Trustees’ Report
for the Heritage Crafts Association (operating as ‘Heritage Crafts’) for the financial year 1 July 2023 to 30 June 2024
PATRON
HM King Charles III
VICE PATRONS
AMBASSADORS
Kaffe Fassett MBE Will Kirk Dr Alex Langlands Rose Sinclair MBE
The Rt Hon the Baroness Garden of Frognal The Lord Cormack DL, FSA (to 25 February 2024)
TRUSTEES in the period July 2023 to June 2024
Co-Chair David Clarke Co-Chair Jay Blades MBE Treasurer Robert Murray Secretary Alison Robinson Canham Other Trustees Katy Bevan Imogen Bright Moon (from 6 December 2023) Jennifer Chen Dr Chrissie Freeth (to 6 December 2023) Helen Nichols
Jonathan Reid Jo Sealy Laura Southall Robin Wood MBE (to 6 December 2023)
STAFF in the period July 2023 to June 2024
Daniel Carpenter – Executive Director Mary Lewis – Head of Craft Sustainability Elizabeth Fretty – Membership and Administration Officer Tessa Osman – Grants and Awards Officer (from 3 July 2023) Sally Morgan – Finance Officer (to 31 December 2023) Ailsa Paterson – Finance Officer (from 8 January 2024) Zarka Iqbal – Administration Officer (Shaping a Resilient Future) (from 20 May 2024)
REGISTERED OFFICE
81 North Street, Wellington, Somerset TA21 8NA
REGISTERED CIO NAME AND NUMBER
The Heritage Crafts Association 1159208 (previously registered charity number 1133646)
ACCOUNTS EXAMINED BY
Graham Darbourne FCA TC Group The Old Town Hall, Market Place, Oundle PE8 4BQ
BANKERS
CAF (Charities Aid Foundation)
25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME 19 4TA
Statement of Financial Activities | 1
Trustees’ Report
Heritage Crafts’ net incoming resources for the year were £298,995 (2023: £259,033) and the closing reserves held at 30 June 2024 were £257,900 (2023: £250,710).
Unrestricted income in the year of £204,459 was higher than the previous year (2023: £127,444). This increase was driven by a greater proportion of commercial sponsorship and project management contributions from restricted projects.
In February we were successful in being awarded a £157,989 grant over two years from the National Lottery Heritage Fund to expand our staff team, develop our governance and fundraising, and expand our reach to a more diverse audience. The first expenditure made against the grant in 2024 was for our website development, increasing our Membership Officer to full time, and recruiting a new Project Administration Officer.
We were delighted to be awarded a second three-year grant of £35,000 per annum from the Swire Charitable Trust to cover core administrative costs, and drew down the first year’s instalment.
The proportion of income from corporate sponsorship was maintained from the previous year at £76,012
UNRESTRICTED INCOME
----- Start of picture text -----
Other income
Project management
Sponsorship
Donations
Membership
Grants
0
2023/24 2022/23
£200,000
£150,000
£100,000
£50,000
----- End of picture text -----*
(2023: £81,455), including from The Royal Mint, to run the Winner’s Reception at Windsor Castle, offer bursaries for trainees in precious metal skills, and offer a high-profile Precious Metalworker of the Year Award.
Axminster Tools sponsored a Woodworker of the Year Award for the second time. Other sponsors included Silverlining Furniture, Soane Britain, House of Sonnaz and Rose Uniacke.
‘Remnant Weave’ interior design product line, which resulted in two generous donations totalling £2,889 (2023: £2,885).
The growth of membership remains critical to the future of Heritage Crafts and to ensure we can demonstrate wide support for our work. At 30 June 2024 Heritage Crafts had 1,493 members (30 June 2023: 1,491 members). A total of £36,955 was recognised as membership income during the year (2023: £32,750).
Following consultation with members, in May 2024 the membership fees were raised to £40 for individuals, £70 for families; £100 for craft guilds and organisations, and £175 for businesses (Supporter tier). Consessionary rates
UNRESTRICTED EXPENSES
----- Start of picture text -----
Other costs
Events
Sponsorship costs
Staff costs
0
2023/24 2022/23
£200,000
£150,000
£100,000
£50,000
----- End of picture text -----
2 | Trustees’ Report
were also available including £25 for for individuals, £20 for students, £40 for families, and £50 for craft guilds, organisations and businesses (Entry tier). A Guardian tier was also made available for those able to afford more.
Our Benefactor scheme remains an important part of our programme and we would like to thank all of our new and existing Benefactors. We like to develop longstanding relationships with our Benefactors and the full benefits of the scheme are available on our website.
We have continued to manage costs as prudently as possible. The largest item of expenditure continues to be salary costs. Strategic projects fund a proportion of our staff costs and form the majority of the costs transferred from unrestricted to restricted funds. All of our staff work from home, and the Trustee Board holds at least half of its meetings online.
Trustees are not remunerated for their work with Heritage Crafts. Travel costs incurred in attending committee meetings and advocacy meetings on behalf of the organisation are reimbursed. Trustee expenses for the year are £800 (£120 in 2023).
The amount of restricted funds received in the year to 30 June 2024 was £94,536 (2023: £131,589). This was made up largely from grants from trusts and foundations to fund our grants, awards and bursaries programme.
Our training bursaries scheme, launched in 2021, continues to grow with 11 bursaries awarded in the autumn funded by the City & Guilds Foundation, the Army Benevolent Fund, the Ashely Family Foundation, the Principality Building Society Future Generations Fund, DCA Consulting and Kendrick Hobbs, and a further 8 in the spring, funded by The Royal Mint, the Costume Society, the Golsoncott Foundation and Jennifer Chen. The value of the 19 bursaries awarded was £70,090 (2023: £33,133 awarded to 9 recipients).
The Endangered Crafts Fund, launched in 2019, remains an important element of our strategy. Donations and grants totaling £58,555 were received in the year (2023: £22,640), with notable contributions from the Pilgrim Trust, Radcliffe Trust and William Grant Foundation. Grants totalling £27,355 were awarded during the year to 15 makers (2023: £24,162 to 15 makers). The fund is carrying forward a balance of £30,204 at 30 June 2024.
* Corporate sponsorship treated as restricted income in 2022/23, now treated as unrestricted
RESTRICTED INCOME
RESTRICTED EXPENSES
----- Start of picture text -----
Other income
Sponsorship
Donations
Grants
0
2023/24 2022/23
£140,000
£105,000
£70,000
£35,000
----- End of picture text -----*
----- Start of picture text -----
Other costs
Awards
Endangered Crafts Fund
Bursaries
0
2023/24 2022/23
£140,000
£105,000
£70,000
£35,000
----- End of picture text -----
Trustees’ Report | 3
We have already secured additional funding for the next round of awards, and will continue to seek funds to enable the Endangered Crafts Fund to continue its work.
A grant of £2,000 from the Radcliffe Trust enabled us to host a demonstration of endangered crafts at the Craftworks exhibition in Shoreditch in May.
Reputational risk – operating in a public environment always carries with it a possibility of miscommunication or misinterpretation which could lead to loss of reputation, and therefore a risk that supporters will fall away, and Trustees, Ambassadors, Benefactors and sponsors will be brought into disrepute and leave. We are continuously working to ensure that our public communication is clear and driven by our organisational values, our strategy and objectives.
Future Financial Plans
The future focus of the Trustees continues to be growing Heritage Crafts as a self-funding organisation as regards its core costs, while working in partnership with other organisations and funders to deliver key projects that promote and develop heritage crafts. Core costs will increasingly be covered by membership fees, corporate sponsorship and contract income, project administration charges and core costs charged directly to projects. In the coming year, the Trustees and staff will be working to develop the new strategic plan to take effect in 2026.
Risk Management
We recognise that our operating environment continues to be very challenging. In order to understand the risks the organisation is facing, we maintain an organic risk register which is reviewed regularly by the Board and Sub-Committees. Each risk is assessed and the Board focuses on those which have the greatest likely impact. We try to reduce the possible impact of all risks but it is not possible to entirely eliminate them.
We have assessed our top two risks to be:
Financial risk – the risk that Heritage Crafts will not be able to raise sufficient funds through grants, membership and/or fundraising to maintain its charitable purpose. In the current economic climate we are seeing rising cost pressures, particularly salary costs, which increase our need for funding. We are working hard on engaging with relevant stakeholders, through our fundraising strategy, to ensure that Heritage Crafts will be able to carry out its aims.
In addition, we recognise that the people who work for Heritage Crafts, whether as Trustees or employees, bring unique skills and are difficult to replace. We are working on strengthening our governance structure to ensure that we always retain a core number of Trustees with relevant skills and that our employees are properly supported.
Reserves Policy
The Board assesses the reserves policy on an annual basis. In the light of continued economic uncertainty the Board has decided to retain the level of reserves held by the charity at the equivalent of twelve months’ core expenditure.
Our free reserves at 30 June 2024 are £193,480 which exceeds twelve months of core expenditure, in line with the policy noted above.
Designated Reserves
On 30 June 2021 the Board agreed to designate a proportion of reserves to be used as match funding for projects that further the strategic objectives of Heritage Crafts. £25,000 were committed to this fund, £15,000 of which was allocated to the development of a new website.
The National Lottery Heritage Fund grant received in February 2024 included web development costs, and so we are reallocting this £15,000 back to unrestricted reserves at the end of the period. The remaining £10,000 is designated to commissioning research in 2024/25.
4 | Trustees’ Report
Fundraising Statement
The Board has kept in mind the Charity Commission’s guidance on public benefit at Board meetings and when making decisions around the implementation of the objects and activities of Heritage Crafts.
Heritage Crafts is committed to ensuring its fundraising activities are responsible, ethical and transparent and as such aims to comply with best practice as set out by the Fundraising Regulator in the Fundraising Code.
Signed by Treasurer
Signature: Name: Robert Murray, Treasurer
Signed by Chair of Trustees on behalf of all Trustees
Signature: Name: David Clarke, Chair
Date: 10 November 2024 Date: 10 November 2024
Trustees’ Report | 5
Independent Examiner’s Report to the Trustees of the Heritage Crafts Association
I report on the accounts of the Heritage Crafts Association (operating as Heritage Crafts) for the year ended 30 June 2024, which are set out on pages 1 to 10.
Respective responsibilities of Trustees and examiner
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed by independent examiner
Signature: Name: Graham Darbourne FCA, TC Group Date of approval: 10 November 2024 Relevant professional qualification: Chartered accountant Address: The Old Town Hall Market Place Oundle PE8 4BQ
6 | Independent Examiner’s Report
Statement of Financial Activities
| To the nearest £ | To the nearest £ | |||||
|---|---|---|---|---|---|---|
| Note | Unrestricted | Restricted | Designated | Total | Last year | |
| RECEIPTS | ||||||
| Grants | 2 | £34,083 | £70,248 | – | £104,331 | £79,108 |
| Membership | 3 | £36,955 | – | – | £36,955 | £32,750 |
| Donations | 4 | £14,188 | £12,236 | – | £26,425 | £42,197 |
| Corporate sponsorship | 5 | £76,012 | – | – | £76,012 | £81,455 |
| Project management income | £30,003 | – | – | £30,003 | £7,490 | |
| Interest | £2,092 | – | – | £2,092 | £1,172 | |
| Gift Aid | £2,680 | – | – | £2,680 | £6,821 | |
| Miscellaneous | 6 | £8,446 | £12,052 | – | £20,498 | £8,040 |
| Subtotal | £204,459 | £94,536 | – | £298,995 | £259,033 | |
| Assets and investment sales | – | – | – | – | – | |
| Subtotal | – | – | – | – | – | |
| TOTAL RECEIPTS | £204,459 | £94,536 | – | £298,995 | £259,033 | |
| PAYMENTS | ||||||
| Staf costs | 7 | £108,900 | – | – | £108,900 | £76,118 |
| Grants, awards and bursaries | – | £82,598 | – | £82,598 | £71,383 | |
| Project costs | £530 | £17,908 | – | £18,438 | £4,322 | |
| Costs associated with sponsorship | £26,153 | – | – | £26,153 | £8,605 | |
| Events | £13,708 | £3,674 | – | £17,382 | £6,169 | |
| Administration costs | 9 | £18,000 | £183 | – | £18,183 | £18,845 |
| Other core costs | 10 | £20,151 | – | – | £20,151 | £9,715 |
| Subtotal | £187,442 | £104,363 | – | £291,805 | £195,157 | |
| Assets and investment purchase | 12 | – | – | – | – | – |
| Subtotal | – | – | – | – | – | |
| TOTAL PAYMENTS | £187,442 | £104,363 | – | £291,805 | £195,157 | |
| NET OF RECEIPTS (PAYMENTS) | £17,017 | (£9,827) | – | £7,190 | £63,875 | |
| TOTAL FUNDS LAST YEAR END | 14 | £140,221 | £85,489 | £25,000 | £250,710 | £186,835 |
| Transfer between funds | 13 | (£22,494) | £37,494 | (£15,000) | – | – |
| TOTAL FUNDS THIS YEAR END | £134,744 | £113,156 | £10,000 | £257,900 | £250,710 |
Statement of Financial Activities | 7
Balance sheet
| To the nearest £ | |||
|---|---|---|---|
| As of 30 June 2024 | Unrestricted funds | Restricted funds | Total |
| FIXED ASSETS | |||
| Ofce equipment | £674 | – | £674 |
| less accumulated depreciation | (£102) | – | (£102) |
| TOTAL FIXED ASSETS | £572 | – | £572 |
| ASSETS | |||
| Cash at hand and in bank | £245,165 | £68,131 | £313,296 |
| Trade debtors | – | £45,025* | £45,025 |
| Other debtors | £9,501 | – | £9,501 |
| Prepayments | £3,370 | – | £3,370 |
| TOTAL ASSETS | £258,608 | £113,156 | £371,764 |
| LIABILITIES | £113,864* | – | £113,864 |
| TOTAL FUNDS AS AT 30 JUNE 2024 | £144,744 | £113,156 | £257,900 |
* The increase in trade debtors of £45,025 and liabilities of £113,864 relate to the rapid growth in our grants, awards and bursaries that have significant income and expenditure that occurs at different times across the financial year end.
| To the nearest £ | |||
|---|---|---|---|
| As of 30 June 2023 | Unrestricted funds | Restricted funds | Total |
| ASSETS | |||
| Cash at hand and in bank | £136,068 | £92,980 | £229,047 |
| Trade debtors | – | – | – |
| Other debtors | £38,821 | – | £38.821 |
| Prepayments | £2,430 | – | £2,430 |
| TOTAL ASSETS | £177,319 | £92,980 | £270,299 |
| LIABILITIES | £12,098 | £7,491 | £19,588 |
| TOTAL FUNDS AS AT 30 JUNE 2023 | £165,221 | £85,489 | £250,710 |
Statement of Cash Flow
| Statement of Cash Flow | ||
|---|---|---|
| To the nearest £ | ||
| As of 30 June 2024 | 2024 | 2023 |
| CASHFLOW FROM OPERATING ACTIVITIES | ||
| Net surplus (defcit) from Statement of Financial Activities | £7,190 | £63,897 |
| Adjustment for | ||
| Depreciation charges | £102 | – |
| Changes in working capital | ||
| (Increase)/Decrease in trade debtors | (45,025) | £19,600 |
| (Increase)/Decrease in other debtors | £29,320 | (£32,883) |
| (Increase)/Decrease in pre-payments | (£940) | (£96) |
| Increase/(Decrease) in liabilities | £94,275 | (£958) |
| Net cash provided by (used in) operating activities | £84,922 | £49,560 |
| CASHFLOW FROM INVESTING ACTIVITIES | ||
| Purchase of fxed assets | (£674) | – |
| Change in cash and cash equivalent in the reporting period | £84,248 | £49,560 |
| Cash and cash equivalent at the beginning of the reporting period | £229,047 | £179,487 |
| Cash and cash equivalent at the end of the reporting period | £313,296 | £229,047 |
Notes to the Accounts
1. Accounting policies
a) Basis of accounting
Heritage Crafts currently has a gross income of more than £250,000 per annum and is therefore required by the Charity Commission to prepare accruals accounts. As the Board considered that the financial situation was best given by preparing the accounts in accordance with Charity SORP (FRS 102) it has already been preparing accruals accounts since 1 July 2022.
- b) Statement of compliance and basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective I January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The charity meets the definition of a public benefit entity under FRS102.
c) Income
All income, donations and subscriptions are accounted for as received by Heritage Crafts. Membership subscriptions are recognised over the membership period.
d) Restricted funds
Restricted funds are funds which are used in accordance with specific instructions imposed by the donor. Details of the restricted funds received by Heritage Crafts are provided in note 2b below.
e) Resources expended
Resources expended are recognised in the period in which they are incurred. period in which they are incurred.
2. Grants
Heritage Crafts is extremely grateful to all our grant providers for this vital funding and support for our work.
a) Unrestricted funds
Unrestricted grants of £34,083 (2022/23: £30,000) were received from individuals and organisations. This includes part of the first year of a new grant of £35,000 per annum, received from the Swire Charitable Trust to fund our administrative costs.
b) Restricted funds
During the year Heritage Crafts received and utilised restricted donations as follows.
To the nearest £
| As of 30 June 2024 | Ernest | Training | Endangered | Awards | Strategic | Total |
|---|---|---|---|---|---|---|
| Cook* | Bursaries | Crafts Fund | projects | |||
| Opening restricted funds at 1 July 2023 | £450 | £50,053 | £529 | £17,724 | £16,733 | £85,489 |
| New funds received | – | £83,901 | £58,555 | £2,875 | £29,825 | £175,156 |
| Transfer of funds to unrestricted for admin | – | (£7,700) | (£4,007) | (£1,050) | (£14,946) | (£27,703) |
| Grants awarded | – | (£47,105) | (£24,831) | (£10,662) | – | (£82,598) |
| Expenses incurred | – | (£103) | (£42) | (£2,522) | (£34,521) | (£37,188) |
| Closing restricted funds at 30 June 2024 | £450 | £79,046 | £30,204 | £6,365 | (£2,909) | £113,156 |
* Ernest Cook residual balance of £450 is for Superact (in liquidation).
Notes to the Accounts | 9
We were successful in being awarded a £157,989 grant over two years from the National Lottery Heritage Fund to expand our staff team, develop our governence and fundraising, and expand our reach to a more diverse audience. The first expenditure made against the grant in 2023/24 was for our website development, increasing our Membership Officer to full time, and recruiting a new Project Administration Officer.
Our training bursaries scheme continued to grow in 2023/24 with 11 bursaries awarded in the autumn funded by the City & Guilds Foundation, the Army Benevolent Fund, the Ashely Family Foundation, the Principality Building Society Future Generations Fund, DCA Consulting and Kendrick Hobbs, and a further 8 in the spring, funded by The Royal Mint, the Costume Society, the Golsoncott Foundation and Jennifer Chen. The value of the 19 bursaries awarded was £70,090 (2022/23: £33,133 awarded to 9 recipients).
The Endangered Crafts Fund, launched in April 2019, continues to be an important element of our strategy. Donations and grants totaling £58,555 were received in the year (2022/23: £22,640), with notable contributions from the Pilgrim Trust, Radcliffe Trust and William Grant Foundation. Grants totalling £24,831 were awarded during the year to 15 makers (2022/23: £24,162 to 15 makers). The fund is carrying forward a balance of £30,204 at 30 June 2024. We have already secured additional funding for the next round of awards, and will continue to seek funding to enable the Endangered Crafts Fund to continue its work.
Our awards scheme grew to 14 awards with prizes totalling £19,000 supported by the King Charles III Charitable Fund Marsh Charitable Trust, Queen Elizabeth Charitable Trust, The Royal Mint, Axminster Tools, Sonnaz Ltd, Rose Uniacke, Sims Hilditch and Lucy and Laurence Butcher (2022/23: £9,000 awarded to 6 recipients). A grant was received from the Maxwell/Hanrahan Foundation to continue to grow and professionalise the awards scheme in 2024/25.
A third successive grant from the Pilgrim Trust was received to fund the Red List of Endangered Crafts 2025 edition, two endangered craft symposia and a contribution to the Endangered Crafts Fund.
These projects are largely carried out by our own team and therefore costs are charged from core costs against these projects, in accordance with the budgets agreed with the funders.
3. Membership
As of 30 June 2024, Heritage Crafts had 1,493 members through its membership scheme (2023: 1,491 members). A total of £36,955 was recognised as membership income during the year to 30 June 2024 (2022/23: £32,750).
4. Donations
Heritage Crafts is extremely grateful to all our donors for providing this vital funding and support for our work. Unrestricted donations of £14,188 (2022/23: £32,074) were received from individuals and organisations.
5. Corporate sponsorship
contributor to overall income in 2023/24, with £76,012 received from The Royal Mint, Axminister Tools, Silverlining Furniture, Soane Britain, Sonnaz Ltd and Rose Uniacke (2022/23: £81,455).
6. Miscellaneous income
Miscellaneous income includes contracts, consultancy income, event income, sales income and other income.
7. Staff costs
Staff costs include salaries, National Insurance, pensions (including additional elective salary-sacrifice pension contributions) and working from home allowance, but not staff travel costs. The average number of employees in the 2023-24 year was five (2022-23: four). There were no employees who received employee benefits of more than £60,000.
10 | Notes to the Accounts
8. Trustee costs
The Trustees of Heritage Crafts are all unpaid. Trustees are reimbursed for any expenses incurred on behalf of Heritage Crafts, including travel to Board meetings and other events they are required to attend. These costs are included in the administration costs below. Trustee costs in 2023/24 were £800 (2022/23: £120).
9. Administration costs
| 9. Administration costs | ||
|---|---|---|
| To the | nearest £ | |
| 2024 | 2023 | |
| Staf travel | (£8,745) | (£6,043) |
| Website | (£649) | (£1,121) |
| Insurances | (£503) | (£522) |
| Recruitment | (£50) | (£2,208) |
| Marketing | (£1,861) | (£1,164) |
| Consultancy | (£600) | (£750) |
| Printing/postage/stationery | (£399) | (£763) |
| Payment processing fees(£) | (£764) | (£867) |
| Miscellaneous | (£4,429) | (£5,407) |
| Total admin expenses | (£18,000) | (£18,845) |
10. Other core costs
Other core costs includes costs of delivering contracts and direct project costs subsidised from unrestricted reserves.
12. Asset purchases
During the year Heritage Crafts made £674 worth of asset purchases, less accumulated depreciation of £102 (2022/23: none).
13. Total funds at year end
Total funds movements during the year have been as the follows:
-
Unrestricted funds are used to pay core costs of the charity, including salary costs.
-
Restricted funds projects agreed with funders. More details of these funds are given in note 2b.
-
Designated funds is a fund created by the Trustees in 2021. This fund is intended to be used as match funding for projects that further the strategic objectives of Heritage Crafts. Reserves of £25,000 were committed to this fund at the beginning of 2023/24, £15,000 of which was allocated to the development of a new website. The National Lottery Heritage Fund grant received in February 2024 included web development costs, and so we are reallocting this £15,000 back to unrestricted reserves at the end of the period. The remaining £10,000 is designated to commissioning research in 2024/25.
11. Taxation
As a registered charity Heritage Crafts is exempt from corporation tax since all income is applied for charitable purposes.
To the nearest £
| Unrestricted | Restricted | Designated | Total | |
|---|---|---|---|---|
| funds | funds | funds | ||
| Opening funds at 1 July 2023 | £140,221 | £85,489 | £25,000 | £250,710 |
| Net income/receipts | £17,017 | (£9,827) | – | £7,190 |
| Transfer of designated reserves | (£22,494) | £37,494 | (£15,000) | – |
| Closing restricted funds at 30 June 2024 | £134,744 | £113,156 | £10,000 | £257,900 |
Notes to the Accounts | 11
| 2022/23 REPORTED | 2022/23 REPORTED | 2022/23 REPORTED | ADJUSTMENTS | ADJUSTMENTS | ADJUSTMENTS | ||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Designated | Total | Unrestricted | Restricted | Total | |
| RECEIPTS | |||||||
| Donations and grants | £62,074 | £108,610 |
– |
£170,684 | (£350) | £22,979 |
£22,629 |
| Membership | £32,750 | – |
– |
£32,750 | – | – |
– |
| Events | £5,900 | – |
– |
£5,900 | – | – |
– |
| Interest | £1,172 | – |
– |
£1,172 | – | – |
– |
| Gift Aid | £6,821 | – |
– |
£6,821 | – | – |
– |
| Miscellaneous | £42,318 | – |
– |
£42,318 | (£23,241) | – |
(£23,241) |
| Subtotal | £151,036 | £108,610 | – | £259,645 | (£23,592) | £26,979 |
(£612) |
| Assets and investment sales | – | – |
– |
– | – | – |
– |
| Subtotal | – | – | – | – | – | – | – |
| TOTAL RECEIPTS | £151,036 | £108,610 | – | £259,645 | (£23,592) | £22,979 | (£612) |
| PAYMENTS | |||||||
| Staf costs | £64,498 | – |
– |
£64,498 | £9,632 | £1,988 |
£11,620 |
| Grants, awards and bursaries | £6,169 | £4,682 |
– |
£10,851 | (£6,169) | £66,701 |
£60,532 |
| Project costs | – | £23,150 |
– |
£23,150 | – | (£18,828) |
(£18,828) |
| Events | – | £62,415 |
– |
£62,415 | £6,169 | (£62,415) |
(£56,246) |
| Administration costs | £41,814 | – |
– |
£41,814 | (£4,648) | – |
(£4,648) |
| Subtotal | £112,480 | £90,247 | – | £202,727 | £4,985 | (£12,554) | (£7,569) |
| Assets and investment purchase | – |
– |
– |
– | – | – |
– |
| Subtotal | – | – | – | – | – | – | – |
| TOTAL PAYMENTS | £112,480 | £90,247 | – | £202,727 | £4,985 | (£12,554) | (£7,569) |
| NET OF RECEIPTS (PAYMENTS) | £38,555 | £18,363 | – | £56,918 | (£28,576) | £35,533 | £6,957 |
| TOTAL FUNDS LAST YEAR END | £115,075 | £46,738 | £25,000 | £186,813 | £15,167 | (£15,145) | £22 |
| TOTAL FUNDS THIS YEAR END | £153,630 | £65,100 | £25,000 | £243,730 | (£13,409) | £20,389 | £6,980 |
To the nearest £
| 2022/23 RE-STATED | 2022/23 RE-STATED | 2022/23 RE-STATED | |
|---|---|---|---|
| Unrestricted | Restricted | Designated | Total |
| £61,724 | £131,589 | – | £193,313 |
| £32,750 | – | – | £32,750 |
| £5,900 | – | – | £5,900 |
| £1,172 | – | – | £1,172 |
| £6,821 | – | – | £6,821 |
| £19,077 | – | – | £19,077 |
| £127,444 | £131,589 | – | £259,033 |
| – | – | – | – |
| – | – | – | – |
| £127,444 | £131,589 | – | £259,033 |
| £74,130 | £1,988 | – | £76,118 |
| – | £71,383 | – | £71,383 |
| – | £4,322 | – | £4,322 |
| £6,169 | – | – | £6,169 |
| £37,166 | – | – | £37,166 |
| £117,465 | £77,693 | – | £195,158 |
| – | – | – | – |
| – | – | – | – |
| £117,465 | £77,693 | – | £195,158 |
| £9,979 | £53,896 | – | £63,875 |
| £130,242 | £31,593 | £25,000 | £186,835 |
| £140,221 | £85,489 | £25,000 | £250,710 |
As a result of some historical anomolies surrounding accruals at the end of last financial year, and the misallocation of funds between restricted and unrestricted projects, we are making a number of adjustments to the accounts posted for 2022/23. These are reflected in the table opposite.
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The additional £6,169 in unrestricted events is for the cost of our tinsmithing masterclass and attendance at third-party events, misallocated to grants expenditure.
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£4,648 of the additional unrestricted staff costs is for salaries misallocated to unrestricted administration costs, and the remaining £6,972 is for salaries misallocated to restricted project costs.
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The additional £1,988 in restricted staff costs is for salary payments misallocated to unrestricted staff costs, relating to our precious metals symposium and Cornwall Pre-apprenticeship project
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£62,415 of the additional restricted grants, awards and bursary costs reflects the payments made to numerous craftspeople, misallocated to restricted event costs, and the remaining £4,286 is for restricted grants, awards and bursary costs misallocated to restricted project costs.
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£23,241 of the additional restricted donations and grants is the Royal Mint sponsorship misallocated to unrestricted miscellaneous income.
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The remaining balances of -£350 in unrestricted donation and grant income, -£262 in restricted donation and grant income and -£7,570 in restricted project costs relate to missed accruals between 2022/23 and 2024/24.