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 2024
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 2024
| 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 | 14 |
| Detailed Statement of Financial Activities | 15 |
Embroiderers Guild (The)
Report of the Trustees for the Year Ended 31 August 2024
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 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Vision
Our commitment is to educate, inspire, and promote the allure of embroidery as a creative art form that both preserves tradition and inspires contemporary innovation.
We achieve this by promoting and celebrating the art of embroidery, fostering an environment where excellence and creativity flourish, whilst educating the public in the history of stitch and textile art. The Guild's commitment to education and community engagement ensures that the legacy of embroidery is passed on and evolves with each new generation of textile artists.
We offer a wide range of activities and resources.
We provide experiences through workshops that educate and inform, exhibitions that captivate, and publications that inspire.
We curate the Guild Collection, one of the finest in the world, a treasure trove of embroidery from the 8th century to the present day, serving as both a museum and classroom.
We support students and graduates through awards and scholarships, run competitions for all, inspire artists and share new work.
Objectives
The principal objectives of the Charity as defined in the Articles of Association are to:
-
Encourage new generations to stitch - whether for pleasure, technical excellence, or artistic merit.
-
Support all who teach, learn, explore, and extend the boundaries of the art of stitch.
-
Publish the history of stitch and support contemporary research.
-
Collect, preserve, and exhibit items of historical and contemporary significance.
Page 1
Embroiderers Guild (The)
Report of the Trustees for the Year Ended 31 August 2024
OBJECTIVES AND ACTIVITIES Significant activities Activities for the Public Benefit
Although the Guild has seen, along with other organisations, financial pressures due high energy costs and the rising cost of living the Trustees have continued to work to deliver activities that meet the Guild's objectives. Due to cost pressures the Trustees have remained focused on 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:
- 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.
- 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 were added to provide some further flexibility for those who work or have young children or other caring responsibilities.
-
Providing introductory courses and workshops for beginners and students working with a former Guild Scholar and a recent embroidery degree graduate.
-
Continuing to provide a series of online creative workshops and demonstrations available live and on demand, at a nominal rate for members and available to non-members for a relatively low fee.
-
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. This year the grant provided was slightly larger due to a textile artist generously donating a proportion of their workshop commissions.
-
Having a stand at Fashion and Embroidery Show, NEC Birmingham in March on which we exhibited Members Project pieces and undertook 'make and take' sessions which members of the public attending the show could join.
-
Setting and judging a Members' Challenge for the year, the theme for 2023-24 was 'Opposites Attract'. Members' Challenge pieces are exhibited each Autumn at the Knitting & Stitching Shows. There were two overall winners for 2023-24 both of whom received a small prize. There were also 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. There was an online event in June announcing the winners and celebrating the entries in addition to providing an insight into the different award categories. An e-book of the winners was produced and is available on the Guild website for all to see. Stitch and Embroidery magazines also featured the winners covering how they utilised the theme for inspiration and design.
-
The annual Members' Project is purely for participation and enjoyment. The theme set for 2023-24 was 'Repair, Restore, Recreate', the previous year was 'Fit for a King'. Members' pieces were wide ranging in interpretation of the theme. Members' Project pieces are exhibited each year in the Autumn at the Knitting and Stitching Shows.
-
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 92 years, to enable readers across the globe to access the publication easily, cost effectively and in a more climate friendly manner. However, many want to enjoy reading a print copy of the magazine to immerse themselves in great art whilst relaxing. To further boost circulation and share the joy of textile art further afield in early September 2023 we launched, with support from Warners, a retail distribution channel providing print copies to major newsagents, bookstores and retailers across the UK, Europe, USA, Canada, Australia and South Africa.
-
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.
-
In October 2023 we started to digitise our collection of embroidered items to enable embroidery and textile lovers to see what we have in our collection through the Art UK website alongside other textile and art collections.
-
Throughout 2024 exhibited a selection of 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.
Page 2
Embroiderers Guild (The) Report of the Trustees for the Year Ended 31 August 2024
OBJECTIVES AND ACTIVITIES
-
Recycled books, fabric, threads, and other haberdashery items from donated items into inspiration packs for sale at shows. We produced display boards for Shows with examples demonstrating how to use inspiration packs.
-
In the Autumn of 2023, we staged a 30-year Retrospective exhibition at the Knitting and Stitching Shows with a companion book. 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.
-
We completed the re-launch of 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. During 2024 we launched a courses blog with useful articles and ideas to support current students and encourage others to get started on their creative journey.
-
In early August in partnership with Wonderfil, we launched a set of speciality thread packs. We demonstrated the use of these on the Wonderfil stand at the Festival of Quilts.
Assessing Achievements
-
All our activities have been inclusive across communities involving members, top practitioners, tutors, speakers, teachers, partners, cultural groups, and the public.
-
Adopting the lowest cost, digital administration processes, and communications including the use of social media to greater effect to improve our engagement with the wider community.
-
Increased use of digital platforms has enabled the Guild to reach more people and create cost effective events for a worldwide audience.
-
Holding exhibitions of embroidery and textile art into high footfall venues, raising the exposure of the Guild and the artistry of stitch by a factor of several thousands. This was achieved at the Knitting and Stitching shows at Alexandra Palace and Harrogate in 2023 and Fashion and Embroidery Show and Festival of Quilts at the NEC Birmingham in 2024.
-
Digitising the Collection is a huge project. At the end of 2023-24 we had photographed 2,500 items, 38% of the Collection. It has enabled us to gain more knowledge about our collection and streamline storage to make more space. - The Retrospective Exhibition and Showcase book have given teachers, students and their families a better understanding about the breadth of career that can be achieved when undertaking higher education courses in textiles. - The make and takes at the Fashion and Embroidery Show provided an additional avenue for the exposure to the public and offered attendees the opportunity for a hands-on experience.
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 2023-24 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
-
Assisting with the EG Collection, folios, and library, including contributions by Trustees.
-
Publishing two monthly newsletters each month, Guild Bulletin and What's On.
-
Continued to add content to our website, increasing the on-line resources available to members.
-
Organised Guild Insurance for the Collection and affiliated stitch groups up until 30th April 2023. We covered the expense of insurance for stand-alone Young Embroiderers groups for the whole of 2023-24.
-
Delivering the 30-year Retrospective exhibition in Autumn 2023 and producing a companion Retrospective Showcase book to promote the textile artists in the exhibition and provide an insight for those unable to attend the exhibition in person.
-
Running national projects including Members' Opposites Attract' and Members' Project 'Repair, Restore, Recreate'.
-
Organising a programme of events and activities for members and non-members.
-
Governance and administration of the Guild and Embroiderers' Guild Enterprises Ltd, our publishing trading company.
Page 3
Embroiderers Guild (The)
Report of the Trustees for the Year Ended 31 August 2024
ACHIEVEMENT AND PERFORMANCE Charitable activities
Main Achievements in relation to direct beneficiaries
-
The annual 'Members' Challenge which encourages excellence in design, skills, and interpretation.
-
Provided details of Affiliated Stitch Groups on the Guild website, arranged geographically so that those who are interested can easily find a group in their area.
-
Published eBooks for members and the public to enable them to view contributions to member projects and challenges.
-
Answered questions and provided advice to the public on a wide range of embroidery related queries.
-
Reimbursed the entry to Discover Bucks Museum for any member who visited to view the Embroiderers' Guild exhibition Blooming Threads.
-
Offered the option to purchase gift memberships, and the option to spread the annual membership fee over 12 months
Main Achievements in relation to society as a whole
-
Planned and provided access for non-members to virtual talks and online creative workshops
-
The talks and workshops covered a wide range of topics some of more general interest. Promoted on social media platforms to ensure the widest reach to interested audiences.
-
Planned free sit and stitch sessions accessible to all members of the public.
-
Planning of exhibitions for Knitting and Stitching Shows in Autumn 2024.
-
Completed the relaunched 'Inspired to Create' distance learning courses on a readily accessible easy to use platform along with a general advisory and inspirational blog.
-
Commenced a Collection Digitisation project. The project is photographing in detail items from the Guild Collection and hosting the images on a publicly available website enabling research and general learning by a range of individuals and groups.
Fundraising activities
-
As required by the Charity Governance code we confirm that the Guild does not employ professional fund raisers. - Additionally, the Guild does not have funds or contracts awarded from local authorities or national or devolved governments.
-
The only income received from overseas is the payment of annual personal memberships or magazine subscriptions.
Internal and external factors
During 2023-24 member numbers remained stable but did not increase significantly, however costs did not exceed 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.
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 current age profile of the membership.
-
Inflation impacting on the amount of disposable income people have available to spend on memberships and recreational activities.
-
Availability of suitably skilled volunteer resources to undertake activities to manage the Guild, especially in developing new activities and projects.
-
Unwillingness of some members to donate given past issues. This is a significant risk given the Guild relies on membership fees and donations to fund its activities, especially in developing new activities and projects. Viability of the charity remains a risk because of uncertainty over membership renewals for 2024-25 and availability of suitably skilled resources to manage activities.
Risks facing the wholly owned subsidiary, EG Enterprises Ltd
-
Embroidery magazine ceases to make a trading profit and/or cannot pay the overhead costs associated with its production and distribution. To be reviewed on an issue-by-issue basis. A detailed review of all costs has been undertaken to ensure effective cost management. Increased social media presence, an increased range of subscription options and the launch into the newstrade across the world has helped retain and attract new subscribers during the year.
-
Continued increases in costs across the board. Postal and courier costs in particular have impacted the overall profitability.
Page 4
Embroiderers Guild (The)
Report of the Trustees for the Year Ended 31 August 2024
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 2023-24 the Trustees sought new income sources and the Retrospective Showcase book and additional online workshops and demonstrations have been well received and proven a good source of revenue. This has built on the changing social landscape, industrial unrest and increased climate change awareness. People are getting used to using virtual platforms to communicate with others. The Embroiderers' Guild recorded a surplus of £67,896 (2023: surplus of £57,161). 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 2023-24 they have invested working capital, restricted funds and legacies received in savings deposits to generate income. The intention is that this along with careful financial control will achieve a target of breaking even in future financial years. .
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 2021-22, 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 £86,793. The other restricted fund is for the upkeep of the Collection and has a balance of £10,405. 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 2024 was £388,504. The reserves amounted to £485,702. 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 2024-25, due to inflation, rising costs and the removal of the winter fuel allowance. 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 2023-24. Events, the Inspired to Create courses and the interest received from savings deposits are starting to provide a consistent income. 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 2024-25.
FUTURE PLANS
Current factors influencing the future of the Charity are:
-
The public perception of embroidery and the Guild itself, although this is improving through the activities planned and helped by the current Trustees and volunteers.
-
An ageing membership.
-
Independent stitch group members don't see a benefit in remaining affiliated with the Embroiderers' Guild
-
Unfilled vacancies within the governance and volunteering structure coupled with volunteer fatigue.
-
Streamlining administration costs. During 2023-24 costs continued to be reviewed and tightly controlled to ensure that costs did not exceed income and that any legacies received could be ringfenced for projects that would further stabilise the Guild from a financial and public perception perspective.
-
Seeking new ways of working that reduce cost while creating opportunities for income generation.
-
The need to respond to an increasing expectation of access to digital services and online content.
-
Finding a way of engaging, supporting and encouraging young people who have not experienced creative education or family encouragement to enable them to build career aspirations and skills for the future.
Plans for Future Periods
The future direction of the charity is to
-
Attract a new membership drawn from people in two primary groups i.e., those with an interest and personal investment in stitch and textile art who wish to further that interest after leaving further or higher education and those, who wish to pursue a previous or new interest in stitch and textile art for pleasure and general well-being.
-
Extend its distance learning offering and capacity to become a significant income stream.
-
Further extend its on-line capabilities as part of a digital strategy that will enable the widest access to its resources and become a portal-of-choice for the wider stitch community.
-
Continue to extend its reach into the public domain with partnerships and projects that bring stitch and textile art to the widest audience in ways that inspire, educate, and motivate that audience to support and/or participate.
-
Continue with Graduate and Scholar Showcase at future Knitting and Stitching and other shows to highlight young talent in the world of embroidery.
Page 5
Embroiderers Guild (The)
Report of the Trustees for the Year Ended 31 August 2024
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.
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 three years 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 2024 the Guild comprised of the Board of Trustees and volunteers in particular volunteers working at Discover Bucks Museum. During the year ended 31 August 2024 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 2024, the Guild had 1,575 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 2023-24.
- The Trading Company EG Enterprises Ltd, a wholly owned subsidiary
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
Page 6
Embroiderers Guild (The)
Report of the Trustees for the Year Ended 31 August 2024
Registered office
Bucks County Museum Church Street Aylesbury HP20 2QP
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 (resigned 20.7.24) Ms L Rigden (appointed 20.2.24)
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 12 December 2024 and signed on its behalf by:
Penny Hill
Penny Hill (Dec 13, 2024 11:15 GMT)
Dr P Hill - 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 2024.
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:
-
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
-
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
-
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
Paul Colcomb (Dec 13, 2024 11:26 GMT)
Paul Colcomb FCCA
Wright Vigar Limited Chartered Accountants & Business Advisers Morton House 12 Appletongate Newark Nottinghamshire NG24 1JY
12 December 2024
Page 8
Embroiderers Guild (The)
Statement of Financial Activities for the Year Ended 31 August 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 95,067 Charitable activities Member activities 976 Education 15,705 Exhibitions and shows 12,048 Membership 40,832 Investment income 2 39,379 Total 204,007 EXPENDITURE ON Charitable activities Collection and curatorial - Member activities 7,242 Grant making - Education 17,003 Exhibitions and shows 8,486 Young Embroiderers 315 Membership 26,886 Total 59,932 NET INCOME/(EXPENDITURE) 144,075 RECONCILIATION OF FUNDS Total funds brought forward 244,430 TOTAL FUNDS CARRIED FORWARD 388,505 |
Restricted funds £ 1,360 - - - - - 1,360 21,798 - - 55,740 - - - 77,538 (76,178) 173,376 97,198 |
2024 Total funds £ 96,427 976 15,705 12,048 40,832 39,379 205,367 21,798 7,242 - 72,743 8,486 315 26,886 137,470 67,897 417,806 485,703 |
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 |
The notes form part of these financial statements
Page 9
Embroiderers Guild (The)
Balance Sheet
31 August 2024
| Unrestricted funds Notes £ FIXED ASSETS Heritage assets 6 10,000 Investments 7 100 10,100 CURRENT ASSETS Debtors 8 3,192 Cash at bank 396,870 400,062 CREDITORS Amounts falling due within one year 9 (21,657) NET CURRENT ASSETS 378,405 TOTAL ASSETS LESS CURRENT LIABILITIES 388,505 NET ASSETS 388,505 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - - 106,066 106,066 (8,868) 97,198 97,198 97,198 |
2024 Total funds £ 10,000 100 10,100 3,192 502,936 506,128 (30,525) 475,603 485,703 485,703 388,505 97,198 485,703 |
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 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 12 December 2024 and were signed on its behalf by:
Penny Hill
Penny Hill (Dec 13, 2024 11:15 GMT)
P Hill - 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 2024
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.
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. INVESTMENT INCOME
| Dividends received Deposit account interest |
2024 £ 24,442 14,937 39,379 |
2023 £ 12,595 497 |
|---|---|---|
| 13,092 |
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent examiner fee | 2,130 | 1,980 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Page 11
continued...
Embroiderers Guild (The)
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
5. INTANGIBLE FIXED ASSETS
| COST At 1 September 2023 and 31 August 2024 AMORTISATION At 1 September 2023 and 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 6. HERITAGE ASSETS MARKET VALUE At 1 September 2023 and 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 The heritage asset held is the collection. 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2023 and 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 There were no investment assets outside the UK. 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income |
Computer software £ 36,640 36,640 - - Total £ 10,000 10,000 10,000 Shares in group undertakings £ 100 100 100 2024 2023 £ £ 115 - 419 229 2,658 2,830 3,192 3,059 |
|---|---|
Page 12
continued...
Embroiderers Guild (The)
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Amounts owed to group undertakings Other creditors Accruals and deferred income |
2024 £ 11,258 6,483 285 12,499 30,525 |
2023 £ 1,618 43,239 241 1,980 |
|---|---|---|
| 47,078 |
10. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Collection Teaching Support Nottingham TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Collection Teaching Support Nottingham TOTAL FUNDS |
Net movement At At 1.9.23 in funds 31.8.24 £ £ £ 244,430 144,075 388,505 30,843 (20,438) 10,405 142,533 (55,740) 86,793 173,376 (76,178) 97,198 417,806 67,897 485,703 Incoming Resources Movement resources expended in funds £ £ £ 204,007 (59,932) 144,075 1,361 (21,799) (20,438) (1) (55,739) (55,740) 1,360 (77,538) (76,178) 205,367 (137,470) 67,897 |
|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Collection Restricted funds Collection Teaching Support Nottingham TOTAL FUNDS |
Net movement At 1.9.22 in funds £ £ 153,826 90,604 - - 153,826 90,604 48,300 (17,457) 158,519 (15,986) 206,819 (33,443) 360,645 57,161 |
Transfers between funds £ (43,157) 43,157 - - - - - |
At 31.8.23 £ 201,273 43,157 |
|---|---|---|---|
| 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 2024
10. MOVEMENT IN FUNDS - continued
Comparative 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 |
The restricted funds include the Collection fund (which represents funds receive to support the costs of preserving the Guild's collection of embroidery items), and the Teaching Support Nottingham Fund.
11. RELATED PARTY DISCLOSURES
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Page 14
Embroiderers Guild (The)
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Legacies Investment income Dividends received Deposit account interest Charitable activities Membership income Collection & curatorial Member activities Education Exhibitions & shows Total incoming resources EXPENDITURE Charitable activities Direct costs Support costs Management Insurance Sundries IT support & maintenance Database & website Admin & office costs Governance costs Accountancy and legal fees Total resources expended Net income |
2024 £ 4,579 4,917 86,931 96,427 24,442 14,937 39,379 40,832 - 976 15,705 12,048 69,561 205,367 88,472 2,034 238 19,396 3,642 21,524 46,834 2,164 137,470 67,897 |
2023 £ 5,021 3,797 51,497 |
|---|---|---|
| 60,315 12,595 497 |
||
| 13,092 39,017 72 914 16,593 10,234 |
||
| 66,830 | ||
| 140,237 40,820 3,720 327 9,771 8,084 18,061 |
||
| 39,963 2,293 |
||
| 83,076 | ||
| 57,161 |
This page does not form part of the statutory financial statements
Page 15