debtors and c8sh and bank balan(%s. 8re initialty measured al tlanSaCtion piice inejuding transaction costs and are sub5equentty rArried at amort15ed cost using the effective interest method unless the arrangement constrtutes a finanang transaction, where the transaction is measured at the present value of the luture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 10- CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl Basle finanelal Ilabilltiès Basic financial liabilities. including credrtors and bank loans are inibalty recognised at transaction price unless the arrangement constitute5 a financ4ng transaction. where the deb¢ instrument is measured 8t the present V81ue of the lulure payrnents discounted at a m8rkel rate of interesl. Financi81 li8bilities ¢18ssified as p8y8ble wrthin one year are not amortised. Debt instruments are subsequentty carried at amortised cosl, using the effective interest rate method. Trade creditors are obligations to pay for goods or services Ihat have been acquired in the ordinary course of operations Irorn suppliers. Amounts payable are dassffied as current liabilities rf payment is due within one year or less. 11 not, they are presented a5 non-current Iiabilrtie$. Tfade credrtors are iecogni5ed initially al transaCt￿n price and subsequentty measure(1 at amortised cost usin9 the effectsve interest method. D•rncognitlon of financlal liabiliti•s Financial liabilitie5 are derecognised when the Charty's ¢ontra¢lu81 obl￿4￿.0￿$ expirtr or artr di$¢harge¢J or ¢8ncelled. 1.10 Taxatlon The ch8rity is exempl Irom lax on income and gains faling within sec¢ion 505 of the Taxes A¢1 1988 or Sedion 252 01 th& Taxaliort 01 Char9eable Gain$ A¢¢ 1992 to th& extent that these are applieij Its ils charrtable objects. 1.11 Employ•• b•n•fits The co$1 of any unused holiday entitlement is recoonised in the ￿riod in whi¢h the employee's $ervi¢e8 are re¢eived. Termination benefits are recognised irnmediatety as an expense when the charity is demonstrably committed to temiinate the employment of an employee or to provide terminalion beneffts. 1.12 Retlremen¢ beneflts Payments to defined c0ntn"bul￿n retirement benefft schemes are charged as an expense as they fall due. 1.13 Cash flow statsment Under Charrties SORP IFRS1021 Ihè Charrty is dassed as a Sm811 Charity and is not required to prepare cash flow statement. 1.14 Investments and Investment Income All investments are stated at market value. The movement shovm in Ihe statement of financial activities compnses both realised and unrealised gains and losses. crttlcal accoUn￿n9 eS￿MateS and judgements In the application of the charity'5 accounlrng policies. Ihe truslee5 are required to make judgements. eslimales and assumpts'ons aboul the G3rrying arnount of assets and liabilrties that are not readily apparent frorn othei sources. The estirnates and a550ciated assumptions ale based on h15torical experience and othèr f8etors that a￿ considered to be relevant. Actual iesuts may drffer from Ihese ests"males. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects onty that period. or in the period of the revision and fvture period5 vthere the revision affects both current and future periods. CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Ineom• from donatlons and legael•s Unrestricted funds 2023 Unrestrlcted funds 2022 Donations and gffts 937 Incom• from charltable aetlvltles Unr*$trlet8d funds 2023 Unrè8trleted funds 2022 Charltable actlvltle8 Commission$ Subscriptions Other income 91,389 11.625 811 89,030 6.846 318 103,825 96,194 Income trom Investment• Unrejtdcted Unrv4trlcted funds funds 2023 2022 Interest receivable 2,363 640 12_ CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Exp•ndltur• on charltsbl• aetlvltl•s Charltable activities 2023 Charftable activities 2022 DSrect Costs Stsff costs Rent and occupancy Light and heat Advertising Bank and credit card charges Exhibition an(J display fees 8nd ￿$ts Cost of goods sold 72,437 14.984 66,854 13.457 102 1.735 3,602 2,025 2,183 518 3,670 3,586 2,963 98,158 89,958 Sharn of Support and governance C￿¢¥ l•ee note 7) Support Govttrnance 18,105 3,560 13,592 2,305 117,823 105,855 Analy818 by fund Unrestricted lund$ 117,823 105,855 Support costs allocated to actlvltle• 2023 2022 B•sls of •lloc•don Depreciation Postage and stationary Prfnting and photocopying Secretarial and bookkeeping charges Telephone Insurance Mis￿lIaneOUS expenses omputer & IT costs Licen￿$ Governance costs 606 267 270 8.927 667 2.631 1,598 2,607 532 3,560 757 280 351 6.468 642 3.305 854 509 426 2,305 19,665 15,897 Analysed between.. Charitable 8CtNth'es 19.665 15,897 13- CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Trust••s One of the trustees received remuneration linduding empkjyers, national insurance and pension contributions) of £31.080 12022.. £29.1551 for services provided to the charity as gallery rnanager and administrator. Perrnission was granted by Ihe Charity Cornffli5sion to remunerate thi5 trustee. No trustees were reimbursed expenses during the yeai12022'. £Nill. Commissions were laken from and payments We￿ made to the following trustees during the year as follows.. Commission received from P8yment madePayments lo Qulstandin9 Paul Jackson Amanda Richard$on Amy Cooper Ellnor Lamond Angela Annesley Ll$a Wisdom Martin Page Tirn Rogers S8r8 Bevan 1.424 5,660 $43 3,692 1.478 2,497 635 57 13,475 1.131 8.132 3.080 5.558 1.322 157 110 317 83 156 325 Employ••• The average monthty number of employees during the yearwas: 2023 Number 2022 Number G8llery c031$ Support costs Total Employment CO8t8 2023 2022 Wagès and salariès Other pension costs 71,128 1,309 65,765 1.089 72,437 66,854 There were no employees whose annual rernuneratrjn was more than £60.1)00. 14_ CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Employees (Continuedl Rèmunèratlon ol kèy managèmènt pètsonn The remunerats'on of key management personnel was as follows: 2023 2022 Aggregate compensation 31.080 29.155 10 Net movement In funds 2023 2022 Nel movement in funds is stated after chargingllcreditingl Independent examination fees Depreciation ol owned tangible fixed assets 2,950 1,750 757 11 Galn• and 1088•8 on Invè•tm•nts Unre8trtctod Unre8trlct8d fund$ funds 2023 2022 Gglnslllossesl arisln9 on-. Revaluation of investments 28 1221 12 Taxatlon The charity is exempt from taxation on lis activities because all its incnme is applied for charitable purposes. 15- CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 13 Tanglblè (lx￿ ass•ts Gonfyral Equlpmont C￿t At 1 January 2023 47.901 At 31 December 2023 47,901 Depreclatlon and Impolnnont At 1 January 2023 Depreoation ¢harged in the yèar 44,871 606 At 31 December 2023 45,477 Carrylng amount Al 31 December 2023 2,424 Al 31 December 2022 3,030 16- CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 14 Flx•d ass•t Inv•stm•nts Llstèd Inv•stments Cost or valuatlon Al 1 January 2023 Valuation changes 220 28 At 31 December 2023 248 Carrylng amount At 31 December 2023 248 At 31 December 2022 220 15 Oebtors 2023 2022 Amounts lalllng due wlthln one year: Prepaym¥nls and o¢¢wed in¢om& 3,439 2,948 18 Credltor8'. 4rn0unts falllng due wlthln one ye•r 2023 2022 Note• Other taxation and social security Deferred income Trade creditors Ac¢ru81s 3,520 1,750 11,381 7,133 5,299 2.333 13,303 5,643 17 23,784 26,578 17 Deferred Incorne 2023 2022 Arising from subscriptson income received in advance 1,750 2,333 17_ CORNWALL CRAFTS ASSOCIATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 17 Deferred income (Continuedl Deferred income is induded in the finanual statements as follows". 2023 2022 Defer￿d income is induded within.. Current liabilities 1.750 2,333 Movements in the year". Deferred income at 1 January 2023 Released from previous periods Resources deferred in the year 2.333 12,3331 1.750 2,333 D¥f•rr•d In¢om¥ 0131 D￿mber 2023 1.750 2,333 18 Retlremenl benefit 8cheme• 2023 2022 Oellned contrlbutlon •cheme• Charge to profit or1088 in ￿speCt of define