Charity r8gistration number. 1168885 Ilfracombe Art & Craft Society Annual Report and Financial Statements for the Year Ended 31 December 2024 WESTCOTTS CHAR T&ReD ACCOUNTANTS 8 8USIIIISS ADVISQRS
Ilfracombe Art & Craft Society Contents (continued) Reference and Administratlve Details Trustees, Report 2to4 Accountants, Report statement of Flnanclal Actlvitles BalancE Sheet Notes to the Financial Statements 8t015
Ilfracombe Art & Craft Society Reference and Admlnlstrative Details Trustees.. Mrs E Borg Mrs V Evans Mrs L A Beard Mr C Curtls Mrs J Rawlings Charlty Reglslratlon Number 1168685 Prlnclpal Offlce 9110 The Promenade Wilder Road Ilfracombe Devon EX34 8DQ Westcotts 47 Boutport Street Bamstaple Devon EX311SQ Accountants Page 1
Ilfracombe Art & Craft Society Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. Objectives and actlvltles Objects and alms The charit8ble objects are to promote art for the benefit of the publlc by the establishment and maintenance of an art and craft gallery. To advance the education of the public in the arts. including (but not limited to) young peopla and disabled people. Also, the prevention or relief of povety in Ilfracombe and neighbourlng dlstricts by providing grants, Itams and seNices to individuals in need andlor charities. or other organisations working to prevent or rell8ve poverty. The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. To advance for the benefit of the public such other exclusively charitable purposes (in accordance With the laws of England and Wales) as the trustees of the charity shall frcm time to time select, The charitylsociety operates an art and craft gallery, showcasing work fr(wn local North Devon Residents. It charges commission on sales of athork displayed, receives donations and carries out fund raising including an annual draw. Surpluses after expenses are or will be applied to assist in helping local causes in the welfare of the public. A community area is made available for schools and local groups to give them wider public support in the community. Workshops are also provided to Indivlduals and groups. Publlc beneflt The trustees confinn that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achlevomonts and porformance Improvements were made to both the exterior 8nd interlor of the gallery using finances accumulated for refurbishment of the premises. A new floor has been lald throughout and painting of the decorative ironwork and work has bean carried out on the exterior wood and ironwork. The ironwork will again be painted during our winter closure perlod In 2025 due to its fragile state. We eng8ged with local schools and community groups with their art work boing displayed on the community wall and window, and again held thg very popular Christmas art competition wth prizes of vouchers for purchase of art supplies in our local book and art supply shop, thus encouraging using a local business rather than an online business. We also supported and took part in the Ilfracomb8 Art Trail in May. Encouragement. help and advice has been given to new members in the standard and presentation of their chosen medium. Donations were made to local community groups. Page 2
Ilfracombe Art & Craft Society Trustees. Report (continued) Financlal revlew Pollcy on reserves As at the year end the charity holds £65.544 in reserves (2023.. £73,598). The charity intends using much of these reserves carrying out refurbishment of the premises (it leases) during future years. Structure, govemance and management Nature of governing document This Charitsble Incorporated Organisation {CIO) was formed and registered wth the Charities Commission on 9th August 2016. It remained dormant until 1st September 2016 when it acquired the assets. liabilities and obligations of the org8nisation known as the Ilfracombe Art and Craft Society on 1st September 2016. It also took over that organisation's operations from that date. Th8 charity is governed by trustees who were appolnted on its formation. The power of appointlng new truste8s is vested with the existing continuing trustees andlor approval at the charlty's AGM. Page 3
Trustees. Report (continued) Stat•ment of Tru$taos' R•¥ponslbllltl•s The trustees are responsib for preporlng the tru5tees' report and the flnancial slatements In accordance with th8 Unlted Klngdom Accounting Standards (Unlted Klngdom Generally Accepted AcuntIng Practice) and applic8bla 18w and re9ulatlons. The law akwllcabl8 to charitle8 requires the Itee8 to prepare flnandal statements for each flnanclal ear which gtve a true and falr vlew of the state of affalrs of the tharity and of the Incoming resources and app11rAti of resources ol the chartty for that perlod. In weparfng these finand81 statements, the tnisteas ar8 requlred to: select 8Uitabla accounting polldes and then apply them consistenty, obs8Ne th8 methods and principle8 In tho Chartt108 SORP; make Judgements and e8tlmates that are reasonable and prudent: state 4thether applcabkn accounting standards have been folowed, sut4ect to any meterlal dePare5 disclosed and explained in the financial statements; and preparn the financlal statements on the golng concem ba818 unJes8 It18 Inapprowfjate to presuma that the ch8rlty wll contlnue In buslness. The trusl888 are r88pcmsible for keeplng woper 8ccountlng records th8t dlsdose wlth reasonable accuracy at any tlme the financial posltion of the charlty and enable them to ensure that the finandal statements comFly wlth the CharitieJ Act 2011, the Charfti88 (AGcounts and Report8) Regulation8 2008, and the provlslons of the constltutlon. Th• tru818e8 are also respon8lble for Jafeguardlng ihe assot5 of tha ch3rity and hence for Ioklng rea80nable steps for the preventlon and detectlon ol fraud and other iffegularitles. The truste85 are responsibl8 for the malntenance and integTIty of the corporate and flnanGial Infomiation induded on the charitable companl8 Yb31te. Leglslatlon gavernlng the prePara1k and dl88em1nal1( of fin8nc181 sLqtaments may dlffer from leglslatlon In other JurlBdlGtlons. The annual report vrds approvod by the trustees of the charity on ....... ... . ..... behalf by. Mrs L A Beard TruBte•
Charterod Accountants. Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of Ilfracombe Art & Craft Soclety for the Year Ended 31 December 2024 In order to asslst to fulfil your duties under the Charities Act 2011, we have prepared for approval the accounts of Ilfracombe Art & Craft Society for the year ended 31 December 2024 as set out on pages from the compansls accountlng records and from Informatlon and explanations you have glven us. As 8 practlslng member firm of the Instltute of Chartered Accountants in England and W8le8 (ICAEW) we are subject to Its 8thlcal and other professlonal requirements whlch are detailed at http:IlwvM.Icaew.coml8nl memberslregulatlons-standards-and-guldancel. Thls report Is made 8018ly to the board of dlrectors of Ilfracomba Art & Craft Socl8ty. as a body, In accordance wlth the terms of our engagement letter. Our work has b88n undertaken solely to prepare for your approval the finandal statemenls of Ilfracombe Art & Craft Soclety and state those matters that we have agreed to state ta the board of dlrectors of Ilfracombe Art & Craft Soclety, as a body, In thls report, In accordance wlth ICAEW Technlcel Release 07116 AAF. To th8 fullest extent permltted by law, we do not accept or assume responslblllty to anyone othar than Ilfr8combe Art & Craft Soclety and Its board of dlrectors as a body for our work or for thls report. 11 Is your duty to ensure that Ilfracombe Art & Craft Soclety has kept adequat8 accountlng recordB and to prepare statutory accounts that glve a true and fair vlew of the assets. Ilabllltles, financlal pos5tlon and of Ilfracombe Art & Craft Soclety. You con8lder that Ilfracombe Art & Craft Soclety15 exempt from the ststutory audlt requlrement for the year. We have not been Instructed to carry out an audlt or a review of the accounts of Ilfracombe Art & Craft Soclety. For thls reason, we have not V8rttled the accuracy or completeness of the accounting records or Informatlon and explanatlons you have glven to us and we do not. therelore, express any opinlon on the statutory accounts. Westcotts 47 8outport Street Bamstaple Davon EX31 1SQ Date..2......... ..... Page 5
Ilfracombe Art & Craft Society Statement of Financial Activities for the Year Ended 31 December 2024 Unrestrlcted funds Totsl 2024 Total 2023 Note Income and Endowmenls from: Donations and legacies Charitable activities Investment income 1,249 20,111 882 1,249 20.111 882 1,218 23.215 560 Total income 22,242 22.242 24,993 Expendlture on: Charitable activities 30,296 30,296 23,629 Total expendlture Net {expenditureVincome Net movement in funds 30,296 (30,296 23,629 8.054 8.054 1.364 (8,054) (8,054) 1.364 Reconciliation of funds Total funds brought forward Total funds carrled forward 73,598 73,598 65,544 72,234 16 65.544 73,598 All of the charltvs actlvitles derlve from continulng operations during the above periods. The funds breakdown for 2023 is shown in note 16. The notes on pages 8 to 15 forrn an Integral part of these financial statements. Page 6
Ilfracombe Art & Craft Society (Registratlon number: 1168685) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Tangible assets Current •880ts stks Oebtors Cash at bank and In hand 10 600 706 400 834 68,364 69.598 890 767 76.321 12 13 77,978 5,086 Credltorn: Amotsnts falllng due wlthln one year Net Gurrent assets 14 4,654) 64,944 72,892 Net a88•ts 65,544 73,598 Funds of the charlty.. Unrestrlcted Income funds Unrestrlcted funds 65,544 73,598 Total funds 16 65.544 73,598 clal statements on pages 6 to 15 were approved by the trustees, and authorl8ed for Issue on ?i and slgned on thelr behalf by: Mrs L A Beard Trustee The noté8 on pages 8 to 15 fomi an Integr81 part of these financial statements. Page 7
Ilfracombe Art & Craft Society Notes to the Financial Statements for the Year Ended 31 December 2024 1 Accountlng pollcles ststement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charitles Act 2011. Bas18 of preparatlon Ilfracombe Art & Craft Soclety meets the definition of a publlc benefit entity under FRS 102. The accounts (financial statements) have been prepared Ltnder the historlcal cost convention with Items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to thes8 accounts. Golng concem The trustees consider that there are no material unc8rtainti8s about the charitys ability to continue as a going concern. Income and endowments Voluntary income Including donatlons. gifts, legacles and grants that provlde core funding or are of a general nature Is recognised when the charlty has entitlement to the income. It is probable that the income will be received and the amount can be measured wth sufflGlent rellability. Donatlons and legacles Donations and legacies are recognised on a recelvable basls when recelpt is probable and the amount can be reliably measured. Investment Incom• Dividend5 are recognised once the dividend has been declared and notification has been received of the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligatlon to that expendlture, It Is probable settlement is required and the amount can be measured reliably. All costs ar@ allocat8d to the appllcable expenditure heading that aggregate slmilar costs to that category. Where costs cannot be dlrectly attrlbuted to partlcular headlngs they have been allocated on a basls conslstent wth the use of resources, wlth central staff costs allocated on the basis of tlme spent, and depreciatlon charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Page 8
Ilfracombe Art & Craft Society Notes to the Financial Statements for the Year Ended 31 December 2024 {continued) Support costs Support costs include Central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating propety costs by floor areas, or per ¢8Pit8, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble flxed asseti Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreclatlon and subsequent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Furniture and equipment Depr8clatlon method and rate 150/0 reduclng balance stock stock is valued at the lower of cost and estimated selling pri less costs to complete and sell. after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call d8posIts, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an Insignificant risk of change In value. Fund structure Unr8Strict&d income funds are general funds that are availab18 for use at the truslees discretion in furtherance of the objectives of the charity. Financlal Instruments Classlflcatlon Financial assets and financial liabilits'es are recognlsed when the charity becomes a paty to the contractual provlsions of the instrument. Flnancial liabilities and equity instruments are classified according to the Substan of the contractual arrangements entered into. An equity instrument is any contr8Ct that evIdenS a residual interest in the assets of the charity after deducting all of Its Ilabillties. Page 9
Ilfracombe Art & Craft Society Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) Recognltlon and measurement All financial assets and liabilities are initiaiy measured at transaction price (Induding transactlon costs). except for those financial assets classified as at fair value through profrt or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a fsnancing transaction. If an arrangement constitutes a flnancing transaction, the financial a&set or financial Ilabilty is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrumenL Financial assets and liabilit'es are only offs8t in the statement of financlal position when, and only en there exists a legally enforceable right to set off the recognised amounts and the charity Intends either to settle on a net basis, or to realise the asset and settle the Ilability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financlal asset expire or are settled, b} the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained sorne, but not all. slgniflcant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obllgatlon specified in the contract is discharged, cancelled or expires. 2 Income from donatlons and legacle• Unrostrlcted funds General Total 2024 Donations received 1,249 1,249 Unrestrlcted funds General Totsl 2023 Donations recelvwj 1.218 1.218 3 Income from charltable actlvltlos Unrestricted funds General Total 2024 Commission from sales 20,111 20,111 Unrestrlcted funds General Totsl 2023 Commission from sales 23,215 23,215 Page 10
Ilfracombe Art & Craft Society Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) 4 Investment income Unrestrlcted funds General Total 2024 Interest receivable on bank deposlts 882 882 Unrestrlcted funds General Total 2023 Interest receivable on bank deposits 560 560 5 Expendltur8 on charltable actlvltle8 Unrestrlcted funds General Totsl 2024 Note Art gallery expenses etc. Allocated support costs 860 29,436 30,296 860 29,436 30,296 Unrestrlctsd funds General Total 2023 Note Art gallery expenses etc. Allocated support costs 2,609 21,020 23,629 2,609 21.020 23.629 Page11
Ilfracombe Art & Craft Society Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) 6 Analys18 of Bupport costs Support costs allocatèd to charltable actlvllles Charltable actlvltles Totsl 2024 Total 2023 Depreciation Premises costs Rates Light, heat and power Insurance Repairs and maintenance Communications and IT Printing, postage and stationery Trade subscrlptlons Sundry expenses Accountancy fees Solicitors fees Credit card charges 106 12,750 212 2,138 827 8,926 994 850 157 215 900 106 12,750 212 2,138 827 8,926 994 850 157 215 900 125 12,750 264 1,931 799 1,894 583 320 185 91 756 200 1,122 21.020 1,361 29,438 1,361 29,436 7 Trustees remuneratlon and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during th8 year. Commissions paid to the chariiy by Trustees are disdos8d within note 18. 8 Staff costs There were no paid staff durlng 2024 or 2023. Durlng the year the charity benefited from the yrk of 41 volunteers (including the Trustees) (2023.. 40). Page 12
Ilfracombe Art & Craft Society Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 9 Taxatlon The charity is a registered charity and is therefore exempt from taxatlon. 10 Tanglble flxed assets Furnlture and oqulpment Total Cost At 1 January 2024 1.385 1,385 At 31 December 2024 1.385 1,385 Depreclatlon At 1 January 2024 Charge for the year At 31 December 2024 679 106 679 108 785 785 Net book value At 31 December 2024 600 600 At 31 December 2023 706 706 11 Stock 2024 2023 Stocks 400 890 12 Debtors 2024 2023 Prepayments 834 767 13 Cash and cash equlvalents 2024 2023 Cash at bank 68,364 76,321 Page 13
Ilfracombe Art & Craft Society Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 14 Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals 3,648 1.006 4.654 4,024 1.062 5,086 15 Commltments The charity negotiated a new 10 year lease wSth Its landlord In 2017. Rent Payable at £12,750pa therefore the tuture188sing commitments are.. £38,250 (for the next 3 years In total). 16 Funds Balanco at 1 January 2024 Balance at Rosources 31 December expended 2024 Incomlng rasources Unrestrlcted funds General General Funds 73,598 22,242 30,296 65,544 Balance at 1 January 2023 Balance at 31 Dgcember 2023 Incomlng resources Resources expended Unrestrlcted funds General General Funds 72,234 24,993 23,629 73,598 17 Analysls of net assets between funds Total funds at31 Docember 2024 Unrestricted funds General Tangible fixed assets Current assets Current liabilities 600 69,598 (4,654) 65,544 600 69.598 {4,654) 65,544 Total net assets Page 14
Ilfracombe Art & Craft Society Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) Total funds at31 December 2023 Unrestrlcted funds Gen8ral Tangible fixed assets Current assets Current liabilities 706 77,978 5,086 706 77,978 (5,086) 73,598 Total net assets 73,598 18 Relatod party transactlons During the year, the followlng trustees paid commisslon to the charity for the sale of their art work and craft.. Chris Curtls £266.25 (2023 £770.00). Arlene Rawlings £295.99 (2023 £197.27), Llnda Beard £713.75 (2023 £449.82), Vivlenne Evans £831.46 (2023 £646.60) and Elizabeth Borg £486.72 {2023 410.16). All transactlons were on normal commerclal term8 Page 15