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2023-08-31-accounts

REGISTERED COMPANY NUMBER: 00294310 (England and Wales) REGISTERED CHARITY NUMBER: 234239

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 August 2023

for

Embroiderers Guild (The)

Wright Vigar Limited Chartered Accountants & Business Advisers Morton House 12 Appletongate Newark Nottinghamshire NG24 1JY

Embroiderers Guild (The)

Contents of the Financial Statements for the Year Ended 31 August 2023

Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 15
Detailed Statement of Financial Activities 16

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

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 August 2023. 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).

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 August 2023. 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). This document conforms to the Charities SORP (FRS 102) for the Trustees' Report disclosure requirements.

OBJECTIVES AND ACTIVITIES Objectives and aims

Vision

Our 'Vision' is that the Guild is recognised and valued as a central educational and inspirational resource - a hub for all who are attracted to or experienced in embroidery/stitch, textiles and related arts and crafts. It is seen as being supportive of all levels of ability whether for personal enjoyment through to an increasingly rewarding and enriching experience of personal accomplishment in the furtherance of historical skills, techniques, and artistic excellence.

Objectives

The principal objectives of the Charity as defined in the Articles of Association are to:

Page 1

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

OBJECTIVES AND ACTIVITIES Significant activities

The return to normal following the pandemic continued during 2022-23, although the Guild has seen, along with other organisations, a changed landscape and financial pressures due to the energy crisis and the rising cost of living. The Trustees have continued to work to deliver activities that meet the Guild's objectives. During a period of continued uncertainty, the Trustees focused on developing activities that are less dependent on face-to-face contact, will appeal to members and the wider public, and that will provide some contribution towards gaining further financial stability for the Guild. These include:

  1. Virtual educational talks with a range of artists and makers a. Advertised on our website, in our monthly newsletters, through social media, Stitch and Embroidery magazine and our ticket provider, Eventbrite.

b. Online booking through Eventbrite to minimise administration costs.

  1. Virtual Sit and stitch sessions for those unable to attend in person stitch groups.

a. These enabled those who are geographically remote, with caring responsibilities or socially isolated due to health or disabilities to attend sessions delivered via Zoom.

b. Evening sessions have now been added to provide some further flexibility for those who work or have young children or other caring responsibilities. 3. Providing introductory courses and workshops for beginners and students working with a former Guild Scholar and a recent embroidery degree graduate. 4. Introducing a series of online creative workshops available live and on demand, free for members and available to non-members for a small fee.

  1. Supporting embroidery/textile graduates and scholars to showcase their work by exhibiting at the Knitting & Stitching Shows in London and Harrogate. Stands are provided free of charge and a small grant to cover expenses is provided along with advice on stand presentation and the retail of small items.

  2. Setting and judging a Members' Challenge for the year, the theme for 2022-23 was 'Layers'. Members' pieces were displayed at Knitting & Stitching Shows. There was one overall winner who received a small prize and winners who excelled in five categories which highlighted different aspects of embroidery and commemorated well-known embroiderers, who in the past, have contributed greatly to embroidery teaching. An e-book of the winners was also produced and is available on the Guild website for all to see. Stitch and Embroidery magazines have also featured the winners covering how they utilised the theme for inspiration and design. 7. The annual Members' Project is purely for participation and enjoyment. The theme set for 2022-23 was 'Fit for a King'. Members' pieces were wide ranging in interpretation of the theme 'what gift would you give to a king real or imaginary'. Pieces were exhibited at the Knitting and Stitching Shows.

  3. Continued publishing Embroidery Magazine, exploring old and new techniques and promoting textile artists from around the world. Providing digital access to Embroidery Magazine in a variety of forms, including a full archive of all back issues over the past 90 years, to enable readers across the globe to access the publication easily, cost effectively and in a more climate friendly manner. By continuing to provide and promote digital subscriptions we have overcome issues with increased costs of printing and sending printed magazines overseas. Post Brexit extra duty and VAT applied to magazines in some markets remains an issue for small publishers such as the Guild.

  4. Continued maintenance of the Guild Collection at Discover Bucks Museum, whilst adding further donations, enhancing the representation of contemporary artists from the 20th and 21st centuries.

  5. During the whole of 2023 exhibited items from the Guild Collection in the Beryl Dean Gallery at Discover Bucks Museum. The exhibition, Blooming Threads, delved into the Guild Collection to reveal fascinating and inspiring examples of stitched flowers - both modern and historical - from around the world.

  6. Recycled books, fabric, threads, and other haberdashery items from donated items into inspiration packs for sale at shows. Produced display boards for Shows with examples demonstrating how to use inspiration packs.

  7. Prepared for the staging of a 30-year Retrospective exhibition at the Knitting and Stitching Shows with a companion book in the Autumn of 2023. The Guild has been supporting graduates and scholars to exhibit at the shows for 30 years. The Retrospective exhibition traced 50 of those artists highlighting their journey from their original work to present day, demonstrating the varied career paths available for embroidery and textile graduates.

  8. Ongoing development of the public facing website and secure members' area that was launched in September 2022 14. Re-launched the Inspired to Create suite of Distance Learning Courses. These courses focus on design, discovery and play and provide a structured pathway for students of all ages to develop their own unique and individual style. The courses are supported by a tutor who is available to answer individual student queries. There are also online community sessions available with an experienced presenter for students to share their experiences.

Assessing Achievements

Page 2

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

OBJECTIVES AND ACTIVITIES

Public benefit

Most activities we have undertaken (listed above) have been for the benefit of everyone who wants to engage with them, through exhibition or virtual talks and workshops. Therefore, this fulfils the public benefit requirement and contributes to the objects and related aims of the charity.

Members, volunteers, and Trustees are mindful of the benefit to the public that embroidery brings and therefore conscious of it when planning events. Guild activities except projects and challenges are open to non-members as well as members. We have had regard to the Charity Commission's guidance on public benefit when exercising any powers or duties to which the guidance is relevant.

Additional Information

During the 2022/23 financial year and subsequently the Guild has continued as a volunteer run organisation. This has been achieved with significant effort from Trustees and volunteers.

During the financial year volunteering activity included

Organised Guild Insurance for the Collection and affiliated stitch groups up until 30th April 2023. We also covered the expense of insurance for Young Embroiderers groups for the whole of 2022/23.

ACHIEVEMENT AND PERFORMANCE Charitable activities

Main Achievements in relation to direct beneficiaries

Main Achievements in relation to society as a whole

Fundraising activities

Page 3

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

ACHIEVEMENT AND PERFORMANCE Investment performance ACHIEVEMENT AND PERFORMANCE 2022/2023

What happened 2021-2023

The Guild Trustees realised that with a further reduction in membership renewals in September-November 2021, following the restructure earlier in the year, the primary source of income of the Guild was insufficient to cover the outgoing cost commitments. During the first half of 2022 the Guild simplified its working structure to reduce overheads and relied upon the use of voluntary support, mainly from the Trustees. During 2022-23 member numbers remained stable but did not increase significantly, however costs no longer exceeded income. The Trustees have contained costs by the continued use of voluntary support, mostly via the Trustees themselves. During 2023 the Trustees have looked to further develop activities and events to retain and attract new members and provide alternative income sources. This has enabled a limited level of contract expertise to be introduced to reduce volunteer fatigue and start to rebuild a more robust organisation with sound processes for the medium to long-term.

Internal and external factors Risks facing the Charity

The Guild maintains and regularly reviews a register of high-risk topics and factors that have the potential to undermine the viability of the charity and/or the wholly owned trading subsidiary, EG Enterprises Ltd. The Board of Trustees meet two to three times a month and this enables the Trustees to actively manage risks effectively. Risks are as follows: - Declining membership income due, in part, to the age profile of the membership (average 70 years) and the actions the Trustees took in closing the branches and regions in 2021.

Risks facing the wholly owned subsidiary, EG Enterprises Ltd

FINANCIAL REVIEW

Financial position

The main sources of income of the Guild are members' subscriptions, donations, legacies, and profit on the sale of magazines from the trading company EG Enterprises Limited, (EGE). During 22/23 the Trustees sought new income sources and specifically online workshops which have been well received and proven a good source of revenue. This has built on the changing social landscape because of the pandemic, ongoing train strikes and increased climate change awareness. People are getting used to using virtual platforms to communicate with others. The Embroiderers' Guild recorded a surplus of £57,161 (2022: deficit of £104,846). The Guild surplus was due to the receipt of two legacies received during in the year. The Guild continues to be extremely grateful to its benefactors. The Trustees are committed to monitoring and exercising tight control over all costs. During 22/23 they have achieved a significant reduction in support costs, to achieve a target of breaking even in future financial years.

Page 4

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

FINANCIAL REVIEW

Reserves policy

The Charity holds both restricted and unrestricted funds. These funds relate to a wide range of Guild activities and exist to cover future expenditure on these charitable activities. In previous years the Trustees have been unable to utilise the restricted fund "Teaching Support Nottingham" due to the limited purposes applied to the funds. During 21/22, the Trustees obtained permission from the Charity Commission to widen the purposes of this fund, so that the Charity can effectively use the funds whilst still recognising the intentions of the legator to further education on embroidery. The balance of this fund is currently £142,533. The other restricted fund is for the upkeep of the Collection and has a balance of £30,843. The Trustees seek to maintain Collection funds at a sufficient level to cover the costs of maintaining, storage, insurance and curation of the Collection over at least three years and therefore in addition to the Collection restricted fund have a designated fund for Collection costs. The balance of unrestricted funds on 31st August 2023 was £242,720. The total reserves amounted to £417,806. Under its Articles of Association, the Charity has the power to make investments as the Trustees see fit, subject to the jurisdiction of the Charity Commissioners. The Guild has set up a saving deposit platform with CAF/Flagstone to ensure all Guild funds are protected by the FSCS (Financial Services Compensation Scheme) and to take advantage of the increase in interest rates. Restricted funds are held on this platform to generate interest income.

Going concern

The Guild remains conservative in its projections for 23/24, due to inflation and rising costs. For some the annual membership will prove a luxury they will no longer be able to afford. Due to significant effort on behalf of the Trustees the Guild's operating costs have not significantly exceeded income for 22/23. Events and the relaunched courses "Inspired to Create" are starting to provide a consistent income that has offset some of the reduction in income from membership fees. Providing the Trustees continue to control costs and efficiently implement effective new income generation ideas for which there is sufficient support from members and volunteers the Guild may be able to break even in 23/24.

FUTURE PLANS

Current factors influencing the future of the Charity are:

The future direction of the charity is to

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Articles of Association approved by members at an Extraordinary General Meeting (EGM) held on 20th June 2015. It is recognised the Articles need reviewing however the Trustees have had higher priorities, so it is still to be done. The Embroiderers Guild is a charitable company limited by guarantee.

Page 5

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

Trustees may be nominated by members of the Guild and are appointed by the Trustees. During the significant changes during the past 18 months the Trustees have worked together as a team, pooling their skills and experience to complete the activities and tasks required to resolve the Guild's financial difficulties. The recovery work is still ongoing and part of this will include the Trustees reviewing how the Guild should be structured and administered. This will include a review of the appropriateness of the Trustee Seats for the future. The Chair of the Board of Trustees is elected by the members of the board from their number. The period of "office" as Chair of the Board is normally between 2 and 4 years. During the past year Dr Penny Hill has deputised as Chair of the Board. The review of the structure and administration will include redefining the role of Chair of the Board of Trustees and seeking an appropriate person to fulfil that role.

Board of Trustees

Due to current circumstances the Board of Trustees meets two to three times each month, as it governs and operates the Charity. The Board's focus is on the Objectives and Activities. The Trustees regularly declare any conflicts of interest as part of the Board meeting process to recognise, manage and eliminate the possibilities of risks related to the activities of Trustees and related parties (company directors or family members). The authority of the Trustees is set out clearly in the Articles of Association approved by members at the EGM on 20th June 2015. The Board of Trustees are responsible for operational decisions and contracting with others. Some decisions, normally related to the membership as a whole or the conduct of the company, require the approval of members, either by a simple majority or, in some instances, a minimum of 75%. Such decisions are set out in the Articles of Association and members may vote in person or by proxy usually at an AGM or EGM. Trustees are conscious of the obligations of corporate governance and duties as defined by the Charity Commission and as set out under the accountabilities of directors as stated in the Companies Act 2006. Trustees are encouraged to visit the National Council for Voluntary Organisations (NCVO) website for further guidance and clarity. Trustees are encouraged to acquire and maintain relevant knowledge and experiences to be able to provide the leadership and/or guidance necessary to the board. All Trustees are required to sign and observe a 'Code of Conduct'. Trustees have put members and the sustainable future of the Charity at the heart of their immediate and mid-term strategic decisions.

Organisational structure

During the year ended 31st August 2023 the Guild comprised of the Board of Trustees and volunteers in particular volunteers working at Discover Bucks Museum and a volunteer managing insurance cover. During the year ended 31 August 2023 the Trustees contracted with sole traders, private limited companies, and PLCs, as appropriate, for network support, programming, magazine production services, accountancy, banking, and, from time-to-time, legal advice. Contractors and volunteers worked remotely from home with reliable communication links between each other and the Trustees.

Membership

At the end of August 2023, the Guild had 1,426 adult members. These comprise Life Members and individual Members. Young embroiderers are no longer required to be members of an affiliated independent stitch group. Compliant with the law of England & Wales DBS (Disclosure and Barring Service) checks and the law in Scotland PVG (Protection of Vulnerable Groups) checks and records have been maintained and updated in 2022/23.

The Guild's wholly owned subsidiary, EG Enterprises Ltd, continues to publish Embroidery magazine. The directors of EG Enterprises Ltd are drawn from the Trustees, and, subject to Board approval, external persons. EG Enterprises Ltd contracts with editors, designers, photographers, printers, subscriptions management providers, retail chain account managers, advertising agencies and distributors. It does not directly employ staff, nor does it have separate premises. However, it is assigned a share of Guild resources sufficient only to publish and distribute the magazine. EG Enterprises Ltd may develop new and alternative income streams, but it has no working capital. Taxable profits are gifted to the Guild.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

00294310 (England and Wales)

Registered Charity number

234239

Registered office

Bucks County Museum Church Street Aylesbury HP20 2QP

Page 6

Embroiderers Guild (The)

Report of the Trustees for the Year Ended 31 August 2023

Trustees

Ms A Godfrey (Artistic Director) Ms A Haigh Dr P Hill (Special interest - Social Media) Ms A Messenger (Artistic Director for Young & Students) Ms H Miller Ms A Smith (Special interest - Education) Ms J Stenning

Company Secretary

Independent Examiner

Wright Vigar Limited Chartered Accountants & Business Advisers Morton House 12 Appletongate Newark Nottinghamshire NG24 1JY

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Trustee

Page 7

Independent Examiner's Report to the Trustees of Embroiderers Guild (The)

Independent examiner's report to the trustees of Embroiderers Guild (The) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. 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

  3. 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.

Paul Colcomb FCCA

Wright Vigar Limited Chartered Accountants & Business Advisers Morton House 12 Appletongate Newark Nottinghamshire NG24 1JY

Date: .............................................

Page 8

Embroiderers Guild (The)

Statement of Financial Activities

for the Year Ended 31 August 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
58,845
Charitable activities
Collection and curatorial
-
Member activities
914
Education
16,665
Exhibitions and shows
10,234
Membership
39,017
Other trading activities
2
-
Investment income
3
13,092
Total
138,767
EXPENDITURE ON
Charitable activities
Collection and curatorial
1,208
Member activities
2,443
Grant making
3,720
Education
10,545
Exhibitions and shows
6,914
Young Embroiderers
304
Membership
23,029
Total
48,163
NET INCOME/(EXPENDITURE)
90,604
RECONCILIATION OF FUNDS
Total funds brought forward
153,826
TOTAL FUNDS CARRIED FORWARD
244,430		 Restricted
funds
£
1,470
-
-
-
-
-
-
-
1,470
18,927
-
-
15,986
-
-
-
34,913
(33,443)
206,819
173,376		 2023
Total
funds
£
60,315
-
914
16,665
10,234
39,017
-
13,092
140,237
20,135
2,443
3,720
26,531
6,914
304
23,029
83,076
57,161
360,645
417,806		 2022
Total
funds
£
21,634
360
950
12,453
7,738
38,231
1,963
-
83,329
19,375
3,422
6,645
11,268
28,052
6,537
112,876
188,175
(104,846)
465,491
360,645

The notes form part of these financial statements

Page 9

Embroiderers Guild (The)

Balance Sheet

31 August 2023

Unrestricted
funds
Notes
£
FIXED ASSETS
Heritage assets
8
10,000
Investments
9
100
10,100
CURRENT ASSETS
Debtors
10
3,059
Cash at bank
278,349
281,408
CREDITORS
Amounts falling due within one year
11
(47,078)
NET CURRENT ASSETS
234,330
TOTAL ASSETS LESS CURRENT LIABILITIES
244,430
NET ASSETS
244,430
FUNDS
12
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
173,376
173,376
-
173,376
173,376
173,376		 2023
Total
funds
£
10,000
100
10,100
3,059
451,725
454,784
(47,078)
407,706
417,806
417,806
244,430
173,376
417,806		 2022
Total
funds
£
10,000
100
10,100
7,836
367,415
375,251
(24,706)
350,545
360,645
360,645
153,826
206,819
360,645

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 ............................................. and were signed on its behalf by:

............................................. Trustee

The notes form part of these financial statements

Page 10

Embroiderers Guild (The)

Notes to the Financial Statements for the Year Ended 31 August 2023

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, with the exception of investments which are included at market value.

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.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES

3.

Fundraising events
INVESTMENT INCOME
Dividends received
Deposit account interest		 2023
£
-
2023
£
12,595
497
13,092		 2022
£
1,963
2022
£
-
-
-

Page 11

continued...

Embroiderers Guild (The)

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Independent examiner fee 1,980 1,993

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

6. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Admin staff
No employees received emoluments in excess of £60,000.
INTANGIBLE FIXED ASSETS
COST
At 1 September 2022 and 31 August 2023
AMORTISATION
At 1 September 2022 and 31 August 2023
NET BOOK VALUE
At 31 August 2023
At 31 August 2022
HERITAGE ASSETS
MARKET VALUE
At 1 September 2022 and 31 August 2023
NET BOOK VALUE
At 31 August 2023
At 31 August 2022		 2023
2022
£
£
-
84,616
-
84,616
2023
2022
-
3
Computer
software
£
36,640
36,640
-
-
Total
£
10,000
10,000
10,000

7. INTANGIBLE FIXED ASSETS

8. HERITAGE ASSETS

Page 12

continued...

Embroiderers Guild (The)

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£
MARKET VALUE
At 1 September 2022 and 31 August 2023 100
NET BOOK VALUE
At 31 August 2023 100
At 31 August 2022 100

There were no investment assets outside the UK.

10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to group undertakings
Other creditors
Accruals and deferred income
12.
MOVEMENT IN FUNDS
Net
movement
At 1.9.22
in funds
£
£
Unrestricted funds
General fund
153,826
90,604
Collection
-
-
153,826
90,604
Restricted funds
Collection
48,300
(17,457)
Teaching Support Nottingham
158,519
(15,986)
206,819
(33,443)
TOTAL FUNDS
360,645
57,161		 2023
£
229
2,830
3,059
2023
£
1,618
43,239
241
1,980
47,078
Transfers
between
funds
£
(43,157)
43,157
-
-
-
-
-		 2022
£
3,270
4,566
7,836
2022
£
9,848
11,800
-
3,058
24,706
At
31.8.23
£
201,273
43,157		 2022
£
3,270
4,566
7,836
2022
£
9,848
11,800
-
3,058		 2022
£
3,270
4,566
7,836
24,706
244,430
30,843
142,533
173,376
417,806

Page 13

continued...

Embroiderers Guild (The)

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 138,767 (48,163) 90,604
Restricted funds
Collection 1,470 (18,927) (17,457)
Teaching Support Nottingham - (15,986) (15,986)
1,470 (34,913) (33,443)
TOTAL FUNDS 140,237 (83,076) 57,161
Comparatives for movement in funds
Net
movement At
At 1.9.21 in funds 31.8.22
£ £ £
Unrestricted funds
General fund 218,109 (64,283) 153,826
Restricted funds
De Denne Memorial Fund and Young
Embroiderers 2,984 (2,984) -
Collection 57,794 (9,494) 48,300
Teaching Support Nottingham 181,891 (23,372) 158,519
Regions and Branches 4,713 (4,713) -
247,382 (40,563) 206,819
TOTAL FUNDS 465,491 (104,846) 360,645
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 83,329 (147,612) (64,283)
Restricted funds
De Denne Memorial Fund and Young
Embroiderers - (2,984) (2,984)
Collection - (9,494) (9,494)
Teaching Support Nottingham - (23,372) (23,372)
Regions and Branches - (4,713) (4,713)
- (40,563) (40,563)
TOTAL FUNDS 83,329 (188,175) (104,846)

Page 14

continued...

Embroiderers Guild (The)

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2023.

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Embroiderers Guild (The)

Detailed Statement of Financial Activities for the Year Ended 31 August 2023

2023 2022
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 5,020 2,355
Gift aid 3,797 9,162
Legacies 51,498 10,117
60,315 21,634
Other trading activities
Fundraising events - 1,963
Investment income
Dividends received 12,595 -
Deposit account interest 497 -
13,092 -
Charitable activities
Membership income 39,017 38,231
Collection & curatorial 72 360
Member activities 914 950
Education 16,593 12,453
Exhibitions & shows 10,234 7,738
66,830 59,732
Total incoming resources 140,237 83,329
EXPENDITURE
Charitable activities
Direct costs 40,820 25,963
Support costs
Management
Wages - 84,616
Insurance 3,720 3,509
Sundries 327 208
Wages recharged to subsidiary - (3,270)
IT support & maintenance 9,771 9,320
Database & website 8,084 27,571
Travel & subsistence - 17
Admin & office costs 18,061 20,476
39,963 142,447
Governance costs
Accountancy and legal fees 2,293 19,765
Total resources expended 83,076 188,175
Net income/(expenditure) 57,161 (104,846)

This page does not form part of the statutory financial statements

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