Charity numb•r. 1179008 THE CRAFTS STUDY CENTRE UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
The CRAFfs STUDY CENTRE Page Rel0rnn and •dmlnlstrallv• d•t•ll• of th• Charfty, h Tn*t•M •nd advl•w• Tru•t•M' r•port Ind•p•nd•nl •xamln•rf• r•port 8tstsm•fit of fln•n¢lal a¢llvlll•• Balafi •h••t 10 NotH to th• flnan¢lil •tat•n•nts 11-23
THE CRAFTS STUDY CENTRE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Edwa Wates, Chair AlÉson 8rition OBE, Vi¢0 Chair Deirdre Figueire(lo MBE Sarah GTrffin Dr Paul Harper Dr Chery Ann Knott Prof. L8sley Milkr MBE (recused for the perknd 23 January to 11 September 2023) Prof. Tim Pary-williams Andrew Renton Ben Wlliams Dr Amer Ahvarea (recused for the period from January 2024) Pmf. Hedley Roberts {appointed 31 October 2023} Lyn8ey Luthra, Trea¥urer (appointed 8 March 2024) Charfty rogkntsrnd number 1179008 prtnclpal offlco Crafts Study Cen University for the Creative Arts Falkner Road Farnham Surrey GU9 7DS Accountants Shaw Gibbs {Athllt) LIMed Wey Court West Union Road Farnham Surrey GU9 7PT Ex Offlclo and offirn Dr Stephen Krwtt, Director Greta Bertram. Curator of Collections Dr Sean O'Reilty. Hon. Treasurar (resigned 2 October 2023) Page 1
THE CRAFTS STUDY CEIrnIE TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustee8 present their anTr repyt t¢fvr ith Iho finan¢o1 Stat?nts of ts Charty far the 1 August 2023 to 31 2024. a. Pollcl•8 and objecthios The oblecU¥es of the tharity aro to promote for lh8 pubk bonofil the valuo of and mftsman$hip paul8 but not exclusively in ceramic5, callvJraphy andlgttering. fumknre and Yx)d and prtntad and textiles. and support research thrtyjgh ts oty'ect and arch1 co108. Tho Vision of the Crafts Sluty Cerdre as stated in bts 2023 BUS1r Pkn r8 lo make a unique and stgnrficant contr)ution to the r8sear¢h. s¢hohrship and resèarch impact of c¥ats In the UK and intemattonaw. b. Publlc Benefft Stat•mont The purpose of the Crafts Study Centre is to enab fre8 pubfic acc855 to the colloctions and athiv85 of the organis8tron for 81udy ar enjoyment. aThl to present these collections by means of exhibitions. displays and loans to other publlc museums. and to run a programme of lectures, seminars, artist talks and symposia for the publiG and univer8ity audience8 in order to foster a Wmler understanding of the field of modem and contemporary set in tho eJJnt•xt of tho oryanisatson's complementary a8 a fulty amdited museum and a research centre of the university. In ¥etting 0e¢liVeS ond plann1 fw the Trustees have given due Corrdid8ran to general guidarKe publtshèd by thè Charity C¢nmls8bn to pubuc lUdIng the guldance'Public benefit. runnlroj Charity (PB2}'.
THE CRAFfs STUDY CENTRE TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 JULY 2024 Achl8v•m•nts and porformanco a. Maln achlovemonts of the Charfty The year 2023-24 saw the reium of a fulmime Director in post (Dr Stephen Knott) from 11 Septwnber. as well as an expanslon to the arch[31 post from 0.2 FTE to 0.4FTE. The long4erving Infomation and Commun#t10n8 Offi¢er Ingrid Stc¢ker {16 hou per week) retired al the end of March 2024 and was replaced by Julia Pollard i)n tho samo fraction. The Crafts Study Centre continued to fullll Its mlssion as a speclall81 unlverslty museum a8 well a8 a ra888rch centre and h¢Jme to an Internatlonally renchvned collection of modem and contemporary British CTaft. The Centre held fiv8 exhlbittons In the year. Lln88ps, a twtrpart &xhlbltion curatéd by Greta Bertram and Chlog Ak&ra fo¢utsing on Ihe GonneGtiorvJ beiwe8n rnake within ¢ertain edu¢alional Mntexts or teGhnique¥. Part one Conc•ntr8t on Fumituro and Textiles, the se¢ond on Ceramics and CalligTaphylLettering. The other exhibitions were New Craftsman, St Ive8.' The Craft of Selling curated by Grela Bertram. accompanled by book Fom?id8ble Partn8r&.' Thg Foundlng ol th8 New Craftsman that represented the last regearch project of fomier Director Profe88or Shnon Olding., Makln9." 50. an exhibltion marking the 50th annwernary of the Textlle Study Group collective,. and Mary Fafjr A Life in Tapeslry. 8xlanl tapestries and rLVJS from the famity 8slai8 combined ¥t selections from the Mary Famier archive (donated to the CSC in January 20241. The Centre also ran an associated programme of events. including curatorfs tours, meet the maker events, an online webinar and tours Ihet were part of Heritage Open Days and Famham Craft Month. In additlon, we ran weaving demonstratlons alongside Ihe Mary Famiar exhibition in collaboration with West Dean Tapestry Studlo. Notable other ovenl$ in¢luded re-instituting the annual Emmanuel Cooper Memorial Lerture, which was given by Paul Gnhah In Mar¢h 2024 * tho Royal Collogo of Art. Ther& was a markéd incr&0 in th• number of ovenl8 with 20 intemal events (compared to 11 wi 2022-231 and 6 exiemal events (compared to 1 in 2022-23). Thgr was a signrficant increase in online access helped by tho introdLSCtion of a monthty e-new8letter and rogular PO8tlng on the CSC Instagram page. In 202>24 the CSC loaned out 64 ttems from the colleGtion to 6 institutions, exhibitions which In tol81 attracted 130.482 vi8itor8. Thi8 included loans lo The William Morris Gallory'$ a¢claimed oxhibition Art ut Haroas.. Mlngel, the L&8ch Pottery. and works by Lucie Rie for the Sotheby's exhibition London.. An Artlsuc Crossmads. Notable a4ui$ition$ throughout the year incILed ceramics by Slddig ei Nigoumi. Ladi Kwali, Richard Batterham and Felicty Aylieff, texti18s by Sharon Ting and Theo Moomw), calligraphy by Tom Swindlehurst and archival addittons including the $ignifrcant Mary Famier archlve. The Tru¥lees met tsice during the course of the year. in Oct¢)bor 2023 and Mar¢h 2024. The Acqulsllions Committeg mot twice, in October and Juty: the RI suCOmMIttee met iwiGe, in November and June.. and the Managemgnt Committ98 met three times, in October. January and Junè. Flnan¢l¥l revlow . Golng Goncom After making appropriate enqulrles. Ihe Trustees hav8 a reasonable expectatlon that the Charty has adoquaté resources to continue in operation81 ewstence for the foreseeabl8 future. For this w$on, they conlinue lo adopt the going concem basis in preparing the financlal statements. Further details regarding the adoption of the going concern basis can be fourKI in the aG¢ounling policies. Page 3
TrIE CRAFTS 8TUOY CENTRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 b. R•8•rvw poll¢y The TN¥tee8 have rwolved to build up a flnancial r080M of £70,000 - the Same figur8 that 18 that was annually providod by R8search England in the 2017.2023 Higher Edu¢atton Mu8eum8. Gall8rieB and Collectlon8 Fund, and th8 approxlmate figure for Storing the enllre CSC collection in •xtemal storng• for ono year. Thi818 a fund of last TO80rt In tho ovant of an unforeseen emgrgency that threalon8 the collectionj and the general ability of the charity to provide proper 8afoguard8 lor the storage and care of the collections In museum condition8, and to meat the obllgatlon to care for tho colleGltons In perpotulty. Cash re8er4e levels must not fall below thi• Ihro$hold. If c88h re6erve8 fall to £85k, Trga8ur•r and Trusta•8 must be Infomied Such thot an actlon plan ¢an b• Impl•mted lo a¥old brea¢hlng the £70k mlnlmum threshold. At thdr meotlng on 21 March 2023, tho Tru•t•o8 have agro¢d to divld• thelr fund8 acr088 o mlnlmum of two banklng graup8 to en8ure that the CSC l• covarod by the £85K threihokl ol the Flnonclal S8ces Comp8n8aUon Schemg. To taka advantage ol dslng Inl8rn11 role8 and to ipread the rl8k acr088 dwlerent type8 of account, tha Trusto0• have agr88d to tho followSng prlnclplo: Approx £70K Into a 1-yfrar l)ond OT JlmllAr, wlth e.9. 2-2.5% IntereBt {£70K belnll the target re•ev amount) Approx £30K Snlo a 34nonth aLYoos account or •lmll•r, wtth •.9. 1-1,5% Intere•t laccem to the maney r••ult$ In a lo$• of Intero8t only) Th• r•malnder Into • ¢urront Account for nofftml day404loy aeee Thlj l• awaltlnq actlon Ind wlll bo TrI•d (Jjt In ¢on•ultallon wlth th• now Trea•urnr Lynw Luthrn. c. R••trl¢t•d fund• The th•rity recelved reltrlcled fundi undar the Iran8fer 8gr•ement wlth tho Crafts Study Contre (Chartty numb•r 281109). The charity has three maln •ource8 of restricted funds.. R & H Tanner Fund, Morfudd Roberts Fund, and th8 Henry Hammond Fund, the ug08 of whlch are 8el out In the charlV8 Re8erv8J Pollcy and Reslrfcted Fund• th ha• beon amonded and l¥ •waltlfig approvol at tho Tru•le88 moOtlng In Sprlng 2025. Oth•r r••lri¢tod fvnd8 may Como about a8 8 ro8utt of S¢ fundlng 8pplicatlon8 and fvndlng for 8po¢ifl¢ proJa¢ts. Th• Tru8t•og are In the proc9 of In¥tIgatIng tho •ffectlwd ullll8at4on of these vgelrlctod lunds held by th• CIO and are maklng progrags on thelr alm to spend the funds In accordance wllh both the donor•' whh&J and tho curronl no•d8 and oblectlve8 of the charfty. Funds are restrtcted by the donors ¢on¢ernod and ¢annol ba 4nI ou181d• of th080 ro8trlction8 wllhotrt thoir 0xpli¢it pomls$lon or that of th• Chadty Comml8Ston. Pago 4
THE CRAFTS STUOY CENTRE TRU8TEE8' REPORT {coKnNUED) FOR THE YEAR ENDED 31 JULY 2024 Structur•, gov•manc• and manig&m•nt Governlng docum•nt Th• Craft8 Study Contre wa8 flTSt 88t8bli8hed a8 an Unincorporated A88oclollon regl8tarnd charlty (2811091 wllh a declaration of Trust made on 1 Aprll 1970. On 2 July 2018 a Charttable Incoorated Organl8atlon ICIOI named The Cr8ft8 Study Centre was e8tabli8hed w6th the Charfty Commi88ion lor England and Wal8A chirity numbér 1179008, taklng ov•r th8 ro8ponslbllhla8, asid8, and Ibbllltl88 of tho fomwr UnIn¢0or8tad 0¢tIon, whl¢h wa• c1088d on 21 Septambor 2021. Thè Tru8tae8 hova a Jolnt Agreement wllh the Unlvernlty for the Crnatlve Art8 (UCA) whlch oulllne$ the rtghl$ and reipon8lbllltle8 of both parttes In ralatlon to op&Mllonal and management mBtt8r8 88 well 88 the Mn8 for Jafeguardlng the museum ¢olle¢tion¥ that aro the principal legol r86pon¥lblllty of tho CIO (th¢ 'hodtage 8sJ¢ts'I. Th0 ¢oll•ctlon8 aro 8torod and oxhlblted In Famb•m, Surroy, pdn¢lpaNy In tho Study C•ntr•, a PUTPO8evbuilt museum of modem crafts In tho freehold poB8e8slon of the UGA UCA prodes 088enllAI core fundlng to the Craftl Study Centre to support h operntlonal and management functloni In It8 twln roles fulty accradited mu8eum and r•A•arch ¢tr•, Th• Jolnt AgrMm•nt l• r•vl•w•d •vory y•ar•, •nd wo8 la8t rwtOWod In August 2022. A rolllng bulln• plan lor th• charlty ts approvod by Tru•t••8 on an annual ba•l•. Th• pknn IrKlud•i statement on 'Mlnlmum agreed operallonal lavel8'. The •tandard6 aet Include.. lull accredltallon 8talu8 as dètornlnod by Art8 Coun¢ll England., me8tlng the 8tatU8 01 • research centre of the Unlvornlty a8 dafflnad by Il• Resear¢h CommittO0,' $tafflng levoh of 3.2 FTE plu• oddillonal 8UPPOrt for tho yur •nd olh•r op•rallonal standards InGludlng fre• admljslon and openlng hourn. Tho Craft• 8tudy Centro l• a r•80ard) nITe In th• D•partment for Rosearch and Innovatlon at UCA. b. M•thod• of appolntm•nt or •l•ctlon of Tru•t•e• The CIO'• Con8tltutlon nots8 that thè Croft8 Study C8nlrn mLMt have a mlnlmum of 10 Tru•te88 and can appoint up lo 16 Tru8tee•. Two Trustees are appolnte(I by UCA. On 23 January 2023, Prof888or Le818y Mllar lappolntod by UCA) w88 recused aj • Trustee to •n•bl• her to take up the poll of Interfm Dlrector until 11 Sept•mbor. Aftor th18 dale and upon rellrlng from her UCA Tole, Le8ley became a r•gular TNJtee. A now UCA- appolnled TruJte8 Dr Hedley Robo)ts wa$ welcomed to the Board on 31 October 2023 and Lynsey Luthra Jolned u the Trea8urnr-Tru8teo on 8 Marth 2024. Thorn wern 13 TnJ8leM on the board on 31 Juty 2024. Organ1•10fta1 •tructur• The executive and operotlonal work of the charfty Is undert8k•n by Staff amployed by Ihe Unlver81ty for the Creatfve Artj. At thè Start of the 2023-24 year, the CSC had a CQTe st•ffing e8tsbll8hm•nt of 3.2 FfE.' Dlrector (1.0 E), Curator (0.8 FTE), Ar¢hlvlBt (0.2 FTE). two Infomiation & Admini8tr8lion Olfi¢er8 {1 x 16, 1 x 18 hours Pgr we8k), Ro¢•ptk)n A•818tant18 hour8 p8r we8k}. Rolief stsff and Saturday staff were ornployed on 4 ca8ual ba818. Thè Centre's nthy Director. Dr Stephon l(nott, started woth on 20 June 2023 on a 0,2 ba81s, Inero88ing to 1.0 FTE on 11 September 2023. Up until the 11 seplember 2023 Pro80r L8sby Mlllar owjplgd tho role of Interlm Diroctor. Tho Dlrector of the Craft8 Study Centre acts as the Se¢r•t8ry to the ctr&qrty. The Honorary Treasurer for 2022- 23 was Dr Sean O'Reilty who ro8ignod on 3 October 2023. Lyn88y Luthra wa$ appolnled as Trea8urer and new Trust¢0 on 8 March 2024. Page 5
THE CRAFfs STUDY CENTRE TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 JULY 2024 8tNctUfO1 govemanc• and managèment Icontlnued) d. Related party relatk)nshl The Unlversity provid80 e$8ential core funding to the Crafts Study Centre to support it8 operational and management functions in its Iwn ro8 as a fulky accredited museum and ler¢h centre. e. Rl$k management Tha Tru8tees established a Risk sU0mmIttee in March 2022. which operato8 undor an agrÈéd Tem)$ of Reference, and whi¢h held its first meeting in May 2022. A standalone Rlsk Regisler was produced in August 2022 and 1$ ravi8wad at every meeting of the Trustees (in previous year8. the risk management report was Incorporated within the Centre'8 annual buslness plan). The prin¢ipal focu$ Is on storage. collgctK)ns managemgn( and incomo gonerntlon through grant funding. Harllago A8sel8 Thè Trustees of the Crafts Study Centre are the gu8rdian8 of a collection of over 8,000 craft objects and ovw 1,060 boxes of archival material relating to 8rilish craft in the 20th and 21st century. The principal subject areas of the collection are In cgramics, calligraphy and lellering, furnlture and wood, and printed and wov8n t8Xti18S, alongside arthival material relatlng to makers and CTaft organisations. The collectlon8 as a whole enttty are valued for insurance purposes and there is a programme of revaluing $ps¢ifi¢ $ubjttt area8 01 the collectK)n8 which will take several years to complotè. These will be undertaken whgn funds are available lo cover the high costs of Independent museum valuations. The Golledions and archwes are currently valued for insurance purpow at £3.7 million, and insurance cover 15 Provided by whl¢h is in the proce88 of changing insurers. stalamont ol Tru%teo8' responslbllltlo• Th8 Trustees are re8pon81ble for preparfng the Trustee8' report and the financial ststements in a¢¢ordarKe with applicable law and Untted Klngdom Accounllng Standard8 (Unlied Kingdom GenerdNy Aceepted Aecounting Practice). The law appliG8ble to ¢harilies in England & Wales requires the Tru8tee8 to prepare financial statements for each ffinancial which gN• a tTU8 and fair vlow of the st8 of affairs of the Charity and of Its incoming rtsour¢os and application of resources, including its inc(vne and expenditure, for that period. In preparing these financial statemgnts, the Trustees are requirgd to: 5ole¢t suitable accounting policies and then appty thom Gonsistenlty- obsorve the method$ and Prtnciples of the Charities SORP IFRS 102)" make judgm8nls and acg)unting 8Stimates th are reasonabte and prudenL state whather appllcable UK Ac¢ounting Standards IFRS 102} have been followed. 8ubject to ary material departur88 discloséd and explained in the financial statements., prepare the financlal statements on the going concern basis Unl it is inappropriate to prasum• that tho Charfty wlll contlnue In bUsIn$. The Trustees are re3ponslble for ka•ping adoquate accounting records that are sufficient to $how and 8xplain the Charftys tran8xltons ar disc106e with reasonable accuracy at any time the flnanclal position of the Charity and enable thern to 8nsure that tho financial statements comply wlth the Charities Act 2011, the ChaAty (Accounts and Reports) Regulations 2008 and the provision5 of the Trust d88d. They are al80 responsible for 8ofegu8rding the a558ls of the Charfty and henc8 for taking reasonable 51eps for the prevention and detection of fraud and other irregularilie8. Page 6
THE CRAFTS STUDY CENTRE TRUSTEES. REPORT (COPMNUED) FOR THE YEAR ENDED 31 JULY 2024 Approved by order of the mbe of the board of Tru8teo8 and 8tgnad on thelr bohaff by.. EawAra WA¢e* Edward W•te• Chair of TN$lo08 Dr Staphon Knott Dlroctor Dats. IÉ l ) Ic)1s Pag? 7
THE CRAFfs STUDY CENTrE
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
Ind•pond•nt Ex•mln•rfg Roport to tho TN•t•M of Th• Crnfo Stsdy C•ntr• (Ih• cr
I roport to the charity TTU8te88 on my exwninNlton of onI$ of th• Charlty for the year ended 31 Juty
2024.
R••pon•lbllld•• and Ba•1• ol Roport
A• the Trustee8 of th• Charity you aro rnwslble for lh8 wepfflrntion of tho a¢counts In accordan wlth th•
requlrnments ofth• Ch8fiUo0 Aca 2011 nh• 2011 A¢r).
I r•port In respect of my examinatlon of th• Ch1 accounts (arrknd wt undw secllon 145 of tho 2011 Act and
In carryln9 Out my examination I have ftAlvwed •pplKabkn Dlr•ckn• giv•n by tho Charty ConYnl•olon und•r
ct¢on 145(5){b) ol the 2011 A
Indop•nd•nt Examln•¢• 3tAt•m•nt
Your att•nllon l• drayffj to th• l•ct that th• crfty ha8 prepored account• In accordanca with A¢Until
and Roportlng by chwttl'. Staloment of R•comm•ndod Practice applicable to chorities preparlng Ihelr
accounts In aCrdanc wtth tho Finan¢W R•porting standa applkable In the UK and Republlc of Ireland
(FRS 102) In preference to Accounting Reporting by Chaiitios.. statnt of Rac•mm•ndod Prndi
Issued on 1 Aprll 21x15 whkh h r•l•rrAd io In the extsnt wuktiom but has been withdrawn.
l underntand that thi8 ha• •n doM In order for the accounts lo provkle a trua And fair vbow In accordance wh
tho G•n•rnlty Accep1 AG¢¢untuvJ Pra¢tiCo dIo¢t1 for r•wling p•riod$ b•glnning on or aft•r 1 Janu•ry
2015.
I hav• cornpi•t•d my examlnallon. l enflnn that rK> mjIt hrni corn? to my •tt•nlon In eonn•dlDn wth tho
exaffllnatlon me Cau to beli8¥e that In any material pL.
accounting rec
THE CRAFfs STUDY CENTre STATEIAENT OF FNcIAL A¢TMTIES FOR ThE YEAR ENDED 31 JULY 2024 Total funds 2024 fund• fun(ts 2024 lunds 2023 Income from: Donations and legxies 1,780 100 20.338 21273 Totsl Incom• 21.303 1.750 20.438 Exp•ndllurn on: 10.213 1,750 11.963 9.597 Totsl exndIrn 10313 1,760 11,963 9,597 Not movennt In funds 11.090 10,841 RencIlIatIOn of fund•: Total fund8 brought fonward Not m¢)VWnt in fund5 63.140 129.612 11.090 118,711 10,841 11.ljgo 7TA62 64140 140.702 129,612 The Statement of Fln•wl Adivitses indudes 011 gain8 kses rn¢ogDod in th? year. The notes on pages 11 to 23 fomi part ofthe88 financial stemwts. P4e9
THE CRAFfs STUDY CEiffRE BALANGE SHEET AS AT 31 JULY 2024 2023 Curr•nt ags•ts Cash at bank and In hand 140,702 129,612 140.7D2 129.612 Net ¢urrnnt a88•ts 140,702 129.612 Totsl ass•ts Ims curnnt Ilabllltl•• 140.702 129,612 Not a$ts exGludlng pemlon a•••t 140,702 129,612 Totsl net assets 140,702 129,612 Charlty funds Restdcted fur#ds Unreslricted funds 63.140 63,140 6¢472 Total funds 140,702 129.612 Tha finandal Statem ?re approved and aUlh¢m for Issue by the TDJst and $vJnod on their behall by.. &Tr Edward Wala• Chair Allson Brllton OBE VKe Ch 1200 The notss on pages 11 to 23 form part ¢fth¢oe frnn¢o1 st*aManls. Page 10
ThE CRAFTS STUDY CENTRE NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 JULY 2024 AccouTrtlnq pollcl 1.1 BA•1• of preyratlon of Ilnanclal •tatOMt The financlal 8tate'ments IMv• beon prepaTed in accordanco wlth the Chorltle8 SORP (FR8 1021- countlng and Reportlng by Charlties: Statement of Recommandod Practlce applicable to charilial préparlng thoir accountB In accordance with the Flnancial Reportlng Standard applicable In the UK and Republlc of Ireland (FRS 102) {8ffectlve 1 January 20191, the Financlal Reportlng Stand•rd appllcable in tha UK and Republk of Irelond IFRS 102) and the Charities Act 2011. The flnanclal 8tatemonl$ have been prepared to glva a Yrue and fal¢ vlow and have doparted from th8 Charitles (Accounts and Report81 Regulallon8 2008 onty to tho oxtonl requtred to provtde a 'lru8 and fall vlvw. Th18 departura ho¥ Involved followlng the ChaTitfje8 SORP IFRS 1021 pub118hed In October 2019 rather than the AGGounllng and Raportlng by Charftle8: St4tomant of R•¢omrnond6d Practlce thctlv8 from 1 April 2005 whlch has slnce bwi withdrawn, Tho Crnft8 Study eAntro meets the definltlon of • publ1¢ bongfft •ntlty und•r FRS 102. A•••ts •nd Ilabllttle8 are Inl&llY recognId •t hl8lortcal co81 or tran•aetion value unlu• otherw180 •latod In tho rnlevant accountlng polky. 1.2 Incom• All Inc(xmo 18 Includ In tho Statemanl of financfjal actltleS when tho ¢h•rfty l•1894lly entlllod to Ihem al In¢om• OT capttal re•p8ctivgty, uliimate ro¢alpl l• probablo and tho amount lo be rn¢ognl•ed can be quantM•d w6th rea•onable accuracy. In¢om• g•nornt0d ftom tho 10 of coll•¢tn ttom• [• recognlmd M charttabl• Incom• for th• CIO. A8 w• woth clo8oly wlth the Unlv•rnlty In opemtlng •xhlblllonJ to oh17WCQ8e collth8, Incom• from tho sale of artl8ts woth or p081cards generated a8 a re8uII of th•8e exhlbrtlon8 are Income ftr the Unlvernty. Thls Incoma18 ther8ft>rn roport•d In th• accounts of th8 Unlvar8ty and not In the•• a¢¢ounts. Grnnt8 Incom• Is Includod In the Statom•nt of fflnanclal actlvllles on a recqlvable ba•l•. Th• balan of Income recelved for specfflc purpose8 but not expended durfng the perlod18 8hrywn In the relevont fund• on the 8alan¢o 8heot. 1,3 Expendlturn ExperKllluro 18 r8cognl8od once there 18 a legal or con8lructlwè obllgatlon lo trJn&f8r oconomlc benefrt to a third party, it [8 probable that a transfer of economic bfits 111 bg rnqulr•d In 8ottiemenl and the amount of the obligation ¢an be maa8ur8d rellably. Expendllure on charitable actfvllle8 1$ Incurred on dlrectly undortaking tho activ1•9 whkh further the Chartty'8 oblectlves, as well as any ogsoclated 8UPPOrt CO8ts. All exp8ndliuro l• induslvo of Irrecoverabl8 VAT. P8ge11
THE CRAFTS STUDY CEiifRe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng poll¢lu l¢onllnued) 1A Herltay¢ asg81• The charity ha$ herltage assets, that is, non monetary assets with hi5toriG artisti¢. sclentMIc, technok)gical, geophy8irnl or environmental qualiti9$ that are held and malntained prinGipalty thelr contribution5 to knoWIgO and culture. It 1$ not possible to value these assèts the collections as a whole are valued for Insurance purposes and there is a programme of revaluing specffic sublect areas of the collection¥ whiGh will take a number ofyoarn to ¢omplete. The ¢hanty has a policy for the acquisition, pre9eplatn, management and dl8PO8al of Ihe herltage asso18 and that this is included within the Colla¢tions Development policy. 1.6 Cash al bank and In hand Cash at bank includ8s cash and short4emi highly liquid inv851m&nts wtth a short maturity of three month$ or le88 from the date of a¢quisition or oponing of the deposit or swnilar a¢counL 1.6 Fund accountlng General funds are unrestricted funds whlch are avaliable for use * the di¥Gretion of the Trustees In furtherance of the general objectives of the Charity and which have not be8n designatod for othar purposes. Rostrlctad funds are funds whlch arn to be used in acG¢)rdan¢e with 8p00f re8trKknon8 Imp08ed by donors or which have been ralsed by the Charity for particular purpos85. The costs of ralging and adminl$toring Such funds are charged agaSnst the specific fvnd. Th8 aim and use of each restriGted fvnd is Set out in the nth¥ to the financial ststem¢nls. Investment income. gains and1058es are allocated to the appropriato fund. Incom• from donatlons and lagacl•• Unrgstrlcted Restrlcted funds fundg 2024 2024 T¢)tal funds 2024 Oonation8 Grant¥ 30 1,750 1,750 30 1,750 1,780 Unrestricted funds 2023 Total funds 2023 Page 12
THE CRAFTS STUDY CEpifRE NOTES TO The FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 JULY 2024 InGom• from donatlon8 and legacles (conllnu•d) Tol81 funds 2023 Donations Unrestrlctsd fund• 2024 Total lund8 2024 19.624 1.649 19.624 1.649 Olher in¢ome 21,273 21,273 2(r23 2023 RoyaltM arKI licensing Other Incom8 19,664 674 19.664 674 20.338 20,338 summary by fund typ• fund8 2024 fund¥ 2024 Total 2024 Direct costs 10.213 1,750 11,983 Page 13
THe CRAFTS STUDY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysls of •xpendtture on Gharlt•bl? •ctlvltl•8 (contlnuod 8ummary by fund typ• Icontlnu•d) Unrn8trlcted lunds 2023 Tolal 2023 Dlrnct costs 9,597 9,597 ATh•ty•l• of •xp•ndlluv• by actlvltl A¢tlvltl•• undortak•n dlvoGtIy 2024 Support Total fund• 2024 2024 Dlraet co•t• 8,768 5,195 11,983 Activllle& undertaken dlrecty 2023 Tot81 lund8 2023 costs 2023 Dlroct M•t• 5,656 3,941 9.597 An•ly•l• of dlrnct Go¥t• Total fund• 2024 Actlvftle• 2024 A¢qul6ition8 con8eThtion 3,500 3,268 8,768 6.768 Page 14
THE CRAFf3 STUDY CEPrnIE NOTE3 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analy¥l• of exp•ndlturn by a¢tlvhlo• l¢ontlnu0d) Anaty•kn of dlrKt ¢o•ts Icontlnuod) Tol81 funds 2023 Acllvltte8 2023 A¢qui•ltlon• C¢nsorwatlon 2,360 3,296 Z360 5.656 5.656 An•ly•l• of •upport ¢o•l• Total A¢tMII8• 2024 2024 Ac¢ount•ncy Trav81 Sundry Momb•r8hlp Speaker Fo8• 2,580 1,345 120 900 250 2.510 120 900 2VI 5,195 5,196 Total ftmds 2023 Acuvllle 2023 A¢¢ount8ncy 2,640 1, 144 157 1, 144 157 Away Day 3,941 1941 Page 15
THE CRAFTS 8TUDY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Indep•ndgnt exomlnerfs ramuneratlon 2024 2023 Fees payabl8 to the CharfV8 independent examlnerfor tho indeperKlent examination of the ChariV¥ annual ar¢ount8 2,680 2,640 Trnstees. remunoratlon and expo¥¥ During the yaar, no Tru8tee8 received any remuneration or other benefits (2023- £NIL). During the year end 31 Juty 2024. 7 Trustee8 were reimburse(I fty traval 8xpenses lolalllng £1,345 (2023- £1.144). H•rltago 898•ts Anafy818 of h8rrtago fjt tsansa¢tiono 2024 2023 2022 2021 Pur¢hasoS Siddig 81 Nigoumi dl8h John Nèilson work David Iward archive Alth6a McNish téxtilo Bamard Loa¢h raku dish Lawson Oyekan pot Donatlons 3.500 1,300 1,000 2,716 12,618 4.744 Ceramics- Richard Batterham Estate donation - Shoji Hamada- Small 5quar8 box Cerami¢s- Richard Batterham Estate donation - Ladi Kwali- Water pot Ceramics- Rlchard Batt8rham E8tate donallon - Ri¢hard Batterham- Larg• frurt dish Ceramics- Richard Batterham E8tate donation- Rlchard Battgrham- Squared mustard pot Cer8mrc8- Richard 8attorham E8tata donath)n- Rithard Batterham- Bolue 1,125 5.000 1,500 225 425 Page 16
THE CRAFTS STUDY CETrE NOTES TO THe HNANCIAL STAT&IIEpirs FOR THE YEAR ENDED 31 JULY 2024 H•rltso• a8oet• (contlnued Analy81• of horltag• u••t tran8RCtlon• (¢ontlnuod 2024 2023 2022 2021 2020 C•rnmlc8- Rlchard Batt•rh•m Estate donatlon - Richard B8tt8rham- Avocado dl8h CeraM1- Rfchard Batt•tham E8tate donallon - Rl¢hard Battorhom - Larg• lug C8ramlcs- Rlchard eatterham E•tate donallon - Rlch•rd Batterham - 80ttl& thrtrwn tn thro0 plKo1 Coraml- Rlchard 8atterharn E•lale donallon - Rlchard Batterham - Lldded Jor C•T•mlc8- F•llclty Aylloff - Large lar CalllgTaphy- AIIBon Uk- P*Snted calllgraphy on papyr by Alhon Urwlck wlth quotatlon from Vlrgll Edoguo• 1, with Latln on on• 8lde and Engll8h tr8n8latlon on other C•lllgrnphy- Tom Sthrfndlohurnt - A framed calllgraphy panal. bl•ck and red ink on Ilumlparchment. 'A Ballado writton at Boa, N¢Mmber 1884, by the Eart ol Dornel during th Flr•t Dut¢h War 168484 To1108- Sharon Tlng- Two reenprfnted sllk works includlng Long Scarf119921 Textiles- Thoo Moomian 4llk hanging repre8enting 8 fl88ur• In a Coml8h cllff 250 760 3,750 180 11,200 51KI 500 500 Page 17
THE CRAFT8 3TUOY CENTRE NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENOEO 31 JULY 2024 H•rltag• as•ots Icontlnuod Anal1$ of h•rft•go U••t tran¥aGtlon• (Contlnued) 2024 2023 2022 2021 2020 T•xillos- Phyll1• Barron- On• ploce of cotton designod by Phyll18 Barron c.1935 for Turnbull & Stockdale Ltd, wlth d88ign not prevlou8ty In the CSC colle¢llon8. The Itom come8 to th8 CSC after th• clo•ure of Middleiox Unlv•rsty'8 Museum of t)ome8tl¢ Dulun & Archltecturo Textiles. Phy1118 Barron •nd Dorothy Larcher- Dro1¥ romnant.. 'Ltttla on qrny (de¢lIn tha remalnlng four romnant8) TexUI•8- Phyllll Barron and Dorothy Lar¢hor- CuBhlon ¢over plece 'Old Flowerf in rod T•xilie8- Phylli• Barron and Dorothy Larcher- Cushlon cover plKe'. 'Plp' + unldenUfl•d T•*¢llo8- Phyll1• Barron and Dorothy L8rcher- Cu8hlon cover ploce.. 'Plp' + unIdentl•d 100 100 150 150 150 Total addltlon• 30,806 2.300 20.078 Poge 18
THE CRAFTS STUDY CENTRE NOTES TO THE FINANCIAL STATEMEprr8 FOR THE YEAR ENDED 31 lLy 2024 Horltsge u••ts (¢onllnuod Analy•l• of h•rftag• trnn••cllon• (contlnu•d) 2022 20 2020 Arehiv Aocartalnlng falr valuatlon for the donatlon of archhws to the Cr•ft• st Centre l• In molt Instsnc88 oxtremely hard to do. There k• limited mthet informatknn to fr for valuing QhlY08, and they are usually placed within appropnate institutions rather than wkl on the op•n marteL Thwe are axc•pti¢Jns, •uch as Illu8trat•d lett•rn by 7wdkknty4m makern within the archlvo. or portlcularty r8¥6latory 18ttern. but mo81 alth41 donatl¢)nJ reCe*d by the Crafts Stuty Contro do not havo a ¢tear markat V8lu•. Tho valuo of the arGhr¥8• hdd by th• Crafts Study Centre h ncl monatary.. pro¥ldo d•yr context to the oblects held In the collection and ar• 1r8c0b1O. 202M4 Archw donot•d: - Mary Fammr vext1s)- larg0 'complete' archl¥e frorn the lamlty e•tat• - Studlo Pottery Prfce8 19219 ty Andy Moore (coramth)- addRknnal matsrf•l - Contempty•ry Appw Artl. Thll addln¥j m•ioA•l - Ladl Kwall (cerami) . WMII addilional maleri•l - Ann SLttton's book on 'Brth8h Craft T•xtiS9s' Itextil•s)- orn small box - Enld Marx eXhIb0ft at the Camden Arts Centre (teALeS>- on• vn•ll box $01o¢tl¢)n olv•vrk fr the Ethlrnrd J¢)hn•ton Foundatti)n. Page 19
THE CRAFfs STUDY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THe YEAR ENDED 31 JULY 2024 8tst•m•nt of funds Statement of fund¥ - Gurr•ni ye•r 8alanco at 1 Augu8t 2023 Transf•rn Balanc• at knloul 31 Juty 2024 Incom• Exp•ndKur• Unrngtrlcted funds General fund ErnergenGy fvnd 46,135 21A03 110213) (49,683) 49,663 7,662 70,000 66,472 21.303 110.2131 77A62 R & H Tanner P 88ine8 H•nry Hammond Morfudd Robert8 toria & Albert Museum- Siddig El Nigoumi di8h 52,600 2,898 6,184 2,$58 4184 1.760 11.760) 63.140 1.750 (1,760) 63.140 Total of funds 12912 (11.963) 140,702 R & H Tanner- Funds from Ihe altsio of Heathor Tannor, hokl ts th• Support <1 tho a¢tsvilw of Tho Crafts Study Centre. Heather and her husbarKI Robin Tanner wevg very invow in the earty gen85is of the Crats Study Centre (charity number 261109) Morfudd Rob•rts- A notad spinner and w•a¥er. the fund$ fr(xn hèr 8sto aro held in support of texti related proieGts * the Crnfts SW Centre. P Baine8- Funds held to fwKI the acquisitM of of texti188 8UPPOrted by the Tnote89 of tho Patria Baines TrusL Henry HammorKI - Fund8 provlded on ckmirn of thè Fknnry Hammond TnJst to the Craft8 Study Centre to support Pfolerts rdating to the pdter Henry Hammond and spgcffKalty a lecture series In his VKloria & Abert Museum- Grant from V&A Purchase Grant Fund t(rwards the Larye Triangular Di¥h, by SKldig El Nigoumi. from Oxford Ceramifx Gal*. kn4Uisibon of this itam Jxcurred durlng tho year to Juty 2024.
THE CRAFTS STUDY cepuRE IIOTES TO ThE FINAPICIAL STATEMENTS FOR ThE YEAR ENDED 31 JULY 2024 Slatement of funds Iconllnu•d) statement of fvnds. prkr ymr B&nGe at l Aiuust 2022 Balan¢e 81 Incom8 Exp8ndth 31 July 2023 Unrestrlcted fvnds General fuTh Emergen¢y fvnd 35,294 20,337 20.438 (9.597J 4Q 135 20.337 5&631 20.438 (9.597) 64472 R & H Tannor P Bwne¥ Henry Hammond Morfudd RobertA 515 52,500 Z898 4184 4184 61140 63.140 Total ol funds 118,7T1 20,438 (9.597) 129,612 R & H Tanner- Funds from the 85tst8 {* Healher Tanner. held for 8UPPDrt of the activities of The Crafts Sludy Centre. Heather and her husband Robin Tannarwe very Involved In the eady genesis of the Crafts Siudy Centre Icharfty number 2611091. Pknrfudd Roberts- A nohj spInr arnl w. the re8tricbJ fixvjs fr(Kn her ostaie are hekl In Support oftaxtile related prCI at the Crafts P Baine¥- Fund¥ held to fund the of cf texllles Suppu by the Truste88 of the Patricia B85 TrusL Henry Hammornl - Fund8 provided on thè closure of the Henry Hammond Tn1 to the Crafts Study Centre to support pr• relating to the p(thr Henry Hammond end speCiflty a loGtU series in his name. P4e 21
THE CRAFTS STUDY CENTRE NOTES TO THE FINANCIAL 8TATEhlENTS FOR THE YEAR ENDED 31 JULY 2024 10. 8umm•ry of fund8 8ummary of funds- Current y Balancg at 1 August 2023 Transforn Balan¢e at Inlout 31 July 2024 Incomg Expondituro General fund8 Re$tri¢ted fund8 68,472 63,140 21,303 1.760 110,2131 (1,7501 63,140 129,612 23,063 111.9631 140,702 Summary of fund8- prloryear Balance al 1 Augusl 2022 Balance at Incomg Expenditure 31 July 2023 Genéral funds Ra$lrithl fund8 55,631 63, 140 20.438 (9,597) 66,472 63,140 118.771 20.438 (9,597) 129,612 Page 22
THE CRAFf3 STUDY CENTRE NOTES TO THE FINANCIAL STATEMEtrif8 FOR THE YEAR ENDED 31 JULY 2024 11. ATratysl8 of nel amets I1••Th fund8 An•18 of aM•ts b•lwwn fvnd•. curr•nt p•rfod Total nd8 2024 funds 2024 funds 2024 Cufreni as8ets 63.140 140.702 63,140 140,702 Analysts of not amots b•iwo•n funds. prfr* p•rbd 23 2023 Y23 Current assets 6¢472 63.140 129.612 Total 66,472 63,140 129,612 P40 23