REGISTERED COMPANY NUMBER- CE026478 IEn8land and Wales) REGISTERED (HARITY NUMBER: 1195559 Re Unaudited Financial SmeThts fortheyear Ended 31 DÈthmber 2025 The Guild Cio Lews Smiih & Co. (hartered Certified Aiwuntants The Old D(Ktor's House 74 Grange Road Dudley West Midlands DYI 2AW
The Late Guild Cl Contents of the Financi31 Statem nts forthe Year Ended 31 December 2025 Pa8e Reference and AdministratNe L)etails Report of theTrusrees 2 10 8 Independent Examiner's Report ststement of Financkil Activities io Balance Sheet 11 to 12 Cash Flow Statement 13 Note5 to the Cash Flow Staterrent 14 Notes to the Financial statements 15 to 24 Detailed Ststement of FinarKial ArtMt*s 25 to 26
The Lace Guild CIO and Administrative Detail for the Year Ended 3 ernber 2025 TrUSTEES Appolnted 1910812021 Retlred 1310412025 Denise Smith-choir Chrisiophèr Ev3ns- Secretary 1910812021 (Appointed Chair 13104120251 Jetem Bryan Obaji-Treasurer 1310312024 Phil Baldwin 1910812021 Arnanda Binns 1910812021 Liz Muncev 1910812021 liiiie Foulon 1511012Q22 Ali50n HoppEr-Oishtsp 1510212023 EmiNf Lorksdale 0810512024 1310412025 1310412025 R£GMeAeD OFFICE 53 Audnam Wordsley Stourbridge West Midlarbds DY8 4AE AEGisfERED COMPANY 14UMBER CE026478 (England and Wale51 REGisfERED OIARITY NUMBER 1195559 INDEPENDENT EXAIAINER Lewis Smith & Co. Chartered Certrfied Accouniants The Old Docrorfs House 74 Gran8e Road Dudley West Midland5 DY12AW ADVISERS N3t¢onal Westminster 8anL Unit S, The Merry Hill Cenire. Brierley Hill. DY5 ISY Pa8e I
The Lace Guild CIO r the Year The trustees who are also directors of the tharity for the purposes of the Companies Act 2W6. present thèir report with the financial statements of the charity for the year ended 31 tlecernber 2025. The trustees have adopted the provisions of Accountin8 and Rewrting by Charitie5.' StètÈment of Recommended Practice applicable to charitie5 preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffettive l January 20191. OWECnVES ANO ACTIVITIE5 Oblertlves •nl •lms The obieciive ol the charity durln8 the year were= lal To educate the public in the craft of lacemakin& its history aTrd use. Ibl To promote a high standard of lacemaking. Icl Throu8h education. to encour•8e desi8n. develvpmtrbl •nd professio1 presentation of la. ow th¢ Publlt HavÈ 8¢nèfftted ExhlbhlonslMusum. The Hdlies hosted 4 in-house exhilxtions cured by the wondertul volunteer rnu5eurn team rifi8 2025. 1 were open to vlsitors frte of Charye. The year began with 'A History of Lace". which displd a cross sertn of l•re type5 from our e¥ef-8rowin8 ¢ollection, Sn¢luding the devdopment of both needle and bobbin lace. lace in the 18th and 19th centuries and In the last 120 ¥ears, in addition to other laces such as knotred lace5 and decoratetl net. This w•s followtd by 'Re¢erf Acquisitions". •n exhibiiioA of ¥ seledTh of some of ihe oblerts ¥¢¢essk)ned inro the ¢ollettion durlng the pwkJu$ 18 months. We were privi1¢8ed to host • stunnin8 exhibilim by 98 i¥¢e. • very t•len¢ed 8roup wht>se members wme from across the UK. All enjoy desi8nin8 and making kces Mth a mc4lern fiair usin8 a rary of technlgues. often takir UP • ¢hem•ti¢ ¢h•llen8e or worlng 10 imposed dtsign thèmes. The final exhibition of 2025 was'En¢li5h LKes" featurirffj the efforts made In eèrller centurles to keep Enilish hand- made lace allve. Thls was accompanled by InMatIon aw wme of the eadier mer¢h•fits we know of. Examples of Lester lace were on display. as well •5 a coue ol bobbin5 which were 8i¥en to thetr best %wrkers by the Lester famS1y. Other hi8hli8hts intluded two pieces of late made from SarjÈant tternS (thé pitterhs #re in the V&A Museum). • good display of work from the 8tscks Cotta8e Workers ncy in Olney. our Winslow sample book and prickin8s from our £olle£tion to make the late in the book. Wt also matched up Some of our extenslve collection of prickin8s by the Misses Pope and Sivewri6ht wth lace made frorn them. The Museum collertion was enhanced by the transfer of emS from several major donations to the Lace Guild durinÉ 2025,. a particular hiÉhli8ht was the acquisrtion of a si8nincant collettion from the estate of Pamela Nottin8h¥m, includin8 most of her bobbins, reachin8 and research reference material, afid lace samples. The donation will continue io be worked on throu8fr 2026. Museum Outreach.. The mu5eurn team sia8ed an external popup exhibition at the first Mainly LacÈ Christmas Fair * the National motorcyc Museum in Solihull. attended by 325 visr(ors. This showcased some of the beautiful collars from our Museum £olle£tK)n, presentin8 a spÈrtrum of different lace types from different period5 ranging from a collar fashioned from 17th Century Gr05 Point to a findy worked late 2thh Century macrame collar. We continued to circulate our"Artefart of the rnonth" ern4i15. a rnonthty new51etter •boui an iiem in our collectlon. Identthcatlon ser¥k•'. Alongside our usual onIng schedu, the curatorl?I team offer the publlc qu•rter opportunit1es to have lace from iheir personal colleciion5 identTfied by a laie expert. We coniinve LO provide free acce55 to our collections for students and researihers, tsith from the UK ar overseas. who have used our library, archive and museum tollectlon5 to fvrther their personal development. Pa8e 2
The La Gulld CIO for the Year Ended 3 Lacemakln8 supplles". Members continLbÈ to be exceptionally generous donaiin8 unwènied lacemèking supplles and equipmenr to the Lace Guild. some items may be acce55ioned into the museum collertions or acquired for the archive, but the majority of the donation5 are circulated back into the lacemaking commun(ty through our artive recycling and sales actlvity which provides Iree equipfflent for ne¥ e5tabli5hed 8roup5 in need of Supplies and raises additional funds for the Guild thou8h sales of better quality items. ACHIEVEMEPITS AND PERFORWINCE Overview 2025 hès been a Major'pPaTat1On. year ffor the Lace Guilj. as we approach the Golden Anniversary celebratory year following the 2026 AGM. It's been a challeniing year Is our pl•n5 10 si¥eamline operotH)ns and improve efficiency have been hampEied by ¢irrum5tarKe5 beyond our conirol. primaril¥ in the forrn of ihe external commitments of the volunteer trustees. most ol whorn are of workin8 38e and have many othef comrnitments. Even so the year has had major highlights, including several exhibitions. a new publKation. lots of 5uccesshJl. well attended teaching events, the blttersweet acouisltlon of the Pamela Nottingham archive. and a stunnin8 conclu510n In Au8u5t to the 2025 Trlennyal competition on the theme of Treasure,. We also continue apace with our excitin8 preparations for the 2026 Golden nlvÈrsaty, including our vtry 5peciol colloborotive Golden AnnTsary Projert.. the Golden AnnNer5ary Cape, wlth contributions from lacemakers youn8and old across the81th. Page 3
The Lace Guild CIO for the Year Ended 31 DecÈmbeT 2025 ACHIEVEMENTS ANO PERFORMANCE Teaehlni & Edutation.. Ouring 2025 hdd two very 5u¢¢essfyl tourse5 ftm our Member5, the Spring khool ih Northarnpton and the Summer School in Winchester. were both well attended. We a150 booked our forthcoming Late Retreat for 2026 at the AmmÈrdown Centre in Somerset, which proved very popvlar with our member5 a5 3 venue for previous courses. As part of our Golden Anniversary celebrations, The Lact Guild tearn h4$ been l)usy oryni5in8 the Short Coufse5 to provide a lar8e variety of lace tuition from well-known afid trusted tutors from around the wuntry, includin8 Torchon, Beds. Bucks, Honiton. Continental. Needle. Tatting and lace made wth wire. Most tutors have been akAe to a8¢ 2 dares durln8 2026 and another in 2027. These £oursÈs also provide place5 lor ¢h05e who are beginners and there are sorne work5hop5 for children too. We hope that these ort Courses 11 be well attended and supported $0 that we can continue to prowde them Into the fvturt. Behlnd the scenes we have also m#kin8 plan5 lor tèce 8roup5 around the UK to take part at event5 held by National Trust properties and other venues. where thefe is a naturalty l•rge fo¥tf•ll. They will be dernonstrating their la¢ernakin8 skllLs. putting on 3 display of their work and provMlin8 3 'have-a-80 plllow/ fol those 4Yho wlsh to try makin8 bobbin lace. This has taken everyone in¥olvtd styne tiffle to arran8e and match venues to groups. bui we can ow look forward to around 21 events duriTr8 2026. Trfennoal Compethfi.. The Treasure-therned TrIennl CornpetltSon closed for entr in M•y 2015 havlng attracted more than 70 entries. lud8ini proved challenging in Ill ute8orie5 but entries aTrd wtnners were showcased over the summer in a w¢nderful exhibirion space at the Gksshouse Heriia8e Centre in Stourl)Yld8e. Prizevtyine in Au8U5t was busier than ever with over 50 aitendees. w•ts$ De¥elopmeTrt.. Volunteer webmaster ch$1•1)e Cooper very 8tntrously agreed to contlnue In her role maintainin8 developin8 the Lace Guild's webslte while ihe trustees wruit her succe5$0r. We were very lortunate to have received an offer of help froffl expert websiie de¥elopment 8UfU Andy Wilkinson. Throu8hout 2025 Andy has been working wth Christine to bulld us • comptety new-look. user-frIend website desi8n which will be l•unchin8 in 2026. Outrt•¢h.. We have continued to attend textile shows It the Nattonal Exhibition Centre, Birmingham and stage pop-up exhibition5 to piomote the craft of lace m•kin8 15 well a5 5UPPOrtln8 18 Tratlonal and local events acr05S the UK. Manv of these even15 involve demonstratin8 the herita8e traft •nd introducin8 ¥oun8 Feople to the possibilities of late as a $Iful art forni and as a vehicle for mindfvlness. thereby m•int•inin8 w51ti¥e mtntsl health. Publlt•tlons & S•1•1 2025 saw the launch of a br•fid new publKation. Torchon & Bucks Point Mlni Bunting, which 15 already previn8 popular. 2 of our most prevK)us publications have been reprinted, with steady sale5 thrott8hout the y¢ar. Overall, sale5 of Sondand lacemakiNd e9vipnI continues io exceed publicatn& and general Sales income by a $18nlNcaTht mar8in. Assessment pro8rmrn.' 2025 was the interim year foi the biennial Lace Guild Assessmont pro8r3mme. Penny Lindsay stepped down a5 coordinator after the 2023-24 cyc. so we were deli8hted when Jan Gardiner. already one of ovr Ion8-5t3ndin8 assessors, agreed earty in 2025 to act as coordinaior forthe 2025-26 (ycle. Golden Annl¥ry•ry Pr•paratlons." The GeTh Annery TkIng grtyjp have been liaisin8 Wlth Lace Groups to <onnect them with The National Trusi land other herita8e venues high footfalll to set up Lacemaklng demonstrations throughout the 2026 Golden Anniversary year. The Broup has teen successful in a bid for sponsorship in the form of a lar8e prize, for a quii related to lacemaking- Currently under wraps bui to be revEaled at the Christmas Falr December 2026.
The Latt Guild CIO for the Year Ended 31 D mber A wide rèn8e of 'Short Courses. have been organ¢sed and a discounted 8&B rate negotiated for tutors and students with the Village Hotel, Dudley. Courses v4ill be tau8ht by some stellar narne5 in the lacemakiTh8 world and there are courses for adults and YLWfi8 people, froffl be8inners to eXpernCe. The Amrnerdown Centre has been booked a8ain for oui Golden Anniversary year - for a new style Summer Retreat wilh Èxclusive use for the Lace Guild. Pa8e S
Guild Cl th Trustees for the ACHIEVEMEPITS AND PERFORMANCE Exclusive goldeTr anniversary merchandise has been in the desi8n stage and is developed for 5ale.' again. some really special limlted editions Irom toTrnotch suppliers wll be revea in 2026. The Golden Anniversary Cape project has been prreSsing apace in 2025. Score5 Qf rnembers have sent in pieces of lace made in gold coh)ured thread for mtyJntin8 on our landmark 5thh annryersary cBpe. The once revealed for the first tirne ar an exclusive rebr10ry event, w41 be t<4okable foi evefits ihrou8hout the remainder of the Bolden anniveT5ary year- and beyondl FINANCIAL REVIEW Flnantlal posfjllo At the end of the financi?1 year. the Guild held • ¢•sh balince of approximately £635.41L12024.. £368.2051- While the orgonisotion remoined soKfent throughout the yeaf, this represents an increase in available reserye5 compared to the be8innin8 of the year. The Trusrees recolnise that rnaintainift8 adéquate reserves is essential to ensure financial resilience, manage rash flow fluctuètiohs, and protett the Guild against unforeseen expenditure or income shortfolls. The £urrent level of reserves provides limited headroorn. 3nd rebuildin8 reserves will be a priority in future financlal plannin8. Prlnclpal fvnd1n¢soue1 1>4enAew The Trusrees present their ffnanclal revlew for the year efided 31 Dt¢tmber 2025. Our1r the year, The Lace Gulld CIO cttntinued to deliver its tharitable ob)ectives and mainiain services for members. 5UPPOrted by a broad ranle of Incorne streams. However, overall exptndiiure ex¢etded ificome, resultin8 in a deficlt for the financlal year. Incom• T¢t41 ineorne for the year amtyjnted to E395.577 11024.. £205.9341. The Gulld's Incorne remain5 well dNersified. redvcin8 dependence on any sln8le styJrce of lunding. PrirKipal incorne Streams intluded mtrnbership subscriptions, sales of publScaiions and rnerchandi5e. event-related ifieomt. ¥nd don•tlons •fid grants. Membership subs£rSptlons continued to provide a st•ble •nd reliablé core in¢om¢, refiertin¢ sustained en¢a8ement from rnembers. Additional IrKorne ienerated throu6h events. publicaln5. and other artiwties dtm¢nstr4ted the Guild's •bility to translate Its charttable and educatlonal WO into financkl sllPPOrt. ExpeTrd61ure Total expendlture for the year was £164.OJ3 12024.. £161.9641. resultlne In an operatln8 surplus. Expendlture wa5 irKurred in furtherance of the Guiw's charitable objectt¥es and included r05¢5 aSSO¢l•ttd th.. The delivery of event5 and ¥¢tivities Productlon and d+5tnbi0n of publicatktns Profession¥1 lees and administr•tNe support - General operational and 8o¥ernance The Tru5tets note that a proptyrtfv of these c051$ are fL¥ed or comrniued in advance. limitinB short-terrn flexibillty. Durin8 the year, expenditure Iwels exceeded income, and this imbalance has been identified a5 a kry area requirin8 attentSon going flyward. Page6
Th for the Y ar Erided 3 FINANCIAL REVSEW Reserves poIIcy The trustees airn to rnaint3in free reserves in unrestricted funds at a level which equates to approximately six months of unrestricted charitable expenditure. The trustee5 consider that this e1 will provide sufficient funds to continue the work of The Lace Guild CIO and to ensure that support arKI 8¢y4emarKe costs are covered. Uniestrirted reserves will be inve51ed ITh low risk instruwiS to earn the besi rate of return avallable. These funds will be used to support the aims and ¥bJ'ettivts of The ioce Guild CIO as stated in the Constitution. Enou8h unrestrScted fvjnds tO£¢Y4er two mtyiths. slwi term cash flow requirements w41 be lepi In Cufrent accounts. Funds equal to the total amount of restricted hjnds VAII be kept in a separ•te •¢¢ourtt. These fund5 will be held in an Interest bearlng account untll re4uired. At Ihe year end the charity have uThrestrKted reserves of E731.2E4)12024.. £496.1061 and restricted fund5 of £37,982 12024.. E37.5621. We believe the Gulld rains a stron8 foundation. underpinned by committed mernbers. dlversified income streims, and continutd relevance of it5 charitable wrrk. With improved financ1 discipline an4 tr8eted incorne development, we are confident that the Gulld can to • mor• balaed 14nandèl and streTh4then Its fi¢[•1 reslllente In future yeafs. FLITUAE PLANS 2026 15 the Lace Guild'5 Golden Anniversary year - the rewtalised board will, workin8 wlth volunteers, dellver a bumper year of arfivities and evtrt5. We will a150 be launchin8 a rw and more dyn•mi¢. u5er-friendly web51te. Plans are afoot to r¢shape the w•y we ¢omrnunic3te with our members. th a Iivety and refreshing social rnedia presence. We are first and loremost an educational Charity Iwlh a fantastyc museurn collection attachedll. In 2025 bobbin la£emaklng )olned the red list of endon8ered heritage crafts. We want to en8a8e more dirertty with all our mernbers In 2026, We will reach out to engage with •ll member5 to support a new fjenerirn of lace teachers. This will addre55 some ol the $SUes of a declSnin8 skills base. help& io brin8 very 5pe(ial craft to a much wider audlence and secure its survival into the future. srftiKTUR( GOVÉRNANCE AND MAP4AGEMEPIT Gowrnlng document The charity is controlled by its g0vefnI dotumenl • deed ol tNst. and constitutes a Ilmlted company. Ilmited bv 8uar•ntee, as Itflned by Ihe Companles kl 2(K)6. Chrlty £orbStllutlon Based on the Charity Commission's model governin8 document lor A$50ci•iion Chariroble Incorporaied Or8anisation5. le.. where the charity h•$ • wider membership. includin8¥Otin8 members other than the charity tfustees. Recrultment and appolntrnent ol new trustoes There must be at least rhree charity trustees. The maximum number of trustees is 12. In ac¢ordan¢e with the Q)nstitution. Trustees •rt appointed or rtrappointed by a resduixsn passed ai an annual general meetin8 of the members of the CIO. In appthntin8 Trustees dye ¢on5ideration is 8iven to en5urin8 that the Trv5tee5 have. between thern. the ski115 and eXpere nece55ary to rnare The tharityeflett1ve3nd in accordance wrth charity law. Pa8e 7
The Lace Guild CIO rthÈY STrUCTURE. GOVERNANCE AND MANAGEMENT Indu£16on and tralnin8 of new trustées 2025 hès been ¥ ¢halltngin8 year for the board of trustees. Many of o¥r boaid members have found themselves over committed due to prere5 on theSr time. Many éevelopmeThis1gJch as the creation of a better indurtion protess for ¢ry5tee51 planned for 2025 have. ol nece551ty. had to been ddayel. The board 15 Thow undertakiThB major developmerst work planned fvom eady 2026. Re¢ruitrnent to the board Is paused at present while the currertt trustees dÈfirte roles and create a fit-for-purpose indurtion process for new tTU5tees. Trustee5 are encour38ed to participate in appropriate (levelopfflent opportunitie5. The Charitys status as è museum alh)ws trustees to access tiaiThln8 prov¢ded by Museum Development Midlands IMDMI. The Chair is a member of MDM Trustee Nerwork. It was agreed at the previous yearfs AGM that the 2025 AGM would be or8onised as a TrArtual event. in order ro keep the ewent bmordable for both members and thé Lfj alike. while allowin8 the MaMuM number of mernbers tC+ attend. It proved to be a lively occasion. which had to be adjourned and reconvened for the adoption of the trustees, report and account5. 2024 saw the appointment both of a new treasurer to the bty4rd and a new Independent examiner. a5 was confirméd the Lice Guild's usual ¢xaminer was not available. The extensive famil¢ari5aiion work involved in Ihe handovei led to a delay in the si8nin8 off of the 2024 accounts by the independent exarnintr. The AGM was reconvened on 22 frune 2025 when the frustees Report and Account5 were adopted. Approved by or er of the bowd of trusttts Oh............. . Ind swd on its behalf by.. pper- PaBe 8
Inde ndent Examiner's Re rt to theTrusiees ol La ci Independent exarnlner's repffj ioihe trustees ofThe Gulld CIO Ilh CompnVI I report to Ihe £harity tru5tee5 w my exarninaiion of the accounts of the Company for the year ended 310ecember 2025. Responslbllltoos and b•sls of report A5 the charity's trustees of the Company13Nd a150 It5 direcrors for the purposes of company lawl you arÈ rÈspon5ible for the preparaiion of the accounts in aCCordat th the requirements of the Companies kt 21X161'the 2C¥)6 Act'l. Having satisfied myself that thÈ èccovnts ol the Company are not required to be auditèd under Part 16 of the Att and are eligible for independent examination, I report in re5pecr of m¥ eXaminatn of your tha¥ity's iccount5 a5 carried out under Section 145 of the Charities kt 2011 1.the 2011 A¢t'l. In carrying out my examlnatlon I have followed the Directions given by the Charity Cornrni55ion under Section 1451$) Ibl of the 2011 Act. Ind•p•nd•nt examln•r's stsiemeht Sinte your charity'5 8r05s income exceeded £250,c your exarniner must be a rnernber of a Ilsted body. l ¢an ¢onfirm that l am qualified to underrake the examination because l •m • member of the As50C13tn ol Chartered Certified A¢rountants. which is one of the listed bodies. I have completed my examin•tion. I confirm that no matters h•ve ¢cme to rny attentioTh in connectlon wlth the examlnatlOTI 8i¥in8 me cause to believe.. •C¢Lwnting records were not kept in r¢spert ofihe C¢Jfflpany as required by Seaion 386 olthe 2C4J6 Art,. or the a¢Cs)Unt5 do not accord wth those re¢tyds,' or the acceunts do not ¢ornpty with the accouniin8 requlrements of Serti•n 396 ot the 2¢Xfj Act other than anv requirement that the acctyjnts a true fair ¥iew whKh is not a matter ¢cSIdered as part of an Independent examin•tion' or the account5 have not been prepared in xcordance th the methgds and prin¢iple5 of the Statement of Recommended Prac¢ice lor a£counisn8 and reportin8 by rhlriiies lappllcable to charities preparin8 thelr account5 In accordance th the Financial Reportini Standard applK•ble ¢n the UK ané Republk of Ireland IFRS 10211. I have no concerns and have come across no other matters in connectK*n with the examination to which attentlon should be drawn in thi5 report in order to enable a pr¢)per undtr5tandinRof ihe accounts to be iexhed. Cr•i8 Alan Beale IFC Ltwis Smith & Co. Chartered Certified A¢counlants The Old Doctor's House 74 Grong• Road Dudley West Midlands DYI 2AW Date.. Paze9
The Lace Guild CIO for the Year Ended 31 Decernber 2025 31.12.25 Total funds 31.12.24 Total funds Unrestricted fund Rettri£ted fuThd Note5 INCOME AND ENDOWMENTS FROM Donations and legacies 333.119 333.119 105,7% orher trading a¢tNlties Investment incorne Other income 46,566 5,854 14,038 83,683 6,513 9.942 5.434 14,038 420 Tot•1 399.157 420 399.5n 205,934 EXPENDITURE ON Charftable artMtle5 Charitable expenditure raovernance costs 69,984 89,532 66,742 94,830 89,532 Other 4,487 4,487 392 Tot•1 164,C03 164,003 161,964 NET INCOME 235.154 430 235,574 43,970 RECONCILIATION OF FUNOS Total lund5 brou¥ht forward 496.106 37.562 533,668 489,698 TOTAL FUNDS CARRItD FORWARD 731.260 37.982 769,242 533,668 The notes form part of these financial Statents Pap 10
The Lace Guild CIO 31 December 2025 31.12.25 Total funds 31.12.24 Total funds Unrestricted fund Restricted fund Note5 FIXED ASSETS Tan8ible assets li 154.307 154.307 155,743 CURRENT A55Ers Stocks Debtors Cash at bank and in haThJ 12 13 9,402 13,787 597,430 9,402 13,787 635,412 9,?20 37.982 368,20S 620.619 37.? 658.601 377.925 CREDITORS Amounts falllTh8 due thIn one ye•r 14 143,6661 143.6661 NET CURRENT A55Ers $76.9$3 37.982 614.935 377,925 TOTAL ASSEtS LESS CURAENT LIA8IUTIES 731.260 37,982 769.242 533,668 NET ASSETS 731.260 37,982 769,242 533,668 FUNDS Unrestritted funds Restrlcted funds Is 731.260 37.982 496,106 37,562 TOTAL FU14DS 769,242 533,668 The charitable company is entitled to exemption from audit under Se¢tion 477 of the Companie5 Act 2006 for the year ended 31 De¢ember 2025. The members have not required the tompany to obtain •fi ludit of it5 fin•n¢•l stattrntnt5 lor the year ended 310ecember 2025 in accordance wrth Section 476 of ihe Companies Act 2CI)6. The trustee5 acknowled8e their responsibilities lor ensuring that the £h4ritable (panY keep5 accounting records that comply with Sections 386 and 387 of the Companies Act 2{ and PrerIn$ linancial 5ta¢ement5 whith give a true and fair wew ol the 5rate of affair5 of Ehe charitable company 85 8t the end of Èach financial year and of its surplu5 or deficit for each financial year in ac£ordante with the requirements of Sectsorts 394 and 395 and which othethfise Comp with the requirements of the Companies Aa 20( rel3tin8 10 finarKial stateinenis. 50 far a5 applicable to ihe chariiable companv. The notes forrn part of these financial statemefits Pa8e 11 continued...
The La Guild CIO These financial staternent5 have been ppa in I014•n th the provisions applicable to charitable companies subjert to the sfflall ¢ompanbÈs re8ime. ements were apprcNed by the Board of Trustee5 and outhoTised for Issue on . and were sne0 on its behalf .. letem Brv Trustee Obajl The notes fom) part of thtse finantial 5tatemefits PagE 12
The Lace Guild CIO for thÈ Year 31 December 2025 31.12.25 31.12.24 Notes Cash llows from operating attr¥ie$ Cash generated from operations Interest paid 264.E4)1 13,2481 46,013 13.3151 Net cash piovided tyyoperati activit 261.353 42.698 Cash flowslrom In¥estlniactl¥ltles Interest feceived 5.854 6,513 Net cash provlded by 1n¥estir¥art5ts 5,854 6.513 Ch•n8• In <a5h and csh •qufv•l•nts In the reportlnl p¢r6od Cash and tash equl¥•l¢nts •t the bqlnnlnl Of th• rewtlni ptrlod 267.207 49.211 366.205 C•sh and tsh •qufval•nts aithe end ol ¢h• reportlni p¢vlod 635.412 368,205 The notesform part of these finarKial statements Pa8È 13
The Lace Guild UO Notes to the Cash Flow Stateff*ni for the Year Ended 31 December RECONQLIATION OF NEf INCOME TO CASH FLOW FROM OPfRAnNG AcTrvmES 31.12.25 31.12.24 Net In¢om¢ lorthe reportlw perh7d las perthe Stat•mertof Flninc14 235.574 43.970 Adju51rnent5 tor.. Depreciation char8e5 Interest received Interest ld Non cash adjustmefitson ¢on¥wsion Decrease In stocks Increase in debtor5 Increase in creditor5 1.436 15.854 3,248 16.5131 3,315 5.202 39 318 113.7871 43,666 N•t ush provbded by operatk 264.601 46,013 ANALY515 OF CHANGES114 NET FUNDS At 1.1.25 Cash flow At 31.12.25 Net ush Cash at bank and in hlnkl 368,205 267,207 635.412 368.205 267.207 635,412 Tot 368.205 267.207 635,412 The notes lorm parE ol ihe5e finan¢i#l Statents Pa8e 14
ce Guild CIO tes to th Finan ar Ended 31 De£emb ACCOUP4TING POUOES Basls ol the fmardal ststemeftts The financial statements of the tharitable company, which is a public nlI1 Èntity under FRS 102. have been prepared in accordancè with the Charitie5 SORP IFRS 1021'Ac£ountin8 and Reporting by Charities.. Statement of Recommended Prattice applicable to £haritie5 preparin8 their accounts In xttsrdance with the Financial Reportin8 Stbndard 4pplic3ble in the UK and Republic ol Ireland IFRS 1021 leffective l January 20191., Financi•l Reporring Standard 102 Yht Financial Reporting Siandard appliCae in thè UK and Republic of Ireland. and the CnnieS Act 2()6. The finaThoal statements h4¥e been prepared under the historical cost tonventi¢)fi. thafi8es in •cwurbtln¢ polk6•s The comp3rativÈ figures for the prhy fancial year were prepared OTr a Recepts and Payments b4s1s. on5equenrly. the prior year figu$ refiea onty cash received and paid durin8 that period. and do not include adjustments for debtor5. creditors, or a¥et depreuation. Therefore. the fi8Ufes In ihe Ststement of Financial Activities are not direttty ComTable in all respetts In¢om• All Income is reco8nised in the Siatemeni of Flnanoal Aaivities once ihe charfty has entitlement to the funds, it 15 probable that the in¢ome will be received and the amoufit ¢•n be ffasured rella1¥. For k8acies. entitlernent is taken as the eadier of the dare on ¥¥hi£h elther.. Ihe charity 15 aware that probate h35 been 8ranted. the t5tate has been nnalised •nd notifKation has been r¢c¢lve¢ Ih•t i distribution will be mode. or when a distribution 15 received from the estète. Rectypt of a le8acy, in whole or in part, is only ¢onsldered probable when the ¢h•rity has been rlifIed ol the executors. intention to make a distribution aThJ the amount ¢•n be rellably measured. Incomln8 resources frorn tax redaSms •re included in the SOFA at the ffle tiff as the 81ft to whlch thty r•late. Experbdltur• Liabilities 31e re¢ognlsed 35 expendlture as soofi as there 15 3 legal or ¢onstiudive obliytlon committin8 the charity to that eXndIture. it 15 probable thai a transfer of ecowic benefits will be required in settlement nd the amount of the obligation ¢•n be measured relav. Expenditure is accouThied for on an accruals b451s nd has been ¢la55ified under headin8S that a88re8ate all cost related to the <4le80ry. Where costs cannot be dlfectly attributed to particular headinqs they have been alocaied io artNltles on • b•sls con51Stent with the use of resources. Volun¢••r hdp The Charity benefits 8reatly from the fjnvothint afid enthusiastk sUprt of Its many voluntetrs. In accordance wth FR$ 102 orbd the Charities SORPIFRS 1021. Ihe ¢¢on•mi¢ ¢ofitrilwtion ol Volunteers Is not recoBn15ed In the accwnts. Tan8ible fixed •sxts Depreciation is provided at tht followin8 annual raies in Nder to wiite off each assét over it5 estimated useful Fixtures antt fittin85 25Xon redu£in8 balaht¢ Stock5 are ¥alued at the Sower of cost and net iealisèblt valut. after fflakin8 due allowance for obsosete and slow moving items. T•x*tion The tharity is exempt from wrpDration tsx on its charitae attNities. Page 15 continued...
Notes to the Financial ACCOUNTING POLKIES- eontlnued Fund accountlno Unrestricted fund5 can be used in acr{Yd£t ¥Ath the chafitalAe objectives at the discretK)n ol the trustees. Fund accountl Restricted funds can only be used for particukr restricted purp05e5 Wlthih ihe objetts of the charity. Restrictions arise when specrfied by thedonor orwhen funds Ire r•is¢d for particular restritted purposes. Further emplènation ol the nurt •nd of each fvnd is &rKluded in the rte$ to the financial 5tatement5. Pn5n costs arKI other postrf•tlr•mnt beneffts The charitable company opeTates è defined contribution pen5XM s¢h¢me. C0ntnbUtns payable to the ¢h•ritable company's pension Scheme art ¢h•Y8ed io ih¢ Staiement of Finahtl•l Artivitles in the perSod to which they relate. Herltlp assets The Lace Collection. Ubr•ry Collertbn and The Archive5 hav no monetary value recoBni5ed in the •¢¢ountSn8 re¢ords. Due to the a8e and rare nature of these •ssets there 15 not consthred lo be •ny re•sonable way to obtain an accurate f31r Value orrost of the assets. DONAnoNS ANO LEfJAaES 31.12.25 31.12.24 Donations Le8acies Subscnptions 2.764 298,792 31,563 4,580 38,837 62,379 333.119 105,796 OThER TAADING AcfMnÈS 31.12.25 31.12.24 AsseSSniS CompetitH)ns fjeneral sales Courses AGM Magazine ad¥ertisin8 24Z 1,160 29.118 14,606 S82 75 28,360 50,59S 2.508 1,563 46,566 83.683 INVESTMENT INCOME 31.12.25 31.12.24 l*terest receable 5.854 6.513 Pa8e 16 continued...
The Lace Guild CIO the Financial Statements. continued for thè Year nded 31 D CHARITABLE ACTivmES COSTS Support costs (see note 61 Direct Costs Totals Chèritawe expenditure Governance costs 69,984 69,984 89,532 89.532 69.984 89,532 159,516 SUPPORT C05rs Goveman M¥n•8emeiit Totals costs Governance cost5 88,782 7SO 89.532 NET It4COMÉIIEXPENOITUREI Net incomellexpendilurel 15 ststed after charfndlcrediiln81.. 31.12.25 31.12.24 Independent exam fee Depreciation- owned assets 750 1,2¢)J TRLISTEES, REMUNERATION AND 8E14ÉFrrs There were no trustee5' remurratson or other benefits for ihe ye•f ended 31 Otctmber 2025 nor for the year ended 31 December 2024. All Trustees act • wluni•ry ¢•wity receive no remuneration or other material beneflts from thelr services to the Charity. Out-of-pocket expenses necesrI •nd re•son•bly incuired by Trustees in promotin8 the purpc5e5 of the Char¢ty are re¢mbursed at cost. TNste•s' •J¢p•n5•5 31.12.25 31.12.24 Trustees, expenses Page 17 continued...
Th P4otes to the Financial Statements- continued forth Y nded 3 December 2 ar STAFF C05T5 31.12.25 31.12.24 Wages and s•laries her pension cost5 49,730 S5,781 861 50,536 56.642 The average monthly nurnber ol employees durin8the yearwa5 35 folhxv5: 31.12.2S 31.12.24 Support st•ff No employees received emolurnents in eKess of £60.LUI. Pay 18 continued...
The Lace Guild CIO f r the Year Ended 31 Oecember 20 io. COMPARATIVES F(XI THE STATEME14T OF F114ANaAL AcnvmES Vnrestricted fund Restricted fund Total funds INCOME AND E14DOWMENT5 FROM Donation5 and le83£ies 96.945 8,851 105,796 Other trading artNrties Investment income Other intom 83.683 6.513 9.942 83.683 6,513 9.942 197.083 8.851 205,934 expENDITURE ON Char*ble artItIeS Charirable expendirure Governance costs 66.742 93.614 66.742 94.830 I,Z16 Other 392 392 Tot•1 160,748 1,216 161.964 NET INCOME Transf•rs b•tw••n funds 36.335 7,635 7,6351 43.970 Net mo¥•rn•nt In lunds 43,970 43.970 AECONCIUATION OF FUNDS Total funds brou8ht IcThtard 452,136 37,562 489.698 TOTAL FUNDS CARRIEO FORWARD 496,106 37,562 533.668 ii. TANGIOLE FIXEO ASSETS Fixtures and fiiiin8s Freehold properry Computef equipment Tota15 COST At l J•nu•ry 2025 and 31 December 2025 150.LX 5% 5,187 155,743 DEPRECIAnON thargefor year 139 1.297 1.436 NET WOKVALUE Al 31 December 2025 150,C 417 154.307 At 310ecember 2024 150,0 556 5,187 155.743 Pa8e 19 ¢ontinued...
The Lace Guild CIO ii. TANGIOiE HXED ASSETS. ronllnued H•rlla8• Ass•ts The iaee Collertknn The Lace Collettion Iwhith is o heritagè asset), has catalo8ued information relatln8 to 19,346 iterns as at the end of December 2025. The items If the cdlection cover". costurne". embroidery.. ephemera.. equipment.. l?ce,' materials and patterns. and date frorn the late 16th century to current time5. The majority of the loce is of U.K and European ori8in. A small minority is fvom otli parts of the world. such as India, Malta. the U.S. etc. The majority of Items are elther in excellent or 8ood condltion. Induded in the museum are è number of itemslsmall collections on loan to U5." the loan a8reernents for these are reviewed, and may be renewed, at fivtryeady InteThals. The rnu5eum 15 Accredited, which me•n5 th•t it oper•te in •¢¢ordan¢e with 5pe¢trum 5.1. the VK museum £olle(tlons management standard. The Museum has its rr4n written Policie5 and Procedures covertr the use, care and management olthe Guild's Lace Colknion. Llbr•ryColkntlon Since its foundation. The L•c Guild has hdd a small lending libr•ry Iwhi¢h is • heritage asset) for the use of the rnembef5hip. As the or8•niS•tlon h•$ 8rown. the bart[h and CompmIty has Increased to renect the demand of the lacemakers and texti enthusiasts that use this Valuable resource. The current collection held in the library is made up of apyoximattly 10.SCrf) items. The majority ol the eollertion is made up of roughly S,CX)O published volumes, 4,5 published MI11NeS and l.COJ items of audio-visual rnateri•l such as CDS, OVOS. Cassettes. photO8taphs and slides. or the wblished volumes. about hèll is rnade up of the wide variety of book5 derailin6 modern and tradittonal bobts'n lace techniqve5 frorn across the World and include13ce5 such as Bedfordshire, 8u¢ks Pthnt, Honiton, Mil4nes¢, Tor¢hon, Dgwnton, Mix¢d and 8raid laces, •nd in¢ludes m•nv thai are written in forei8n langua8es. The rest of the ¥dumes cower modern and irèoitlonal nen-bobbln laces such •$ Needlel•¢e, Tattin8, Knittin& Cro¢het •nd De¢or•ted Net t¢¢hniques. as well •$ ¢olltrtions of books detaillnq the hlstory of lace and fashion. Included In this surnmary are around 250 reference volurnes which are too rar to be in¢luded in tht Ithdin8 library. ar made up of fir5¢ Ind early editH)ns which date from the late 19rh and earty 20rh century. The published rna8azine holdings Include complete seis of magazine5 from slmilar organlsations In other countfies across ihe world. In a variety of lan8ua8es, as well as ma8aiines frorn thé late lh and e4fly 20th century That olfer a very difterent presen¢atK)n of a wide variety of lace ènd needle crafts. The majority of our modern published ma8a2ifies ar¢ ac4uired through an exth•n8e programrne with their publi5her5. Indudin8 notable magazine5 such a5 Ausiralian tace. Oe Faden. Fuselliamo. Kant, Kniplebrevet, Krajka, La Oentelle afid Stottish L•¢e. These •re an important p•rt of the lendin8 litsrary and their aCqU15Ition ensures the holdings remain cutyent th the latest Oevelopments in the la¢emakin8 w•rfd. New book$ and diwtal media ¢ofitinue to be added ro the library. makini it one of the most cornprehensive lace resources in the UK. Archl¥es A5 the collecri0Th5 have grown thftyJ8h the 8enerous don•iY)ns of membery ihe fie¢e55ity of e¥pandin8 the colléction parameter5 to include an archive collection Iwhich is a heritage assetl Occurred naturally. This is rnade up of items which ha¥ been at#uirtd over the last 20 year5 and siThce 2017with the help of specialist rchive Yolunteers the archive has begurl to be cdlated ènd documented so that the research volue of the historical inforrnation held in The Lace Guild coll*ttion tye realistd and it t5 now siartin8 to attract academic re5earcher5 frorn across the country. The collettion currtntly Stands at aPpr0Matety 3,5crfJ siems. and lar8ety madè up of In array of photO8raphic material includin8 prints, 51ide5 ori&'nal neBatNe5. Th15 include5 a srowing collection ol 'histories' of lacemakin8 centre5 of indusiry in ihe UK and relevant information about the lacemaker5. desrfners. teachers and authors that have iontribLrted to the rich history of lace making in the UK. Pa8e 20 continued...
The Lace Guild CIO Notes to the Finan forthe YeaT Ended 3 rnents- continued ii. TANGIBLE AXEDASSETS- contlnued ongside these wè hold a considerable colleaion ol supponing archive rnaterial such as unpublished correspondence, published manuscripts. collections of scraplhx>k5 of ephemeTa and newspaper cuttings. as well as documents concerning the artNTties of The Late Guild. tsthèr lotal and national la£e groups, Suppliers and collectors of lace. Page 21 ¢ontinuÈd...
The Lace Guild CIO for the Year Ended 31 December 2025 12. STOCK5 31.12.25 31.12.24 Flnished 8d5 9,402 9,720 13. OEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.25 31.12.24 VAT Prepayments and accrued Snco 12,906 13.787 CREDITORS.. AMOUNTS FALLING DUE wrrMIN YEAR 31.12.25 31.12.24 Trade creditors 2,142 132 41,392 Accruals and deferred income 43,666 15. MOVEMEt4T IN FUNOS Nei movement In funds At 31.12.25 At 1.1.25 Unr¢strf¢¢•d fvnds General fund 496.IC6 23S.154 731,260 Rellrfded fuftds Resrricted Funds 37.562 420 37.982 TOTAL FUNDS 533.668 235,574 769.242 Net fflovement in lunds. Included in th¢ are •5 folbw5'. Incomin8 resources Resources expended Movement in fvnd5 Unrestrfrted funds General fund 399,157 1164.C¥)31 235,154 Retted funds Restricted Funds 420 420 TOTAL FUNDS 399.577 1164,CQ31 235,574 Page 22 continued...
Th Lace Guild CIO Notes to the Financial Statem nts- for the Year Ended 31 December 2025 tin 15. MOVEMENT IN FUNDS- contlhued Comparati¥esfor movement in funds Net movement in tund5 Transfers between fund5 At 31.12.24 At l_1.24 Unrestricted fund5 GÈnÈral fund 452,136 36.335 7.635 496.IC*% Restrkted lunds Restricted Funds 37.562 7.635 17,6351 37,562 TOTAL FUNDS 489,698 43,970 533.668 Cornparate net rrK)vefflent in fund5. included in the above are35 follow5.' Incoming re50UTces Resources expended Movement in funds Unrestrlcted fvnds General fund 197.083 1160,748 36,335 Restrlcted fvnds Restricted Funds 8.851 11,2161 7,635 TOTAL FUNDS 205,934 1161,9641 43.970 A CUTrent year 12 months and prioryear 12 month5 iombined w[tIOn is as follows.. Net movefflent in funds Transfers betweeri lunds At 31.12.25 At 1.1.24 UnrestrKted fund5 General fund 452.136 271.489 7.635 731.260 Restrirted fund5 RestrittÈd Funds 37.562 8.055 17.6351 37.982 TOTAL FUNDS 489.698 279.544 769.242 Pa8e 23 continued...
The Lact Guild CIO for the Year Ended 31 DecÈmbÈf 2025 Is. m0ME14T IN FUNOS- (ontlThued A current year 12 months aThJ prior year 12 months comts.ned net movement in lunds. included in the above are as follows.. Incornin8 fesources Resources exnded Movement in fund5 Unreslrkted fvnds General fund 596,240 1324.7511 271,489 Re5td(tod fuThls Restricled Fund5 9.271 11.2161 8,055 TOTAL FU14DS 605.511 325,9671 279.544 16. RELATED PARTY DISCLOSURES There wert no related party vansalln$ for the year ended 31 December 2015. 17. RESTRICTED FUNDS The restritted fund5 are rnade up of the follo¥n6 fvpds.. Ann Woodwird To help members •ttend 4 Gulld ¢our5 on lacemal Chlhuahua Buvsary To help disabled lac¢m•k¢rs be •ble to •itend any lace e¥nt or pay for posts8e on boc&s frw The Lace Gulld library. DH Memorl•l Bobbln Fund To provide priies for the tri•nfiu•l c¢ynpetitions held. Ullaft YouThi memoroal doh•tkni To offer lacemakers ihechance to gain a VO¢•iion41 gualifftotion in IKe. P•ulln• Mllne Dona To help rnember5 attend a Guild courseon kcemakir Roof Fund Initially collected to ieplate thE roof at The Hollles. maing lund to be used for bulldlng repalrs. Hall Ubrary Income from the sale of donated bools to be used to •rchi¥e boxe5 for the8ullds archfves. Le8xy Funds Two le8acies left to the guild in order to encourage and support youn¢ people In learnlng about the craft ol lacemokin8. PaRe 24
The Lace Guild ao Staternent of Finar¢oal Artivlties for the Year Ended 31.12.25 31.12.24 INCOME AND ENOOWMENT5 Donations and le8acies Donation5 Legècies Subscriptn5 2.764 298,792 31,563 4.580 38.837 62.379 333.119 105.796 Other trading anlvttles Assessments Competitions Gener315ales Courses AGM Magatint advertisin8 242 1.160 29.118 14,606 582 75 28,360 50.595 2.508 1.563 46.566 83,683 Inve#mÈrtt in¢om¢ Interest receivable 6.513 Other income Other income Gift aid tax refvnd5 3.714 10,324 4.612 5.330 14,038 9,942 Total Intornihg resources 399,577 205.934 EXPENDilliRE Charitsble actlvitbes General Refund Assessments CompetitM?ns Courses AGM Magatine Butsanes &Travel Grants brary & Archives CollectiOll5 FaIrs/ShowsxhibIflOnS 910 1,683 35 421 38,791 31,853 4.446 26.791 140 27.030 573 350 242 69,984 66.742 Other Sales promotions Carried foTward 3,051 3.051 392 392 This page does notfomi part of the statutory financial statements Pa8e 25
The Latr Guild CIO Detaile Sta nt of Fin for the Year Ended 310ecem 025 31.12.25 31.12.24 Other Broughtf<>rward Computer eouiprnent 3.051 1,436 392 4.487 392 Support f05ts Mana8ement TrustÈes' expenses Wages Pensic5 Property costs Office costs Profe55ional fees Bznk interest 49.730 55,781 5.210 26,259 2.725 3,248 6,507 26,178 3.315 88,782 93.630 Governance costs Independent exarn fee 750 1,2(X) Total resources expended I64.3 161.964 Net income 235,574 43,970 This pagÈ does rK)t forrn part of the statutory financial statements Page 26