REGISTERED COMPANY NUMBER: CE008501 (England and Wales) REGISTERED CHARITY NUMBER: 1168685
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FOR
ILFRACOMBE ART & CRAFT SOCIETY CIO
Streets Stevens & Willey Chartered Accountants Grenville House 9 Boutport Street Barnstaple Devon EX31 1TZ
ILFRACOMBE ART & CRAFT SOCIETY CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Page | |
|---|---|
| Trustees' Report | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 13 |
| Detailed Statement of Financial Activities | 14 |
ILFRACOMBE ART & CRAFT SOCIETY CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable objectives are to promote art for the benefit of the public 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 people and disabled people.
Also the prevention or relief of poverty in Ilfracombe and neighbouring districts by providing: grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve 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 from time to time select.
The charity/society operates an art and craft gallery, showcasing work from local North Devon Residents. It charges commission on sales of art work 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 individuals and groups.
Public benefit
The trustees confirm 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.
Achievements and performance
The centre's interior and exterior were improved through refurbishment funding.
The Society engaged with local schools and community groups, showcasing their work on our community board and in our windows.
The Society supported a local schoolgirl's fundraising efforts for volunteering in Borneo by selling her handmade items.
Our annual Christmas art competition was a great success, with gift voucher prizes for Ilfracombe's art shop.
The Society took part in the Ilfracombe Art Trail, with members demonstrating their work to the public.
We welcomed new artists and makers to the Society, supporting them in developing their skills and becoming part of the group.
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ILFRACOMBE ART & CRAFT SOCIETY CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
FINANCIAL REVIEW
Policy on Reserves
At the year end the charity holds £66,797 in reserves (2024: £65,544). The charity intends using these reserves to carry out maintenance and refurbishment of the leased premises over future years.
Going concern
The charity is reliant on continuing funding from Devon County Council and other third party grants/donors to enable it to cover its operating expenditure.
The Trustees are optimistic that further funding will be agreed with applications for grants in progress, but there can be no certainty in relation to this.
On this basis, the trustees have continued to adopt the going concern basis of accounting. The trustees are carefully monitoring the charity's financial position through careful comparison of budgeted to actual results with funding from Devon County Council ongoing at the date of approval of the financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT Nature of Governing document
This Charitable Incorporated Organisation (CIO) was formed and registered with the Charities Commission on 9 August 2016. It remained dormant until 1 September 2016 when it acquired the assets, liabilities and obligations of the organisation known as the Ilfracombe Art and Craft Society on 1 September 2016. It also took over that organization's operations from that date.
The Charity is governed by its trustees who were appointed on its formation. The power of appointing new trustees is vested with the existing continuing trustees and/or approval at the charity's AGM.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
CE008501 (England and Wales)
Registered Charity number
1168685
Registered office
9-10 The Promenade Wilder Road ILFRACOMBE Devon EX34 9BD
Trustees
Mrs E Borg Mrs V Evans Mrs L Beard Mr C Curtis (resigned 1/9/25) Mrs R J Hill (appointed 5/9/25)
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ILFRACOMBE ART & CRAFT SOCIETY CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Andrew Kennard FCCA Streets Stevens & Willey Chartered Accountants Grenville House 9 Boutport Street Barnstaple Devon EX31 1TZ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Ilfracombe Art & Craft Society CIO for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 17 May 2026 and signed on its behalf by:
Mrs L Beard - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ILFRACOMBE ART & CRAFT SOCIETY CIO
Independent examiner's report to the trustees of Ilfracombe Art & Craft Society CIO ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Kennard FCCA
Streets Stevens & Willey Chartered Accountants Grenville House 9 Boutport Street Barnstaple EX31 1TZ
17 May 2026
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ILFRACOMBE ART & CRAFT SOCIETY CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,341 Charitable activities 3 Charitable activites 21,227 Investment income 2 662 Total 23,230 EXPENDITURE ON Raising funds 8,850 Charitable activities Other trading activites 13,127 Charitable activites - Total 21,977 NET INCOME/(EXPENDITURE) 1,253 RECONCILIATION OF FUNDS Total funds brought forward 65,544 TOTAL FUNDS CARRIED FORWARD 66,797 |
2024 Total funds £ 1,249 20,111 882 22,242 16,368 13,068 860 30,296 (8,054) 73,598 65,544 |
|---|---|
The notes on page 0 form part of these financial statements
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ILFRACOMBE ART & CRAFT SOCIETY CIO
BALANCE SHEET 31 DECEMBER 2025
| 2025 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 510 CURRENT ASSETS Stocks 8 400 Debtors 9 736 Cash at bank 69,972 71,108 CREDITORS Amounts falling due within one year 10 (4,821) NET CURRENT ASSETS 66,287 TOTAL ASSETS LESS CURRENT LIABILITIES 66,797 NET ASSETS 66,797 FUNDS 11 Unrestricted funds 66,797 TOTAL FUNDS 66,797 |
2024 Total funds £ 600 400 834 68,364 69,598 (4,654) 64,944 65,544 65,544 65,544 65,544 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes on page 0 form part of these financial statements
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continued...
ILFRACOMBE ART & CRAFT SOCIETY CIO
BALANCE SHEET - continued 31 DECEMBER 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 17 May 2026 and were signed on its behalf by:
Mrs L Beard - Trustee
Mrs E Borg - Trustee
The notes on page 0 form part of these financial statements
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ILFRACOMBE ART & CRAFT SOCIETY CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & Fittings - 15% on reducing balance
STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
TAXATION
The charity is exempt from corporation tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
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ILFRACOMBE ART & CRAFT SOCIETY CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
| 2. INVESTMENT INCOME Bank deposit interest receivable 3. INCOME FROM CHARITABLE ACTIVITIES Activity Income from charitable activities Charitable activites 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets 5. TRUSTEES' REMUNERATION AND BENEFITS |
2025 £ 662 2025 £ 21,227 2025 £ 90 |
2024 £ 882 2024 £ 20,111 |
2024 £ 882 |
|---|---|---|---|
| 2024 £ 106 |
|||
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 1,249 |
| Charitable activities | |
| Charitable activites | 20,111 |
| Investment income | 882 |
| Total | 22,242 |
| EXPENDITURE ON | |
| Raising funds | 16,368 |
continued...
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ILFRACOMBE ART & CRAFT SOCIETY CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| Charitable activities | ||
| Other trading activites | 13,068 | |
| Charitable activites | 860 | |
| Total | 30,296 | |
| NET INCOME/(EXPENDITURE) | (8,054) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 73,598 | |
| TOTAL FUNDS CARRIED | ||
| FORWARD | 65,544 | |
| 7. | TANGIBLE FIXED ASSETS | |
| Fixtures | ||
| and | ||
| fittings | ||
| £ | ||
| COST | ||
| At 1 January 2025 and | ||
| 31 December 2025 | 1,385 | |
| DEPRECIATION | ||
| At 1 January 2025 | 785 | |
| Charge for year | 90 | |
| At 31 December 2025 | 875 | |
| NET BOOK VALUE | ||
| At 31 December 2025 | 510 | |
| At 31 December 2024 | 600 |
continued...
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ILFRACOMBE ART & CRAFT SOCIETY CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
| 8. | STOCKS | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Stocks | 400 | 400 | ||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||
| 2025 | 2024 | |||
| £ | £ | |||
| Prepayments | 736 | 834 | ||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Trade creditors | 3,621 | 3,648 | ||
| Accrued expenses | 1,200 | 1,006 | ||
| 4,821 | 4,654 | |||
| 11. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/1/25 | in funds | 31/12/25 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 65,544 | 1,253 | 66,797 | |
| TOTAL FUNDS | 65,544 | 1,253 | 66,797 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 23,230 | (21,977) | 1,253 | |
| TOTAL FUNDS | 23,230 | (21,977) | 1,253 |
continued...
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ILFRACOMBE ART & CRAFT SOCIETY CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/24 | in funds | 31/12/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 73,598 | (8,054) | 65,544 |
| TOTAL FUNDS | 73,598 | (8,054) | 65,544 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 22,242 | (30,296) | (8,054) |
| TOTAL FUNDS | 22,242 | (30,296) | (8,054) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/24 | in funds | 31/12/25 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 73,598 | (6,801) | 66,797 |
| TOTAL FUNDS | 73,598 | (6,801) | 66,797 |
continued...
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ILFRACOMBE ART & CRAFT SOCIETY CIO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 45,472 | (52,273) | (6,801) |
| TOTAL FUNDS | 45,472 | (52,273) | (6,801) |
12. RELATED PARTY DISCLOSURES
During the year, following trustees paid commission to the charity for the sale of their art work and craft: Elizabeth Borg £700.10 (2024 £486.72), Chris Curtis £127.50 (2024 £266.25), Linda Beard £496 (2024 £713.75), Rebecca Hill £32.12, Vivienne Evans £582.02 (2024 £831.46). All transactions were on normal commercial terms.
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ILFRACOMBE ART & CRAFT SOCIETY CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| INCOME AND ENDOWMENTS Donations and legacies Donations Received Investment income Bank deposit interest receivable Charitable activities Income from charitable activities Total incoming resources EXPENDITURE Charitable activities Rates and water Rental lease Art gallery expenses Depreciation - fixtures & fittings Support costs Management Insurance Light and heat Telephone Postage and stationery Sundries Repairs and maintenance Communications and IT Trade subscriptions Credit card charges Governance costs Independent examination & accountancy fees Total resources expended Net income/(expenditure) |
2025 £ 1,341 662 21,227 23,230 287 12,750 - 90 13,127 981 1,831 894 44 294 2,142 205 226 1,097 7,714 1,136 21,977 1,253 |
2024 £ 1,249 882 20,111 22,242 212 12,750 860 106 13,928 827 2,138 - 850 215 8,926 994 157 1,361 15,468 900 30,296 (8,054) |
|---|---|---|
This page does not form part of the statutory financial statements
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