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
Ac￿untIng Practice) and applic8bla 18w and re9ulatlons.
The law akwllcabl8 to charitle8 requires the I￿￿tee8 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
dePa￿re5 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 Y￿b31te. 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
st￿ks
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 evIden￿S 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 y￿rk 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